THIS ISSUE INCLUDES: •  What's New? •  Going, Going … Gone! •  Resource Referral •  Lessons Learned •  Tips & Tricks •  Community Leaders •  Member Spotlight •  Community Stats •  Your Account Summary •  Success Story •  Special Thanks •  Last Laugh

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WHAT'S NEW?

Dear Askers & Answerers,

It's been a few years since I visited my friend, Lus, in New Orleans. Last week I didn't know how to reach her. Then it dawned on me to try my old Yahoo Messenger account. As I pressed SEND, I wondered if she would get my note. Two seconds later, she replied! She's safe. She evacuated the weekend before the hurricane. What a relief. Every day we think about those of you from the Gulf Coast. You are in our hearts and prayers, and we are here to help ... at the very least, through our donations.

On a lighter note, the MP team assembed in Southern California for our twice-yearly "junket" two weeks ago. During a break, Shelley and I logged in KHE and saw that mgoodman had just moved to the #1 spot in our experts list, previously held by Jett. Congrats, Michael! We appreciate your dedication to the community.

One of the MANY topics of our junket was MP's positioning. Shelley posted a popular discussion in KHE soliciting your feedback. We're still mulling over your ideas + what we learned from some surveys. Thanks for your help! I'll let you know how it turns out.

Finally, as many of you know, we moved MP.com to a new hosting company last week. We think we've found most of the bugs caused by the transition, but please let me know if you notice anything ... well, buggy. We also had a bit of trouble with our email, and it's possible we lost some messages. So if you're waiting for a reply from any of us, please feel free to write again.

Happy exchanging,

Val Frazee
Moderator, Know-How Exchange
MarketingProfs.com

GOING, GOING, GONE!

Here are KHE's 10 oldest questions. They're likely to close soon. Have an idea to offer? Better do it now!

1. Setting Bio Diesel Project in India
2. Customer Retention program
3. Launching a household cleaning range
4. how do you measure a value proposition?
5. How to compete with unorganised sector in rural mk
6. What is the new format to make the presentation
7. business to business research
8. fmcg products not doing well in india
9. Internet Survey Service for Advertising Creative
10. ad recall gimmick

RESOURCE REFERRAL: WORD OF MOUTH METRICS

This week's resource referral comes to us from Thinkmor™. He recommends a series of white papers prepared by BuzzMetrics, a company that studies the effects of word of mouth marekting. I really enjoyed some of the case studies – they made me think and reconsider some of what I took for granted.

Resource: Word of Mouth Metrics

Browse 317 other resources recommended by our members in KHE's Resource Library. Or add one of your own!

LESSONS LEARNED: SERVICE FIRMS

A few weeks ago, KHE expert ASVP/ChrisB asked for ideas about what works and what doesn't work for marketing professional services firms. Here are some highlights from the discussion.

