Question

Topic: Career/Training

Starting Your Own Market Strategy Business - Words From The Wise

Posted by Anonymous on 125 Points
I'd love to hear the response from the crowd on this one. I'm debating officially launching my own business focused on market strategy. I've done side projects off and on over the years for friends, etc. but I think I'm finally ready to flip the switch and do my own business.

Since many of you have already done this successfully, what are the things you wished someone had told you before you made the jump to having your own business? What are the best pieces of advice you've received? If you were to do anything differently, what would it be? Please add anything else you think someone should know. Thanks in advance!
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RESPONSES

  • Posted by Blaine Wilkerson on Accepted
    "What are the things you wished someone had told you before you made the jump to having your own business?"

    I wished I had a plan of what to do when when you are too successfull too soon! Of course this never crosses your mind because your thinking it will start off slow, but when it hits you fast...better have back-up cause you are in for many, many late nights!

    "What are the best pieces of advice you've received?"

    1. The difference between sanity and insanity: "Insanity" is doing the same thing over and over again...expecting different results"

    2. The customer is NOT always right.

    3. Don't take a project you know you can't handle...it may put food on the table, but will end up eating YOU alive.


    "If you were to do anything differently, what would it be?"

    I would not have started alone. This is only in hindsight secondary to my current success. It was hard to solicite help, investors etc. AND nuture the business at the same time. In other words, have some help waiting at the gates should the need arise!

    "Please add anything else you think someone should know."

    Well, first of all, mbarber brought up the question "Why You"...very important. Before you start anything, look at your experiences, your best talents and capabilities, and your CONTACTS! This will help you fine tune your targeting. Go after the type of clients you know you can provide excellent service because you know their industry like the back of your hand, AND you have a "little black book" of contacts to get things moving. There are waaaaay too many general "Marketing Consultants" out there.

    In addition, mbarber mentioned pricing and suggested you simply double the standard rate, then be "flexible" or negotiate down in order to maintain a perception of quality service. I agree and disagee at the same time. Here's what I did to get my initial customer base before structuring retainers etc.:

    Basically I offered my service on commission....EVERYTHING! Full blown representation for free! Well, not exactly free...you see, in exchange for my "free" service, I required an exclusive contract(eliminating competition) and a % of profit. Some profit share is around 15%, some is even as high as 50%!! By asking such a thing in return for the positive results I initially produced at no upfront cost to the client, I maintained my value perception. I have yet to have anyone turn me down.


    Please email me again...somehow our intial line of communication got lost in the muck! I can give you more insight and other stuff... plus I have some questions for you. jett_enterprises@cox.net .

    I hope that helps!

  • Posted by Blaine Wilkerson on Member
    I wanted to clarify on the "The client is not always right" advcie I received/learned.

    I know it sounds cliche, therefore I feel the need to elaborate.

    One of my former partners would crap his pants everytime I told a client they were moving in the wrong direction or even engaged in debate over a proposed strategy. He would say "These people are paying us so just do it their way if it means that much to them. Don't piss them off because they might leave!!".

    My response: "Yes, this guy is paying us NOW, but until I convince him to put the bread OUTSIDE the meat of his sandwich, he won't be paying us for long."

    As we are all aware, a lot of small business owners, inventors, and even....OH YES...even CXO's and "Marketing Directors" of big corporations don't have a flipping clue what they are talking about when it comes to marketing.

    For example, based on my personal experiences:

    The inventor: We were having trouble convincing people to buy large container shipments of his product. He was adamant about letting the product do the selling and if they won't do it then screw it!

    I suggested attaching some perceived value in ordering a container by making that person an "Authorized Dealer" or perhaps a "regional exclusive dealer/distributor" depending on how many containers are ordered.

    My client went apeshit and said "Now you want to bring MORE people to the table... that we don't know?? NO WAY!!!"

    I explained to him rather frankly that we have roles. "You are the inventor, I'm the marketing guy...so trust me or dump me". I went on to explain to him it doesn't matter what we call them as long as they buy a container and distribute the product. He finally saw sense in it and apologized. The strategy hooked a few fish almost instantly.

    The "Marketing Director": I have learned most marketing directors are simply promoted from within into the position....an office manager who comes up with "great ideas" at meetings, a productive salesman who wants a promotion and a "desk job", an engineer who knows the product more than anyone else, ...the list goes on and on.

    One client in particular just so happened to have me work "with" their current marketing director; in this case the engineer who got "promoted". He was VERY argumentative about everything, challenged my every thought with new ones or worries...and we are not talking productive brainstorming here, we're talking more like a contest to prove to me he is brilliant. We were getting nowhere fast and his argumentative nature was exhausting and actually working against their whole plan so I told them to get lost.

    Now this is a huge corporation witha great product, but "faulty wiring" that was wasting my time. I formally withdrew my contract and explained why to the company heads. They immediately apologized and begged me to come back. A bold move..yes, but it is now very clear that I do the marketing.

    Using soccer as an analogy...This was a matter of "playing your position". The company passed me the ball to score a goal, and ever time I would shoot, a member of their own team would intercept the ball because he thinks he has a better shot.

    Moral to the story:

    1. Never get invovled with marketing directors.

    2. If you do, lay down the law and stand your ground. It's not worth you time or efforts to butt heads.

    The CEO: (This one is short I promise). One client we acquired had devised a master marketing plan before we came along: "Save up a bunch of money and place a commercial during the Super Bowl!. Then if that doesn't work, spend thouands of dollars on T.V. and Radio commercials!"

    Great ideas, only this particular client produces a very unique service unlike the world has ever seen. People were likely to go "what the "beeep" was that all about", and forget about it. Especially in regards to the Super Bowl "campaign".

    We went round and round with the CEO for several weeks trying to convince him not to dump all of his money into expensive , commerical advertising...we need to show people what you can do for them first, then we can think about the Super Bowl.

    Half of the partners grit their teeth to nubs, while myself and my senior partner stood firm with this guy.

    Eventually, he conceded, and found a plethora of avenues to pour those resources into other than the "Super Bowl". We stood our ground because it was the best thing to do.

    So that is what I meant by "the client is not always right"...don't be afraid to stick to your guns...they will end up respecting you even more.

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