Question

Topic: Other

Advice - New Business Venture

Posted by Anonymous on 3/20/2015 at 2:01 PM ET 250 Points
Hello and thanks in advance for any advice you're able to share with me.

A quick background: I've been out of school for 3 years. My degree is in Marketing with an emphasis on Advertising and Promotions. I worked for a small marketing firm for 1 year selling, designing, and executing marketing programs and materials for small businesses. I then held a sales job for a professional video production studio for about 6 months where I learned the basic skills of direct selling. I then moved to an ad agency where I managed advertising and retail services for multiple regions of a national QSR account. I was just recently laid off from that position.

I've decided to start a Marketing Consulting business with an emphasis on promotions planning and execution, as that's an area I feel like I can best transfer value from my recent position. My belief is that businesses to often choose piecemeal marketing elements that lack true focus and planning.

To solve this problem, I want to help businesses develop and implement comprehensive marketing programs by helping them discover how they can best market themselves via internal & external strategic analysis, and then collaborating with them to develop marketing plans that drive near-term results using promotional tactics while implementing long-term systems for upselling and retaining current customers while also encouraging loyalty & referrals.

I've begun to establish a network of service providers that can help execute digital marketing services and media planning/buying services that I wouldn't feel comfortable pretending to be an expert in.

I've posted a landing page that needs some work, but outlines how I want to bring value to clients businesses - www.krakemarketing.com

What advice do you have for me in the beginning stages of approaching businesses and selling myself, having a lack of case studies and credibility?

Do you think there's a strong enough need for a consulting business focused on developing and executing comprehensive marketing and promotions plans?

Is joining local networking groups like BNI a good place to dip my toes in the water and start talking to people?

Do you have any other advice for someone like me who is still very green and starting a consulting business?

Thank you so much for your feedback!! I'm looking forward to hearing what others think.

- Karl


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RESPONSES

  • Posted by Jay Hamilton-Roth on 3/20/2015 at 7:37 PM Member
    Karl - The best way to start is through a series of informational interviews. Find out more about others and their business needs (don't sell them anything - just ask & listen). Once you've done ~10 of these, you're likely to start seeing some patterns. That will help you figure out what to offer and how to phrase things. Then, start talking to business owners (face-to-face) - BNI, walking around town, or at business networking events. What you think you want to offer and what people are needing (and willing to pay for) may be very different. And if you don't have case studies or credibility, then show off your marketing knowledge by focusing on your own website (it needs a bunch of work - at first glance). When people decide to "check you out online", your website will showcase your abilities.
  • Posted by Peter (henna gaijin) on 3/23/2015 at 12:54 PM Member
    Finding a potential client that has some work you could do is part of the challenge - convincing them that you are the one to do it for them is much harder. Even after they agree they could be doing some additional promotion, they will want to know that it will be done in a way that is cost effective (both for the cost of the actual promotion and the fee for you). This is a big jump for many, especially as many don't understand what it really costs for marketing and how the sales cycle for most companies is long and requires multiple touch points.

    One way to get past this is to have references. It could be people providing testimonials or it could be a portfolio of work that shows what was done and results (with names redacted, if you don't have permission). As a start up, you won't have work as a consultancy yet, but perhaps you could use some of the work you did for past companies as examples.

    Another way to do this is to work with people who you know you and your work already. If someone knows that you do a good job based on work they have seen before, they would be a much easier sale. Network with the people who you have worked with in the past and see if that can bring some business. For example, if that latest layoff was due to the company downsizing, often the company still needs the work done even though they don't now have employees to do it, so you can see if you can pick up some consulting work from them.
  • Posted on 3/23/2015 at 1:21 PM Member
    Thanks for the feedback! This is very helpful. Digging for insights from small business owners via informal interviews and networking my current contacts is definitely going to be a priority in the beginning.

    Thank you for the tips! I'd love to hear any other advice anyone has for me as a consultant and service provider, and regarding the emphasis that I've chosen to make my core service - planning/execution of traffic driving promotions, complemented by long term growth strategies.

    To further emphasis what I'd like to offer people - I strongly believe in comprehensive planning. In my experience working with small businesses, many of them don't have or understand how to create a system for funneling customers into their business, then maximizing their experience for the best results (up-selling opportunities and encouraging loyalty & referrals).

    I do agree with everyone so far that I need to refine how I can sell this vague concept to business owners. I'm working on that. In the meantime, any advice for selling complex concepts and getting around lack of case studies and experience is very much appreciated.

    Thanks again!

  • Posted by Gary Bloomer on 3/23/2015 at 3:01 PM Member
    I applaud your efforts. I also urge you to seriously reconsider much o fhb text on your landing page. When I read "Compound marketing is a strategy that focuses on creating near-term results with the goal of turning them into more opportunities over time. …" all kinds of red flags started flapping.

    I strongly suggest you re-read your site text—all of it—and that you do so out loud. Next, I urge you to cut the text by at least a third, preferably by two thirds.

    There are three golden rules in copywriting:

    1. Show people what you've got or what you do.
    2. Show people what you'll do for them.
    3. Tell them what to do next.

    A search on your local MeetUp.com listing might bring you a few groups to connect with.

    You might also want to look into joining your local Glazer Kennedy group.

    Learn more here: https://gkic.com/about/chapters



  • Posted on 3/23/2015 at 3:05 PM Member
    Thanks for being so direct with your feedback Gary. Much appreciated.
  • Posted by Gary Bloomer on 3/23/2015 at 5:29 PM Accepted
    You're welcome. When you're dealing with local business owners, keep things simple. In fact, when you;'re dealing with any business owner, keep it simple.

    Let's say I run a local auto body repair shop. If you come to me talking MBA-speak, I'm going to shut you off. I'm NOT going to listen. If I'm going to pay you money to improve my marketing, the only question I need you to answer is this: How will you make my phone ring? That's all I want to know.

    For most local business owners, social media is a waste of time and effort. Ditto brochures, leaflets, and press ads. Why? Because most of these things lack specificity. Most of these marketing vehicles offer few clear benefits to prospects as to why they ought to do business with this local business. Most of these vehicles lack a clear, concise, and compelling call to action.
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