I want to start recommending books that I have read and have found helpful in my continuing journey as an entrepreneur. Success doesn’t happen overnight and it doesn’t come easy. While everyone may have advice for you, the best thing I can say is to create your own path. You should learn from others but apply it to your own situation. Don’t copy others because then you’re simply repacking an existing idea.
All this said, my first Monday Book recommendation is called ‘The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future’. I am in NO way affiliated with this book. I don’t know who wrote it nor do I have a relationship with anyone who worked on it. I simply love the content and feel that it can help so many of you, too. Here’s the link to buy it on Amazon: http://www.amazon.com/100-Startup-Reinvent-Living-Create/dp/0307951529/ref=sr_1_13?ie=UTF8&qid=1438646501&sr=8-13&keywords=business
It’s over 300 pages and there is a video trailer on the Amazon site for the book. I love this book because it doesn’t present a roadmap as to how you can get rich. Instead, it presents options to really look at yourself, what you want, and how to get yourself in the right mindset to get there… even if it is with only $100!
When you’re doing reading this book, please share your thoughts with me. I am eager to read what you liked and hated about this book.
Until next time,
Velma Trayham
Showing posts with label pivot books. Show all posts
Showing posts with label pivot books. Show all posts
Monday, August 3, 2015
Wednesday, July 22, 2015
A Business Secret You Can't Ignore
Here is the secret to becoming successful before even opening your business.. Pay talent in equity if you can’t afford to pay them right away. It’s very hard to attract talent w to help you grow your business when you’re strapped for cash. I learned, early on that is, that if you pay individuals with a percentage of ownership of the company then they will be actually invested in your company and not simply invested in a paycheck – plus you’re saving money.
Some people like to hire interns. This action could be a win-win for both parties but it also comes with a risk. At some point the intern is going to leave for a paying job or -worst yet- will start his or her own company. You have to be aware that if this happens that the intern can take anything you may have taught him or her… including clients… can move forward with a bigger, better plan and possibly more money than you have. If you are considering getting an intern, understand that you should also have an NDA and other legal documents in place to protect you and your ideas.
Paying talent in equity is one of the best and most affordable options for people seeking to start-up any type of business. They get to buy into a business without coming up with cash and you gain someone who truly cares about the growth of your company without having to pay cash. Sure, you’re giving away a percentage of equity, but isn’t this a good thing if they can make your company grow?
That’s my food for thought tonight!
Velma Trayham
Some people like to hire interns. This action could be a win-win for both parties but it also comes with a risk. At some point the intern is going to leave for a paying job or -worst yet- will start his or her own company. You have to be aware that if this happens that the intern can take anything you may have taught him or her… including clients… can move forward with a bigger, better plan and possibly more money than you have. If you are considering getting an intern, understand that you should also have an NDA and other legal documents in place to protect you and your ideas.
Paying talent in equity is one of the best and most affordable options for people seeking to start-up any type of business. They get to buy into a business without coming up with cash and you gain someone who truly cares about the growth of your company without having to pay cash. Sure, you’re giving away a percentage of equity, but isn’t this a good thing if they can make your company grow?
That’s my food for thought tonight!
Velma Trayham
Wednesday, May 13, 2015
Why Being Busy Costs You Money
Recently I spoke with a woman who wanted to expand her business. We talked about her goals. Then we talked about what she had tried and what hasn’t worked. I found out she was barely making an effort to market herself online. This said, I offered her several recommendations to improve her visibility online and boost her autopilot moneymaker programs.
She declined all of my recommendations. She cited that she was “too busy” with her current clients to implement my recommended ideas. I guess you can bring a horse to water but you can’t force it to either drink or make more of a profit!
Busy is the worst excuse for not marketing yourself. You are basically saying “No” to money. Why? If you’re busier- you can hire more help to support yourself while still making a profit. First, it takes money to make money. I can’t understand why someone would pay for me to review their past mistakes and then make profitable recommendations for their future only to say they are “too busy” to do anything about it. This makes no sense and is a real waste of money.
You have the ability to make more money. This said, there is NO magic wand. I can provide insight, evidence and recommendations for your business, but if you don’t want to take the time to help it grow then it won’t. You need to make the time to invest in yourself in order to see results. No one can do this for you as a business owner.
All this said, are you using the busy excuse as a way to dodge being the best version of yourself?
Are you afraid of success?
Are you afraid of having to pay more for marketing and support staff because you will be making more money?
Ask yourself these questions today and really assess the answers.
