Who Are Your A-list Customers?

Which customers should you be rolling out the red carpet for? Follow these three steps to identify the customers and prospects worth nurturing.

By Karl Stark and Bill Stewart |  @karlstark   | Jan 30, 2012

 

Attention this time of year turns to the Golden Globes, Oscars, and A-list celebrities.  It got us thinking about our own A-list customers–the companies we would love to have as large and active clients.

Each business has, or should have, an A list of its most valuable customers and prospects, but also a B, C, and D list. But too often, companies, especially growing companies, lack focus and cast a wide net to attract new customers. They end up spending valuable time and resources on C- and D-list prospects and miss opportunities to cement long-term relationships with their A-list customers, who not only bring valuable business but also provide important endorsements to their friends and business colleagues.

It’s worth spending time as a management team to develop your own A list. We recently did just that, using a simple, three-step process that has given our team renewed focus on the customers that will drive our business in the long term.

1.  Define the key drivers of long-term customer value.

What makes a customer more or less valuable to your business? Is it their size, their ability to spend, or their past behavior or relationship with your company? Are there specific demographics that link to customer value? In our business, where we work with management teams to make growth companies more valuable, we created a “mindset” criterion as one of the characteristics that make a customer valuable. Define the three to five drivers of value for your business.

2.  Create a comprehensive list of customers and prospects.

While most companies try to maintain a robust customer pipeline, we find that many don’t proactively develop a “long list.” Instead, they create a partial list that is mostly reactive to customer or prospect inquiries. If you are broader in developing your long list, you’ll be better positioned to identify the most valuable customers and prospects in your market.

3.  Develop a customer value scorecard.

Rank every customer on the long list across each of the value drivers you identified in Step 1. Keep it simple: a 0-3 scale will work for most businesses. For our “mindset” ranking, we gave management teams that were open to innovative, strategic and fact-based thinking a three (most attractive), while those that made snap, erratic judgments were given a zero. Take the average of the scores across your criteria to develop a “value score” for each customer.

The goal is to develop four to five branches of customers: A-list (highest average score), B-list, and so on. Precise scores are not as important as knowing which customers are more or less valuable than others. Shoot for an equal number of customers in each bucket, although you may find there are natural “breaks” of customers that are clearly above or below the adjoining groups.

By investing the majority of time and resources to your newly defined A-list clients and prospects, you’re likely to have more success developing valuable, long-term relationships–relationships that should pay off for years to come.

Have you developed your A-list?  Share your experiences and questions with us at karlandbill@avondalestrategicpartners.com.

 

SOURCE: www.inc.com

 

 

MARKET ANALYSIS

Seven Truths Of Career Success…In Good Times and Bad Source

Seven Truths Of Career Success...In Good Times and Bad | Everything Small Business Journal (via Everything Small Business Journal)

We are Living in the Age of the Entrepreneur

We are Living in the Age of the Entrepreneur | Everything Small Business Journal (via Everything Small Business Journal)

Start a Business for Under $500

BY Melinda F. Emerson

Do you like organizing cluttered garages? Do you make mouth-watering cakes? Do you love to make jewelry? Are you good at planning special events? If you've been thinking about starting a business as your next career, now could be a great time to turn one of these hobbies into a thriving small business -- even on a bare-bones budget.

Starting a business on the side is a smart way to get your feet wet as an entrepreneur. Look first at the services and goods you already provide for free to friends and family. "The best way to start a business for less than $500 is to figure out how to get paid for what you love to do," says Clyde Anderson, a financial lifestyle coach and CNN contributor in Atlanta. "It's crucial for anyone who's looking to start a business to determine what gifts and talents they already have and to convert them into an actual business."

Here are 7 cool businesses to start on a shoestring.
1. Baker

Cakes and cupcakes are the highlight of any party, and reality foodie shows such as Cupcake Wars have made baking a popular new business idea. Brooklyn blogger and cupcake expert Nichelle Stephens says you can start a cupcake business for $500 or less, as long as you aren't trying to open a storefront. "You spend more time than money when starting a baking business," says Stephens, who shares baking and business tips on her blog. "You need to find a neighborhood where there is a limited number of baked goods available and identify your niche." Once you get your mixer, the next expense is quality baking pans and cooling racks. Use your co-workers as your test market and promote your business in the groups you belong to, especially if you have children. Other parents are a great potential customer base. Keep in mind it's illegal in most jurisdictions to bake and sell food from your home. Here's a website where you can research commercial kitchens in your area.

