Posts Tagged ‘marketing’

The Fear of Referrals

Wednesday, July 4th, 2018

There are some people, who are instinctively uncomfortable about referring others even from a trusted source. The resistance is more often than not about their own self-worth. Don’t dwell on their fears or trying to overcome them, move on.

© James Berkeley 2018. All Rights Reserved.

The “Ask”

Thursday, June 28th, 2018

 

How direct is acceptable when making the “ask” in a business or social setting? That question had me thinking watching a young huckster approach two pretty girls that he clearly had never met at London’s Masterpiece art fair last night with the line “I’d like to take you out, can I have your telephone numbers?”. That they handed them over with a nervous giggle and 30 seconds of mumbling conversation shocked my wife. In an insta-glam world of dating, perhaps that is increasingly the norm. Do we really forsake building a trusting relationship for a quick response? In business, in my experience, that only works for life insurance salesman and charlatans.

© James Berkeley 2018. All Rights Reserved.

A Very Royal Connection

Saturday, May 19th, 2018

25 million Americans will arise early this morning seduced by a few hours of British pageantry,  a young Californian girl and a British prince walking up the aisle. It is a moment where fact suspends fiction. Where a powerful brand leaps out of the television set and creates a deep visceral connection with its’ audience. Pure marketing nirvana.

The Twinkling Diamond

Friday, May 18th, 2018

What, precisely, are you doing to draw your ideal audience to you and to maximise their intellectual curiosity?  When you perfect those techniques, you have close to zero acquisition costs.

© James Berkeley 2018. All Rights Reserved.

 

The Investor Casting Couch

Wednesday, March 22nd, 2017

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“The Investor Casting Couch”: a mindset that says we are best served at our first meeting, acting cagey, and getting the other party (co-investor, adviser or entrepreneur) to reveal themselves to us first to protect our own self-interest, at all costs. In extreme cases, we must do as little as possible to reveal our own past, ideas or intellectual property.

Reality: Your actions merely serve to show that you have close to zero interest in building a trusting peer-level relationship, collegiality or collaborating in anything other than constant “fear” (stolen IP or contacts). You might, of course, be right on the odd occasion when you have a rogue across the boardroom table. However, 9 times out of 10 assuming that you have done your due diligence properly, you are merely revealing the depth and breath of your own insecurities. Why would you create that first impression? In the misplaced belief, it projects your superiority when all it does is project your stupidity. Why would anyone, except the desperate, choose to spend a millisecond further in your company?

I see this mindset widely adopted by experienced bankers, corporate financiers, private equity and venture capital professionals to the point of huge irritation. They have been a success in their career but they refuse to act like a success. Stop, in the name of common sense!

© James Berkeley 2017. All Rights Reserved.

 

 

Social Media: The Investors Perspective

Wednesday, February 1st, 2017

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I get asked by investors about the role of social media in stimulating the profitable growth of mid-market business-to-consumer and business-to-business targets seeking growth capital. My default response is ‘why does someone want to share their video, tweet, blog? Then, how does it help them (entrepreneur) and you (investor) achieve your goals in the next 12 months?’ If you don’t have a compelling answer to that question, it is probably a waste of time and going to have zero impact on the firm’s growth. Review any YouTube, Twitter, Instagram or Facebook listing of most popular videos, tweets, images or blog posts and there is always that one thing that made people share it. That is the secret sauce. The son of one of my old bosses, Sam Tsui, an American songwriter, has had incredible success attracting 2.5 million subscribers to his YouTube channel. Sam is talented (Yale-educated). He possesses a great voice. He has learned to leverage the medium with great effect (singing duets with himself) in order to create a strong brand.

However, sharing alone is insufficient for Sam and the businesses I describe because there is no taste or noise filter, think of profane rants from soccer fans, product disasters and compromising personal photos, dressed up as “comedy” or black humour.

There needs to be a “gravity” pull for your target audience and a reason to keep returning. That requires volume, value and consistent messaging (“VVM”) to create engagement. Paid promotion works to raise “conscious” awareness of your product or service for a millisecond but it does little to stimulate someone to act (subscribe, make the call, visit the store, buy). So long as you put the marketing investment in the appropriate context, there is little to worry about but you must be willing to be intellectually honest about the results.

© James Berkeley 2017. All Rights Reserved.

 

Why Should They Care?

