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2010 in Three Words

Doug Schust - Wednesday, December 30, 2009
 

Wrapping up 2009 has been an interesting process. In order to determine where I want to go I thought it wise to see where I've been. To keep things simple I'm going to use three individual words to describe where I've been in 2009 and three different words to describe my focus for 2010. Each of these words has numeric measurements behind them but that information is too details and private for this venue. The purpose of this blog is to share an approach, the three word approach, that I picked up from Chris Brogan and modified to my liking.

I think using three words to describe the areas I'm going to focus on will work better for me than my traditional approach of having several project plans. Project plans are fine, I've used them successfully in the past, but they take a lot of time to develop and manage so I'm going back to broad goals with quantifiable objectives and estimated timelines behind them. A less maniacal approach to help me combat my compulsive tendencies. LOL.

2009:
Education: Much of 2009 was a learning experience. On the business front I learned (in Q4) to balance time between promoting my business and actually doing client work. That was a biggee. I also expanded my knowledge on search engine optimization and social networking tremendously, did my first real interview and, just for fun, taught myself a little HTML programming. The purpose of education is action and the results is growth. I love both. How many of us get to learn new skills and plant new seeds after the age of 45, much less 55. By that time most people are harvesting old skills and old crops. That's crazy. All the fun is at the beginning of the learning curve. By the way, at the end of Summer I was playing the best golf of my life. I finally learned to chip!

God: I'm not going to get religious or too spiritual here but can tell you from experience that being an entrepreneur is not for anyone with a weak heart. You are making significant bets daily with limited information, your income takes wild swings and the whole health insurance deal is a friggin' nightmare. You are learning by doing constantly so you need faith in yourself and a lot of Faith, period. The funny part is several of my executive friends thought I was taking a huge risk by starting a full-time business at the dawn of this brutal recession. I understood their thinking but knew the carnage was just beginning and had more confidence in myself than any new employer.

Inertia: As I talk to more and more companies it amazes me how many are unwilling to change or even recognize the degree of change around them in the marketing arena. Gang, it's all about the net. If your marketing isn't slanted 60%+/- toward online activities and accelerating then you're being left behind. If you're still killing trees and relying on expensive one-to-one selling well, ok, but that should be a smaller and smaller portion of your budget going forward. I could write pages about this subject, and often have, so I'll leave it there...No I won't. If your waiting to see the changes clearly then you'll be looking in your review mirror - you're waiting too long.

2010:
Value: Through my client services, blogs and other activities I will add more value to my clients and my respective networks; several thousand read my blogs every month now, which is stunning. 2010 will be the year of giving more value because I enjoy helping others and, frankly, it's good business. I expect to get more as a result. I'm not looking for a one-to-one, give-to-get, relationship. I know I may have to give ten units of blood to get one back. That's ok. In 2010 I will focus more on audience needs, take more ownership for my clients' success, write more, and expand my web presence. I'm launching a new, separate, website in January.

Structure: I need to be more productive and that means more organized and structured. For example: After compiling my three main contact lists I 993 contacts complete with email addresses and phone numbers. That does not include my 2,000 Followers on Twitter, my 600 "Friends" on Facebook or those I've connected with on other social media. By the time 2010 arrives I'll have those lists organized into A-B-C classifications and an action plan with each group as well as a plan for growing my list. It's too easy for "A's" to get treated like "C's" and be relegated to Christmas only communication and C's to get lost altogether.

Courage: The race is not always won by the fastest, sometimes it is won by the most aggressive. Courage isn't always an easy choice but it's a Darwinian world and I intend to survive. In the end, I decided long ago to live my life pursuing my aspirations and not reacting to my fears. Too many do the latter. Merging into the crowd is easy. I get it. It's just not me. So I've decided 2010 will be not only about adding value and more structure, it's going to be a year of bigger bets and more excitement. I can hardly wait!

Steve

You Can’t Stand Over the Ball Forever

Doug Schust - Monday, December 14, 2009
Golf is my favorite game. You learn a lot about yourself and your friends on the course. There are a few life-lessons to be had as well. One of my favorites is, “You have to play the ball where it lies.”

Right now our economy is in the rough. That’s the bad news. The good news is there’s more golf to play and you have a business to run.

The recession has no doubt taught you a lot about your core competencies, operational inefficiencies, customer relationships and people. You probably have more control over your budgets, cash flow, pricing and product portfolio as well. Those are all positives. What now?

Recessions end and, while we’re not out of the woods yet, there are several indicators pointing to a brighter future. However minor, most businesses are shifting from cost cutting to planning and investment decisions. How are you approaching your marketing investments? How aggressive should your next shot be?

Looking back may help us look forward. Every company adjusts expenses to revenues but successful companies never stop investing in critical competencies, be they product development, infrastructure or general marketing, most of which is digital now.

The recession of 2001, which was brought on by 9/11, was studied by Bain & Company. They evaluated 2500+ companies and concluded:
About 24 percent more firms moved from the back of the pack to the front in the 2001 recession compared with the subsequent period of economic calm (in terms of) net profit margins and sales growth.

Southwest Airlines is a good example. With a strong balance sheet and some cost advantages, Southwest grew sales and market share, while the other airlines, their larger competitors, cut personnel and capacity, Southwest grew and took share by increasing their marketing investments, lowering fares and retaining all their employees, a move that kept their labor force motivated and and loyal for years.