2. Mobile Notary Public

Despite technological advances, documents such as property deeds, wills and loan papers still require an official signature and stamp by a notary. Some banks and real estate agents have a notary license, but the current trend is using notaries who come to your home or business on call. Setting up this kind of business has strict rules: Most states require you to take a course to learn the notary business and pass an exam, and all require a state license. Check with your state for regulations and costs, and visit the National Notary Association for materials and more information. It's important to put out the word to friends, family and co-workers about your new notary business. Set up a professional website with search engine optimization so that your business can be found locally. "Pick a niche," says Dany Victory, owner of mobilenotarypublic.com in Southern California. "I specialize in loan documents, and it's helped me earn referral customers such as realtors and title companies." As a mobile notary, your costs are low and there are fringe benefits: You can drive around, meet interesting people and charge a premium for providing door-to-door service. "My income is higher because I charge travel fees on top of the standard notary charge of $10 per signature," says Victory.

 

3. Personal Trainer

Many people's New Year's resolution is to lose weight, and many of these same individuals are looking for professional help to shed those unwanted pounds. If you are a fitness buff or avid runner, you may be able to make a living by teaching others what you've learned. You can be a general fitness instructor or specialize in marathon prep, yoga or Zumba. The first step in launching a fitness business is to become certified as a personal trainer. You also may need some basic equipment such as a portable CD player, exercise ball, stair step and mats. To launch your training business, start by telling your own weight loss story. Don't be afraid to share your before and after pictures on your website and Facebook page. To find clients, try to build relationships at the gym you already attend. Inquire about becoming a trainer on staff to learn the business. Reach out to friends and colleagues who either don't have time to go to a gym or feel embarrassed in a room full of people running on treadmills. Fitness enthusiast John Leber of Paramus, N.J., became a trainer in retirement. Leber studied, took a workshop and an exam, and within months got his personal trainer certification from the National Academy of Sports Medicine (NASM). "I worked for a large fitness chain gym for 18 months, and it was like your first job out of college, but after I left that company, my old clients started calling me for services," says Leber, who is 63." He specializes in working with clients 50+ and with people recovering from injuries. Here's more on how to become a personal trainer.

 

4. Personal Organizer

Clutter is stressful for everyone, and you can make a living helping people get their homes, offices and lives in order. Professional organizing is a perfect business for people with a knack for neatness and developing systems. You can charge hourly or set half-day and full-day flat rates for your time. Not all clutter is the same, so it's a good idea to choose an area of specialization, such as cleaning out garages, helping people plan for moving or downsizing, or assisting professional women with busy lives. Devise a system for how you will approach new client projects. Some organizers interview prospects; others ask for a tour of the space that needs organizing; some just throw everything on the floor and start from there. Philadelphia-based professional organizer Debbie Lillard, author of Absolutely Organized, wanted to work part time after years as a stay-at-home mom. She launched her business by contacting old friends who were stressed by the disorganization in their lives. She created business cards and flyers and distributed them in grocery stores in affluent neighborhoods. "I wrote a sales letter explaining who might need an organizer and sent it to everyone I knew, which landed me my first clients; from there, it was all word-of-mouth referrals," Lillard says. Within a few months, she also launched a do-it-yourself website. Lillard went on to write two books about getting organized and shared organizational tips during media appearances, which helped her business grow. Collecting before and after pictures and client testimonials are good ways to promote a business as a professional organizer. For people interested in this business, consider joining the National Association of Professional Organizers, which provides education and training for new business owners in the field.

