CONSULTANCY Marketing Strategies

How do we define the term "Marketing" in Consultancy language.Put in simple words,Marketing is a way of looking at doing business,promotional activity and a location.Infact, most consultants would associate the marketing approach as being able to understand the clients point of view-the issues they have in their industries,in their companies and in their own roles.The marketing concept involves meeting three requirements which are:
1.decisions about what your business should do are based on your clients' needs and wants.
2.you select the best way to meet the needs of your clients and prospective clients.
3.your organizations' performance objectives are achieved by meeting clients' needs in a way that satisfies them.

Generally,in a Consultancy,the consultant enters the client's domain to learn all there is to know about the client's fears and desires and then uses that information to design and supply the service.Marketing in the consulting language is being able to createa product or service that fits the client so it will sell itself.

I would post on one of the most important aspects of Consulting i.e. "DIRECT MARKETING" in the next post...So keep reading

Essentials of a PROPOSAL

Last time I discussed about proposal and presenting the proposal,but,preparing the proposal is a challenge and it has to fulfil all the purposes of the entry phase,in particular

1.specify the objectives for and the approach to the assignment,based on an agreed understanding of the problem.
2.be a persuasive selling document.
3.be the basis of a legally binding contract.

The below mentioned should be described clearly in the proposal.
1. The problem described in the context of the client's business situation,strategy and competitive position.
2.The anticipated benefits of the assignment.
3.The methods and approaches the consultancy will use.
4.The results that are expected from these approaches.
5.The experience and the staffing of the consultancy.
6.Experience and capability of the firm.
7.Professional Staffing.
8.Standard terms and conditions.
9.Professional fees and expenses.
10.billing arrangements.
11.Standard terms and conditions.

I will try to elaborate on each of these points in my forthcoming posts..So,keep reading and putting your valuable comments and suggestions.

Formal PRESENTATIONS to the Clients

A proposal is something which gives an insight of your consulting firm and the consultants to the clients.This is probably the first formal interaction between the Consultant and the Client.And, as someone truly said "First Impression is the last Impression", you need to look certain things before you approach your client.Typically,some consultancies may be eliminated when the proposals are received and others may be invited to make presentations to the clients and discuss the proposal in depth.A presentation is required even when the client has either eliminated the other bidders or never invited any others in the first place.

WHAT TO FIND OUT IN ADVANCE
1)What the client's expectation from the presentation are.
2)Whether or not a formal presentation is wanted.
3)The time allowed for a formal presentation and for discussion.
4)Who will be there and what their interests are.
5)Which other firms have been asked to present.
6)What's the order for presentations.

The PRESENTATION
1)Prepare the presentation carefully.
2)Rehearse the presentation and make the presentation client-centered,stressing what is important to them.
3)Make sure all visual aids are of a high quality.
4)Do not follow the presentation literally:keep to key points and change the order to suit the situation.
5)Decide who is to attend and the role of each and encourage discussion.

Hope this post helps and you give your best whenever you approach client with a presentation.

TECHNICAL Analysis and DOW Theory

This post is dedicated to the basis on which the investor takes his/her investment decisions.While fundamental analysis and security evaluation explain why share prices fluctuate,what to buy and sell, the Technical Analysis helps when to buy and sell.Technical Analysis of the market is based on some principles,the first one being, all fundamental factors are discounted by the market and are reflected in prices. Secondly,these prices move in trends or waves which can be both upward or downward depending on the sentiment, psychology and emotions of traders.Thirdly, the present trends are influenced by the past trends, and the projection of future trends is possible by an analysisof past price trends.

Certains tools used to Technical Analysis are Daily fluctuation and trends data, floating stockand volume of trade,price trends and volume trends,Rate of change of prices,Japanese Candlestick method,dow theory,elliot wave theory,theory of gaps,Advance decline line,relative strength index.

Dow Theory postulates that prices of industries securities tend to move in tune with the business cycles of the boom,depression in the economy.If the business conditions are good,demand increasing,industrial performance will be good and the corporate share prices will be on the upswing.The reverse is true in times of recession and depression in the economy.The trends in the economy are reflected in the market average prices of shares.All fundamental factors are discounted by the market, and get reflected in average prices. A study of these average market prices is what is attempted in technical analysis and its trends are in the form of peaks,troughs and cycles.

