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Chuck Lohre

Owner of Lohre & Associates Marketing Communications. The company celebrated their 80th Anniversary in 2015, his 38th.

Recent Posts

Seven Ways to Ruin your B-to-B Advertising

Thu, Dec 13, 2018 @ 01:27 PM / by Chuck Lohre posted in Industrial Marketing, Marketing Communications, Process Equipment Marketing, Metalworking Equipment Marketing, Construction Equipment Marketing, Mining Equipment Marketing, Powder Bulk Engineering Magazine, Business Marketing Magazine

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From POWDER BULK ENGINEERING'S 12-13-18 Dry News, from the February 1992 issue of Business Marketing

Business-Develpoment

And, we do understand that these really don’t apply to you, as you’re at 
least a 6x advertiser in Powder Bulk Engineering magazine, or you wouldn’t get Dry News each month!


1. Confuse the readers with an obtuse headline. In 7-10 seconds a reader
can scan the headline and illustration to see if your product offers anything
of value. Make sure it does not.


2. Run your ad only once – twice at the most. After all, if on average, it
takes 6-8 personal sales calls to clinch the deal, why not ignore this fact.


3. Focus on your favorite topic – you, your business and how great it is. You’re certain
that’s what your prospects want to know.


4. Don’t distinguish your products from anyone else’s. Even though you know that
most of your prospects won’t change suppliers unless given a powerful reason, don’t
give them those reasons in your ads.


5. Pretend that the market already knows as much about your products as you do.
 Ignore that old saying, “the more you tell, the more you sell.”


6. Presume that your prospects think exactly like you think. Don’t spend any money on
research to learn what the market currently really thinks.


7. Ignore professional advertising advice. Isn’t it your opinion that counts? Why listen
to someone outside your company who may have a different perspective? Or who will
do research for you, for a fee, of course.


If you’ve followed all of these seven steps, and somehow are successful in spite of yourself,
 there’s one more thing you can try: Withdraw all of your advertising completely!



Do you have more serious problems than worrying about your industrial marketing? To get your feet back on the ground, read the following e-Book for advice on the basics of marketing from your MBA class. Or learn more from our Marketing Handbook page.

Strategic Content Creation Handbook by Cincinnati Advertising Agency, Lohre & Associates

 

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What's the difference between Type 304 and Type 316 stainless steel, and what differentiates L-grade stainless steel?

Thu, Dec 06, 2018 @ 02:06 PM / by Chuck Lohre posted in Industrial Marketing, Marketing Communications, Process Equipment Marketing, Metalworking Equipment Marketing, Powder Bulk Engineering Magazine

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More Questions and Answers from POWDER BULK ENGINEERING

 
Q: Industrial equipment manufacturers offer several metal material options for equipment construction metal materials. What are the differences in metals? What's the difference between Type 304 and Type 316 stainless steel, and what differentiates L-grade stainless steel?
 
A: Paul Deegan, Vortex, says:
imageThe most common metals offered are AISI Type 304 and Type 316 stainless steel and AISI 1008/1010 or ASTM A36, which is typically referred to as carbon steel. These metals are used to construct the "wetted" parts in a piece of equipment — that is, those parts which come in contact with the conveyed material in a manufacturing process. Alternatively, the frame or structure in a piece of equipment is usually made from either aluminum or carbon steel because they offer weight advantages, cost savings, or both.
What is stainless steel
 
There are numerous stainless steel grades available, but Type 304 and Type 316 are the most commonly used in bulk handling and many other industries. This is because both types offer good corrosion resistance at a reasonable cost, compared to other steel grades. In addition, grades Type 304 and Type 316 are relatively easy to machine, bend, and weld. The alloying elements that are primarily responsible for corrosion resistance are chromium and nickel. Type 304 stainless steel contains 18 percent chromium and 8 percent nickel, while Type 316 contains 16 percent chromium and 10 percent nickel. Both elements are expensive and increased quantities of either element will make the steel more expensive, with nickel being more expensive than chromium. In fact, it currently costs more than five cents to produce a five cent ("nickel") coin. There are grades of Type 300 series steel that are more corrosion resistant than Type 304 or Type 316, but because they have increased amounts of chromium and/or nickel, or some other alloying element(s), they are, consequently, more expensive.
 
Stainless steels are "stainless" due to the addition of chromium. The reaction between chromium and oxygen creates a submicroscopic film of tightly-adherent, nonporous chromium oxide, which protects the underlying metal from contact with the environment. Chromium, when added to a steel in a concentration of at least 10 percent, is enough to form the chromium oxide layer at the steel's surface, rendering it stainless. A distinguishing factor between Type 304 and Type 316 stainless steel is that Type 316 also contains the alloying element molybdenum. Molybdenum reduces the tendency of chromium oxide layers to break down, therefore increasing the steel's corrosion resistance. Additionally, molybdenum benefits steel by increasing its strength at elevated temperatures. Adding molybdenum, however, requires the addition of more nickel as compared to Type 304. To understand why, it's important to understand the microstructure of various stainless steels. Imagine a cube in which the atoms are arranged at the corners of the cube, as well as in the center of each face of the cube. This microstructure is called face centered cubic (FCC) and is the structure of austenitic steel. Type 300 series stainless steels are austenitic. Oppositely, imagine a cube in which there are atoms at each corner of the cube, but instead of an atom in each face of the cube, there is an atom in the center of the cube. This microstructure is called body centered cubic (BCC) and is the structure of ferritic steel. During steel production, when a steel with BCC microstructure at lower temperatures is heated to high temperatures (above 1,670°F | 910°C), it will transition to FCC. As it cools, the steel will return to a BCC microstructure. However, some alloying elements will prevent the transition from FCC to BCC, while others promote it. Molybdenum is an element that promotes the transition, while nickel helps prevent it. Therefore, adding molybdenum requires additional nickel to keep the steel in the austenitic phase.
 
The "L" at the end of Type 300 series stainless steel grades such as Type 316L signifies "low carbon." Both Type 304 and Type 316 stainless steel have carbon contents of approximately 0.08 percent. L-grades stainless steel has carbon contents of approximately 0.03 percent. During welding, the carbon and chromium elements of 300 series stainless steels begin to react with one another, forming chromium carbide. Because the chromium is transformed into chromium carbide, there isn't enough chromium remaining in the steel to form the chromium oxide layer. This results in rust forming in the areas near the weld. By reducing the carbon contents in L-grade steel, the formation of chromium carbide during welding is hindered, and thus, lessens the chance for corrosion along welded joints. Accordingly, it's only necessary to specify L-grade steel for welded components.
 
