Can You Be Too Independent As A Business Owner?

Author: Valerie Dennis

My mom is very independent. She left home at sixteen to pursue a dance career which spanned twelve years in Latin America. Back in the day, not all parents would have supported that. My Dad was born in China, his parents were missionary doctors and his family legacy of service dates back several generations. Adventure and independence are two attributes that exist in our family tree and I also think these are key traits for most business owners. You want the opportunity to craft your own vision and see it unfold. It takes courage to go out on your own. But the one thing that I find is also necessary is knowing when to reign that in and rely on a support network. It’s a conflicting notion but an important one. We may be good at many things, but not a master of all things.

Like a lot of people, I find that I can get a bit myopic about things without an outside perspective. I may have some good ideas, great ones even, but I have friends and colleagues who may have better ideas or together we come up with the best solution. It helps to have an outside perspective, formally and informally.

If you don’t have an advisory board, build one. Vet those members first—it’s good to know how they work, what skills they bring to the table, how they think and what makes them successful. A common tendency is to add people to a board because we like them. More importantly, liking someone who also thinks like you is a key reason not to be on your board. After a while, those people may become less likable—because they aren’t adding value for your business! Advocacy for you and your business doesn’t mean agreement. It’s healthy to find people with fresh ideas, resources, and necessary skills that can assist in shaping, validating and growing your business.

Augment your skills with the right hires—temporary or permanent. Surround yourself with good and great people who can fill in the knowledge or skill gaps and help grow the business. As we work with clients, our role is to bring a skill set to the business that is needed at that time. The work is collaborative with established phases and project priorities ensuring that the end result aligns to business objectives. In that way, our client is assured we are moving towards his/her objectives.

Make the time. The old saying that time equals money applies here. When it comes to survival or growth, can you afford to not make the time for a trusted, outside opinion?

Find a way to attract inquiry, new ideas, skills and feedback to your business. If all the great ideas came from one person in the world, the rest of us would have nothing to do.  

Social Media Madness

Author: DeVerges Jones

The emergence of social media networks has caused the world of marketing to shift much of its attention to these vehicles as keys to success in developing brands. I don’t necessarily agree and believe that we need to take step back. Good marketing is first and foremost developed by having well defined and specific objectives and a strategic platform that is well thought out. With the advent of the Internet many marketers said “We can change our strategy and or web site everyday if we choose.” This is a classic example of mis-guided thinking! This short-term nano reactionary thinking does not circumvent the need for a strategic and thoughtful approach to reaching consumers and customers.

Keep in mind that Twitter, Facebook, My Space are all tactical media vehicles that can be used to develop a program to communicate to consumers. They are not strategies – they are tactical programs just like the Internet, radio, print or network TV.

Many companies don’t have a strong and intimate understanding of their users but they will gravitate to the hype associated with digital media. Any advertising effort that is not well grounded in a fundamental understanding of consumer wants is not going to drive sales and profits over the long-term.

Social media will like other mediums evolve overtime and take its place as a formidable tool for marketers. It is not the end all – more over it is a part of a vast array of tools that marketers have at their disposal.

Let’s get back to doing more strategic thinking and stop employing knee jerk reactions to the next social media product that hits the market. Let’s evaluate the true role within the overall marketing mix that social media can play and how it can cohesively react with other forms of communication.

 

Technorati Tags: social media,twitter,facebook,myspace,marketing,marketing strategy,strategic marketing,business

Seasonality of the Toy Industry

Author: Carrie Hood

The key selling periods for toy companies are: December, Easter then Back-To-School. One way to advertise the toy products is with “roto ads.” When you read the Sunday newspaper, such as the Los Angeles Times, you will find a plethora of ads from various retailers, such as Target, Kohl’s, Kmart and Macy’s. These ads are called “roto ads”.

During the holiday season, you will see more roto ads from Wal*Mart, Target, Toys-R-Us and Kohl’s featuring their toys on sales. The 4^th quarter (October, November and December) is a key selling period for toy companies because of the holidays in December (Christmas, Hanukkah, Kwanzaa, etc.). Toy companies are able to sell their higher-priced items during the holiday season because this is more of a gift-giving time of year.

Most of these retailers end their fiscal year in January. They sell-through their holiday inventory in December and January and start the new fiscal year in February. Retailers do not like to mark down their inventory because it lowers their gross margin and overall profit.