Top 5 Company Mistakes That Cost You Money

Even if your business is moving along in a seemingly smooth manner, someone in the company may be dropping the ball in certain areas. It only takes a few small holes to eventually sink a ship, so now is the time to assess how many mistakes are being made.

When you add up all the little problems, you may find you are losing major money because of them. Here are the top five "little" company mistakes that cause big problems:

1.Invoice Errors – Your accounts receivable department has a very important job on their hands. Are you sure they aren't slacking off or making mistakes? From typos on invoices to failure to mail out invoices, there is no room for error when it comes to getting paid.
2.Misfiling Documents – Your administrative team should be diligent about keeping accurate, orderly files. You need to have back-ups for everything and those files should be easily accessible. When something falls between the cracks, major problems could occur later.
3.Running Out of Stock – If you have customers who are getting frustrated by your constant lack of stock, then it's time to increase production. Otherwise, you may find they stop returning altogether.
4.Delivery Problems – Whom are you depending on to deliver your goods? It starts with your own company, so make sure everything is properly packaged and sent out in a timely manner. Then, make sure the delivery service you offer is fast and dependable. If something is damaged or lost in shipping, you will pay for it.
5.Poor Customer Communication – Customer service is paramount to your business, so don't ignore or disrespect your patrons. Hold everyone in your company to the same standard when answering phones or contacting customers in any way.

Perhaps a few of the above mistakes only happen from time to time, but that is enough to slowly whittle down your business' profits. While no one enjoys working for a micromanager, it is very possible that you are being too passive about your company's "little" mistakes.

Heather Johnson is a freelance business, finance and economics writer, as well as a regular contributor at Business Credit Cards, a site for best business credit cards and best business credit card offers. Heather welcomes comments and freelancing job inquiries at her email address heatherjohnson2323@gmail.com

FINANCIAL Planner

What makes a good Financial Planner or what are the fundamental traits of a successful Financial Planner.
1. Building trust with the client by empathizing with them and understanding their aspirations,concerns and needs.
2.Familiarity with taxation and estate planning issues.
3.Good knowledge of financial products and options, their risk-return profile, and a strong understanding of the behaviour and track record of various investments and asset classes.
4.An understanding of the various stages in a client's life and wealth cycle and the asset allocations that make sense of each of these stages.
5.An organized way of working, with one of the critical elements being a written financial plan which documents client needs and resources,a specific investment strategy and the progress made towards achieving these objectives.
6.A clear focus on the overall financial well-being of a client,rather than on individual transactions.The financial planner should link his remuneration to the overall achievement of client goals,rather than relying on a fee from each transaction.

I INVITE!!!

I invite any budding business or strategy consultant to be a co-author of my blog. I need writers who are good in industry analysis and possess knowledge in consulting practice. They should be able to analyze the happenings in the business world and can present their opinions with facts and figures. Interested people can write to me at ashutosh11.bose@gmail.com and I would appreciate if you can send some of your articles so that it would be easy for me to select the best writer for my blog. Looking forward to meet some really interesting people. So, what are you waiting for?

CORPORATE IDENTITY

Corporate identity merges strategy, culture, and communications to present a memorable personality to prospects and customers. The term is closely linked to corporate philosophy, the company’s business mission and values, as well as corporate personality, the distinct corporate culture reflecting this philosophy, and corporate image. The main objective of corporate identity is to achieve a favorable image among the company’s prospects and customers. When a corporation is favorably regarded this is likely to result in loyalty. If the corporate identity is the self-portrayal of a company, then the corporate image is the perception of an organization by the audience. The closer the corporate image is to the corporate identity; the closer the public’s perception of a company is to how the company defines itself, making for superior corporate communication. For example, most companies have access to the same technology. If they want to further distinguish themselves, the strategy must rely on another factor than technology: the user experience. As the audience’s focus changes constantly, corporate strategies must move in the same direction as the customer. The consumer s impression of a company, or the corporate image, is highly influenced by how he or she experiences the company’s products. The product identity, the sum of the products formal and functional properties, will help the user shape a mental image of the product manufacturer. Therefore the corporation needs to carefully plan what it wants to communicate through its product, and how.