• Sans Prix: I have a professional services client and every Friday he takes one of his clients out for lunch. He also invites someone else who he feels it would be beneficial for his client to meet. Not once has he ever had resistance to his fees. And this can be attributed to him providing his clients with social benefits that they highly value.
• ASVP/ChrisB: That's an interesting point: But I wonder how many of these professionals use the social experience to leverage more value from their client base? ... How does the lunch, dinner, ball game social experience help them develop new business, rather than increase the value of existing business? What must they do to ensure this investment has a positive ROI for their professional services firm?
• ccoldren: My company provides professional services. We did not come out of "big business" with contracts in hand. No, no, we worked, and networked, and worked more, and became aggressive seminar, luncheon, conference, and meeting attendees. We met people. We followed up. We didn't keep talking to those we knew -- we gritted our teeth and became key participants at every event. ... We did more than attend. We selectively joined groups and started WORKING -- participating in carefully chosen committees where we could show our discipline, our perseverance, and our model of adding value. ... Service businesses have different characteristics than hard good businesses -- the need to build trust in an intangible deliverable that is consumed as it is produced is very high. Therefore, to build trust (and relationships) you DO have to be there.
• mgoodman: When I was researching "Rasputin For Hire: An inside look at management consulting between jobs or as a second career," I interviewed a few dozen consultants (and former consultants) from different functional specialties. Virtually ALL of them said the same thing: Networking and research are the keys to selling professional services. The "research" was always learning what a company's problems are, how they deal with important issues, what the likely objections would be, who influences major decisions, etc. And the way they did this research was by networking and mining the social contacts (without being obnoxious about it, of course). ... I don't know if there's ever been a traditional ROI calculation for this kind of marketing, but it seems to have worked in a macro sense for a lot of people.
• KSA: In my experience, there was such a big push on golf courses, etc. in the high-level CPA firms because marketing and sales were considered dirty words. As far as the audit partners were concerned, the firm was not about to market its services. They wanted to have someone walk up to them on the 8th tee and ask to have the firm audit their books. So, my advice would be that your friend should not cause waves by bucking the social scene, but perhaps suggest other additional efforts that may make him/her a great contributor by bringing in business outside of a country club.
• ASVP/ChrisB: Assuming my friend has a couple of strong prospects arriving at the golf course on Saturday morning, how can he best prepare for the round of golf, and the lunch or dinner afterwards? ... What's the best way to go - how do they handle the next 3-4 hours of conversation, how do they best leverage the investment they are making out there on the fairways?
• Billd724: Well, awareness is essential. But not enough. A professional needs ENDORSEMENT as well. The phone book is full of legally licensed, fully degreed professionals, right? But how does one pick one? They usually ask the advice of someone they know, like and trust. ... Basically, the more effective and extensive the relationships an advisor develops with others who are visible, mobile and highly regarded, the more likely the advisor is going to attract new clients. So learning how to build and maintain relationships with people who are able to influence others is the critical capability the advisor must develop and deploy. Networking and relationship building are the means to that end.
• AndrewS: Hospitality most definitely works, in my experience, it can be one of the most responsive and personal promotional tools available. ... The downsides are that its only suitable for small numbers of customers and can be very expensive. ... It must be incorporated into a CRM system (no matter how basic) so the ROI can be tracked.
• ccoldren: Because, as you point out, many professionals are reluctant marketers, the answer I believe becomes one of selling finesse. 1) Can these professionals be coached on selling? 2) Can their attitudes be shifted about the networking process? 3) Are they willing to learn how to do basic pre-engagement client research to understand client issues that are relevant to their practice, and then learn how to broach the subject during a social encounter?
• thinkmor: In my experience, it's the groundwork after your research that matters most - getting targeted PR with pertinent issues, articles, white papers to the circles your customers engage in, to: 1) Educate, inform and identify your brand to prospects minds; 2) Articulate your expertise in the customer's mind that are specific to their needs and wants for their organisation. This needs to happen BEFORE meeting prospective customers to leverage your social, network or business meetings. It's all fine and well providing hospitality but unless your prospective customers have a strong perception of what you do, why you are different from competitors and why ONLY YOU can deliver the results you will not get the ROI you expect.
• Wiglaf: The issue that he should struggle with is who to network with and how much to network with that person. Selling professional services is unlike selling a product. Most of the time, the person buying the service has no means to anticipate the benefits of what they are buying. How can they, the service is custom created for that customer, and each project is unique. Trust, built from famililarity, is the key to winning business in professional services. If you look at the psychological components of trust, they are three fold. Competence, Benevolence, and Honesty. ... Networking, through targeted groups, professional organizations, golf outings, and the such, are useful for because they allow clients to develop trust in this person.
  