The results were astounding. Southwest increased its fleet 51 percent in the following six years and is still the only airline to be profitable since its inception. Wal-Mart offers another example of investing during a recession. They used the 2001 recession to launch their “Everyday Day Low Prices” slogan. It proved was such as success that they’re doing something similar today, you could say it's their recession-based marketing strategy. 

This time Wal-Mart is using the current downturn, as well as the demise of Circuit City, to enter consumer electronics and, potentially, challenge Best Buy. In addition, they are remodeling their stores to make them more open and consumer-friendly, more like Target’s. These are big investments. Does Wal-Mart know something most companies don’t? Does their success allow them to do what others can’t? Or are they successful because they had the knowledge and courage to act on their goals and aspirations while their competitors responded to their fears?

On Wednesday's post, The Shot, we’ll discuss tactics.

Steve

 

How to Request a Meeting in Writing

Doug Schust - Thursday, December 10, 2009
A lot has been written about making written requests, such as for a meeting. Based on my inbox, a lot of good advice is being ignored. So, here's my two-cents on the subject:

Good work often starts with research. I recommend that you save the meeting requests and general sales letters you like in a dedicated folder and, before writing your next request letter, review them for tips and inspiration. Pay particular attention to what you like about the wording, layout, flow and tone of your favorite letters.

Staying with research, investigate the companies and people your soliciting. There's an amazing amount of information available today. Google and LinkedIn are two of my primary sources of client research. In 15 minutes you can typically learn a person's professional history, job title, interests, status in their industry  and many even identify some mutual friends. This will help with the style, tone and personalization of your letter.

Create an outline for your letter as follows:
  1. Grab your reader's attention. Begin with an interesting fact, important question, comment on a current event or something personal, such as congratulations for being named Person of the Year.
  2. Then transition your reader into the purpose of your letter - introduce your company, request an appointment, or a free offer, for example. Be sure to connect your request with your grabber from (what will be) paragraph one. Your transition is key, it must be both smooth and brief, people are busy. See next bullet.
  3. In today's hurry-up, get-to-the-point world, many people switch the first two bullets of their outline. they begin letters by coming right out and stating, "The purpose of this letter is to request a 30-minute appointment to..." and then write their grabber. I prefer a subtler approach but will use the direct approach if I know the reader well.
  4. Insert numbers or testimonials that back up your claims next. A list of indented bullets works well for either. People like reading lists of tightly written facts - summaries.
  5. Your fourth section/paragraph is your call-to-action. Tie your attention grabber or your reader's self-interest into the benefits of responding to your solicitation. I don't sell actual products so I often use mutual gain as my call-to-action: "I propose a 30-minute meeting to better understand your business objectives, review our capabilities and determine if we can help one another achieve our  goals..."
  6. Your final outline point let's your reader know that your letter is one of a series of contacts, that there are more to come. Explain that you will be following up by voicemail, email or both. Basically, you're telling them "you're not going away, so let's have our conversation and see where it leads."

Now it's time to fill in the blanks and edit. Go back to each section of your outline and write 2-4 complete sentences. Often this is as easy as writing a topic sentence, inserting your outline copy and, then, writing a closing sentence that introduces your next point (paragraph) and compels the reader to keep reading.

With my writing completed I move onto the editing process. I complete three rounds of edits. My first edit is for grammar, my second is for flow and my third is for appeal. The final edit, for appeal, answers the question, "Would I respond to this letter?" If I would, then I'm done. If, however, there are awkward transitions, facts that don't seem to fit, or anything else that makes my letter weak, then I keep writing and editing until they are corrected.

The person receiving your letter is busy. They are looking for reasons to throw your letter away. It's your job to give them reasons to keep it and respond.

Mail your letter and begin following up within a week.

Final thought:
Some may argue that Bullet #6 above is aggressive. I'll concede that point. However, if you've done your homework and are only contacting people you honestly believe you can help, then why be shy? You're trying to earn a living and help others along the way; what's wrong with that? I'm not looking to waste my time or anyone else's on silly meetings nor am I looking to sell anyone something they don't need or want. I have pride in what I do and so should you.

In summary, this comes down to professionalism and character, use a strong doze of both in everything you do and trust that positive results will follow.

Steve

Freelancers and Consultants

Doug Schust - Tuesday, June 16, 2009
Thanks to the Internet, the availability of freelance and consultant talent is greater than ever. World-class designers, videographers, photographers, strategists, copywriters, and programmers are all just a few clicks away.

There are two approaches to working with freelance and consulting talent.

The first is to give someone a clean sheet of paper and minimal direction. "Here is what we want to accomplish, here is our budget, dazzle me!" That's an exciting approach and a great way to do something if the talent has unique expertise and money is no concern. The creativity unleashed in this approach can be incredible. Or it can be disastrous.

The second approach is to provide the talent with a well-defined objective that includes some specific direction. "Here are three logos we really like, a brief description of our company, our products, our markets, the file formats we need, our milestones and deadlines, our budget, and how we intend to pay. Come back with several concepts by Friday and, if we like them, you can invoice us and we’ll move to the next phase of the project." See the difference?

Confusing these two approaches is the primary cause of client  (and talent) dissatisfaction. Missed expectations disappoint everyone and impair future communication. Everyone suffers when confidence and trust are eroded.

The second approach requires more work, more preparation, and more discipline. It involves thinking hard because you may be outside your area of expertise. It involves the willingness to learn enough about a subject to manage the outcome. Yes, it is still the client’s responsibility to manage the outcome of the project.

Blaming the talent is like blaming the messenger, convenient but wrong.

Steve


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