Thursday, December 03, 2009
Monday, November 02, 2009
PLUG INTO YOUR FUTURE BY UNPLUGGING FROM THE PRESENT (PART II)
The key to becoming an opportunity manager is to have the discipline to unplug from the present at least once per week and instead plug into the future. Last month, I shared two steps on how to solve tomorrow’s problems before they occur and see the new opportunities change can bring.
This month, I have two additional steps you can take to move the ball forward and watch your success grow.
SOLVE PREDICTABLE PROBLEMS BEFORE THEY HAPPEN
During your opportunity hour ask yourself, “Based on the direction I see things going, the trends I see happening, and the market cycles I’m aware of, what are the problems I’m about to have? And, equally important, what are my customers’ predictable future problems?” Then determine a strategy to solve those problems before they occur. Keep in mind that a future problem represents a future opportunity.
For example, if you’re implementing a new strategic plan, predict the problems the plan will create and solve them before they start. If you’re launching a new product, figure out the problems associated with that product and solve them before the launch. If you’re implementing a company-wide change, identify those who are likely to fight the change and why, and then develop solutions for their concerns beforehand.
It’s about becoming more anticipatory. If you don’t take an hour a week to look at what’s about to occur, you’re going to keep doing what you’ve always done until you inadvertently go off a cliff. Rather than be a crisis manager and only react to problems as they occur, you want to be anticipatory, identify opportunities, and capitalize on them.
LOOK AT THE FUTURE OF YOUR PROFESSION
In addition to looking at your industry and organization’s future, whatever profession you’re in or whatever your career happens to be, you also need to look at the future of your employment. Based on all the things you’re seeing with your organization and all the technological changes out there, how are you going to be doing your job or career in the next few years? If you can start to see the future of your career, you can chart your own course, identify problems before they occur, and solve them proactively so you end up ahead rather than behind the curve.
YOUR FUTURE AWAITS
No matter who you are or what you do, an hour a week is doable. Before long, you’ll become addicted to that hour and will expand it. And when that happens, you open yourself up to a whole new world of possibilities. So don’t wait for your future to unfold randomly, only to end up in a place you don’t want to be. Instead, invest an hour a week into your company and/or yourself and watch your success grow.
Monday, September 21, 2009
PLUG INTO YOUR FUTURE BY UNPLUGGING FROM THE PRESENT
What if there were a way to predict the challenges your organization will face and stop them from ever happening? Short of having a reliable crystal ball, most people believe such a concept is impossible. In reality, you can solve tomorrow’s problems today – you simply need to give yourself time to do so.
The fact is that in today’s marketplace, change is coming at us fast…and it’s only getting faster. That means organizations will be facing more problems than ever before. One thing we know for sure is that most problems or changes come from the outside in – external factors impact the organization. This causes people to react, crisis manage, and continually put out fires.
Therefore, the only way to gain control of your future and avoid the increasing number of problems is to ensure that some of the changes come from the inside out – that both you and the organization make a change before the marketplace dictates a major shift or change in direction.
Changes that come from the inside out are far more controllable. Changes that come from the outside in are often out of our control. As such, crisis managers live in an uncontrollable world, while opportunity managers have a handle on their future.
The key to becoming an opportunity manager is to have the discipline to unplug from the present at least once per week and instead plug into the future. It’s about taking an hour and not looking at the economy, the stock market, the balance sheet, the sales numbers, and all the things that are part of today’s world. Rather, it’s a time to plug into the future, because that’s where you’re going to spend the rest of your life…it’s where you’re going to make all your money from this moment forward…and it’s also where you can lose everything in an instant. Since you’ll be living in the future, doesn’t it make sense to give the future some thought every now and then?
If you’re ready to solve tomorrow’s problems before they occur and see the new opportunities change brings, take the following steps.
MARK THE OPPORTUNITY HOUR IN YOUR CALENDAR
In order to make sure you take the time to plan, you need to put the time in your calendar. Make an appointment with yourself just as you would for any other important business meeting. If you don’t put it in your calendar, you’ll never take time to plan. You’ll be so busy putting out fires that you’ll never get to it. And if you think you don’t have time to do this, that’s because you’re in a habitual crisis management mode. The only way to get time back is to spend the time to stop those problems from happening.
KNOW WHETHER YOU’RE DEALING WITH A CYCLE OR PERMANENT CHANGE
The good news is that most changes are cyclical rather than permanent. For example, home values will always rise and fall, the stock market will always fluctuate between bull and bear, and a company’s sales will continually ebb and flow with the seasons. Those are all cyclical changes that are a bit easier to deal with – provided you know how long the cycle will last.
Sometimes, though, changes are permanent. For example, someone gets an iPod and starts listening to music on that device rather than buying CDs. That person now has all her music with her at all times. That’s a permanent change, because she’s not going back to music on CDs. Permanent changes, even those that are small, can have devastating effects on a business.
Here’s another example to consider: Today, cable and satellite companies need to take a look at what the young college graduates are doing when they get an apartment. Many of them are opting not to get cable or satellite and instead watch their favorite TV programs on their computer. If you’re a cable or satellite company just dealing with changes as they happen, you’re going to be in big trouble in the future. While it’s a new trend that is primarily in the younger demographic, those “kids” are going to grow up and be the main demographic in the country very soon. Therefore, it’s a potentially permanent change that needs to be on the cable and satellite companies’ radar.
What permanent marketplace changes are on your organization’s radar? Next month, I will share two additional steps that you can use to solve tomorrow’s problems before they occur.
The fact is that in today’s marketplace, change is coming at us fast…and it’s only getting faster. That means organizations will be facing more problems than ever before. One thing we know for sure is that most problems or changes come from the outside in – external factors impact the organization. This causes people to react, crisis manage, and continually put out fires.
Therefore, the only way to gain control of your future and avoid the increasing number of problems is to ensure that some of the changes come from the inside out – that both you and the organization make a change before the marketplace dictates a major shift or change in direction.
Changes that come from the inside out are far more controllable. Changes that come from the outside in are often out of our control. As such, crisis managers live in an uncontrollable world, while opportunity managers have a handle on their future.
The key to becoming an opportunity manager is to have the discipline to unplug from the present at least once per week and instead plug into the future. It’s about taking an hour and not looking at the economy, the stock market, the balance sheet, the sales numbers, and all the things that are part of today’s world. Rather, it’s a time to plug into the future, because that’s where you’re going to spend the rest of your life…it’s where you’re going to make all your money from this moment forward…and it’s also where you can lose everything in an instant. Since you’ll be living in the future, doesn’t it make sense to give the future some thought every now and then?
If you’re ready to solve tomorrow’s problems before they occur and see the new opportunities change brings, take the following steps.
MARK THE OPPORTUNITY HOUR IN YOUR CALENDAR
In order to make sure you take the time to plan, you need to put the time in your calendar. Make an appointment with yourself just as you would for any other important business meeting. If you don’t put it in your calendar, you’ll never take time to plan. You’ll be so busy putting out fires that you’ll never get to it. And if you think you don’t have time to do this, that’s because you’re in a habitual crisis management mode. The only way to get time back is to spend the time to stop those problems from happening.
KNOW WHETHER YOU’RE DEALING WITH A CYCLE OR PERMANENT CHANGE
The good news is that most changes are cyclical rather than permanent. For example, home values will always rise and fall, the stock market will always fluctuate between bull and bear, and a company’s sales will continually ebb and flow with the seasons. Those are all cyclical changes that are a bit easier to deal with – provided you know how long the cycle will last.
Sometimes, though, changes are permanent. For example, someone gets an iPod and starts listening to music on that device rather than buying CDs. That person now has all her music with her at all times. That’s a permanent change, because she’s not going back to music on CDs. Permanent changes, even those that are small, can have devastating effects on a business.
Here’s another example to consider: Today, cable and satellite companies need to take a look at what the young college graduates are doing when they get an apartment. Many of them are opting not to get cable or satellite and instead watch their favorite TV programs on their computer. If you’re a cable or satellite company just dealing with changes as they happen, you’re going to be in big trouble in the future. While it’s a new trend that is primarily in the younger demographic, those “kids” are going to grow up and be the main demographic in the country very soon. Therefore, it’s a potentially permanent change that needs to be on the cable and satellite companies’ radar.
What permanent marketplace changes are on your organization’s radar? Next month, I will share two additional steps that you can use to solve tomorrow’s problems before they occur.
Thursday, August 27, 2009
BEYOND VOICE: HOW YOUR CELL PHONE IS EVOLVING
In the early days of cell phones, they were used merely for talking. Today, cell phones have a myriad of other applications. For many people, their cell phone is their daily organizer, music player, camera, GPS system, and news and weather device. But that’s just the tip of the iceberg. In the very near future, cell phones will also be people’s banks, credit card, keys, remote control, and video conferencing platform, just to name a few. Clearly, today’s cell phones are much more than phones, and tomorrow’s cell phones will revolutionize the business world.
In order to stay competitive and ahead of the curve, businesses need to look beyond what the cell phone is today and anticipate where it will be tomorrow. You have to ask yourself, “How is the cell phone changing my customers?” “What new service could I deliver on a mobile platform?” Or, “How are these beyond voice capabilities changing my customers’ customers?”
The fact is that if you don’t change with your customers, they won’t be your customers for much longer. For most businesses, their customers are changing rapidly. Are you changing and learning as fast as your customers are? Because today’s technology is rapidly evolving, you have to go beyond keeping up. Merely keeping up will cause you to always be behind. Rather, you need to jump ahead based on what you know will happen.
What do you know will happen? We know that there are three driving forces that create exponential technological change: 1) Processing power doubles every 18 months as it drops in price, 2) Storage capacity doubles, and 3) We get faster speeds and higher bandwidth. Because of the processing power being faster, your cell phone can go online and perform searches faster. Phone companies are continually upgrading their network so the 3G network becomes the 4G network. In less than a year processing power, storage capability, and speed have all doubled, and next year they will double again, making the cell phone as powerful as your current desktop computer.
Additionally, businesses need to look at other countries to see what they’re doing. As Americans, we tend to think we’re the first with technology, but that isn’t always the case (and it’s definitely not the case with cell phones). Culture also plays a big role. The Japanese culture, for example, loves their devices and prefers using them over face-to-face conversation. So they have more cultural incentive to unveil the next cell phone use.
The bottom line is that smart businesses will start seeing the certainty of technological change of cell phones and will recognize the opportunities that lie within. Following are some current and coming cell phone uses you need to be aware of and using.
CURRENT USES:
Mobile travel: Currently, some airports allow you to use your cell phone as your boarding pass. You simply download your boarding pass to your phone. When you approach security, you pull up the barcode of your virtual boarding pass and swipe your cell phone under security’s scanner. You can then go through security and board your plane without a paper ticket. Such technology saves your employees’ time when traveling and eliminates the last minute “where did I put my boarding pass” search.
Mobile Media: You probably already have music on your cell phone, and you may even have television programming. But now businesses can disperse training and education to employees as part of that mobile media. So while an employee is waiting in an airport for a flight, she can download the latest training information right from her phone.
Mobile management: Need to know where your salespeople or delivery drivers are at all times? We all have triangulation or GPS as part of our cell phones. There are programs, such as Looped for the iPhone, that allow you, with permission, to bring up a map and see where your employees are located right now. Granted, this program was developed for personal use, so that friends and family could see where each other are, but there’s no reason why a business couldn’t use it to locate employees, drivers, or anyone else who leaves the office for extended periods of time.
FUTURE USES:
Mobile finance: In the near future, you’ll be able to do banking on your cell phone, such as doing money transfers to other people. How do we know this? Because other countries are already doing it. For example, in Kenya, where we assume everything is behind the times, they have a mobile phone system where if someone owes you money, he can use his cell phone to transfer money from his account to yours. As the technology makes its way to the States, cell phones will become a vital part of people’s banking.
Mobile commerce: There are places in the world where you can pay for your restaurant, auto service, groceries, parking meters, or any other item with your cell phone – without using a credit card. You’re simply using your mobile phone to pay for the transaction. To prevent fraud, cell phones will have biometric ID capabilities that can detect everything from the user’s fingerprint to voice pattern and facial recognition. Such measures are actually far more secure than using a credit card.
