Make your company grow…listen to your customers

By , May 18, 2013 9:58 am

Market research – I’m referring to primary market research — takes time and energy and sometimes money.  But the results are amazing and don’t cost nearly as much as the time, energy and money you will waste by NOT doing it.  When you ask open-ended questions to your customers, the responses you get will help you cut through the clutter and develop a communication that speaks directly to the audience you want to sell to  (or whatever your goal is with that audience).

And this is where you, as a small business, have it over the big guys. Large companies are so invested in a point-of-view (usually management’s point-of-view, not that of their customers) that they can’t make an adjustment to respond to the information in front of them. Imagine being at the helm of a huge cargo ship and having to make a u-turn in a space as wide as 42nd St.  Not only is it not easy, it’s almost not do-able.  So when situations come up that require a quick response to get to the market, the big firms are basically out of luck. Which leaves lots of room for you … if you’ve done your research properly.

Check out Isaiah Adams’ post and how research can help you … and hurt you if you’re not listening to your audience.

http://blog.optimizationgroup.com/bid/281279/

 

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.

A Tale of How Successfully Raising Capital Leads to Bankruptcy

By , May 11, 2013 9:36 am

This is the title of an article just published in The New York Law Journal (I’m one of the authors).  It’s a cautionary tale about fundraising.  It gives relevant details about the JOBS act and how that applies to fundraising – and it’s not the panacea many are mistakenly making it out to be.

It’s also about losing focus on the prize – moving your business forward – while distracted by the dazzle – the allure or promise of raising capital any way you can.  The article details what’s legal and not legal in the world of raising money for your company.  I hope you use it as a guide to do your fundraising the correct way so you can avoid the fate and outcomes (jail time?) of this unfortunate company.

http://holtzmancom.com/teamwork_latest_news.php

 

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.

Licensing Class

By , April 24, 2013 1:34 pm

Great line-up of expert speakers for my licensing class which starts tomorrow!

Licensing is a great source of primary or additional income for your product(s).  Learn the basics about how to navigate the world of licensing in four weeks!  And get the lowdown from people who live licensing!

My guest speakers this term will be:

David Kalow – An Intellectual Property attorney with fashion product experience
Arnold Burstein – A Licensing Agent who knows all the in’s and out’s of the licensing world and is the Chair of the NY Chapter of the Licensing Executives Society
Serena Godwin – Licensing Manager, Natori and (surprise guest speaker?)
Nathan Fleisig – An FIT faculty who specializes in licensing names and products
Outerstuff:  Director of Licensee Global Social Compliance, and an FIT faculty member.

It’s not too late to register!
CEO 035 (55A) Licensing
Thurs., April 25, May 2, 9, 16
6:20-9:10pm

 

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.

Make that interview, meeting, pitch a success

By , April 6, 2013 9:05 am

Recently, as an entrepreneur panel and pitching event was winding down (http://www.levin.suny.edu/innovateny/), I found myself chatting with some entrepreneurs who were anxiously discussing a big pitch they had the next morning. One woman asked if the clothes she was wearing would be okay for the pitch. She was surrounded by a small group of business experts. Everyone offered her advice…change your blouse…the skirt works…maybe you should wear a suit and not be so casual even if you’re pitching the entertainment industry…etc. I finally leaned in and said quietly, “wear what you feel comfortable in…you don’t want to worry about your clothing when you’re doing a presentation.” A look of relief washed over the entrepreneur’s face.

There was more of an exchange on multiple topics and again near the end I made a suggestion…” remember, if the audience interrupts you with questions go with the flow and answer them. Don’t worry if you don’t get back to your presentation. This is more important.” So many presenters answer a question (some don’t even do that) and instead of going back and giving the audience (in the case of investors, they are usually the ones directing the conversation) your canned presentation, let them lead you to where their interests lie. First, it shows you are flexible and connected to the conversation. Second, is says that you are not rigid and insisting on the presentation. The purpose of being prepared is so when this sort of thing happens, which is virtually all the time, you can go with the flow.

More useful tips are offered by David Holloway, management consultant http://sangira.com/wp-content/uploads/2012/10/WPPDF-Entrepreneur-Pitching.pdf and by Entrepreneur with some serious tough love advice http://www.entrepreneur.com/article/201826

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.

When Knowing Too Much is A Bad Thing

By , March 30, 2013 9:40 am
Every entrepreneur should, and usually does, know every detail about their business. This is necessary to run a good business. However, when it comes time to communicate that information to your existing customers, potential customers, investors, etc. all this information becomes a problem.  It’s the ultimate example of TMI.
 
