Can You or Your Business Benefit from a Marketing Partnership?

When starting a business or developing the budget for a business, many times marketing is over-looked.  However, marketing is a vital component in a successful business plan.  You may have the product or service, but if nobody knows about it, your business will not succeed.  So, what do you do if you didn’t incorporate a marketing plan or budget into your overall plan?  How do you maximize your exposure with minimal expense?  The bad news is that your competitors may have budgeted for hundreds of thousands of dollars in marketing.  The good news is there are still ways that you and your business can compete against those with seemingly deep pockets.

One successful way to grow your business and maximize your outreach is to develop a marketing partnership with other businesses or organizations that are aligned with your goals and mission. Businesses can set up and implement very successful partnerships, but the process is long-term. Partnerships do not generally produce significant results overnight, but they are proven to be effective and efficient.

What A Marketing Partnership Is
A marketing partnership involves two or more professionals or businesses who are like-minded and have similar marketing needs and complementary services.  These entities, typically within a specific industry, join forces for mutual marketing and sales benefits. This does not mean they lose their individual identity. More than likely, each partner will continue to market and sell outside the partnership.

Marketing activities may involve:

·         Creating joint marketing materials

·         Joint direct mail, e-mail or advertising campaigns

·         Prospect referrals

·         Possibly even combining services, talents and assets to create new services

A potential marketing partnership could include a chiropractor, a personal trainer and a weight management program/product working together to grow their client base.  By combining forces within a similar field, these professionals can help broaden their reach and scope without the potential of conflict, jealousy, or competition. And, each individual professional benefits from wider exposure, more referrals, and marketing that is more efficient.

Virtually every professional and company has opportunities to create marketing partnerships. Although the most visible partnerships involve large, publicly traded companies, partnerships offer tremendous potential for even the smallest of companies, non-profits or single practitioners.

What A Marketing Partnership Is NOT

A marketing partnership is neither a quick fix for sales problems, nor a way to eliminate the burden of marketing and sales.

Although some marketing partnerships may be elaborate formal legal entities, most - especially with smaller companies and individual practitioners - are informal agreements that each enters into to enhance each other’s marketing reach. 

In a partnership, both parties must assume responsibility for marketing the joint venture. A partner who expects to ride the back of the other partner will quickly be flying solo again.

When considering a partnership, there are a few things to keep in mind:

1. Your Partners Help Define Your Reputation And Position 
When you enter a marketing partnership, know that whoever you choose to join forces with directly impacts your circle of influence, marketing potential and reputation. Each partner's reputation "rubs off" on the other. In addition, your marketing reach is enhanced-or limited-by each other.

Pair with businesses that have the reputation you want for yourself and the market reach you desire. Careful selection of partners can rapidly establish a relatively new company or professional as an expert or serious player within their local industry. Likewise, poorly selected partners can just as quickly damage a reputation.

2. Partners Want Real Value From The Partnership 
When you initiate a marketing partnership, the professionals and companies you approach will want to see results before they become enthused. You will have to sell them on the idea that the partnership will produce real benefit for them, not just for you. They will want a real profit benefit. So be prepared to spell it out for them.

3. Your Commitment is Key 
If you are the initiator of a partnership, you not only have the luxury of approaching those potential partners you believe will enhance your status, reputation and business potential, but you also must assume responsibility for its success. You will have to do the vast majority of work, at least at first. You will be dealing with people who may like the concept and want it to work, but they want more. You need to show them that you are committed to the partnership and that it will produce results.

The quickest way to achieve full buy-in of partners is to have a client or two ready to go. Nothing gets the attention of a new partner like immediate business--and it demonstrates that you are serious in your commitment to them and not simply looking to mooch off their business.

Many, if not most, marketing partnerships fail to live up to their promise because the initiating partner forms the partnership with unrealistic expectations. If you are looking for a quick fix to sales problems, an "easy" way to get business, or are looking for a one-way referral connection, a marketing partnership is not the answer.

But, if you are committed to building a long-term partnership that will increase the prospecting and marketing capabilities for all concerned--a well-constructed marketing partnership can work wonders.

If you have questions or concerns about marketing partnerships or would like help in developing marketing partnerships, contact SK Consulting today! www.stonekingconsulting.com     

Getting the Most Out of Your Network(ing)

It's no secret that the more people you meet, the more people you know, right?  But when you're meeting people in the business world, what is your next step?