Mobile customer service: As mega stores dominate the landscape, shoppers need more access to customer service personnel. Imagine a customer being in a huge warehouse type store and being able to use her cell phone to pull up a map of the store and locate the nearest customer service person. Or, even better, imagine that customer being able to touch an icon on her cell phone screen, which automatically lets the customer service rep know where she is and that she needs help. The technology to do this exists today; it’s simply a matter of businesses applying it to this scenario. Imagine the competitive advantage you’d gain if you were the first to roll this concept out.
OPPORTUNITY IS CALLING
The possibilities for tomorrow’s cell phones are limitless: Mobile data…mobile media…mobile finance…mobile commerce…mobile health…mobile marketing…mobile security…mobile location services – these are just the beginning. Over the next few years, cell phone apps (applications) will grow exponentially as well. We’ll see apps for specific segments, such as doctors, lawyers, real estate agents, etc. To stay ahead, your company needs to develop internal tools or apps for your employees that can give your organization competitive advantage, such as an app so salespeople can access key data right on their phone. Developing an app is relatively inexpensive and can work on iPhones, Blackberries, and Smartphones.
Ultimately, as we move into the future of cell phone technology, the goal is to get businesspeople to not just crisis manage in the present, but to opportunity manage for the future. When you can start viewing your cell phone in that capacity, you’ll be connected to a whole new world of business that can make a significant impact on your company’s bottom line.
In order to stay competitive and ahead of the curve, businesses need to look beyond what the cell phone is today and anticipate where it will be tomorrow. You have to ask yourself, “How is the cell phone changing my customers?” “What new service could I deliver on a mobile platform?” Or, “How are these beyond voice capabilities changing my customers’ customers?”
The fact is that if you don’t change with your customers, they won’t be your customers for much longer. For most businesses, their customers are changing rapidly. Are you changing and learning as fast as your customers are? Because today’s technology is rapidly evolving, you have to go beyond keeping up. Merely keeping up will cause you to always be behind. Rather, you need to jump ahead based on what you know will happen.
What do you know will happen? We know that there are three driving forces that create exponential technological change: 1) Processing power doubles every 18 months as it drops in price, 2) Storage capacity doubles, and 3) We get faster speeds and higher bandwidth. Because of the processing power being faster, your cell phone can go online and perform searches faster. Phone companies are continually upgrading their network so the 3G network becomes the 4G network. In less than a year processing power, storage capability, and speed have all doubled, and next year they will double again, making the cell phone as powerful as your current desktop computer.
Additionally, businesses need to look at other countries to see what they’re doing. As Americans, we tend to think we’re the first with technology, but that isn’t always the case (and it’s definitely not the case with cell phones). Culture also plays a big role. The Japanese culture, for example, loves their devices and prefers using them over face-to-face conversation. So they have more cultural incentive to unveil the next cell phone use.
The bottom line is that smart businesses will start seeing the certainty of technological change of cell phones and will recognize the opportunities that lie within. Following are some current and coming cell phone uses you need to be aware of and using.
CURRENT USES:
Mobile travel: Currently, some airports allow you to use your cell phone as your boarding pass. You simply download your boarding pass to your phone. When you approach security, you pull up the barcode of your virtual boarding pass and swipe your cell phone under security’s scanner. You can then go through security and board your plane without a paper ticket. Such technology saves your employees’ time when traveling and eliminates the last minute “where did I put my boarding pass” search.
Mobile Media: You probably already have music on your cell phone, and you may even have television programming. But now businesses can disperse training and education to employees as part of that mobile media. So while an employee is waiting in an airport for a flight, she can download the latest training information right from her phone.
Mobile management: Need to know where your salespeople or delivery drivers are at all times? We all have triangulation or GPS as part of our cell phones. There are programs, such as Looped for the iPhone, that allow you, with permission, to bring up a map and see where your employees are located right now. Granted, this program was developed for personal use, so that friends and family could see where each other are, but there’s no reason why a business couldn’t use it to locate employees, drivers, or anyone else who leaves the office for extended periods of time.
FUTURE USES:
Mobile finance: In the near future, you’ll be able to do banking on your cell phone, such as doing money transfers to other people. How do we know this? Because other countries are already doing it. For example, in Kenya, where we assume everything is behind the times, they have a mobile phone system where if someone owes you money, he can use his cell phone to transfer money from his account to yours. As the technology makes its way to the States, cell phones will become a vital part of people’s banking.
Mobile commerce: There are places in the world where you can pay for your restaurant, auto service, groceries, parking meters, or any other item with your cell phone – without using a credit card. You’re simply using your mobile phone to pay for the transaction. To prevent fraud, cell phones will have biometric ID capabilities that can detect everything from the user’s fingerprint to voice pattern and facial recognition. Such measures are actually far more secure than using a credit card.
Mobile customer service: As mega stores dominate the landscape, shoppers need more access to customer service personnel. Imagine a customer being in a huge warehouse type store and being able to use her cell phone to pull up a map of the store and locate the nearest customer service person. Or, even better, imagine that customer being able to touch an icon on her cell phone screen, which automatically lets the customer service rep know where she is and that she needs help. The technology to do this exists today; it’s simply a matter of businesses applying it to this scenario. Imagine the competitive advantage you’d gain if you were the first to roll this concept out.
OPPORTUNITY IS CALLING
The possibilities for tomorrow’s cell phones are limitless: Mobile data…mobile media…mobile finance…mobile commerce…mobile health…mobile marketing…mobile security…mobile location services – these are just the beginning. Over the next few years, cell phone apps (applications) will grow exponentially as well. We’ll see apps for specific segments, such as doctors, lawyers, real estate agents, etc. To stay ahead, your company needs to develop internal tools or apps for your employees that can give your organization competitive advantage, such as an app so salespeople can access key data right on their phone. Developing an app is relatively inexpensive and can work on iPhones, Blackberries, and Smartphones.
Ultimately, as we move into the future of cell phone technology, the goal is to get businesspeople to not just crisis manage in the present, but to opportunity manage for the future. When you can start viewing your cell phone in that capacity, you’ll be connected to a whole new world of business that can make a significant impact on your company’s bottom line.
Tuesday, July 21, 2009
SOCIAL MEDIA MARKETING MISTAKES TO AVOID (PART II)
Last month, I shared a few common social media marketing mistakes and how to avoid them. This month, I would like to share some additional common oversights and ways to combat them.
Realize that there’s more to social media marketing and social media networking than Facebook, LinkedIn, and Twitter. Many industries are creating their own social media networks that you can utilize. A few examples include www.medicalmingle.com for healthcare, www.classroom20.com for teaching, and www.afsinc.org/facebook for manufacturing.
ALL SOCIAL MEDIA MARKETING DIALOGUE IS TWO-WAY
Your social media marketing efforts are often just a one-way communication, while your social media networking for business can be two-way (see next point). With social media marketing, you can be pumping information out, but you don’t have to spend a lot of time responding. Remember, marketing is about positioning yourself in the eyes of the consumer; it doesn’t have to involve a conversation with people. A lot of people hesitate to get into social media marketing because they believe they’ll be spending all their time online “chatting” and sending messages back and forth. While you would be chatting and emailing if this were for personal use, for business use it’s typically one-way communication and doesn’t need as much maintenance.
USE SOCIAL MEDIA NETWORKING TO DIALOGUE WITH CUSTOMERS AND PROSPECTS
While social media marketing is a one-way dialogue, social media networking is often a two-way one. But remember that this isn’t dialogue about personal matters or trivial things. You’re getting a dialogue started with prospects, clients, resources, and vendors, as well as getting answers to your business questions. Even so, this dialogue should not take up a large amount of your time. You still need to produce your products or provide your services. You can’t be online all day just talking about business. You do have to get out there and get down to business.
DON’T THINK SOCIAL MEDIA MARKETING IS PASSIVE MARKETING.
Traditional marketing efforts, such as TV, radio, and print, are passive. While you are communicating with your audience, you’re not engaged with them or getting direct feedback. With social media marketing, there’s a macro shift taking place. Because of social media marketing, you now have an engaged and active audience versus a passive one. Prospects and customers can easily get more information, explore your offerings, click on links, and take faster action. Business happens quicker, and with greater results.
GET CONNECTED TODAY
As technology continually evolves, the world of marketing will rapidly change. In order to get the best results with the least amount of effort, you need to be aware of the various pitfalls and take proactive action to avoid them. By being aware of these top mistakes people make with social media marketing and social media networking, you’ll be ahead of the curve and reaping greater profits from your online efforts more rapidly.
Realize that there’s more to social media marketing and social media networking than Facebook, LinkedIn, and Twitter. Many industries are creating their own social media networks that you can utilize. A few examples include www.medicalmingle.com for healthcare, www.classroom20.com for teaching, and www.afsinc.org/facebook for manufacturing.
ALL SOCIAL MEDIA MARKETING DIALOGUE IS TWO-WAY
Your social media marketing efforts are often just a one-way communication, while your social media networking for business can be two-way (see next point). With social media marketing, you can be pumping information out, but you don’t have to spend a lot of time responding. Remember, marketing is about positioning yourself in the eyes of the consumer; it doesn’t have to involve a conversation with people. A lot of people hesitate to get into social media marketing because they believe they’ll be spending all their time online “chatting” and sending messages back and forth. While you would be chatting and emailing if this were for personal use, for business use it’s typically one-way communication and doesn’t need as much maintenance.
USE SOCIAL MEDIA NETWORKING TO DIALOGUE WITH CUSTOMERS AND PROSPECTS
While social media marketing is a one-way dialogue, social media networking is often a two-way one. But remember that this isn’t dialogue about personal matters or trivial things. You’re getting a dialogue started with prospects, clients, resources, and vendors, as well as getting answers to your business questions. Even so, this dialogue should not take up a large amount of your time. You still need to produce your products or provide your services. You can’t be online all day just talking about business. You do have to get out there and get down to business.
DON’T THINK SOCIAL MEDIA MARKETING IS PASSIVE MARKETING.
Traditional marketing efforts, such as TV, radio, and print, are passive. While you are communicating with your audience, you’re not engaged with them or getting direct feedback. With social media marketing, there’s a macro shift taking place. Because of social media marketing, you now have an engaged and active audience versus a passive one. Prospects and customers can easily get more information, explore your offerings, click on links, and take faster action. Business happens quicker, and with greater results.
GET CONNECTED TODAY
As technology continually evolves, the world of marketing will rapidly change. In order to get the best results with the least amount of effort, you need to be aware of the various pitfalls and take proactive action to avoid them. By being aware of these top mistakes people make with social media marketing and social media networking, you’ll be ahead of the curve and reaping greater profits from your online efforts more rapidly.
Wednesday, June 24, 2009
SOCIAL MEDIA MARKETING MISTAKES TO AVOID
As social media marketing and social media networking become more and more prevalent, the many errors people make with these new mediums often create new and unexpected problems. Why so many mistakes? Because these are new business tools that people often confuse for other things. In fact, many people think social media marketing and social media networking are the same thing. They’re not. And when you know the difference, you can use each more effectively to grow your business.
Marketing and networking are two completely different things. Marketing is about branding and positioning yourself while networking is about making connections. When you’re marketing, you’re putting out messages that define your company; when you’re networking, you’re engaging in a two-way dialogue where both parties gain benefit.
In the business world, networking takes on a different look and feel than when you’re networking for personal reasons. In business networking you’re not talking about your son’s baseball game or your weekend getaway. You’re focusing on answering client questions, passing on information to prospects, and gaining knowledge about your pressing business questions.
Before you embark upon using social media marketing and social media networking for the first time, or continue utilizing your existing accounts, be aware of the following common mistakes and how to avoid them.
SEPARATE YOUR SOCIAL MEDIA MARKETING AND SOCIAL MEDIA NETWORKING ACCOUNTS.
Most people don’t see the difference between the various social marketing and networking sites, much less the need to have separate business and personal accounts. In fact, some people even think they are only allowed one account per site. In reality, you can create a personal and corporate account for each site. You would then use your personal account for updating your friends and family on how the kids are doing and what you’re planning for the weekend, while you’d use your business account to connect with clients and brand yourself. The last thing you want to do is use one account for both, essentially mixing messages about the kids with your marketing efforts.