As one of my mentors always used to say, "A true metallurgist responds to most metallurgy questions with, 'it depends.'" From the explanations above, you have likely noted the difficulties in assessing metal materials of construction. Because of this, industrial equipment manufacturers must assess applications on a case-by-case basis to ensure the equipment's success. Therefore, consult with process engineering expert before making equipment acquisition decisions.
 
Vortex, Salina, KS, supplies slide-gate and diverter valves, iris diaphragms, and loadout equipment for the dry bulk material handling industries.

Do you have more serious problems than worrying about your industrial marketing? To get your feet back on the ground, read the following e-Book for advice on the basics of marketing from your MBA class. Or learn more from our Marketing Handbook page.

Strategic Content Creation Handbook by Cincinnati Advertising Agency, Lohre & Associates

 

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IEEE GlobalSpec and TREW Marketing 2019 Smart Marketing for Engineers Survey

Wed, Nov 28, 2018 @ 09:33 AM / by Chuck Lohre posted in Industrial Marketing, Marketing Communications, Process Equipment Marketing, Metalworking Equipment Marketing, Construction Equipment Marketing, Mining Equipment Marketing, TREW, IEEE GlobalSpec

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Top 10 Findings

Industrial marketing trends for 2019


Do you have more serious problems than worrying about your industrial marketing? To get your feet back on the ground, read the following e-Book for advice on the basics of marketing from your MBA class. Or learn more from our Marketing Handbook page.

Strategic Content Creation Handbook by Cincinnati Advertising Agency, Lohre & Associates

 

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Why Cat changed its machine branding, "Aggregates Manager" Magazine Article Review

Fri, Nov 02, 2018 @ 11:00 AM / by Chuck Lohre posted in Industrial Marketing, Marketing Communications, Process Equipment Marketing, Metalworking Equipment Marketing, Construction Equipment Marketing, Mining Equipment Marketing

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Cat’s new “Modern Hex” trade dress design will give machines a new look.

Industrial-Marketing-Branding-1


Do you have more serious problems than worrying about your construction equipment marketing? To get your feet back on the ground, read the following e-Book for advice on the basics of marketing from your MBA class. Or learn more from our Marketing Handbook page.

Strategic Content Creation Handbook by Cincinnati Advertising Agency, Lohre & Associates

 

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What is Search Engine Optimization? (SEO)

Thu, Aug 02, 2018 @ 01:27 PM / by Chuck Lohre posted in Industrial Marketing, Process Equipment Marketing, Construction Equipment Marketing, Mining Equipment Marketing, Business to Consumer Marketing, Website Design, Internet Design and Development, Cincinnati Web Design Agency, Internet Development, Cincinnati Website Design, web development, Ad words

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Great infographic on SEO from IEEE Globalspec Engineering 360

Screen Shot 2018-08-02 at 1.19.36 PM.

 
If you liked this post you might like this one, "Great website design is an ongoing process."
 
Guide to Web Site Redesign by Cincinnati Website Design Company, Lohre & Associates
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Metalworking Education for Marketers

Thu, Jun 14, 2018 @ 11:27 AM / by Chuck Lohre posted in Metalworking Equipment Marketing, Business to Business Marketing, B2B Marketing, B2B Advertising, Cincinnati Marketing Agencies, Equipment Marketing and Advertising, Business to Business Advertising, marketing agency

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Metalforming Processes and Materials For Non-Technical Executives, Directors and Managers

June 19, 2018—Cleveland, OH - This seminar provides attendees with a fundamental understanding of metalforming processes and their capabilities, the common materials specified for these processes, and various types of surface coatings and treatments that metalformed parts may require. Attendees involved in such areas as purchasing, quality, sales and management will gain a clearer understanding of material specifications, properties, and process parameters and capabilities to better serve internal and external customers; to more accurately specify and purchase material, and improve troubleshooting, problem reporting and root-cause analysis.

Metalworking Marketing Education

Topics covered:
• Important industry terminology and meaning
• Dfferences between flatteners, straighteners, and levelers
• Difference between “sheet” and “strip” metals (it’s not what you may think)
• Differences between flywheel drive and servo drive presses
• Why surface hardness specifications are not the best indicators that the metal you order will work in production
• How to properly order sheet material to assure you get what you need
• How to deal with international material specifications
• How new higher strength automotive materials affect your business and plant operations
• Difference between reactive, preventive, predictive and proactive maintenance programs
• True cost of die maintenance
• Acceptable stamping burr (it’s much less than you think)
• How does welding, molding, plating affect the stamping process
• Different types of quality measurement tools and equipment
Presenter

Peter Ulintz, Director of Technical Training and Workforce Development, Precision Metalforming Association

Agenda
8:00 a.m. Breakfast
8:30 a.m. Presentation
12:00 p.m. Lunch
12:45 p.m. Presentation
4:30 p.m. Adjourn

Seminar Location
Precision Metalforming Association HQ
6363 Oak Tree Blvd.
Independence, OH 44131

Hotel Accommodations
Holiday Inn Cleveland South Independence
6001 Rockside Rd.
Independence, OH 44131
216-524-8050

Reserve your room online or call the hotel directly to make room reservations. Reference Precision Metalforming Association to receive a special rate of $99 plus tax.

Hotel includes a complimentary shuttle to and from Cleveland Hopkins International Airport (call the hotel upon arrival to arrange pickup). Hotel offers free self-parking and a shuttle will be provided to and from PMA’s headquarters.

Registration Information

Through June 8
$399 PMA members
$599 Nonmembers

After June 8
$499 PMA members
$699 Nonmembers

Breakfast and lunch is included with your registration.

For more information, please contact Marianne Sichi at 216-901-8800 ext. 150.

Upcoming Seminars
June 26-27
Sheetmetal Technology
Cleveland, OH
August 15-16
Transfer Automation
Toronto, ON
September 12-13
Stamping Higher-Strength Steels
Nashville, TN
October 2-3
Designing & Building Metal Stamping Dies
Cleveland, OH
December 5-6
Deep Draw Technology
Cleveland, OH
View all upcoming PMA events

Copyright 2018 Precision Metalforming Association, All Rights Reserved.
Precision Metalforming Association, 6363 Oak Tree Blvd, Independence, OH 44131

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2018 Construction and Mining Equipment Marketing Trends

Fri, Apr 06, 2018 @ 04:25 PM / by Chuck Lohre posted in Construction Equipment Marketing, Mining Equipment Marketing

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Construction and mining equipment marketing is different than consumer marketing. Facebook, Instagram and Twitter aren't where your prospects are. We'll review what is and isn't working in industrial marketing trends.