Busy isn’t a valid excuse. People with major disabilities overcome significant odds each and every day and go on to do great things. They aren’t familiar with the phrases “can’t” or “busy”. They are in a constant “can do” mindset- and you should be too- unless, that is, you’re afraid of success and busy is your crutch to staying complacent.
You can always make time for more business and money. Period!
Velma Trayham of ThinkZILLA
She declined all of my recommendations. She cited that she was “too busy” with her current clients to implement my recommended ideas. I guess you can bring a horse to water but you can’t force it to either drink or make more of a profit!
Busy is the worst excuse for not marketing yourself. You are basically saying “No” to money. Why? If you’re busier- you can hire more help to support yourself while still making a profit. First, it takes money to make money. I can’t understand why someone would pay for me to review their past mistakes and then make profitable recommendations for their future only to say they are “too busy” to do anything about it. This makes no sense and is a real waste of money.
You have the ability to make more money. This said, there is NO magic wand. I can provide insight, evidence and recommendations for your business, but if you don’t want to take the time to help it grow then it won’t. You need to make the time to invest in yourself in order to see results. No one can do this for you as a business owner.
All this said, are you using the busy excuse as a way to dodge being the best version of yourself?
Are you afraid of success?
Are you afraid of having to pay more for marketing and support staff because you will be making more money?
Ask yourself these questions today and really assess the answers.
Busy isn’t a valid excuse. People with major disabilities overcome significant odds each and every day and go on to do great things. They aren’t familiar with the phrases “can’t” or “busy”. They are in a constant “can do” mindset- and you should be too- unless, that is, you’re afraid of success and busy is your crutch to staying complacent.
You can always make time for more business and money. Period!
Velma Trayham of ThinkZILLA
Thursday, March 26, 2015
Social Media Refresher
Today, I want to talk about how to use social media like a boss and own the landscape within your industry.
I've compiled a few easy and simple tips to help you quickly become a respected social media peer within your industry- PR related or not.
1. Don't be initiative based. That's overtly promotion. Instead,be excited about the probabilities about projected outcomes and share that excitement with the world.
2. Use and track coupon codes, specific created hashtags and client key word searches. Acknowledge what is working directly with your followers. True bosses give credit where credit is due. Not sure what I mean? Follow actor Jared Leto's Twitter account. He is constantly running beta tests and then thanking his fans. He has them engaged 24/7!
3. Build relationships and be serious about it. Most media resources (and all PR peers) are natural 'BS' detectors. If you're constantly pushing your selfies, your clients' initiatives, and "buy now" deals then no one will feel that you have a genuine interest in a real relationship as a media resource. Be on point without overtly promoting when it comes to visuals and content.
Until tomorrow,
Velma Trayham of ThinkZILLA
I've compiled a few easy and simple tips to help you quickly become a respected social media peer within your industry- PR related or not.
1. Don't be initiative based. That's overtly promotion. Instead,be excited about the probabilities about projected outcomes and share that excitement with the world.
2. Use and track coupon codes, specific created hashtags and client key word searches. Acknowledge what is working directly with your followers. True bosses give credit where credit is due. Not sure what I mean? Follow actor Jared Leto's Twitter account. He is constantly running beta tests and then thanking his fans. He has them engaged 24/7!
3. Build relationships and be serious about it. Most media resources (and all PR peers) are natural 'BS' detectors. If you're constantly pushing your selfies, your clients' initiatives, and "buy now" deals then no one will feel that you have a genuine interest in a real relationship as a media resource. Be on point without overtly promoting when it comes to visuals and content.
Until tomorrow,
Velma Trayham of ThinkZILLA
Tuesday, March 10, 2015
Three Poor PR Practices
I'm asked all the time what a publicist shouldn't do. Well,here are my top 3 WORST PR Tactics of ALL TIME;
1. Bait and Switching Accounts. The owner of the PR firm- you know, the one with the experience- pitches a client account. After the client signs on the dotted line and deposits are paid- the client is assigned to a Junior AR who is fresh out of college with no contacts and no experience.
2. Hitting the “viral campaign” market right out of the gate. I still don’t understand the thought process behind this. You need to develop relationships with journalists before the public will ever care about your client. So, why do so many newbies spend time tossing Instagram memes and viral releases at consumers? Don’t they know these efforts are a waste of time and not the first item of business?
3. Email is your only friend. People don’t talk anymore- except for journalists. They make phone calls, so why do PR people rely upon email to pitch a reporter? If you’re sending blast emails to reporters, your client will be blackballed from coverage. Pick up the phone and develop or further your relationship with journalists.
