ROI on Face to Face Personalization, Part I

The other day I came across an article on CMO.com written by Nick Corcodilos entitled “Is Face Time the New Personalization?” that summarized the findings by Geoffrey James.  It is somewhat profound however if one thinks about the main points it is also not very surprising.  Having said that, it doesn't mean that companies and individuals have changed their behaviors or modified their approaches to adapt.

Without going into much detail on any one point, I will try to make a quick summary to move onto the logical, natural progression and implication of these points.

First, cold calling is out.  That is putting it mildly.  Cold calling is dead.  To be honest, who didn't know this?  Years ago you had to go through a switch board, then a receptionist, then an administrative assistant or “gate keeper”, then came voice mail, automated systems, and caller ID.

Second, technology is more portable.  With smart phones, tablets and abundant WIFI, sales personnel along with other job functions are no longer tied to an office.  So even if cold calling wasn't dead, the chances of the person you are trying to contact actually being there are slim.

 

Third, data driven management opens the doors to a more diverse personality in sales.  No longer is sales relegated to the “Herb Tarlicks” of the world.  With data, a typical underperformer can be turned into a good sales person.  This broadens the personality spectrum and, with good training and good data, creates opportunities for more candidates.

All this leads to, as the article states, a “known person to known person” interaction. 

I said all that, to branch off into two lines of thinking:

1:            Making the most of Social Media

2:            What is the ROI?

Whether in sales or job searching, this flattening of information and need for personalization relies more on whom you know rather than what you know.  A recent stat from the Wall Street Journal shows that over half of all jobs are never posted before they are filled.  In this environment you need to find ways to network and expand your personal network.  One way is through Social Media.  Facebook is great to connect with old friends, but LinkedIn is where you can connect with not only other professionals, but with companies.  Most of the services are free, but you can opt for a membership of about $50 per month or $600 per year.

 

This brings me to my next inquiry about ROI.  If you are seeking a new job, how much are you willing to invest in finding that job?  If all this leads to personalization then it tells me you will be spending a lot of time at Starbucks, a chain restaurant, or even a local bar or pub to meet people.  And if the meeting is at your request, which most likely it is, you are probably going to be on the hook for the tab.  It is safe to say that each interaction is going to average $15; from two cups of coffee to two adult beverages and maybe the occasional lunch.

Moreover, these interactions are not a one and done deal.  The first meeting is an introductory one, the second is follow up, and the third is one of appreciation for efforts.  So each new found relationship is a minimum $45 investment.  How many of these do you want to have?  How many of these do you think you will need?  And again, what is the ROI?

Let’s say a person “exited”, for lack of another term, a job that paid, on a monthly basis, $5000 per month before taxes; basically $60k per year.  Now they want to find something similar.  They net $45k per year or $3750 per month.  Now how many of these $45 relationships per month are they willing to go through?

Now let’s say you are a sales person with 15 meeting slots a week, half of which are in a formal office setting.  This leaves about 8 meetings a week in the setting from above.  Will your employer expense your $120 per week coffee and drinking habit?  Or are you self-employed?   That is a $6k per year or $500 per month expense.  How much is that commission again?

Game Time Decision

Recently, after a round of golf, I was sitting around a table in the club talking and one of the guys starting to speak about his son and the soccer team he was on.  This gentlemen told us about a discussion he had with his son regarding his enjoyment, or lack thereof, with the team.

 

Apparently this kid is only playing about 6 to 8 minutes a game.  Because of this, the boy isn’t happy, doesn’t look forward to practice or the games.  His Father, in an understanding yet unsympathetic way told him, “You went out for the team, you made the team, you are unhappy with the time you play.  What you have to do is show the coach something special during practice to convince him to give you more game time.  You could quit, but you could also find that spark that made you go out for the team to begin with and make an effort to make it worthwhile.”

After hearing this, I started to think about how this applies to the business world as well.  We apply for a job, we get the job, but then we become bored, malcontent, and distracted.  Why?  Either we were given an assignment or task and fell short of expectations or we just “punch in” and “punch out” acting like we don’t care.  In both cases, the boss, manager, or coach hasn’t really seen you perform nor has reason to expect anything special out of you.

 

If you feel more distracted, distant, and on the verge of quitting, then find the spark that made you apply for the position and ask for opportunities to improve.  Perhaps there is a research project you could do, maybe you could tag along on a meeting or listen in on a conference call.  Just standing up and showing interest will make him/her consider you for the next opportunity.

In the end, this kid got some great advice from his father.  Hopefully, regardless of how he chooses to deal with the soccer team, he will have a great compass to guide him in his future endeavors.  This father could have been very compassionate, told him to quit, take him out for ice cream and all will be ok.  Instead, he picked up his son, dusted him off, and said try it again.

 

Whether you are a consultant, in sales, part of a team, there was a reason that you applied your skills in such a manner.  Make it worth your while as well as make your boss feel good about the decision he or she made in hiring you and get back in the game.