 

5. Social Media Marketing Assistant

The social media world is growing, and most business owners don't have time to keep up. You can create a business as a social media marketing assistant or strategist if you have strong writing skills and a working knowledge of the major social media networking sites. Copy editing skills also are in demand for customers with blogs. Prior experience in public relations and marketing can also set you apart from those who just know social media tools. This business involves helping clients develop a social media strategy, build blogs, and set up Facebook Fan Pages, Twitter accounts, LinkedIn profiles and Google+ accounts. lf you know how to set up and maintain WordPress websites (they're free), you can specialize in that service and charge a higher hourly rate. Cathy Larkin of Web Savvy PR in Aston, Pa., shows her small-business clients how to make social media marketing less intimidating. She provides strategies and shortcuts to keep her clients up to date online. "The first thing I did was learn the tools; then I picked a niche for the kind of customers I wanted," Larkin says, "Be willing to work for free at first, just to prove you know what you are doing and get some references." A low-cost way to quickly sharpen your social media skills is to attend a social media conference such as a PodCamp, which are held all over the country. The key to being successful as a social media marketing assistant is keeping your skills updated and making sure you stay on top of the constantly changing features on the social networking sites.

 

6. Jewelry Designer

People like handmade, one-of-a-kind jewelry, and this hobby is a good choice for a home-based business. Settle on your signature style or specialty -- whether you'll create pieces with bead design or design molds for silver and goldsmithing or stainless-steel items. Then you need to name your business, create samples, produce high-quality photos and start developing marketing materials. Patricia Miller, owner of the Velvet Box in Flint, Mich., got hooked on the craft while helping a friend with her holiday jewelry orders. Miller launched her own business with small orders for bracelets, and then she began doing home shows. Later she created an online shop at Etsy.com, which makes it simple for crafters to display and sell handmade goods. "Ninety-eight percent of my business has come from repeat customers and word-of-mouth referrals," says Miller. Jewelry sellers also should look into setting up booths at craft fairs, flea markets and community events. Try partnering with local art galleries, hospitals and boutiques to sell higher-end pieces in your catalog. Don't forget to wear your own jewelry everywhere you go -- you are your best advertisement.

 

7. Image Consultant

Are you the person everyone stops and says, "Wow, you look great! Can you go shopping with me?" You are not just a trendsetter; you also may have the skills to be an image consultant or visual branding specialist. "Both women and men need to present their very best to the world. I help people reinvent and update their look," says Tracey Reed, who runs a Philadelphia image consulting firm, Tracey Evelyn Beautiful You. "I do everything from color analysis to make-up lessons and personal shopping." If you want to start a business as an image consultant, you need to have an understanding of color basics, textiles and clothing silhouettes. Reed, who has a master's degree in theater make-up and costume design, suggests taking courses in color theory and retail merchandising to sharpen your skills. She started out in the beauty business as a licensed aesthetician and later expanded her services to include wardrobe and image consulting. Potential clients include professional women too busy to shop, brides-to-be who want makeovers, and men who want to sharpen their images to get ahead at work. Having a personal network is key to building your initial clientele. Set up a blog to share style tips, and then use Facebook and other social media to attract new customers. You also can use your website to post special packages, share testimonials and feature before and after photos of clients. It could be your best sales tool.

SOURCE: entrepreneur.com

UNLEASHING CREATIVITY interview with Sir Ken

SCHOOL OF LIFE

Ken Robinson on Passion from The School of Life on Vimeo.

UNLEASHING CREATIVITY interview with Sir Ken pt 2

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Conquer Your Challenges: 12 Great Ways to Do Things Differently

By Jeff Haden

(MoneyWatch)  Whenever I'm discussing a challenge -- oh, all right, whenever I'm whining about something -- my wife only lasts about 30 seconds before she says, "Okay, I get it. What are you going to do differently?"

Hearing the same thing time after time could be pretty irritating... except she's right. The only way to overcome a problem is to do something differently.

But here's an even better approach: Instead of waiting until you're forced to make a bad situation better, why not turn a decent situation into a great one and tackle your challenges head on?

Let's call this business -- and personal -- strategy The Five As of Awesomeness. (Then again maybe not; I might have just gone all Tony Robbins on you.)

All you have to do is pick a few of these to do differently:

Analyze

• Switch measurements. Over time we develop ways to measure our performance. Maybe you focus on time to complete, or quality, or end result. Each can be effective, but sticking with one or two could cause you to miss opportunities to improve. Say you focus on meeting standards; what if you switched it up and focused on time to completion? Measuring your performance in different ways forces you to look at what you do regularly from a new perspective.
• Shift benchmarks. If you create apps it's fun to benchmark against, say, the runaway success of Angry Birds. Setting an incredible goal is fine -- since if you don't aim high you won't reach high -- but failing to hit a lofty goal can kill your motivation. Choose a different benchmark; look for companies (or people) with similar assets, backgrounds, etc. and try to beat their results. For a motivation boost, consider finding an enemy.

