7 Tips for Succeeding as a "Coffee Shop Consultant"

7 Tips to Help Consultants, Independent Sales Reps and Other Solo-preneurs Work More Profitably and Productively -

There are many individuals who choose to work as consultants, sole proprietors, home based business owners, independent agents and representatives who could be termed "coffee shop consultants." So-named because many of their meetings occur in coffee shops, restaurants and other non-office settings, Coffee Shop Consultants share some unique problems as a result.

These professionals often devote many hours to providing free analysis and consultation services to other business professionals which go unpaid, for a variety of reasons. They also face the challenge of conducting meetings and doing business without a traditional office space. For these reasons, I wanted to provide consultants and other independent professionals with some tips that can help them become more profitable and productive, no matter where their "office hours" occur.

1. Treat Coffee Shop Meetings As Though They Are Professional Appointments (Because They Are) 

As a consultant or independent agent, representative or sole proprietor, your time is your most valuable asset. Treat all meetings, even those that occur with acquaintances in coffee shops, like professional appointments. Set a time to meet, and stick to it. Set a time for your appointment to end, and stick to that, too.

Analysis and consultation does not have to be a 'free' service, just because you meet in a coffee shop. If the information that you provide to clients has value, it should not be given away for free; you may need to set a fee not only for services delivered after a consultation, but for your consultation findings themselves.

One way to recoup a return on some of the unpaid hours that inevitably go into most consultations of this kind is to provide a summary of your findings and recommendations, but charge a fee for a full report, business plan or the specific strategies and tactics a client would need to undertake in order to implement your recommendations. This gives you the ability to demonstrate to a potential client that your expertise has value, without giving all of your information (which is your product, in reality) away for free.

If you do provide free consultations and recommendations for clients initially, then you should establish an hourly fee for subsequent consultations. If you do not, you run the risk of giving away even more valuable time for free; and, as the old saying goes, "Why buy the cow when you can get the milk for free?" Remember that information is at least part of your "product" and learn to value it. If you don't, no one else will, either!

2. Set Expectations

Both you and your client (or prospective client) should have an idea of what you want to accomplish at your coffee shop consultation. You should be meeting for a purpose and for the most part, you should try to constrain your meeting to those topics. This will help you to keep your meeting within the time frame you allotted and it will prevent you from giving away consulting expertise which clients should be paying for.

3. Do Your Homework

Based on the expectations set and the purpose of your coffee shop consultation, if you do some research ahead of time you will be more prepared for the meeting with your client (or prospective client). This kind of preparation can help you to present yourself even more professionally and will reinforce your role as an expert in your field; both of which give you more ability to put a monetary value on your time and business.

Pre-meeting homework might be accomplished by internet research, reviewing press releases, websites or other corporate collateral or reports, contacting mutual acquaintances for information or referrals, or even conducting pre-meeting surveys or questionnaires from meeting participants or employees of their organization.

4. Establish Your Own Desired Outcomes

Unfortunately, many times the only one who receives value from a coffee shop consultation is the individual on the receiving end of the information. When information itself is part of your product - the value that you provide to clients - and when you give this product away for free, sometimes it leads no where.

Make pursuit of specific outcomes part of your consultation strategy! When you agree to a coffee shop consultation, make sure that you are clear on what you have to gain from the meeting, as well as what you are expected to give. Keep a prospect or client record for each meeting which includes your own desired outcomes, the calls to action that you make, the proposals for services that you provide, etc.

5. Write Up An Agenda

Prior to any scheduled coffee shop consultation, write up a meeting agenda for yourself which will enable you to stick to your schedule and give you the ability to meet both the client's expectations and to accomplish your own goals for the meeting. Make a checklist. Write down all of the most important talking points that you want to cover and leave room in the schedule for a discussion of proposal, paid service options and next steps.


6. Ask Open-Ended Questions
Open-ended questions can help you identify other needs that your prospective client may have that you can fill. They can also help you to better understand their preferences so that you can tailor your proposal or presentation to meet their unique needs and wants. 

