The Wealthy Business - by EnergizeGrowth

How Will You Measure Your Life?

Here is a guest post from my colleague, Clayton M. Christensen of Harvard Business School.

Before I published The Innovator’s Dilemma, I got a call from Andrew Grove, then the chairman of Intel. He had read one of my early papers about disruptive technology, and he asked if I could talk to his direct reports and explain my research and what it implied for Intel. Excited, I flew to Silicon Valley and showed up at the appointed time, only to have Grove say, “Look, stuff has happened. We have only 10 minutes for you. Tell us what your model of disruption means for Intel.” I said that I couldn’t—that I needed a full 30 minutes to explain the model, because only with it as context would any comments about Intel make sense. Ten minutes into my explanation, Grove interrupted: “Look, I’ve got your model. Just tell us what it means for Intel.”

The Power of New

It's that time again. The pied pipers of business performance beckon us to create new goals, forge new alliances, attract new customers, and hire great people.Unfortunately, we carry too many of our old habits, routines, and tools into the new year. How can we ensure that our new ideas and plans are not tainted by the old ones?

The Power of F2F in B2B relationships

How many times this week did you avoid calling a colleague and send them a text message? Or participate in email banter in lieu of a 30 minute coffee date? Your B2B business opportunities may be slowing due to the lack of F2F (face to face) contact.

Alan Weiss, my consulting mentor and prolific communicator, recently shared this comment in his weekly news flash:

Customer-Centric Strategies to Escape the Commodity Trap

One of my close friends provides image consulting and communications training to corporations and professionals in career transition. She regularly receives calls from low level corporate gatekeepers in Human Resources, Finance, Training, and other non-revenue producing areas. They ask for proposals for training programs, and never expect to get into any conversation about their business with my friends. All they want is that proposal to prove they did their due diligence.

These gatekeepers are doing what they do best: saving their company money and treating vendors like commodities.

If you are lucky or just a downright innovative genius, you will never fall into this commodity trap. If, however, you have been dragged into the land of commoditization, your job is to escape as quickly as you can. It is a dubious place to live with marginal value or spark.Things will not improve--unless you are willing to experiment with customer-centric ideas to uncover category-killing innovations. With some determination, planning, and a bit of luck, you may just position yourself to become the next Apple in your industry.

Let me illustrate why this is the ideal time to consider customer-centric marketing. Most of your competitors are still hoarding cash and focusing inward. Worse yet, they may be buying into the media naysayers, who are claiming that the U.S. is ostensibly in the midst of a "lost decade." (You can't make this stuff up--I heard it on the BBC this week. I guess the BBC reporter forgot that Facebook, Google, Apple, and Zappos are defining a new decade. But I digress).

I recently interviewed two executives who live and breathe customer centric marketing strategies: Chris Golec, CEO of DemandBase and Jim Bampos, VP of Customer Quality at EMC Corporation. This roundtable recording will provide details.

Here are our collective recommendations to help you engage your customers in your commodity "escape plan":

1. Accept the fact that sometimes, your products and services cannot escape the commodity trap. The only remaining area where you can outpace competition are your relationships with customers, vendors, your employees, and your community. Zappos, now an amazon subsidiary, does this very well.Their culture is obsessed with delivering fun, weird, memorable customer experiences. Golec reported that DemandBase's unique customer relationships and customer success program have enabled them to discover an unmet need, which resulted in a new product idea that now comprises nearly 90% of their total revenues.

2. Track how often you put your customer first while making strategic and marketing decisions. Customer-centric cultures share one thing in common: the entire company is oriented and incented around customer success, and a single customer metric shapes behavior.

3. Be mindful of end of quarter pressures to close business at any cost. They will undermine your customer-centric efforts and core competencies. Whether you are a startup or a publicly traded company, this can become a huge obstacle to long term success. Avoid succumbing to unique customization requests. Jim Bampos indicated that EMC mitigates this risk. "We take a holistic view of what is most important to the customer, then we tie it back to each business unit. The proof points are if the business units are using our customer metrics to drive business decisions." 

4.  While enrolling customers in key decisions, and gathering valuable feedback, monitor how your stakeholders going to take action on the data. Your customers want to know that their input is valued beyond the interview or advisory board discussion. EMC distributes mirror surveys to the entire organization to assess employee's perception of how well EMC is managing the customer experience.