Accept

• Be who you are. I would like to climb like this guy. Or ride a motorcycle like this guy. Or change the world like this guy. I won't. And for the most part I'm okay with that because I can always be a better me. I can climb better or ride faster or make a bigger difference in the lives of my family and friends. Think about who you admire and pick a few of their qualities to emulate, not necessarily their accomplishments. You can't be them -- and they can't be you.
• Let others be who they are. Your boss isn't going to change. The company you work for isn't going to change. Your customers, your vendors... they aren't going to change. Don't expect them to. Pick one source of frustration and decide what you will do differently, including, possibly, walking away. When you stop focusing on negatives you may start to notice positive qualities you missed. No one is as bad or as good as you make them out to be -- and that's okay.

Assist

• Help a coworker. Don't wait to be asked. Pick someone who is struggling and offer to help. But don't just say, "Is there some way I can help you?" Be specific: Offer to help with a specific task, or to take over a task for a few days, or to work side-by-side. A general offer is easy to brush aside; a specific offer shows not just that you want to help but that you care.
• Help a superstar. Counter-intuitive? Hardly. Compared to others, the best-performing people don't need help, so they rarely get it, and as a result they're often lonely, at least in a professional sense. Ask if you can help with a specific task. Not only will you build a nice interpersonal bridge, you may create a connection that helps improve your own performance.
• Help anyone. Few things feel better than helping someone in need. Take a quick look around; people less fortunate than you are everywhere. For example, I did an interview skills seminar for prison inmates (after all, who needs to know how to deal with tough interview questions more than a convicted felon?) It only took an hour of my time and was incredibly rewarding. Most were touchingly grateful that someone -- anyone -- cared enough to want to help them.

Approach

• Go opposite. If you haven't reached a goal, what you are currently doing isn't working. Instead of tweaking your approach, take an entirely different tack. If traditional advertising isn't working, try cold calling. If you aren't getting the promotions you want, start a small side business. Pick one goal you're struggling to achieve and try a completely different approach. Sometimes adjustments will eventually pay off, but occasionally you just need to blow something up.
• Drop one thing. We all have goals -- often, too many goals. It's impossible to do ten things extremely well. Take a look at your goals and pick at least one that you'll set aside, at least for now. (Don't feel bad -- you weren't accomplishing any of your goals to your satisfaction anyway, so what can it hurt?) Then put the time you were spending on that goal into your highest priority. You can't have it all, but you can have a lot -- especially when you narrow your focus to one or two key goals.
• Change your workday. Get up earlier. Get up later. Take care of emails an hour after you start work. Eat at your desk. Pick one thing you do on a regular basis, preferably something you do for no better reason than that's the way you always do it, and do it in a different way or at a different time. Familiarity doesn't always breed contempt. Sometimes familiarity breeds complacency, and complacency is an improvement and progress killer.

Adopt

• Pick a habit. Successful people are successful for a reason, and that reason is often due to the habits they create and maintain. Take a close look at the people who are successful in your field: What do they do on a regular basis? Then adopt one of their habits and make it your own. Never reinvent a wheel when a perfect wheel already exists.
• Pick someone to mentor. I'm convinced I learn more from teaching than the people I teach. (Hopefully that says more about the process of teaching than about my teaching abilities.) Not only will you help someone else, you'll build your network and learn a few things about yourself.

Pick a couple and do things differently. (And if you have ideas you'd like to add, feel free to share in the comments.)

When you do, tomorrow will be better -- or at the very least more interesting.
SOURCE: http://www.cbsnews.com

How to Pitch: 6 Things You Must Know

By Jeff Haden

Rule No. 1? Your story is never unique. So don't even try to pitch it as such. Inc.com columnist Jeff Haden on what it takes to get his attention

I get dozens of pitches every week from PR professionals and business owners who hope to get products or services featured in an article.

I can’t blame them for trying; Inc. has a huge global reach and the resulting exposure would be great. Too bad most of those pitches are terrible.

