Archive for December, 2008



08
Dec
08

More on Intellectual Capital

In my travels last week I met a doctor who specializes in treating body imbalances.  His business is contrarian to say the least.  No insurance network affiliations, no insurance filing services, no discounts, no kidding; yet he is busy and obviously doing very well for himself.  What is the secret?  Rather than going along with the pack, he has created specialized branding and gone off on his own.  Referrals keep him going because he gets results.

This is the essence of personal branding and value proposition.  Becoming like everyone else does you little good.  Discounting, begging for business, and focusing on commoditized products will leave you strapped for cash in 09.  This doctor leads with a very sophisticated assessment process, sells products that treat the conditions he uncovers, and provides ongoing support by phone and through learning tools he creates and sells; a recurring revenue model.  This is consulting vs. vending.

04
Dec
08

Intellectual Capital – Charge a Premium

I am traveling through Oklahoma today, coming from Chicago yesterday – it’s been a busy week.  Yesterday I was talking with a sales person and the issue of assessments came up…Should you be discounting your assessments?  This has come up several times in the past week with sales people I am coaching – getting hit with budget cuts and pressure to discount, or possibly a request to delay the project altogether, can create some unnatural reactions.  Now is not the time to exhibit a lack of confidence by begging for meetings or giving away high-end services. 

While there are times that I recommend giving away an assessment, for instance as part of an executive level event (under very strict guidelines which I will cover in my podcast series), assessments should not be given away or even discounted as a normal course of action.  Differentiation and value come primarily through your intellectual capital (IC), not product sales.  Save discounts for commoditized product offerings; charge a premium for IC.  If your IC isn’t worth much, improve it. 

Our new economy demands differentiation and justification. Justification is built through the Four Things Buyers BuyTM, which generally comes through some type of analysis or assessment (See November 28th Podcast – Boardroom Conversations).  Resist the temptation to cave in on high-value offerings built on IC.  Instead focus your efforts on areas such as the exponential growth in Cybercrime and leverage these trends to drive your assessment business.   Once in, you’ll have plenty of justification to continue on through remediation and managed services offerings.

02
Dec
08

Balance urgency with strategy

I hope you are planning.  09 is right around the corner – spending all of your time on the urgent year end close may prove to be a mistake as the word recession continues to  appear in the local papers.  While your clients may be spending their budgets, I suspect budgets will be leaner and slow in the approval process at the start of 09.  Start thinking about how to reach clients and prospects in new ways, with new value; following are some ideas:

  • - Cold calling is a numbers game, but the odds are against you. This should not be your primary marketing program.
  • - Warm calls are better – find some way to introduce the call before actually making it. Email is one way. If you can somehow gain agreement to set up a call, your odds increase dramatically.
  • - Get out of the office. Join groups, organizations, and network to find prospects.
  • - Build stronger relationships with the local sales forces of your key partners
  • - Set up marketing events – educate and entertain. Builds your brand in the mind of your customers.
  • - Write: Write articles, write newsletters, send notes, send content through email…consider writing a book.
  • - Speak: Find forums where you can speak to groups. I have a client who recently did an Internet awareness seminar for parents. Of course he invited key prospects and their spouses.
  • - Work in collaborative environments. If you work alone in a region, try working out of a local coffee shop where others are also working. This may stimulate thinking.
  • - Set goals, get a strategy, map out your daily plan and work the plan.
  • - Hire a coach to help you formulate better strategies and ideas. This is a growing trend and it works.
  • - Finally, sales development takes time. If you are scrambling, you may have missed the mark on planning. If you fail to plan now, you may be scrambling early in the first quarter. Waiting until things are urgent is always a mistake where relationships are required.
01
Dec
08

Into the Breach

Over the holidays I received my personal copy of Into the Breach, a recent publication on information theft by Michael Santarcangelo.  I can almost hear myself in this book; forget about the products, focus on the assets, find the asset owner.  I am just about half-way through at this point – I highly recommend reading the book.  My favorite section so far comes from PART I, where Michael uncovers the root problem- “43% of enterprise users (Surveyed – and it’s likely higher in real life) declared security to be the responsibility of IT (Exclusively)! …The very people who should be accountable and responsible for information have been excluded from the solution.”  He goes on to say, “As a result, they (asset owners in my vernacular) pay little care or attention to information under the false belief that the IT department has it covered (you will recognize this as a quote from every workshop I have ever conducted).”  The results of course are costly – Michael shows how these attitudes lead to an organization that points to faulty technology far more often than irresponsible or uneducated data users as data is surreptitiously compromised.  This is the type of information that will help you engage at the right level.  By tackling this at the root level, are will be better positioned to recommend the right supporting technology solutions.  Check it out – http://www.amazon.com/Breach-Protect-Business-Managing-People/dp/0981636306/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1228140884&sr=8-1




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