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A "client concentration" problem refers to having a single related source of work representing more than 25% of your gross profit (fees + markup income). That's usually the point at which the yellow light should blink on your financial dashboard. That same light should blink red if it moves to 35%, because my research shows that to be the median at which one-half of firms fail. In other words, one-half survive the loss of a client that represents ca. 35% and the other one-half fail. Maybe not immediately, but they can usually trace it back to that point if they were not prepared for it. This is meant to prepare you for it.
You either had, have, or will have a gorilla client. Don't be afraid of it, and don't say "no" to the work. A problem like this almost always comes from something great you've done and you deserve the accolades in the form of even more work. Don't get a huge head, though, because unusually high spikes in your top line revenue typically stem from a client concentration issue and not unusual and sudden strong new business skills.
First Step: Honesty
When I talk about this to clients, the first thing they always say is this: "Yes, but all this related work is coming from different departments, and even different contacts in the same department. In fact, they hate each other and we'd probably get more work if we lost one department!"
That's bullshit, if you'll pardon me, because it assumes....Read More >
There are thousands of tools for social media, and only a few dozen that strike me as useful. One of those is Tweriod, which analyzes your Twitter account, including when followers are most likely to interact with you, and thus when you should post. Best of all, it will auto-populate your account at Buffer, building the schedule for each of your accounts accordingly.
Click to download a 9-page PDF of the data from my account to illustrate what you'll see.Read More >
A great client recently asked me to outline my definition of success for their firm. I really enjoyed doing that, and below is a version that you can adapt to your own situation, putting your own stamp on it:
- Partner compensation equals or exceeds industry benchmarks.
- After that is achieved, you still 20% net profit.
- The more entrepreneurial employees are satisfied that their contribution to your gain is recognized and accounted for.
- Partners and employees in key roles will have already tasted competence in the area of your focus, or they will experience it within nine months of joining the firm.
- There will be few or no young employees who value variety over expertise.
- When employees talk about your firm, while still employed, their private comments will be complimentary.
- When partners and employees head out the door to work for the day, they look forward to the challenges, the companionship, and their participation in the overall culture.
- As a firm you will not require extraordinary people....
I seldom give up my 17,000-person blog platform to guests. Keeping your attention is important and my primary marketing tool. But, I read a blog last week that Mark Busse wrote, and I thought it was brilliant. I'm sharing it here with his permission:
Rushing into starting your own design business can turn a dream into a nightmare.
Recently I heard from two former students of mine. As they entered the industry a few years ago we had some honest talks about their options, and against my advice they decided to skip internships or junior positions--which they felt were both beneath them--and went into partnership together with another classmate to form their own design studio. After some early success working for friends and family, their studio quickly fell into chaos, the partnership dissolved, and the company folded, leaving their clients in rough shape.
I'll spare you my story of how running my design business has still not brought the freedom, flexibility or financial reward I'd hoped for after 15 years--and I have a business degree--and how I often miss the days of just working for someone else. Instead, let's talk about how lazy, short-sighted and dangerous starting your own business can be.
You heard me: lazy, short-sighted and....Read More >
Forgive me for the ominous subject line of this email, but there are times when it's best to be objective and forthright. I've been talking with the executives of large associations and educational institutions in this field, hoping they'll drop the status quo and beginning offering real help to their members and graduates. So far I've made very little progress, so I'm just going to use my own platform (16,000+ of you).
Look around, think back through the last decade, and make a mental list of the firms you knew that are no longer around. Did any of them fail for lack of creativity? Even if you don't think they were that creative, the answer is a resounding "NO". Here is why those firms--and possibly yours, if you don't listen--will cease to exist, in descending order. I'm going to list seven reasons firms fail, and then seven things to keep a very close eye on.
What to Keep An Eye On
What kind of information are you giving people in a business setting, and how are you delivering it? I have a reputation for complete candor (deserved), deep and thought-provoking content (deserved), and a less-than-engaging conversation style of delivery (deserved). I speak 30-35x/year, and if the event happens to give audience members feedback forms to complete, on a scale of 1 to 5, I typically get a 4.9 on content and somewhere around 4.0 on delivery.
I only use PowerPoint or Keynote when the audience is too large logistically to provide handouts (200?). I much prefer handouts, because I hate last minute technical problems, I'd rather look people in the eyes the entire time, I want them to write, and I want them to take something home. For larger audience (200-3,000 typically), I just include a URL on the last slide so that a PDF can be downloaded for their later use. I tell them that in advance so that they can relax, listen, and not bother with too many notes.
I'm an intense introvert. I'm so far off the scale in that direction that I jokingly call it "unabomber land." That just means I like to be by myself to recharge. I can be with crowds, large and small, in little doses and no one would know I'm "acting the part." Oddly enough, speaking totally invigorates me, too, which may not fit in your mind with the idea of a deep introvert.
Do you know when I began to love speaking?...
You'll have to look long and hard before you find a marketing firm that publishes much, if anything at all, on their pricing. That's been true for years, and only recently are firms experimenting with a little more transparency around the financial aspect of what qualifies a prospect as an appropriate fit. And if they are feeling particularly bold, they might even publish some pricing for a few services that they've packaged up so that they have fairly similar deliverables from project to project.