If you’re looking for press, forget the formulaic, cookbook approach to crafting a winning media pitch. That approach may result in coverage in a few outlets—but not the ones you really want. Let’s pretend you’re pitching me. You can apply the following to any media outlet or writer.

Here’s what to do and what not to do:

Don’t tell me your story is unique. No offense, but it really isn’t. There are thousands of Ramen noodle stories. There are thousands of 3 a.m. “Eureka!” stories. There are thousands of maxed-out credit cards, relatives won’t return your calls, last-minute financing savior stories. Your story is deservedly fascinating to you, because you lived it, but to the average reader your story sounds a lot like every other entrepreneur’s story. Claiming your story is unique creates an expectation that, if not met, negatively impacts the rest of your pitch.

And if your story truly is unique, I’ll know. You won’t have to tell me.

Don’t tell me how much a little publicity will help you. Never waste time by explaining how this could be a win-win relationship or, worse, by claiming you want to share your wisdom because you simply want to help others. I know you want publicity, and I know why. I get it. We’re cool.

Know what I’ve done recently. It’s easy to think, “Hey, he recently wrote about mission statements… I should pitch a story about how we help companies develop their mission statements!” Um, no. I just wrote about mission statements. I’m good for the next year or so. Don’t assume one article indicates an abiding fascination with a particular topic.

On the other hand, do feel free to pitch if you aren’t a member of the choir I just preached to. For example, I wrote this Twitter post and one reader took a very different point of view; her email resulted in another post where I recognized I was wrong. Different points of view catch my attention; same thing, different day does not.

Know my interests. You certainly don’t need to know I enjoy late-night walks on the beach. (Hey, who doesn’t?) But skim a few posts and you’ll know I like cycling, like books, know some professional athletes, think most perks do more harm than good (even though a lot of people don’t agree), and have a little more knowledge about some things than I probably should.

So if you really want to attract attention, don’t use the tried-but-in-no-way-true “mention something the writer recently wrote about and how you really enjoyed it” approach. Instead put your effort into finding an angle that may appeal to my interests; if you can’t be bothered to do that, you don’t really want publicity after all.

Forget hoping for a profile piece. Straight profile pieces that tell the story of a business are boring. (At least I think so.) I don’t want to know what you do; I want to know what you know. If you started a company, share five things you learned about landing financing. If you developed a product, share four mistakes you made early on. If you entered a new market, share three strategies you used to steal market share from competitors.

For example, this post is based on advice for first-time entrepreneurs from PetFlow.com co-founder Alex Zhardanovsky.

The best articles let others learn from your experience, your mistakes, and your knowledge. Always focus on benefitting readers—when you do, your company will get to bask in the reflected PR glow.

The more you feel you need to say, the less you really have to say. Some people think writers are lazy and look for stories that write themselves. I can’t argue with the lazy part, but I really don’t want to read a 1,000-word pitch with a comprehensive overview of the topic and every semi-relevant statistic. The best products can be described in a few sentences, and so can the best pitches.

“Women currently control $13 trillion of the world’s $18.4 trillion in consumer spending, yet 71% of women feel brands only consider them for beauty and cleaning products. Want to hear how brands can better market to women?”

SOURCE: inc.com

THE SPEECH THAT TOUCHES HEARTS DIRECTLY

Teaching Creativity and Entrepreneurship

14 Easy Ways to Get Insanely Motivated

 Here are 14 quick strategies to get and keep yourself motivated:

