Wednesday, September 16, 2009
Friday, September 11, 2009
Pay for stuff
As a bootstrapping entrepreneur, my instinct has always been to work before spend. If there was a way to spread the word virally instead of buying ads, I would. If there was a way to change the project so I could do it myself, I would. If I could trade or whittle my way into getting an asset on the come, I would. That's the mantra of the bootstrapper.
It turns out that paying for stuff works too.
Ads that pay for themselves are worth buying. Employees and freelancers that produce more than they cost are worth hiring. Office rents that generate productivity, foot traffic or revenue are probably worth paying.
In the free media world in which we're living now, it's so easy to get stuck on not investing, on avoiding outlays at all cost. Frugal is an admirable trait, but being a miser is dumb.
On Behalf Of Seth Godin
Good read!! Wanted to share!
It turns out that paying for stuff works too.
Ads that pay for themselves are worth buying. Employees and freelancers that produce more than they cost are worth hiring. Office rents that generate productivity, foot traffic or revenue are probably worth paying.
In the free media world in which we're living now, it's so easy to get stuck on not investing, on avoiding outlays at all cost. Frugal is an admirable trait, but being a miser is dumb.
On Behalf Of Seth Godin
Good read!! Wanted to share!
Tuesday, September 1, 2009
HOW TO JUMP START YOU RETURN ON EXPENSES!
The first step is critical. Clarify for yourself your difference between expense items and investment items. Read that sentence again. The key idea is in ‘clarify for yourself your difference’. We all know the accounting definition of expenses and investments. And your CFO probably has his or her personal way of looking at expenses and investments in terms of your business. But what is your definition? We want you to acknowledge that some ‘expenses’ are actually ‘investments’ that you know you must make to secure a better future for your business. The problem is that as long as you think of them as expenses you will hesitate to make the required investment, irrespective of your financial situation. As long as you talk about these investments as ‘expenses’ or ‘costs’, managers will automatically want to minimize them. Many a growth strategy has failed because managers have set out to minimize the expenditure instead of optimizing the investment.
During difficult times, some companies see their media budgets as an easy place to look to cut operational expenses. Cutting advertising and media to protect profit is a short term fix at best. At worst it can be a costly long-term mistake as you miss out on the opportunity to grow market share as the market rebounds. And yet, the pressure to survive the short-term can be enormous. So what should you do?
The purpose of any media plan is to reach as many different potential customers as possible before the money runs out. Pretty simple, isn’t it? Now think effectiveness and efficiency – the two main ways your media buy should work for you. Before we go any further, let’s agree on what we mean by effectiveness and efficiency – concepts that we think are used too broadly. Effectiveness has to do with your planned outcome (the effect) while efficiency relates to the ratio of resources used to create the outcome. Simplistically, the one has to do with output and the other with input.
Now, if you can achieve the same output with less input (money), you’ve hit a home run. Flip it, and you’ve also done alright if you can achieve more output (media) for the same input. In both cases you have maintained your effectiveness at greater efficiency.
A. Ask for help: Many people like to be helpful. If you don’t like asking for help, then ask questions. Many people like to show off what they know. People at media agencies are no different. Ask. You have nothing to lose and much to gain.
B. Be flexible: Before you develop a (media) plan, develop a flexible mind set. Rigid plans look good on paper, but don’t work in changing environments. Few things hamper your ability to find cost savings than a historic attachment to ‘but we’ve always done it this way’. Next, make sure this flexibility mindset is passed on to your media partners so they can also uncover opportunities for you.
C. Create your plan: Be clear on the outcome you want from your media strategy. Modify and strengthen your media plan as appropriate to deliver the desired results. Only then should you look for savings in a more efficient execution of the best plan possible. Don’t make the classic mistake of looking for savings first at the buying end of this equation.
D. Definitely negotiate: Everybody wants the best deal they can get. This is why negotiation matters. Many people still assume that negotiation is about persuading others to accept your terms. It is not. Negotiation is about finding terms of agreement that best suit your goals. Be smarter, more flexible, user friendly, and fair minded and you will be successful in negotiating. This is especially true in today’s media marketplace where relationships are very important.