INTEGRATE ALL OF YOUR SOCIAL NETWORKING EFFORTS.
Many people view Facebook, Twitter, their blog, and all the other social media as separate entities. However, it’s the integration of all the social media into your web strategy that matters. If every account is its own separate thing – if your Facebook is not connected to your web site, to your Twitter account, to your blog, etc. – then all of the traffic and everything that’s happening on one site isn’t counting toward your main web site’s ranking. In other words, when they’re all disconnected, your ranking does not reflect your total online activity. But if they’re all connected and tagged together, your ranking will go up and reflect all of your activity.
HAVE A CONSISTENT IMAGE.
Just like your traditional marketing has a branded image, you want your business social media marketing efforts to have a consistent look and feel too. That means you should design your Facebook theme to match your brand, and at the same time ensure it looks like it belongs on Facebook. The same would be true for your Twitter theme and your blog theme, etc. For example, the actual look of a McDonald’s restaurant can vary quite a bit, yet the brand image and theme remain the same. When all of your social media sites, as well as your primary web site, have a similar look and feel, you put out a consistent brand that prospects and clients remember.
As technology continually evolves, the world of marketing will rapidly change. In order to get the best results with the least amount of effort, you need to be aware of the various pitfalls and take proactive action to avoid them. Next month, I will share three more common mistakes to be aware of so you can take proactive action and avoid the common mistakes.
Marketing and networking are two completely different things. Marketing is about branding and positioning yourself while networking is about making connections. When you’re marketing, you’re putting out messages that define your company; when you’re networking, you’re engaging in a two-way dialogue where both parties gain benefit.
In the business world, networking takes on a different look and feel than when you’re networking for personal reasons. In business networking you’re not talking about your son’s baseball game or your weekend getaway. You’re focusing on answering client questions, passing on information to prospects, and gaining knowledge about your pressing business questions.
Before you embark upon using social media marketing and social media networking for the first time, or continue utilizing your existing accounts, be aware of the following common mistakes and how to avoid them.
SEPARATE YOUR SOCIAL MEDIA MARKETING AND SOCIAL MEDIA NETWORKING ACCOUNTS.
Most people don’t see the difference between the various social marketing and networking sites, much less the need to have separate business and personal accounts. In fact, some people even think they are only allowed one account per site. In reality, you can create a personal and corporate account for each site. You would then use your personal account for updating your friends and family on how the kids are doing and what you’re planning for the weekend, while you’d use your business account to connect with clients and brand yourself. The last thing you want to do is use one account for both, essentially mixing messages about the kids with your marketing efforts.
INTEGRATE ALL OF YOUR SOCIAL NETWORKING EFFORTS.
Many people view Facebook, Twitter, their blog, and all the other social media as separate entities. However, it’s the integration of all the social media into your web strategy that matters. If every account is its own separate thing – if your Facebook is not connected to your web site, to your Twitter account, to your blog, etc. – then all of the traffic and everything that’s happening on one site isn’t counting toward your main web site’s ranking. In other words, when they’re all disconnected, your ranking does not reflect your total online activity. But if they’re all connected and tagged together, your ranking will go up and reflect all of your activity.
HAVE A CONSISTENT IMAGE.
Just like your traditional marketing has a branded image, you want your business social media marketing efforts to have a consistent look and feel too. That means you should design your Facebook theme to match your brand, and at the same time ensure it looks like it belongs on Facebook. The same would be true for your Twitter theme and your blog theme, etc. For example, the actual look of a McDonald’s restaurant can vary quite a bit, yet the brand image and theme remain the same. When all of your social media sites, as well as your primary web site, have a similar look and feel, you put out a consistent brand that prospects and clients remember.
As technology continually evolves, the world of marketing will rapidly change. In order to get the best results with the least amount of effort, you need to be aware of the various pitfalls and take proactive action to avoid them. Next month, I will share three more common mistakes to be aware of so you can take proactive action and avoid the common mistakes.
Friday, May 29, 2009
Social Networks That Boost Your Business (Part II)
The business use of Web 2.0 represents a new trend called “Business 2.0.” Aside from being the name of a defunct magazine, Business 2.0 is about using the new web-based social networking applications (many of which were originally created for personal use) in a way that fosters teamwork, customer touches, and internal and external collaboration in a low-cost seamless way.
Last month I shared a few personal Business 2.0 tools with business applicability. This month I will share two more personal tools along with some purely Business 2.0 tools that will help create collaboration in a low-cost seamless way.
TWITTER
Twitter is a micro-blogging service that allows friends, family and co-workers to communicate and stay connected through the exchange of short, quick answers using no more that 140 characters per message. Senders can restrict delivery to those in their circle of friends or co-workers. Users can receive updates via the Twitter website or other social networking sites such as Facebook. Young people use Twitter for answering the question: What are you doing? Business 2.0 use: Business users could change that question to: What problem are you trying to solve? Several companies have used this as a fast way to solve problems. Hotels, airlines, and airports are using Twitter to pitch services, travel updates, and respond to travelers needs.
Ask yourself: Could we use Twitter to solve problems faster with our organization or our customers?
DELICIOUS
Delicious is a social bookmarking web service for storing, sharing and discovering web bookmarks. It uses a non-hierarchical classification system in which users can tag each of their bookmarks with freely chosen index terms. Business 2.0 use: Business users can share their most useful websites with co-workers or business partners. If a customer purchases a product, sellers could share relevant bookmarks that keep the customer coming back for more information and hopefully more products.
Ask yourself: Could we use Delicious to share important new websites faster within our organization or with our customers?
PURELY BUSINESS 2.0 TOOLS
WIKI
A Wiki is a collaborative web page or collection of web pages designed to enable anyone to create a quick web page that allows visitors to search the Wiki’s content and edit the content in real time, as well as view updates since their last visit. Wikis are often used to create collaborative websites and to power community websites. On a moderated Wiki, Wiki owners can review comments before additions to the main body of the topic. Additional features include calendar sharing, live AV conferencing, RSS feeds, and more.
Ask yourself: Could we use Wikis to enhance internal and external collaboration?
LINKEDIN
LinkedIn is a business-oriented professional networking website for exchanging information, ideas, and opportunities. There are over 35 million registered users spanning 170 industries actively networking with each other. For example, large insurance companies use LinkedIn to foster networking with their independent sales representatives. HR professionals from all over the world could use LinkedIn to share best practices.
Ask yourself: Could we use LinkedIn to expand our organizational network for enhanced knowledge sharing?
CLOUD COMPUTING & SOFTWARE AS A SERVICE
In Cloud Computing, some or all of the storage, software, IT Processes, and data center facilities you use can exist on your provider’s server, which is maintained and cared for by your provider, giving you 24/7 access from any device anywhere. The cost of upgrading hardware and software, maintenance, and associated IT labor costs can be dramatically reduced or eliminated. Currently, the ideal organization would be any size company that’s facing big investments in computing and communications infrastructure. For example, Amazon.com can give you an entire e-commerce back end. Software as a Service (SaaS) such as SalesForce.com has a CRM package, SciQuest has a spend management package, and Google, Microsoft and others have a suite of offerings.
Ask yourself: Could we use Cloud Computing & Software as a Service to streamline our IT needs?
GAIN A NEW COMPETITIVE ADVANTAGE
By reframing the use of social networking technology, companies can increase communication, collaboration, problem solving, and competitive advantage with little cost. Remember, many of these tools are free or nearly free, making them accessible to even the smallest of business. Therefore, the sooner you embrace Business 2.0 and put it to work for you, the faster you can penetrate new markets and win the lion’s share of business.
Last month I shared a few personal Business 2.0 tools with business applicability. This month I will share two more personal tools along with some purely Business 2.0 tools that will help create collaboration in a low-cost seamless way.
Twitter is a micro-blogging service that allows friends, family and co-workers to communicate and stay connected through the exchange of short, quick answers using no more that 140 characters per message. Senders can restrict delivery to those in their circle of friends or co-workers. Users can receive updates via the Twitter website or other social networking sites such as Facebook. Young people use Twitter for answering the question: What are you doing? Business 2.0 use: Business users could change that question to: What problem are you trying to solve? Several companies have used this as a fast way to solve problems. Hotels, airlines, and airports are using Twitter to pitch services, travel updates, and respond to travelers needs.
Ask yourself: Could we use Twitter to solve problems faster with our organization or our customers?
DELICIOUS
Delicious is a social bookmarking web service for storing, sharing and discovering web bookmarks. It uses a non-hierarchical classification system in which users can tag each of their bookmarks with freely chosen index terms. Business 2.0 use: Business users can share their most useful websites with co-workers or business partners. If a customer purchases a product, sellers could share relevant bookmarks that keep the customer coming back for more information and hopefully more products.
Ask yourself: Could we use Delicious to share important new websites faster within our organization or with our customers?
PURELY BUSINESS 2.0 TOOLS
WIKI
A Wiki is a collaborative web page or collection of web pages designed to enable anyone to create a quick web page that allows visitors to search the Wiki’s content and edit the content in real time, as well as view updates since their last visit. Wikis are often used to create collaborative websites and to power community websites. On a moderated Wiki, Wiki owners can review comments before additions to the main body of the topic. Additional features include calendar sharing, live AV conferencing, RSS feeds, and more.
Ask yourself: Could we use Wikis to enhance internal and external collaboration?
LinkedIn is a business-oriented professional networking website for exchanging information, ideas, and opportunities. There are over 35 million registered users spanning 170 industries actively networking with each other. For example, large insurance companies use LinkedIn to foster networking with their independent sales representatives. HR professionals from all over the world could use LinkedIn to share best practices.
Ask yourself: Could we use LinkedIn to expand our organizational network for enhanced knowledge sharing?
CLOUD COMPUTING & SOFTWARE AS A SERVICE
In Cloud Computing, some or all of the storage, software, IT Processes, and data center facilities you use can exist on your provider’s server, which is maintained and cared for by your provider, giving you 24/7 access from any device anywhere. The cost of upgrading hardware and software, maintenance, and associated IT labor costs can be dramatically reduced or eliminated. Currently, the ideal organization would be any size company that’s facing big investments in computing and communications infrastructure. For example, Amazon.com can give you an entire e-commerce back end. Software as a Service (SaaS) such as SalesForce.com has a CRM package, SciQuest has a spend management package, and Google, Microsoft and others have a suite of offerings.
Ask yourself: Could we use Cloud Computing & Software as a Service to streamline our IT needs?
GAIN A NEW COMPETITIVE ADVANTAGE
By reframing the use of social networking technology, companies can increase communication, collaboration, problem solving, and competitive advantage with little cost. Remember, many of these tools are free or nearly free, making them accessible to even the smallest of business. Therefore, the sooner you embrace Business 2.0 and put it to work for you, the faster you can penetrate new markets and win the lion’s share of business.
Friday, April 24, 2009
Social Networks That Boost Your Business (Part I)
Most people are familiar with the term “Web 2.0,” which refers to a second generation of web development and design that focuses on fostering social networking via the web. Innovative companies are beginning to embrace Web 2.0 as a way to enhance communication, information sharing, and collaboration, thereby allowing them to work smarter rather than harder.
Unfortunately, many businesses feel that Web 2.0 and social networking are for the younger generation and a waste of time when used by employees. However, once you understand the power of these applications and how to use them in your company, you’ll quickly find that they can be invaluable tools to boost your bottom line. Following is an overview of some of the best Business 2.0 tools that are personal tools with business applicability.
FACEBOOK
Facebook enables you to connect and share with the people in your life. Users can join networks organized by city, workplace, school, and region to connect and interact with others. People can add friends, send them messages, and update their personal profiles to notify friends about themselves. Business 2.0 use: Large organizations can connect all of their employees, or members, with Facebook. Some are finding an added advantage of using an internal, secure version of Facebook. This has helped organizations to dramatically increase their internal networking and collaboration. Ask yourself: Could we use Facebook, or our own internal version, to get people to collaborate at a higher level?