7. Know What the Next Step Is

Consultants and independent agents often leave money on the table simply because they do not have a plan and a schedule for how they will follow up after the meeting. Next steps might include the production of a proposal or even a paid report, an in-house seminar or workshop, provision of specific services or sale of products, policies or accounts, etc. Even setting up a second meeting can be the appropriate next step in some cases where there is a long buying cycle or where you need time to do research in order to provide your prospective client with a proposal.

Before the end of your meeting, tell the prospective client or customer what the next step is and when it will be taken (if the next step is on your part) and then do it! If after your meeting the ball is in the client's court, ask when it would be appropriate for you to follow up with them, and make sure to do it. Keep some of the responsibility for the 'next step' on your side of the table (meaning, don't leave it up to the prospective client to contact you next) so that you retain the right to touch base with them relative to your coffee shop consultation.

P.S. As a post-script tip, my advice to you is that if you utilize a coffee shop or another public space to conduct a meeting or networking event, patronize the business: buy a coffee, a sandwich or something and be lavish in praise and word-of-mouth recommendations for this business among your network of professional and personal acquaintances.  Remember, it's far cheaper than rent!  

***

Elizabeth Kraus is the author of 365 Days of Marketing, Little White Marketing Lies and the 2012 Small Business Marketing Calendar. 

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Which Comes First: Your Product or Your Marketing?

Thinking about launching a new product - or even a new business?  Find out why marketing should be at the heart of your planning process, from the beginning. 

It used to be that Marketing professors and books opened up marketing discussions by presenting the "4 'P's of Marketing," most of which occur toward the end of the long range or marketing planning cycle:

• Product (the goods, services, information, etc., that will be sold)
• Price (the amount of money or other rate of exchange at which a product will be sold) )
• Placement, also called "Distribution" (the means by which goods or services will be made available for sale, including the means of distribution and the real or virtual stores where they will be made available for purchase), and )
• Promotion (how you will tell potential buyers about your goods or services and the ways you will entice them to buy)

In fact, for many people, the last "P" in this list, "Promotion," actually comprises their view of marketing. They view the other three items in the list as part of other business processes (such as accounting and operations).

So when should marketing come into the equation?

Recently, marketing guru and best-selling author Seth Godin asked this question: When should you add marketing?

He makes the point that marketing is not something to be added after you have all of the rest of the questions answered, suggesting instead that now, more than ever, marketing is the starting point for any business. I couldn't agree more!

If you adopt Godin's conclusion, that it is marketing conversations which are the starting point and so must be the core of your business planning process, it begs the question: What are these marketing conversations?

I would suggest that there are two major categories of conversations which comprise the beginning of any effective business start up, planning or long range process, both of which come down to a phrase I saw many times while visiting London: "Mind the gap." You'll see signs with this phrase at entrances and exits to subways, the bottom of escalators, etc., warning pedestrians that they need to pay attention so that they don't trip over the gaps between where they are and where they want to be.

And gap-finding is a great way to think of marketing when it comes to determining whether your start-up business idea or the product or service you want to add to your business is a worthwhile endeavor.

Here are some of the marketing conversations that can help you determine consumer supply and demand:

The first category of marketing conversations that should be at the starting point of your business process pertains to totally new products and services. The gaps that you need to identify, or which must exist in order for you to know that you are on the right track are these:

• Is there an unfilled need or desire that represents demand for the product or service (or new business type as a whole)
• Is there an underserved market or niche market which represents demand for the new product, service or business
• Is there an as-yet undefined up and coming market which represents demand for the new product, service or business

The second category of marketing conversations which should occur before launching new products or services or changing your business model have to do with current customers, rather than new markets or un-served demand. When thinking about your current customers, clients or patrons or the "ideal client type" and target markets that you pursue, you will want to identify these types of gaps:

• Are there other products or services your customers, prospective customers or ideal client types want or need that you could provide
• Could you provide the products or services that your customers, prospects or target markets want in a better way (more efficient, more quickly, etc.)
• Can you significantly improve the customer experience in a way that is meaningful to your customers, prospective customers or ideal client types

Starting with marketing is essential!

You can see how putting marketing conversations at the beginning point of your business planning accomplishes many things. First and foremost, it puts the needs, desires and wants of your customers and ideal client types at the heart of your business planning. And consequently, this type of thinking can also help you make better business decisions and avoid costly mistakes!

