Strategy and Focus
Yesterday I was working with a serious professional on how to use the Internet to grow his national business. He had sent me a list of questions about strategy, productivity, time management, SEO and directories, how to use Twitter, how to write stronger headlines, and how to follow Chris Brogan’s advice from the SOBCon2010 webinar that online business should concentrate on finding revenue. We looked at his blog for a few moments and talked about what makes a compelling blog post.
Strategy and new business is all focus and knowing the cold truth.
6 Cold Truths about Building New Business
My business client said some thing like,
“I’m having so much fun figuring out Twitter. It’s hard to know that I’m doing the right things with my time.” I suggested he Google, “I’m addicted to Twitter” to see that he’s not alone.
Part of the Internet addiction is the lovely relationships and community that it brings to us. Keeping that going can be very alluring, even when it takes our time and focus away things that might be earning. Managing time and ourselves as we build and manage our relationships is crucial to surviving and thriving as a business.
Until you know and feel your focus as an Internet citizen, review these these cold truths often.
- Perceived productivity won’t move you forward. Tweaking a blog, updating a status, and talking on Twitter can all be useful business actions. But stop often to make sure what you’re doing is on the path to getting new business and not work that doesn’t connect to it. Everyday I see folks who talk on Twitter only to their friends … as if some customers or clients will “discover” them. Just as often I guide folks who spend all of their time working their blogs, never meeting a potential client – kind of like someone who stays home forever, dressing up every night to go out, wondering why a date never shows.
- Your friends don’t owe you work. A wonderful and cherished ethic of the social web is “givers get.” It’s true, but don’t over-invest in it. It’s not about friends taking their time, their work, and their reputation to build your business for you. We start our work lives getting told what to do and it seems natural to go to our friends and say “put me to work for you.” But a simple “what can I do to help you?” puts the work of finding your strengths, carving out a role, and figuring out how you might fit into their business on them. That’s asking more than most folks have time to do.
- An idea is not an offer. Have you noticed that ideas are everywhere, but people who execute on their ideas are fairly rare? If you want to work with someone, go beyond the idea to a plan that shows at least in broad brush strokes how the idea would roll out. Be able to explain the benefits, the timing, and the budget. Even if the client you approach can’t buy in, he or she will be able to tell you more specific reasons. You can tweak the plan and have something tangible to present to the next one.
- Most new business is outside your current network. It’s fun to hang on Twitter and talk about business with our colleagues. It’s also easy. We already know where to who’s there and how to start the conversation. But new clients and customers are usually not the people in our existing networks. Move into circles and networks that don’t know you or what you offer.
- Negotiation is never about your goals. Align your goals for funding revenue with the goals of the folks you want to buy in. If you can sit on the same side of the table and show how doing what you want will make them a hero while it also makes their jobs easier, smarter, and more meaningful, then you’ll get the attention you’re looking for.
- You can’t stay offline. You can’t stay online. Growing businesses are learning that a seamless existence of multiple channels that reach out to clients and customers. Telephone and email are still great social tools and many deals still need to get sealed in person. Don’t make the mistake of thinking the tools determine your strategy. Your customers and the worlds they habit do.
As the recession eases, you might notice that we’re hearing less and less about following links and “shiny objects.” Businesses are realizing that time well invested on the Internet can reap huge benefits.
What other cold truths do we need to know about building new business? Bet you know one I’ve missed.
–ME “Liz” Strauss
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Liz,
Thanks for these cold but powerful truths. Everyone of them resonated with me.
Number 6 is extremely important. I see social media as a great way to make initial contacts and keep abreast of developments, but we cannot toss out “old school” communication. Once we begin a relationship online we will grow it best by moving to email, telephone and in-person meetings and social events. Online and offline flow together for maximum success.
Hi Flora!
Yeah, I’ve built my conference, SOBCon, this year on making sure our strategies and tactics keep us looking both online and offline for true relationships and connections. We need to integrate the technology into our lives, not move our lives online.
Would love to hear more about how you’re doing that!
Hi Liz,
Great post! Speaking of which, I’m supposed to be finishing an article right now instead of reading blogs… but I really think you made some good points. We need to realize that a lot of social networks are still largely “social” in nature, and in order to make use of them professionally, we might have to give up some of the social aspects. This is one reason I like to create separate accounts for social purposes and business purposes.
Hi Emma,
I know. Reading and moving around the web can be sooo enticing. I find, though, after a while it not only doesn’t get much done, but it leaves me feeling like I’ve just been seeing how much everyone else is doing. Being social on the web is a good thing and can extend and enhance our business. We just have to be aware when it’s not doing that … I like your idea of separate accounts. Not sure that it would work for me. I’ve got too many accounts going now. heh heh ๐
Hi Emma,
Sometimes, a moment of conversation IS more important than a moment of work … but most times we let conversation distract us from our goals. That is the problem. If our goals are to reach out and connect in ways that will build us and our communities to be stronger, better, and more productive … an occasional moment of “oops! I was supposed …” could be a good one.
Don’t you think?
My cold truth: business is about providing real value AND building trust.
It is often about relationships and we have an so many tools to connect now … travesty not to capitalize on that.
Allan,
Your cold truth sure hits home with me. Real value comes when we form great relationships so that we can get to know what the folks we’re serving need. You’re right. We have so many ways to do that. I’m finding it’s easier to connect with a few who are ideal matches with my business and get things right and fit perfectly for them. ๐
How are things going with your business?
What a great post. I especially like #1 and #6. Endless planning is also perceived productivity and combining online with offline connections is vital if we want to move things forward. Thanks for sharing your insight.