So the first thing you need to do is get out of your head and into the head of the customer or audience you are going to be communicating with.  What do THEY want to know?  The next thing is to keep the customer’s point of view and look back into your head and sift through the mental inventory you see there  and pull out only what you need.  If this sounds difficult, that’s because it is.  That’s one reason why marketers exist.  Not only can they go through your head and pull out what’s important, they make the final product look really good, and thus, make you look good. Aruna Inalsingh discusses this in her blog
http://www.animarketingservice.com/e-news/2013/03/22/the-importance-of-clear-executive-summaries/ . She uses executive summaries as an example. Executive summaries are a key piece of communications for any business, but the truth is you need clarity in every single piece of communications that goes out from your company. Aruna sums it up in a few key points.
 
Taking this clarity idea a radical step forward, Carmine Gallo talks about ditching the elevator pitch altogether with some great alternatives. I particularly like the one-word pitch. http://www.forbes.com/sites/carminegallo/2013/03/26/six-simple-and-irresistible-alternatives-to-the-elevator-pitch/
But I don’t think it works in all situations (there was a period in my career where I wrote 2 word headlines on all my ads for about two years. I always won awards, but that’s a very hard thing to do).  
 
Evaluate your situation, your audience, and your own ability to communicate before you try these out. And it always helps to try out new ideas on a colleague or someone who doesn’t know the assignment. If they get it, great, if not, it will be reflected all over their face.  This is  great feedback.
 
If you can’t create these communications items on your own, then seek outside help. 

 

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.

10 Trends for Better Marketing and Results in 2013

By , March 23, 2013 10:08 am

Everyone loves top 10 lists.

So now that we’re ending the first quarter of the year…here’s some helpful directions to focus on in your marketing and business (they are in no particular order of importance)

1.       Integrate your marketing
As much as everyone would really love “the answer” and that it be just one thing…social media is the “one” at the moment…that’s just not how marketing works. Marketing is an eco-system that includes social, PR, collateral, branding etc.

2.       Put in a call to action in every piece of marketing you do
This may sound self-serving but it actually helps direct the customer to the key next steps in order to buy your product or otherwise engage with you.

3.       Create content that is valuable to your customers
This includes helpful tips and case histories that will help move the prospective forward to become a customer.

4.       Communicate
Tweet, blog, get your voice out there and heard.  I posted a jobs graph from another source a while back and suddenly it’s been “Pinned” by dozens of people on Pinterest. Who knew?

5.       Do primary research with your customers
Ask them open-ended questions about what’s important to them about your product or service and what will drive them to buy it.

6.       Listen to your customers’ answers
The information may be different from what you expected. Welcome the face that you do not know it all and keep your ego out of it.

7.       Follow-up after the sale
Thank your customers. If they have feedback (which you should solicit) listen to it and if something is wrong, make changes or otherwise implement their feedback.
Follow-up again.

8.       Identify your influencers
Build a relationship with them either on-line or in person.

9.       Brand yourself, your product, your company
Remember, you are your brand.  Use experiences and stories to help with brand identification. Your customers will also help you create your brand.

10.     Write better subject lines
It’s a crowded, competitive world out there…make sure your communications are opened.

 

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.

Privacy, ethics and products

By , March 16, 2013 8:51 am

I recently waited on line for 45 minutes with a friend to see a free pre-release movie.  When we got upstairs right before the entrance to the theater, everyone was forced to check  their cell phones and other electronic devices at the door. Everyone willingly did it. Except me.  My cell phone was out, and I refused to check it.  Turns out I wasn’t allowed to enter the theater.  Meanwhile, I insisted that my friend go in. Others had cleverly hidden their electronics.  Once my friend was seated she said she saw numerous people with their cell phones out and that ushers or security came over to them but didn’t eject them.  The studio, Disney, was concerned about pirating, which is a substantial problem in the film industry.  I was concerned about my cell phone (and my ipad which was also in my bag).  There were no statements, printed or oral, guaranteeing the security of my electronics.  Friends have said that cell phones and other electronics have disappeared when they checked them in similar situations. No one was watching the checkers.  Because this was a privately sponsored screening, it was Disney’s party, the sponsor could call the shots and do what they wish. Hey, it’s their right.  I choose not to stay.

I’m sure anyone who really wanted to record that movie illegally could.  And probably did.