WIKIPEDIA
Wikipedia is a free online encyclopedia that anyone can use to find information on virtually any topic. Anyone can edit the content as well. Business 2.0 use: A large manufacturing company with engineers in locations around the world increased problem solving and collaboration by creating an internal, secure version of Wikipedia for sharing information on parts and service offerings as well as repair and maintenance instructions. Retailers and suppliers could create a version of Wikipedia to foster education and training as well as enhanced information sharing. Ask yourself: Could we create an internal version of Wikipedia to foster better information and knowledge sharing?
YOUTUBE
YouTube is a video sharing website where users can upload, view, and share video clips. YouTube displays a wide variety of user-generated video content as well as movie clips, product demonstrations, and commercials. Unregistered users can watch the videos, while registered users can upload an unlimited number of videos. Business 2.0 use: Businesses are posting humorous commercial videos to generate interest in their products with great success. The more entertaining it is, the more people watch it. Business partners could create a YouTube like channel for the purpose of educating and training. Ask Yourself: Could we enhance our marketing efforts as well as general communication by using YouTube?
DIGG
Digg is a social news web site made for people to discover and share content from anywhere on the Internet, by submitting and accessing links and stories. Voting stories thumbs up or a thumb down is the site's cornerstone function, respectively called digging and burying. Business 2.0 use: Many organizations have found this to be a good way to track the most interesting advances in technology or the most useful business news. Large organizations can create their own internal version for sharing what employees consider to be the most useful information. Ask yourself: Could we use Digg, or our own internal version, to get people to share their most interesting and valuable web-based information with each other?
Next month, I will share two more personal tools along with some purely business 2.0 tools that will help create collaboration in a low-cost seamless way.
Unfortunately, many businesses feel that Web 2.0 and social networking are for the younger generation and a waste of time when used by employees. However, once you understand the power of these applications and how to use them in your company, you’ll quickly find that they can be invaluable tools to boost your bottom line. Following is an overview of some of the best Business 2.0 tools that are personal tools with business applicability.
Facebook enables you to connect and share with the people in your life. Users can join networks organized by city, workplace, school, and region to connect and interact with others. People can add friends, send them messages, and update their personal profiles to notify friends about themselves. Business 2.0 use: Large organizations can connect all of their employees, or members, with Facebook. Some are finding an added advantage of using an internal, secure version of Facebook. This has helped organizations to dramatically increase their internal networking and collaboration. Ask yourself: Could we use Facebook, or our own internal version, to get people to collaborate at a higher level?
WIKIPEDIA
Wikipedia is a free online encyclopedia that anyone can use to find information on virtually any topic. Anyone can edit the content as well. Business 2.0 use: A large manufacturing company with engineers in locations around the world increased problem solving and collaboration by creating an internal, secure version of Wikipedia for sharing information on parts and service offerings as well as repair and maintenance instructions. Retailers and suppliers could create a version of Wikipedia to foster education and training as well as enhanced information sharing. Ask yourself: Could we create an internal version of Wikipedia to foster better information and knowledge sharing?
YOUTUBE
YouTube is a video sharing website where users can upload, view, and share video clips. YouTube displays a wide variety of user-generated video content as well as movie clips, product demonstrations, and commercials. Unregistered users can watch the videos, while registered users can upload an unlimited number of videos. Business 2.0 use: Businesses are posting humorous commercial videos to generate interest in their products with great success. The more entertaining it is, the more people watch it. Business partners could create a YouTube like channel for the purpose of educating and training. Ask Yourself: Could we enhance our marketing efforts as well as general communication by using YouTube?
DIGG
Digg is a social news web site made for people to discover and share content from anywhere on the Internet, by submitting and accessing links and stories. Voting stories thumbs up or a thumb down is the site's cornerstone function, respectively called digging and burying. Business 2.0 use: Many organizations have found this to be a good way to track the most interesting advances in technology or the most useful business news. Large organizations can create their own internal version for sharing what employees consider to be the most useful information. Ask yourself: Could we use Digg, or our own internal version, to get people to share their most interesting and valuable web-based information with each other?
Next month, I will share two more personal tools along with some purely business 2.0 tools that will help create collaboration in a low-cost seamless way.
Tuesday, March 17, 2009
INCREASE YOU COMPANY’S TRUST FACTOR (PART 2)
Trust mishaps don’t just happen with external customers and the public; they also happen internally with employees. A few years ago one major company laid-off a few thousand employees. Rather than meeting with people individually, laying them off with dignity and providing support services, the company had their security guards tell those being laid-off the bad news, gave them their paperwork, watched them clean out their desk, and then escorted the former employees out the door. The employees still working there learned one important lesson that day: Never trust upper management.
Last month, I shared two strategies to increase your company’s trust factor to enhance the bottom line. This month, I would like to share two additional strategies to help foster trust in your organization.
THINK IN TERMS OF THE OTHER PERSON’S PERSPECTIVE.
No matter how hard you try, sometimes mistakes will happen and trust will decrease. But rather than accept the lower level of trust, see this time as an opportunity to raise the bar on trust with those who are feeling less of it. For example, suppose you have a major disagreement with one of your key distributors.
You both think the other is wrong. This is when you need to step up and say to the distributor, “We’ve had a long and trusting relationship with you and we don’t want to lose that. What can we do to make you happy?” The answer you’ll hear will likely be more than fair because the conversation has now shifted from a confrontational to a relational one. Everyone will come out a winner.
SURVEY CUSTOMERS AND EMPLOYEES ABOUT TRUST.
Have employees, business partners, and customers rate you on trust. You could even have them fill out the trust meter for you. With this feedback, you will know where you stand and can make adjustments. All too often, trust is undermined and the company and its leaders are the last to know, and this can be disastrous. If you are the first to know, you can make corrections before it is too late. This also shows everyone that relationships and mutual trust are not just words, they are imperatives.
TRUST PROVIDES A BIG ADVANTAGE IN ANY ECONOMY
Too often, customer service and support are cut back when the economy heads south. People are laid-off with no warning or support. Face-to-face customer meetings are cut back or canceled. But this is a time to do the opposite. When things are bad, relationships become more important! Doing things better stands out more. Becoming a trusted advisor versus a sales person stands out. Going the extra mile is more unique.
When you increase trust, your relationships will deepen and your business will improve.
Last month, I shared two strategies to increase your company’s trust factor to enhance the bottom line. This month, I would like to share two additional strategies to help foster trust in your organization.
THINK IN TERMS OF THE OTHER PERSON’S PERSPECTIVE.
No matter how hard you try, sometimes mistakes will happen and trust will decrease. But rather than accept the lower level of trust, see this time as an opportunity to raise the bar on trust with those who are feeling less of it. For example, suppose you have a major disagreement with one of your key distributors.
You both think the other is wrong. This is when you need to step up and say to the distributor, “We’ve had a long and trusting relationship with you and we don’t want to lose that. What can we do to make you happy?” The answer you’ll hear will likely be more than fair because the conversation has now shifted from a confrontational to a relational one. Everyone will come out a winner.
SURVEY CUSTOMERS AND EMPLOYEES ABOUT TRUST.
Have employees, business partners, and customers rate you on trust. You could even have them fill out the trust meter for you. With this feedback, you will know where you stand and can make adjustments. All too often, trust is undermined and the company and its leaders are the last to know, and this can be disastrous. If you are the first to know, you can make corrections before it is too late. This also shows everyone that relationships and mutual trust are not just words, they are imperatives.
TRUST PROVIDES A BIG ADVANTAGE IN ANY ECONOMY
Too often, customer service and support are cut back when the economy heads south. People are laid-off with no warning or support. Face-to-face customer meetings are cut back or canceled. But this is a time to do the opposite. When things are bad, relationships become more important! Doing things better stands out more. Becoming a trusted advisor versus a sales person stands out. Going the extra mile is more unique.
When you increase trust, your relationships will deepen and your business will improve.
Monday, February 23, 2009
Increase Your Company's Trust Factor
With billions of dollars in taxpayer bailout money, how much do you trust the leadership of the banks that, after record losses, gave themselves unprecedented raises? How much do you trust the leaders of Wall Street? How much do you trust our government’s ability to manage the money they have given to the banks or the auto industry? How much do you trust the leaders of the auto industry to do the “right thing” with the bailout money? This growing lack of trust can have serious consequences as we try to reverse the economic meltdown and bring about positive change and growth.
The one thing every business professional should be certain about, regardless of industry, is that the future is all about relationships. And the one thing all relationships need to survive is trust. In fact, trust is the glue that holds the net-enabled knowledge economy together. The more trust you have with someone, the more powerful the relationship. The less trust you have, the weaker the relationship.
In business, trust is something you must earn. You do so by displaying three universal values: honesty, integrity, and delivering on promises. In fact, no matter where you travel around the world and regardless of religion or culture, those three values are the same. Because people worldwide place such a high emphasis on trust, many companies cite “trust” in their list of organizational values. And by nature, most people are indeed trusting of others. But because trust is assumed, many companies have a tendency to implement strategies that undermine trust. They fail to make trust a conscious part of their strategy. Instead, trust stays in the back of their mind, and that’s when problems begin.
For example, call your Telephone Company or Internet Service Provider today and tell them you’re going to cancel your service and go with a different provider. Chances are that in order to keep you as a customer, they’ll respond by offering you a lower rate. Does that make you trust them more? No. In fact, you’ll probably feel that you’ve been getting ripped off all these years and should have gotten that lower price all along. Policies such as these train customers to distrust the company.
Despite their actions, companies that violate trust are not evil. Rather, they’re simply not thinking about trust when they lay out a course of action or outline policies. Therefore, in order to foster trust in your organization, consider the following strategies.
NEVER ASSUME TRUST
Whenever you’re bringing about any change, either internally or externally, create a “trust meter.” Think of this trust meter as an old fashioned gas gauge: On the far left is no trust, and on the far right is full trust. Before you implement any change, ask yourself, “Between us (the company) and the people who will be impacted by this decision or policy, where is trust currently?” Mark it somewhere on your trust meter. Then ask, “If we implement this change in this way, what will happen to that trust?” Mark whether you think trust will go down, stay the same, or increase.
If trust will go down, don’t implement the change in that way. This doesn’t mean don’t enact the change, decision, or policy. It simply means not to do it in the way you’ve outlined. Change how you implement the decision or policy so trust stays where it is. And if anyone on your team can come up with a way to get the trust meter to increase when implementing the change, reward that person openly, because you want that behavior repeated. Remember, when you raise the bar on trust, your organization will thrive.
OFFER MORE VALUE TO REWARD LOYALTY
As you decide what policies and changes your company will implement, think in terms of adding value rather than giving something for nothing. For example, one newspaper publisher sent out a $190 yearly renewal notice to customers. Those customers who didn’t renew by the deadline received a phone call about the renewal. The newspaper employee offered the customer a deeply discounted renewal rate of $90. This is “something for nothing” mentality, because now the customer sees less value in the product (and feels ripped off for paying the higher renewal price in the past).
A better strategy would be to offer the customer a few additional months of newspaper delivery for no extra charge. So now instead of getting twelve months of newspaper delivery for a certain price, the customer gets fifteen months of service for that same price. When you think in terms of rewarding loyalty with more value rather than a lower price, people feel that the company is giving them a genuine “thank you.” They feel appreciated (something everyone wants to feel) and will actually want to keep doing business with you. Therefore, pinpoint what your customers will perceive as added value and make that a part of your policy change.
Next month, I will share two additional strategies that will allow you to bring about change faster and more effectively, and improve your business.
The one thing every business professional should be certain about, regardless of industry, is that the future is all about relationships. And the one thing all relationships need to survive is trust. In fact, trust is the glue that holds the net-enabled knowledge economy together. The more trust you have with someone, the more powerful the relationship. The less trust you have, the weaker the relationship.
In business, trust is something you must earn. You do so by displaying three universal values: honesty, integrity, and delivering on promises. In fact, no matter where you travel around the world and regardless of religion or culture, those three values are the same. Because people worldwide place such a high emphasis on trust, many companies cite “trust” in their list of organizational values. And by nature, most people are indeed trusting of others. But because trust is assumed, many companies have a tendency to implement strategies that undermine trust. They fail to make trust a conscious part of their strategy. Instead, trust stays in the back of their mind, and that’s when problems begin.
