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Topic Guerrilla Marketing The Guerrilla approach to marketing Introduction An alternative to … Big bucks Textbook tactics Have to do some extra work What is Guerrilla marketing? Introduction Marketing is everything you do to promote your business Marketing includes… What this book can do for you Help make a small business big Forget everything you know about market at big companies Marketing for you is vastly different than for an esteemed member of the Fortune 500 Some of the principles may be the same, but the details are different Your size is your strength The ability to … Your marketing arsenal One of these day you’re not going to be an entrepreneur any longer You must have quality Have to offer a quality product or service to be successful Be aware A great deal of marketing isn’t merely poorly executed these day—it isn’t executed at all! Fewer than 10 percent of the new- and small-business people in America have never explored all of the marketing methods available to them Guerrilla marketing demands that you No ad agencies that specialize in guerrilla marketing What to do Excellence Comprehend every facet of marketing Employ with excellence the marketing tactics that are necessary A look at Japanese success story Going all out Energy has to be directed by intelligence Enterpreneurial Marketing: the critical difference Introduction A small business is not a little big business A profit-seeking individual Must have a different outlook Must apply different principles Resource poverty The critical difference Many of the approaches and some of the techniques overlap Must govern tactical operations by marketing strategy Need to examine all of the marketing avenues available to them Business cards An example of the difference Should contain a lot more information Flexibility The biggest difference between an individual businessperson and a large corporation Can react to Word of mouth Probably need more than just word of mouth Ways to generate word-of-mouth Use all of these methods Summary An overall marketing plan for a person engaged in individual enterprise See eleven point advertising program on page 14 The three most important marketing secrets of all The big three You must be committed to your marketing program You must think of that program as an investment You must see to it that your program is consistent They are extremely difficult to follow Everybody may advise you to change your marketing plan Your customers won’t want it to change When you develop your marketing plan, don’t give it your stamp of approval until you are ready to commit yourself to it. Don’t okay it until you are ready to invest in it with realistic expectations of return Don’t commence implementing it until you are prepared to stay with it on a consistent basis You can make changes while remaining consistent The blueprint: secrets of successful market planning Introduction Must start with a marketing plan How do you develop one? Positioning Determining exactly what niche your offering is intended to fill Questions and criteria The market plan or positioning strategy should serve as the springboard for marketing that sells Review your offering with regard to … Ask yourself basic questions Once you zero in on a position for your product or service If not completely satisfied with your answers When you have answered the questions to your own satisfaction Accurate positioning No guerrilla would think of doing one speck of marketing without a proper marketing plan that includes a positioning plan Just prior to starting on your marketing plan The positioning paragraph The one paragraph marketing plan Seem deceptively simple A complete marketing plan should serve as a guide. It need not spell out all the details The marketing plan (all it really has to do) The business plan To include those details in the marketing plan itself is to muddy the waters A good road map The briefer your marketing plan, the easier it is to follow Bolster it with as many support documents as you wish Marketing plan should be the essence of simplicity Expanding your plan Once you have given your plan the proper thought, brevity, and focus, you can expand it in those areas pertinent to your business Never forget that your prime purpose is to obtain maximum profits Your expanded plan should look first to the long range, then to the near future You might want to consider Many expanded marketing plans include a situation analysis “What if” situations An expanded marketing plan is more of a luxury than a necessity Reexamine your marketing plan yearly Summary A little flexibility, but not too much A good marketing plan should not allow for too much flexibility If you want changes Commit yourself to it What is to be done Once you have positioned your business with a marketing plan and can start, where do you go? Develop a creative plan that tells what your advertising is going to say Create a media plan that tells the exact details If you have the rest of your act together You can start earning money Don’t stop marketing Ten truths you must never forget The market is constantly changing People forget fast Your competition isn’t quitting Marketing strengthens your identity Marketing is essential to survival and growth Marketing enables you to hold on to your old customer Marketing maintains morale Marketing gives you an advantage over competitors who have ceased marketing Marketing allows your business to continue operating You have invested money that you stand to lose Secrets of developing a creative marketing program Creative strategy Marketing is not creative unless it sells Start by devising a creative strategy Seven steps to advertising that works After you’ve got your strategy Seven steps The creative use of tools Once you have highly creative marketing tools You must be creative in the way you use them Must be more creative than you competition in every aspect of marketing Creativity is your responsibility Creativity is action Examples of creativity in actions None of these examples talked about the creativity one usually associates with ads themselves Train yourself to think that the opposite of creativity is mediocrity The source Creativity starts with knowledge Knowledge of… Ways of keeping abreast of world events in the usual manner What it does If you’re not keeping up, you’re falling behind The essence of creativity Think backward Need to be knowledgeable about a broad range of topics To remove the mystique from the creative process (think backward) Thinking backwards takes you to the needs and desires that are crucial to motivation Marketing & Psychology Secrets of selecting marketing methods Introduction Many places you can go wrong in developing a creative strategy The marketing spectrum Every method of marketing has it own particular strength The methods, their strength’s, weaknesses, interaction Which to choose? The marketing calendar Having selected the marketing vechicles that can propel you to your goal Be sure you then use them in an orderly, logical manner Advantages Content The compatibility factor Don’t use a marketing vechicle unless you are going to use it like a pro All the compatible marketing methods that you can possibly employ with skill and on a regular basis, should be put to work for you Marketing method Monthly cost Comments Reach and frequency Reach Frequency Before selecting any method of reaching people you wish to reach, think these thoughts Set out with the idea that you will employ absolutely every marketing method listed in this chapter Then, start cutting down the list Go for the glory Synergy Secrets of saving marketing money Introduction Prepare a worksheet with a column for each of these ideas/techniques Does is fit my situation Steps to implement Do them Check them off Dollar stretching Bartar Co-op advertising P.I./P.O. Free research Gang runs TV and radio rate-card fiction Ad size Professional production Remnant space You are the advertising agency TV production on a shoestring Secrets of obtaining free research Introduction Three most important things to do to market anything Unrealistic for those with resouce poverty Learning about your market Ten crucial questions What should you market? Should your marketing feature some sort of price advantage? Should you emphasize Should you … Exactly who are your competitors Who are your best prospects What income group do they represent What motivates them to buy Where do they live What do they read, or watch, or listen to in the way of media Great advertising is preceded by great research Three prime ways to engage cheap research The free money library The customer knows Similar questionnaire given directly to customers Try all three methods The basic needs When questioning your target audience Mini-media marketing Introduction Canvassing: marketing on an eye-to-eye