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10 Steps to Building a Marketing Machine for Growing Your Accounting FirmYour Marketing Machine | Part 3: Steps 7 to 10
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10 Steps to Building a Marketing Machine for Growing Your Accounting FirmMichael ‘MC’ Carter - Director of Practice Paradox
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Today’s webinar• Quickly recap first 6 components of Marketing Machine™ model
(covered in last two free webinars) • Next 4 components of your firm’s Marketing Machine™
• Your Packaging: When does (and doesn’t) ‘bundling’ services work?• Your Pipeline: Introduction to Opportunity Management• Your Oil: The art and science of ‘soft skills’ in selling• Your Control Panel: Marketing KPIs to monitor
• The plug: Announcing Marketing Masterclass for Accountants 3-day marketing workshop in November on Sunshine Coast, QLD
• Question & Answer time
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Resources section
Free Videos area
practiceparadox.com.au
Access recordings of past webinars for free
Slides also accessible in blog posts on the site
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Why do we call it a Marketing Machine?1. It works! No mystery. Predictable performance.
2. Structure and design to it. Understandable.
3. Works without you. Flick the switch. Duplicatable.
4. It’s scalable and adjustable. Turn it up, turn it down to suit.
5. You can learn how to run it. There is a manual!
Introduction | Your Engine | Your Conveyor Belt | Your Filter | The Plug | Questions |
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Your Marketing Machine
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1. Your Radar
Your Marketing Machine
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Your Marketing Machine
2. Your Hopper
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Your Marketing Machine
3. Your Fuel
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Your Marketing Machine
4. Your Engine
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Your Marketing Machine
5. Your Conveyor Belt
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Your Marketing Machine
6. Your Filter
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Your Marketing Machine
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Your Marketing Machine
7. Your Packaging
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Service Level Agreements? ‘Bundles’?• Defined services grouped into named levels
• How you name the levels/options isn’t crucial• Different price points on each level• Clearly defined scope on each level
• Clients know what is included• Clients know what is ‘outside scope’
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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The Purpose of Packaging Your Services• Give clients clear choices• Let client know you can do more than the basics• Structures the conversation with a client• Aids the sales process
• A ‘which option suits best’ close• Not a ‘will you go ahead’ close
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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The Purpose of Packaging Your Services• Educates clients as to ‘where they sit’• Pricing of top level provides contrast
• Makes middle level seem affordable• Provides clients with development path• Allows you to build in exclusivity
• Special events for your top clients
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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When Packaging Services Fails• Thinking that ‘having some’ will make it work• Being inflexible
• The goal is to make a decision easier• Not to shoehorn clients into slots• Tailor levels to suit
• Is not a replacement for a full ‘Needs Analysis’ process with a client
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Simple Needs
Moderate Needs
Complex Needs
Infrequent Contact
Quarterly Contact
Monthly Contact
Focus on Recent Past
Monitoring Progress
Development Advice
$
Complexity Focus Frequency
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Simple Needs
Moderate Needs
Complex Needs
Infrequent Contact
Quarterly Contact
Monthly Contact
Focus on Recent Past
Monitoring Progress
Development Advice
$
Complexity Focus Frequency
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Simple Needs
Moderate Needs
Complex Needs
Infrequent Contact
Quarterly Contact
Monthly Contact
Focus on Recent Past
Monitoring Progress
Development Advice
$
Complexity Focus Frequency
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Simple Needs
Moderate Needs
Complex Needs
Infrequent Contact
Quarterly Contact
Monthly Contact
Focus on Recent Past
Monitoring Progress
Development Advice
$
Complexity Focus Frequency
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Simple Needs
Moderate Needs
Complex Needs
Infrequent Contact
Quarterly Contact
Monthly Contact
Focus on Recent Past
Monitoring Progress
Development Advice
$
Complexity Focus Frequency
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Your Marketing Machine
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Your Marketing Machine
8. Your Pipeline
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What is ‘Your Pipeline’?• The flow of opportunities for new business• A record and system for tracking opportunities• Allows growth projections to become
more predictable through ...• Statistics on conversion rates and sales
cycle times (how likely, and how quickly)• Treating process as a numbers game• Reduces time and emotion/stress involved
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions | FO
REC
AST
ING
CO
NT
ROL
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What is Opportunity Management?• Where do you and your team record opportunities:
• For potential new clients?• For additional services for clients?