• shellycs: I'm a firm believer in building the profiles of the partners and senior staff at the firm, promoting them on the speaking circuit, getting them to write byline articles for national publications, etc. Share some knowledge, but don't give it all away. Professionals are often very reluctant marketers only because they work on a "billable hours concept" and if they are not billing to a client then they are not driving a revenue. To get their support for marketing activity, you need to appeal to the fact that what they do during billable hours is our bread and butter, but what they do during those non-billable hours is the future. You also need to appeal to the fact that you are building their profile in the industry, so it is a career thing for them too.
• psimone: The formula that always worked for me was: 1) Doing homework and seeing exactly what my different prospect’s needs were. 2) Hone my message into a part-education and part-sales pitch. 3) Deliver my pitch through thru snail and e/m, networking opps and social functions. 4) Give my prospects space, knowing I was most likely not on the top of their to-do list, persevering patiently and being ready to provide custom data on demand. ... So – wining and dining, golf and other high ticket enticements have their place in the business process – but they should certainly not be the top or only choice for your friend to pursue, no matter what industry he’s in.
• SRyan ;]: On the receiving end of professional services, I couldn't help but take notice of the emails I got from a couple of people (lawyers, CPAs, marketers) who forwarded something newsworthy that related directly to ME and MY business. WAY cheaper than lunch or a round of golf. But it made me realize that even though I wasn't a paying client (yet), that guy was thinking of me and seemed to have my best interests at heart.
• telemoxie: As a professional cold caller, my position has long been that unique services can we promoted and sold by the phone and other marketing methods, while more generic "me-too" services are best sold through networking. Ask yourself, how many competitors do I have? If you have thousands of relatively undifferentiated competitors, business will be sold thru relationships, and networking is best. Also ask, "In addition to our generic services, do we have any particular areas of specialty?" I would therefore suggest a two pronged approach: networking for generic service offerings, targeted marketing for specific niches.

Question: Professional Service Firms: What Works Best?

Do you have something to add? Feel free, if you like. Even though the question is closed (and you can't earn points for it), the Asker will be alerted to your response.

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COMMUNITY LEADERS

As of this week, these are our superstars! The Most Resourceful are those who have contributed the most entries to the Resource Library. The Most Expert are those with the highest number of Expert Points (earned by answering questions).

NOTE: These are our top members as of midday September 11, 2005

MEMBER SPOTLIGHT: MEET PURU

If you've been in the forum lately, chances are you've run into Puru. This Top 35 expert has been with us since May 2005. Puru demonstrates the global reach of the Know-How Exchange, since he hails from India. He’s interested in consumer behavior, marketing strategy, retail, branding, and much more. Read on to learn more about this active participant.

Where are you based?
I am based in Delhi, India.

What do you do in real-life?
I have been working as a software engineer for the past 3 years. I was working with Cognizant, and then CSC earlier. Before that, I was associated with training and recruiting consultants. I have also been into teaching and problem solving. I have just started my full-time MBA program from FMS, Delhi - #3 B-school in India, and the 2nd Best in India for Marketing. I am also pursuing a part-time post-graduation in IPR from National Law School, Bangalore. In the past, I have been associated with the financial services sector, having worked in the credit card domain and insurance domain and acquiring expertise in the respective fields.

Tell us about your company.
No company of mine to talk about right now -- but I do have a marketing blog to call MY OWN. Here, I talk about marketing - anything and everything related to it, which I find could be pertinent to others also.

How did you find KHE?
One word that instantly strikes me, when I hear about KHE is "addictive." Right from Day 1 (May 11, this year), when I happened to enter the forum, I have not been able to stay away from it for long. To me, it is the best place for any marketer, not only to clarify his concerns, but simply to understand perspectives, to enhance his knowledge levels, and to contribute and share his thought process with those who can take advantage of it.

What kinds of KHE questions do you enjoy most?
Any type, that tickles the thinking cells instantly. More so, the questions that are concise and ask for a perspective -- rather than concrete resources -- are good to read and respond to. Questions related to strategy, taglines and website critiques would be my pick out of the lot. Also, any question related to consumer behavior and looks attractive!

Did you study marketing in college?
I will start studying marketing from this year, when I start my full-time MBA. Otherwise, I have been reading about marketing on the Web – Harvard, Wharton and Indian Publishers are my regulars. I have also been working on the marketing perspectives of the different sectors in which I have worked, on my own.

