Book Review

By Julie Hein 

I’m re-reading a great book, Marketing Outrageously, by Jon Spoelstra.  He has worked in sports management for professional sports franchises, including as general manager of the New Jersey Nets. 

                      

One thing he advocates is asking yourself and staff, “what’s it going to take to….”  Insert some wild and crazy goal.  Then make a list of what it would take, even if it seems impossible or ridiculous.  Even if it means that you need a million dollars, a bunch new hires that you can’t afford and a new office space.  Just follow the thought through.  Then take it piece by piece and figure out how to get it.  You can’t get it all unless you plan for it, accept it as reasonable, dream and plan around the possibility.  It’s not “how do we end the season with 20 wins”; it’s “how do we win the Stanley Cup?”  Won’t be easy, but nothing good is.  Instead of asking, “how do I increase 5% over 2010, think about being the best of the best.”  Aim high!

He also wants everyone in an organization to ask themselves, “what did I do to make money for my company today.”  What would that do to your company? 

It’s a great book.  Especially if you feel like jumping in with both feet. 

Quake aftershocks felt 'round the world.

By Kellie Lala

Japan’s horrific earth quake and tsunami has far reaching effects.  Not just to loved ones around the world but also on many a business.  I found the pictures and images simply amazing and upsetting.  What a horrible thing for those people.  I really didn’t stop to think about the effects that this disaster might have on business until I started to see business articles  surface.  According to Automotive News on March 21, 2011, North American auto makers, suppliers and dealers are preparing for shortages in both parts and vehicles.   What does that mean for us as consumers?  Higher prices on new cars and parts,  higher gasoline prices and limited production on certain brands and models.  Assembly plant shutdowns will mean a loss of nearly 300,000 units by months end.  All the biggies-Toyota, Honda, Mazda and Suzuki motors were shut down for at least a week after the disaster.  Japan also exports 2 million transmissions a year to the USA.  Those plants were severely damaged as well, making auto parts prices bound to rise in the months ahead.   Many analysts are afraid to make predictions on the impact of the disaster.  What we do know is that the earth quake’s ripple effects goes far beyond the human tragedy.  I pray that Japan can recover from this sooner than later.         

A Guide to Social Networking

Like it or not, social media is here to stay.  And the “like it or not” part isn’t that important.  What IS important is that your customers like it. 

Like many I walk a fine line when it comes to social media.  On one hand it has the power to reach people more quickly and impact behavior ways that would have been unimaginable just a decade ago.  Its power and potential seem limitless, and in some cases frightening (see Egypt and their Facebook Revolution). 

On the other hand some of it seems so... invasive.  Does anyone really care about what Ashton Kutcher had for breakfast?  (As of this morning more than 6.4 million people evidently do)  And Earth to Wesley Johnson, you drove me bonkers in high school physics and we haven’t spoken in 18 years.  What makes you think I want to be your Facebook friend now?  (Apologies to Wes if he’s reading this).

All that said what IS important is that our customers like and use social media.  If they are there then we need to be there to.  The question isn’t really should we be, but rather where should we be?  Wikipedia claims there are over 200 well known and reputable social networking/media sites so clearly trying to be everywhere just isn’t feasible.  Here is an article that might help you narrow down that list a bit.

Titled “Nine Social Networks Your Business Should Be Using” it does a nice job of breaking down some of the many opportunities out there.  Do I believe everyone who reads this should be using all nine?  Maybe not (there are business benefits of getting a full night sleep once in a while as well) but I think it’s a good place to start.

Cheers,
Chris

When Breaking the Rules Costs You

By Glen Garner/ Z102.9 and 1600 ESPN Brand Marketing Consultant
There are times when breaking the rules can pay some big dividends, but
there are other times when breaking the rules can really break you.
I came across a great illustration yesterday as I was doing some
research on web marketing. The "blogosphere" was a buzz with news of a
new video streaming service that went live yesterday. The company is
called Zediva (http://www.zediva.com/). The company has begun streaming movies
on the web for a buck a piece. They had done a fair amount of PR and
advertising to get the word out.
Being interested in movies and already streaming some of that content, I
figured I'd give them a try and see what all the hype was about. I
entered the web address and was promptly ushered to a screen that told
me due to heavy traffic that they hadn't anticipated, the site had
crashed and was down. I tried again this morning and was told they
wouldn't take any more registrations as is illustrated in the graphic
pictured with this post.
They broke a cardinal marketing rule. Never, ever advertise before you
are ready and can handle the traffic that those ads will generate. They
asked me to do something in their outreach through the media. I did what
I was asked and visited their web site. I was rewarded with a big zero.
I even took the request one step further and went back today and again
was rewarded with nothing. So now, I'm done with them.
What their advertising ended up doing to me was chasing me away because
they are not ready for my business, and I will question whether they
ever will be.
Advertising can do great things for businesses that have their acts
together, but for businesses that don't, it can put you out of business.
I think this is a good rule never to break. Don't invite people to the
store if you aren't ready to deliver. Are you listening Zediva?

