Executive Wisdom Times: The Newsletter No.51 December 2008

Executive Wisdom Times: The Newsletter No.51

December 2008

A monthly newsletter about business, strategy, people, purpose and processes based on the popular articles, interviews and workshops conducted by Ric Willmot, FAIM MIMC.
© 2009 Ric Willmot. All Rights Reserved. You are encouraged to share the contents with others with appropriate attribution. Recommend your colleagues subscribe.

You've heard the terminology, "low-hanging fruit". But what does it really mean in the business context?

The most significant way to build your business is to leverage those opportunities that are easiest to access and most cost-effective at reaching your market with a powerful, targeted message about your firm.

A smart marketing plan can help you to identify and access these opportunities. It can be your road map to building your profile, reach and profitability. So ... you might ask, "what is our firm's low hanging fruit, and how can we maximise it?"

The choices and opportunities are boundless - websites, blogs, direct mail, advertising, business presentations, newsletters, public speaking engagements, press strategies, branding, publications, marketing materials etc.

The challenge is actually to narrow down the options to identify the ones that are the best fit for your practice:

A smart marketing plan will optimise your difference, your clients and your budget in order to achieve the unique set of goals you have for your business. To illustrate, I will share a client example (with his permission), which explores a specific business development challenge in small to mid size professional practices.

George had been running his own accounting firm for 7 years. He discovered he was becoming more devoted to his work in the sports industry because of a personal affinity with football and athletics.

He focused his efforts to this preferred area of practice, and realised that although he had some loyal clients and referral sources in the sports sector, he needed to make a more determined effort to really build in this direction. What he didn't know was how to get started.

The marketing plan
George was a little overwhelmed with all the marketing possibilities available to him. He reviewed all his options with us in order to see which would be expected to deliver impact.

It was evident that the list of clients George wanted to target was narrow and focused. That being the case, the easiest way to reach this audience would be by contacting them directly with a series of strategically branded, informational brochures that would be distributed by mail.

He also modestly updated his small, existing website to incorporate some of the key design features that were created for the brochures and thereby created consistency in his public image and brand identity, with minimal additional cost.

Results
The response rate to his direct mail campaign was slightly higher than anticipated. The success was attributed to a number of factors: highly relevant content, a well-qualified mailing list, the added credibility of his renewed Internet presence and the personal touch of his follow up, introductory phone calls.

In addition to the new enquiries resulting from the mailings, George was pleasantly surprised to find that he was receiving a higher than normal rate of referrals. He discovered that several clients had handed his brochures out to their own networks.

A year into this new direction George managed to leverage his investment in the brochure series yet again. He used them to create a public relations kit with which he was able to develop two speaking engagements at upcoming conferences.

Our client was able to leverage a combination of its existing strengths and opportunities to develop a smart marketing plan. The initiative delivered impact and results. George did it by harvesting the prized, low hanging fruit.

At Executive Wisdom, our difference is our ability to extract, build and promote your existing strengths with practical, compelling and enduring business and marketing strategies that contribute to the direction and pace of your firm's development.

Contact us by email or by telephone at +61 7 3395-1050 to discuss how you can build a better practice.

The human condition - Are you a Dragon Slayer?

Map makers would place a sketch of a dragon at the edges of the "known world" to indicate that any explorer or sailor would be entering unknown territory, and to do so at their own risk. The famous Lenox Globe (ca. 1503-07) made of copper, has the phrase "HC SVNT DRACONES" on the eastern coast of Asia.

Latin was the language of learning and the phrase (hic sunt dracones) denoted "here are dragons".

It would come as no surprise to many of you that some sailors and explorers took the sketches literally and were either warned off venturing any further or believed that was a place where dragons and sea-monsters actually lived.

Some brave people interpreted the dragon as an opportunity, as a gateway to wonderful lands and a door to virgin territory, to be explored, discovered and conquered.

We all have a mental map of the world complete with sketches of dragons and "Hc Svnt Dracones" warnings.