E. Excel before moving on: Plans are least effective when too many actions are attempted at the same time. It’s usually a case of limited resources spread too thin. Make sure you hit your goals effectively and efficiently in your primary media choice before moving to the next one. Your plan will gain traction and momentum if your priorities are exactly right.
Our ABCDE of media buying is aimed at helping you keep the longer term in mind (investments) while you make day-to-day cash-flow decisions. We plan to expand on these ideas in a future article. Until then, keep in mind that we have all become conditioned, in an economic downturn, to react to expenses. In preparation for the upturn, we must become proactive. Begin by thinking, speaking and deciding in terms of investments.
-- Jeff Jones and James McIntosh collaborated in writing this article. They have had a classic vendor-client relationship for the past three years that has morphed into a good example of the theme of this article. They took an expense item (consulting fees) and turned it into an investment that has paid off for both parties – well beyond their original intention. Jeff is CEO of WFofR Media (www.wfofr.com) and James is Chief Nonsense Officer of Nonsense At Work (www.nonsenseatwork.com).
During difficult times, some companies see their media budgets as an easy place to look to cut operational expenses. Cutting advertising and media to protect profit is a short term fix at best. At worst it can be a costly long-term mistake as you miss out on the opportunity to grow market share as the market rebounds. And yet, the pressure to survive the short-term can be enormous. So what should you do?
The purpose of any media plan is to reach as many different potential customers as possible before the money runs out. Pretty simple, isn’t it? Now think effectiveness and efficiency – the two main ways your media buy should work for you. Before we go any further, let’s agree on what we mean by effectiveness and efficiency – concepts that we think are used too broadly. Effectiveness has to do with your planned outcome (the effect) while efficiency relates to the ratio of resources used to create the outcome. Simplistically, the one has to do with output and the other with input.
Now, if you can achieve the same output with less input (money), you’ve hit a home run. Flip it, and you’ve also done alright if you can achieve more output (media) for the same input. In both cases you have maintained your effectiveness at greater efficiency.
A. Ask for help: Many people like to be helpful. If you don’t like asking for help, then ask questions. Many people like to show off what they know. People at media agencies are no different. Ask. You have nothing to lose and much to gain.
B. Be flexible: Before you develop a (media) plan, develop a flexible mind set. Rigid plans look good on paper, but don’t work in changing environments. Few things hamper your ability to find cost savings than a historic attachment to ‘but we’ve always done it this way’. Next, make sure this flexibility mindset is passed on to your media partners so they can also uncover opportunities for you.
C. Create your plan: Be clear on the outcome you want from your media strategy. Modify and strengthen your media plan as appropriate to deliver the desired results. Only then should you look for savings in a more efficient execution of the best plan possible. Don’t make the classic mistake of looking for savings first at the buying end of this equation.
D. Definitely negotiate: Everybody wants the best deal they can get. This is why negotiation matters. Many people still assume that negotiation is about persuading others to accept your terms. It is not. Negotiation is about finding terms of agreement that best suit your goals. Be smarter, more flexible, user friendly, and fair minded and you will be successful in negotiating. This is especially true in today’s media marketplace where relationships are very important.
E. Excel before moving on: Plans are least effective when too many actions are attempted at the same time. It’s usually a case of limited resources spread too thin. Make sure you hit your goals effectively and efficiently in your primary media choice before moving to the next one. Your plan will gain traction and momentum if your priorities are exactly right.
Our ABCDE of media buying is aimed at helping you keep the longer term in mind (investments) while you make day-to-day cash-flow decisions. We plan to expand on these ideas in a future article. Until then, keep in mind that we have all become conditioned, in an economic downturn, to react to expenses. In preparation for the upturn, we must become proactive. Begin by thinking, speaking and deciding in terms of investments.