The Search

Recently I had the pleasure of returning to my Alma Mater on Homecoming weekend.  It is something I do just about every year.  However, with the economy and the job market being what it is, I couldn’t help but reflect back on how I chose to be an alumnus of this particular institution and compare it to how one goes about finding their next “project”?

By using the word project, I mean next job, next client, next endeavor?  Is it word of mouth, networking, social media, etc?  If so, think back to when you started your college search.  You were in high school, going to class, preparing and taking the SAT or some other test.  At any point were any of the methods described above employed in your search for a college?  I am going to say they were not used.  Not because the technology was not available to employ them or even because your teenage mind was not exposed to the concept of them, but rather it wasn’t the way to go about it.  Unless you were an amazing athlete, colleges were not seeking you out.  You had to search for them on your own.  And here you were not searching for a major or a program, but you were searching for an institution.  Searching for your next “endeavor” or project is no different.  You shouldn’t be searching for a position or a job, but rather a company.

Think about it.  When you started your college search how did you go about it?  You started by knowing there were about 3000 colleges.  How did you narrow it down?  There are large public and large private colleges (in the business world you might want to consider this equivalent to the Fortune 100).  There are mid sized public and private colleges and there are small, private schools as well.  While geography and finances may have played a part in your selection, it probably came down to what the right fit was for you and your personality.  Did you choose a large school for the challenge of becoming a big fish in a big pond, or for the anonymity you preferred in the large setting?  Did you choose the small school to be a big fish in a small pond or for the intimacy you found in smaller groups?  Whatever made you select the school of your choosing, remember that you selected them before they selected you.  So shouldn’t the same apply here?

Based on your personality, do you thrive in the city or in the country?  Do you like the benefits and cutting edge technology employed by larger firms or would you prefer to make an impact at a smaller firm?  Do you like being a part of a big machine or the family atmosphere of a boutique firm?  There is no right or wrong, but the similarities in how one searches for a college and a firm are undeniable.

Instead of finding a position and trying to fit into something that isn’t exactly you, why not start with the type of company you prefer and work your way into an opportunity.  To that end, would you want to be at the “main campus” or a “satellite campus”?  Do you want to attend Penn State at Happy Valley or Penn State Altoona?  Publically traded firms can be found on any number of lists.  Want the large, multi-national, equivalent of the Ivy League, then look at the Dow 30 Components.  Want a large business, look at the Fortune 500.  Want a small business, look at the Russell 2000.  Want private firms, seek out Dunn & Bradstreet lists or members of your greater city chamber of commerce.  You can make a list out of any qualifier; market cap, revenue, geography, industry, etc.  That being said, you can seek out a job or position by creating a list of few hundred, actively seek 10% of them at a time, and choose the one that is right for you.  If you have a product or service to offer, then create a list of a couple thousand, pursue a small percentage at a time, and you should wind up with a client list of 3,5 or even 10%.

Bottom line is that you sought them out before they selected you.  You didn’t just answer an ad, you created a need for them to want you.  

Can you get off the tee?

Can you get off the tee?  I have often thought that sports analogies work well for business.  That being said, sports have seasons and business is on-going. The time for training and practice is very limited as one seems to always be in the game. 

Golf, however, is a bit different.  While you can practice at the driving range, you cannot recreate the shots you actually face on the course.  You must adjust and combine practice shots within your actual round. As one that took up golf in his early 30’s, a young professional’s rite of passage, I find golf to be relevant to many aspects of business; especially in relationship building.

Golf is measured against par, the number of shots it should take you to complete the hole.  Typically there are par 3, par 4, and par 5 holes on a golf course with the majority (10 of 18) holes being par 4.  A par 4 hole is usually around 360 yards in length. Your tee shot should get you somewhere around 150 yards out from the center of the green.  Your second shot should put you on the green, and the next two strokes should be putts.  That being said, you probably do this in 3 strokes with a good finish; a one-putt.  If you don’t get on the green in 2 strokes or it takes you 3 putts to finish you will finish the hole in 5.

You might be wondering where all this leading.  The other day I was on the course and I could not get off the tee.  My tee shot never left me in a good place to finish a hole in par or better.  If you can’t get off the tee, you will almost never finish well.  Same can be said in networking, relationship building, sales, or client relations.  If your tee shot fades into the woods, you will most likely have to take a stroke to get back on the fairway and then proceed to the green.

To consistently get off the tee you must practice, concentrate, and execute.  And to build a successful relationship or generate a positive result in your endeavor requires that you also know how to not only drive the ball off the tee, but also hit off the fairway, out of the woods, out of the sand, pitching and chipping, and putting.  Furthermore, you will probably have to learn to “shape” your shots as well.  In light of all these shots you need to have in your “bag”, you need to have a good tee shot, good short game, good putting, and hit out of the bunkers.

Whether for individual purposes or for the betterment of your firm, a professional development program will improve your business success and get you off the tee. 

