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What’s working?

October 26, 2008

Categories: Business Development, Courage, Decision Making, Lead Nurturing, Marketing Message, Social Networking, Strategy

During a recent session with my creative team, we were debating the merits of offers designed to make the phone ring for a potential new client. It’s tough these day, isn’t it? I meet many business owners, and the economy is driving many of them to ask for advice on what’s working out there.

While every situation is unique, here are a couple of ideas to think about. They use two different strategies: One is already a well-known community builder – bringing millions of people together. The other is a recent direct sales promotion with a titillating offer.

[For greater detail on the sales promotion example below click here]

An American Social Network

There’s one thing that’s tried and true in America. It’s even considered recession proof. Offer an opportunity for a little entertainment, keep it free or extremely affordable, and make it easy to access. And as I write this I’m preparing to engage in one of the greatest social networking activities in the country that encompasses all three of these characteristics.

Need a hint? Today is a late October Sunday in America.

On fall and early winter Sundays in America, millions of professional football fans (and some who aren’t even fans) sit down with their picks. They watch upwards of 6 hours of football on TV; eat wings, subs, and chips; and drink beer, soda or other beverage of choice. They want to win this week’s football pool (for entertainment purposes only of course.) And on Super Sunday in February, the number of people in football pools reaches the tens of millions.

It’s entertainment folks, and it fits their lifestyle. The NFL has legions of fans who have incorporated football on Sunday into their lives. It’s part of their “cause” called life.

Is their something about your organization, industry, its participants, or the environment in which it operates that a certain segment of the population will care enough about to incorporate as a regular part of their lives? A recession doesn’t kill a person’s passion. Oh it may get in the way or dampen it sometimes, but it won’t kill it. People need to feel alive. And connecting with people, events, and things they like is an important way they stay energized.

Made you look

A good, old fashioned direct sales pitch seems rare to me these days. Recently I got an email with a very intriguing subject line:

How to Make Millions in a Bad Economy

OK, I’ll bite. I clicked and learned that InfusionSoft, a CRM vendor I’m interested in, is offering me an “Economic Stimulus Package”. Seems they’ve helped hundreds of small businesses, and to help me in these tough times, they’ve established a package that only 19 businesses will qualify for. Then, an email 2 days later, offered “Proof: InfusionSoft Doubles Sales in Any Economy”. It’s a pretty good email campaign.

I’ll bet lots of targets on their lists are intrigued, and at the very least, are taking some action. They made me look and that’s the highest compliment I can pay a direct marketing campaign.

[Again, if you want more detail on this campaign, see this article]

What’s timely in your business? What’s the biggest objection your sales effort is running into? Can you craft an interesting promotion that addresses that main objection and is relevant?

Remember, recession or not, good marketing still works.

Posted by: Steve Banis

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You OK?

October 19, 2008

Categories: Advertising, Courage, Decision Making, Family Business, Management, Marketing Message, Social Networking, Strategy

I’ve got a couple of close friends who have senior positions in financial services. One’s at Wachovia, the other at UBS.

My friend at Wachovia, once considered one of the most conservative banks in the country, thinks he works for Wells Fargo now, although he’s not sure if he’s actually still employed. I asked my other friend at UBS how things were a couple of weeks ago. He told me that the bank had written off many billions over the summer and it was felt that most of the bad news was already dealt with. But this past week the Swiss National Bank put $5.3 Billion into UBS and established a fund to take on up to $60 Billion in thier risky assets.

How deep does the well go? Your employees, team member, suppliers, vendors, partners, and others are wondering the same thing.

Our government’s “rescue plan” signals the start of what is likely to be an 18 to 24 month struggle. When the sun shines brightly again, those standing will prove they’ve had the chops to compete, survive, and even grow. Right now, it’s time to close ranks.

When almost all the news seems as bad as it does now, the first thing to do is to speak with those in your inner circle. Ask them if they’re OK. Then tell them how you’re sizing up the situation – and be as honest and direct as you can be. Then ask for their help. Empower them to feel a part of the solution.

Your customers, suppliers, vendors, partners, and more want to deal with those they can trust to fulfill their promises. Where it applies, the media will also want to know your status. It’s essential that those on your front lines be fully briefed and know the game plan.

Start with your staff and team members – including yourself. Figure out the questions others will ask, and be ready with your answers. Be proactive: Pick up the phone, send an email, or a personal letter. Talk about how you see things right now. What your plans are. How you value your relationship with them and that you’ll be around to continue growing that relationship.

Your inner circle is the foundation for survival and growth. Take the time to check for cracks and fix any you find. Show understanding. Be reassuring. Show vision. Be a leader.

When you go home at the end of the day, you’ll probably have some fear and doubt – you wouldn’t be human if you didn’t. Be sure that you communicate with your personal inner circle as well. Include family, friends, clergy, your trainer, and yes, your psychotherapist. Don’t carry the weight alone. It’s selfish and a recipe for failure.

