Fwd: Some feedback... Part 1

Look at this helpful feedback I received from someone I know who runs a small professional association. 

I'll fix my company immediately now.

Subject: Some feedback... Part 1

 Hello!

First, an important disclaimer: I am writing in a friend's capacity here. Although I have worked in business development and can write good long-term strategies, this is not what I am offering here. I just want to share some personal observations and some third-party feedback, so please don't put any heavy weight on this. It is up to you to draw any conclusions and make any business decisions. You know your business better than anyone else, and you are taking full responsibility for any potential actions you take and decisions you make.

Also, you may not like some things I am going to say, you may disagree with them, and some of them are not exactly what you heard from Collingwood. And that's fine, you will be making your own judgement. Just please don't get angry with me—I am minding my own business and keeping my nose out of yours. It's just that something is telling me that you need to hear this. I was hoping to discuss all this with you in London and share the visions for our companies, but you jumped out of the taxi at the traffic lights... Earlier on, I was hoping to catch up with you in Miami when I was visiting Florida, but you didn't want to see me (I had a great time with Gary instead and we missed you!).

Below are just a few short points about BVR.

1. Problem: Brand Clarity is Missing.

What is BVR? If people cannot explain it in a 3-4 word short sentence and with certainty (and they can't), this is wrong.

Examples:

• Nike is a sports shop.
• Apple is a devices shop.
• McDonald's is fast food.
• Zoom is online meetings.
• CBV is a valuation teaching institute.
• BVIUK is a UK valuation education and networking organisation.

It should work like a ping-pong. You hear a brand and you respond with "it". But when people (ordinary people, your potential customers, NOT Renewd folks) hear "BVR", they struggle to say what it is. "Hmmm… BVR… they provide resources… like… for valuers… online… maybe on-site too, I'm not sure… I have one book with their logo, so they must publish something too… are they a publishing house? Hang on, I think they may do some webinars sometimes… Oh, and they have this newsletter, I think the guy is called Andy… and they have these data sets, deal stats, we subscribed to it… I didn't know it was BVR… Yeah, they do this and that…"

Can you see where I am going with this?

Take another metaphor: You are hungry and you want to eat out. You can't really decide what you'd like so you visit many restaurants to check them out first. Here is a Chinese one—with stir-fries, chow mein, and prawn crackers on the menu. Then there is a Mexican: burritos and chillies. Then a fast-food place with burgers and deep-fried chicken pieces. Then an Italian with pizza and spaghetti. Then there is this restaurant that only says "RESTAURANT". You come inside, and you open the menu. On the menu there are 120 various dishes, starting with frutti di mare, through potato dumplings, to chow mein and Caesar salad, to a burger and high-end whisky. You'd feel, no doubt, confused. Even though it is a "place to eat", even though all the food might be of decent quality, you'd be confused. "What the heck is this restaurant?" - or - "What the heck is BVR?"

Luckily, there is an easy way to sort this (and it's not necessarily slashing the offer).

Solution:

1. Think of what you want people to answer in a ping-pong game when they hear "BVR"? Think 1-3 words. You don't have to go far—the answer lies in the company's name: BUSINESS VALUATION RESOURCES. Now—write these 3 words clearly on your homepage, at the very top. Your website is the front elevation of your "restaurant". Go now to your website and check this out: IT DOES NOT SAY WHAT YOU ARE. ANYWHERE. Saying "we serve.. etc" does not do the job. It is like saying "Restaurant". Clarify your brand by stating clearly and explicitly: BUSINESS VALUATION RESOURCES. Do not assume people know this. This is very basic marketing—and this is missing. Go to the BVIUK homepage now and check what you see first: a short and concise definition of what we are. This marketing error unfortunately expands to your slogan, too. A good slogan should tell people the spirit of the company. BVIUK has "Connecting Experts, Teaching Excellence"—because this is exactly what we are doing. BVR's slogan "what it's worth" is unfortunate, because it sends people the message that you are offering to value businesses (which is not true). I suspect this slogan has been there since Shannon Pratt (or maybe not? I don't know) but it doesn't really do you any favours. I think having 3 words written under "BVR": Business Valuation Resources" would be a much simpler and clearer message. Alternatively, something like "Serving Valuers Since 1992" (or whatever year BVR was born) would be a fantastic idea—it shows you have a long tradition (since 1992) and it explicitly says what you are doing (serving valuers).

2. Decide on your menu: are you a Chinese restaurant? Make a concise menu with 5-6 signature stir-fry dishes and cook them to perfection. Are you Italian? Offer 3 types of pasta and 2 types of pizza dough, but become the best Italian in California. (I once learned this tip from Anthony Bourdain, absolutely loved the guy). The good news is that you already have the resources. You have them. All you have to do is to narrow them down, decide on what it is that you want to specialise in and cut off everything else. That last gig you came up with (the council of some sort)? This is a completely missed idea. It expands your Chinese stir-fry menu with German sausage served with a donut on the side. You don't need this. Get your ducks (your deal stats and other data, your e-zines (I can tell you that Andy is doing an exceptionally good job for your company), and some core essential training schemes) in order and cook it (read: market it) to perfection. Leave all the side gigs, they confuse people.

Here is the conclusion from Part 1:

1. Pick exactly what type of restaurant you want to run (e.g., Chinese) (rather than trying to serve all foods of the world).
2. Make sure that you write clearly and explicitly on the front of your restaurant what it is (e.g., Hong Huo - Chinese Restaurant) (rather than "this is a restaurant" or "we serve some food").
3. Decide on the menu—and cut off a selection of the dishes which sell well (stir-fries are your data sets, prawn crackers are your e-zines, Peking duck is your core training—you don't need German sausages or donuts to make your menu more exciting!) and cook them (market them) to perfection.

You don't need "content officers"—you already have amazing content! You need a marketing wizard and a sales wizard. But not someone who knows marketing theory and data (this is theoretically interesting but practically useless) but an enthusiastic, genuine, happy, open person who can easily connect with people, who is great at psychology, and who loves humans, not numbers. (It is essentially me, but I am not currently looking for a job, ha!)

In a very smooth way, we are now progressing to the next and very important part of this report: The People of BVR. Here I have probably the most feedback and here is the biggest scope for a new solution.

I have to run now, I am sorry, but if you are still interested, I will write more - I can tell you how to improve your marketing / sales and share some insights about your people. But in case you are fed up or think I am patronising, I will end here. Let me know!