Having successfully started your recession business development plan with Lead Generation the next step to take is to examine the companies and consumers that you are targeting.

1. Keep a narrowed focus on the companies that are most likely to buy from you.
2. Review all customers over the past year and categorise them by value (how much they spent) and business type (their needs, industry sector, size, services bought).
3. Check that your findings match the companies and consumers in your target groups. If not - re-focus onto those groups
4. Review the Profile Raising activities you have planned for the next 6 months - will you be getting in front of the right people? If not, change the plan.
5. Check your database of companies fitting your new target criteria. What Relationship Development activities have you done with them over the past 6 months and what do you have planned?

For myself - I found that I was Profile Raising at one place that is not likely to get me in front of prospective clients. It's a networking event that is full of enlightened technically-savvy folks who are freelancers or run small / micro businesses. It is now a luxury for me to go to this event. Not a necessity. I have prioritised a different weekly event for my attentions.

I am also working harder on my database. I aim to input around a dozen new contacts per week, all researched and verified into the database. Those who fit my target criteria are receiving a new direct mail approach with a specific offer. I'll update later on how this is going.

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Posted By Rebecca Caroe at 10:29 AM in Category:New Business Development

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I've said it... the "R" word.  There is one going on right now.  If you aren't yet feeling the early symptoms - be grateful. 

Here are some early plans you can put in place to ensure that your business does its best to survive.  I am starting with Lead Generation.  This is the earliest part of the business development cycle where your marketing communications have attracted a prospect to begin a conversation with your company.

1. Eliminate prospects who won't buy from your pipeline
2. Qualify your leads very carefully - ask golden questions, listen twice as much as you speak
3. Get the remaining prospects to acknowledge that they have a need
4. Nurture these prospects.  One response is not enough. 
5. Build a relationship with the prospects - it will take at least 3 "touches" to convert
6. Plan for a longer lead cycle
7. Manage the hand-off between sales and marketing carefully.  Writ large this means a weekly discussion with all parties involved in Biz Dev planning exactly what to do with every lead and understanding who will do what, when to whom. Micro-manage this in a recession.
8. Track your metrics - the % of opportunities that become clients.  This number will change and you need to be on top of what is influencing that change.

Let me know how you get on.

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Posted By Rebecca Caroe at 12:16 PM in Category:New Business Development

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Mark Ritson writing in Marketing Magazine (3 September 08) showcased the tie-up between Penguin Books and Match.com in a co-branding deal. Coincidently this week I am working on a client who has a paid-for newsletter for a niche audience.  They approached me asking for ways to increase subscription and advertising revenues. My answer, in part, includes co-branding.

And so the challenge for you is to find out whether this is an appropriate tool for business development for your company.

Situations where collaborative marketing and co-branding may be appropriate include:

• you have a good database of customers in a clear market niche or particular geography or demographic profile  
• there is little cross-over between the current customer base of either brand
• each brand can benefit from the positioning and reputation of the other
• profits from the resultant new business can be shared while both improve brand equity

Ritson suggests that if your brand fulfils these criteria, the subsequent co-branding is newsworthy and so may additionally gain you free PR and press coverage. In the case of my client, a paid-for newsletter will hopefully benefit from an association with a free online discussion forum: those who are used to gossiping for free can read some well-reported news, which in turn will fuel the discussion forum and draw in more participants. And so when considering your business write two short lists

• who are my customers?
• what is my brand positioning?

Then read your industry magazines and online news sources and list brands who you think might make good partners for co-branding associations with you. Consider first who their customers are and what their brand positioning is and see if you can make a cogent argument for a tie-up between you.  Remember that if you initiate the discussions, it's up to you to set out the reasons in the most persuasive way possible. Remember, the deal has to work well for both parties, a stronger / weaker party deal will probably fall down; similarly one where one brand is more likely to profit than the other probably won't work in the long term unless the terms of profit sharing reflect that imbalance.  

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Posted By Rebecca Caroe at 10:44 AM in Category:New Business Development

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If you are interested or curious about what the Current Big Thing called Social Media is, who does it and what they are working on / talking about.  There are a wide range of great groups mainly based in London (sorry outatowners) that happen most weeks / months.

If you have a reason to come to town.  Try and drop into one or other of these.

Listen, Learn, Talk....

Chinwag event  NMK’s Beers & Innovation, Minibar, London Geek Dinners, MoMo London, Social Media Club, Creative Geeks, She Says, Swedish Beers, Open Coffee, Tuttle Club / Social Media Cafe, Girl Geek Dinners, Wiki Wednesdays, Next Wednesdays 

 And of course the BIMA events

Thanks to Dierdre of Chinwag for the summary list. 

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Posted By Rebecca Caroe at 11:56 AM in Category:Social Media

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