-- Jeff Jones and James McIntosh collaborated in writing this article. They have had a classic vendor-client relationship for the past three years that has morphed into a good example of the theme of this article. They took an expense item (consulting fees) and turned it into an investment that has paid off for both parties – well beyond their original intention. Jeff is CEO of WFofR Media (www.wfofr.com) and James is Chief Nonsense Officer of Nonsense At Work (www.nonsenseatwork.com).
Thursday, August 20, 2009
LESSONS FOR BUSINESSES!
1. Go where your customers are.
Jacquelyne runs a tiny juice company called Chakwave. I met her in Los Angeles, standing next to an organic lunch truck. Like the little birds that clean the teeth of the hippo, there's synergy here. The kind of person that visits the truck for lunch is the sort of person that would happily pay for something as wonderfully weird as her juice. And the truck owners benefit from the rolling festival farmer's market feel that comes from having a synergistic partner set up on a bridge table right next door.
2. Be micro-focused and the search engines will find you.
My friend Patti Jo is an extraordinary teacher and tutor. Her new business, The Scarsdale Tutor doesn't need many clients in order to be successful. This permits her to focus obsessively and that gets rewarded with front page results on Google. Not because she's tried to manipulate the seo (she hasn't) but because this is exactly the page you'd hope to find if you typed "scarsdale tutor" into a search engine. Could she do this nationwide? Of course not. But she doesn't want to or need to. Living on the long tail can be profitable.
3. Outlast the competition.
I was amazed at all the empty storefronts I saw in LA on my last visit. On one particular block, three or four of the ten lunch places were shut down. And the others? Doing great. That's because the remaining office workers who used to eat lunch at the shuttered places had to eat somewhere, and so the survivors watched their business grow. A war of attrition is never pretty, but if you're smart about overhead and scale, you'll win it.
4. Leverage.
Rick Toone runs a tiny guitar-making operation. His lack of scale makes it easy for him to share. When others start using his designs, he doesn't suffer (he can't make any more guitars than he already is) he benefits, because as the originator of the design, his originals become more coveted, not less valuable. He leverages his insight and shares it as a free marketing device.
5. Respond.
This is the single biggest advantage you have over the big guys. Not only are you in charge, you also answer the phone and read your email and man the desk and set the prices.
So, don't pretend you have a policy. Just be human.
Jacquelyne runs a tiny juice company called Chakwave. I met her in Los Angeles, standing next to an organic lunch truck. Like the little birds that clean the teeth of the hippo, there's synergy here. The kind of person that visits the truck for lunch is the sort of person that would happily pay for something as wonderfully weird as her juice. And the truck owners benefit from the rolling festival farmer's market feel that comes from having a synergistic partner set up on a bridge table right next door.
2. Be micro-focused and the search engines will find you.
My friend Patti Jo is an extraordinary teacher and tutor. Her new business, The Scarsdale Tutor doesn't need many clients in order to be successful. This permits her to focus obsessively and that gets rewarded with front page results on Google. Not because she's tried to manipulate the seo (she hasn't) but because this is exactly the page you'd hope to find if you typed "scarsdale tutor" into a search engine. Could she do this nationwide? Of course not. But she doesn't want to or need to. Living on the long tail can be profitable.
3. Outlast the competition.
I was amazed at all the empty storefronts I saw in LA on my last visit. On one particular block, three or four of the ten lunch places were shut down. And the others? Doing great. That's because the remaining office workers who used to eat lunch at the shuttered places had to eat somewhere, and so the survivors watched their business grow. A war of attrition is never pretty, but if you're smart about overhead and scale, you'll win it.
4. Leverage.
Rick Toone runs a tiny guitar-making operation. His lack of scale makes it easy for him to share. When others start using his designs, he doesn't suffer (he can't make any more guitars than he already is) he benefits, because as the originator of the design, his originals become more coveted, not less valuable. He leverages his insight and shares it as a free marketing device.
5. Respond.
This is the single biggest advantage you have over the big guys. Not only are you in charge, you also answer the phone and read your email and man the desk and set the prices.
So, don't pretend you have a policy. Just be human.
