Business: You don't know my Industry

The misconception business owners have when dealing with consultants is the fact that they believe since said consultant does not work in their industry they cannot help them fix the problems that exist.  This may have been true ten, twenty, thirty, fifty years ago, however, in today's world, where everything/everyone is connected, information is easily accessible, the industry and competition can be researched and analyzed effectively and quickly; not having worked in an industry is irrelevant.  Furthermore, business is business and competition is competition, as long as thorough research has been conducted a consultant, or a competent consultant for that matter, should be able to identify the primary issues a company is having within two or three weeks, and design and implement a strategy a few weeks thereafter.  To be honest, in my experience the major issues that the majority of SMBs/Start-ups that I meet with and consult for are very similar with minor variances according to the industry.  For the most part the issues stem from fundamental business practices and processes: Lack of organization, lack of clearly defined goals (leadership), lack of data tracking, and lack of communication.

As you can see, these common issues have absolutely nothing to do with a particular industry or business.  The problem with a SMB or start-up that is experiencing growth, which is a great thing, is their resources get drained and everyone is consumed in the day-to-day and forget about or failed to implement the fundamental foundation of any successful business; and by the time a consultant is needed, problems have compounded to a point where a company can become essentially paralyzed.  That said, a professional, well-trained business consultant could easily rectify these issues rather quickly.  As long as the company leaders are in agreement, upfront and honest with the issues, and are willing to commit to a well-defined plan/strategy, things can turn around and the proper processes can be in place.  Just don't use the excuse of you do not know the industry, as that is of no use to anyone.

In my experience companies that are able to implement basic business processes prior to launch or within the initial launch phase are the most successful and are able to accelerate growth rather quickly.  I know the fun/glamorous part of running a SMB or start-up is working on something you are passionate about and with a team of people who share that passion; however, that high will only last so long before the company hits a road block (e.g. runs out of money).  As much as we all love to be in the trenches and creating something new and of value, without capital investments the product/service will not make it to market, or if it does the lifespan will be limited.

My advice to anyone in this position is to take the time to design and implement fundamental business processes prior to launch -- even before hiring.  At least have an outline of what processes are ideal for your company, and then hire someone to design and implement them.  Don't make the mistake of having the mindset of we'll fix it later, as it may be too late or you won't have the capital to allocate towards professional consultation.  There are many ways a consultant can benefit your SMB or start-up no matter what phase your company is in, all you have to do is find the right one and trust that they have the background and skill-set to get the job done!

As always, I'd love to hear your comments and thoughts on this topic.

If you are in need of any business and/or marketing consultation, feel free to shoot me a brief introduction note at: modernbizstraetgy@gmail.com.

Cheers,

ModernManTellsAll

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Business/Marketing/Lifestyle: Take risks...

I know, I know. This is contrary to what your (and my) mom taught you and probably tells you to this day, but I'm going to tell you -- take RISKS! Take risks in business, in marketing, in life, and everywhere in-between. I'm not saying do something completely stupid, and let's say, jump off a sheer cliff with out a parachute or safety apparatus, or drive 100mph down the 101. I'm saying take (calculated) risks, get out of your comfort zone, grow, learn, meet people, and do it while you can. Do it before getting out of bed to fast or walking to the bathroom unassisted becomes a risk. I am being a bit humorous here, but it's true, life moves fast and if you ask your grandparents, or parents for that matter, what they regret the most, more often than not it's the things they didn't do. So, the moral of this (blog) story is to take risks, assess the situation, do a thorough analysis -- is it worth it? What are the benefits? What are the costs and potential consequences? What is the likelihood of coming out on top? Whatever you do, don't become complacent -- keep moving forward, innovate, disrupt, become a better person, more informed, more educated -- be the best at what you do, and who you are.

Take risks in Business:

It is a known fact that we are now operating in a global economy -- competition is fierce, buyer behavior has changed, large corporations no longer have a dominant grip on the market, technology is affordable and accessible to all, I can go on and on. So how does a company (maybe yours) standout and capture a profitable share of the market? By taking risks! No longer is the "old way" of doing business a viable option. Businesses must step out of their comfort zone and become innovators and disruptors. Innovation does not have to be some radical, technological advancement, nor does it have to come with a significant amount of capital investments. It can be as simple as offering a product/service in a better more efficient way than the competition; or it can be a minor incremental innovation to an existing product/service. It can also be a change in company culture or something as simple as hiring an individual that does not necessarily have the same background as everyone else -- diversification. Taking risks in business should always be calculated and well thought out through thorough market research and quantitative and qualitative data analysis. A few companies that either are or have taken significant risks are: Tesla, Virgin, Zappos, Apple (Steve Jobs era), and Netflix; all of which have or are changing the way we think and interact in our day-to-day lives. The two major things that they all have in common are great leaders that believe in what they are doing and have entrenched a culture that curates this behavior. After all, consumers really have no idea what they want.