Anyone can go to a networking event, obtain a boatload of cards and file them away - hopefully to be seen again.  But, what is the right way to network?

Effective business networking is the linking together of individuals who, through trust and relationship building, become walking, talking advertisements for one another.

Keep in mind that networking is about being genuine and authentic, building trust and relationships, and seeing how you can help others.

Ask yourself what your goals are in participating in networking meetings so that you will pick groups that will help you get what you are looking for. Some meetings are based more on learning, making contacts, and/or volunteering rather than on strictly making business connections.

Visit as many groups as possible that spark your interest. Notice the tone and attitude of the group. Do the people sound supportive of one another? Does the leadership appear competent? Many groups will allow you to visit two times before joining.

Ask open-ended questions in networking conversations. This means questions that ask who, what, where, when, and how as opposed to those that can be answered with a simple yes or no. This form of questioning opens up the discussion and shows listeners that you are interested in them.

Become known as a powerful resource for others. When you are known as a strong resource, people remember to turn to you for suggestions, ideas, names of other people, etc. This keeps you visible to them.

Have a clear understanding of what you do and why, for whom, and what makes your doing it special or different from others doing the same thing. In order to get referrals, you must first have a clear understanding of what you do that you can easily articulate to others.

Be able to articulate what you are looking for and how others may help you. Too often people in conversations ask, "How may I help you?" and no immediate answer comes to mind.

Follow through quickly and efficiently on referrals you are given. When people give you referrals, your actions are a reflection on them. Respect and honor that and your referrals will grow.

Call those you meet who may benefit from what you do and vice versa. Express that you enjoyed meeting them, and ask if you could get together and share ideas. 

If you have questions about networking or have a topic you would like to see addressed in SK Consulting's blog, contact us!

There is a 'U' in Branding - It's YOU

Today, I had the privilege of speaking to a group of professionals about branding and what it means.  The group was made up of professionals from all industries, business owners and independent representatives of a variety of organizations.  The fact that nobody got up and left or screamed obscenities at me, tells me that they were actually interested in the topic.

I started the presentation (no formal PowerPoint for me) handing out scrap pieces of paper (recycling helps you reduce costs) and told the attendees to write three words that describe them.  Who are they? I then proceeded to give my presentation on the following:

What is your brand?

The inability to articulate what you do isn't a confidence problem - it's a branding problem.  You might have a hard time telling people what you do for a living if:

1. You are using vague words and trendy industry jargon to describe what you do.
2. Your expertise can't be summed up in one small title or job description.
3. You feel more like a Jac (or Jane) of all trades and a master of none.

Know what you do and what people want you to know you do.  In addition, know what sets you apart from your competition.  If you haven't done your research to figure out your competitive landscape, you have already put yourself way behind your competitors.

What is your positioning statement?

Your positioning statement is just a few sentences that describes what you do and for who.  Think of it as your elevator speech...you're 30 second commercial (without the music bed).

1.  Make is short and succinct.  Giving someone a lecture when all they wanted was an introduction can be a major turn off and will not help you get their business.
2. You should be able to incorporate your position statement into your website home page and in your social media profiles.
3. Your position statement is NOT your values or mission statement.

'Trial and error' is not an option.

You want your brand to reflect your true style and voice in a way that will attract your dream clients. Your overall brand should align your passion and talent with your career.  If you are not passionate about what you do or believe in your service, it will be very difficult to persuade others (and you should probably consider a different career).

What about the logo?
A major part of branding is the logo.  Your logo should match up with and reflect your brand.  it's not just a pretty picture.  It needs to serve a purpose and have an appropriate design:
1.  Simple
2.  Memorable
3.  Timeless
4.  Versatile
5.  Relevant

After I finished presenting I was asked what I thought the most important part of branding or marketing is.  To be clear, branding is just ONE element of marketing and the most important aspect of branding is to know who you are and why you do what you do.

I then asked each attendee to flip the piece of scrap paper over and write three words that describe what they do.  I applaud everyone who shared what they wrote - their three words that they used to describe themselves were in alignment with the three words they used to describe what they do.  hats off to a great group of knowledgeable and professional individuals!

If you or someone you know would like to learn more about the essentials of branding and strategic marketing, please feel free to reach out to us!  We pride ourselves on helping others succeed (how's that for a positioning statement?).  www.skconsulting911.com.

How do you define 'branding'?