A short history of Lohre & Associates:

  • —1996 Second Wind, small agency coaching
  • —9-11-2001 The end of growth
  • —2002 Goal: More control over business growth
  • —2002 EDOC Outsourcing call center
  • —2004 Joined Society for Marketing Professional Services (Engineers, Architects, Builders)
  • —2008 Recession, things got worse
  • —2009 Green Building initiative
  • —2013 Hubspot
  • 2018 Society for Marketing Professional Services, Certified Professional Services Marketer designation

Construction-Industrial-Marketing-Trends.jpg

Green Marketing - A Market Back On The Charts

Green Industrial Marketing Trends.jpgHubspot is Good For Content Marketing
  • —Up to date internet marketing strategies
  • —Structured marketing framework
  • —Adaptable to industrial products & services
  • —Focused on “considered” sales process
  • —Excellent training
  • —Excellent coaches for clients & prospects
  • —Formal growth plan
Does Blogging and Social Media Work?
  • —Post three times a week
  • —Share across Facebook, Twitter and LinkedIn
  • —Follow Cocktail Party Rule, 1 for you, 2 for guests
  • —Keep it very educational & technical
  • —Monitor and interact with Social Media
  • —90% of internet content doesn’t get shared
  • —Google pays a lot of attention to a small amount of sharing and commenting
Social Media Industrial Marketing Trends.jpg
You Must Find Your Path
  • —Think of your marketing plan as a three legged stool. Your website needs to be the first thing you get into shape. If you aren't getting regular new business from your site, something is wrong.
  • Second leg is normally your people. Going to visit customers, going to trade shows, writing technical papers, making presentations -they are the back bone of your public face
  • Third is your wild card. What strategic thing are you faced with? Shrinking market? Find new ones. Technology changes? Adapt. People problems? Train and measure them.
The biggest thing we have learned recently is that internet marketing isn't the best for industrial marketing communication firms. We have gotten one recent account from our web site, but more recently we have also gotten clients from referrals and targeted direct mail. So the most important thing for any company is to know what works for them.

Download our free guide to Sales Lead Generation.

Sales Lead Generation Guide by Cincinnati Marketing Agency Lohre & Associates

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SMPS - CPSM Exam - Industrial Marketing Management

Sun, Dec 10, 2017 @ 10:37 PM / by Chuck Lohre posted in Marketing, Process Equipment Marketing, Metalworking Equipment Marketing, Construction Equipment Marketing, Mining Equipment Marketing, Business to Consumer Marketing, Business Development, Industrial Marketing Promotion

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The last SMPS Markendium Domain puts it all together. Managing a Marketing Dept. or Agency Couldn't be Defined Better

Four years ago I learned about Hubspot and went all in. I really enjoyed the specific internet marketing knowledge that it demonstrated and clearly showed principals of a agency how to follow. We had them convert our site and did everything they suggested. We got one client to implement it and that has been a great success. Not so much for the agency. Face it, the internet is mostly marketers, you can't sell generic marketing in the internet, just like you would be a fool to hire a brain surgeon online. Myke Amend, our weg guru, recently created www.industrialwebdevelopment.com, specifically about web design and management. It worked great and we have signed two new clients. Myke followed the Google instructions to create a great website. They are light years past Hubspot. In fact, you can't do what Google suggests with Hubspot. We're still a Hubspot Partner and I'll continue participating because in spite of their lack of advancements, they are still a very good general best practices and agency management tools.

Hubspot told you to build it and they will come. The Society for Marketing Professional Services tells you to deliver the most fantastic service you can, find similar clients and sell them the same type of work. To grow sell new services to existing clients. If that is successful, try selling it to other clients. it that simple. 

The management part of it is simple too. Clearly define marketing activities and their objectives that you can measure. I'm looking forward to defining what we're good at, adjusting for each of our personalities, and implementing SMART goals next year - Specific, Measurable, Actionable, Relevant and Timely.

 Industrial Marketing Management.jpg

 

Industrial Marketing Management Case Study Activity

This Case Study Activity allows you to reflect on and apply the key concepts that you learned in this Domain to a real-world scenario. Each Domain includes a scenario about the same organization, Gilmore & Associates. The scenario is presented to you, followed by several questions. You can also elect to view the recommended solutions/ responses for each question posed, which are located on the next page. This case study can be studied in many ways:

• You can individually reflect on the questions after reading the scenario, and write your own notes/responses to each question. You can then check your ability to apply the key concepts against the recommended solutions/responses.

• You can pull together a small group and use this scenario to drive a discussion around the challenge and to discuss solutions as a group.

• You can combine a selection of the case study activities (across the Domains) into a larger scenario-based activity as a part of a professional development event.

Thanks in large part to your efforts as the marketing coordinator, Gilmore & Associates has successfully transitioned into a new market. The firm used to only be known for designing K-12 educational facilities, but with a few high-visibility retirement community projects under its belt, it's begun to establish itself as an expert in this niche of older adult healthcare.

Firm leadership has recognized your role in this transition by offering you a management position. You agree to take on the responsibility of coordinating the efforts of staff and consultants to accomplish marketing goals and objectives, and ensure that every step in the sales process-from BD to writing a proposal-continues to run smoothly.

1. What are some processes that you could put into place to ensure the best possible outcomes for your marketing staff's performance?

2. What should be included in a pipeline report to help you track activity, hold your team accountable and ultimately help your firm reach its annual growth goals?

3. You notice that many members of your team express discomfort with their BD role. How can you create a training program that will build the skills that they need to develop more confidence in this role?

4. One of your team members has decided to go back to school to study nursing and you need to hire someone to fill the open marketing associate position. What · can you do to make your firm an appealing choice to job seekers?

5. What steps can you take to promote a firm-wide BD culture?

Answer Key

1. What are some processes that you could put into place to ensure th􀀡 best possible outcomes for your marketing staff's performance?

• Set clear expectations. Measure each staff member's knowledge areas and skill sets, and, based on those results, develop metrics by which they will be evaluated. Also encourage them to gain additional training and certifications, where needed.

I look forward to doing this with my guys. It might be cold calls by me, search engine optimization by Myke and we'll firgure out something for Rob to do. He's so shy.

Provide opportunities for your staff to find a mentor or coach. These relationships can greatly enhance their professional development over both the long and short term.