basis Introduction Inexpensive (time) Canvassing is merely asking prospective customers for business Three steps to successful canvassing Contact Presentation Close (most important) Ways to do it Door-to-door selling Presell by first calling or writing the people you intend to canvas This may be the only marketing took you ever need The clever canvasser Invest a bit of money Choices (after you learn the best way to canvass) Advantages Great way to get a brand-new business going Strengthens your contacts Learn the objections, if any, to your offering Instant results Can be instituted instantly as well Enables you to demonstrate Enables you to be intimate Allow you to be newsy Allow you to involve the prospect The canvassing campaign Named your company Printed up business cards Ready to make a detailed canvassing plan The disadvantage of personal canvassing Who will close the sale? Somebody will The best time to close is while you are with the customer Closing is the name of the canvassing game Think “close close close” all the time Got to handle the contact right Tips on making a good contact How to make your presentation Closing like a pro Personal letters—inexpensive and effective The personal touch The follow-up Multiple mailings Personal is not personalized Levels of the personal You are not the customer P.S. Timing Telephone marketing: Dialing for dollars 3 ways to telephone market Individual phone calls Mass telephone marketing Computer Comparison to other methods Takes less time than a canvas More personal than a letter Costs less than both Provides fairly close personal contact with your prospect In the middle in terms of being able to say no Should be part of an overall marketing program Should be a continuing effort One phone call isn’t enough Incentives-See page 79 Maximizing telephoning sales power Proper voice training Talk clearly Use short sentences Talk loud enough. Talk across the mouth piece Project authority and warmth while instilling trust State message as concisely as possible. Don’t read from a script Don’t even memorize a script Memorize an outline or “thought flow” More naturally conversant you sound the better Handling the objection Close on the objection Rephrase it The script Can use an outline Don’t work from one but write one After writing Outline should accommodate several situation How to call Try to create a bond between the two of you Should be warm and brief Close should be clear and definite The call Example on page 81 Lots of questions, so that person called will feel he or she is part of the process and will not feel “talked at” Use in conjunction with a direct mail Be prepared for a massive amount of rejection The boiler room How to make the telephone work for you Know what benefits turn your prospective customers on Give prime emphasis to those benefits you feel have the most impact Success ratio Circulars and brochures — How, Where, and When Distribution Content and format George’s flier George’s brochure Other tips Guerilla business cards Classified-Advertising Hints: Making Small Beautiful Where and why and how much Classified information An ad that works Classified display Classified content Study the winners Signs — Big and little Sign language Good-looking signs Think small Format Where and how P-O-P (point of purchase) Plan the sale when planning the ad The Yellow Pages: Making them turn to gold Which directories give you direct business Advantages Never send them to the yellow pages Exploiting the yellow pages The answer must always be yes The do’s and don’ts Maxi-media marketing Introduction Newspapers: how to use them with genius Test in the right way Make it look good Make it read well Make it the right size Run it on the right day Put it in the right place Know the newspaper Reprint the ad Tips for success with newspaper ads Magazine advertising — Its values to entrepreneurs The credibility factor Split runs: test as you go Coding tells all Cutting cost Target your market How to use magazines Do the two-step The value of magazine advertising Radio: it costs a lot less than you think The radio relationship Which stations and how many Radio categories The ad-lib ad Designing an effective radio spot Thirty or sixty? Music hath charms Three crucial seconds Bright spots Radio only? Television: how to use it, how not to abuse it How much is enough? What TV can do Which shows You are not the commercial How to produce a TV spot TV commercial guidelines Outdoor advertising — what it can and cannot do Two magic words Location is all Six words only Research those billboards Share of mind Moving images Always look for sign locations Direct-mail marketing: pinpointing your prospects Why direct marketing? The direct check? The value of direct response Mailing envelops Toll-free phone numbers help The almighty catalogue My own direct-mail experience Non-media marketing Introduction Advertising specialties and samples: If you got it, flaunt it A good ad specialty The utterly honest method Successful sampling It’s hard to say no to “free” Why sampling works Free seminars and demonstrations: show and sell The shape of the seminar The three factors Seminar costs Demonstrate Throw a party Trade shows, exhibits, fairs: making a public spectacle The $50,000 minute Cutting costs An educational experience Maximizing the marketing opportunity The main thrust The winning combination Staffing your booth Miscellaneous marketing tools: searchlights, contests, t-shirts, and more Moped marketing and more Contests can help Public relations: instant credibility $10,000 per story The most important factor The PR pro The hook The release Making contact Make it newsworthy How to be newsy Joining in A respected member of the community The reasons for sponsorship The reason to start a program Producing professional marketing Introduction Possible to have … and still have your business fall flat on its face. Not only possible but commonplace A first-rate product or service A well conceived marketing plan Brilliant positioning A dynamite creative strategy A topflight business location A gorgeous package A wonderful name A memorable theme line Reason Marketing materials look just awful Your words sound horrible Your advertising is a real turn-off You sunk all your money into media You skimped on production Marketing has an intangible quality that defies number, defies logic Marketing “feel” Beyond CPM CPM = cost per thousand The cost in media dollars To reach one thousand people $2.50 is a low number CPP = cost per prospect More important than CPM Be highly sensitive to the metamessage of the marketing The unspoken part The true emotional impact Reaches not merely the conscious mind of your prospects but also the unconscious It costs to send out a positive metamessage How to spend Reserve about 10% of your marketing budget for the production of marketing materials If you are a new company Three paths to effective ads Do it all yourself Turn the work over to an advertising agency Set up you own house ad agency and save 15% Use independent contractors to fill in the gaps in their marketing ability Smart marketing consultant An art director A copywriter Seven areas of expertise An effective printed piece requires expertise in seven different areas The idea Copywriting Graphics Pictures Typography Paste-up Photostating Judgement is all Your job is to exercise the right judgement in all seven areas Marketing radar Start developing a radar for good marketing The more you observe, the more you learn Hire a pro to design your work Ask Use co-op advertising Co-op Resource Center (see page # 210) Marketing mileage Think both short and long term Thinks of other ways you can use your expenditures (see page # 210) Brand names Create brand names for your products No matter what your business really is, people will think of it as your marketing portrays it Tell your employees Make sure you employees are completely aware of your marketing program (see page # 211) Wait for your marketing plan to take hold Guide to further information Guerrilla Marketing Attack Preface This is a sequel to Guerrilla Marketing GM describes a new way of marketing your goods or services Relying on your time, energy, and imagination Rather than your bottomless marketing budget GMA is a method for using the newest insights of guerrilla marketing to plan, launch, and maintain an all-out marketing offensive designed to transform prospects into customers and marketing investments into profits One hundred weapons for the attack Introduction The enemy is disguised What the enemy can’t do Outmarket the competition Enemies are everywhere Becoming a guerrilla Ten requirements The news from the battlefront is good Marketing get easier The 100 guerrilla marketing weapons Name Product or service niche Color Identity Logo Theme Package Size Decor Attire Pricing Business card Stationery