Until tomorrow,
Velma Trayham
Monday, October 20, 2014
Emails & The Press... What You're Doing WRONG!
I ran into a friend who started to chew my ear off about media response. She said hardly anyone from the press replies to her emails, and- if they do - it usually is negative. You asked me what I thought she was doing wrong. Well, it isn't about what her or you are doing wrong, it is about what you're not doing right.
Contacting the press is tricky. You should follow AP standards but you shouldn't cookie-cut pitches, advisories, etc. Remember, PR is about relationships- not press releases! This said, I have 3 tips for you when it comes to writing and sending emails to the media.
1. Your focus should be on the subject line. Press members are busy! They are pitched by people they do know and don't know 100 times a day. Plus, they receive emails from peers, their boss, publicists responding to story requests, friends, family, SPAM... their email boxes are flooded. If the email header reads "press release" or "media advisory"... don't bother sending it. You need a subject line that will stop traffic.
2. Don't BS a reporter. They hate hype. They can spot hype a mile away. If you use any type of promotional verbs or nouns, they will not only NOT cover you- many will put you on blast via social media. Reporters like quick facts and credible resources.
3. Attach this. Reporters are not going to open an attachment. Forget it. If they're interested, they will follow a link. Yes, you need to provide two links in your email. One that goes to the media advisory or press release with more information and one that goes to the online media kit.
Remember, you can mess up on AP style, you can pitch the wrong reporter (who will send it to the right reporter almost always), and you can accidentally toss in a spelling error or two- and still get your story covered. Journalists can forgive bad style if the story is good. But, if you're not doing the basics right (see above), they will never even open the pitch.
Until tomorrow,
Velma Trayham
Contacting the press is tricky. You should follow AP standards but you shouldn't cookie-cut pitches, advisories, etc. Remember, PR is about relationships- not press releases! This said, I have 3 tips for you when it comes to writing and sending emails to the media.
1. Your focus should be on the subject line. Press members are busy! They are pitched by people they do know and don't know 100 times a day. Plus, they receive emails from peers, their boss, publicists responding to story requests, friends, family, SPAM... their email boxes are flooded. If the email header reads "press release" or "media advisory"... don't bother sending it. You need a subject line that will stop traffic.
2. Don't BS a reporter. They hate hype. They can spot hype a mile away. If you use any type of promotional verbs or nouns, they will not only NOT cover you- many will put you on blast via social media. Reporters like quick facts and credible resources.
3. Attach this. Reporters are not going to open an attachment. Forget it. If they're interested, they will follow a link. Yes, you need to provide two links in your email. One that goes to the media advisory or press release with more information and one that goes to the online media kit.
Remember, you can mess up on AP style, you can pitch the wrong reporter (who will send it to the right reporter almost always), and you can accidentally toss in a spelling error or two- and still get your story covered. Journalists can forgive bad style if the story is good. But, if you're not doing the basics right (see above), they will never even open the pitch.
Until tomorrow,
Velma Trayham
Thursday, September 18, 2014
Oh No, Not "That" Client.....
I was recently visiting a friend who is also in the PR business. Her assistant interrupted our conversation by using the speaker on the office phone to announce "Judy, it's THAT client for you." My friend, Judy, looked at me with a sense of defeat, shrugged, and regrettably answered the called.
I watched in horror as Judy wrote frantically on a note pad, rolled her eyes, and pretended to point a gun (using her finger) at her head. She really didn't say too much during the phone call, occasionally replying with an "uh huh" or "ok".
Judy hung up the phone and said, "great, more demands that I will not be able to meet." What! I couldn't believe it. Then why state "ok" or "uh huh" to the client? I thought I knew Judy better than this. No wonder her client wasn't happy. No wonder Judy regretted these phone calls. Judy was setting the client up to fail by agreeing to the impossible!
My point today is not to set up yourself, or your clients, for failure by over promising and under delivering. Further, if a client has outlandish expectations- tell him or her. The worst thing you can do is say you will make it happen or imply that there is even a possibility that the impossible may be possible.
35% of our failure as publicist is over-selling what can't be achieved. Every single client wants to be on Oprah. Don't believe me, ask them! It is our job to explain that Oprah, while amazing, isn't within the realm of reality- especially if the client is just starting out and needs to grow their accolades and pay their dues when it comes to stringer media. Don't get me wrong, lightening does strike- but not very often.
Be upfront with your clients and you will not have to take calls in true Judy fashion!