"If I had asked people what they wanted, they would have said faster horses." ~ Henry Ford

Take risks in Marketing:

I have written about how to standout amongst the marketing clutter in the past, however, having just read the Fast Company article "This Company's Brilliantly Sassy Branding Strategy Makes Yours Look Sad And Boring" by Elizabeth Segran, I was inspired to write about the importance of taking risks, particularly in/with Marketing. The article goes into the branding strategy of a privately owned small business called, Manhattan Mini Storage (MMS), and how their messaging is pushing boundaries to the point where it can sometimes be seen as offensive to certain demographics. It is really a great read, and aspiring to a marketing guru such as myself.

The majority of brands (small and large) are afraid to take a chance and go with out of the box messaging to attract attention and capture market share. In reality, this strategy is ideal in today's super saturated and hyper digital world, where we (the consumer) are exposed to 1000s of messages/posts a day! So you offend some people that are not in your target demographic -- no big deal, as your target will appreciate your honesty and more often than not, will become even more loyal to your brand. After all, even the bad press will attract others in your target market that otherwise may not be aware of your product/service, like myself as I have never heard of MMS. This is especially true in today's polarized world. Take a stand for what you believe in and let people know what your brand is about, be honest, push some boundaries, shake things up, and most importantly, OWN IT.

Those of us in California know all about the Carl's Jr. commercials. They pretty much said, screw it, everyone else is pushing towards the health conscious movement, with conservative, family oriented content -- not Carl's Jr. They are going right for the 18 - 30 year old male demographic, with no shame -- head down and charging. Is it working? Can't say for sure, however, I would bet if it is working, it is solely due to the fact that they have committed to it and are owning it.

Take risks in Life:

The same principals for taking risks in business and marketing can be applied to life. Let's face it life is short! If you feel as if you need a change and are contemplating your decision, evaluate the positives and negatives, and if they weigh out -- do it! Yes, it can be overwhelming or scary at first, leaving your friends and family behind, etc. However, if you don't take that risk and go all in, chances are you'll regret it. If you don't believe me, ask your elders, I guarantee they will say go for it! There are countless articles out there, blogs, etc., that speak on this so I'm not going to elaborate further, but it is a fact. Risks in life can be anything as simple as going after the girl you want, telling someone how you really feel, getting a new pair of glasses, meeting new people, trying a new food to more risky: a career change (not an easy decision, believe me), furthering your education (best thing I've done), moving out of your hometown (not that bad), skydiving (on the agenda), starting your own business (stay tuned), having kids (maybe), etc. Bottom line is, when you make the decision to take the risk, go for it, jump in with both feet and give it all you got -- things have a way of working out as long as you commit to it. I'm not sure who says this (I could look it up but...), "You get out of life what you put into it."

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModerManTellsAll

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Marketing Strategy: How to standout amongst the clutter

How to standout amongst the clutter...a question every Marketing Manager and company is, or should be asking themselves.

To start let's first explain what I mean by "clutter".  Clutter is the saturation of content, posts, pictures,  video, TV commercials, billboard ads, etc., crowding our social media pages, train stations, streets and sidewalks, etc.  Just think about all of the posts and ads on your personal Facebook page, Twitter account, LinkedIn page, etc., which may only have a couple hundred people or a couple of thousand (if you're a social butterfly and/or great networker), either way those numbers are unsubstantial when you look at the grand scheme of things.  But even still, there is no way to possibly read and click on all the posts.  For one, everyone is extremely busy managing their own lives, and for two some of the posts/content is not worth looking into any further, let alone engaging in meaningful conversation.

So what can you do as a Marketing Manager or a company that is dealing with hundreds of thousands or even millions of potential clients/consumers.

Choose your social media platforms wisely.  With so many options out there to engage in and communicate your brand, a company/marketing manager must define which platforms will provide the highest ROI and maximize available resources, no matter how limited.  A great way to do this would be to access and analyze the direct competitors (particularly the leaders) - see which platforms they are using, chances are the same will work for you, or some combination of.  Secondly, the company/marketing manager should determine which platforms they and their team are most comfortable and familiar with using.  The last thing you want to do is work with a platform where no one has experience, or where your target market has limited use.  If you do some research on major brands and industries you will see, for the most part, they will use the exact same platforms, give or take one or two.  For example, the car industry will use Twitter, Facebook, and YouTube.

Know your audience.  Everyone is enamored with numbers.  I have 10,000 followers or 100,000 Facebook likes.  That's great, who are these people?  How did you get them?  Are they turning into customers?  Are they sharing and commenting on your posts/content?  The point is, you can have all the followers in the world, but if they are not in line with your brand, your message, and/or product/service, you mind as well have zero.

Content is King.  Yea, we've all heard this countless times, of course uploading and posting content is a must for your brand to gain awareness, penetrate markets, and in the end bring in revenues.  But the question is, what kind of content is going to engage your audience to the point where they want to click on your posts, share, like, engage, and ultimately buy into what your brand is about. This is where it is important to post visually stimulating content (e.g. pictures, videos, etc.), these can be original content (if you can this would be ideal), or even stock photos, free google pictures, a trending YouTube Video, etc., as long as you are clear of copyright infringement any and all of the above will work just fine.  Just make sure the content is in-line with the brand, and portrays what the culture is like, what the company appreciates and values,  educational, has something to do with the industry and product line, etc.