• Is this information centrally stored?• Does it make it easy to see:
• How full/empty ‘the pipeline’ is?• Details of individual opportunities
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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What is Opportunity Management is not• Having only one or two ‘hot prospects’
on the go at any one time, and• Pinning your hopes on them,• Then wondering where they’re at
with their decision making,• Then getting disappointed at missing
out on these prospects, and• Letting that affect your confidence
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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The Opportunity Management Mindset• It’s simply a numbers game• I/we have a realistic conversion rate
of getting proposals across the line• “We don’t win them all”
• I/we have a realistic timeframe wework to, from initial conversationto a decision being made• “It doesn’t happen overnight!”
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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Elements of your Opportunity Pipeline
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Process Milestones
% Probabilities of Winning
Linked
Enquiry Received 20%
INA Completed 40%
Request for Proposal 50%
Proposal Discussion 60%
Verbal Confirmation 80%
Signed Agreement 100%
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Elements of your Opportunity Pipeline
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Process Milestones
% Probabilities of Winning
Linked
Lead 25%
Opportunity 50%
Solution Proposed 75%
Formal Approval 100%
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Elements of your Opportunity Pipeline
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Process Milestones
% Probabilities of Winning
Expected $ Amounts
Linked
ExpectedClose Dates
Opportunity Names
Client/Prospect Names
Opportunity Owners
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Opportunity Pipeline Management Tools
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
• Whiteboard• Spreadsheet
• Excel• Online Apps
• Software
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Spreadsheet
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Spreadsheet
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Capsule CRM
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
SmartsheetStandalone or can work with Google Docs
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Then what do you do?• Train your team in how to update the pipeline• Review your own pipeline every day• Review your team members’ pipeline
on a regular basis• Formal weekly Pipeline Review
meetings one-on-one• Ask, ‘What can I do to help you move
this opportunity to the next stage?’
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PollDoes your firm have a
formal Opportunity Pipeline system and process?
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
What is a lack of Opportunity Management costing you?
• Missed opportunities …• ‘Falling through the cracks’• Lack of prompt follow-up• Opportunities going stale
• Fewer clients• Reduced revenue
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Your Marketing Machine
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Your Marketing Machine
9. Your Oil
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
What is Your Oil?
• Makes your Marketing Machine work to its optimum level
• Without it your pipeline won’t flow to its optimal level
• Understand that this is a MASSIVE topic ...
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
What is Your Oil?
• The ‘soft skills’ involved in selling • Sales process structure
• S.P.I.N. Methodology - Neil Rackham’sbook, ‘SPIN Selling’:
• Situation• Problem• Implication• Need-Payoff
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Selling is mainly about asking questions
• Seek first to understand• Questions steer the conversation
• Open questions• Question lead-ins• ‘Tell me more’ prompts
• Selling is about solving problems
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Toula Portokalos: Ma, Dad is so stubborn. What he says goes. “Ah, the man is the head of the house!”
Maria Portokalos: Let me tell you something, Toula. The man is the head, but the woman is the neck. And she can turn the head any way she wants.
My Big Fat Greek Wedding (2002)
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
We are all in sales!
• Asking clients to take a course of action is selling
• Anyone with client contact mustget formally trained in sales
• Client Relationship Managementis a sales process
• A neglected skill by most firms
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Tips on structuring client meetings• Always set expectations and scope in
advance of the meeting• No ‘ambush selling’ allowed!
• After initial chat/small talk:1. Purpose Statement2. Time frame3. Ask, ‘Is there anything else you’d
like to cover today?’
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Tips on structuring client meetings• Always BAMFAM!
• Book A Meeting From A Meeting
• Even if it’s not for a few months
• Always clarify next steps for both parties
• Always maintain control of next steps
• Don’t leave ball entirely in client’s(or referral partner’s) court
• Gain permission to follow-up bya certain date
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Objection handling tips• Pre-empt objections
• Raise them in advance - e.g. “Some clientshave told us that initially they thoughtthey couldn’t afford to pay for ourCash Flow Monitoring service, and [not ‘but’!] what they found is that theadded peace of mind and bettermanagement of cash, actually meant theyhad more cash and less stress than before.”