Until tomorrow,
Coco the CEO
I watched in horror as Judy wrote frantically on a note pad, rolled her eyes, and pretended to point a gun (using her finger) at her head. She really didn't say too much during the phone call, occasionally replying with an "uh huh" or "ok".
Judy hung up the phone and said, "great, more demands that I will not be able to meet." What! I couldn't believe it. Then why state "ok" or "uh huh" to the client? I thought I knew Judy better than this. No wonder her client wasn't happy. No wonder Judy regretted these phone calls. Judy was setting the client up to fail by agreeing to the impossible!
My point today is not to set up yourself, or your clients, for failure by over promising and under delivering. Further, if a client has outlandish expectations- tell him or her. The worst thing you can do is say you will make it happen or imply that there is even a possibility that the impossible may be possible.
35% of our failure as publicist is over-selling what can't be achieved. Every single client wants to be on Oprah. Don't believe me, ask them! It is our job to explain that Oprah, while amazing, isn't within the realm of reality- especially if the client is just starting out and needs to grow their accolades and pay their dues when it comes to stringer media. Don't get me wrong, lightening does strike- but not very often.
Be upfront with your clients and you will not have to take calls in true Judy fashion!
Until tomorrow,
Coco the CEO
Tuesday, September 2, 2014
The 3 Key Content Types for PR
Reporters love content that is easy to pull from and process a full story. This said, there are three different types of content that many journalists look for when seeking to cover a pitch. What are they? I'm glad you asked, lol! They are listed below with an explanation.
#1. Supportive facts. Nothing else makes a press release more valuable then to tie in numbers and stats that are current. It shows how relevant your news is and it helps the reporter with his or her workload.
#2. Supportive multimedia. Reporters love eZines, brochures, videos, and soundbites that can support online web editions of their newscasts or publications. If you included these items as a zip file (only upon request), it will set you up for a great relationship with the requesting reporter.
#3. Breaking news that is relevant. Too often, publicists send media releases out anytime their client makes a move. This tactic is like the boy who cried wolf. Eventually, the media will start ignoring your press releases. Make sure you only send out breaking news when it is actually breaking! This type of content continues to be the top content type requested by journalists.
Remember, content is still king as long as you know how to utilize it!
Until tomorrow,
Coco the CEO
#1. Supportive facts. Nothing else makes a press release more valuable then to tie in numbers and stats that are current. It shows how relevant your news is and it helps the reporter with his or her workload.
#2. Supportive multimedia. Reporters love eZines, brochures, videos, and soundbites that can support online web editions of their newscasts or publications. If you included these items as a zip file (only upon request), it will set you up for a great relationship with the requesting reporter.
#3. Breaking news that is relevant. Too often, publicists send media releases out anytime their client makes a move. This tactic is like the boy who cried wolf. Eventually, the media will start ignoring your press releases. Make sure you only send out breaking news when it is actually breaking! This type of content continues to be the top content type requested by journalists.
Remember, content is still king as long as you know how to utilize it!
Until tomorrow,
Coco the CEO
Friday, August 22, 2014
PR and Results
Happy Friday. We are at the end of a work week, which is why I want to use today's blog to briefly touch upon results. In the PR field, clippings and media appearances are no longer enough to measure branding and media results. Now, we have to consider social media hits and opportunities.
The problem I always face with new clients is a lack of understanding as to what media results are and how they factor into sales. For example, if I have a client who sells cars and we book him as a car sales expert on every local show available, that same client is going to expect his car sales to jump through the roof in the next few weeks. The truth, however, is that this isn't going to happen. One interview, or ten interviews, will not impact immediate and direct sales.
What will happen is a buyer will start to hear of our client through all the media channels. Plus, these media channels are picking up the client without paid advertising, which makes the client more creditable to consumers. When, and only when, the client is ready to buy a new car will he or she remember and then consider our client.
Immediate results for publicity by way of clippings and appearances do not often equate to immediate sales. This is an important fact that many new publicists fail to council their clients on. As we head into the end of the week, consider what you accomplished this past five days. Did you send out major pitches and campaign pushes? Did you call media outlet after media outlet? Did you get results? Chances are no. We who are in the industry know things take longer than often planned, but do our clients?
Until Monday,
Coco the CEO
The problem I always face with new clients is a lack of understanding as to what media results are and how they factor into sales. For example, if I have a client who sells cars and we book him as a car sales expert on every local show available, that same client is going to expect his car sales to jump through the roof in the next few weeks. The truth, however, is that this isn't going to happen. One interview, or ten interviews, will not impact immediate and direct sales.