The concept of branding is a confusing topic that many business owners may not clearly understand. What is a brand? What is branding? It seems like a simple question, but the answer is anything but simple. If you’re confused by your brand, your customers will be confused, too. The last thing you want to do is waste time and money on something unsuccessful.  If you need help, hire the experts.

First and foremost, branding involves consistent and constant messaging.  Many people believe those words are interchangeable...but they are not.  You shouldn't have constant messaging if it isn't consistent. (Consistent means unchanging, the same.  Constant means endless, ongoing.)  But, there are other key factors in branding your brand.

1. The Brand Promise

At its core, a brand is a promise to consumers. What will consumers get when they purchase a product or service under your brand umbrella? The brand promise incorporates more than just tangible products and services. It also includes the feelings that consumers get when they use your products and services.

Example: Think about your favorite brand and what that brand promises to you. If you’re a Nike fan, the brand might represent athleticism, performance, strength, good health, and fun. Your brand promises something to consumers. What is it?

2. The Brand Perceptions

Brands are built by consumers, not companies. Ultimately, it’s the way consumers perceive a brand that defines it. It doesn’t matter what you think your brand promises. The only thing that matters is how consumers perceive your brand. You need to work to develop consumer perceptions that accurately reflect your brand, or your brand is doomed to limited growth potential.

Example: What are consumers’ perceptions of Michael Jordan? You can bet everything he does is meant to create specific consumer perceptions.

3. The Brand Expectations

Based on your brand promise, consumers develop expectations for your brand. When they pull their hard-earned money out of their pockets and purchase your products or services, they assume their expectations for your brand will be met. If your brand doesn’t meet consumer expectations in every interaction, consumers will become confused by your brand and turn away from it in search of another brand that does meet their expectations in every interaction.

Example: Imagine if Lexus launched a $10,000 car. To say the least, consumers would be extremely confused because such a product doesn’t meet their expectations for a luxury brand.

4. The Brand Persona

Rather than asking, “What is a brand?” a better question might be, “Who is a brand?” Every brand has a persona. Think of your brand as a person. What is that person like? What can you expect when you interact with that person? From appearance to personality and everything in between, your brand persona is one that consumers will evaluate and judge before they do business with you.

Example: Think of it this way. Who would you rather spend time with — Apple or Microsoft? These two brands have very different brand personas. Your brand should have one, too.

5. The Brand Elements

Your brand is represented by intangible elements as well as tangible elements such as your brand logo, messaging, packaging, and so on. All of these elements must work together to consistently communicate your brand promise, shape brand perceptions, meet brand expectations, and define your brand persona. If one element is awry, your entire brand can suffer. 

Example: There is a reason why Coca-Cola, the Red Cross, Google and Facebook are successful.  Their brand means something to consumers.

Bottom-line, a brand is clear, reliable, and believable to both your consumers and your employees. However, brands aren’t built overnight. Before you can define and live your brand, you need to do some research so you don’t waste time taking your brand in a direction that won’t allow you to reach your goals. You must understand your competitors and audience, so you can develop a brand that promises the right things to the right people. Research should be first. Definition, strategy, and execution should follow.  Just like a garden, if you know what you've planted and you nurture accordingly, your brand will grow.  

Turning Talent into Profit

Everybody likes money.  Everybody likes to make money.  And hard-working individuals like to earn money.  How do you reach your monetary goal?  That is completely up to you.  However, if you don't have a plan - just waiting for the day that money starts growing on trees - your time for financial stability may be a little further into the future than you hope.

If you want to start your own business, you need to ask yourself, 'What am I good at?'  'What am I passionate about?'  And then realize you need to surround yourself with people who will help you succeed.

Think of yourself as an athlete.  You may have all the talent in the world, but without a good agent, your talent will go unseen.  But, if you hire the expert who knows how to land you a contract, you could be the Alex Rodriguez in your field.

If you don't have the talent, don't pretend that you do.  Consumers know a fake when they come across one.  They don't want to pay for a Gucci and end up with a cheap knock-off.  Take your talent, perfect it and then hire the right people to promote you and your business.  Develop a plan.

Ideas are good.  A strategic, comprehensive plan to implement those ideas is great.

The main argument that new and small business owners have when faced with hiring a marketing expert - on a full-time or consultant level - is their lack of budget.  This issue should be addressed when developing the business plan and budget proposal (whether for a loan or a guideline).  You can not rely on grassroots efforts or word-of-mouth alone.