5. Get creative on metrics. If you are truly committed to building a customer centric culture and marketing plan, look beyond customer renewal rates. Golec indicates that time to value is a priceless measure: "We track the time from when we close the sale how long it takes before they have a measurable benefit from our technology. The minute that happens, we improve our relationship with that account." Find a way to temper sales' innate desire to drive a bigger sale and boil the ocean.

6. Focus your customer centric efforts on ideal customers. Any program will fail if you administer programs across all customer segments and try to serve anyone with a pulse and a budget.

7. Let customers know you are building a customer-centric company. They may just have a new idea on how you can further strengthen the program. Don't keep it a secret!

8. Build social media incentive programs for your initiative. EMC is launching several new online forums where they will announce the agreed upon action steps generated from from their Voice of the Customer programs.

Gatekeepers play an important role in managing expenses. That doesn't mean you have to live in their world.These strategies will help you avoid getting ensnared in their commodity trap.

This post originally appeared on Fastcompany.com.

copyright 2011, Lisa Nirell. All rights reserved.

You're Invited August 31: B2B Expert Panel with EMC, DemandBase

There comes a time when you have to stop blaming business slowdown on a tough economy and break free from feeling marginalized and commoditized.

I have found B2B companies who are thriving and innovating at a record pace. This session will bring their fresh ideas to you.

Join me on August 31 for this complimentary live panel discussion from the comfort of your office from 11-11:45 am PT/2-2:45 pm ET. FOCUS Expert Network will be hosting:

"Customer Centric Marketing Strategies to Escape the Commodity Trap"

 Click here to register and learn more. Don't worry--if you miss the event, you will receive the replay at no charge.

As a member of our community, I'm counting on you to send me your questions for our esteemed panelists:

Jim Bampos, VP of Customer Quality at EMC Corporation

and

Chris Golec, CEO of DemandBase

Register now. See you on the call!

copyright 2011, Lisa Nirell. All rights reserved.

How to Energize B2B Sales - Exclusive Interview

I just enjoyed another provocative discussion with John Cousineau, founder of Innovative Information. His company develops breakthrough tools to help B2B companies predict and improve sales productivity.

 

 

 

 

John Cousineau, 2011.

 In this post, you will hear:

• Three things savvy B2B companies are doing to accelerate sales
• How courageous companies plan for growth
• The importance of analytics to accelerate decision making and how to "fail fast"

Enjoy the interview - click here.

Free strategic marketing e-courses – Offer expires May 10

Many B2B small business owners read my book and wonder “how will I ever implement these marketing strategies in my own business? This seems like a lot of work.”

And without a roadmap and a guide, they are right.

That is why I put together a complimentary set of e-courses to help you simplify the process.

We break down the marketing and business planning process into weekly lessons that anyone can complete. Sometimes they will take as little as 20 minutes.

Book Recommendation: Rainmaking Conversations (and Time-Sensitive Special Offer – Expires Tonight)

Do you ever feel like your sales conversations don’t go as well as you would have liked? Perhaps you have walked out of an important meeting saying, “I could be doing something better, but I’m not sure what.”

No matter what you’re selling—technology, professional services, or other high-priced B2B solutions--at some point you have conversations with buyers. Much selling success is determined here. Over the past 28 years I’ve seen too many sales people, B2B business leaders, and professionals struggle to create sales conversations, build earnest rapport uncover needs, create enthusiasm with the prospect, and ultimately win business. Many of us make the same mistakes over and over again and we lose more sales than we should.

The #1 Marketing Strategy for Effective, Sustainable Growth

Guest post from Samantha Hartley of Enlightened Marketing.

A few years ago I was working with some clients on their brand promise, a statement about the value they give their customers. I repeated one component of it back to Carol, the co-owner of a service business.

"No! We can't promise that!" she gasped.

 "Why not?" I asked. I was confused, since she had just told me a story of how this one activity had helped many of their clients. "This is something you do, isn't it?"

"Well, we do it if they need it," she said. "But, I'm afraid if we promise it to everyone, we'll get taken advantage of."

