Marketing to Established Business Clients General introduction to the seminar. Introduce yourself and what you do at the SBDC.

Definition of a Workshop An educational seminar or series of meetings emphasizing interaction and exchange of information among a usually small number of participants:

Today’s Goals Share information from your past successes in obtaining & keeping established clients. Enliven interaction. Stimulate consultants to increase number of long term established clients.

Gary owns a small local chain of fast food restaurants Gary owns a small local chain of fast food restaurants. He explains to you: “I want to be more strategic in running my business. At one time I might have thought it was not that important, but the more I have been involved with my company and see the gaps it has, the more I feel I need to be very purposeful about more things. I wrote a business plan early on in the business, but it does not seem to reflect my current challenges and opportunities. Every time I try to block out some time to work on these bigger picture issues, I seem to get sucked into the day to day minutia. I don’t feel in control of my time – or the future of my business – at all.” Gary views you as a mentor and successful business person. What suggestions would you give him? Talk about what the SBDC has to offer, how you can help them during the start up process as well as when their business progresses. As a disclaimer it should be stated that the SBDC can not do everything for everyone.

Discussion - Discussion - Comments - Questions

My QUESTION How can I stimulate a business owner’s interest in our services? Talk about what the SBDC has to offer, how you can help them during the start up process as well as when their business progresses. As a disclaimer it should be stated that the SBDC can not do everything for everyone.

Strategies to Acquire Grade A Valued Clients Advertise - Newspaper articles on successes, new business ribbon cuttings - Local Radio Interviews Network - Attend Community Functions - Chamber & Civic Organization Events - Interaction with business owners, pass out business cards, SBDC brochures, flyers Talk about what the SBDC has to offer, how you can help them during the start up process as well as when their business progresses. As a disclaimer it should be stated that the SBDC has experts in many areas, but, can not do everything for everyone.

Strategies to Acquire Grade A Valued Clients (continued)… Visit commercial lenders to market services and resources. Build a relationship Become a valued resource to help them Gain their respect and trust Ask for referrals Let them become a stakeholder Ask for contribution. They then will expect a return on their investment and make referrals. Most referrals come from stakeholders.

Marketing to Business Owners who don’t attend community events Do what successful sales persons do MAKE COLD CALLS to describe SBDC free resources Call and try to make an appointment Make an unscheduled visit and ask to speak to the owner Leave SBDC brochures/flyers

Ask them if they are happy with their profitability. MY QUESTION Ask them if they are happy with their profitability.

“Revenues minus expenses equal Profits”. Profitability: Is a simple concept that can be boiled down to five words: “Revenues minus expenses equal Profits”. But the execution of this simple concept is anything but simple.

MY QUESTION Do you have a strategy?

Examples of revenue growth strategies: Sell more to existing customers Develop a new product line Increase the number of distributors carrying products throughout the local area and beyond Expand into additional national and even international markets

Examples of revenue growth strategies (continued)… Add features to existing products that allow us to grow revenues and/or maintain and/or grow prices Increase business advertising and tradeshow visibility Hire new sales staff and improve training for existing ones

Activities designed to manage the efficiency of expenses: Getting better deals on raw material and purchases Increasing employee productivity Reducing overhead expenses

Sustained Competitive Advantage A company’s strategies enable it to maintain above average profitability for a number of years.

“If you don’t have a strategy you will be... part of somebody else’s strategy.” -Alvin Toffler

Discussion - Discussion - Comments - Questions

“The essence of strategy lies in creating tomorrow’s competitive advantage faster than competitors mimic the ones you possess today.” Gary Hamel & C. K. Prahalad

MY QUESTION What would the company like to achieve? A good vision is meant to stretch a company by articulating an ambitious but attainable future state

Internal Analysis Includes review of: Company’s resources & capabilities Company-specific competencies

Internal Analysis What does the company do? Who is being satisfied - what customer groups? What is being satisfied - what customer needs? How are customer needs being satisfied - by what skills, knowledge, or distinctive competencies?

Defining the Business

Making Short Time Clients Long Term clients Keep in contact Make follow up phone calls Make on-site visits E-mail business news articles Provide a value Develop a relationship Talk about what the SBDC has to offer, how you can help them during the start up process as well as when their business progresses. As a disclaimer it should be stated that the SBDC can not do everything for everyone.

Discussion - Discussion - Comments - Questions RECAP

THE END While I might see my office as a physical location with clients and stakeholders coming in and flowing out, all my office is, really, is a series of relationships. THE END Michele is buying the drinks 