1. Change the channel: Re-tune your mind. Condition your mind Train yourself to think positive thoughts while avoiding negative thoughts.
2. Condition your body. It takes physical energy to take action.  Get your food and exercise budget in place and follow it like a business plan.
3. Avoid negative people. They drain your energy and waste your time, so hanging with them is like shooting yourself in the foot.
4. Seek out the similarly motivated. Their positive energy will rub off on you and you can imitate their success strategies.
5. Have goals–but remain flexible. No plan should be cast in concrete, lest it become more important than achieving the goal.
6. Act with a higher purpose.  Any activity or action that doesn’t serve your higher goal is wasted effort--and should be avoided.
7. Take responsibility for your own results. If you blame (or credit) luck, fate or divine intervention, you’ll always have an excuse.
8. Stretch past your limits on a daily basis. Walking the old, familiar paths is how you grow old. Stretching makes you grow and evolve.
9. Don't wait for perfection; do it now! Perfectionists are the losers in the game of life.  Strive for excellence rather than the unachievable.
10. Celebrate your failures. Your most important lessons in life will come from what you don't achieve. Take time to understand where you fell short.
11. Don’t take success too seriously. Success can breed tomorrow's failure if you use it as an excuse to become complacent.
12. Avoid weak goals.  Goals are the soul of achievement, so never begin them with "I'll try ..."  Always start with "I will" or "I must."
13. Treat inaction as the only real failure.  If you don’t take action, you fail by default and can't even learn from the experience.
14. Think before you speak.  Keep silent rather than express something that doesn’t serve your purpose.

The above is based on a conversation with Omar Periu, one of the world’s best (and best known) motivational speakers.

9 Things That Motivate Employees More Than Money

Don't show 'em the money (even if you have it). Here are nine better ways to boost morale.

The ability to motivate employees is one of the greatest skills an entrepreneur can possess. Two years ago, I realized I didn’t have this skill. So I hired a CEO who did.

Josh had 12 years in the corporate world, which included running a major department at Comcast. I knew he was seasoned, but I was still skeptical at first. We were going through some tough growing pains, and I thought that a lack of cash would make it extremely difficult to improve the company morale.

I was wrong.

With his help and the help of the great team leaders he put in place, Josh not only rebuilt the culture, but also created a passionate, hard-working team that is as committed to growing and improving the company as I am. 

Here are nine things I learned from him:

1. Be generous with praise. Everyone wants it and it’s one of the easiest things to give. Plus, praise from the CEO goes a lot farther than you might think. Praise every improvement that you see your team members make. Once you’re comfortable delivering praise one-on-one to an employee, try praising them in front of others.  
2. Get rid of the managers. Projects without project managers? That doesn’t seem right! Try it. Removing the project lead or supervisor and empowering your staff to work together as a team rather then everyone reporting to one individual can do wonders. Think about it. What’s worse than letting your supervisor down? Letting your team down! Allowing people to work together as a team, on an equal level with their co-workers, will often produce better projects faster. People will come in early, stay late, and devote more of their energy to solving problems.  
3. Make your ideas theirs. People hate being told what to do. Instead of telling people what you want done; ask them in a way that will make them feel like they came up with the idea. “I’d like you to do it this way” turns into “Do you think it’s a good idea if we do it this way?”  
4. Never criticize or correct. No one, and I mean no one, wants to hear that they did something wrong. If you’re looking for a de-motivator, this is it. Try an indirect approach to get people to improve, learn from their mistakes, and fix them. Ask, “Was that the best way to approach the problem? Why not? Have any ideas on what you could have done differently?” Then you’re having a conversation and talking through solutions, not pointing a finger.  
5. Make everyone a leader. Highlight your top performers’ strengths and let them know that because of their excellence, you want them to be the example for others. You’ll set the bar high and they’ll be motivated to live up to their reputation as a leader.  
6. Take an employee to lunch once a week. Surprise them. Don’t make an announcement that you’re establishing a new policy. Literally walk up to one of your employees, and invite them to lunch with you. It’s an easy way to remind them that you notice and appreciate their work.  
7. Give recognition and small rewards. These two things come in many forms: Give a shout out to someone in a company meeting for what she has accomplished. Run contests or internal games and keep track of the results on a whiteboard that everyone can see. Tangible awards that don’t break the bank can work too. Try things like dinner, trophies, spa services, and plaques. 
8. Throw company parties. Doing things as a group can go a long way. Have a company picnic. Organize birthday parties. Hold a happy hour. Don’t just wait until the holidays to do a company activity; organize events throughout the year to remind your staff that you’re all in it together. 
9. Share the rewards—and the pain. When your company does well, celebrate. This is the best time to let everyone know that you’re thankful for their hard work. Go out of your way to show how far you will go when people help your company succeed. If there are disappointments, share those too. If you expect high performance, your team deserves to know where the company stands. Be honest and transparent. 

SOURCE: www.inc.com

 

XCEEi - Digital Dash - Tim Pryor