Aha! The Truth and with it, a Lesson:

You Cannot Deliver Your Full, True Value When You Work With the Wrong Clients.

If you are working with people who don't honor the value you give them, you may BE taken advantage of.

Another of my clients, Tom, struggled to keep his staff attitudes positive when dealing with difficult patients at his two optical clinics in Canada. His staff dealt with complaint from those who wanted cheaper services and didn’t care about Tom’s innovative holistic approach or vitamins, or investments in technology that aided diagnosis.

And the solution is simple:

Stop Working with the Wrong Clients!

In both of these cases, clients who are a poor fit are not receiving the best of the brands, nor are they receiving what they value (a good deal versus personal touch). Dissatisfied, they become hard to work with, don’t refer anyone else and don’t provide testimonials. It’s a lose-lose relationship for all concerned.

Your business too important - and life is too short - to put up with the wrong clients. If it's too difficult to outright fire them, begin to phase out your work with anyone who isn't a great fit for your value.

How to identify a "great fit?" These customers are evangelists for you; they appreciate you so much that they just have to share the good news about your services with others.

At a minimum, you and they both recognize that your product or service solves their problem, and they are quite willing to pay your full fees for the solution.

When You Work with Perfect Clients:

1.     Your brand value increases: It's easy to deliver more of your value when the recipients need and appreciate that value.

2.     Your work is a joy: What better feeling than facing creative challenges together with clients who are open to your ideas, suggestions and solutions? (Your staff will love you for it, too.)

3.     Your business grows organically: Imagine the money you save on marketing when your own customer base is sharing your value with others on your behalf. Happily, perfect clients tend to know other perfect ones too.

Your Clients Reflect Your Brand

Are you still working with the wrong clients? More often than not, I have found that small business owners are unintentionally attracting imperfect clients with their brands. A compelling brand attracts perfect clients - and subtly repels the wrong ones - because it:

●       Communicates your unique value,

●       Expresses the values underlying your business and

●       Clarifies for imperfect clients that your brand is not for them.

Get a Brand Makeover to Begin Attracting Only Perfect Clients

Fortunately, it is possible to re-energize your brand with a makeover, so that it accurately radiates your business and your values. Well-branded businesses find that marketing is easier, more effective and more profitable. This is in large part because they stop wasting time and energy trying in vain to help the wrong clients.

After a brand makeover Carol found the business attracted more clients with less spending, including those who were considerate of her time and grateful for her affordable fees. Tom’s optical practice has experienced double-digit growth both years since his brand makeover.

If you are ready to start attracting the right kinds of clients for your business, this free video training will help you get started. Take a look today for increased joy - and profits.

Message from the Editor (Lisa)

In my years working with Samantha, I have found that a clear, compelling brand is one of the indispensable elements of a strong plan for strategic growth. I am looking forward to hearing about your successes with her no-cost video training.

Guest blogger: Samantha Hartley

The True Meaning of Wealth

My company exists to make companies wealthier. No, I don't mean richer. I mean healthier, happier places to work. Places that they love to show off to their customers and families.

I succeed when organizations see a bigger purpose other than closing more sales, exceeding shareholder expectations, or raising customer satisfaction scores.

Prior to relocating from Bend, Oregon to the Washington DC area, I hosted a private friendraiser for the Boys and Girls Club of Central Oregon. This region of the country has been hard hit by nearly 14% unemployment and a huge real estate industry decline. The area Clubs help hundreds of schoolchildren and teens get three meals a day, recreation, social skills, and tutoring.

Last December, they were in dire need of laptop computers. BGCCO Board Chair Kate Bailey, an true community energizer,told me that the children were unable to complete their homework or learn basic PC skills. In its present state, the Club can barely heat the building during the fall and winter. 

Thanks to my fellow business owners and caring friends, we raised nearly $2,000. I feel very wealthy when I see the faces of these children.

 
Many thanks to my West Coast Community for making this happen...

 

Left to right: Jim "The Mayor" Murray, Lisa, Kathryn Henderson, Joanne Shackleford

 

 
Left to right: Danielle and Scott Donnell, Kathryn Henderson, BGCCO Chairwoman Kate Bailey

 
Left to right:Bob Phillips, Mike Davis, Kathryn Henderson, The Donnell's