Order form/invoice Inside signs Outside signs Hours of operations Days of operations Phone demeanor Neatness Location Window displays Business plan Advertising Distribution Service Follow-up Customer recourse Community involvement Tie-ins with others Public relations Publicity contacts Reprints of ads and publicity Special events Testimonials Smiles Greetings Contact time with customer Sales training Sales presentations Sales representatives Audiovisual aids Audiotapes and videotapes Refreshments offered Credit cards Availability of financing Club and association memberships Team sponsorships Word of mouth Circulars Brochures Samples Consultations Demonstrations Seminars and lectures Column in a publication Books and articles Contests and sweepstakes Phone-hold marketing Music theme Booths for malls/streets Roadside stands Farmers and flea markets Access to advertising material Access to co-op funds Research studies Classified ads Newspaper display ads Magazine ads Yellow page ads Direct-marketing coupons Direct-mail postcards Direct-mail letters Catalog Newsletter Inserts Trade-show display Merchandise displays Billboards Balloons, blimps, and searchlights Advertising specialties Posters Bus and wind shelters Telemarketing scripts Take-one boxes Radio commercials Television commercials Gift certificates Gift baskets Human bonds Competitiveness Convenience Speed Reputation Brand-name awareness Credibility Enthusiasm Customer mailing listing Satisfied customers Marketing savvy Ten most important weapons Competitiveness Human bonds Credibility Enthusiasm Customer mailing list Advertising Reputation Service Brand-name awareness Satisfied customers State-of-the-moment marketing The Guerrilla Marketing Newsletter Spreads like wildfire If you’re selling substandard goods Readying the weapons for your attack Study each of the 100 guerrilla marketing weapons Assign it to one of four lists A-Using it and using right B-Using it but needs improvement C-Not using it, ought to be, immediately D-Isn’t appropriate What to do with the lists The personality of the successful guerrilla Introduction Marketing is like flossing The power of nine A marketing message must penetrate the mind of a prospect a total of nine times before that prospect becomes a customer Cold reality Here’s how it generally works in real life for a new business that has done no marketing The first time The second time The third time The fourth time The fifth time The sixth time At this point The seventh time The eight time The ninth time The life force arrives It took 27 ads to get through to these people Personality traits Patience Aggressiveness % of revenue invested in marketing Imagination Sensitivity Ego strength If these don’t fit you, then delegate the marketing function to someone in your organization who is the very essence of them The seven-word winning credo Introduction Seven invisible concepts Seven words Commitment Resist change in marketing Three months of faith When mediocre marketing works Investment Utter nonsense in marketing Guerrilla in Marlboro country Consistent Prove yourself Something to lean on Where the real action is True creativity in marketing Confident A question worth asking Patient Assortment Wide is wonderful Subsequent The honeymoon should never end A precious, lovable, endangered species From an art to a science Introduction The transformation of marketing Art belongs in galleries Scientific facts Most purchase decisions are made in the unconscious We know how to access the unconscious mind of people. Repetition does the job The power of repetition Your marketing can be twice as effective if you aim it at both right-brained people and left-brained people Half of marketing is ineffective The more statistics you have, the more precise you can be in your marketing. And statistics of all kinds are now available through the U.S. Government Printing Office Children are influencing family purchases more today than ever before It is now possible to predict the behavior of many consumers, but you can’t rely on the consumers to provide accurate information People’s values are now measured and ranked. Knowledge of them can dramatically aid your marketing. But be warned: These values change regularly There are two bonds to make to speed the closing of a sale — the human bond and the business bond One of the most important human needs is for an identity. Recognize the identity of your prospects People have a basic need to belong. Let them belong to your “club.” People love to be recognized as experts. Getting a person to say yes to a sale works best if you establish momentum first with lesser questions to which it’s easy to answer yes Your customers will be buying a lot more than merely your product or service What customers really buy Your job People will remember the most fascinating part of your marketing and not necessarily the product or service that you are marketing Two schools of marketing A share of mind Sell yourself first Science is a tool not a master Why launch an attack? Introduction The stance of a leader Just what does it take to launch the attack? Introduction Permanence is paramount Components of a guerrilla marketing attack Selecting your weapons Planning your strategy Creating your marketing calendar Remembering your seven-word credo Time requirements The soul and spirit Look at trends What kind of marketing is tailored to the reality of your budget What kind of marketing lets you see into the future? guerrilla marketing attack calendar Lets you plan … What kind of marketing prevent marketing emergencies? What kind of marketing aids decision making? What kind of marketing gives you a cohesive identity and add power to each marketing element that you use? Basic training for guerrillas Introduction Nobody seems to know—the fundamentals of marketing Can’t really define it Don’t know what it really means View it too narrowly Avoid making decisions about it Tend to copy their competitors rather than innovate What is marketing? Supposed to create a desire to buy products and services The truth made interesting and communicated to all interested parties Be clear with your message A few words about your image: get rid of it Identity instead of image Institutional advertising 70% of people are outer directed (see page # 70) To whom do I market, and what do I say to them? Talk more about your prospect than your product Don’t walk away from an investment A guerrilla has three markets and one sacred obligation Markets The universe Your prospects Your customers Obligation Move members of the universe into your prospect market Move members of your prospect market onto your customer list Market like crazy to everyone on that customer list Is it possible to market to all three guerrilla markets at once? A dozen tactics to consider Introduction Launch an all-out attack Tactics Eight stamps Expensive art director Media-buying service Preprints or inserts Sample to the grapevine Your club Marketing trends Testing copy Thumbtacks and staples Solving problems Bribes work Find multiple uses Gaining effective media support Introduction Use of media for several other reasons Credibility Targeting Politics The biggest mistake Expensive and inexpensive media Don’t spread yourself too thin Classic media errors Consistency over impact How do I figure how much I should invest in the media? Methods Invest more at first How do I know which media to select for my attack Guidelines See where your competitors are advertising Talk to others in your industry; their ideas can help you Test until you are convinced you’ve selected the right media Don’t overlook any of the media; the more you test that you can use properly if they work, the better for you. Think in terms of narrowcasting, not broadcasting Don’t worry about the CPM (cost per thousand); keep your eye on the CPP (cost per prospect) Keep an eye open for fabulous bargains in media Media picture is constantly changing Look at the current media possibilities for your company Three types of media Mini-media Maxi-media The non-media Direct marketing, guerrilla style Introduction Direct marketing refers to … (see page # 119) Direct mail Couponing in newspapers and magazines Postcard decks etc. Reasons for the surge in direct marketing? What are the goals of direct marketing? How do you create effective direct mail? How important is testing How important is the right mailing list Learn five basic direct-marketing skills Learn fifteen smart direct-marketing idea all guerrilla know What every guerrilla should know about telemarketing Success in direct marketing should be measured by only one gauge: profitability. The most important person Introduction Your customer A customer recourse policy The dance begins The $100,000 customer Customer love The many faces of a customer The wondrous transformation Your word-of-mouth machine The