Reasons You Don't Publish Pricing
I'd like to think outloud with you about why that is. I think there are five primary reasons why this is the case. See if any of them resonate with you.
First, most principals don't really believe that the main purpose of their corporation is to make money. They know that it's probably the right reason the company exists, but underneath it all is the truth: the business is an extension of what they want to do personally. The money is nice, but the work is more important.Read More >
Have you ever had a huge corporate client and delved deep inside the organization only to find incompetence around you? I have, and it makes me wonder how we've become the richest nation in the world. It's also encouraging, because the bar is set very low and therefore it's pretty darn easy to be an expert!
One thing I get asked a lot is this: "What is an expert?" There are many ways to define that, but here's how I think about it. I picture myself keynoting a conference. In the auditorium are 3,000 people. After my presentation, I open it up to questions from the audience. There's a microphone on a stand in the center aisle, and soon a line forms with people who want me to elaborate or they want to disagree with me.
Picture yourself in that place. How do you feel? Prepared? Nervous? Naked? Eager? Being an expert is flat knowing that you can answer any question about the narrow field you serve. By the way, you don't need to be some amazing speaker or a strong extrovert to captivate an audience. Essentially, it boils down to two things: do you know what the hell you're talking about, and are you presenting it with a personal authenticity.
So the next question is how you get to that place where you think of yourself as an expert, and where markeplace acceptance confirms that belief. Here are my seven specific, practical suggestions:Read More >
Bill Baker (no relation) is nicer than I am, so don't pin any of my introduction on him. I recently spoke to an auditorium of C-level executives, and the title of my presentation was long but revealing: "The Happy Death of Branding, the Next Fad of Storytelling, and the Hopeful Rise of Alignment."
I guess that expresses my view of branding: there are a few firms really doing it, and the rest (and majority) aren't doing anything differently than they did before, but now they are calling it branding because it sounds upstream. There was no training in marketing, no classes, books, or even real processes. The typical four circles with the ubiquitous use of alliteration doesn't count and should be taken off your website.
Regardless of whether or not you agree with my view of branding, it clearly is yesterday's news, and storytelling comes up frequently. Rather than being marginalized even more, I think we ought to jump on this one early so that we don't relieve the word of even more meaning.
Bill (disclosure: a client) is one of the very few people really doing story telling. While the concept has been around since people wrote on cave walls, modern storytelling was really maximized by E+S (Envisioning and Storytelling) in Vancouver roughly three decades ago, a place where Bill was Chief Strategic Officer. Now, under BillBaker&Co he continues that great work with clients like GE, Relais & Chateaux, Johnson & Johnson, The Canadian Centre for Ethics in Sport, etc. Here are some of his thoughts on the difference between faux storytelling and real storytelling. Real storytelling is a very complex skill, and I can sit for days listening to Bill point out the subtleties involved. This is just the outer layer.
Here's Bill:Read More >
Most creative firms are poorly named, especially if they are named after the principal and perhaps multiple partners. Unless you turn out to be a very large agency with a 40+ year track record, your name matters. Naming it in the traditional way after yourself does this:
- it makes it a tad more difficult to sell
- it encourages new clients to work with you when you should be doing other things that the firm really requires of you
- it makes it difficult to add significant partners, because every time you do so the name will likely change
- it makes your agency look small
Chances are that you didn't put much thought into naming the company when it began with just you as an employee. The attorney was pressuring you to come up with some name that s/he could put on the forms, and so you defaulted to the easy choice. If I had done that, my company would be Baker Inc., or Baker & Associates, etc.Read More >
One of the most significant marketing blunders that marketing agencies make is deciding who they want to marry after they fall in love with someone. In other words, they bend the criteria for what makes a qualified client, either because their sales techniques are weak or because they find themselves with far less opportunity than capacity. No part of the marketing mix is exempt, either: you find it with internet marketing services, public relations firms, marketing agencies, and design firms.Read More >
About two weeks ago, I had one of the hardest weekends of my career. Many things came together all at once and pretty much brought me to my knees.
- Our wonderful, special dog Lucy has cancer. We rescued her from a very abusive situation and she's been a wonderful companion. She's fighting it well, but we don't know when and how the end will come. When we got her, she was terrified of men, terrified of newspapers, and had a bullet in her hip. Now she brings me the paper and is as sweet as can be. She's a Rottweiler and Labrador mix.
When you add someone young to your staff, their primary business goal is to add variety to their experience. That's partly because they believe that doing so will make their next job search easier, but it's also a bit self-serving: more variety means more interesting things to do. Not really because they are forced to do research and become an "expert" overnight on a given subject, but just because there seems to be a genetic A.D.D. affliction among the creative set.Read More >
Some people get it. By extension, then, some (most?) people don't get it. Gwen Bell is one of those people who clearly gets it. The first time I read her website, a whole lot of things clicked for me. I'm not prepared (at the moment) to adopt her lifestyle and business model, but I like her presence, how articulate she is, and how key points are explained thoroughly enough to eliminate the frequent response: "Yeah, I've heard of her and read some of her stuff."Read More >