Hi Beth,
We all are learning how to get our productivity in line with what REALLY works. I do know that if we’re not meeting folks online and off, we’re missing something really important … it has to do with the soul of our business. Thank you for pointing to those two in particular.
What made you choose them?
If you’re a technology person, you need to continually remind yourself that you’re probably the only person within 10 cubic parsecs who thinks gadget X or language Y is cool for its own sake. It’s great to tinker, it’s vital, in fact… but getting buy-in from customers involves translating your techno-fetishism into a relevant business outcome.
Also, impressing upon customers that you’re aware this is your goal despite the handicap of geekdom will score points on closing the deal.
Hi Andy,
It inspires me and makes me laugh that you said, If youรขยยre a technology person, you need to continually remind yourself that youรขยยre probably the only person within 10 cubic parsecs who thinks gadget X or language Y is cool for its own sake.
My words for that used to be “it’s not a good idea, just because I had it.” I can tell that I’d love to have a conversation with you.
Please if we are anywhere within 100 miles of each other … will you let me know?
Hey Liz,
Business is business.
It maybe social.
It maybe unsocial.
And at its core, like gravity, it hasn’t changed for centuries.
It’s just business: buying and selling for profit.
Master those three – buying, selling and profit, and you’ll laugh all the way to the bank.
Best, Robin
Robin,
I think it’s hard to do business that is “unsocial.” As proved by the statement that “business would be so much easier if there were no people involved.” heh heh
On the other hand, I so agree that without an exchange that brings profit … it’s not business at all. ๐
“An Idea Is Not An Offer.” Nicely put, so often forgotten. Transitioning from an idea to a product is full of compromises, hurdles and difficulties. Can be frustrating and infuriating to get from what you believe to what a customer will buy. It is a step so many avoid.
Hi Fred,
Being able to turn an idea into a real and attractive product or service requires a lot, just as you say. I guess that’s why we can’t copyright an idea. It’s a good thing … Lots of ideas that never happen don’t more the world forward, do they?
Liz
Absolutely fantastic list. As we see more and more new businesses emerge they do need to take a look at these and really understand them. Each one of these will help business owners stay on track and instead of staring at an empty bank account, take steps to really build the business by stepping outside their comfort zone utilizing the tools available.
@SuzanneVara
Hi Suzanne,
Staring at an empty bank account … I like that image as a reminder that we’re looking in the wrong direction. heh heh
If we do, as you say, and step outside of our comfort zone, we’ll not only meet new people, but learn new things from them. Maybe even learn new ways to get that bank account moving up. heh heh
Hey Liz
Something I’ve been putting attention on is time-lags, how I need to plant the tree today, and keep watering it, but not expect to eat the fruit for a good while.
And whilst watering the tree, doing the work that is closest to the next invoice…
Thanks for the reminders – online/offline and expanding networks particularly resonates with me.
Liz,
Love this list. Most of where my growth needle moved this year was when I stepped out of my comfort zone into a different circle.
I also work hard on knowing the language of the circle I’m trying to make things happen in. If talking to advertising sales teams, I try to know what metrics they care about ahead of time and how to relate them to the project I’m working on.
If pitching to executives, I try to have a less “blogger-centric” view and not so much touchy feely social media talk. It’s always a value add, but if a core tenet, you know the “But where’s the ROI?” will come as soon as you stop talking.
It serves well to learn as much as possible of the mores of the many pockets doing business, and gives a comfort level to move freely between circles. It’s like knowing how to buy a subway pass in Paris.
GREAT list.
I like to go by the philosophy that everyone is a potential client, even the people in my network. However, your point 6 rocks. I think it’s too easy to get caught up in the online lifestyle and not venture outside of the comfort zone but the true magic takes place in the real world.
Thanks again for always giving me something to think about.
Hi Deb,
I know your philosophy and it works for you because you are never “on the hunt,” and you’re always open and ready to grow. Fabulous how you push folks to move outside of their comfort zone so gently most of us don’t even notice. ๐
Very good points, and especially helpful for those of us in the not-for-profit world where the lines from business to social almost don’t exist and where being online is sometimes seem as equal with being productive.
All 6 points are gems, point #1 seems to be misunderstood by a lot of people.
Being busy and being productive are 2 totally different animals.
Great insight. They all resonated with me as well. For example, I have discovered that getting out of the office more (atending seminars, networking events etc.) can really help your business even today in the age of Twitter and Facebook and LinkedIn.
Hi John,
Nothing beats a whole conversation with a person who is interested in what we do. Being in the same place so adds to our communication and feeling that we’ve really been able to share our insights and learn from each other. It’s a shame that we sometimes forget the value of that. ๐
Would love to hear more from you!
You have given me a lot to think about when I (hopefully) start my own business. For me, the most interesting part was about getting lost in your blog and Twitter. Sometimes they can be so fun that you get lost in them and stop being productive. Thank you for your insight
I enjoyed Point 5. The strength of social media is the access and exposure to *thousands* of resources of all kinds: people, funding, moral support…etc.
But the magic happens when you can align goals and benefits between/among all these people and organizations.
The ability to empathize, assess and implement shared goals magnifies their impact. Great post. Thanks for sharing. Best, M.
Great post Liz…one of the frustrations we encounter with direct selling is found in #2. I think one of the beauties of social media is not only the connections that we make, but the opportunities to strengthen these connections, but also understanding results will not be seen with shot gun blast posts. Forming social media habits that we can implement daily (like thanking/acknowledging/helping 5-10 people everyday)will only help strengthen long term relationships and as a bi-product, your friends may just help you too.
Can anyone share the formula(infact an idea ๐ ) to make each socio-economic transaction profitable?