I'm afraid I'm all they have!

Establish clear lines of communication and provide regular feedback. Have regular team meetings about current and planned activities, as well as more informal one-on-one discussions about how each person is performing.

We'll have these meetings each month after we have put our "New Business" hours into the database.

Help them to develop a PDP that identifies a path for their individual professional development within the organization.

This will be fun. I'm lookng forward to seeing what Rob and Myke see as a management path.

2. What should be included in a pipeline report to help you track activity, hold your eam accountable, and ultimately help your firm reach its annual growth goals?

Information about each lead, including which staff member brought it to your firm's attention, which staff member will head follow-up activities and whether the lead is a previous client or a prospective one

We already have a good database to fill out. Putting numbers on it will help. We can use the "Estimate" field for this.

Information about the market and service sector that potential new work is associated with 

I've been wondering where we're going to get that info. The aggregate mining publications publish market trends. I think the chemical industry does as well.

A rough approximation of how much revenue that the project might bring into your firm and how much it will cost to pursue it 

We can put some numbers on this.

How likely you are to win the work based on what you know about the opportunity 

We can easlily guess this as well.

3. You notice that many members of your team express discomfort with their BD role. How can you create a training program that will build the skills that they need to develop more confidence in this role?

Recognize that some people will never be completely comfortable demonstrating a particular skill-for example, speaking in public or writing proposals. Encourage your staff to focus on enhancing skills within their natural abilities and comfort zone. However, be sure to differentiate between people who will always hate networking (or some other skill) and those who just need more training to succeed.

Rob can give us all a primer on Adobe Applications.

Conduct a training needs assessment via observation, individual interviews ;and group. questionnaires to determine in what areas your team is strong and where they could use additional instruction.

This will be fun. I'll have to pay them to go to Dale Carnegie but that's Ok.

Develop a regular schedule of training opportunities. Include both formal and informal (e.g., lunch and learns) training opportunities at appropriate frequencies.

We'll be going over this study guide for most of 2018.

Make sure that the training sessions are hands-on and simulate the real world. For a training session on proposal writing, have participants write a sample proposal. For one on interviews, conduct a mock interview.

We can all do this in our sleep.

Create a maintenance plan so that the training schedule is not dropped once your employees attend the initial sessions. For long-lasting improvement, people must have regular opportunities to practice learned skills. 

American Marketing Association was one group a fomer employee was active in and did serve on the board. Nothing came of it.

4. One of your team members has decided to go back to school to study nursing, and you need to hire someone to fill the open marketing associate position: What can you do to make your firm an appealing choice to job seekers?

• Offer to help HR develop attractive and well-written job announcements for various mediums.

• Know what motivates the people who will be searching for a job in your industry-this includes an interest in the work, opportunity for growth, a sense of accomplishment and earned recognition-and tailor your recruitment announcements to address these needs.

• Consider the target audience for the job opening. A marketing associate is an entry-level position, so your candidates are more likely to be recent graduates in the Millennial.Generation than Baby Boomers.

• Make sure that your web site is up-to-date and attractive, and that the "Apply for a Job" tab is easy to find from the home page.

• Consider setting up a booth at college career fairs. Sell the culture of your firm at the booth and select staff that will relate well to Millennials.

All great ideas. We need to have more about the culture of the company online. It';s not like we don't do many extra off line activites.

5. What steps can you take to promote a firm-wide BD culture?

• Recognize that it takes time for BD efforts to show obvious pay-offs and encourage your staff to view the development of client relationships as a long-term and continuous effort, as opposed to a task that is only done when the firm needs new business.

• Include sales training in your firm training program so that your team develops good selling habits.

We're going to have  great 2018!

 