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Objection handling tips• Write each objection down to:
1. Show you are taking each objection seriously2. Reflect them back to the client/prospect
to ensure you understand each clearly• Feel-Felt-Found reply
• “I understand how you feel about that,and I know a lot of clients initially feltthe same way, and what they found was”
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Objection handling tips• Parking the objection
• Ask, “Imagine just for a moment that [timing] wasn’t an issue for you, then you’d go aheadwouldn’t you?”• Often the first objection is not the real
objection? - e.g. Client might add, “Well, actually, I’m not sure that the business can afford that at the moment.”
• If they reply, “No” without adding anything,then add, “Well there must be anotherconcern for you then …?” [Pause, await reply]
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Objection handling tips• Keep in mind that a thorough Needs Analysis
conversation at the start of the process will allow you to either pre-empt or detect/hear any objections well ahead of the ‘close’ stage where you ask for the go-ahead
• If you get a lot of objections, that’s a symptom of a poor front end on your sales process, resultingin you not fully understanding the client’sSituation and Problems, and not getting themto speak about the Implications
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Objection handling tips• By the time you get to the Needs-Payoff stage,
the courses of action should feel like a mutual conclusion and joint decision …
• Which is why the number of objections youget at this stage should be very low
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PollWhat percentage of your team
members who have client contact have undergone formal sales training?
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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Your Marketing Machine
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10. Your Control Panel
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Monitoring the performance of your firm’s Marketing Machine
• “What you can measure, you can manage”• “What you measure, improves”• “You get more of what you focus on”• So what you should you measure and focus on …?
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Results KPIs for Marketing and BDKey Performance Indicator
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No. of New Clients Acquired
Annual Fee Value of New Clients Acquired
No. of Existing Clients Up-Sold to Additional Value-Added Services
Increase in Annual Fee Value of Existing Clients Up-Sold to Additional Services
Clientshare™ - Average Number of Services Provided Per Client Per Year
Increase in Average Annual Client Fee
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Results KPIs for Marketing and BDKey Performance Indicator
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No. of New Referral Partners Acquired
No. of New Subscribers added to Marketing Database
No. of Articles and Interviews in Local Media
No. of Clients Attended Seminars and Webinars
No. of Client Referrals
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Activity KPIs for Marketing and BDKey Performance Indicator
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Meet individually with Top 6 Referral Partners each quarter
12 client email newsletters produced per year
2 printed and mailed client newsletters per year
4 client seminars per year
4 client webinars per year
4 media releases per year
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Activity KPIs for Marketing and BDKey Performance Indicator
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24 new blog website articles per year
2 in-house rainmaking skills workshops per year for existing team members
2 Client Advisory Boards (client feedback and market research) per year
4 “How’s it going? How can we serve you better?” client visits each month
Monitor and respond to Post-Job Client Feedback Survey responses
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
How do you monitor these KPIs?
• In a spreadsheet• Put it in your firm’s knowledgebase (centrally stored)
• Control editing rights• Marketing Coordinator keeps data up-to-date
• Sources of data• Practice Management system• Opportunity Pipeline• Email Marketing System• Event booking system/records
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The Plug
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Tuesday 14 SepAnnouncement WebinarMarketing Masterclass for Accountants3-day workshop, Sunshine Coast QLDSat 13 Nov - Mon 15 November 2010
Crank it up!
Your Marketing Machine
Marketing Masterclass
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Crank it up!
Your Marketing Machine
Marketing Masterclass
• 3-day intensive, hands-on workshop
• Day 1: Strategy
• Day 2: Communication
• Day 3: Change
• Very interactive and hands-on
• Special pricing for booking in Sept
• Special bonuses for booking in Sept
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Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
Crank it up!
Your Marketing Machine
Marketing Masterclass
• Structured for CPE/CPD hours
• Certificates of Completion provided
• Designed for Equity Partners and Marketing Team
• ‘365x3 Money Back Guarantee’
• 3 times ROI on ticket price
• Guarantee open for full 365 days
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Questions?
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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Your Marketing Machine
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Complete Evaluation [email protected]
Next Webinar - 12pm Tuesday Sep 14 - Marketing Masterclass Announcement
Introduction | Your Packaging | Your Pipeline | Your Oil | Your Control Panel | The Plug | Questions |
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