For example, call your Telephone Company or Internet Service Provider today and tell them you’re going to cancel your service and go with a different provider. Chances are that in order to keep you as a customer, they’ll respond by offering you a lower rate. Does that make you trust them more? No. In fact, you’ll probably feel that you’ve been getting ripped off all these years and should have gotten that lower price all along. Policies such as these train customers to distrust the company.
Despite their actions, companies that violate trust are not evil. Rather, they’re simply not thinking about trust when they lay out a course of action or outline policies. Therefore, in order to foster trust in your organization, consider the following strategies.
NEVER ASSUME TRUST
Whenever you’re bringing about any change, either internally or externally, create a “trust meter.” Think of this trust meter as an old fashioned gas gauge: On the far left is no trust, and on the far right is full trust. Before you implement any change, ask yourself, “Between us (the company) and the people who will be impacted by this decision or policy, where is trust currently?” Mark it somewhere on your trust meter. Then ask, “If we implement this change in this way, what will happen to that trust?” Mark whether you think trust will go down, stay the same, or increase.
If trust will go down, don’t implement the change in that way. This doesn’t mean don’t enact the change, decision, or policy. It simply means not to do it in the way you’ve outlined. Change how you implement the decision or policy so trust stays where it is. And if anyone on your team can come up with a way to get the trust meter to increase when implementing the change, reward that person openly, because you want that behavior repeated. Remember, when you raise the bar on trust, your organization will thrive.
OFFER MORE VALUE TO REWARD LOYALTY
As you decide what policies and changes your company will implement, think in terms of adding value rather than giving something for nothing. For example, one newspaper publisher sent out a $190 yearly renewal notice to customers. Those customers who didn’t renew by the deadline received a phone call about the renewal. The newspaper employee offered the customer a deeply discounted renewal rate of $90. This is “something for nothing” mentality, because now the customer sees less value in the product (and feels ripped off for paying the higher renewal price in the past).
A better strategy would be to offer the customer a few additional months of newspaper delivery for no extra charge. So now instead of getting twelve months of newspaper delivery for a certain price, the customer gets fifteen months of service for that same price. When you think in terms of rewarding loyalty with more value rather than a lower price, people feel that the company is giving them a genuine “thank you.” They feel appreciated (something everyone wants to feel) and will actually want to keep doing business with you. Therefore, pinpoint what your customers will perceive as added value and make that a part of your policy change.
Next month, I will share two additional strategies that will allow you to bring about change faster and more effectively, and improve your business.
Monday, February 02, 2009
THE TRANSFORMATION OPPORTUNITY
This month, we celebrate the 25th anniversary of our Technotrends Newsletter, which provides technology news and insights that have shaped this technology-enabled world we now live in. As I look at our subscriber list, which is made up of major news agencies, universities, research labs, executives from almost every industry, entrepreneurs, and interested individuals from all over the world, I’m amazed at how many have been with us from the very beginning – thank you!
Having just re-read our first issue where we reported the rise of e-mail, electronic news, downloadable software, laser eye surgery, medical and industrial robots, optical storage disks, wireless communications, and genetic engineering, to name a few, it’s hard now to imagine that there was a time when we didn’t have all of those things. As predicted, technology has changed how we live, work and play.
FROM CHANGE TO TRANSFORMATION
We are now at the dawn of a profound technology-driven transformation that will make the changes we have experienced over the past 25 years seem small and slow.
Notice I used the word transformation and not change. When I was in high school, I listened to my music on LP albums, one album per spinning disk. Years later a welcome change happened, I could listen to my albums on a CD, basically a smaller spinning disk without the hiss and scratches. I liked this change and repurchased all of my favorite albums.
Thanks to the iPod revolution, I now have all my albums in one small device that is with me all the time. iPods and all other MP3 players haven’t changed how we listen to music, they’ve transformed it. And once transformed, you aren’t going back.
We are about to transform how we sell, market, communicate, collaborate, innovate, watch TV, learn and, as you might guess, much more.
THE OPPORTUNITY IS BIGGER THAN THE CRISIS
As we’ve all read about and experienced the financial crisis, the housing crisis, and the unemployment crisis, it’s important to understand that under the fog of crisis, sits a mountain of unprecedented opportunity for all who take the time to discover and act on it.
Technology is driving transformative change, our new president is driving change, the new global reality is demanding change, and as the ancient Chinese philosophers wrote, change is opportunity. Look at the hard trend drivers I have discussed in past articles, demographics, government regulations, and technology innovation. Look for opportunities and embrace change.
GM, Chrysler, and Ford saw change as a threat and spent valuable time and money protecting and defending the status quo. The unions spent time and money protecting and defending the status quo. Protecting and defending the status quo is human nature, but in a world of transformational change you need to get over it fast.
The auto industry is going through a needed rebirth based on the new realities of the 21st century. Those that see the direction of change and change with it will prosper. We have a new president whose platform is change. Billions of dollars will be put into play, and new laws will be passed that will provide a window to profitability and growth. Pay attention! If money is going into infrastructure, opportunity will follow. If money is going into alternative energy and green, opportunity will follow. If money is going into research and science, opportunity will follow. Follow the money and you will see the opportunity.
My grandfather lived on a farm in north Texas and one day while helping him on the farm he shared some wisdom with me. He said, “It’s easier to ride a horse in the direction it’s going”. The horses we have been riding have been on a familiar path making it easy. They are about to change direction and if you try to ride them in the same old direction, it will be a battle all the way.
This is a once-in-a-lifetime opportunity for you personally, and for your organization. Don’t miss it!
Having just re-read our first issue where we reported the rise of e-mail, electronic news, downloadable software, laser eye surgery, medical and industrial robots, optical storage disks, wireless communications, and genetic engineering, to name a few, it’s hard now to imagine that there was a time when we didn’t have all of those things. As predicted, technology has changed how we live, work and play.
FROM CHANGE TO TRANSFORMATION
We are now at the dawn of a profound technology-driven transformation that will make the changes we have experienced over the past 25 years seem small and slow.
Notice I used the word transformation and not change. When I was in high school, I listened to my music on LP albums, one album per spinning disk. Years later a welcome change happened, I could listen to my albums on a CD, basically a smaller spinning disk without the hiss and scratches. I liked this change and repurchased all of my favorite albums.
Thanks to the iPod revolution, I now have all my albums in one small device that is with me all the time. iPods and all other MP3 players haven’t changed how we listen to music, they’ve transformed it. And once transformed, you aren’t going back.
We are about to transform how we sell, market, communicate, collaborate, innovate, watch TV, learn and, as you might guess, much more.
THE OPPORTUNITY IS BIGGER THAN THE CRISIS
As we’ve all read about and experienced the financial crisis, the housing crisis, and the unemployment crisis, it’s important to understand that under the fog of crisis, sits a mountain of unprecedented opportunity for all who take the time to discover and act on it.
Technology is driving transformative change, our new president is driving change, the new global reality is demanding change, and as the ancient Chinese philosophers wrote, change is opportunity. Look at the hard trend drivers I have discussed in past articles, demographics, government regulations, and technology innovation. Look for opportunities and embrace change.
GM, Chrysler, and Ford saw change as a threat and spent valuable time and money protecting and defending the status quo. The unions spent time and money protecting and defending the status quo. Protecting and defending the status quo is human nature, but in a world of transformational change you need to get over it fast.
The auto industry is going through a needed rebirth based on the new realities of the 21st century. Those that see the direction of change and change with it will prosper. We have a new president whose platform is change. Billions of dollars will be put into play, and new laws will be passed that will provide a window to profitability and growth. Pay attention! If money is going into infrastructure, opportunity will follow. If money is going into alternative energy and green, opportunity will follow. If money is going into research and science, opportunity will follow. Follow the money and you will see the opportunity.
My grandfather lived on a farm in north Texas and one day while helping him on the farm he shared some wisdom with me. He said, “It’s easier to ride a horse in the direction it’s going”. The horses we have been riding have been on a familiar path making it easy. They are about to change direction and if you try to ride them in the same old direction, it will be a battle all the way.
This is a once-in-a-lifetime opportunity for you personally, and for your organization. Don’t miss it!
Wednesday, December 17, 2008
Solving The Real Problem
Last month, I discussed the importance of making sure that the problem you are trying to solve is the correct problem. As we all painfully know, the media has been filled with stories about whether the government should spend billions of dollars to bail the big three automakers out of their financial problems. The problem for GM, Chrysler, and soon Ford, is that they are running out of money and may be forced into bankruptcy.
The problem for the U.S. economy and our government is that if we don’t spend billions to bailout the automakers, millions of autoworkers, not to mention car dealers and auto parts suppliers, will lose their jobs. That will cause more unemployment, less tax revenue to our troubled states, more foreclosures, and the list goes on and on.
THE REAL PROBLEM
This billion-dollar bailout solution our government has been considering does not solve the real problem! The real problem is that people are not buying cars. If people were buying cars, the automakers would have the money they need to continue to operate. Giving billions of dollars to the automakers will not dramatically increase car sales. They will still have to close plants and layoff millions of workers because their cars are not selling.
Why have car sales for the big three declined so dramatically? After all, other manufacturers (such as Toyota) have not asked for a bailout, they have been hiring and planning to open new plants.
For 2007 and the majority of 2008, the answer to poor sales was high fuel costs and a lack of fuel-efficient vehicles to choose from. As the credit crisis hit and the word recession entered the news, declining fuel costs were not enough to bring buyers back to the big three. And for people wanting a new car, getting a loan has now become a major new barrier for all automakers. Giving the big three money will not solve the credit crisis, it won’t make loans easier to get, it won’t give them economical, fuel-efficient cars to sell for quite some time, and it will not make people feel the economy has improved.
If the government did feel it was important to save the millions of jobs the auto industry represents, we should ask ourselves: What would it take to increase car sales?
One answer would be for the government to provide a $5,000 to $10,000 subsidy, depending on the price of the car, to anyone wanting to buy a new car. This would stimulate car sales, keep autoworkers at their jobs, stop plants from being closed, provide needed revenue to the manufacturers, increase confidence in lending money to the manufacturers, and keep the car dealers and parts suppliers employed. In addition, this would make car loans smaller and easier to obtain.
Another answer would be to require banks that are receiving Federal bail out money to use a portion of that money to make loans for qualified buyers. We have already found out that giving banks billions of dollars with no requirements will not ease the credit crisis.
These are just a few ideas. The key is to make sure we are solving the correct problem.
The problem for the U.S. economy and our government is that if we don’t spend billions to bailout the automakers, millions of autoworkers, not to mention car dealers and auto parts suppliers, will lose their jobs. That will cause more unemployment, less tax revenue to our troubled states, more foreclosures, and the list goes on and on.
THE REAL PROBLEM
This billion-dollar bailout solution our government has been considering does not solve the real problem! The real problem is that people are not buying cars. If people were buying cars, the automakers would have the money they need to continue to operate. Giving billions of dollars to the automakers will not dramatically increase car sales. They will still have to close plants and layoff millions of workers because their cars are not selling.
Why have car sales for the big three declined so dramatically? After all, other manufacturers (such as Toyota) have not asked for a bailout, they have been hiring and planning to open new plants.
For 2007 and the majority of 2008, the answer to poor sales was high fuel costs and a lack of fuel-efficient vehicles to choose from. As the credit crisis hit and the word recession entered the news, declining fuel costs were not enough to bring buyers back to the big three. And for people wanting a new car, getting a loan has now become a major new barrier for all automakers. Giving the big three money will not solve the credit crisis, it won’t make loans easier to get, it won’t give them economical, fuel-efficient cars to sell for quite some time, and it will not make people feel the economy has improved.
If the government did feel it was important to save the millions of jobs the auto industry represents, we should ask ourselves: What would it take to increase car sales?
One answer would be for the government to provide a $5,000 to $10,000 subsidy, depending on the price of the car, to anyone wanting to buy a new car. This would stimulate car sales, keep autoworkers at their jobs, stop plants from being closed, provide needed revenue to the manufacturers, increase confidence in lending money to the manufacturers, and keep the car dealers and parts suppliers employed. In addition, this would make car loans smaller and easier to obtain.
Another answer would be to require banks that are receiving Federal bail out money to use a portion of that money to make loans for qualified buyers. We have already found out that giving banks billions of dollars with no requirements will not ease the credit crisis.
