How to market your consulting

business„Take Charge‟ Session # 2

July 21st, 2009

Walsh College, Novi Campus

Lee E. Meadows, Professor of Management

Marketing your consulting business

Workshop objectives:

1.To discuss basic marketing techniques.

2.To analyze applicable marketing ideas.

3.To benchmark ideas with workshop

participants.

4.To move forward on consulting

possibilities.

5.To have fun!

Marketing your consulting business

What is marketing?

It is a mindset which puts the customer

first and ensures that the consultant's

philosophy is “without customers there is no

consulting.”

“An integrated set of strategies for selling

products and services or ideas.”

Marketing your consulting business

Marketing perspective:

Sold by Joseph Enterprises, Inc. of San Francisco, Calif. under the trademark Chia Pet.

These figurines have hollow, clay bodies in the general form of the animal represented.

A large torso portion of the clay body has many small grooves in which moistened chia seeds (Salvia Columbariae) are positioned.

The moistened chia seeds produce a thick, gel-like paste which binds the seeds to the clay surface.

Marketing your consulting business

Marketing questions that MUST be

answered. What is the appeal of your product/service?

How will you attract and maintain your market?

What are your marketing priorities among segments and

applications?

How will you identify prospective clients?

How will you reach the decision makers?

How will you decide whom to contact?

What level of prospecting effort will you implement?

What advertising/promotion medium will you use?

What will your pricing strategy be?

One of the most important

aspects of marketing is to

give your customers a reason

to use your service

Marketing your consulting business

Who needs you?

Dr. Phil

Who loves you, baby?

Kojak

Marketing your consulting business

Keys to marketingSegmentation

Recognize the market clusters that exist in your target audience.

• What differentiates each group? What makes them unique?

Targeting

choose the service that will be the focus of your campaign.

Positioning

What message do you want to convey?

How do you want your audience to see you?

What Marketing does?

Opportunity for long-term planning, promise of a

positive and productive relationship with the clientele.

Analyses client needs.

Determines how the resulting service will be packaged,

promoted and distributed.

Marketing your consulting business

Products

PricePlace

Promotion

Target

Market

Marketing your consulting business

Target market: a group of

customers to whom the

consultant aims the marketing

effort.

Positioning

◦ how do you want you and your service

perceived by your different client groups?

◦ write a statement that embodies the above

◦ consider how your actions help convey your

positioning message

Marketing Plan Elements

Marketing your consulting business

Marketing options

Radio

Newspaper

Trade Journals

Magazines

Television

Exhibitions

Direct Mail

Email

Web

Today‟s Marketing &

Advertising

PR Through News Media, TV/Newspaper/Magazine Interview or Article

Publications in Journals, White Paper, Product Brochures and Press Releases

Seminar Presentations, Tradeshows and Networking Events

TV, Radio and Print Advertising

Brand Name and Product Promotion by Offering Free Samples or Gifts or Discount

Coupons

Web Site Marketing and Advertising

Direct Marketing by Mail and Email

Telemarketing

Other Media Such As Bill Boards (Highway, Public Transportation, Public Space)

Video/Audio Tape and CD

For Small Businesses, Most Items above Are Not Affordable Due to Capital Constraints

On the Other Hand, Any Business Big or Small Must Do Marketing to Succeed

Telemarketing and Direct Emailing Are Selected for Low Cost Not for Effectiveness

Marketing your consulting business

Start with your Social Capital

The set of norms, networks, and

organizations through which consultants

gain access to clients and resources, and

through which opportunities to do

business may occur”

Marketing your consulting business

What is Social Capital?

This refers to connection among individuals.

Social Capital = Referrals!!

Marketing your consulting business

Ways of obtaining referrals:

Start by asking people you come in contact with on a regular basis.

Ask for referrals with your signature file in your e-mails.

Ask readers to forward your e-mail newsletter to people who might interested.

Ask your current customers and clients for referrals. First you must make them happy.

Barter for referrals.

Swap referrals with other consultants.

To be effective quickly follow up and keep records.

Marketing your consulting business

Reward those that give: Always reward people who give you referrals.

Mail or e-mail them a thank-you note.

Send them a thank you gift.

Give them a gift certificate or coupon.

Send them flowers.

Give them discounts on other products or services.

Offer them a percentage of the profit on each referred sale.

Marketing your consulting business

The Internet

Now a Mass Medium

Fundamentally Changing Consumers‟

Media Consumption Habits

Opportunity to Get in Front of

Consumers When They are in a “Buy”

Mindset

0% 20% 40% 60%

Why a website?

Word-of-Mouth

Site Mentioned in Magazine/Newspaper Article

Online Ad for the Site

Magazine/Newspaper Ad

Site Mentioned in a TVNews Segment

TV Ad for the Site

What compels

you to visit a

Web site?

(choose two)

Radio Ad for the Site7%

12%

18%

20%

24%

42%

57%

Source: Jupiter/NFO; n=1,671

E-mail Marketing Emerging as a Powerful

Force

E-mails from Commerce/Content Ventures Focused

Driving Repeat Visits

Acquiring New Clients

Efficiencies of E-mail:

It’s Cheap – no postage, or per piece production

costs

It’s Fast – quick time to market and response time

It Works – higher response rates than direct mail

• Driving Loyalty

• Promoting Products

• Reinforcing the Brand

Internet Usage is High

56%

24%

8%4%

8%

0%

10%

20%

30%

40%

50%

60%

Almost

every day

At least

once a

week

At least

once a

month

Once

every few

months

Only a

few times

in his/her

life

“How often do

you use the

Internet?”

Commerce Opportunities

45%

33%

29%

24%

20%

16%

14%

12%

10%

14%

12%

0% 10% 20% 30% 40% 50%

Books

CDs, tapes, albums

Computer peripherals

Flowers or gifts

Hotel reservations

Clothing

Airplane tickets

Entertainment tickets

Electronics

PCs

None of these

“Which of the

following

products or

services have you

purchased

online?”

Importance of Word-of-Mouth Tactics

When a friend tells you about a site how many other people are you

likely to pass the information on to?

No one:8% 1 Person:

12%

2-3 People:49%

4-6 People:20%

7-9 People:4%

10+ People:7%

69% of Consumers

Tell Between 2 and 6

People

1. What is your Business (Mission)?

2. Who is your client?

3. What does the client consider value?

4. What is the plan?

5. What are our evaluation criteria?

The 5 Most Important Questions

Marketing your consulting business

Marketing your web site

4 Ways to Promote site:

◦ leverage traditional media

◦ garner press attention

◦ hyperlinks to other site

◦ buy electronic ads

Marketing your consulting business

Even the smallest business can compete in

the Web‟s global “Marketspace”

◦ Any business can go global with

unprecedented ease and low cost

◦ Well designed storefronts enable small

companies to act “big” and enable big

companies to act as if they are as flexible and

responsive as startups.

Language matters

Marketing your consulting business

Agility rules: web sites must continually adapt to the market

◦ Competitive advantage may only last a few weeks or months

◦ Take feedback, and respond promptly and seriously to what you hear

◦ Add new features regularly

◦ Recognize that disruptive technologies alter the way the web economy works. How will you capitalize on these technologies?

Marketing your consulting business

Other tips…

Remember that your business card has

two sides.

This allows you the opportunity to inform

about your contact details on one side

and make promotional statements on the

other side.

Gather and use excellent testimonials

Marketing your consulting business

„I‟ll tell you, chum it‟s time to