Do not attempt to do it all yourself, or you will fail.  If you do not understand the intricacies of social media and how to best utilize it to advance your business, hire someone that does.  Facebook is more than pretty pictures.  Twitter is so much more than tweets and re-tweets.  LinkedIn is more than a networking site.

Invest in your business, your website, your promotional materials, your staff.  Surround yourself with smart people, experts in their field.  If your smart, you surround yourself with smart people who disagree with you.

Don't sit back and let your talent go unnoticed.  Don't let your competition have a leg up on you because your pride says you can do it all yourself.  Let someone else be Cliff Lee (the second-highest paying baseball players for those of you non-baseball fans) while you channel Alex Rodriguez.

For more information on how to grow your talent and business on a limited budget, contact SK Consulting.  We pride ourselves on leading those with talent and a vision down the road to success!

www.skconsulting911.com
816-808-9101

DIY is Not Always a Great Choice

At a time when every person and every business is looking at their budget, the first thought might be to save monies by 'doing it themselves.'  But, sometimes this decision is the absolute worst one that could be made.

If you are not a doctor (or even if you are) and you need a procedure done, would you do it yourself?If you have absolutely no training in plumbing issues, would you attempt to fix a flooding toilet without asking for advice?

The Do-It-Yourself notion is great for home renovation shows, but even they have experts guiding you on next steps.  When it comes to your business, don't attempt to do it yourself.  You could cost your business a lot more to repair damages than to hire a professional.  Think of it as a dollar in prevention and planning is worth a thousand in profit.

At SK Consulting, we do what we do so that you can focus on doing what YOU do.  A big mistake small business owners make is trying to do all of their marketing by themselves.  Marketing isn't just pretty pictures on social media or developing a website via WIX.com or GoDaddy.com.  Marketing is about strategy.

Communications isn't just words on a document.  It entails a messaging plan, a media plan, a public relations plan.  A comprehensive marketing plan involves a detailed communications plan and an earned and paid media plan.

When an advertising representative contacts a small business owner with no marketing background, there is great room for inefficiency and wasted money.  Having an experienced marketing representative on hand to pore over proposals will save you money in the long run.

While we are not doctors (or plumbers), we are here to help prevent monetary and image harm to our clients.  We are here to minimize cost and maximize exposure.

A successful business plan incorporates comprehensive marketing and communications plans.  That's what we do  Let us help your small, growing or non-profit business.  Ask the experts.  Hire for help.

Ask before you act, because remember, a dollar spent in prevention and planning is worth a thousand dollars in profit.  For more information on SK Consulting, visit:  www.skconsulting911.com.

Don't Buy Into Cookie Cutter Marketing Plans

Whether you own a business, are starting a business, want to expand your business or work for a company that just needs to sustain its business, the biggest mistake your or your company can make is to 'do what everyone else is doing'.

The number one rule of marketing, in my opinion, is to identify what sets you apart from your competition.  You got into the business you are in for a reason.  You saw the need.  Research proved the need.  And for all intents and purposes, you are in business to accommodate the need.

But, your competition got into the business for a reason too.  They saw the need.  Research proved the need.  And for all intents and purposes, they are in the business to accommodate that need.

So, what sets you apart?

There are many seminars, classes and specialty courses business owners can take to teach them 'how to succeed in their field'.  The problem with those seminars is that everyone in attendance received the same tips, the same kit, the same talking points and plans.  That puts you in the same pool as your counterparts.  Let the others swim while you sail.

Every business should have a comprehensive business plan in place.  Within that business plan should be a comprehensive marketing plan that addresses many components.  A cookie-cutter plan will NOT answer the questions specific to your business, your region and your audience.

1.  What is your greatest need?
2.  Who is your target audience?
3.  What is your budget?
4.  Has a SWOT analysis been conducted on your business/industry in the region?
5. What has worked for you in the past?
6.  What are your plans for the future?  Expansion?  New product/service line?  New branding efforts?
7.  Are you in branding or recruitment phase?
8.  What is your internal situation?  High turnover?  Low morale?

There are many questions that should be asked AND answered before outlining a strategic plan.  Without a plan, there is no direction.  Without a direction, your business will get lost.  Save yourself time and money and don't get derailed.  Having to turn around after getting lost will cost you time, money...and customers.

If you feel you are in need of a customized, comprehensive marketing and communications plan, contact SK Consulting.  We pride ourselves in researching and mapping out the right directions from the start.  Leave the cookie cutters in the kitchen and your competitors in the pool.  Sail, don't swim.