anatomy of a customer Truths about your customers How does a business become customer oriented? A guerrilla’s golden rule Always think like your customer Listen when challenged Spy on yourself Employee relations count Employee relations count Are the customer of today different from those of yesterday? The guerrilla’s primary product Reward their expectations Ask yourself questions Thirty-three marketing myths Introduction Myths are expensive Myths & truths It is good to have a great deal of white space in advertisements, brochures, and other printed material People are likely to open thick envelops Use short copy. People won’t read long copy It is costly to purchase radio and television advertising time It is expensive to product an effective TV commercial Sell the sizzle and not the steak If you have the right offer, price, mailing package, and mailing list, your direct-mail effort will be successful Great marketing works instantly People have strong opinions about marketing Marketing should entertain and amuse It is not possible to be creative when marketing certain products and services Nobody pays attention to TV commercials Advertising on television give your business a glamorous identify Marketing should be changed every few years to keep it fresh and new Marketing is successful if it is memorable Public relations stories have a short life span Bad publicity is better than not publicity at all Small business cannot afford to advertise in national newspapers or large metropolitan newspapers Word-of-mouth marketing is all a great business needs The purpose of marketing is to generate maximum sales volume Quality is the main determinant in influencing sales It is important always to have a sale of some kind It makes a lot of sense for a small business to retain the services of an advertising agency You can save money by producing your marketing materials within your own company, using your own people Once your business has a solid customer base, it can cease marketing If a prospect says he or she wants some time to “think it over” before making a purchase, they actually will think about it, and they’ll probably come back to buy In order to market effectively, you’ll have to spend more than you can afford You should use as many of the media as possible Repetition of a marketing message is boring Marketing is too complex for you to control Large businesses cannot use guerrilla marketing Offering free gifts is beneath your dignity and that of your prospects and customers All that really counts is moving the goods and earning an honest profit Maintaining the attack—and the profits Introduction Three phases of guerrilla marketing attack Planning Launching Maintaining The hardest part is the maintaining Every single week Goal: Set your marketing into motion The first part of maintaining your attack The second part Maintaining a guerrilla marketing attack for long-term victory requires 10 things A person To plan, launch, and maintain your company attack A commitment By the To A time Schedule time to … required to launch the attack Schedule time each week Must tailor your marketing time to your current situation and objectives Don’t spend too much time at it once your attack is launched An analysis Analyze all the 100 weapons in the guerrilla marketing arsenal If you can’t put a weapon to use in the right way, put them off until you can A strategy Create a seven sentence strategy that can guide your efforts for the next 5 to 25 years Be certain that everyone in your company who deals with any member of the public read and understands this strategy Be prepared for others to copy your strategy A calendar Your 52 week guerrilla marketing calendar Make a new one every 26 weeks The tracking Where did each of your customers learn about you? Where did your prospects who are not yet customers learn about you? Each … represents a wasted marketing effort unless that contact is tracked The trends Got to be ready to react to new trends Have to keep up with … New trends are opportunities for you to add Capitalizing on new trends is the tactic you’ll use to Books are wonderful for providing you with insights Magazines and newsletter furnish the front-line intelligence from which action springs Keep up or you’ll lose out The customer Consistent contact with the customer subsequent to the sale is what will create the most profits for your company Select the most appropriate methods of maintaining customer contact Think in terms of the customer Find ways to serve your customer and regularly offer new forms of assistance in the form of … A motto: do it now Spring into action Surviving in the 1990s Information arsenal for guerrillas Books Periodicals Audio Guerrilla Marketing weapons 100 affordable marketing methods for maximizing profits from your small business The more weapons you use, the more profits you earn The weapons Weapons for the outset Name Niche Quality Color Logo Theme Location Research studies Distribution Marketing plan Identity Pricing Selection Customer mailing list Weapons not recognized as part of marketing Package Business cards Stationery Order form/invoice Inserts Contests and sweepstakes Roadside stands Gift baskets Audiovisual aids Audiotapes and videotapes Marketing on phone hold Decor Attire Ad specialties and gifts Matchbooks Music Weapons that begin with attitudes Phone demeanor Neatness Smiles Speed Service Follow-up Contact time with customer How you say hello and good-bye Publicity contacts Brand-name awareness Enthusiasm Competitiveness Weapons overlooked by nonguerrillas Community involvement Take-one boxes Window displays Club and association memberships Team sponsorships Reprint of ads and publicity Sales training Circulars Refreshments Book and articles Courses and lectures Gift certificates Testimonials Tie-ins with others Column in a publication Newsletter Classified ads Posters Weapons that make you easy to buy from Hours of operation Days of operation Credit cards accepted Availability of financing Catalogs Samples Toll-free phone numbers Credibility Satisfied customers Weapons that are frequently misused Outside signs Word-of-mouth Brochures Yellow page ads Public relations Telemarketing scripts Access to co-op funds Access to marketing materials Weapons that produce instant result Inside signs Trade show displays Fairs and flea markets Special events Searchlights and blimps Seminars and workshops Merchandise on display Demonstrations Consultations Sale presentations Direct-mail letters Direct-mail postcards Postcard decks Booths for malls Doorhangers Sales representatives Weapons that have extra firepower Advertising Reputation Newspaper ads Magazine ads Radio commercials TV commercials Outdoor billboards A strategy for using the weapons Introduction The parts of your weapon list The weapons The priorities The people The timing Guerrilla Marketing Excellence The fifty golden rules for small business success Preface: how guerrillas profit from golden rules Golden rules to guide your thinking What the stone cutter knows Precision What people really buy Solving problems The world’s best customer list Customer reverence Convenience The power of questions The perils of showtime Introducing new products and services Sources of marketing know-how Honesty Profits Golden rules to guide your effectiveness Share of mind Style vs. substance Being interesting Timing Cleverness Bribes Economizing Soft steps and hard steps One-on-one micro marketing Danger of originality Entrepreneurial judo Guerrilla marketing of services Assuring distribution with TV The designated guerrilla Strategic alliances Golden rules to guide your marketing materials Competitive advantage The mighty headline Magic words & tragic words Humanity & marketing Humor & marketing The value of specifics Marketing combinations Guerrilla gimmicks Not for do-it-your-selfers Golden rules to guide your actions Achieving credibility Restraint Second in line Proving you care Givers vs. takers Networking, guerrilla style Pioneering Marketing in a recession Luxury box marketing The wisdom of moving slowly Guerrilla relationships Eating life Elilog: breaking golden rules Guerrilla Selling Your briefing A revolutionary selling system The Bob Miller story—an example Introduction Two most powerful weapons Never Lets the prospect control the interview When the prospect asks him to write up the order, he objects Fanatic about quality Maniac about service A guerrilla goes on patrol Drives out to an industrial park Talks to … Asks lots of questions At the prospects loading dock 3 days of gathering information The first phone contact Know the receptionist by name Tell her that … suggested that you call I was hoping you could give me some advice. Your firm was recommended to me by several people Who’s in charge of… Confirm address I’ll be in the area day after tomorrow. Would you please