What is your next career objective?
I intend to strengthen my foundation, with a strong marketing base as my first objective. Then, I intend to work for a few more years with consultants, and subsequently, open my own venture ... as a "MarketingProf" :) I will either go for a Ph.D. in consumer behavior from a reputed U.S. university, or directly jump into the prof bandwagon.

Describe one of your non-marketing hobbies or interests.
I am into photography, dramatics, problem-solving and teaching. I have been into teaching along with all my jobs in the past. Be it technical training, interviewing, qantitative training ... I simply love teaching. That explains partly my interest in MarketingProfs. :)

What is the value KHE provides to you personally
Knowledge enhancement, in short. Anything and everything covered under the marketing umbrella is provided here. Delving into issues with perspectives from different parts of the globe, experts from varied sectors and professions and interacting with them is a big learning opportunity itself.

Do you have any advice for new members of KHE?
Please don’t expect experts to spoon-feed you. A mentor/teacher loves to explain when he sees that some amount of effort has gone into finding about the problems. Expecting plain simple answers is not the way this forum works. This is something I have realized, during the short stay I have had with KHE, so far.

Is there anything else you would like to say to the community?
Please be the way you have been. You have been simply marvelous. An exception is that I would request experts not to answer when you do not know about something. Plain rambling spoils the fun. Sometimes, we (including myself) do tend to get carried away, but as a measure of self-discipline and for the sake of convenience, we could think of being more succinct and precise.

COMMUNITY STATS

Active Unique Participants (to date): 7,811
Closed Questions (to date): 9,161
Currently Open Questions: 126
Total Responses (to date): 60,541
Subscribers to this newsletter: 17,750

YOUR ACCOUNT SUMMARY

These numbers come directly from YOUR profile. Question Points tells you how many points you have available for asking questions in the forum. Expert Points indicates your standing in the community based on answers you have posted. Visit this FAQ, if you want to know more.

Question Points: %%PointsBalance%%
Expert Points: %%PointsCum%%

Click here to buy more Question Points

SUCCESS STORY

Simy shares this week's good news:

"With the last 60 points I had, I asked for exam help -- literally begging for someone to acknowledge me and my pathetic 60 points and someone did. They helped me and even declined to take my points :-) That person suggested that I answer some student questions ... which I did.

When I got my first earned points you would have thought I won the lottery! I went out to have a beer. :-) It was an indescribable feeling. I used this new-found confidence and knowledge attained from MarketingProfs to be the very best marketer there is in Trinidad and Tobago. I went from Marketing Assistant, to Senior Marketing Officer, to Marketing Manager to Marketing Consultant presently, and I still rely on second opinions from this community.

The folks that have helped me to manifest from a timid girl to a confident young lady. (I feel like I've grown up in front of you.) Thank you. I boast about you guys to anyone who will listen and I aspire to be just as good (or maybe better) than you are because you have given me the tools to earn a decent salary, drive a nice car and pose in it too -- cuz hey! I am a darn good marketer."

Question: Internet Café Tagline

SPECIAL THANKS

Thank you, Thinkmor™, Puru and Simy for contributing to this newsletter. And thanks to all the community members who have emailed or posted suggestions, technical reports or questions since the last issue. Your energy drives this community's development. We couldn't do it without you!

Finally, thanks to my MP colleagues for making my job easy: Aaron, Achim, Allen, Ann, Carrie, Jim, Kim, Roy, Sharon, Shelley and Vahe.

LAST LAUGH

I like to close with a smile. So this space is dedicated to something amusing one of you folks have posted in the forum.

Last month new member, mktrenum, asked for ideas for a political slogan to be used on road signs as part of an anti-quarry campaign. I knew this was going to be entertaining from the start, since the question tells us that the local high school is commonly referred to as "cow pie high." If you have a minute, skim the thread. It'll make you smile.

Discussion: Need a Slogan For Commuter Road Signs

Have something to add? Feel free! This question is closed, but the Asker will receive an alert when you reply.

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