10 Ways to Know if a Professional Group is Right for You

A professional association or group provides a great opportunity to attract new business via interaction with the community. An effective group helps you expand your network, efficiently meet with professionals and prospects, and gain new ideas and market intelligence. How do you know which groups are right for you? Take a look at these 10 ways to evaluate a professional association or group for business development purposes:

1. Can the membership committee provide stats? Start with the facts. Ask about the composition of the group, how many new members join yearly and/or renew, how many attend meetings, and so on.


2. Does the group include customers of your firm? This is a great way to stay in front of your customers and learn about their challenges and latest initiatives.


3. Does the group include prospects? If so, will the group under consideration provide you with a stage to demonstrate your leadership and value proposition?


4. Do high-quality referral sources belong? Those who deal with multiple businesses are often in a position to introduce you to potential customers. For instance, attorneys, accountants and other consultants may swing new business your way from their own client base when they recognize a fit.


5. Are community leaders present? Community leaders can smooth the path for your key initiatives and make helpful introductions that lead to new business.


6. Are your competitors members of the group? This may indicate a membership that is ideal for doing business with your firm. In addition, interacting with competitors provides you with market intelligence you may not otherwise receive.


7. Does the group focus on your specific industry or service niche? You may pick up exciting ideas and introductions in groups that are dedicated to your focus area.


8. Do you see advisers and key thinkers in the group? These advisers can positively influence your personal professional development as well as the success of your firm.


9. Are the meeting locations convenient to your work or home? Convenience is a key factor in determining whether you will attend meetings on a regular basis.


10. Does the group have multiple locations or chapters? If you travel, a multi-location group can provide a helpful network, new opportunities, and great meeting spots.

Keep in mind that associations and groups, like businesses, have vibrancy life cycles. Ask those in your professional network which groups are working for them. Finally, remember that membership quality is crucial: a group does not have to be large to be effective.

How to Keep Customers with an Idea Team

What's the best way to demonstrate your value to top customers? Deliver new ideas that make a significant contribution to their success. Helping customers succeed involves work--and creativity. How best to deliver new ideas to top customers? Pull together and supercharge an Idea Team--here's how to make it happen:

Here's where you need to get creative: pulling together the right Idea Team.

1. Create your Idea Team. Your ultimate goal is to develop and present great ideas to your top customers. Ideas can come from any department and at any level. Therefore, pull together a group that includes various departments and all levels. Use your judgment to determine the number of people in the group. Consider rotating team members to cook up fresh new ideas on a regular basis.


2. Include at least one consultant. A trusted consultant or two can deliver new ideas that go beyond internal politics, practices and viewpoints. Consultants often bring market intelligence to the table as well as practical ideas and insight to innovation.


3. Consider outside resources. Who are the most creative, idea-oriented people you know in the community? This could be trusted peers, your personal mentors, executives with heavy board experience, or community leaders.


4. Include a non-traditional thinker. You are surrounded by business as usual. Creative thinking is enhanced by the inclusion of non-traditional thinkers. Find someone who has a fine mind and will challenge the group to think expansively.

Get your Idea Team meetings on the calendar. Meet with your team quarterly for no more than four hours. Here's your agenda:

1. Welcome and introductions. Make every effort to enhance the comfort and camaraderie of the group. If possible, meet off site to avoid distractions and encourage expansive thinking.


2. Statement of goal. Your goal: the development of 3 new actionable ideas for your top 5 customers. These 3 ideas will help your top 5 customers meet their business goals in new ways.


3. Provide an overview of your top 5 customers. Provide information to the group on the current situation, the top goals of your customers, and the opportunities and challenges they face. (This is information you should know--if not, get closer to your customers and discover what you need to know.)


4. Ask each participant to share at least 1 idea for 3 customers. Each member of your team may not have a great idea for all 5 top customers. Ask each team member to submit at least one idea for three of your customers. Anything goes--all ideas accepted at the session. Encourage the Idea Team to follow up with you later as ideas arise post-session. Have someone on hand to record the ideas. After the session, take the Idea Team out for a thank-you meal to encourage their future participation.

If you are busy or not inclined to lead the meeting, ask a professional facilitator to conduct the meeting and create a management report.

Next, evaluate the ideas and share them with your best customers. Here's how:

1. Determine which ideas are likely to resonate with your top customers. If you need an objective sounding board, ask an industry expert to provide feedback and guidance.
2. Package up your ideas in a way that will excite your customers. If you are unsure how to do this, hire a public relations or communications professional to help you best communicate your ideas. If possible, include research that will substantiate the validity of your ideas.