You’ve got a long road ahead. Pack a lunch. And invite all those close to you along for the trip.

Posted by: Steve Banis

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Down market sends value up

October 12, 2008

Categories: Advertising, Decision Making, Marketing ROI, Startups, Strategy, Uncategorized

It’s was quite a week folks. The stock market had its worst week in something like 100 years. Oil is just about back to pre-war levels. McCain called Obama a liar and Obama continues to call McCain erratic. The Treasury dept is edging towards some semblance of nationalizing the banking industry. And the Cubs, oh the Cubs!

Yup, quite a week. With what seems like incredible bargains in stocks everywhere, money managers are undoubtedly looking for values to gobble up when they sense the market’s bottom. Last entry, I spoke about how your customers are seeking value as well. And when it comes to your marketing, you should be too.

Now’s the time to go fishing and scrounging.

Go fishing cause the big fish are in hiding

With normally aggressive local advertisers such as car dealers and big retailers pulling back on spending, there’s a lot of excess or distressed inventory on the hands of local television and radio stations as well as on cable. Print has its share of bargains as well. This is a great time to make opportunity buys and contract for great advertising spots at tremendous values.

Scrounge around for extra visibility

When times are tough, the tough pound the pavement. Don’t be too proud to trumpet your message from such lofty places as parking lot windshields, lawn signs, and bathroom bulletin boards. Right now I’m looking to add some energetic young people to our promotional team. Rather than spending for recruiting ads, we’re handing out fliers in local stores that employ well-screened, if underpaid, technically savvy twenty somethings.

Look for opportunities to grab advertising at rates that won’t likely be around for too long and support your message with “shoe leather” type marketing on the streets.

Fishing and scrounging can mean pulling new potential customers into your orbit for long term nurturing. Follow your customer’s lead – be a value marketer.

Posted by: Steve Banis

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People will shop and businesses will buy

October 6, 2008

Categories: Advertising, Courage, Marketing Message

It was another lovely day in the financial markets. After dropping over 800 points during the trading day, the closely watched Dow Industrials pulled up short of a total meltdown and finished down “only” about 370 points.

Certainly there’s panic. It’s chaotic. And although you know I think chaos can be wonderful for business today, even I have to admit, calls for a little bit of perspective.

I’m the kind that grew up with the mantra of hope for the best, but prepare for the worst. OK, so it’s time to break out the duct tape and get ready for an extended period of stormy weather. The good news is, to the best of my knowledge, only one storm in history required an Ark. This is a big storm, but not that big. People will still shop and businesses will still buy.

The question is, what will they shop for? What will they buy? The ultra rich will still maintain their lifestyles, so if you’re making your living at the top of the food chain, things will still likely remain ducky for you. For the rest of the world, one word rules: VALUE.

If you haven’t already, It’s time to dig deep into your product offerings, your services, your relationships, and your communications to find what it is that makes you a better value than anyone else. If service is your thing, put it in the context of how your extra service will save money in the long run. if low prices are where you live, emphasize your low prices even more by creating packages that give the appearance of even LOWER prices.

Consumers of all kinds will continue to live their lives. Businesses will continue to operate and many will pursue growth. Some will really pursue growth.

Find the value in your equation. Communicate how you’ll be continuing to create even more value. Remember value doesn’t mean price – it’s the combination of product, service, price, and experience – that makes up value in the mind of the customer.

So get out your umbrellas and galoshes. Hop in your boat and paddle like crazy to value bay. You’ll be fine if only a little wet.

Posted by: Steve Banis

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Social Networks have become “anti social”

October 1, 2008

Categories: Ad/Marketing Agencies, Lead Nurturing, Social Networking, Startups, Strategy, Websites

Once upon a time, going to a party or having a drink at the end of the week was considered social networking.

Today, too many marketers, agencies, and advisers think that setting up a Facebook or Myspace page, a Linkedin profile, a Squidoo Lens, or tweeting on Twitter makes them a social networking expert.

Social networking sites and applications are designed to bring people together online, and, employed wisely, they can be good tools for building online communities. However, this is only one element of an effective “social networking” program.

Excepting a few very unique business models (amazon perhaps) – all social networking programs, and in fact ALL marketing programs, must ultimately involve human interaction. Facebook and others are good at sorting people and helping similar birds of the same feather find their flock.

Bringing people together online is an important step, but the next step is to create opportunities for touchpoints. Principals and/or their representatives need to meet, diagnose problems, propose solutions, build relationship, and establish trust.

Trust, is required to inspire action.

It’s fun and easy to join online groups, post comments on blogs, and share thoughts and ideas. But the proliferation of spam filters, firewalls, and virus scanners are evidence that while cyberspace is fun, good sense dictates that you’re not taking anyone home to meet your mother until you’ve checked them out first.

So go ahead, get social. Just don’t forget the feel of a firm handshake.

Posted by: Steve Banis

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Down market sends value up

Go fishing cause the big fish are in hiding

Scrounge around for extra visibility

People will shop and businesses will buy