Mobile Media Consumption on the Rise.

By Kellie Lala

Everywhere you look you see people on their phones.  More and more of those are the fancy Smartphones.  

According to comScore (2/14/2011), there are some important mobile trends that surfaced in 2010.

*Smartphone adoption increased in both the United States and Europe by over 10%. 

  Those numbers are now 27% in the US and 31% in Europe.

*Nokia is #1 in UK, Germany, Italy and Spain. 

  Samsung took the top spot in US and France. 

*36% of mobile Americans and 29% of Europeans searched the web on their device.

*In 2010, mobile users accessed a social networking site at least month via their

  mobile device. 

  

So what do all of these statistics mean to you as a business owner.  Your customers are becoming more mobile and have a tremendous amount of information at their fingertips 24/7.  Your website, advertising and social media should be up to date, full of content that your prospects and customers find of interest and your merchandise or service should remain a front runner in your industry.  That is a tall order when you work in your business every day. Where do you find the time?  You should surround yourself with experts in their field to support your efforts.  Work with these experts to build trust and have them help to support your business.  As more subscribers use their mobile device to access the web in 2011, it is essential that you stay on top of reaching these consumers.      

Concentration is the Key!

by Jill Dennis

We always think we need to be talking to ALL of the people....ALL of the time.  We think that this is the best way to grow our business....to profit.  But what if by trying to do that we accomplish nothing?  We spread ourselves too thin and our message ends up getting lost. 

According to Jim Doyle and his presentation on Upgrade Selling, he shows how to dramatically increase the results you get for your business.

Step 1.  Reach the right people.

For most businesses, the way to get more advertising results is to find more people who look like your BEST customer.  Put your advertising dollars towards attracting that CORE customer.

Step 2.  The message.

Sell what the customer BUYS.  For example, colleges aren't in the "college' business but in the "how to make your life better" or "get a job" business.  Then keep the ad as consistent as you can and for as long as you can.

Step 3.  Frequency. 
It's important to have multiple exposures in this information cluttered world.  When you spend your dollars in fewer places, it allows you to have more frequency in your advertising which will translate into better results.  Your results will go up dramatically.  Dominate fewer places - but own them!

CONCENTRATION IS THE KEY TO ALL ECONOMIC SUCCESS - Peter Drucker

People Go Where They Are Invited

By Chris Law

People go where they are invited.  Makes sense huh?  How often do you drop in on even good friend uninvited?    It's not really any different for your potential customers.  If you aren't extending an invitation chances are someone else is and the people?  They go where they are invited.  Firehouse Sub's (an East Coast based chain) realized the benefits of inviting customers to stop by during the depths of the recession.  You can read all about it here.

  

The good news is the recession is over and people are indeed spending money again.  The bad news for some local businesses is they aren't necessarily spending it in the same places they did pre-recession.  The last two years have altered buying habits of many customers and unless they are invited to make a change their habits just might become permanent.  Perhaps it's time to send an invite their way?

The Lemonade War

By Jill Dennis

So....my 5 year old son brings home a book from school.....it's a book that his entire grade school is reading together at home with their families and I thought to myself that it was probably a little early for a Kindergartner to have homework.....but I always enjoy a reason to read to my son so I was excited about it.  The book is called The Lemonade War, and it's a book that effectively combines math, economics and marketing - all equally interesting.  The book is about two siblings who are completely different who decide to have a competition of who will raise the most money with their own lemonade stands.  Evan is people smart while his sister is math smart.  Evan is good at talking to people, even grown ups, but his younger sister Jessie is not especially good at understanding people.  So when their Lemonade War begins there's no telling who will win!  As we read the book together I realized what a basic handbook it is for business ideas and busines theories.  The entire book is about how these two siblings realize that having both basic business and social skills are important to get along in business as well as life.  This book is good and GREAT for young capitalists!!