3. Meet with a trusted executive. To ensure you are on the right track, start by meeting with at least one trusted executive from each customer's management team. Even if your ideas are 100 percent on track, there may be internal or market conditions that will affect the development of your final ideas. Run your ideas by the executive and bake that person's advice into your presentation to the customer.


4. Set a meeting and present your ideas to the customer. Ask your trusted executive for advice on how best to present your ideas and to whom. With the executive's guidance, share your ideas. Consider sharing big-picture ideas with clear goals. Your customer can tell you which ideas are the most exciting and merit pursuit.

Yes, sharing ideas can be risky, but the larger risk is to lose a top customer due to getting stale while competitors offer new ideas. Tasking yourself and your Idea Team with the continuous development of helpful ideas keeps you--and your best customers--sharp. Would you want it any other way?

Customer 911: When a Good Customer Goes Bad

Are you in a tailspin over a treasured customer who has suddenly behaved badly, putting your business relationship at risk? If so, resist the temptation to do nothing--take these 6 action steps--the equivalent of customer 911--to get the relationship back on track:

#1: Ask the key decision-maker for a meeting. You want an in-person meeting. If possible, suggest that the meeting take place away from the office--perhaps over a glass of wine or dinner. At the meeting, ask for advice on how to handle the sticky situation. The decision-maker may provide background information that will help you determine how best to proceed.

#2: Secure non-confidential information from others in the community. It is likely that you are operating without the complete picture, especially if the customer's behavior comes as a surprise. Check in with other trusted professionals you know who are also working with the customer to update on non-confidential developments. Gather information, if possible, from news sources, social media and other venues

#3: Create and distribute a status report. The fate of your account is likely in the hands of several members of the management team. Give them the facts they need to make an informed decision. Tip: this is your opportunity to showcase your value and get the management team excited about initiatives ahead.

#4: Wow the customer with a creative new opportunity. You have a strategic advantage: you know your customer--this is an advantage over the competition. Work with your management team to create a compelling new market opportunity for your customer--demonstrate your value. Your new idea, helping your customer succeed, may overshadow perceived faults or competitive bids. Make the most of your inside knowledge and talented management team to keep the relationship fresh and exciting. Invest in a marketing communications group to help you develop and express your ideas.

#5: Have a Plan B. Face facts: you may lose this key account. With this possibility in mind, pull together your management team for a "What if/new possibilities" brainstorming session. If you lose this customer, what are the positives? Can you approach the market in new ways? Can you do business with customers who were previously out of play? Ask your management team to suggest ideas for new ways of doing business if this troublesome customer is out of the picture. If necessary, ask a management consultant to help you produce an exciting Plan B.

#6: Explore new markets and profit centers. Have you been managing the business day-to-day rather than strategically? The possible loss of a key customer is an opportunity to examine new ways to provide value in the marketplace and develop new revenue streams. Do not delay--engage a trusted management consultant to help you and your team explore exciting new directions for the next three to five years. This possible loss is a wake-up call. Do not continue with business as usual. Work with the consultant to ensure that you follow through on an exciting new future. Those who work for you--and their families--deserve your best.

Follow these steps and sleep well knowing that you have made a genuine effort to keep the key customer. More importantly, engage your management team and personnel in exciting plans for the future. The possible loss of a key customer could be the best thing that has happened to your firm in the past few years--the outcome--and your future--is in your hands.

Brainstorm Your Way from Commodity to Hot Property

Do you see frightening signs that your customers view your business as a commodity? Do your customers:

• Ask you to provide the same or more at a lower price?



• Insist on getting low-cost competitors into the mix?



• Show a lack of appreciation for your leadership and value?

If so, watch out--you are spinning, out of control, into the dreaded wasteland of commoditization.

How to fight back? Believe it or not, the strongest tool in your arsenal is creativity--the intellectual capital of your management team and your consultants. Customers make it clear that business as usual is no longer enough. If you want to transition from commodity to hot property in the eyes of your customers, the answer lies in innovation. Your low-cost competitors can replicate what you offer today at a lower price. The answer is to come back to your customers, again and again, with new ideas that impact their success, supported by a valued relationship.

To transition from commodity to hot property in the eyes of your customers, bring in your management team and outside consultants for a brainstorming session to answer the 5 questions below. Include consultants in the mix to get away from the usual "group think." Create a game plan from the resulting ideas:

1. Who are our most important customers and prospects (our VIPs)? These are the cream of the crop--ideal customers and prospects who can benefit tremendously from what you have to offer and have the ability to pay.
   