This situation reminded me of airport security.  We are all willing (and to differing degrees, happy) to give up our rights and privacy, and possessions in order to obtain something.

While the above is a common but somewhat extreme example (although I was the only one in the theater that seemed to think it was extreme), we willingly give over personal information – and take that of others’ – in the name of a contest, gaining access to something, etc. on the internet all the time.  How many times have you been given the option to log on to a new site using your Facebook, Linked In, Google or other social media password? As a business owner, how often have you been told to run a contest/sweepstakes/drawing in order to build your database?  I won’t do it. And if that’s the only option to obtain access, then I will forgo entering the site.

Big Brother is alive and well but here’s the question – how far will YOU go with YOUR products or website?  What an absolute marketing coup it would be to have a website that was exclusive and didn’t “share” information.  Sure, you couldn’t build up the numbers on your database quickly.  But the folks you will have on your database will be much more valuable.  And you also weren’t giving your database and your personal information away.  As a business, how much do you protect your customers’ privacy?

Something to think about.

 

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.

Entrepreneur & Small Business Forum

By , March 9, 2013 11:08 am

I’m looking forward to sharing a strategy that has worked for all my clients.  I talk about how you can get into the heads of people you want as clients and make the sale.

———

Client Acquisition Strategies for Startups
Educational Lecture Events – Thursday, 3/21/13

Sandra Holtzman, Serial Entrepreneur
David Schmidt, Strategic Advisory Services

The lecture will focus on the following topics:
● Business Tools to create initial awareness about your concept or product
● How to build a client base from scratch, even if you are new to the startup field
● Establishing communication networks for your new business to maintain media coverage

When:
Thursday, March 21, 2013
5:30 PM to 8:15 PM

Where:
Lee Hecht Harrison
200 Park Avenue, 26th Floor
MetLife at Grand Central, New York, NY, 10017

More info: http://www.angenadvisors.com/8.html


Sandra Holtzman teaches CEO 035: Licensing.

She is the author of Lies Startups Tell Themselves to Avoid Marketing.


Just say yes…to networking

By , March 2, 2013 9:12 am

A lot of business (particularly service businesses) is done by relationships.  Chemistry is one factor that helps to foster those relationships. Sharing an experience is another. That’s why networking is important.  (Yes online networking is important as well and chemistry and experience sharing occur there also but my focus in this post  is on in-person networking encounters).

Now, don’t just jump up and run to the nearest networking events – there are too many each day. So you have to be selective.

Here are some tips that work for me on events:

  • Select events that interest you – it’s easier to start conversations and ask questions of panels if you’re interested. Also once you’ve asked questions, people are aware of you and may approach you after the panel.
  • Stretch – go to an event that’s geographically different – cross the river –  if you’re in Manhattan, go to Brooklyn or New Jersey. I’ve gone as far as the outer suburbs of Philadelphia.  I was in a networking event in Newark, and had the opportunity to meet Christine Quinn, President of the New York City Council, and chat with her for a  few uninterrupted minutes – I might not have been able to do that in a Manhattan venue (especially in her district) because when she’s local, everyone wants to meet her.  A few months later, I ran into her again at another event and she recognized me – we chatted again and I was connected to her chief of staff for ongoing communication with her. Valuable connection.
  • Use social networking to find out which events are high quality.  Sometimes someone in the know will offer you a discount to the event. Almost always someone will direct you to a good event and maybe even one you hadn’t heard of before.
  • Get to the event early – I often wind up speaking with the guest speaker or panelists prior to the event before anyone knows who they are – after the panel, they are usually surrounded by lots of people.
  • Go no matter how you are feeling – sometimes just walking in the door without any expectations brings nice surprises.
  • Don’t expect to meet everyone.  That results in lots of business cards in the trash later.
  • Networking is not limited to a time and place – I know colleagues that got business by chatting while waiting on a long line at a professional meeting. Here are some other networking ideas http://adminsecret.monster.com/benefits/articles/1211-alternative-places-to-network

In my entrepreneurship classes, I sometimes run into an individual who is shy and says they can’t network. There is one universal answer: “get over it!”   If you are starting a business, the single most important factor in the business is you  — YOU ARE YOUR BRAND.  You must get out there and network because people are buying you.

Here are some more tips on how to make your networking succeed: http://www.huffingtonpost.com/paul-bernard/six-tips-how-to-network_b_1954824.html

 

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.