These are just a few ideas. The key is to make sure we are solving the correct problem.
Thursday, December 04, 2008
THINKING BEFORE DOING
A few days ago, I met with the top executives of a Fortune 100 company. (These executives were very busy as you might imagine.) It was not easy for them to devote an entire day to step back and examine what I call “The New Big Picture” and the rapidly emerging risks and opportunities associated with seeing it.
I started out by asking them if they thought the big three auto executives and all of their direct reports had been very busy the past five years. They all laughed as they agreed. Being too busy to think strategically about future risk and opportunity is often at the center of our biggest problems.
NOT THINKING
It seems the big three auto executives weren’t thinking when they all flew separately to Washington in private jets. Driving to Washington in each of their company’s most fuel-efficient car might have sent more of a “we’re working on it” message.
Not having a detailed spending plan for the billions of dollars they were requesting was another example of not thinking. Having a detailed plan as to how they would spend the money would have at the very least provided confidence.
Not connecting the rapid increase in automobile ownership in both China and India to the resulting increase in the demand and price of fuel was another amazing mistake. The irony in this becomes clear when you consider all of them were actually selling cars in those markets and were excited about the unprecedented increase in demand for cars. More cars mean more fuel, who would have thought of that?
The point is that being busy and not thinking can get you into big trouble.
During my meeting, one of the executives posed the following question. “If our government was to give the automakers the money, what do you think they should do with it?”
I suggested that everyone was focused on the wrong problem. The reason for the bailout was to prevent massive layoffs. The reason people aren’t buying the big three’s cars isn’t because the big three is low on cash. It is because the majority of the cars they make are gas hogs and many of the people who want to buy a car can’t get loans because of the financial crisis. Giving the big three money won’t solve the financial crisis and it will take years to redesign and build fuel-efficient cars. In other words, they will still have to lay off masses of people. It would be better for the government to give anyone who wants to buy a car a subsidy reducing the price of the car by up to $10,000, less for lower end cars. This would keep cars selling and workers working.
I know you are all very busy doing a lot of things as we face a growing recession. Let’s make sure we take the time to think about the risks and the opportunities, the present and the future before we do too much.
I started out by asking them if they thought the big three auto executives and all of their direct reports had been very busy the past five years. They all laughed as they agreed. Being too busy to think strategically about future risk and opportunity is often at the center of our biggest problems.
NOT THINKING
It seems the big three auto executives weren’t thinking when they all flew separately to Washington in private jets. Driving to Washington in each of their company’s most fuel-efficient car might have sent more of a “we’re working on it” message.
Not having a detailed spending plan for the billions of dollars they were requesting was another example of not thinking. Having a detailed plan as to how they would spend the money would have at the very least provided confidence.
Not connecting the rapid increase in automobile ownership in both China and India to the resulting increase in the demand and price of fuel was another amazing mistake. The irony in this becomes clear when you consider all of them were actually selling cars in those markets and were excited about the unprecedented increase in demand for cars. More cars mean more fuel, who would have thought of that?
The point is that being busy and not thinking can get you into big trouble.
During my meeting, one of the executives posed the following question. “If our government was to give the automakers the money, what do you think they should do with it?”
I suggested that everyone was focused on the wrong problem. The reason for the bailout was to prevent massive layoffs. The reason people aren’t buying the big three’s cars isn’t because the big three is low on cash. It is because the majority of the cars they make are gas hogs and many of the people who want to buy a car can’t get loans because of the financial crisis. Giving the big three money won’t solve the financial crisis and it will take years to redesign and build fuel-efficient cars. In other words, they will still have to lay off masses of people. It would be better for the government to give anyone who wants to buy a car a subsidy reducing the price of the car by up to $10,000, less for lower end cars. This would keep cars selling and workers working.
I know you are all very busy doing a lot of things as we face a growing recession. Let’s make sure we take the time to think about the risks and the opportunities, the present and the future before we do too much.
Thursday, November 13, 2008
REAL-TIME ORGANIZATION (PART II)
Last month, I touched on how to increase your company’s profits by becoming a Real-Time Organization by being pre-active, having up-to-date information on demand, and conducting event based marketing.
This month, I would like to share the strategies you can use to create a real-time enterprise today.
KNOW YOUR GOALS
The basic concept of real-time is that when something happens, you want to react to it the moment it happens, not an hour, day, week, or month later. As the speed at which a company can intelligently and automatically respond to change increases, the cost of all their business processes decreases. Hearing this, you might think real-time is all about speed, but that’s only part of the equation. If you don’t know where you want to go, then faster won’t help!
In order to gain the largest ROI for real-time initiatives, they need to be tied to your company’s overall goals and objectives. Therefore, what do you hope to achieve? Are you trying to increase sales? Improve customer service? Enhance your brand? Enter new markets? Whatever it is you want for your business, state it clearly so you can make sure your real-time activities support your overall goals.
BE AGILE
Just as there is a difference between strategy and tactics, there is a difference between real-time computing and real-time business. Real-time processing can be seen as event-driven computing. Real-time business, on the other hand, takes business agility—the ability to rapidly respond to changing conditions as they happen—to the next level. Operating in real time puts up-to-the-minute information directly into the hands of all the key participants in the business process who need it. Additionally, pre-programmed scenarios automatically trigger supply chain actions based on events as they happen.
A real-time enterprise is defined by its ability to access information across all boundaries of the organization. By integrating people, strategy, technology, and processes, real-time organizations are able to recognize shifts in customer demand as they happen and respond accordingly with customer-focused solutions. This enables them to use their higher level of business agility as a competitive weapon, grabbing market share from less agile competitors.
START SMALL
Realize that being a real-time organization is an evolutionary process. An ancient Chinese proverb states that a journey of a thousand miles begins with a single step. Therefore, select a place to start and build out from there. For example, Amberwood Homes, a residential homebuilder, has cut three weeks from the five months it takes to build an average 3,000 square foot home by sharing information with plumbers, roofers, masons, and other subcontractors via hand-held devices in real-time. That does not mean that all of Amberwood’s business processes and partners are operating in real time; it means they picked a profitable place to start and will build off that success.
THE REAL-TIME ADVANTAGE
There is a clear competitive advantage to having high value, market-based information available almost instantly to the right people, both inside and outside of your company, and using that information to make quicker, more informed decisions. For example, telecommunication companies are facing increasing customer churn—customers switching from one company to another. A real-time initiative has helped Bell South Corp. reduce churn by 30%. The company accomplished this by delivering real-time recommendations to its call center reps who field calls from their small business customers. Thanks to a database covering 100 data variables on its 1.2 million customers, when a customer calls the reps have instant access to that customer’s data profile, allowing them to offer a service, discount, or incentive based on the customer’s propensity to switch to another phone company.
In short, real-time business is about leveraging all of your relationships through optimized business processes that can take advantage of nearly instantaneous communications across all the components of a true collaborative network. Delivering up-to-the-minute data with proper context makes all the difference between information and actionable knowledge.
This month, I would like to share the strategies you can use to create a real-time enterprise today.
KNOW YOUR GOALS
The basic concept of real-time is that when something happens, you want to react to it the moment it happens, not an hour, day, week, or month later. As the speed at which a company can intelligently and automatically respond to change increases, the cost of all their business processes decreases. Hearing this, you might think real-time is all about speed, but that’s only part of the equation. If you don’t know where you want to go, then faster won’t help!
In order to gain the largest ROI for real-time initiatives, they need to be tied to your company’s overall goals and objectives. Therefore, what do you hope to achieve? Are you trying to increase sales? Improve customer service? Enhance your brand? Enter new markets? Whatever it is you want for your business, state it clearly so you can make sure your real-time activities support your overall goals.
BE AGILE
Just as there is a difference between strategy and tactics, there is a difference between real-time computing and real-time business. Real-time processing can be seen as event-driven computing. Real-time business, on the other hand, takes business agility—the ability to rapidly respond to changing conditions as they happen—to the next level. Operating in real time puts up-to-the-minute information directly into the hands of all the key participants in the business process who need it. Additionally, pre-programmed scenarios automatically trigger supply chain actions based on events as they happen.
A real-time enterprise is defined by its ability to access information across all boundaries of the organization. By integrating people, strategy, technology, and processes, real-time organizations are able to recognize shifts in customer demand as they happen and respond accordingly with customer-focused solutions. This enables them to use their higher level of business agility as a competitive weapon, grabbing market share from less agile competitors.
START SMALL
Realize that being a real-time organization is an evolutionary process. An ancient Chinese proverb states that a journey of a thousand miles begins with a single step. Therefore, select a place to start and build out from there. For example, Amberwood Homes, a residential homebuilder, has cut three weeks from the five months it takes to build an average 3,000 square foot home by sharing information with plumbers, roofers, masons, and other subcontractors via hand-held devices in real-time. That does not mean that all of Amberwood’s business processes and partners are operating in real time; it means they picked a profitable place to start and will build off that success.
THE REAL-TIME ADVANTAGE
There is a clear competitive advantage to having high value, market-based information available almost instantly to the right people, both inside and outside of your company, and using that information to make quicker, more informed decisions. For example, telecommunication companies are facing increasing customer churn—customers switching from one company to another. A real-time initiative has helped Bell South Corp. reduce churn by 30%. The company accomplished this by delivering real-time recommendations to its call center reps who field calls from their small business customers. Thanks to a database covering 100 data variables on its 1.2 million customers, when a customer calls the reps have instant access to that customer’s data profile, allowing them to offer a service, discount, or incentive based on the customer’s propensity to switch to another phone company.
In short, real-time business is about leveraging all of your relationships through optimized business processes that can take advantage of nearly instantaneous communications across all the components of a true collaborative network. Delivering up-to-the-minute data with proper context makes all the difference between information and actionable knowledge.
Tuesday, October 07, 2008
REAL-TIME ORGANIZATION
Thanks to modern technology, today’s computers and networks are ready for real-time data communications, and the advantages are nothing short of revolutionary. Some industries, including telecommunications, finance, and manufacturing, are already using real-time data in parts of their operations.
But having real-time data is not enough. To successfully compete and increase your company’s bottom line, you need to become a real-time organization. In other words, you need to use your real-time data to change how you work, how you manage, and how you sell.
Imagine for a moment how much more productive and profitable your company could be if you could track products from warehouse to store shelves in real-time, provide targeted offers the moment a customer calls, and give executives up-to-the-minute reports on critical operations data? When you integrate existing technologies to become a real-time organization, you can do precisely that and so much more.
The fact is that organizations operating in real-time can deliver better customer service, turn around inventory faster, respond quicker to changes in the marketplace, and better anticipate challenges before they impact the business. Consider the following benefits of becoming a real-time organization.
YOU CAN BE PREACTVE
You’ve likely used the word “proactive,” which means taking positive action now. But how do you know the actions you’re taking will be positive when you have to wait and see? Those aren’t good odds. A better idea is to be pre-active to future known events.
For example, if your real-time data indicates that there was a run on blue jeans, size 32 waist and 34 inseam, in store number 53 and that there is only one pair left, you can safely predict that tomorrow there will be one or more customers who will not find what they want. You can solve this problem before it occurs. When you use your real-time data to be a real-time organization, everyone involved with keeping the shelves stocked will automatically be informed of the stock levels and the supply chain wheels will turn to make sure no customer is unable to find what he or she wants.
YOU CAN HAVE UP-TO-DATE INFORMATION ON DEMAND
While many companies offer information on demand, most of the information is not up-to-the-minute. Becoming a real-time organization changes all that. Here is a simple yet powerful example of how real-time data can change even the most routine of chores.
Remember when you were in college and needed to use the school Laundromat to wash your clothes? All too often, everyone else had the same idea you did and all the washers and dryers were taken. Today, many universities use real-time data to change the Laundromat problem. Now students can use their computers from their dorm rooms to see which washers and dryers are in use and which are out of service. They don’t have to worry about how much exact change they have or if the coin machine is broken because they don’t need coins anymore. They use smart cards that deduct money from their accounts whenever they use the machines. The smart Laundromat system can even e-mail or send a text message to a cell phone to let the users know that the machines are finished. Ask yourself, “Is my business as advanced as a college Laundromat?”