Engage your audience as much as possible.  Some of you have heard of the 80/20 rule in marketing, where 20% of your marketing messages produce 80% of your campaign results, which may very well be true.  But I'm here to tell you this rule also applies to the amount of time a Marketing Manager, and their team, should be allocated towards engagement.  The more we engage the audience the higher the probability that the campaign will build loyal followers/customers, and ultimately become successful.  Now these percentages are by no means set in stone, as a Marketing Manager should constantly be tracking and analyzing results, and should adjust accordingly - maybe try a 70/30 rule, whatever works for you.  The point is, social media has made marketing personal, it's almost as if we have gone back in time (so to speak), to a time pre-television, pre-intertnet era, where human interaction was essential for a brand to sell a product/service.  Social media has a very human element to it, granted there are some robots trolling Twitter and Facebook; however, for the most part, there is a real human being on the other end.  Always try and remember that.

Commit.  Ah, the dreaded word for some of us, but yes, you MUST commit to a well-defined integrated marketing strategy.  Gaining brand awareness and market penetration is something that takes a lot of time, particularly if you are a new startup or small and growing business.  As stated above, the internet and social media is cluttered with content - everywhere we look we are inundated with adverts, business associates, family and friends, heck everyone on LinkedIn has the ability to blog now with a direct, built-in audience.  In the web 2.0 world we now live in, everything grows exponentially - meaning once you get a 100 followers, the next 100 will not be as hard, and once you hit a 1000, the next 1000 happens that much quicker, as long as you commit to the marketing plan and strategy.  That said the opposite is true as well.  If you only commit to the integrated marketing plan/strategy for a short amount of time it is going to be that much harder to build that audience back up - attention spans are extremely short and once you lose or start to lose an audience action must be taken immediately or you risk being forgotten (e.g. JC Penny).

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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Business Strategy: True Company Identity

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I see this far too often when consulting and communicating with friends and clients who own/run startups and small to mid-sized businesses - NO true company identity.  The lack of company identity is at the top of the list when it comes to failing small businesses and/or start-ups, and should be addressed from the initial launch if possible, as the longer this goes on, the harder it is to fix.  There is far too much competition in today's global economy to not have a company identity. What I mean by true company identity is: What type of product/service do you offer?  How much does it cost?  Who are your target demographics?  Is your product/service of poor, good, or great quality (hopefully good to great)?  What type of culture does your company have?  Does the branding of the company portray what you do?  etc.  The point is, potential and current clients must be able to identify with your product/service quickly, so when they are searching for it they can immediately identify what it is you do and what your company is about.

Now, I understand the fact that running a small business or start-up is extremely difficult (I've been there) and it truly is survival of the fittest.  In order to make bills and bring in cash many owners become frantic and will except any and all work, service a diverse set of clients, etc., as long as they are comfortable doing the job, selling the product/service, etc. However, this is only a short-term strategy and usually ends up costing the firm in the long-run.  For instance, let's say you have a small business with 5 or less employees, including you.  This is not a lot of people and one would assume your access to resources such as capital are minimal to nonexistent; therefore, everything you do needs to be calculated in such a way that nothing is going to waste (time, money, people, etc.).  Granted this is a lot easier said than done, when the reality and fear kicks in and you need to make X amount to make rent this month, things begin to scatter and unravel.  I'm sure many of you have been there, as I've seen it one too many times.  This is the reaction of a small business owner who has failed to create, implement, and communicate a true company identity prior to all the panic and fear setting in, I call this " survival mode", doing anything at all costs.

The problem with lacking an overall company identity, as stated above, is the issue of panic and fear will be reoccurring.  Yes, you may have a good month or two and think to yourself (or thank higher power) your problems have been solved.  Well, chances are this will happen again and again, and you will have a bad month or two in a row, then what?  The reality is, yes, you took in any and all jobs that you and your employees skill-sets can handle, however, your company is still lost and new and potential clients will not find you if your brand and company is all over the place.  So make sure  when it comes to true company identity you have one.

A new start-up or small business does not have the time nor the resources to continue down this path, so make sure your next venture, or this one, has been branded as such that it can be easily identifiable  to everyone - exactly what you do, your product/service, etc.  And once its identity has been determined commit any and all resources towards securing a favorable market share in that space.  Once a desirable market share has been obtained, then, and only then should you attempt to extend your product/service line, target markets, etc.   This is not to say, a company should not be thinking ahead and working towards a viable and sustainable vision for the company at all times; or taking on jobs that are not in line with the identity; if you have the time and resources by all means take on the work as long as it's not obstructive to your day-to-day operations.  And if you have dedicated yourself and your company towards this identification and things have not gone as planned, then adjustments need to be made accordingly.  However, I firmly believe that if a company has done its research and its leaders have properly created a true company identity, all resources are dedicated and focused on obtaining market share in that space, the company has positioned itself for success and a chance for survival, at least throughout the growth phase.

As always, I'd love to hear your comments on this topic, True Company Identity, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Ciao,

ModernManTellsAll
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