Contents

1. Supervise Marketing and Support Staff

1.1 Define Roles, Joo Descriptions, and Expectations

1.1.1 Structure :Your Department

1.2 Establish Performance Outcomes, Expectations, and Metrics

1.3 Identify Training and Professional Development Needs

1.4 Provide Mentoring and Coaching Opportunities

1.4.1 Mentoring

1.4.2 Coaching

1.5 Have Regular Team Meetings

1.6 Help Staff Create a Personal Development Plan (PDP)

1.7 Conduct Performance Evaluations

1.8 Key Terms

2. Develop an Internal Marketing Communications Program

2.1 Track and Communicate Relevant Information

2.1.1 Pipeline Report.

2.1.2 Track Upcoming Industry Events

2.2 Establish Regular Meetings with Stakeholders

2.2.1 Create an Agenda

2.2.2 Distribute a Detailed Report

2.3 Create Awareness of Company's Services/Offerings for Cross-Selling

2.4 Key Terms

3, Develop, Implement, and Maintain Information Management Systems

3.1 Conduct a Needs Assessment

3.2 Select a System

3.3 Develop an Implementation Plan

3.3.1 Build Company Buy-In

3.4 Develop a Maintenance Plan

3.5 Develop a Customer Relationship Management (CRM) System

3.5.1 Select a CRM System

3.5.2 Outline the Data to Be Housed in the CRM

3.5.3 Implement the CRM System

3.5.4 Maintain the CRM System

3.6 Key Terms

4. Conduct Marketing Training Sessions

4.1 Establish Outcome/Competency Alignment for Marketing, Business Development (BD), and Sales Positions

4.2 Conduct a Training Needs Assessment

4.3 Identify Training Resources

4.4 Develop a Schedule/Calendar of Training Programs

4.5 Evaluate and Refine Programs

4.6 Key Terms

5. Attend Professional Development Activities

5.1 Identify Expectations for Staff Involvement

5.2 Identify Organizations to Participate In

5.3 Train Staff to Network

5.3.1 Information Sharing

5.3.2 Keep in Touch

5.4 Develop Your Professional Network

5.5 Assess the ROI of Participation

5..6 Key Terms

6. Recruit Personnel

6.1 Coordinate with HR

6.2 Write Job Descriptions

6.3 Highlight Your People

6.4 Promote the Job Opening

6.4.1 Assess Your Results

6.5 Market Your Firm as the Most Attractive Choice

6.6 Look to Other Sources of Talent

6.7 Key Terms

7. Comply With Business and Accounting Principles

7.1 Know the Benefits of Understanding Financial Information

7.2 Learn the Basics

7.2.1 Charge-Out Rate

7.2.2 Target Multiplier (aka Charge Multiplier) 7.2.3 Net Multiplier

7.2.4 Overhead Rate

7.2.5 Staff Utilization Ratio

7.2.6 Current Ratio

7.2.7 Net Profit Ratio

7.2.8 Accounts Receivable Collections

7.2.9 Financial Statements

7.2.10 Tracking Backlog

7.3 Understand the Project Lifecycle

7.3.1 Getting the Project

7.3.2 Doing the Project

7.3.3 Finishing the Project

7.4 Understand Basic Contract Principles

7.5 Key Terms 

8. Promote a Firm-Wide BD Culture

8.1 Develop and Implement Strategies to Advance a BO Culture

8.2 Understand Models of BO Cultures

8.2.1 Valley of Death

8.2.2 Sales Success Cycle

8.2.3 Rainmaking System

8.2.4 Performing BO during Project Execution

8.2.5 Building Relationships

8.2.6 Internal Marketing Examples

8.3 Define Roles, Responsibilities, and Training across Firm

8.3.1 Marketers

8.3.2 Technical Staff

8.3.3 Senior Management

8.3.4 Nontechnical Support Staff

8.4 Assess and Develop BO Talent

8.5 Key Terms 

If you would like to do the right thing, give me a call for lunch and a...

 Complimentary Green Building Consultation

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SMPS - CPSM Exam - Industrial Marketing Promotional Activity

Sun, Dec 10, 2017 @ 01:37 AM / by Chuck Lohre posted in Process Equipment Marketing, Metalworking Equipment Marketing, Construction Equipment Marketing, Mining Equipment Marketing, Business to Consumer Marketing, Business Development, Industrial Marketing Promotion

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This is the Domain I have been waiting for. It's most of what I have been doing the past 40 years. Industrial Marketing Promotional Activity

I started at the drawing board 40 years ago at my Father's advertising agency. $3.10 per hour. I lived in the basement of a nearby home for $45 per month. I remember the first night I stayed there, the gays above me were having a huge shouting match! I enjoyed sucking Rapidio pens and drawing mining equipment. And slowly made a name for myself because I enjoyed preparing perfect materials for the printer. I still don't know how the vice president knew I had been up all night working on the boards. Must have been something in my eyes.

I learned everything from client relationships, the friendships, the events and creativity from my Father. They all were important in a people business like advertising. I came in during a depression and we grew a little after that but never regained the glory days of the agency in the 60s. Dad left for the Florida Keys in the 80s and started other businesses. I took over the day to day and to this day I think about him at 5 pm when he used to call after the rates went down.

Dad passed away in 1999. That was the high point of the agency. We almost broke one million in sales. Then 9-11-01 and we were struggling like every other consultant. The economy recovered and seemed to be on fire, it was. I got involved with SMPS on the advise of Pete Strange the president of Messer Construction. I found the chapter very welcoming and volunteered for the board of president Alison Tepe-Guy. I served two terms but then the housing crisis hit. I gave up on growing the agency with building material clients. Until the last couple of years in which I have attended Greenbuild, the premier show for high quality building materials. I'm looking forward to putting to use all the information I have absorbed from trying to pass the exam over the last ten years.

Promotional-Activities.jpg

 

Case Study Activity

This Case Study Activity allows you to reflect on and apply the key concepts that you learned in this Domain to a real-world scenario. Each Domain includes a scenario about the same organization, Gilmore & Associates. The scenario is presented to you, followed by several questions. You can also elect to view the recommended solutions/ responses for each question posed, which are located on the next page. This case study can be studied in many ways:

• You can individually reflect on the questions after reading the scenario, and write your own notes/responses to each question. You can then check your ability to apply the key concepts against the recommended solutions/responses.

• You can pull together a small group and use this scenario to drive a discussion around the challenge and to discuss solutions as a group.

We talk about promotional activities every day at our office at Washington Park. That's what I live and breathe. You get a bit of that sense reading the CMPS Domains. The folks that wrote these know that we're in a people business. Everything revolves around people. I'm lucky to have  Myke Amend join the company, he's a shy but gregarious creative. A great writer and an incredible programmer.

• You can combine a selection of the case study activities (across the Domains) into a larger scenario-based activity as a part of a professional development event.

I plan to evaluate each of my clients based on these Domains.  It will help me understand the interrelationships of the Domains and learn how to approach those clients with new ideas to improve their marketing.

Gilmore & Associates' first year in the new market has been a successful one-with two winning proposals and one completed project, you are ready to get your company's message out in front of a wider audience. Your CEO wants the firm to become well known for designing state-of-the-art facilities for serving the healthcare needs of older adults.

As the marketing coordinator, you have been given the responsibility of developing a plan to raise awareness of your company in the minds of prospective clients, and to set the stage for establishing your firm as a thought leader in the industry.

This is the problem we get asked everyday. But never get the background information needed to achieve the results. It used to be that we could come up with a clever ad and succeed. No more.

1. Before you engage in promotional activities, you must have a message to deliver. What are the elements involved in the creation of a corporate identity?

This isn't that hard to do. Tying it into a relevant marketing plan normally doesn't get addressed. or maybe we never got the feedback. I once told a client that feedback was a strategic re-positioning strategy. He disagreed and said it was a tactic and not a strategy. We never did get the market they were going after so had no idea what to present.

2. What activities should be included in the communications plan that your team develops?

I'd sure like to get more information for any ad we are asked to develop. Normally it's an attempt to present the product benefits versus the competition. The core message a sales person should be sure to explain to a prospect. This was a great approach to an advertisement in the past and may still be but nailing the benefit versus being boring is the fun part. Making it memorable is the most important. The most important activities are to educate the sales force on the message to be delivered and present it through events, presentations, meetings, social media and in the office.

3. You've decided to create a video to gain your firm more visibility. What should you keep in mind when developing/filming a high-quality multimedia advertisement?

Used to be that we got $1,000 per minute to produce a video. Now clients want to do it for $100 a minute. Smart phones are great if you have a good remote mic but you still need a great script and a good spokesperson.

4. Your firm is proud of the project that it recently completed, and would like to give it greater visibility by entering it into an awards competition. What should you consider when searching fo􀀲r an appropriate competition to submit to?

The Domain guide gives great guidelines to picking awards. I especially liked the suggested into who won and what the judges want.

5. The first year anniversary of your company's entry into the new market is coming up, and you want to plan a special event for the occasion. What steps can you take to ensure that the event makes a favorable lasting impression on potential and current clients?