leave a message for him and let him know I’ll stop by Send receptionist a thank-you note The first office call See receptions I’m … Did you get my card? I just wanted to tell you how much I appreciate your help. I came by hoping I could speak to {first name}. Is he in? Hello, Mr. {last name} my name is … Thanks for taking some time to see me. I have a few questions I’d like to ask about your … methods Notice demeanor, body language, and conversational tone What’s your biggest frustration with… Do you mind if I take notes? More information gathering The presentation {same visit} Responds with one of several well-rehearsed presentations about his new business The guerrilla objects All the unimportant problems that suggest reasons why the prospect might not want to do business with the guerrilla Let me ask, on a scale of 1 to 10, how confident do you feel doing business with us? What would you need in order to get to ten And a reward You’ve made a good decision, {prospect’s first name}, thank you for your confidence Next day The new guerrilla Why the neophyte has a temporary advantage until he adopts the corporate line NaB & CaPTuRe (the consonants guide the stage of a guerrilla sale Information (learning as much as possible about the prospect’s …) Needs Budget Ability to make a Commitment Surprise (doing the unusual, the unexpected, personalizing the presentation, giving the prospect control, and objecting to the prospect’s buying signals) Presentation Transaction Reward Continued recon: tracking A nine-word credo for guerrillas Commitment To… If you lose business to a competitor If you’re not 100 percent committed to your customers Investment Invest time, energy, and money in deployment Planning and researching your … Rewarding customers for doing business with you Invest 10% of gross sales in customers Invest in yourself. Constantly improve your knowledge of the product, the market, and the customer Consistent In the customer’s mind consistency = credibility, longevity, and success Repetition is the key By being consistent, guerrillas become the second most likely source for their prospects Confident Know they are selling quality Believe in their products and their people Depend on the rest of the organization to deliver on every promise, every time, and then some Never bad-mouth When something goes wrong, they take personal responsibility Survey results “Why did you buy that item here ?” Do everything they can to communicate absolute confidence in their Patient Customers may not need your offering today Less than 4 percent of sales are made on the first call Over 80 percent are made after the eighth call On average it requires nine impressions … to move the mind of a prospect from total apathy to purchase readiness Assortment Offer a variety of goods and services Can adapt their … to meet customer needs The more flexible the better Yet … Subsequent Fight for successive sales Concentrate most of their efforts selling existing accounts Wage sales campaign simultaneously on three fronts Convenient Have to be buyer friendly Excitement Enthusiasm A good word for everyone Optimistic Never complain Love their business Guerrilla prospecting The cold call Guerrillas create curiosity from the first sentence Convert curiosity into interest Warm that interest into appointments Get the prospect to ask questions Listen to the answers Asks for a sales appointment The key to guerrilla prospecting are information and surprise A million-dollar guerrilla (commercial life and casualty insurance salesman) What’s the one thing you find most annoying in running your business? Offers a free service Planning One of the competition’s strategic weaknesses Position your product in the market Aim offering at a particular niche Look at the competition and try to position themselves to capture the high ground Three parts of guerrilla prospecting Finding prospects Approaching them Securing an appointment Finding prospects Find people who already want, need, or have to buy your product Look for obvious needs they can fill A prospect is anyone who has a need a budget the authority to make a commitment Unlimited prospects The phone book Start in the middle or end Using the ad in the Yellow Pages as a lead in Reconnaissance first Do some homework after finding a prospect Blank 3 x 5 card The more information the better your chances for making the right approach Also need to regularly shop your competition Reading their brochures, flyers, catalogs Memorizing their prices Warming up the cold call Information cures fear Building enthusiasm Study until you become an expert! Every aspect of … Every application of your product Every industry that uses your product Warm up to prospects in the same way, by getting to know them ahead of time Five steps to finding prospects Identify your “ideal” prospects, the people who are most likely to buy from you. Questions By profiling your customers, you’ll recognize them better when you Get out in the field (this is the second part of your recon) Go to the best areas you’ve identified Interview your ideal prospects anywhere they are likely to be found Questions Use an unusual, creative, or unexpected approach Get prospects on your side, in person or on the phone Columbo method Ask a lot of questions Build trust and confidence Understate the case so the prospect will feel comfortable and invite them to set a sales appointment Listen actively to the answers Content Emotional message The objective is to build trust Door-to-door revisited (the computer salesman) Referral pipelines Develop several pipelines of people who have a natural need for their product or service who can help the guerrilla find these people in other ways The whole truth What are you selling? Tell the truth Could you refer me to another … minded family in the area who is not so fortunate? Ask and ye shall receive Ask for referrals Best time is immediately after you’ve delivered the product or service Take blank sheet of paper Number it 1 to 6 “Just like you, my business depends on meeting people. Would you please give me the names of six others who, like yourself, are interested in becoming more successful? Since closing ratio runs 1-6 never makes a cold call How to help clients give you referrals Who do you know who Recently promoted Just had a baby Moved into town Whatever triggers the demand for your services Barbershop prospecting Pyramid scheme A referral tip Leave business card with a thank-you note with everybody you do business with The treasure chest Some sort of organized information system for tracking prospects Simple is better Planned call-back date See Guerrilla Tracking A computer database or lead-management system Gather, organize, manipulate Old customers, new business Example : Boat salesman One of the best sources of new customers is old customers Unconventional sources of prospect information Trade journal that serve target industries Feature articles about movers and shakers Get a fix on current trends Pick up the industry vernacular Directories Dun & Bradstreet Million Dollar Directory MacRae’s Blue Book R. L. Polk City Directory Call and ask them to mail you Brochure Catalog Annual report Recon prospects’ competitors Stalking a new prospect (how to use the directory) Z to A — the guerrilla prospector’s alphabet Extra, extra! Read all about it! How to get tips from newspaper What topics suggest the demand for your product What else could this news item mean? Newlyweds Centers of influence Friends in low places Janitors People on the loading dock Gatekeepers Receptionist or switchboard operator Influencers People who have a substantial affect on the outcome of the decision Users Talk to people who will be using the product before you make the sales call The spy Develop a spy in the organization Friends in high places Two call approach (see page # 38) “You oughta be in pictures” Send prospects their pictures or articles with a note FYI A three step prospecting Anticipate needs Milkman, new babies Oops! Auto accident Lease them a car The golden gate Do prospects a favor Give them a call Going up? Hand out cards in elevators Fashion show During lunch Extra lettuce Hide money in random packages Touchdown Toss business cards in air Photo op Pictures in newspaper Stamps For mailings Use real stamps “Here’s the information you requested First class Include business cards in all outgoing first class mail Stopped here All aboard The screwdriver call No obligation Loaner set Magic carpet Hot tracks Accelerated computer Big sale Parallel lines Getting appointments Now have … name address phone number Have to make initial contact Your mission Get appointments by The mission is to … clients and customers More concerned with being human Establish the human bond before trying to create a business bond See example on page 43 Turning a cold call into a referred lead When beginning