What will happen is a buyer will start to hear of our client through all the media channels. Plus, these media channels are picking up the client without paid advertising, which makes the client more creditable to consumers. When, and only when, the client is ready to buy a new car will he or she remember and then consider our client.
Immediate results for publicity by way of clippings and appearances do not often equate to immediate sales. This is an important fact that many new publicists fail to council their clients on. As we head into the end of the week, consider what you accomplished this past five days. Did you send out major pitches and campaign pushes? Did you call media outlet after media outlet? Did you get results? Chances are no. We who are in the industry know things take longer than often planned, but do our clients?
Until Monday,
Coco the CEO
Tuesday, August 19, 2014
When Reporters Cross the Line!
Do you know when a reporter crosses the line? Let me explain a bit about the unsaid rules of the press. You have two types of journalists to pitch to. The ones that can be bought and the ones that can't. Of course, the ones that can't be bought have more power as far as reach is concerned and people tend to trust them more. Anderson Cooper is one of these journalists.
The other type, the ones that can be bought, care about pushing the interest of their advertisers and typically will ask soft questions or deter away from hot button issues. You will work with both types of reporters within your PR career. Therefore, it is very important to know which types of clients to push to the different types of reporters.
For example, if you have a client who is always in trouble and can't handle himself well in-front of the media, putting him on Anderson Cooper's show is a bad idea- even if you vet the questions. This said, you could put that same client on any major network daytime TV show where vetting the questions is possible and you can brief the interviewers.
All this said, there is no safe bet. You may run across a reporter who crosses the line with your client. What do you do in this case? Do you pull the interview on live TV? This can make things worse for your client. Do you try to recover with follow up press releases and interviews? I wish I had the answers. You see, this subject has to be deal with on a case-by-case basis. There is no across the board answer.
When a reporter crosses the line, have a prepared plan read to be put into action for your client. Make sure you have a different plan for each client and you will be as prepared as you possibly can in this scenario. Remember, your a publicist - or at least trying to navigate your own PR efforts- and the current situation with your overall branding goals have to be the first thing you consider when responding to any reporter who crossed the line.
Until tomorrow,
Coco the CEO
The other type, the ones that can be bought, care about pushing the interest of their advertisers and typically will ask soft questions or deter away from hot button issues. You will work with both types of reporters within your PR career. Therefore, it is very important to know which types of clients to push to the different types of reporters.
For example, if you have a client who is always in trouble and can't handle himself well in-front of the media, putting him on Anderson Cooper's show is a bad idea- even if you vet the questions. This said, you could put that same client on any major network daytime TV show where vetting the questions is possible and you can brief the interviewers.
All this said, there is no safe bet. You may run across a reporter who crosses the line with your client. What do you do in this case? Do you pull the interview on live TV? This can make things worse for your client. Do you try to recover with follow up press releases and interviews? I wish I had the answers. You see, this subject has to be deal with on a case-by-case basis. There is no across the board answer.
When a reporter crosses the line, have a prepared plan read to be put into action for your client. Make sure you have a different plan for each client and you will be as prepared as you possibly can in this scenario. Remember, your a publicist - or at least trying to navigate your own PR efforts- and the current situation with your overall branding goals have to be the first thing you consider when responding to any reporter who crossed the line.
Until tomorrow,
Coco the CEO
Wednesday, August 13, 2014
2 “Must Have” Traits for Today’s PR Leadership Needs
In the public relations business it is essential that you
are able to lead a group. From leading clients through a rebranding campaign to
heading up a multi-media press junket at the Academy Awards, you are expected
to do it all!
This said, there are two “must have” leadership traits that
make or break a public relations account rep. What are they? Being transparent
and operating in real time.
I can’t talk enough about transparency. It is crucial that
you never lie, exaggerate or over promote yourself or your clients to the
media. They can smell BS. When leading a
client or the press, be honest with them. Don’t over hype, don’t fudge the
truth, don’t mimic someone else’s campaign.
If your client has a weak spot, address it right up front and then play
up his or her other positive points. This is the definition of great
leadership- knowing when to tell the truth and knowing how to not lie but play
up other points.
Secondly, be on time with your media delivery. It is very
hard to promote anything in advance with today’s 24/7 social media culture. You
need to monitor Twitter and Instagram almost second by second. Thus, to lead,
make sure you are using real time examples and headlines to pitch your clients
or you will be dead in the water, as will be your company.
I hope these two simple, yet important tips, help you
amplify your leadership skills.