Social Media week – observations and a guest blogger on those observations

By , February 23, 2013 8:37 am

Social Media week was full of fantastic events with different experts in various sectors.  The networking was great because each venue had different people to meet and multiple points-of-view.

There were two global takeaways I had from the events I attended.

·   The first is that there’s still no magic bullet to get customers, even in social media.  SEO, blogs, websites, linked in, pinterest, etc. must all work in as part of a strategically organized system in order to be successful. And that requires a fair degree of participation on your, the entrepreneur’s, part

·   The second takeaway I observed and heard from techies who were self-proclaimed “not” marketing people (that’s how obvious the problem is) is that the paradigm of giving the customer what the company and ad agency wants hasn’t changed at all.  The only change is how it’s delivered –- using new, sexy technology.  This is troubling. For example, at the “Marketing without words” event, there was a discussion of social engagement through images. Tools to follow each visitor from first look to sale, re-tweet or re-pin, etc. is now available. It’s called Curalate.  Great. But what does it measure AFTER a customer’s visual trail?  How does that affect a company’s bottom line? Imagine how much more impactful a  brand would be if they asked their customers what THEY wanted to see before they posted anything.  I predict that audience participation would skyrocket.  And Curalate would confirm that.  There is some progress in that, but where’s the ROI?

Here are some thoughts by Joe Bergmann, who has many years of online marketing experience. His approach is simpler and more effective than anything I’ve heard in a long time.

“Just By Asking”

Why do ad/brand companies try so hard to quantify people? Why do they try to dictate what they want people to think? Why do they think they have the power to brand themselves in people’s minds?

Most ad/technology companies of late adopters (advertisers), try to be hip, thinking they are on top of the latest technology and social networks so that they can exploit early adopters (customers, who don’t want their social media invaded by yellow creamy cheese and canned soup). Advertisers talk about controlling “authentic” relationships directly with customers, as if that was possible. Actually, it’s self-delusional. And then they take that delusion in-house (what next — outsourcing that authenticity to India?). Unbelievable.

This is top-down, invasive thinking. Most companies believe that what is important to them is important to their audience. It’s eyeball gathering that gets dirty looks from the consumer, because it is perceived as interrupting customer conversations and trampling on their privacy. What it is, is bad manners. Many companies seem to have forgotten that serving the customer also serves their stockholders. Until companies stop imposing meaningless marketing messaging on people, they will be stuck in a morass of the latest technological gimmick and the old-fashioned broadcast mentality. The Internet is a graveyard of technologies and metrics that have been the next, best thing.

So what’s a company to do? Remember, your brand is what the customer experiences of you — not what you want them to think (no matter how much and where you advertise). To make that work for your company, you should consider asking your customers what’s important to them. All you have to do is ask. So few companies do that, because they fear the of loss of control. But loss of control is not a bad thing. Being too much in control will make you less effective in the sales process. It turns your marketing message into a monologue. And most monologues don’t produce sales. After all, that’s what marketing boils down to — sales. Giving in to your customers and listening to what matters to them is liberating. It helps you think clearly about how you should approach your audience — without trying to interpret what they mean. In our experience, your customers are more than willing to help. They are the most important asset your company has.

So why do so many marketing companies and ad agencies still operate in broadcast mode? Again, loss of control. So they offer focus groups to pick the “best” of their controlled ideas. So what if the best idea isn’t in the 3-5 boards presented. Just keep developing more controlled ideas. Wouldn’t it be simpler to ask the customer what’s important to them and then build your marketing around their needs? But that takes a willingness to lose control and let people speak freely.

But that takes an approach to market research that requires a sense of humility, listening skills and a commitment to giving people what they want from your company (and a good product  or service that meets a need doesn’t hurt). The problem with most companies is that they rationalize or assume they know what the customer wants without having ever asked. They think their product or service should be interesting without being interested in their customers. Or worse, to be able to manipulate their perception. It doesn’t work.

That’s why I developed the OpenMind session and methodology. There is no better way to discover what your audience wants — and helps you give it to them. It’s the simplest, most time and cost effective way to make your marketing work. One OpenMind session will open your eyes to a whole new way to brand your company and then turn that brand into an experience to your audience. In OpenMind sessions customers are the ones who inform you how they want to be “told and sold.” Then and only then can technology become a tool that enables you speak to their needs.

Just by asking.

To learn more about OpenMind visit: http://www.holtzmancom.com/teamwork_openmind.php

 

Sandra Holtzman teaches CEO 035: Licensing.
She is the author of Lies Startups Tell Themselves to Avoid Marketing.

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