In these current times of economic uncertainty, I have had clients making decisions based on fear and I have had others engage me to ensure they maximise the opportunities to prevail and thrive while their competitors hunker down.

What are the fears that are holding you back? Are you a conservative sailor or a dragon slayer?

Last week started with interesting news. A new client telephoned to say they had lost a major piece of business. You guessed it, the domino theory is alive and well ... they were too short on cash-flow to continue with my services.

I suggested that we switch the strategic development work we were planning to do, to my Marketing & Business Development System.

Why? Firstly, because they urgently needed to replace the lost business and secondly, because the MBDS is a staged process that is designed to pay for itself as you go.

Shortly after the above conversation a friend and on occasion, business partner telephoned and I was telling him the story.

There was a long silence and then he said, "Ric, you know what? The saddest part about this story is that the scenario is being played out in one way or another, dozens of times every day in our current climate of uncertainty. I wonder if, right now, your clients desperately need help with winning new business to fill the gaps."

These economic times are not easy for business people who are unsupported or unprepared. You may or may not be aware of my Strategic Marketing Mentor Series. The uniqueness of this program is the unlimited access to me and you only pay for it as you go.

Members of this system are currently from Australia, New Zealand, Dubai, Hong Kong, USA and Ireland. You do not need to be in Brisbane to join and get full value. Telephone or write me personally to chat about how I can help you immediately with your business.

Telephone: +61 7 3395-1050
Email: ric@executivewisdom.com

Recently, I purchased the latest, greatest and best Apple iPhone. On a recent business trip to Sydney, I couldn't resist dropping in to the new Apple store on George Street.

A young lad in a polo shirt complete with a very official lanyard around his neck, said hello, "I'm Jay, how may I help you?"
"I'm Ric. Just looking thanks, Jay."
"Is that an iPhone in your hand, Ric?"

He knew very well it was, but I played along. "Yes, Jay. I just got it two weeks ago."
"They're fantastic aren't they? So, have you got it all up and running, Ric? Emails, iTunes, all of that?"
"Jay, I've just learned how to make outgoing phone calls."
"Here, let me set your emails up at least. It will only take a moment. I notice you have your diary in hand, so no doubt all your details are kept in there."

That was it, Jay had me. He was smart enough to recognise that my age, and dress code (business suit) meant that the FiloFax in my hand was 'my business' and I kept all the special information about my life in there. Within moments he had my emails operating and showed me how to work it quite simply.

"Ric, you don't have a protective cover for your iPhone. If you accidently drop it, it may scratch, dint or even worse, fail. Now you can buy a clear plastic case, but being a pofessional businessman you'll prefer the genuine leather case. It is nice isn't it?" (Of course, it was much more expensive, as well. $59)

"Ric, you should also buy some of these clear films that stick to the screen. It ensures that the display doesn't get scratches from your fingers rubbing dust across the screen while you are using the features. It's a must have." Another $29 for 5 pieces of film.

"Ric, I know you probably wouldn't be the least bit interested in music form the iTunes store."
I promptly agreed, trying to cut him off at the pass!
"But, you would be delighted at the vast range of audio books you can download from the store. There are some great titles and a whole library of business books. Here is an iTunes card so you can go and get yourself some downloads." Add $100. I'm now $188 shorter for just browsing the store out of curiosity.

"Ric, is there anything else I can help you with today?"
"No, that will be fine."
"So, Ric, what line of business are you in?"
"I improve business and people performance."
"Would that include sales?"
"Umm, yes."
"What's your website? I like to read how ..."
I interrupted him: "Jay, you're doing just fine!"

Thank you for the emails and cards we have been receiving. Jodie, our daughter, Dakota and myself, wish you and your family a wonderful Christmas with much love and happiness. Stay safe and I look forward to working with you in 2009. God bless.

© 2009 Ric Willmot. All Rights Reserved.
We encourage sharing the Executive Wisdom Times in whole or in part if copyright and attribution are always included.
Visit Ric's Blog for more great articles and useful learning.