Until tomorrow,
Coco the CEO
Wednesday, July 30, 2014
3 Event Success Tips From A PR Perspective
As you read these tips, I encourage you to share your
success secrets and tips with interns and entrepreneurs. It will not harm your
business, it will grow your circle of trusted professionals when it comes to
networking, sales resources, and more!
Tip 1: Interaction is key, not presentations. No one likes
to sit through presentations. We often have to, but ask someone if they are
excited about a three hour presentation, they’re not. So, find ways to
incorporate the audience and feed off of their energy to keep people engaged
and happy.
Tip 2: Take care of your sponsors. Often, ROI for a sponsor isn’t immediate and
they tend to care about this factor more than media value. So, how do you keep
them happy before, during or after an event? Treat them like gold. Sponsors are
your event’s financial backbone. Send random gift cards, play their importance
up big time to everyone, and continuously thank them for supporting you.
Tip 3: Don’t accept any media outlet. This is a rookie
mistake. Sometimes we are so desperate for clippings (especially if we have bad
clients), that we – as PR people- will credential any media outlet to cover the
event. This isn’t good. In fact, it’s bad. Why would the mainstream media show
up when they see stringer reporters (or worse, illiterate bloggers with an
audience of 200 who want to be reporters) attending the event? If you want to
add a “need to be here” feel to the media, make sure you are only offering so
many credentials and offer VIP credentials to the right outlets. Don’t
credential each and every outlet. It’s not worth it. It will ruin your reputation
and when your clients (or sponsors) discover they are being interviewed by a
small time reporter or stringer…. They WILL Be unhappy.
Until tomorrow,
Coco the CEO
Wednesday, July 23, 2014
When clients make PR mistakes.
Why the third group
is dangerous; the "parental-fixation" syndrome. What is it?
Parental-fixation syndrome is when you become so focused on your company,
product or service that you forget a bigger world exists out there. The third
group of clients have this syndrome and, for them, everything in their lives
deserves a media release and contains press value. When things don’t get picked
up, they want to know where you magic wand is (or worse)! I hate to say this,
but there are many publicists who also have this syndrome. How? Well, it can
show up when you treat reporters as if their sole purpose is to tell your
story. In reality, most of the time the media will be only slightly (if at all)
interested in your news or what your clients have to say.
I am writing all of this under the title of “When clients
make PR mistakes” because it is important, for us publicists anyway, to inform
clients about the realities of day-to-day publicity efforts and what their
reasonable expectations need to be. If not, the mistakes your clients make
(especially in group three) will leave you with unhappy clients. Communication is key. Neither group one or
two will be a perfect client. You have to let clients know upfront what will be
expected of them in the contract for services as far as communication goes.
With group three, you need to be extra careful about over promising and under
delivering.
All this said, clients can make mistakes about their involvement
and PR assumptions. Not information your clients about the realities of PR is a
common publicity mistake. Please take this information and learn from it.
Until next time,
Coco the CEO
Monday, April 14, 2014
The cost of negativity – firing a client.
Last week I touched a bit on firing a client and a few basic
reasons why and how to do this. Today, however, I want to talk about weighing
the costs. Most people become emotional about firing a client. They think it’s
going to harm the client or their own reputation.
Any smart business owner adds
a Terms of Service agreement onto their invoices. These Terms of Service
agreements not only show your client what guidelines and expectations come with
working alongside and hiring your firm, but they also include social media and
online review protections that can allow you to sue your client should you fire
them and they become hostile.
Chip Bell, who is a Customer Loyalty Consultant and
best-selling author, recently wrote “Business owners may anticipate having to
replace lost revenue or fear potential negative word-of-mouth that might ensue
from severing their ties with a client. This often keeps them from lowering the
boom on highly toxic or bottom-line-eroding customers. And in the viral world,
the word-of-mouth concern should definitely be figured into the decision.”
Money is often a concern, along with reputation management,
when firing a client. You can replace a contract. You can’t replace your sanity
or the amount you may lose because of a toxic client. If you have a client who
requires too much of your time, other clients may leave your company. Is it
easier to replace one client or many? The answer is pretty simple.
Chip Bell states, “Customers should be encouraged to exit
for one of three reasons: They’re costing you too much financially, taking a
steep emotional toll or violating a key value of the organization.” Think about the client you may want to fire.
Think about what I said and then think about the three steps Mr. Bell just
listed. Now, can you really afford to
keep this client?
Negativity and finances are always a good reason to part
ways.
Until tomorrow,
Coco the CEO
Subscribe to:
Posts (Atom)