We made our office LEED Platinum to enter the construction market but no one in the industry cares. It's only what the client wants. We may be able to work with those sustainable firms as like minded companies but it's easy for the designers and consultants to be Green. We have received educational work from institutions and hope to grow that. I have worked very hard to be the best educator in the Green Building movement and won't back down one bit from that position. It's just an eye opener to realize that it might take 20 years to get out of the "Valley of Death."

Answer Key

1. Before you engage in promotional activities, you must have a message to deliver. What are the elements involved in the creation of a corporate identity?

• Conducting primary research to determine how your brand is currently viewed by others (i.e., a perception survey)

• Determining whether others' perceptions of your company lines up with the image that you want to project

• Developing a vision and mission statement that defines your firm's core purpose

• Creating an identity map to determine where your firm stands in relation to your competitors in the market 

• Developing a corporate identity program that institutes firm-wide standards regarding naming conventions, graphic design elements and messaging in order to better maintain a consistent brand

All great ideas and the proper way to approach marketing.

2. What activities should be included in the communications plan that your team develops?

•  Creating strategic objectives that set the priorities and direction for communicating with clients, potential clients, the community and other key audiences. What response are you looking for?

• Defining your target audience, based on demographic and psycho graphic characteristics.

• Developing a social media plan that uses inbound marketing to engage with your audience on the appropriate platforms.

• Developing interesting and creative content that can be used to share knowledge through various social, digital, and analog platforms.

• Maintaining an integrated website.

• Selecting which types of ads and sponsorships to engage in (including earned, pay-to-play, and owned platforms). 

Once again, great guidelines and right on approaches.

3. You've decided to create a video to gain your firm more visibility. What should you keep in mind when developing/filming a high-quality multimedia advertisement?

• Tell a story, but make sure that it includes only what is essential so that the entire story can be told in a few minutes.

• Make sure that the quality of the production is consistent with your firm's overall image.

• Research the elements of video production and decide what tools you will need to produce the quality that you want. This includes finding a DSLR camera/camcorder with the right specs, deciding what frame rate/resolution it should be able to shoot at, and what type of microphone to use to capture sound.

Dead on.

4. Your firm is proud of the project that it recently completed, and would like to give it greater visibility by entering it into an awards competition. What should you consider when searching for an appropriate competition to submit to? 

• What are your next opportunities for entering an awards competition? Create a system to keep track of awards opportunities, and update it with information gathered by contacting A/E/C associations, reading relevant publications and reaching out to your network.

• Does your project meet the criteria of that particular awards program?

• Will winning the award boost your firm's visibility in your target
market/audience?

• Do you have a good chance of winning the competition? Review the past winners and compare them (objectively) against your own project.

We became the Greenest Office in Cincinnati. Nothing happened. Probably not the right type of promotion to identified targets. We did learn that it is the client you have to find. That was harder than we expected and possible to find. We have put into place a grass roots program over the last three years and hope that results in the type of client that doesn't put energy savings at the top of their list. That's not the point of environmental sustainability. I was told yesterday that only 5% of office space had converted their incandescent bulbs to LED. My clients and prospects have created multi million dollar businesses doing those conversions. I should be able to help them with better research and planning.

5. The first year anniversary of your company's entry into the new market is coming up, and you want to plan a special event for the occasion. What steps can you take to ensure that the event makes a favorable lasting impression on potential and current clients? 

• Clearly define your goals for hosting the event before you begin planning it.

• Develop a creative concept that represents your firm's personality and appeals to your target audience.

• Create a checklist of every activity and task that must be accomplished both before and during the event, along with who is responsible for implementation. Include contingency plans for anything that might go wrong.

Great action items. 