YOU CAN CONDUCT EVENT BASED MARKETING
The best time to market to people is when they demonstrate a need. As such, good salespeople do event-based marketing all the time. If you show an interest in something, they grab the opportunity to show you something else they feel you might also be interested in.
With real-time data you can do event-based marketing without human intervention. For example, consider how Amazon.com makes additional sales. If you click on a book about the Lewis and Clark expedition, you will get a list of other top selling Lewis and Clark books on the same page. Does such an approach work? It’s one of the reasons that Amazon’s stock has been one of best performing Nasdaq stocks for many years.
The real-time trend is very real and its impact will be felt by every industry, whether they choose to buy into the concept or not. In today’s hypercompetitive marketplace, there is a great advantage to extending your business processes via the Internet to your customers, partners, suppliers, and employees in real time. Next month, I will share additional strategies to take advantage of this trend so businesses can emerge as the market leaders and watch their profits and productivity dramatically increase.
But having real-time data is not enough. To successfully compete and increase your company’s bottom line, you need to become a real-time organization. In other words, you need to use your real-time data to change how you work, how you manage, and how you sell.
Imagine for a moment how much more productive and profitable your company could be if you could track products from warehouse to store shelves in real-time, provide targeted offers the moment a customer calls, and give executives up-to-the-minute reports on critical operations data? When you integrate existing technologies to become a real-time organization, you can do precisely that and so much more.
The fact is that organizations operating in real-time can deliver better customer service, turn around inventory faster, respond quicker to changes in the marketplace, and better anticipate challenges before they impact the business. Consider the following benefits of becoming a real-time organization.
YOU CAN BE PREACTVE
You’ve likely used the word “proactive,” which means taking positive action now. But how do you know the actions you’re taking will be positive when you have to wait and see? Those aren’t good odds. A better idea is to be pre-active to future known events.
For example, if your real-time data indicates that there was a run on blue jeans, size 32 waist and 34 inseam, in store number 53 and that there is only one pair left, you can safely predict that tomorrow there will be one or more customers who will not find what they want. You can solve this problem before it occurs. When you use your real-time data to be a real-time organization, everyone involved with keeping the shelves stocked will automatically be informed of the stock levels and the supply chain wheels will turn to make sure no customer is unable to find what he or she wants.
YOU CAN HAVE UP-TO-DATE INFORMATION ON DEMAND
While many companies offer information on demand, most of the information is not up-to-the-minute. Becoming a real-time organization changes all that. Here is a simple yet powerful example of how real-time data can change even the most routine of chores.
Remember when you were in college and needed to use the school Laundromat to wash your clothes? All too often, everyone else had the same idea you did and all the washers and dryers were taken. Today, many universities use real-time data to change the Laundromat problem. Now students can use their computers from their dorm rooms to see which washers and dryers are in use and which are out of service. They don’t have to worry about how much exact change they have or if the coin machine is broken because they don’t need coins anymore. They use smart cards that deduct money from their accounts whenever they use the machines. The smart Laundromat system can even e-mail or send a text message to a cell phone to let the users know that the machines are finished. Ask yourself, “Is my business as advanced as a college Laundromat?”
YOU CAN CONDUCT EVENT BASED MARKETING
The best time to market to people is when they demonstrate a need. As such, good salespeople do event-based marketing all the time. If you show an interest in something, they grab the opportunity to show you something else they feel you might also be interested in.
With real-time data you can do event-based marketing without human intervention. For example, consider how Amazon.com makes additional sales. If you click on a book about the Lewis and Clark expedition, you will get a list of other top selling Lewis and Clark books on the same page. Does such an approach work? It’s one of the reasons that Amazon’s stock has been one of best performing Nasdaq stocks for many years.
The real-time trend is very real and its impact will be felt by every industry, whether they choose to buy into the concept or not. In today’s hypercompetitive marketplace, there is a great advantage to extending your business processes via the Internet to your customers, partners, suppliers, and employees in real time. Next month, I will share additional strategies to take advantage of this trend so businesses can emerge as the market leaders and watch their profits and productivity dramatically increase.
Friday, August 22, 2008
VIDEO CAN STRENGTHEN RELATIONSHIPS
A major challenge today is that many companies are going into crisis mode. Because air travel and gas costs are high, they’re using video and Web conferencing, as well as the new high-end videoconferencing called telepresence offered by Cisco and HP, to save travel money and meeting costs. However, if their only motivation is to save money on travel, rather than the more important goal of enhancing communication and collaboration throughout the enterprise, then they’re simply creating another fad. Video conferencing has evolved tremendously over the past few years, and companies need to use the technology of today to pave the path to future profits, all of which hinge on relationships.
To add fuel to the fire is the fact that rising gas prices and travel costs are not cyclical this time; they’re permanent. Major social changes are taking place worldwide in such places as China and India, and the increased global energy consumption affects everyone. In other words, fuel costs will fluctuate but will not go back to the low levels we once enjoyed.
Therefore, smart companies are changing how they think about meetings and the new video conferencing technology, and they’re realizing that it offers business something more powerful than they’ve had in the past. These companies are thinking in terms of “visual communications” rather than simply video and Web conferencing.
Visual communications heighten the bond you have with someone when you cannot see them face-to-face. It’s about adding dimension to the communication. There’s a reason why you shake someone’s hand when you meet them: The more senses you involve, the higher the connection. Those companies that can enhance their communication, both internally and externally, are the ones who can cause change faster and stay competitive longer.
Despite the current conditions of gas prices, transportation costs, and airline cuts, the need to meet, share knowledge, and develop relationships will not only continue, it will accelerate. Therefore, successful interactions will depend on your ability to master the concept of visual communications and develop guidelines that leverage both old and new tools to build trusting relationships that foster greater communication, collaboration, and community.
To add fuel to the fire is the fact that rising gas prices and travel costs are not cyclical this time; they’re permanent. Major social changes are taking place worldwide in such places as China and India, and the increased global energy consumption affects everyone. In other words, fuel costs will fluctuate but will not go back to the low levels we once enjoyed.
Therefore, smart companies are changing how they think about meetings and the new video conferencing technology, and they’re realizing that it offers business something more powerful than they’ve had in the past. These companies are thinking in terms of “visual communications” rather than simply video and Web conferencing.
Visual communications heighten the bond you have with someone when you cannot see them face-to-face. It’s about adding dimension to the communication. There’s a reason why you shake someone’s hand when you meet them: The more senses you involve, the higher the connection. Those companies that can enhance their communication, both internally and externally, are the ones who can cause change faster and stay competitive longer.
Despite the current conditions of gas prices, transportation costs, and airline cuts, the need to meet, share knowledge, and develop relationships will not only continue, it will accelerate. Therefore, successful interactions will depend on your ability to master the concept of visual communications and develop guidelines that leverage both old and new tools to build trusting relationships that foster greater communication, collaboration, and community.
Monday, May 12, 2008
7 FAILURES OF BUSINESS GROWTH (PART III)
Over the last two months I have covered five of the seven failures of business growth: #1 Failure to anticipate, #2 Failure to communicate, #3 Failure to collaborate, #4 Failure to innovate, and #5 Failure to pre-solve problems.
In this issue, I’ll share the final two failures of business growth and the strategies needed to grow your business for years to come.
#6 FAILURE TO DE-COMMODITIZE
Any product or service can be de-commoditized. Unfortunately, many companies don’t take the initiative to make their product unique. They come up with something new, and make that their main product. But other people copy the product. Margins get thin. Sales slow down. And they end up competing on price. The key is to take your product and put a service wrapper around it. Here’s an example: In the electricity industry, the utility provider cannot increase prices without permission from ratepayers. To de-commoditize themselves, one electric company created what they called “digital electricity.” They told their customers, “If your company runs a lot of expensive computerized equipment and you don’t want the electricity coming into your office to ever turn off or fluctuate in current or voltage, then you need digital electricity, which will cost more.” Many big companies signed up for the more expensive service, and in the near future, homeowners will have a similar interest because they will have multiple computers streaming audio and video in their home. This electric utility took a product and wrapped a service around it so they could charge more. Look at your product or service and think of ways that you can wrap a service around it to add value. But don’t stop there. Keep adding value to it every year so you never become a commodity again.
#7 FAILURE TO DIFFERENTIATE
Over time, too many companies become just like everyone else. They don’t continue to stand out. Even though they do strategic planning, it’s usually just financial planning in disguise. True strategic planning needs to be more than numbers-based; it needs to focus on how you can differentiate your company and products from your competition instead of being and doing more of the same. So how do you differentiate? Simple…you stop doing all the failures of business growth just discussed. You start anticipating, communicating, collaborating, innovating, pre-solving problems, and de-commoditizing. Realize that you can infinitely differentiate your company if you have the courage to do the things your competition isn’t doing.
BUSINSESS SUCCESS IS ON YOUR HORIZON
A weak economy doesn’t have to limit business growth. When you know the failures to avoid and the strategies to combat them, you’ll be well on your way to creating an organization that continues to grow despite outside conditions. So learn from these failures and rethink the way you do business. It’ll pay off for years to come.
In this issue, I’ll share the final two failures of business growth and the strategies needed to grow your business for years to come.
#6 FAILURE TO DE-COMMODITIZE
Any product or service can be de-commoditized. Unfortunately, many companies don’t take the initiative to make their product unique. They come up with something new, and make that their main product. But other people copy the product. Margins get thin. Sales slow down. And they end up competing on price. The key is to take your product and put a service wrapper around it. Here’s an example: In the electricity industry, the utility provider cannot increase prices without permission from ratepayers. To de-commoditize themselves, one electric company created what they called “digital electricity.” They told their customers, “If your company runs a lot of expensive computerized equipment and you don’t want the electricity coming into your office to ever turn off or fluctuate in current or voltage, then you need digital electricity, which will cost more.” Many big companies signed up for the more expensive service, and in the near future, homeowners will have a similar interest because they will have multiple computers streaming audio and video in their home. This electric utility took a product and wrapped a service around it so they could charge more. Look at your product or service and think of ways that you can wrap a service around it to add value. But don’t stop there. Keep adding value to it every year so you never become a commodity again.
#7 FAILURE TO DIFFERENTIATE
Over time, too many companies become just like everyone else. They don’t continue to stand out. Even though they do strategic planning, it’s usually just financial planning in disguise. True strategic planning needs to be more than numbers-based; it needs to focus on how you can differentiate your company and products from your competition instead of being and doing more of the same. So how do you differentiate? Simple…you stop doing all the failures of business growth just discussed. You start anticipating, communicating, collaborating, innovating, pre-solving problems, and de-commoditizing. Realize that you can infinitely differentiate your company if you have the courage to do the things your competition isn’t doing.
BUSINSESS SUCCESS IS ON YOUR HORIZON
A weak economy doesn’t have to limit business growth. When you know the failures to avoid and the strategies to combat them, you’ll be well on your way to creating an organization that continues to grow despite outside conditions. So learn from these failures and rethink the way you do business. It’ll pay off for years to come.
Tuesday, April 15, 2008
7 FAILURES OF BUSINESS GROWTH (PART II)
Last month I covered two of the seven failures of business growth: #1 Failure to anticipate, and #2 Failure to communicate.
This month I would like to share some additional insights on the failures of business growth. When you know the failures to avoid and the strategies to combat them, you’ll be well on your way to creating an organization that continues to grow despite outside conditions.
#3 FAILURE TO COLLABORATE
The majority of people tend to cooperate, which is very different from collaborating. Even though we often use the word “collaborate,” we’re really just cooperating, which is a lower level function. Cooperating means, “The pie is only so big, and to make sure we both get our fair share, I won’t get in your way if you won’t get in mine. Maybe we’ll even work together...if we have to.” Such an approach produces results but certainly not outstanding results, because it’s based on a scarcity mentality. Collaboration, on the other hand, is based on abundance. It occurs when we put our heads together and ask ourselves, “How can we create a bigger pie for everyone?” That’s the secret to getting competitors to work with you and not against you. Remember that today’s technologies allow us to collaborate in new and amazing ways. Make sure you’re using them properly.