2. What are the key challenges faced by our VIPs? If you don't know, this is a certain sign that you are out of touch. Consider their challenges beyond your scope of expertise--see life in their shoes. Hire a consultant to help you discover the pain and opportunity points of your customers.
   
3. What resources and new ideas can we offer our VIPs? Throw a lot of ideas on the whiteboard--walk away with those that will be viewed as helpful by your customers. If you are not sure which ideas make the biggest impact, meet with key customers to get feedback and direction.
   
4. Can we put a relationship marketing plan in place for the key decision makers? Are you providing everything your best customers need except a meaningful relationship? Do your customers truly understand and appreciate the value you deliver? Determine the personal needs and interests of the executives you serve and creatively share ideas, opportunities and venues. Not sure what they like, want and value? Ask your customers or hire a marketing consultant to do the asking for you.
   
5. How can we present our ideas/innovations in the most compelling fashion? Your management team's ideas, showcased to share a vision that is exciting to your best customers, deserve to be presented in a fashion that will gain understanding, appreciation and acceptance. Hire a marketing consultant or public relations firm if necessary. Don't dress your ideas in overalls--unless they are the apparel of choice of your customers.

Upon the completion of your brainstorming session, appoint a leader to write up a plan based on the creative ideas that surfaced, assign responsibilities and create a timeline. Replace business as usual with creative thinking put into action. Your company's life--and bottom line--depend upon it.

Create an Attention Plan in 6 Easy Steps

Do your customers need an attention plan? With the New Year off to a running start, increase your odds of success by ensuring you are focused on the right customers. Create an Attention Plan in six easy steps.

Conduct a mini-analysis. To get started, answer these three questions:

1. Are you clear on which customers are your most valuable? If not, analyze your customer base for current and projected value to your organization. Consider each customer's market/growth potential, the state of the economy for that customer's industry focus, and the strength of the management team. For quality of life purposes, rate how much you and your staff enjoy working with the customer. Based on your findings, prioritize your customer base.
2. Which customers are receiving the lion's share of your time? Are you paying the right amount of attention to the needs of your best customers on a proactive basis? Or, do you spend too much time putting out fires and dealing with the demands of difficult customers? If you find yourself reacting to unexciting customers to the detriment of your top customers, this is cause for concern. Reconstruct, to the best of your ability, the amount of time/attention you are giving to top customers vs. poor customers.
3. Are you spending too much time behind your desk? You demonstrate value by reaching out to customers on a regular basis. Your customers have no idea what you do at the office and how it affects them. Are you spending enough time with your best customers to reinforce a long-term, satisfying relationship? Can you expand the relationship beyond business to include friendship and leisure activities?

Create your Attention Plan. Armed with your mini-analysis, take these three action steps:

1. Determine how much time you want to devote to each top customer per week, month, quarter and year. Develop a matrix of in-person visits, telephone and Internet communications, project time, and creative idea generation for each customer. Include the involvement of your management team and personnel in the matrix. The amount of time you choose to devote to a customer is in direct proportion to the likelihood of an expanding, successful relationship with that customer.
2. Create a list of top value deliverables for each customer. Evaluate your deliverables from the customer's point of view--not your opinion of what the customer needs or what you are currently selling. If you are unclear about what your top customers consider to be exciting, discover the answers with personal visits and surveys. If your company is not providing leadership in the areas most prized by your customers, reconfigure the company to stay vital. Get your personnel involved in the process of understanding what is most important to customers.
3. Calendar your customer time. Organize your calendar to address the priorities of the customers you care about most. Above and beyond what it takes to deliver on expectations, remember to focus on personal visits and idea generation. Aim to make a tremendous difference for your customers by using your time wisely and creatively. Involve your personnel in strengthening customer relationships, generating new ideas, and delivering on your company's value promise.

We all have the same number of hours each day to make a meaningful contribution to the success of our customers. We all want to keep and grow with our customers. And we all want to have fun. Your Attention Plan will help you stay focused on providing top value to your best customers--and that's a good way to kick off the New Year.

10 Tips to Raise Your Visibility with Social Networks

Are you making the most of social networking to accomplish business goals, secure exciting positions and create new opportunities for yourself and your company? Many of your peers actively participate in social networking to build their personal brand.

You are likely a member of one or several social networks such as LinkedIn (http://www.linkedin.com/) and Facebook (http://www.facebook.com/). But are you receiving full value from these networks? As an executive, you likely find yourself increasingly involved in the marketing of yourself and your company to customers, vendors, board members, the investment community and others. Why not use the power of social networking to raise visibility, project a vibrant image, become aware of new opportunities and interact with the marketplace? To do so, consider the following 10 tips featuring the basics of social networking and enjoy the competitive advantages of a vibrant network.