your cold calls for the day, proper planning will ensure you have to make only one At the conclusion of 1st cold call in a particular area John, I will be visiting other people in this area If you were me, who would you call on next? Why did you pick him? Make that individual your next call Use the introduction from the first cold call as a referral The power of guerrilla prospecting … and … are the power of guerrilla prospecting Gathering current, accurate information about your market Using it in unconventional ways to create an advantage The more information you have about the position and movement of your marketplace, the better your chances are for finding prospects making the right approach getting appointments Information is your most powerful weapon Surprise is your most lethal tactic Best prospectors The mind map Why do prospects act the way they do? How they will react to you How they will make decisions Seven clearly identifiable personality types Fair, caring, sharing A matter of principle Strive to unlock the potential of their prospects Work to … control and direct their own thoughts understand the thinking of their clients The mind map People at different phases have unique needs, wants, and expectations Can anticipate the questions they’ll ask The objections they’ll raise Even the type of information they need in order to buy Guerrillas are flexible The seven phases The amoral phase Introduction The general characteristics Dominate needs Best approach The ego phase The general characteristics Dominate needs Best approach The pleaser phase Introduction The general characteristics Dominate needs Best approach The authority phase Introduction The general characteristics Dominate needs Best approach The principle phase Introduction The general characteristics Dominate needs Best approach The responsible phase Introduction The general characteristics Dominate needs Best approach The universal phase Introduction The general characteristics Dominate needs Best approach The guerrilla mind Sell is a four letter word Three things all guerrillas have in common Integrity Initiative Discipline Human nature Guerrillas are sensitive to prospects’ priorities Acceptance Respect Enjoyment Relating Types of salespeople Ego salespeople Recon and initial approach Sales presentations Handling objections and closing After sales tracking Pleaser salespeople Recon and initial approach Sales presentations Handling objections and closing After sales tracking Authority salespeople Recon and initial approach Sales presentations Handling objections and closing After sales tracking Principle salespeople Recon and initial approach Sales presentations Handling objections and closing After sales tracking The guerrilla challenge NaB & CaPTuRe The need stage Priorities and criteria The objective of the Need Stage is to verify … If no match Close at the beginning Meeting new people The handshake Posturing Everything you do communicates a message The opening: be prepared to be unprepared Find out what the prospect had in mind when they agreed to this appointment Find out Must satisfy their physical criteria Building credibility Consistency Credibility Congruency Common ground Criteria and priorities People don’t buy features and benefits They buy solutions to problems Task Earn their confidence when you show that you … Must create a positive relationship Won’t be able to identify your prospects’ criteria and they will not be receptive to your solution unless you satisfy their priorities as well Satisfying your prospects’ physical criteria is far more important than satisfying their cognitive priorities Satisfying their priorities is only a means to this end Mistakes of normal salespeople What will the product do for you Need to go beyond the prospect’s functional requirements to learn why there is a problem and why the customer thinks it’s a priority Strive to find out what the prospect wants the business to become and how his product can help The physical specifications of the new system, the criteria, will be determined later Find out where the prospects want to go Prospects face myriad challenges every day Things to look for Introduction Evaluation of proposals Alternate solutions Fear of buying Listen actively and visibly Introduction Concentrate like crazy Pause along the way Let the prospect see you take notes Maintain eye contact The about face Introduction Ask three times “The price is too high” The exception to the about-face Universal criteria Introduction Time Money Headaches Priority words Introduction What do you want? No mind reading, please Forget it The magic selling questions How does that look? Criteria words The prospect will also have a set of physical specifications that a product or service must meet These criteria must ultimately be met in order for the prospect to be satisfied Listen for the criteria words & note them Questions People do things for their reasons, not yours Progression Useful to isolate the steps the prospect follows when making a decision This progression is unique for each prospect But tend to follow this same progression whenever they make a decision How did you decide … ? Answer reveals not only the criteria, but the progression If you lead them through the same progression, it makes it easy for them to buy from you See example (see page # 94) Does that compute? Sometimes customers don’t really know what they want Questions Keep in mind that priorities, criteria, and progression are sensitive to the context in which they’re used Some additional questions for isolating criteria General and specific priorities In addition to satisfying physical criteria you are satisfying emotional priorities Two major categories of emotional priorities Five questions for every guerrilla help you evaluate how well you are relating to the prospect’s general priorities Do I ask questions that show I really care? Do I really listen to the answers? Do I give my prospect control over the sales meeting? Do I act professionally? Do I relate to prospects on their own terms? Priorities and the mind map Since all types of prospects want you to adjust, you must understand the specific needs of different types of prospects Look at the following phases and consider how they respond at the Need Stage The core of the guerrilla approach To make sales you must satisfy prospects’ needs Two types of needs Core of the guerrilla approach You cannot identify or satisfy criteria if you are not sensitive to priorities The budget stage Universal money issues The objection “We can’t afford it” Money is the very next thing guerrillas discuss once they’ve found a need They must confirm that the prospect can afford their product or service Never present a solution that the prospect can’t afford Defuse the “we can’t afford it” objection before it turns up Priorities and paybacks Operate in the arena of priorities rather than costs and paybacks If you can show that a proposed investment in a product or service is a higher priority than some other planned expenditure, then the money can be found Getting prospects to tell you how much money they have to spend is crucial Prospects are often reluctant to reveal … Is there a reason why you’re hesitant to share this information? Need to know a specific dollar amount May need to explain to the prospect that to get the best possible bargain they must be completely frank about finances. Discovering your prospect’s budget People buy priorities, not price Priority is based on a combination of factors The most important factor of all is the pain you’ve uncovered in the Need Stage Never sell on price alone Justify the expenditure based on benefits Use the combination principle Wish list Introduction Just ask The budget range finder What’s the problem? Define the budget in terms of a problem that must be solved How much business do you lose because of problems … approximately? What might it cost, ultimately, if things remained as they are? Can you guess how much it would save if you could solve this problem? Can you give me a rough estimate? Finding funding Often, spending the money isn’t the issue; it’s finding the money “What financial alternatives have you considered?” We’ll pay cash We’re just looking If they simply can’t afford the purchase, the guerrilla may resort to “Uh-oh, we’ve got a problem” and exit stage right Guerrilla financing alternatives (see page # 109) Building future sales (see page # 110) Get them in your (buying) club Educate your prospects Invite them in Get creative Start off small Start big Profit from planned obsolescence Take it to the bank Unique money issues Amoral prospects Ego prospects Pleaser prospects Authority prospects Principle prospects The bottom line on money Must clearly establish your prospect’s budget and financing options before going further Form questions in nonthreatening ways The