Contents

1. Develop and Maintain Corporate Identity

1.1 Use Primary Research to Determine Brand Perception and Identity

1.2 Develop a Vision and Mission Statement

1.3 Develop a Unique Value Proposition

1.4 Create an Identity Map

1.4.1 Generalist vs Specialist

1.4.2 Client Driven vs Market Driven

1.4.3 Design vs Execution Focus

1.4.4 Unique vs "Me Too" Player

1.5 Determine Elements of a Corporate Identity Program

1.5.1 Brand Architecture and Naming Conventions

1.5.2 Graphic Design Elements

1.5.3 Messaging

1.6 Create Standards

1.7 KeyTerms

2. Develop and Implement a Communications Plan

2.1 Develop a Communications Plan

2.1.1 Define Your Communications Objectives

2.1.2 Engage Firm Stakeholders

2.1.3 Identify Key Topics

2.1.4 Define Your Target Audience

2.1.5 Create a Set of Communications Initiatives

2.2 Develop a Social Media Plan

2.2.1 Determine Target Audience and Goals for Each Platform

2.2.2 Best Practices for Developing a Plan

2.2.3 Track Progress, Determine Reach/Followers, and Track Return on Investment (ROI) Metrics

2.3 Maintain a Web Presence

2.3.1 Determine Website Strategy

2.3.2 Merging Current Systems with New Site's Structure

2.3.3 Integration

2.3.4 Benchmark Competitors' Websites

2.3.5 Monitor and Manage Analytics

2.4 Key Terms

3. Media Relations

3.1 Strategy and Planning

3.2 Maintain a Media List

3.2.1 Research National Publications in Key Market Segments

3.2.2 Local List

3.3 Draft News Releases

3.3.1 Sample News Releases

3.3.2 Assign Responsibility to In-House Staff or an Outside Consultant

3.4 Distribute Approved Release

3.5 Contacting the Media

3.5.1 Follow-Up Protocols

3.6 Publish Newsletter or Journal Articles

3.6.1 Choose a Topic

3.6.2 Getting Published

3.6.3 Determine the Communication Channel

3.7 Train Staff to Interact with Media

3.7.1 Identify Personnel to Interact With the Press

3.7.2 Training

3.8 Key Terms

4. Create Digital Content

4.1 Using Multimedia

4.2 Videos

4.2.1 Video Marketing

4.2.2 Develop a Video Plan

4.2.3 Legal Issues

4.3 Audio Podcasts

4.4 Key Terms

5. Coordinate Photography

5.1 Develop a Plan that Aligns with Marketing, BD, and Strategic Plan Goals

5.2 Identify Budget and Resources

5.2.1 Photographing People

5.2.2 Photographing Projects

5.2.3 Stock Photos

5.3 Elements of a Strong Photo

5.3.1 Taking the Photos Yourself

5.4 Best Practices for Working with Architectural Photographers

5.5 Legal Issues

5.6 Key Terms

6. Prepare Award Competition Entries

6.1 Why Enter?

6.2 Track Award Opportunities

6.3 Determine Likelihood of Winning Award

6.4 Include Visuals

6.5 Include the Voice of the Client in the Award Narrative

6.6 Budget Time and Resources for Editing, Proofing, Etc. 

6.7 Key Terms

7. Develop an Advertising Plan

7.1 Establish an Advertising Rational

7.2 Relate Goals and Target Audience to Overall marketing Plan

7.3 Different Types of Ads and Sponsorships

7.3.1 Institutional or Image Advertising 7.3.2 Service Advertising

7.3.3 Tombstone Advertisements

7.3.4 Broadcast Advertising

7.3.5 Advertorials

7.3.6 Social Media Advertising

7.3.7 PBS Underwriting

7.4 Key Terms

8. Plan Trade show Activities and Conference Speaking

8.1 Decide Whether to Participate

8.1.1 Types of Trade shows/Conferences

8.1.2 Align Your Goals with Trade show/Conference Opportunities

8.2 Develop a Budget

8.3 Craft a Plan of Engagement

8.3.1 Choose Your Speaker's Topic

8.3.2 Identify the Appropriate Participants for your Booth

8.3.3 Constructing a Display

8.3.4 Level of Presence

8.4 Gather Information and Follow Up

8.5 Evaluate ROI Post-Show

8.6 Key Terms

9. Coordinate Firm Special Events 

9.1 Plan the Event

9.1.1 Define Your Goals

9.1.2 Identify Your Audience

9.1.3 Develop the Central Concept

9.1.4 Give it the Creative Sparkle

9.2 Check, then Double Check

9.3 Post Event

9.4 Other Corporate Entertainment Strategies

9.5 Key Terms

10 Select Vendors and Consultants

10.1 Define the Scope of Work

10.2 Select and Interview Vendors and Consultants

10.3 Manage and Direct Activities of Consultants

10.4 Key Terms

11 Case Study Activity

12 Glossary

13 Related Resources

14 Figures

15 Index·

16 About the Photographer

17 Peer Review

18 Body of Knowledge Subject Matter Experts (SM Es)

I love this entire Domain. Everything in it I have experienced first hand and agree with the analysis and methods.

If you would like to do the right thing, give me a call for lunch and a...

 Complimentary Green Building Consultation

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SMPS - CPSM Exam - Industrial Marketing Proposals

Sat, Dec 02, 2017 @ 09:00 PM / by Chuck Lohre posted in Process Equipment Marketing, Metalworking Equipment Marketing, Construction Equipment Marketing, Mining Equipment Marketing, Business to Consumer Marketing, Business Development

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Great Proposals Match Your People's Talents To The Client's Needs

Recently I listened to the award story for a theatre. It told several stories about the different types of groups that went to the playhouse. The young girl going to the Nutcracker for the first time with her grandmother. The story of a young couple going to Romeo and Juliet. The older couple enjoying an evening together with friends. And the young professionals so anxious to see and be seen. They had the director crying. The patrons wide eyed about the world that could be created as a part of their legacy. They are now seeking more funds to realize their dream.

This is a true story. The work went to a firm that wasn't known for their theatre work. Another secret ingredient was bringing in the best sound designer in the world. True Industrial Marketing Proposals follow this path.

Be sure to follow the instructions so you don't get uninvited to the party. And be careful you don't show your hand to your competitors. Many times subs will be included on several proposals, they aren't your friends.

Industrial Marketing Proposals.png

 

Case Study Activity

This Case Study Activity allows you to reflect on and apply the key concepts that you learned in this Domain to a real-world scenario. Each Domain includes a scenario about the same organization, Gilmore & Associates. The scenario is presented to you, followed by several questions. You can also elect to view the recommended solutions/ responses for each question posed, which are located on the next page. This case study can be studied in many ways:

• You can individually reflect on the questions after reading the scenario, and write your own notes/responses to each question. You can then check your ability to apply the key concepts against the recommended solutions/responses.

I have very little knowledge of these types of negotiations. I can imagine such things for my much larger clients but most of the time they didn't work out so well. Buying $100,000 worth of equipment to enter a new market only to find that it wasn't the performer you thought it was. The engineering world appears to be black and white but it isn't.

• You can pull together a small group and use this scenario to drive a discussion around the challenge and to discuss solutions as a group.

• You can combine a selection of the case study activities (across the Domains) into a larger scenario-based activity as a part of a professional development event.

Gilmore & Associates, the mid-sized engineering firm you work for, has been presented with a game-changing opportunity. You've recently been leading the effort to transition your firm away from working primarily in the education sector, and towards healthcare projects that serve the growing retiree community in the area. One of the prospective clients that your team has been building a relationship with has just mentioned a new project that they will be embarking on in the upcoming year-a retirement community with a built-in rehabilitation facility that caters specifically to the needs of older adults.

This project is perfectly in line with your firm's strategic objectives, and the CEO is excited to go after it. It doesn't take long for your decision team to reach a "go" decision. Knowing about this project early on gives you plenty of time to develop a winning proposal.

1. Since your firm hasn't worked on many healthcare projects before, you are considering forming a partnership with a more experienced firm to improve your chances of winning the project. What factors should you consider when evaluating a firm as a potential partner?

2. The client releases the RFP, and the convoluted structure of the document makes it difficult to parse out what, precisely, is being requested. How can you ensure that you fully comprehend and meet all of the proposal requirements?

3. What can you do to make your proposal stand out?

4. You are informed that your project team has made the short list. You and two other firms have been invited to present on how your design for the retirement facility will best meet the client's needs. What can you do to prepare for the upcoming presentation and interview?

5. Your hard work has been rewarded-your firm won the project! How can you make the most of the debriefing session to help you relive this success in future proposals?

1. Since your firm hasn't worked on many healthcare projects before, you are considering forming a partnership with a more experienced firm to improve your chances of winning the project. What factors should you consider when evaluating a firm as a potential partner?

• Compare the skills and expertise required by the client against your firm's ability to provide them. Would a potential partner be able to fill in the gaps?

Most recently we have won work writing technical articles but the price points have been hard to make. These are very complicated mechanical engineering articles about electric motors and gearboxes. I wonder how or who I would partner with. I don't like the typical response from writers, "That's what I do, write about things I don't know about." Usually I'll research the internet for everything publically shared and then distill it down to two or three thousand words. But even that put us upside down about 100% for the project.

• Evaluate the strength of your relationship with the client. Do you have ties with the decision makers in the client's firm? Would your proposal benefit by partnering with a firm that knows the client better?

