Know when to walk away, know when to run!

I am not one to quote Kenny Rogers frequently, but boy does this line capture it for me.  Not all business is good business.  Not all revenue is worth it.  We all learn the hard way and with hindsight being 20/20, we commonly look back and think – should have walked away.  So what does this have to do with marketing?

Everything!

A solid business has to start with a solid foundation.  For Marketing Matters has 13 essential elements to be on solid ground and the first two are:

#1.  Define your value proposition.

#2.  Develop your target profile.

If you have completed #2 and I mean documented as clearly as you can EXACTLY who you want to be selling to and working with, then you are in MUCH better shape to assess prospects and decide whether the opportunity is a good match for you and your business.  Congratulations if you have this in place.  Most small and medium-sized businesses skip this step.  Responses include:  Oh, we know that.  Sure, we have done that…. so, I ask them for a copy.  Uh, Oh, it is in our heads.  We don’t have to write it down.

I have a documented target profile and I ignored it.  I was introduced to a business owner, referred by another business owner that I have a lot of respect for and admire.  As a potential source for referrals, I wanted to help his client out and show what FMM can do.

As a marketer, I ignored my target profile, my notes from my initial meeting and my gut. Complete idiot. This business owner did not fit my profile at all.  He is a classic dabbler:  not interested in strategy, just marketing tactics.  His priority was getting an email blast out the door.  He was looking for a silver bullet and I took the bait.  I should have RUN.

Of course, the project (note to self – my business model is NOT to engage in projects, but to earn serving as the outsourced marketing department) had a tight timeframe and details were sketchy.  Again, RUN.  Just this once I will deviate from my core business strategy.  I was referred and I want to deliver.  I left the initial meeting with such clarity of how we could help his business have a clearer, stronger go-to-market plan.  So, I respond with “Sure, we can start with a project.”  In my mind I would still develop some of the core marketing foundational work that he really needed as part of the project and, of course, he will see the benefit.  In my mind, I will help him and it will be all ok.  Doh!  So not true.

To avoid reliving a nightmare of a project, this blog is focused on how you can learn from my stupidity.

Document your target audience.  Don’t skip this step.  This is NOT simply a title and industry.  Dig into the details of what are they like, what is important to you about this company and this individual. My ideal client is MARK.  Not because he is a man, but because he or she wants to make a Mark in this world – they are passionate about what they do and they invest in their business.  They are not dabblers.  They are not do-it-yourselfers.  They are smart, passionate, focused, driven and committed to growing their business.  To do so, they surround themselves with professionals to have the expertise and insight that they need and value.  They are optimists (working with pessimists is a drag for me). They know what they don’t know and they are not nickel and dimers.  I am their partner, not a vendor. They get ‘it’ and they appreciate accountability, hard work, insight and they value results.  They value having a plan to stay on course, but are open to evaluating what is working and what is not.

Once you have this type of target profile clearly defined, convert it into questions to evaluate prospective clients!  Once you have the profile and the associated questions to evaluate prospects, use it.  Be consistent.  I ignored my notes.  Not because I wanted to work with the business owner and his business, but because I wanted to deliver on the referral.  Stupid.

Then leverage your written target profile to help you and others in your company consistently and clearly evaluate prospective business.  Not all business is good business.  Not all revenue is worth it.  Not only will it help you RUN AWAY from potential clients that are not a good fit, it will help you scale your business to have more business development folks evaluating potential business in the same way. Make it part of your sales process.

If you don’t have a target profile developed, get this done.  In the meantime go with your gut.  I know a great marketing company that can help you grow…but you’ll have to fit the ideal target profile!

 

Advertisements

Tags: , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: