Excerpted from Professional Speaker Magazine, December 2003 issue

Your Innovative Mind
Best Practices in Marketing Strategy

By Sinara Stull O'Donnell, MA

"It will cost about $25,000 for a speaker to discover a marketing mistake."   Those are the chilling research findings of Vickie Sullivan of Sullivan Speaker Services in Tempe, Ariz.

Marketing strategy is often one of the major stumbling blocks for speakers.  Although they frequently focus on the message, they neglect the business behind the message.  In this article, let's explore some of the best practices of marketing experts as well as speakers who have implemented innovative ideas to improve their marketing strategies.  Simply, innovation is the successful implementation of ideas, and marketing is all about ideas.

The consequences of not strategizing in an innovative manner may result in what Vickie Sullivan calls the "death spiral."  She describes this as the process of a beginning speaker who comes into the industry full of vim and vigor.  The speaker decides what he or she will speak on, then immediately begins producing a product, often on the cheap.  They do this based upon "educated guesses" and "educated information."  This strategy is off from the get-go and business suffers.  It then goes into a "death spiral" in year two or three.  Depending on resources, advice and ability to put his or her ego on the shelf, the speaker will either quit the business or change strategies.

Advanced speakers can also experience a "death spiral" of sorts.  They are so used to having business grow that they forget what their true value in the market is, says Sullivan.  "When the changes come, they are not prepared to reinvent themselves, because they don't have market intelligence," she theorizes.

In order to benchmark where we are in the innovative aspect of marketing, we need to ask certain questions:

Am I exploiting my intellectual property? 

As for speakers, we are often told, "write a book."  A well-written book, however, needs to be integrated as part of our innovative marketing approach.  Mike Stoll, president of All-Star Agency in Fairfax, Va., puts it bluntly:  "To us, an author is someone who has written a book and then goes to speak, not a speaker who speakers and then writes.  When someone wants an author, we have to present a true author.  The vast majority of speakers' books out there are junk with no valid research or academic work."

This does not mean that speakers should not write.  They can and do -- some very successfully.  It does mean, however, that their books should be well-written, well-researched and targeted.  Sullivan adds, "People need to look at how the message in their book will position them, or else it may put them in a market they don't want to be in.  They need to strategize their message.  I have told more than one author:  'This book will only get you free speeches.'  The best they can hope for is that it will springboard them into another book."

Are you ready to make the changes that an innovative marketing strategy requires?

Bill Crawford, PhD, founder of Crawford Performance Solutions in Houston, Texas, had been in the speaking business for some time when he found that his activity level changed.  He sought out the consultation of Sullivan and committed to many changes in strategy, including a new approach for his message, described as "unleashing top-dog potential in an underdog world."

"In order for me to make the shift," he says, "I had to be very unattached to everything I was doing."  Crawford realized that his approach had been similar to others' out in the marketplace.  After making strategic changes, his business has increased and he sees himself in the market as the "top dog guy."

Once we have decided upon a course of using innovation to benchmark our business success and determine our own best practice in marketing, we must turn to our industry leaders for guidance.  Their continued giving benefits all of us.  As Robert B. Tucker says:  "We have to get beyond jealousy and love each other to greatness."

"You were very thorough in your knowledge of the speaking industry and of my situation. Your strategies were on target and effective in moving my speaking to the markets I want to expand in. Your advice also prevented costly mistakes I would have made by following the traditional approach. Thanks for your help."

Chris Mercer, CEO
Mercer Capital
www.bizval.com

It's one thing to decide to change.It's another to know that your changes will get results. Ready to test your assumptions? Get a reality check with Vickie's market assessment .

Ready to get more income and clients from your speaking? Get Vickie's inside scoop at SSS Products -- or go to SSS consulting regarding individual help. Don't know which way is best? Contact Us to set up an appointment to brainstorm!