commitment stage Handling objections and summarizing Third stage is to get a commitment to buy Closing the sale before making a presentation Once the prospect is really committed to solving the problems that have been articulated, all you need to do is to tell your story By the end of this stage you should Know that your prospect … This stage also includes an “NBC” summary of the three stages covered so far If your selling cycle requires more than one call, the required buying commitment may simply be … Handling objectives, guerrilla style Introduction Handling “price is too high” objection Feel, felt, found A guerrilla way to rephrase I understand how you feel A lot of people have felt that same way But once they found out how beneficial this is, then they feel differently Overcoming objections Introduction Content reframing Context reframing Isolation Just the facts It’s just like … Three types of objections Introduction RFI (Request for information) The stall Half-baked objections When to answer an objection Introduction Preemptive strike Invert the objection Allow for differences in personalities Ego prospects Pleaser prospects Authority prospects The two parts of buying commitment (Who & When) Introduction Who? When? NBC summary When you have … you are ready for the NBC summary Begin with Referring to your notes Now all you need to do is describe your product in a way that demonstrates your understanding of the client’s priorities Home free You have completed the first three stages You’ve uncovered at least one objection, one problem where your product or service does not exactly fit. You’ve even offered to end the meeting because of it and you have been asked to continue Refer to written notes The presentation stage Desire and motivation The key idea is that people buy what they want, not necessarily what they need Emotion puts the motion in motivation Create that want, the motivation for the prospect to act on your suggestions, and an active desire to want what they need You must create an emotional momentum strong enough for them to overcome their natural fear of signing the order The NBC summary has laid the foundation for your personalized presentation Organizing the presentation Introduction The opening The body The summary Communication styles and the mind map Introduction General Specific Options Procedures Internal External Motivation and the mind map Keep these differences in mind when concluding the presentation Need to maintain awareness of your own motivational style Initiative in your prospects Proactive Reactive The proactive style The reactive style Constellations of styles Carefully analyze constellations of needs when developing their presentations (see page # 141) for constellations & appropriate types of actions Tie everything to the prospects’ priorities Use the information to match the presentation to the prospect If the prospects are considering alternative solutions If you … your job is much easier Features, advantages, benefits, and pain Introduction The difference But what about intangibles? Adapt the presentation to cover selected features that offer advantages that are relevant to this prospect’s criteria and benefits that satisfy his priorities Get it in their head Introduction Future pacing Three ways to create motivation Introduction Confront the monster Share personal experience Third-party testimonial By the end of this stage, the prospect will want to ask you to write up the order KISS = Keep it short and simple Introduction Avoid buzz words Illustrate with stories and props End with a bang Adjust to prospects’ personalities Introduction Ego prospects Pleaser prospects Authority prospects Principle Your personality Summary Reached the end of your personalized presentation Shown how your product matches your client’s criteria and priorities The transaction stage Something’s bothering me Introduction But if they don’t ask, close When to close Timing your transactions Introduction Keeping your eyes wide open Learn to close early Introduction Overcoming fear of closing Eight types of closes The prescription close The action close The choice close The add-on close The question close The bigger order close The assumptive close The today close Silence is golden As soon as you mention the order, pause for at least ten seconds Summary Try several closes Vary the closes so you don’t seem pushy If the prospect raises an objection in response Prospects in the transaction stage Ego prospects Pleaser prospects Authority prospects The last word on closing You have done everything right when the customer closes the sale for them Don’t overshoot the point at which the prospect has made a decision Giving your prospects the opportunity to make a commitment at a time when they feel motivated to act Break the decision down into small enough pieces making it easy for the prospect to decide Pay attention to the signals Closing is always best done by the customer The reward stage Oh, by the way Introduction Jackpot! Attention! The right attitude Introduction Don’t get mad, get even Free shine Guerrilla photography Guerrilla service True value Guerrilla tracking Closing future sales Tracking the order Quietly shadowing the order through to delivery Keeping accurate and careful records Trailing your customer’s needs Shadowing the order through delivery Delivery meeting Deliver the first order personally Visit the customer the day it arrives to ensure that everything is perfect (see page # 171) for steps Record keeping Expense and sales activity reports Expense report Sales activity report Call reports Prospect report Proposal report Trailing Consistency Future sales Customer loyalty The guerrilla selling arsenal High tech, high-touch guerrilla Information please The basics PC hardware Software Guerrilla direct Hot off the presses The guerrilla 500 Reach out and touch someone Guerrilla headgear At the tone… 1-800-We LoveU Third-party fulfillment While you are out Pocket phone booth Just the fax When it absolutely… Getting smart Talking house Video brochure Clipboard computers Low-tech guerrilla with high-touch weapons Reconnaissance Creativity Enthusiasm Money matters Questions Emotions Service Battle plans Fearlessness Attention What makes the guerrilla different? NaB & CaPTuRe new prospects the others miss Invest … in the process Time Energy Imagination Take on corporate superpowers by turning information and surprise to their tactical advantage NaB & CaPTuRe Need stage Gather massive amounts of intelligence Budget stage Establishes the prospect’s ability to pay by cost-justifying the price Sells on the basis of value Determines the progression prospects will use to evaluate the product or service being offered Commitment stage Complete the up-front close Verify the prospect’s intent and ability to make a buying commitment before they start a sales presentation Presentation Customized to fit the communication style and personality of each individual prospect Transaction stage The customer asks for the order When the prospect asks, the guerrilla objects Prospect feel in total control Reward Their customers for doing business with them Unique ways to say “thanks for the confidence you’ve shown in me and my company” Track customers Guaranteeing future sales Careful follow-up Never-let-you-down service The beginning of a lifelong relationship Fair in all their dealings Genuinely care about the people they serve Let them know it Do their share by giving their customers their money’s worth and then some References and recommended reading, listening, and viewing for guerrillas Books Audio tapes Video training materials Guerrilla Financing What alternative means The challenge of succeeding as an entrepreneur The process of raising money If you can’t get the money You shouldn’t get the money in the first place Where the action is Four ways to spend the money you’ll raise Buy an existing business Start a new business Operate a business Expand a business The five steps to finance any business A holistic view of business financing Who gets financing and why they get it True net asset value Steps Evaluate your assets Match the appropriate sources with each asset Guerrilla financing techniques (101) Making the proper presentation Negotiating the best possible financing terms Understanding the value of your business Why it is imperative not to skip this chapter What is so different about the guerrilla definition of an asset How to determine your assets? Value of the asset in the eyes of a third party What constitutes the marketing value of an asset? Auction or gavel value Value of tangible assets How do you value inventory The guerrilla financing balance sheet What asset do I list first? Tangible assets Cash or the cash equivalent: CDs and the rest Pre-receivables: purchase orders, contracts, work-in-process Accounts and notes receivable Inventory