Reputation

An interesting topic came up last week during a conversation I was having with a colleague of mine. Given our profession as consultants we have clients. The question raised was “to what degree is our reputation based on our clients own reputation?”

The question wasn’t raised out of a political or ideological reputation, but out of a moral one. A defense attorney doesn’t really worry about the reputation of his client due to the adversarial nature of our judicial system. However, in a business environment do other potential clients consider the reputation of our existing client base or past client relations?

We often seek recommendations and referrals from our clients which create, bolsters, and foster our own reputations. But can it work in reverse as well? Are we damaged by the actions taken by our clients? Obviously if a potential client has a questionable reputation at the onset, then you should really deliberate and consider bringing them on as a client. But the question was posed to consider if an existing client starts to conduct himself in a less than scrupulous manner after you have taken him on.

I think the answer is found in the quality of our work. A good defense attorney will live to defend another day based on the quality of his litigation. I feel the same is true in the manner with which we provide our service. A disgruntled client has the potential to adversely impact the reputation of the firm. However I do not believe that a client, who has said nothing good nor bad, but about whom has developed a questionable reputation himself, can have any impact whatsoever.

Moreover, do your job. Do your job well. Let the chips fall where they may with regard to success or failure. Control that which is in your scope to control. The disgruntled client mentioned above could be that way based on three situations. The first situation is due to an error on your part. The second situation is due to an error in execution on his part. The third is due based on external outcomes which are determined neither by preparation nor execution.

In the end all you can do is say, I did the job I was hired to do. If you can honestly say that, then your reputation will be just fine.

2011 is here and DWS can help with your marketing and development endeavors. From Branding and Imaging to Sales Training and Management, DWS works with you to enhance your Client Relations and bring you on board with Social Media and Content Management solutions.

Welcome to the DWS family of Social Media venues. DWS can be found on Twitter, Facebook, LinkedIn as well as various blogs. Below please find links and descriptions.

Professional Profile:

www.linkedin.com/in/drewstraub

Facebook Presence:

www.facebook.com/dwsgroup

Twitter:

www.twitter.com/ucdws

DWS oversees various discussions in the form of blog postings. Depending on your need or interest, each site can offer just the insight you are seeking: everything from an academic perspective to everyday examples of professional development and client relations management.

The Enlightened Consultant:

www.enlightenedconsultant.blogspot.com

This blog is for those that are in sales or sales management, follow a consultative sales approach, or provide consulting services. The purpose of this blog is to foster a sense of shared learning; hearing about what works, what doesn't work, and how events or activities in your daily life are integrated into your profession.

This blog is more academic in nature and will often mention books or generate a series of discussions based on a book or collection of works.

The Duck Pond Wall:

www.duck-pond-wall.blogspot.com

While on campus during my college years there was a duck pond. It intersected the dorms to the lecture halls and the library to the student union. If you sat on the wall at the duck pond you would see everyone on campus throughout the day. Topics of all kind were discussed. I took this setting to create a venue for sharing concepts and ideas. Hope you find the posts worthwhile.

Everyday CRM:

www.everydaycrm.blogspot.com

This blog is created to share those everyday moments when client relations issues rise to the level of being noticed. For better or worse, this blog will provide real life examples and what lessons can be learned. Hope you find this blog to be a regular destination on a weekly basis through out 2011.

The goal for all the blogs in 2011 is to post twice per week. That being said, there should be fresh content everyday. Furthermore, by following on Facebook, Twitter, or LinkedIn you will be notified immediately of the latest posts.

Golf, Missions, and Increments

The word of the day is incrementally. If you have ever played golf, then you know you cannot fix every aspect of your game at the same time. You work on driving, short game, putting, etc in increments. You do not shoot 20 strokes better in one outing, rather you improve over time. While I knew this to be true and believe strongly in bringing about change to an organization incrementally, I never thought about how it pertained to one niche in particular: Missions work.

This past week I had the pleasure of listening to a husband and wife that are in the process of raising funds to go abroad for two years. I always thought that if you had a calling to do such good works that you would just do it. However, and thankfully, that is not the case. First, the husband of this couple went on a short mission as a worker. Then, he and his wife went back again as workers. Then, he organized and led a short missions trip. Now he is in the process of taking a year to raise funds so that he and his wife can go away for two years on a mission. He and his wife, incrementally prepared themselves for such a task.

Whatever your profession might be, the key to solid, positive change will be to do it incrementally. This assumes, just like in golf, that you have trained and understand the fundamentals and now you can work on improving the various aspects in an orderly fashion.

Now is a good time to get back to the fundamentals. Take the summer to get back to basics. Then, in the fall, work on incrementally improving your metrics. Getting back to basics has never been easier. Now that summer is here you can follow this blog once or twice a week with the Summer of Fundamentals Series. Follow on twitter or linkedin for updates. www.twitter.com/ucdws www.linkedin.com/in/drewstraub