Monday, June 8, 2009
Consumers notice when businesses don’t advertise
If you have former advertisers who think they can weather the recession by not advertising, then return to business as usual when the economy improves – they are kidding themselves. Not advertising sends a signal to consumers – a pretty undesirable signal.
The latest Ad-ology Research study, “Advertising’s Impact in a Soft Economy,” analyzes consumer perception about businesses that continue to advertise, and those that do not, in the current economy.
More than 48% of U.S. adults believe that a lack of advertising by a retail store, bank or auto dealership during a recession indicates the business must be struggling. Likewise, a vast majority perceives businesses that continue to advertise as being competitive or committed to doing business.
It is critical to advertise in the current economic climate, to maintain long-term positive consumer perception of your brand,” said C. Lee Smith, president and CEO of Ad-ology Research. “Advertising not only assures consumers of a business’ reliability in a soft economy, but it can influence where and what they buy, especially when the ads address concerns about value,” Smith said.
For more information or to start marketing your business today call me direct at 858-535-1210 ext. 225
The latest Ad-ology Research study, “Advertising’s Impact in a Soft Economy,” analyzes consumer perception about businesses that continue to advertise, and those that do not, in the current economy.
More than 48% of U.S. adults believe that a lack of advertising by a retail store, bank or auto dealership during a recession indicates the business must be struggling. Likewise, a vast majority perceives businesses that continue to advertise as being competitive or committed to doing business.
It is critical to advertise in the current economic climate, to maintain long-term positive consumer perception of your brand,” said C. Lee Smith, president and CEO of Ad-ology Research. “Advertising not only assures consumers of a business’ reliability in a soft economy, but it can influence where and what they buy, especially when the ads address concerns about value,” Smith said.
For more information or to start marketing your business today call me direct at 858-535-1210 ext. 225
Thursday, May 28, 2009
Evidence mounts that recession may be ending...
MSNBC reported today that the economy is throwing off signals that it may be bumping along the bottom, and the ride is likely to be rough.
Some of recent green lights include: a rise in demand for big-ticket items like major appliances, a decline in applications for unemployment benefits and a housing market that is no longer in free-fall.
The data lend weight to the growing notion, supported by more than 90 percent of economists in a recent survey, that the deepest recession since the 1930s may be drawing to a close.
Some of recent green lights include: a rise in demand for big-ticket items like major appliances, a decline in applications for unemployment benefits and a housing market that is no longer in free-fall.
The data lend weight to the growing notion, supported by more than 90 percent of economists in a recent survey, that the deepest recession since the 1930s may be drawing to a close.
Survey Indicates That Reducing Advertising in a Recession is a Mistake
More than 48 percent of U.S. adults believe that a lack of advertising by a retail store, bank or auto dealership during a recession indicates that the business is likely struggling, according to a study from Ad-ology Research.
At the same time, a large majority of consumers think businesses that continue to advertise are competitive and/or committed to doing business.
Not advertising can harm brand!!
And guess what....we will pull out of this!! So stay ahead of the competition!!
At the same time, a large majority of consumers think businesses that continue to advertise are competitive and/or committed to doing business.
Not advertising can harm brand!!
And guess what....we will pull out of this!! So stay ahead of the competition!!
Monday, May 18, 2009
What are you?
“ What we do is a measure of who we are. If we imagine our work as labor, we become laborers. If we imagine our work as art, we become artists.”
Jeffrey Patnaude
Jeffrey Patnaude
Tuesday, May 12, 2009
6 Advertising laws YOU NEED TO KNOW!
Whether you've just started a small, home-based business or have millions in sales, you must be aware of and comply with advertising laws. Here are the 6...
1. Misrepresentation of the product...Facts about the product cannot be misrepresented.
2. Unsubstantiated claims...You must be able to substantiate factual claims with proof there is a reasonable basis for each one.
3. Fake testimonials...If you use testimonials in your advertising, then the people making them must actually use your product or service.
4. Simulations of real situations...Facts must be disclosed.
5. Price and merchandise comparisons...If you use words like "sale," "reduced," or "$150 value," then you must have actually offered the product at that price for a reasonable period of time.