Equipment Value Leasehold improvements Your landlord’s lease Leases Real estate Intangible assets Goodwill Patents, trademarks, and copyrights Research and development costs List the assets you have so far List of guerrilla assets Your most important asset: your success formula People are assets How do you value management? Owner’s personal assets or third-party assets that can be pledged or used for financing purposes Personal real property Securities Stock in your own company Collectibles Personal assets Why study assets if this is a book about business? List of guerrilla assets Lendable value Liabilities Net value of an asset Net worth How to arrive at secured and unsecured net worth, or true net worth What if your true net worth turns out to be very low or even a minus figure? What does a guerrilla financing balance sheet look like? Applying guerrilla financing to the XYZ company How to find the appropriated sources of funds Secured and unsecured financing sources Collateral Unorthodox tangible assets Intangible assets Traditional sources: debt and equity financing Nontraditional guerrilla souces Secured lending sources and the importance of cash flow Traditional asset-based lending Matching the appropriate financing source to the appropriate asset Guerrilla source qualifications Categories of sources in the second step Working capital Pre-receivables: back orders, contracts, purchase orders, work-in-progress Risk Qualifications Sources Receivables Risk Sources Inventory Risks Sources Equipment Risks Sources Leases on real property Risk Sources Leasehold improvements Risks Sources Real estate Risk Sources Raw land Patents, trademarks, and copyrights Research and development Success formula Management Partnerism Personal assets of the owner Stocks, bonds, and other securities Collectibles Other personal property Working capital Guerrilla sources Match your major category first Value of matching concept of guerrilla financing When do banks make unsecured loans? How much can I expect to finance? Why bother to determine net worth? Success formula is a key variable All about … financing Receivable financing Equipment financing Real Estate financing Government financing Agricultural financing Aggressive bank financing Traditional venture Capital Informal venture Capital 101 Guerrilla financing techniques State-of-the-moment technology Noncash solutions to financial problems Learn how to think about solving any financing problems Positive attitude Guerrilla financing techniques (GFT) to start a business Test market your product The stages of a start-up GFT to buy a business GFT for existing businesses Do you want to make money or own a business? Guerrilla investment banking techniques Only scratched the surface? How to … Write an effective business plan What is a well-written plan? Not just another chapter on how to write a business plan The financing plan vs. the business plan What is a financing plan? What is a business plan? Who should write the plan? Usually by a pro The complexity of writing a truly effective plan Plans are marketing tools Rules to follow The financial resource’s point of view Why financial figures are important Figures disclose management’s decisions Read both sections (business & financing) The format Significant items to cover The financing plan Cover letter Cover Table of contents Financial history of the business Financial ratios Financial projections Assumptions Break your sales into units Schedule of major assets Schedule of major liabilities Management/ownership Personal guarantee Collectibles References Supporting documentation Points to remember when preparing a financing plan What not to include in a financing plan What extra benefits will come from preparing a plan The business plan Strategy comes first What must a business plan be to succeed? See your company through the eyes of an investor How to turn investors on How to turn investors off Outline of a well-written, effective business plan Exit strategy Get someone to proofread it Don’t say the following Legal aspects of what should be included in a financing or business plan Nondisclosure agreements Notice of disclaimer How to package your plan Should you get professional help to prepare your plan? Get an appointment to present your plan Debt sources Equity sources The oral presentation The professional presentation Telephone appointment To mail or not to mail the plan first What to do before you make the phone call Learn about the company you are calling Identify the person to contact What to do if you can’t get to speak to anyone What to say first Keep your eye on the objective of the call Don’t say too much General questions sources may ash over the phone Debt source questions Equity source questions Common mistakes made on the phone Phone attitude Killer mistakes made over the phone Why be so businesslike over the phone? The oral interview What to wear to the meeting What to bring to the interview Study your plan How to make a good impression Meeting attitude How to get prepared for tough questions The interview What to say first Don’t overdo it What not to say in an interview Financing phobia Two types of interview The difference between individual and group presentations The advantages of visual aids Special things to do in any presentation What the experts say about good presentations What to do after the interview What to do at each subsequent meeting What if the source says no? What if they all say no? Should you negotiate at any of these meetings? Negotiate the best terms Bring your lawyer at the right time Debt financing Interest Know your effective interest rate Fixed or variable rates: which is better? Maturity Don’t be afraid of debt Collateral Amount Financial covenants The use of subordination to get commitments from debt sources Financial restrictions Financial reporting Prepayment penalties Clean-up provisions Cross-default clause How to handle restrictions What isn’t negotiable in debt financing What to do if you can’t agree on terms Equity How much should you give up to investors? The guerrilla formula Be flexible How to value a business Factors in evaluating the founder’s equity in start-ups What professional venture capitalists look for in evaluating a start-up The golden rule Don’t burn your bridges in the negotiations When to accept an equity deal Loss of control Third-party opinions Turn all discussions into a commitment letter/letter of intent/term sheet Due diligence Don’t argue over minor points Don’t “bolt for the finish line” Parting advice to Guerrillas Five steps to raising capital The entire process Time and effort Go for management first and capital second Your journey Good old perseverance How long will the process of raising money take? What are you willing to pay? Your attitude toward the financing The new key to success: partnerism The search for money never ends What if you don’t want a partner? National concept Wake up, entrepreneurs! A final thought The 22 Immutable Laws of Marketing (summaries) The law of … Leadership — Its better to be first than to be better The Category — If you are not first in the category, set up a new category in which you are first The Mind — Its better to be first in prospect’s mind than first in the market place Perception — Marketing is a battle of perceptions Focus — The most powerful concept in marketing is owning a word in the customer’s mind. Not a complicate word. Not a invented word. A simple word. A word taken right out of the dictionary Exclusivity — Two companies can’t own the same word in the prospect’s mind The Ladder — The strategy to use depends on the rung you occupy on the ladder Duality — In the long run it becomes a two horse race The Opposite — If you are shooting for second place. Your strategy is determined by the leader Division — Like amoeba dividing in a petri dish the marketing arena can be view as an ever expanding sea of categories Perspective — Marketing effects take place over an extended period of time Line Extension — Their is an irresistible pressure to extend the equity of a brand Sacrifice — You have to give up something to get something Attributes — For every attribute their is an opposite effective attribute Candor — When you admit a negative the prospect will give you a positive Singularity — In any situation only one move will produce substantial results Unpredictability — Unless you can write your competitor’s plans you can’t predict the future Success — Success often leads to arrogance and arrogance to failure Failure — Failure is to be expected and accepted Hype — The situation is often the opposite of the way it appears in the press Acceleration — Successful programs are not built on fads Resources — Without adequate funding an idea won’t get off the ground Ending Warning about the potential dangers of trying to apply these laws in an existing organization