The question, "Which came first, the chicken or the egg?" is representative of man's quest to know which came first in the process. And it's a question which has yet to be answered, in terms of the literal chicken and the egg. But when it comes to the question, "Which comes first, the product or the marketing?" the answer should be clear.

Marketing conversations are essential if you want to know whether a new business idea, or an idea for a new product or service for your business has merit, because if no demand exists, you may be left with 'egg on your face,' as the old saying goes!

***

Elizabeth Kraus is the author of 365 Days of Marketing.
365 Days of Marketing is available on amazon.com in print or digital format. It contains marketing how-to, inspiration and content for every day of the year -- including Mother's Day and Father's Day to help you build a bigger role for your business in the lives of your clients, 365 days a year!

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A King Dollar Tax Cut

You wouldn’t know it from falling stocks, but the Fed’s apparent decision to hold off on future bond buying, or QE3, in response to an improving economy may turn out to be a very bullish omen for the equity market and the economy.

In fact, less stimulus from the central bank sets up a potential tax-cut effect. Here’s why: Limits to the Fed’s $3 trillion balance sheet will bolster the value of the dollar.

The beleaguered greenback has fallen roughly 40 percent over the past ten years as a result of the Fed’s interventionist go-stop-go policies. Since the banking crisis of 2008, the dollar has dropped 8 percent.

But as the Fed ended QE2 last year, and as its bond-buying “operation twist” comes to an end in June, the dollar has started rising. In response, gold prices have been falling significantly. Slower money creation will do that.

And along with gold, oil prices are now slipping lower, with West Texas crude approaching $101. Still too high, but much less scary. Wholesale unleaded gas prices also could fall in response to the drop in crude, which might take the pressure off retail gas at the pump. If that’s the case, and the King Dollar scenario plays out, the recent energy-price shock could reverse, imparting a mild tax-cut effect on consumers and businesses.

Although Bernanke & Co. do not target the dollar, a stronger greenback is the surest way to bring down energy and food prices, which all too often have plagued households and the economy.

The Joint Economic Committee has estimated that the cheap dollar has contributed about 45 cents to the rising gas price. Lately, with the drop in crude oil, nationwide gas prices could be starting to level off at just over $3.90 -- even though refiner closings and bottlenecks in some parts of the country have pushed that price much higher.

No, a stronger dollar won’t offset the failure to implement the Keystone Pipeline. But it could provide some motorist relief at the pump.

The point is, if the Fed quits printing new money, the value of dollar money will go up. And the inflation tax will go down. Despite Ben Bernanke’s economic worries, the Fed is beginning to see that the economy is at least growing by roughly 3 percent. That’s not fabulous, but it’s not bad either.

The latest ISM surveys for manufacturing and services, the decent 209,000 ADP employment report for March, and pretty good car sales all suggest that the first-quarter economy was just as good as the fourth-quarter economy. And these economic stats are moving the Fed away from more easing moves. Hence, King Dollar is recovering at least a bit.

The dollar view on the economy and stocks is a minority case, but a very important one that should not be overlooked. During prior stock market booms, particularly in Reagan’s first term and Clinton’s second term, King Dollar rose and gold fell, oil prices came down, and foreign capital sought out dollar investments in the U.S. because of the reliability of the currency.

For investors, a strong dollar helps.

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Gone Fishin'

I will be out for the remainder of the week. Please check back Monday for our regularly scheduled program. Happy Trading--

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Monday Morning Musings

The market opened slightly lower this morning on the first day of the new quarter, but has since rallied back into positive territory.

Asian markets were mixed, while Europe is mostly higher this morning. We got a host of PMI manufacturing data from overseas, with some conflicting data out of China. The official government PMI reading rose to 53.1 from 51.0 last month. But the private PMI figure for China from HSBC fell to 48.3 from 49.6 previously. If I had to choose, I tend to side with the PMI figures since my gut says there is less smoothing going on there than the govt. figures.

In Europe, France posted its weakest PMI in 32 months (46.7) while the UK posted its strongest reading since May (52.1). But overall for the eurozone the PMI was only 47.7, which still indicates contraction for the region.