Tip #1: Join Several Networks. What works for one person may or may not work for another. Many executives view LinkedIn as the gateway to professional social networks. Others move on to industry-specific networks or those focused on specific executive positions such as CFOZone (http://www.cfozone.com/) for CFOs. Increasingly, social networks such as Facebook and Twitter (http://www.twitter.com/) are used to enhance relationships among professionals. Be open to joining various networks--and stick with those that provide the most satisfaction.

Tip #2: Get a Great Headshot. There are practical reasons to invest in a great photo. Prior to a meeting, many executives do a quick search to evaluate a company and its management team--and displaying a great headshot is akin to dressing properly for the meeting. Work with your company's marketing department or public relations agency to secure the right photographer.

Tip #3: Create a Compelling Message. Social networks provide a stage for sharing your qualifications, interests and background. Tailor your message to fit in with the mission of a specific social network. Ask your firm's marketing department or public relations agency to create an effective profile to feature you and your firm. Add your company's website, your professional blogs, and other relevant information to your profile.

Tip #4: Make Invitations a Habit. Develop a process for populating your social networks with professionals and friends. If you are overwhelmed at the idea of sending invitations to your network, take advantage of the many networking sites that allow you to download and select your contacts from existing databases, such as Microsoft Outlook or Gmail (http://www.google.com/). When you meet someone worthy, invite them to join your network.

Tip #5: Join Special Interest Groups. Many social networking sites offer the opportunity to join special interest groups, such as the Financial Executives International (FEI) Group on LinkedIn or Facebook. Many networks offer access to college and employer alumni groups. Your participation will open doors to new resources, news, opportunities and participants around the globe.

Tip #6: Update Your Profile Regularly. Your public profile on a social network is like a brand--you must nurture it to keep it fresh. Visit your profile on a regular basis and enhance it with updates and additional information. Promote your public profile when interacting with colleagues--mention your participation at meetings or when sending an email.

Tip #7: Share Knowledge. Social networks provide the opportunity to help others while showcasing your knowledge and demonstrating leadership in your areas of expertise. Answer questions, send helpful comments and inform your network of breaking developments. If you have a blog, include a link.

Tip #8: Use Your Network as a Resource. Networks provide a fast, easy way to reach out quickly for help. For instance, if you need a speaker for an upcoming event or a vendor for a specific technology fix, turn to your social networks for help. You will save time and get ideas at the grassroots level.

Tip #9: Stay Alert to Opportunities. Just as you would ask your network for help in identifying reliable resources for your needs, stay on the alert for requests from others. Requests to a network often result in multiple responses--if you are not paying attention, you may lose an opportunity.

Tip #10: Engage! Stay in touch with your social networks on a regular basis. One of the most appealing aspects of joining a social network is becoming a member of a community. Many executives dedicate 10 to 20 minutes at the top of each day to check in with their networks.

Did you know that search engines place more weight on social networking interaction than touches on a typical business website? This means that active social networkers often show up higher on a search engine list than individuals who do not participate in social networks.

So make the most of social networking--it's good for you and good for your company.

What Do You Do?

The head of a firm asked me the other day to review his "elevator speech." Here's the advice I shared:

Create your elevator pitch as though you will be sharing it between swings on a golf course (okay, or on an elevator). You have only a few seconds to share what you do; share the information with the assumption that the listener has three other things on his/her mind. In other words, the listener is not paying full attention but has some curiosity. The best way to create an effective elevator pitch is to share it again and again with others verbally until you are satisfied that each listener “gets it” based on the response you receive. Expect the process of sharing and refining to take two to three weeks.

Here’s how to enhance your elevator speech:

· Simplify your message. Do you really feel comfortable delivering your pitch to a person who is only casually interested? Can you go with a shorter, simpler message that will cause the listener to either ask a follow-up question or share back to you what they heard?

· Slow down your delivery. Speak up and slowly enough that the listener will absorb your message—make eye contact. Fewer words said with meaning will make a greater impact. The idea is not to tell them everything in your opening sentence—just the essence of what you do in a teaser fashion to heighten their interest and cause them to respond.

· Take note of the response you receive. Evaluate each response and reshape your elevator pitch until:

o You are comfortable getting the words out in the most natural fashion possible (fewer words, more impact, a solid idea communicated).

o The listener’s response and follow-up questions satisfy you.

Here's what I tell fellow golfers between swings: "I introduce professional service providers to business executives." Then I answer their burning questions.