#4 FAILURE TO INNOVATE
When asked what their last big innovation was, most companies have to go back five or ten years to cite something meaningful. Why? Because the majority of companies innovate once, come up with a great product or service, form a company around it, and then they let it ride. They don’t continue to innovate and create new products and services. Instead they spend a great deal of effort asking themselves how they can be more efficient…how they can do more with less…how they can reduce staff and overhead…how they can use technology better. Those are all good questions. However, you also want to ask yourself how you can use technology and your people to create new products and services that will increase the sales of your old products and services. The more time you devote to innovation, the more profitable and efficient you’ll ultimately be.
#5 FAILURE TO PRE-SOLVE PROBLEMS
Some people say that a problem is an opportunity in disguise. Nonsense! A problem is a problem. A problem is only an opportunity before you have it. Realize that most of the problems our customers and our company experience are predictable. In today’s world of rapid change, if you ask customers what they want and then give it to them, you’re missing the real opportunity. Why? Because your competitors are asking the same question, getting the same answer, and providing the same solution. Instead, you need to think a level higher and ask yourself and your customers, “What problems are we about to have?” Then you can develop new solutions based on the answers you receive. At that point, you can base your product development on your customer’s future problems and deliver the product or service right when the problem becomes a reality.
A WEAK ECONOMY DOES NOT HAVE TO LIMIT BUSINESS GROWTH
By implementing the strategies needed to overcome these business failures you can grow your business for years to come. Next month I will share the final two failures to avoid and the strategies to combat them.
This month I would like to share some additional insights on the failures of business growth. When you know the failures to avoid and the strategies to combat them, you’ll be well on your way to creating an organization that continues to grow despite outside conditions.
#3 FAILURE TO COLLABORATE
The majority of people tend to cooperate, which is very different from collaborating. Even though we often use the word “collaborate,” we’re really just cooperating, which is a lower level function. Cooperating means, “The pie is only so big, and to make sure we both get our fair share, I won’t get in your way if you won’t get in mine. Maybe we’ll even work together...if we have to.” Such an approach produces results but certainly not outstanding results, because it’s based on a scarcity mentality. Collaboration, on the other hand, is based on abundance. It occurs when we put our heads together and ask ourselves, “How can we create a bigger pie for everyone?” That’s the secret to getting competitors to work with you and not against you. Remember that today’s technologies allow us to collaborate in new and amazing ways. Make sure you’re using them properly.
#4 FAILURE TO INNOVATE
When asked what their last big innovation was, most companies have to go back five or ten years to cite something meaningful. Why? Because the majority of companies innovate once, come up with a great product or service, form a company around it, and then they let it ride. They don’t continue to innovate and create new products and services. Instead they spend a great deal of effort asking themselves how they can be more efficient…how they can do more with less…how they can reduce staff and overhead…how they can use technology better. Those are all good questions. However, you also want to ask yourself how you can use technology and your people to create new products and services that will increase the sales of your old products and services. The more time you devote to innovation, the more profitable and efficient you’ll ultimately be.
#5 FAILURE TO PRE-SOLVE PROBLEMS
Some people say that a problem is an opportunity in disguise. Nonsense! A problem is a problem. A problem is only an opportunity before you have it. Realize that most of the problems our customers and our company experience are predictable. In today’s world of rapid change, if you ask customers what they want and then give it to them, you’re missing the real opportunity. Why? Because your competitors are asking the same question, getting the same answer, and providing the same solution. Instead, you need to think a level higher and ask yourself and your customers, “What problems are we about to have?” Then you can develop new solutions based on the answers you receive. At that point, you can base your product development on your customer’s future problems and deliver the product or service right when the problem becomes a reality.
A WEAK ECONOMY DOES NOT HAVE TO LIMIT BUSINESS GROWTH
By implementing the strategies needed to overcome these business failures you can grow your business for years to come. Next month I will share the final two failures to avoid and the strategies to combat them.
Wednesday, March 26, 2008
7 FAILURES OF BUSINESS GROWTH (PART I)
If you want to truly stand out in today’s marketplace and lead your company to new heights of success, you have to work smarter and not harder. For many leaders and managers, that’s easier said than done. Despite their best intentions, they get snarled in the glaring failures that derail business growth and stagnate profits.
In order for you to avoid the most common traps that stifle business growth, you have to be aware of the top failures and know the strategies to combat them. The following will help you turn failure into success and enable your company to exceed growth projections.
#1 FAILURE TO ANTICIPATE
Most companies react to the changes that are taking place right now. They react to customers, react to the economy, and react to government legislation. Instead of merely reacting, you need to anticipate future changes and plan for them. The fact is that you can anticipate a great deal in your industry. For example, are cell phones of the future going to have a high definition screen with high definition video? Most people think so. In the future, will we have better bandwidth for both wireless and wired Internet connections? You’d be hard-pressed to find someone who says “no.” In the future, will we have more storage in our computers? Of course! Apparently you’re certain about quite a few future events. Therefore, instead of being a crisis manager and reacting to change, anticipate changes so you can drive growth from the inside out. To do that you have to spend one hour a week not thinking about the crisis of the moment, but rather thinking about the predictable opportunities that are waiting for you. Make a list of all the things you’re completely certain about. Then look at your strategies and base them around that list. Only then will you become more of an opportunity management organization.
2. FAILURE TO COMMUNICATE
There is a big difference between informing and communicating. Informing is one-way, static and seldom leads to action. Communicating is two-way, dynamic and usually leads to action. Ironically, we have all these fantastic communication age tools, but we’re using them in an information age way. Realize that the information age is not our friend; it’s our enemy in disguise. Ask yourself, ‘In our organization, are we better at informing than communicating?” For most people, the answer is “yes”. And if you can’t communicate internally with your staff, how can you communicate externally to customers and shareholders? This is not to say that you should stop informing people. However, you do need to tap into the true power of communication. When you focus on maximizing two-way communications, you can create a communication-age organization and accelerate positive change.
JUMP-START YOUR COMPANY’S SUCCESS
As the word “recession” appears more frequently on the news, avoiding costly strategic mistakes is becoming more crucial to long term growth. Next month, I will share additional failures to avoid and the strategies to combat them that will pay off for years to come.
In order for you to avoid the most common traps that stifle business growth, you have to be aware of the top failures and know the strategies to combat them. The following will help you turn failure into success and enable your company to exceed growth projections.
#1 FAILURE TO ANTICIPATE
Most companies react to the changes that are taking place right now. They react to customers, react to the economy, and react to government legislation. Instead of merely reacting, you need to anticipate future changes and plan for them. The fact is that you can anticipate a great deal in your industry. For example, are cell phones of the future going to have a high definition screen with high definition video? Most people think so. In the future, will we have better bandwidth for both wireless and wired Internet connections? You’d be hard-pressed to find someone who says “no.” In the future, will we have more storage in our computers? Of course! Apparently you’re certain about quite a few future events. Therefore, instead of being a crisis manager and reacting to change, anticipate changes so you can drive growth from the inside out. To do that you have to spend one hour a week not thinking about the crisis of the moment, but rather thinking about the predictable opportunities that are waiting for you. Make a list of all the things you’re completely certain about. Then look at your strategies and base them around that list. Only then will you become more of an opportunity management organization.
2. FAILURE TO COMMUNICATE
There is a big difference between informing and communicating. Informing is one-way, static and seldom leads to action. Communicating is two-way, dynamic and usually leads to action. Ironically, we have all these fantastic communication age tools, but we’re using them in an information age way. Realize that the information age is not our friend; it’s our enemy in disguise. Ask yourself, ‘In our organization, are we better at informing than communicating?” For most people, the answer is “yes”. And if you can’t communicate internally with your staff, how can you communicate externally to customers and shareholders? This is not to say that you should stop informing people. However, you do need to tap into the true power of communication. When you focus on maximizing two-way communications, you can create a communication-age organization and accelerate positive change.
JUMP-START YOUR COMPANY’S SUCCESS
As the word “recession” appears more frequently on the news, avoiding costly strategic mistakes is becoming more crucial to long term growth. Next month, I will share additional failures to avoid and the strategies to combat them that will pay off for years to come.
Monday, February 11, 2008
TRENDS FOR EVERY SALESPERSON (PART III)
Over the last two months I have shared several trends for every salesperson to know: #1 Your past success will increasingly hold you back, #2 Technology-driven change will dramatically accelerate (Rapid change is your best friend), #3 Time is increasing in value, and #4 We are shifting from the information age to the communication age.
This month I would like to share the final two trends I have identified for successful salespeople to keep abreast of changes in their industry.
#5 SOLUTIONS TO PRESENT PROBLEMS ARE BECOMING OBSOLETE FASTER
Almost every salesperson has been told to be proactive, which means to be taking positive action. How do you know if a certain action is positive? You wait and see. That sounds like a crapshoot with bad odds. Therefore, you need to be pre-active to future known events. To determine pre-known events, you need to look at your customer segment and identify what types of events you are certain they will be experiencing soon. You then focus your actions on what will be happening rather than on what is happening. Being pre-active also means that you change the way people think. For example, if you put out a new product or service and hope it catches on, you’ll quickly learn that it can take a long time because you’re not actively changing the way people think about how the product can be used or how it might change their lives. Therefore, constantly educate your customers on the value you and your products and/or services offer so they begin to rethink the results they can achieve and the value you provide.
#6 THE VALUE YOU BRING TODAY IS BEING FORGOTTEN FASTER
Sell the future benefit of what you do. Most salespeople sell the current benefits of what they do. But your customers already know the current benefit you offer. One of the reasons customers leave you for a competitor is that you haven’t cemented the future benefit you can bring them. Your goal as a salesperson should be to establish a long-term, problem-solving relationship with customers rather than a short-term transaction. Your most profitable customer is a repeat customer. Therefore, you want customers to see the benefit you can give them over time, not just in the present. You want to show how the products and services you offer are going to be evolving with their needs. In other words, you want to sell the evolution of your products or services. Unfortunately, most salespeople don’t know their future benefit. Therefore, you need to sit down with your fellow salespeople and create a list of future benefits that you have for your customers. Also, talk to the people developing the products and services and get an idea of where they’re taking them. Realize that you’re more likely to deliver future benefits if you think of them ahead of time. As a side benefit, this kind of dialog will also help internal communications within the company.
SALES SUCCESS FOR THE FUTURE
The more you understand and adapt to today’s current business trends, the better your sales will be—today and in the future.
This month I would like to share the final two trends I have identified for successful salespeople to keep abreast of changes in their industry.
#5 SOLUTIONS TO PRESENT PROBLEMS ARE BECOMING OBSOLETE FASTER
Almost every salesperson has been told to be proactive, which means to be taking positive action. How do you know if a certain action is positive? You wait and see. That sounds like a crapshoot with bad odds. Therefore, you need to be pre-active to future known events. To determine pre-known events, you need to look at your customer segment and identify what types of events you are certain they will be experiencing soon. You then focus your actions on what will be happening rather than on what is happening. Being pre-active also means that you change the way people think. For example, if you put out a new product or service and hope it catches on, you’ll quickly learn that it can take a long time because you’re not actively changing the way people think about how the product can be used or how it might change their lives. Therefore, constantly educate your customers on the value you and your products and/or services offer so they begin to rethink the results they can achieve and the value you provide.
#6 THE VALUE YOU BRING TODAY IS BEING FORGOTTEN FASTER
Sell the future benefit of what you do. Most salespeople sell the current benefits of what they do. But your customers already know the current benefit you offer. One of the reasons customers leave you for a competitor is that you haven’t cemented the future benefit you can bring them. Your goal as a salesperson should be to establish a long-term, problem-solving relationship with customers rather than a short-term transaction. Your most profitable customer is a repeat customer. Therefore, you want customers to see the benefit you can give them over time, not just in the present. You want to show how the products and services you offer are going to be evolving with their needs. In other words, you want to sell the evolution of your products or services. Unfortunately, most salespeople don’t know their future benefit. Therefore, you need to sit down with your fellow salespeople and create a list of future benefits that you have for your customers. Also, talk to the people developing the products and services and get an idea of where they’re taking them. Realize that you’re more likely to deliver future benefits if you think of them ahead of time. As a side benefit, this kind of dialog will also help internal communications within the company.
SALES SUCCESS FOR THE FUTURE
The more you understand and adapt to today’s current business trends, the better your sales will be—today and in the future.
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