Another key selling period for toy companies is Easter. Easter usually occurs in March or April. Some of the toy companies run the same type of promotion during the same week as the previous year. This way, you are able to compare the sales from the previous year vs. current year. Easter is a good time to take advantage of the in-store foot traffic of people shopping for Easter baskets, Easter candy and outfits for Easter Sunday. Toys sold during the spring season (February, March, April) tend to be less expensive than toys sold during the fall season (holiday season) because people do not want to spend a lot of money on toys.

Back-To-School draws families and their children into the stores. Some people start shopping for school-related items in July and August. Toy companies will sometimes run a promotion during these months and call it a Back-To-School Special.

The next time you read the Sunday newspaper, take a look at the roto ads from the different retailers. Notice how the toy items that are advertised change in price and selection depending on the time of year.

Technorati Tags: Toy industry,marketing,retail

Brand Rehab

Author: De Verges Jones

As we have seen over the last few years many celebrities have gone into rehab for a host of reasons. In many instances abuse and self inflicted problems have been a big problem. These issues are serious and I do not want to minimize the impacts that these things have had on major stars, athletes, politicians etc. However, some of these symptoms and consequential problems have happened to brands. This type of neglect and various forms of abuse have caused many a brand to fall into a dismal free fall.

Companies that have successful brands can sometimes neglect them and inflict pain: cost cutting, reducing advertising budgets, poor merchandising, too much focus on distribution only programs, lack of understand the customer or consumer, eliminating product development, limited to no review of the business and the industry in relation to the brand. With these types of abuses a brand can erode in a manner that requires rehabilitation.

My background has been grounded in consumer packaged goods, strategic planning and advertising. I have seen many brands come and go in my day and believe that there has been a transformation of the interpretation of what a brand is and how it is to be nurtured. I believe it is critical to “get back to basics.” The following are the steps that I feel are needed to avoid brand rehabilitation.

1. Identify clearly the problems and opportunities that your brand faces from both an internal and external (marketplace) standpoint. Then prioritize what is most critical. Don’t bite off more than you can chew. Peter Drucker one of the greatest management thinkers ever suggests that “it is critical to focus on opportunities rather than problems.” Also, some of the most serious problems may have opportunities hidden in them.
2. Don’t throw the baby out with the bath water! Avoid trying to reinvent your brand without clinically evaluating its current merits. The inherent strength of your brand is what gained the success that you enjoy. However, if a major overall is needed make sure that you clearly understand its ramifications on your brands strategic framework and connection to the user.
3. Fight for budgets that you need especially in recessionary times to nurture the development of your brand. If challenged to reduce your budget make sure all other departments or divisions contribute and suggest that their cost cutting should be used to fuel marketing support.
4. Don’t wait for your brand to have a heart attack! If there is a severe competitive threat, a product performance weakness, poor sales execution overtime etc. serve these up to your management in as serious a manner as possible.

Brand development has never been more critical than it is today. Don’t let anything get in the way of insuring that your brand avoids going into rehab. Be a brand champion!

Technorati Tags: Brand,Marketing,Brand Management,Business

The Importance Of Verbal Communication With Your International Customers

Author:  Carrie Hood

Verbal communication is a key element when you are marketing your products domestically and internationally. It is important to communicate your brand message, features and benefits of your products, and the key points of differentiation vs. the competition with your customers. Verbal communication is even more crucial for international business. When you work with the international market, there is not only a cultural difference, but a time change and differences in marketing the product (I.e. size of the product, target market, package size, etc.).

Picking-up the telephone and calling your customers overseas will ensure them that you are genuinely concerned about their business and are looking out for their best interests. People like to hear a “live” voice on the telephone as opposed to receiving an e-mail. By calling the person during their business hours, you are able to build a stronger rapport and relationship with them. The customer can provide feedback on the sales of your products, their business and overall health of the economy in their country.

For some people, English is a second language. Some of your customers might find it easier to communicate with you verbally as opposed to writing. You are also able to hear your customer’s concerns about their business. Listen to the tone of their voice. Put yourself in their shoes and help find a solution together. When you are on the telephone, smile as you are talking. The person on the other end of the line will be able to hear the sincerity in your voice. Following the conversation, send your customer a follow-up e-mail highlighting the key points of your discussion and next steps.

Success comes from thoroughly understanding your global marketplace. The best means for building lasting relationships with your international customers is to make meaningful connections.