Thursday, January 19th, 2017

I hate being “pitched” ideas, it immediately feels like my interests (building a trusting relationship) are being subordinated to advance your interests (line your pockets). Yet we all need to attract ideal customers or investors with a memorable description of our impressive value. How else can they recall when they need your product, service or proposed investment? You need a clear crisp 1 or 2 sentence statement. It needs to embrace:

  • Legitimate immediate value
  • Impressive results from its’ application and use
  • Improved performance, not problem solving
  • Your target audience’s aspirations
  • It needs to be specific, not too general

It is not about your approach, technology or ideas. Nor is it a sales tag line.

“We have created a platform to resolve the shortcomings of wealth managers, who put their interests before their customers” is interesting but it tells me little about what is really in it for me.

Contrast this with “We dramatically improve HNW investors’ performance, security and peace of mind in complex and ambiguous situations”, which begs the immediate question “great, tell me what would you suggest in this situation?” You have given the other party a reason to care about you (their self-interest), to immediately delve into a pragmatic not conceptual discussion and to recommend you to others.

© James Berkeley 2017. All Rights Reserved.

 

What Does A Family Office Do

Wednesday, August 31st, 2016

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Spending time trying to define the differences between a “Private Office”, a “Private Investment Office”, a Single or Multi “Family Office”, is largely an exercise in futility. They are all labels that started with clarity but overtime have diffused into a host of different products, services and relationships serving the needs of HNW and UHNW individuals. There is no faculty. Today, there are hedge funds (SAC), private equity firms (Blue Pool Capital), investment firms (George Soros), lifestyle and concierge service firms, lawyers (DLA Piper), accountants (KPMG), search firms and a host of others morphing into one or more of these labels.

If you are establishing such an organisation today, seeking to utilise their services or do business with them, it is far more valuable to powerfully state, “we are an expert in …..” or ask “what exactly are you an expert in?” A great response, “We are the market-leading expert in accelerating the preservation of UHNW clients’ inter-generational wealth and the generation of income to support their lifestyle needs.” A lousy response, “we are an expert in financial and non-financial needs of UHNW clients including….(a laundry list of services)”

The listener wants to quickly know why THEY should give you the time of day. If you cannot peek their interest quickly, perhaps you are a commodity they can do without or you don’t value your own services highly? Which is it?

© James Berkeley 2016. All Rights Reserved.

Trusting Your Fundraising Technique

Tuesday, August 16th, 2016

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The crucible of the Olympics separates those, who implicitly trust their technique honed over early mornings and thousands of hours of practice and those, who fear the headlines that will be writ large about their despair. The “mental toughness” commentators talk about is really a mindset issue. A “fear of failure” cripples talent. A “no fear” mindset allows talent to flow.

Owners and top managers in growth businesses don’t have to wait four years for their golden opportunity. Rarely is your failure final, nor are you likely to be written off publicly.

Why cannot you walk into that investor meeting knowing you have tremendous value to bring and do your absolute best without fear? Why cannot you exude implicit confidence in your recommendations and demonstrate absolute credibility? If you knew you couldn’t fail what would you say to the current or prospective investor and how would you direct the conversation to convert the opportunity?

Many entrepreneurs and executives tell me hundreds of reasons why the investor passed on the opportunity. Most have reasonable language techniques but they don’t trust themselves in the moment. They freeze, their mind becomes scrambled and they default to “selling” (proving their worth) rather providing value (showing their worth) to the other party. When their conversation is subordinated to a sales pitch, which is quickly rejected, it is game over.

Believe in your skills and expertise implicitly and maintain a mindset that failure is temporary at worst. Your audience want you to succeed. They are investing 60 minutes of time because they believe it will be time well spent building a formal or informal relationship with you.

© James Berkeley 2016. All Rights Reserved.

 

 

 

 

 

What Is Your Story

Tuesday, May 31st, 2016

 

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Every week I get smart, intelligent entrepreneurs coming to me for “help” with strategy and tactics to grow their business, raise capital, partner or even exit. I decline the overwhelming majority not because they don’t have a smart proposition but because I don’t have confidence that they can create and communicate a compelling story.

If they cannot convince me that they can get over the line, why would I invest my time and energy in convincing others? Of course, there are people I overlook who go on to prove me wrong.

The problem I find is that Founders, who may have been hugely successful in a big organisation or a different environment automatically assume their past performance and credibility confers a compelling story to others. Much as the celebrity dropping the “do you know who I am” line at the overbooked airline desk or the nightclub hostess. It rarely works.

It is about today’s story, today’s investment decision, and today’s health of your business.

Who are you today? What do you actually represent to a high potential investor, buyer or partner? How are they better off or personally better supported in investing in your success?

Knowing the answers to those questions doesn’t confer success but it sure gets your head and story into the appropriate context.

© James Berkeley 2016. All Rights Reserved.