virginia franchise forum - franchisee roundtable nov 11, 2009
DESCRIPTION
Presentation given to Franchise Business Owners In Richmond Virginia which was sponsored by the Greater Richmond Chamber of Commerce. Title: Moving From Survival To GrowthTRANSCRIPT
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Virginia Franchise Forum Franchisee Roundtable
Presented by Kate Dunn, Digital Innovations Group (DIG)
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Agenda
• Current state of your marketing• 5 Step Plan to Improve Results and
Position Your Company for Growth• Examples• Questions
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Moving From Survival To Growth
• Recession Mode– Downsized– Reduced hours– Reduced non critical expenses
• Marketing– Treading water
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Let’s Talk About Marketing
• Only 15% of short term sales are the result of today’s marketing
• Today’s marketing initiatives drive 85% of long term sales
Source: What Sticks: Why Most Advertising Fails and How to Guarantee Yours Succeeds, by Rex Briggs, Greg Stuart
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But…
• Business to Business– “We don’t have the budget.”
• Business to Consumer– “We don’t have the money.”
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Reverse Logic
• Business to Business– “Wow, so you’re closing up shop? Who is
going to provide cleaning services to your clients now?”
• Business to Consumer– “Wow, so you’re moving in with friends or
relatives?”
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The Real Meaning
• For both– “You have not made what you are selling a
priority for me.”
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Really Good News
• “19% of advertising fails outright and 67% could achieve significant improvement that would require no additional spending.”
• Why Do We Miss the Mark? – Aren’t talking to the right prospects
• Targeting the wrong audience– Don’t understand the motivations of our prospects
• Irrelevant messaging– Don’t know how to reach our prospects
• Marketing Mix – VeriSign found that 10% of spend drove 98% of actions they wanted
– Don’t know who is serious• Qualification - 80% of all deals are lost due to a in adequate or non-existent
qualification process.
ES Research Group Study
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Most Glaring Mistakes
• We aren’t remarkable• If we are we don’t tell
anybody
Author: Seth Godin
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Basic Principles of Purple Cow
• Be Remarkable• If your not, get out
– "Quit or be exceptional. Average is for losers.” Seth Godin, The DIP
• Purple Cows will be talked about– WOM advertising is cheap
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5 Step Action Plan for Growth
• Step 1: Answer these questions:– What is your company the best at
________?– Why is your company the best at it? – Who needs what your are best at?– How long will they need it?
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Step 2:
• Start with what you think and then validate with your current customers
• Competitive Advantages– Must be unique– Must be quantifiable– Must be sustainable
• So are they?By Jaynie L. Smith
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Visiting Nurses Association of Florida
• Competitive Advantages– Management had the wrong understanding– They did not understand what customers
thought was important• Developed a list of quantifiable things• Told people what they were
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Best Competitive Advantage EVER!• VNA’s patients are re-
hospitalized 23% less than the competition
• Patients visited by VNA require emergency treatment 34% less often the those visited by competitors
• VNA’s patients improve 34% faster than the national average
VNA’s incidence of unexpected death is 47% lower than the national average
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Step 3: Accentuate the Positive
• How can I get my existing customers to talk about my company?
Look for mavens and connectors to find your Tipping Point
The Tipping Point by Malcolm Gladwell
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How Do You Find Them?
• Ask happy customers when it is logical to ask
• Investigate who is talking now?– Blogging– On Linked In– Twitter– Facebook
• Engage the happy ones first
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Business to Consumer
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Get People To Talk About You
• Thumbs Up– Hustling Outback Kid– Arby’s Midlothian Turnpike, End on a High
Note teen– Gloria at the Origins Counter
• Thumbs Down– “McDonalds Drive By People”
• Companies who don’t handle a negative
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A Big Mistake
Pay AttentionFixing a problem is better for you then not knowing there is a problem!
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# 1 Prospecting Method is Referrals
• 84% of internal referrals will result in appointments
• 44% of external referrals will result in appointments
No More Cold Calling by Joanne Black
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Step 4: Develop Your Own Following• Consider positioning yourself as an expert in
your field– Create own content
• Blog• Slideshare• You Tube• Comments on other blogs and communities
If you aren’t a writer, share content from others with your introductionGoogle Alert Yourself!
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Google Alert – Free!
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Social Media Success Factors
• Position yourself as a resource• Share your knowledge first• Avoid overt selling• Recognize that this tactic has a longer
horizon• Be consistent
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# 5 Review Your Other Tactics
• Yellow Page Ads/Radio Ads– Use a unique URL or phone number to
measure results from your tactics• Direct Mail
– Differentiate in compiled mailings or get out
Direct Marketing Success40% from the list40% from the offer10% from the timing10% from CREATIVE!!!!
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# 5 Review Your Other Tactics
• Print Advertising– With longer sales cycles, use landing pages to
learn from the interaction and nurture interest– With shorter sales cycles, provide ways for
recipient to show they may have future interest• Tip Lists etc.
• Promotions– Don’t buy the business over and over– Measure lifetime value or share of customer
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Blue Tape - San Antonio, Texas
Personalized URL
Recipient Personalization
Versioned Copy
Offer – Everybody Wins!
Contact Personalization
PODi Best Practice
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Landing Page
Qualifying Question
PODi Best Practice
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Respondent Information Page
Pre-populated contact info. Additional info captured!
Capture Email Address
PODi Best Practice
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Page Two – Versions based Question One Answer
Versioned Pages Based on Answer to Question One
PODi Best Practice
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Final Qualifying Question
Respondent Requests Meeting
Versioned Copy Based on Answer to Question One
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Versioned Thank You PagesEducation for Nurturing
Data collection
Data collection
Relationship Building
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Results
• 4.45% Response Rate– Hit Landing Page
• 3.34% Conversion Rate– Completed URL Visit
• 27% of respondents requested a meeting to discuss relevant marketing– First tier prioritized prospects
• 56% of respondent use direct mail now– Second tier prioritized prospects
• 29% of respondents were non customers
Direct Market Association quotes response rates at 1.38% which is a 222% Improvement
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Next Steps:
• Find a place to hide and answer questions 1 – 5• Devote a 30 minutes to watching and learning
from social media over the next two weeks so you can start to formulate a strategy for your company
• Read or Listen to:– Purple Cow, The Dip– Creating Competitive Advantage– The E-Myth Re-visisted
• Make sure you tell prospects exactly why they should buy from you every time you talk to them
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Lastly and Most Importantly
• Get help if you need it.• If you aren’t out of business
you are still spending money so spend it wisely and earn a better return.
• Look for continuous improvement not just homeruns.
• Waiting until the end of the recession may mean you don’t make it out of the recession.