The type of corporate identity will determine the characteristics that link the product to its company or brand. The identity can be monolithic, meaning that the whole company uses one visual style and that the consistency between the corporate identity and the product identity is very strong, the product reflecting the corporation directly. The identity can also be endorsed where the subsidiary companies (brands) have their own style, but the parent company remains recognizable in the background. In this case, the link between the corporation and its different brands may take the shape of a common factor, tying the different brands together. Finally, there is the branded corporate identity in which the subsidiaries have their own style, and the parent company is not recognizable. The products represent the brand identities rather than the corporate identity. All the same, a strong general corporate identity remains of great importance, as it defines the guidelines and strategies of the subordinate brands. Therefore the identities of the products of each brand are consistent with the main corporate identity and values. The consumer s impression of a company, or the corporate image, is highly influenced by how he or she experiences the company’s products. The product identity, the sum of the products formal and functional properties, will help the user shape a mental image of the product manufacturer. Therefore the corporation needs to carefully plan what it wants to communicate through its product, and how.

Courtesy: CEONEX

BANKING on the BRAND: HSBC

HSBC, Europe’s largest bank by market value, has been named the world’s most valuable banking brand according to the Banker magazine’s Top 500 Financial Brands listing. It was also the only bank featured in the study to achieve the highest possible triple ‘A’ brand rating. The strength of the band depends on the bank’s focus on emerging markets. A great example of this was the launch of HSBC Premier in September last year. Premier customers now have the ability to open accounts in 37 different countries and HSBC assist them wherever they are in the world using their network of branches and dedicated relationship managers. The benefits offered by Premier Banking Services include free travel insurance, preferential lending rates, and improved customer service.
But, what it takes to be the best banking brands?? Credit card oriented bank brand display the highest proportion of brand value to market capitalization. This is because emotional and image related factors are significant drivers of demand in this sector. Consumer-focused banks generally display a higher brand value to market cap than corporate-focused banks. This is because consumer banking involves more emotional and image related factors than business and wholesale banking. Investment and wholesale banks display surprisingly large brand values. This is because banks of this type do not need large retail networks, infrastructure and similar tangible assets. Much of their value is intangible and the two main assets are key personnel know-how and the corporate brand itself.

HSBC as a brand has been always on the forefront of creating and subsequent sponsorship of a new advertising channel: the ‘airbridges’-the gateways linking aeroplanes and passenger terminals - at major international airports. The bank’s ‘Managing for Growth’ strategic plan has reaped huge rewards in growing the earnings, shareholder returns and the overall global footprint of the business in the past.

CEO’s and SUCCESS

Everything is in a constant change. The business and the way the business is conducted has seen a sea change, a complete transformation in the last decade. To ensure success is consistent, CEOs balance the risks and opportunities of competing and collaborating in a world where globalization, technology, and rapid social change are transforming the business landscape. There are many factors which contribute to the change in business environment and are definitely the point of contention for the CEOs. These include Business Confidence, Mergers and Acquisitions, Global Risks, climate change and North America/Asia Pacific region. The fear of a global downturn has emerged as the number one threat to growth because of the recent global credit crunch and the heightened risk of recession on business confidence. The countries in the south Asia are turning to be a major contributor to the global growth. Last year, China overtook the US as the greatest contributor to global growth, measured at market exchange rates. It’s interesting to see that the developing countries in Asia are turning out to be the major hubs for business success. Despite fears of an economic downturn, CEOs continue to recognize the strategic importance of overseas expansion. However, interest in M&A is highest in Asia, where CEOs are the most confident, and where Asian companies have increasingly become acquirers rather than the acquired. Obstacles to M&A activity were headed by cultural issues and financial considerations. It’s a fact that the global risks has fallen in the past 12 months. The world turning to be a global village has resulted in diversifying the opportunities and thus diluting the dangers occurring due to local difficulties. The CEOs believes that climate change is less of a threat to their business than last year, with only 34 percent of them worried about the impact of climate change. But, as expected, CEOs are concerned about energy costs, although they are also taking notice of the impact on the environment.
CEOs continue to believe that people are a key factor in achieving success, but that it is difficult to find people with the right combination of skills. CEOs globally said that combined technical and business experience, global work experience and leaderships skills are the most difficult areas for their companies to recruit. As far as collaborative business networks is concerned, CEOs now regard them as a defining principle of the organization of the future, although actual implementation is still lagging behind these expectations. They also stress the fact that governments and regulators could make significant improvements ― particularly in matters of labour law, tax regimes and, to a lesser extent, education. However, despite all the talk about Sarbanes-Oxley and other financial regulations over the last few years, CEOs are less concerned about requirements for listing of public companies for new listings.

For more, please visit “Emerging markets and economies: The 11th Annual Global CEO Survey”, PWC.