Is your network failing your Data Consultancy?
"You've got to get online and build a following if you want to grow your data business".
I'm guessing you've heard that message many times, from many quarters.
Some of you have taken this message to heart and sought to build a 'brand presence' for your fledgeling data consultancy or software business.
You've had plenty of chats in online forums.
You've commented, shared and 'liked' all the right articles.
You've maybe even gone 'offline' to networking events and data conferences.
In short, you've socialised, connected and corresponded your socks off.
And the result?
Nothing spectacular - certainly nothing like the gains you were dreaming of.
You've even been tempted to sack the whole 'running a data management business' thing off and get a job.
But before you dust off your CV, stop for a moment and consider this question:
Is the 'data community' you've been building serving you in this chapter of your life?
Or is your network, in fact, secretly working against you?
Targeted Community or Outdated Rolodex?
Chances are you've got 500+ network connections on LinkedIn.
These connections have likely found their way into your network in a fairly haphazard fashion over the years.
An ex-boss here, a work colleague there, maybe the occasional client.
And of course, let's not forget those LinkedIn group members and random data conference invitations you've collected along the way.
Then you have the outliers.
Your kid's football coach, countless recruiters and that accountant who keeps reminding you to complete your tax return.
And of course those slippery sales reps who sneaked into your network when you thought they were data experts just like you!
So right now you're left with a moderately sized network of loosely defined 'contacts' that could quite comfortably be labelled 'outdated'.
Crafted using nothing you could call 'a Community Growth Strategy' for your data business.
This network served its purpose for when you needed a data career, but right now, when your data business (and family) needs it most, it's failing you.
"But why is this?" you ask.
The reason...in the words of Mr. Miyagi...
"Focus, Daniel-san. Focus"
Say Hello to Your Ideal Client Profile (ICP)
In your former life, before you had that crazy notion to run a data business, you had no need to worry about marketing acronyms like 'Ideal Client Profiles' (ICP's).
If you needed a job, a headhunter chucked you a few leads, or you simply got on Jobserve or Monster and found one.
Things are different now.
There are no websites with freshly minted sales opportunities for you to send your 'data services portfolio' into.
If you want a real consulting gig then you've got to roll up your sleeves and develop opportunities yourself.
And this is where most data consultancies are struggling. They've got the expertise and experience, it just isn't translating into a steady flow of opportunities.
But where do these struggles come from?
Let's use some root-cause analysis (because you're a data expert after all) and explore some common sources...
You've not defined a specific audience who are inflicted with a problem that your expertise (or product) is perfectly suited to help solve
You've not designed a proposition that, in the eyes of your ideal client, is compelling enough to warrant a sales discussion
You've not created enough engagement, either through inbound or outbound sales and marketing tactics, to attract prospective clients who have the specific problem that you solve
You've not created a sales process that clearly outlines why your firm has advantages over other suppliers in your niche so that you become the preferred option.
The list of causes goes on and on, but perhaps the biggest mistake, and quite often the most easily remedied, is a failure to identify your ICP, that distinct niche audience who have a problem you solve.
If you lack an ICP focus, then it stands to reason any networking and community strategy will fail to reward you.
The Phantom Community
This lack of ICP focus can be explained with a case study.
I had a recent Breakthrough Call with a contact who reached out via LinkedIn.
They had a modest network (circa 1700 connections) but had been struggling to attract leads to their proposition (a weakly positioned data services portfolio).
In their eyes, LinkedIn had failed them because they had put plenty of content out and networked actively, but to no avail.
It's easy to get bitter and blame the tools ("****ing LinkedIn is full of marketers and recruiters!" etc.) but in this case, there were some fundamentals missing in their lead generation workflow.
Firstly, they had no lead generation workflow.
They were putting out content, sending out connection requests, and hoping their audience would join the dots between whatever problem their audience had, and the data services they could offer.
Their biggest issue in this process was a lack of focus.
Their connection and content strategy was all over the place because they hadn't identified their ICP from the outset.
Being a data professional, they were simply writing about what they knew about data because that was what they assumed was required to market their business.
For example, my ICP is the solo or boutique data consultancy owner who is open to the concepts of focused positioning, insight marketing and social selling, but is struggling to build a sales and marketing process to connect all the pieces together.
What's important when you're assembling your ICP is determining who isn't a fit, as well as who is a fit.
So for my ICP...
If you don't offer any aspect of data management in your services, you're not a fit.
If you refuse to create content and share your ideas, you're not a fit.
If you only want to do cold-calling, you're not a fit.
As a result, I've got clarity on my ICP.
I know where to look for this audience.
I know what content will resonate.
I know what their frustrations and goals are.
My network and email list is chock-full of this ICP.
Now, think about your personal frustration with sales and marketing, do you see how the lack of an ICP can wreak heavoc with creating content, building a network and attracting clients?
But back to the earlier story...
When I talked with the chap on my Breakthrough Call, he had never given any thought to his ICP.
He had carried on doing what he always did - connecting and publishing content about his field of data expertise without any thought to who he was appealing to.
Inflating the Data Bubble
This blinkered approach to networking and publishing is what I call 'Inflating the Data Bubble'.
You're pumping hot air into a community of data folks who will gladly comment and like your content, but seldom book your services.
On this particular call, the chap in question had a significant background in two similar industries but had failed to build a significant network in either.
All this meant that when he published content, he was in effect talking to himself.
The only people who read his content were his existing network of data folks.
(Note: Obviously, if this guy was selling data services designed for other data professionals, then with a few tweaks he would have been fine. But his lack of sales enquiries was a good pointer. His offer wasn't resonating with his ideal market - which was not data professionals!).
So, before you embark on a content or connection strategy, work on your ICP.
Final Thought: Focus Trumps Expertise
A lot of data consultants assume that because they have 15+ years expertise in their data career, this will translate into a full client roster when they launch a consulting business.
Not so.
What wins the day is creating a message that has complete clarity with your ICP.
(And, stating the obvious - this can only be achieved, if you've figured out your ICP).
If you can articulate the problem faced by your ICP with greater clarity than anyone else, you will become front of mind when it comes to them searching for options.
"Finally, someone gets it, they're talking my language" ...
...is the only thought your ICP will have.
Your length of experience, letters after your name, certifications and 'Big 5' consulting heritage comes a distant second to your ability to communicate their problem back to them in a language your ICP is familiar with.
And for the bonus round, here is a quick round-up of the 6Cs I recommend you try to adhere to across all forms of content you publish.
I've found this to be especially important for engaging your ICP:
Clarity - Be crystal clear about who and how you help.
Consistency - Strive to share valuable insights every day.
Compassion - Empathise with your audience, see through their lens.
Conciseness - Get to the point and make it simple to understand.
Conviction - If you believe something, say it. Don't sit on the fence. ICPs prefer you to have a Point of View, it's a mark of thought-leadership.
Comprehensive - Don't be afraid to share your knowledge. There's a reason data authors get to charge high fees and bag the best gigs.
What should I do next?
2020 is upon us.
You may feel as though your data consultancy is like a yacht in uncharted waters.
With a broken rudder.
Getting blown onto a rocky shore.
If you want to reset your compass and get your data consultancy headed in the right direction, let's talk about what you need to put right this Q1 to turn the ship around into safer waters.
It starts with a (free) Breakthrough Call.
This pitch-free session costs nothing, and may help you finally put the pieces together on that lead generation puzzle you've been struggling to solve.