• Consider the culture of the firm that you're thinking about teaming with. Is it compatible with your own firm's culture, or will it require a major adjustment? Do your teams get along?

The tips about how to negociate things other than the price are good. Timing. Rights. What other things could I ask for. They have already given us a testimonial letter.

• Does the client have participation goals for SDBE firms?

2. The client releases the RFP, and the convoluted structure of the document makes it difficult to parse out what, precisely, is being requested. How can you ensure that you fully comprehend and meet all of the proposal requirements?

I'm thinking about doing the same thing with these Domains. Fo me, the real reason I'm studying is to learn how to grow my company. I've learned that you need to grow from your employees' strengths. You need to match that with growing markets. Doesn't sound too hard. The hard part is finding the right audience. You can't by a list or do any kind of shotgun approach. Mailing to a list or even, like I do, go to trade shows to approach the right audience. Sometimes VP of sales is looking for a new agency at a show, they do have marketing on their mind. But the real way to market is to right a focused web site, like Myke Amend did for us, industrialwebdevelopment.com has brought us two new clients that are perfectly matched to our skills, and very profitable.

• Use a compliance matrix to deconstruct the RFP and reorganize it so that related information is grouped together.

• Develop questions and submit any requests for clarification to your point of contact in the client's firm.

• Find out if the questions and answers will be posted publically for your competitors to see.

• Ask your BD team what they know about the client's hot buttons. This information can be used to figure out their unstated requirements.

This happens if you have an inside champion. If you don't, don't even bother bidding.

• Create a detailed work plan, complete with a schedule for tracking proposal elements and assigning responsibilities, so that none of the proposal requirements are ignored.

3. What can you do to make your proposal stand out?

• Build your proposal around a unifying theme that highlights the differentiators that your firm has that will most benefit your client.

• Tell a story, through examples and statistics, of how your team has provided value for similar projects in the past. Use text and graphics to create an engaging narrative. For example, the ways in which your experience designing K-12 schools have prepared you for designing this similarly-sized retirement facility.

• Think about why each project team member was selected and highlight their expertise.

• Keep the focus on your client-how your firm will address their worries, hopes, and needs.

The last public works project I bid on, we lost. We did everything above but there was something we didn't know. Something we weren't told. The large web site project went to another firm and was typified by the computer programmers hanging out in the parking lot smoking cigarettes. I wish we could have had a debrief but it wasn't offered. They did share a copy of the winning proposal but it didn't uncover any clues. The importance of having an inside champion can't be over stressed. I'm not sure how it all works, and not bitter about losing the work or wasting time but not knowing why they chose one firm over another is troublesome.

4. You are informed that your project team has made the short list. You and two other firms have been invited to present on how your design for the retirement facility will best meet the client's needs. What can you do to prepare for the upcoming presentation and interview? 

• Find out from your BD team what the client is looking for in the presentation. Identify and address their concerns with solutions that differentiate you from your competition.

• Visit the presentation space, if possible, or ask to see a picture of it so that you know what to expect on the day of the interview.

• Develop a storyboard to outline the presentation and ensure that all elements-salient points, graphics, narrative, etc.-flow together.

• Make sure that you have a contingency plan for anything that might go wrong, including technological difficulties.

• Rehearse the entire presentation at least three times, until all of your speakers can present their material conversationally and without notes.

5. Your hard work has been rewarded-your firm won the project! How can you make the most of the debriefing session to help you relive this success in future proposals?

8 Develop open-ended questions that encourage the client to talk freely. Consider the debrief a conversation, rather than a formal interview.

• Find out what aspects of your proposal and interview that the client likes the most, and the least.

• Ask for any recommendations that they have for your future submittals.

• Find out if there are any other RFP opportunities in the near future that your firm might apply for.

 

Contents

1. Prepare to Win

1.1 Make a Go/No-Go Decision

1.1.1 Build aDecisionTeam

1.1.2 Understand Which Factors Affect the Success of a Project

1.2 Identify Firms for Teaming/Partnering 

1.2.1 Affirmative Action Opportunities

1.3 Key Terms

2. Organize to Win

2.1 Read and Understand the Contents of the Request for Proposal (RFP)/Request for Qualifications (RFQ)

2.2 Conduct an RFQ/RFP Strategy Session

2.3 Develop a Work Plan 

2.3.1 Develop a Schedule for Tracking Proposal Elements

2.3.2 Develop an Overall Proposal Tracking

2.3.3 Use Templates

2.4· Key Terms

3. Respond to Win

3.1 Draft a Cover Letter

3.2 Draft a Proposal

3.2.1 Tell a Story

3.2.2 Spotlight Your Experts

3.2.3 Use Graphics

3.2.4 Use Direct and Concise Language

3.3 Complete Government Forms

3.3.1 Understand the Standard Form 330 (SF 330)

3.3.2 Understand the Standard Form 255/254 (SF 255/254)

3.3.3 Differentiate Your Firm

3.4 Develop and Implement a Quality Assurance/Quality Control (QA/QC) Process

3.4.2 Determine Who Will Participate, and How

3.5 Key Terms

4. Present to Win

4.1 Develop Your Presentation/Interview Strategy

4.2 Prepare Presentation Materials 4.2.1 Determine the Format of Your Presentation

4.3 Select Personnel Based on Your Proposal Strategy

4.4 Identify Presentation Meeting Space and Equipment Needs

4.5 Rehearse

4.5.1 Conduct a Mock Interview

4.6 Key Terms

5. Close to Win

5.1 Develop a Proposal Close-Out Process

5.1.1 Update Content Resources

5.1.2 Organize the Files

5.1.3 Log Win Rates and Pursuit Costs

5.2 Conduct a Post-Award Debriefing

5.2.1 Choose the Participants

5.2.2 Develop Open-Ended Questions

5.2.3 After Action Reviews (AARs)

5.3 Determine the Fee Structure

5.3.1 Understand the Types of Fee Structures Available

5.3.2 Research Historical Costs of Similar Projects 

5.3.3 Be Able to Understand the Contract and All Obligations

5.4 Perform Contract Negotiations

5.4.1 Mitigate Risks

5.4.2 Identify Negotiable vs Non-Negotiable Items

5.4.3 Determine Participants

5.4.4 Collaborate

5.5 Draft a Contract

5.5.1 Understand the Difference in Contracts between Different Delivery Models

5.5.2 Understand the Differences in Contract Relationships

5.6 Sign the Contract

5.7 Key Terms

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