6. Warranties and guarantees...If you do advertise one you must state the terms & limitations that apply.
resource: Smallbiz resource blog...
For more information or to start marketing your business today call me direct at 858-535-1210 ext. 225
1. Misrepresentation of the product...Facts about the product cannot be misrepresented.
2. Unsubstantiated claims...You must be able to substantiate factual claims with proof there is a reasonable basis for each one.
3. Fake testimonials...If you use testimonials in your advertising, then the people making them must actually use your product or service.
4. Simulations of real situations...Facts must be disclosed.
5. Price and merchandise comparisons...If you use words like "sale," "reduced," or "$150 value," then you must have actually offered the product at that price for a reasonable period of time.
6. Warranties and guarantees...If you do advertise one you must state the terms & limitations that apply.
resource: Smallbiz resource blog...
For more information or to start marketing your business today call me direct at 858-535-1210 ext. 225
Monday, May 4, 2009
Radio Offers Advertisers the Last Captive Audience
Earlier this week, National Public Radio conducted an interesting interview with author Warren Berger, who offered his observations on the value of Radio advertising.
Mr. Berger, who has been writing about the advertising industry for more than 20 years, emphasized the affordability of Radio, and noted its particular effectiveness in local markets. He also cited Radio's ability to blanket the airwaves with a slogan or jingle in a way that TV can't match.
RADIO WORKS!!
For more information or to start marketing your business today call me direct at 858-535-1210 ext. 225
Mr. Berger, who has been writing about the advertising industry for more than 20 years, emphasized the affordability of Radio, and noted its particular effectiveness in local markets. He also cited Radio's ability to blanket the airwaves with a slogan or jingle in a way that TV can't match.
RADIO WORKS!!
For more information or to start marketing your business today call me direct at 858-535-1210 ext. 225
Boomers go for Bust!
Boomers provide stability - both in terms of their finances and their ability to be easily reached by radio. We have great formats - News/Talk - that speak directly to consumers whose homes are paid off, whose kids are out of the house, and who are becoming increasingly comfortable with new media.
A new study - "The Grandparent Economy" - provides data to support some of the new thinking about where dollars will be spent in the next several years. It shows that first-time grandparents are younger (average age in the low 50's), and with $2 trillion in spending capital in 2009 alone.
As Henry Schlieff, CEO at Hallmark Channels, told the Times,
Boomers offer advertisers and marketers an audience "that has assets, not allowances."
For more information or to start marketing your business today call me direct at 858-535-1210 ext. 225
A new study - "The Grandparent Economy" - provides data to support some of the new thinking about where dollars will be spent in the next several years. It shows that first-time grandparents are younger (average age in the low 50's), and with $2 trillion in spending capital in 2009 alone.
As Henry Schlieff, CEO at Hallmark Channels, told the Times,
Boomers offer advertisers and marketers an audience "that has assets, not allowances."
For more information or to start marketing your business today call me direct at 858-535-1210 ext. 225
Wednesday, April 29, 2009
Tips for Advertising during a Recession
It is important to understand how not cutting back on your advertising will multiply your return when the recession ends. It will afford you to have an upper hand on your competitors. History has proven that business success can still be had during a recession, with a sound advertising strategy!
Examine Your Competition...this could be a great opportunity for your company to capture a stronger market share.
Wisely Expand Your Reach...this can be a great time to become more visible in a dwindling advertising landscape.
Reassure the Consumer...Consumers are looking for safe, strong companies to invest in, shop with, and do business with.
Source: Radio business report.com
For more information or to start marketing your business today call me direct at 858-535-1210 ext. 225
Examine Your Competition...this could be a great opportunity for your company to capture a stronger market share.
Wisely Expand Your Reach...this can be a great time to become more visible in a dwindling advertising landscape.
Reassure the Consumer...Consumers are looking for safe, strong companies to invest in, shop with, and do business with.
Source: Radio business report.com
For more information or to start marketing your business today call me direct at 858-535-1210 ext. 225
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