In the U.S., the ISM Manufacturing index rose to 53.4 in February from 52.4 the prior month, indicating still healthy growth for that sector.

In corporate news, Groupon (GRPN) shares are lower after reporting a revision to its Q4 results. Avon (AVP) shares are higher after reports that French beauty company Coty is submitting a bid to acquire Avon for a 21% premium to Friday's close.

The euro is lower this morning, but that is not hurting most commodities. Oil prices are higher near $103.50. Gold prices are also higher around $1682, and copper and silver prices are higher as well. The silver etf (SLV) is up nearly 3% so far today.

The 10-year yield is lower to around 2.17%; and the VIX is flattish near 15.40.

Trading comment: We often see this action in the beginning of a new quarter/month were funds get put to work, but I think the key action will be later this week when we see if there is any follow-through. If the indexes break to new highs that will obviously be a good sign, but if they are unable to and we see further distribution that could be a clue that we are due for a bigger pullback. I want to tread lightly at this juncture, especially as we approach Q1 earnings season.

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Techs Lag On Last Day Of Quarter

Stocks are mixed in morning trade, with defensive sectors like consumer staples and healthcare holding up, but growth stocks like tech lagging.

Overnight Asian markets were mostly lower, but Europe is higher this morning. Eurozone members recently said that the rescue fund for the region has been expanded to 800 billion euros.

The dollar is a bit lower this morning, which is lending a bid to commodities. Oil prices are up a bit to $103.15 and natural gas prices are bouncing also. Gold prices are higher near $1665 and silver prices are higher as well.

In economic news, the final reading for Univ of Mich. consumer sentiment in March improved to 76.2 from an earlier reading of 74.3. Also, the Chicago PMI slipped to 62.2 in March from 64.0 in February.

The 10-year yield is flat near 2.16%, and the VIX is up 2% to 15.80 after a big reversal lower yesterday.

Trading comment: While today could go either way, the S&P 500 is on pace to finish the quarter with a gain of roughly 11%. I haven't checked, but have heard that that would be the best Q1 since 1998. For those who don't remember, 1998 was a tremendously volatile year. That was the year of the famous LTCM debacle that nearly toppled the market and caused a mini crash in October before the Fed stepped in with a surprise inter-meeting rate cut and the market vaulted higher into year-end. The market was also in the midst of the Internet bubble back then, and I believe the famous "Amazon $1000 price target" call was made in 1998. I'm not saying 2012 will mirror 1998, but don't be surprised to see some volatility before all is said and done. There are a lot of cross currents with Euro sovereign debt, China slowdown, US monetary policy, and of course the election this fall. Just don't forget to protect your profits and enjoy the ride.

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Creative Marketing and Promotional Ideas for Mother’s Day

Mother’s Day Marketing Ideas for Small Business

Last year consumers spent an average of $140 each on Mother’s Day gifts for their moms, wives, daughters, aunts and other special women in their lives. That was up more than 10% from the previous year, and there is reason to believe that this could be another great year for retailers when it comes to the sale of gifts and gift cards for Mother’s Day.

If you sell items that would make great Mother’s Day gifts, or you can transform your goods and services into gift baskets or even non-traditional, creative Mother’s Day gifts, it’s time for you to go into full on Mother’s Day marketing mode!

To that end, here are some Mother’s Day marketing ideas to help you court Mother’s Day shoppers in 2012:

• Make sure you know what women want. More specifically, find out what the women among your clientele, your target markets, or the wives and mothers of your customers actually want.
  
  • Survey your customers as to what they want to receive for Mother’s Day, what their favorite Mother’s Day gift was in the past, or what they plan to purchase for their own mom for Mother’s Day this year. Use your social media platforms to survey your readers using the same questions.
  • Use a poll not only to solicit customer and reader feedback as to what women want for Mother’s Day this year, but to make specific Mother’s Day gift suggestions by listing great Mother’s Day gift ideas as the choices for your poll question.
• Make it easy. Make it very, very easy. Make it easier for people to buy Mother's Day gifts than you ever have before, and easier to buy their Mother's Day gifts from you than from anyone else! 
  
  • Use your email newsletter to make specific Mother’s Day gift suggestions to your subscribers with ‘one-click’ ordering, order ahead for store pickup or that even include wrapping, gift card and delivery service.
  • Make specific suggestions that would be most appropriate for the different women in their lives (moms, daughters, aunts, etc.)
  • Place signage throughout your business pointing out great Mother's Day gifts. 
  • Put a sign or set up a display at your point of sale stating that Sunday, May 13, 2012 is Mother's Day and reminding them of the great Mother's Day gift options you offer.
  • Include gift wrapping and gift cards along with Mother's Day gifts or gift baskets.
  • Provide (and promote) last minute creative Mother’s Day gift options.
  • Prepackage gift baskets for Mother’s Day with themed items; such as a bundled package for outdoor lovers, exercise lovers, food lovers, movie lovers, makeup or pampering products, etc.
  • Create a cross marketing opportunity and create Mother’s Day gift offers which include something from your business along with something from a partnering business and promote this special Mother’s Day gift package to customers and contact lists of both businesses (or all participating businesses).
• Make it a lather, rinse, repeat experience.  Create Mother's Day gifts that come along with a good reason for mom (or the gift purchaser) to come back to your business again, soon. 
  
  • Ideally, a Mother’s Day gift won’t just represent the sale of products for your business one time, but would result in a new customer coming to your business, repeat visits and the opportunity to turn a new customer into a regular, loyal customer. If you offer services (such as a salon or spa), be sure that your Mother’s Day gifts are bundled along with a gift card that mom (wife, daughter, or aunt, etc.) will come to your business to redeem it and experience what your business has to offer.
  • Don’t forget the bounce back! Create a special offer to include with the sale of Mother’s Day gift items in the form of a bounce back offer either for the recipient or the individual purchasing the gift (or ideally, include one for each!)
• Take advantage of the opportunity. The sale of Mother’s Day gifts might mean that people who are not normally your patrons come to your business or visit your website to buy something special for their mom, wife or daughter for Mother’s Day.
  
  • Include a bounce back offer, bag stuffer or special offer along with the customer’s receipt designed to bring them back in for Father’s Day or another future sale or event.
  • Ask them to subscribe to your email newsletter or to follow you on social media, or to be added to your direct mail mailing list to receive future offers from and news about your business.
  • Set up an online customer survey form and invite them to rate their experience with your business. As follow up, extend a special offer via landing page on your website or email thanking them for their participation.
• Get your Mother's Day gift ideas and offers into the places where Mother’s Day gift givers are. Many Mother’s Day gifts are given by men to their moms, wives and daughters. But if your business caters mostly to women (or women are the ones most frequently shopping your establishment) then you face the challenge of getting the word out about the Mother’s Day gifts you want to sell.
  
  • Create strategic partnerships with businesses whose patrons are comprised of the male audience you want to reach, such as mens clubs at golf courses, recreational or outdoor sports facilities.
  • Partner with businesses that serve mainly male shoppers or clients in a Mother’s Day / Father’s Day gift promotion combination or swap (you advertise their Father’s Day gifts to your customers, they advertise your Mother’s Day gifts to theirs).
  • Partner with businesses whose patrons (and email subscribers or direct mail contact lists) have a large male composition for cooperative email marketing or direct mail marketing.
  • Partner with restaurants, bars or clubs that have a high percentage of male patrons and place table tent cards at their establishments advertising your Mother’s Day offer (and making it easy for them to obtain it! Wouldn’t it be great for a guy to be able to buy a salon gift basket with gift card for mom while out with the guys on a Saturday night? Or how about a last minute bouquet of roses? Scentsy burner and scent wax? Gift card for Sunday brunch to take the family out for Mother’s Day? Make up and skin care gift set? Beautiful tote or purse? The possibilities are endless! With a little creative and cooperative effort, cooperative marketing can become a big source of referrals and cross sales for both businesses. 

***

Elizabeth Kraus is the author of 365 Days of Marketing.
365 Days of Marketing is available on amazon.com in print or digital format. It contains marketing how-to, inspiration and content for every day of the year -- including Mother's Day and Father's Day to help you build a bigger role for your business in the lives of your clients, 365 days a year!

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