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Learning Isn’t Comfortable – Burst Marketing

August 8, 2010

While sitting in my favorite cigar lounge enjoying some company, I listened to a couple of guys talking about one’s new Harley.

He’d traded up to a massive new bike from what he called his “learning bike.”  He wasn’t comfortable on it anymore as he was moving on to longer rides.  He needed comfort.  And didn’t want to continue to build confidence while gaining experience with his existing classic.

His friend’s wisdom – “yeah, learning is never comfortable.”

The story reminds me of what so many business owners must be feeling.  As technology influences customer mindsets and the ways they spend their time, owners and executives are forced to learn new behaviors. Learning means change – if only in the way you think.  And change is stressful.

Learning makes you venture into the unknown, pushing you out of your comfort zone.  But you know what can be even more uncomfortable?  Losing customers.  Missing opportunities.  Losing money.

A business that allocates a certain amount of its resources to testing new marketing methods and learning what works will lead the field when the economy ultimately recovers – and will maintain and extend its lead over time.

Got learning?

 

Burst Marketing: Lucky To Be Average

July 19, 2010

I’ve recently been brushing up on my market research of the Albany – Schenectady – Troy MSA (Metropolitan Statistical Area).  It’s important to keep up on the markets in which you compete.

Did you know that Albany is the #1 test market in the United States.  Correct-a-mundo.

According to Acxiom’s  last published study in 2004, Albany, NY was the market that best represented the United States population as a whole.

In other words – we’re the most average market in America.

That holds some real advantages for you as a marketer – especially if you market to consumers.  Rolling out new mass-market products in Albany is an excellent place to start.  The test results could well translate to the national market, and “amped-up” ROMI (Return on Marketing Investment)

If that’s you – be thankful we’re so average.

 

Burst Marketing: The pathology of Perfection

May 9, 2010

Nobody’s perfect.  In fact, with all due respect to the philosophy behind Six Sigma management – nobody should even try to be.  At least not too quickly.

The pursuit of perfection costs money…lots of money.  And the ROI on perfection is minuscule.

I was listening to an interview with a psychiatrist specializing in neurotic behaviors when she began discussing “pack rats.”  You know, people with an obsession to keep everything they’ve ever accumulated.  She described a case study wherein two brothers accumulated so much, and their surroundings became so cluttered – chokingly packed really – that they perished among the debris.

Pack rats are irrationally afraid that they might throw away something important.  They fear they might miss something.  It’s part of what the doctor called “the pathology of perfection.”

We often encounter clients with degrees of this pathology.

Usually it manifests in a such a microscopic attention to detail that they never actually do anything except proofread, wordsmith, scour lists, debate nuance, etc – even after a painstaking effort has already been completed.  They simply won’t sign off on a project to begin.

They believe that they are demanding perfection, when in actuality they are nearly guaranteeing failure.  Like any investment, marketing your business is a calculated endeavor.  It begins with a series of informed decisions, but no guarantees.  A program is begun, results observed, adjustments made.

Professional marketing management requires ongoing adjustments.  By definition, therefore, perfection is unachievable.  And the closer a program is to its inception – the farther away from perfection it will be.

Demanding perfection at the outset will only paralyze a launch.  Then, should a marketing adviser be able to convince a client to launch in spite of a client’s fears, the inevitable failures (that’s right, I said failures) of an early stage marketing plan may cause a client to get angry.  Deliver a series of “I told you so” and force a campaign shutdown.

This exactly at the moment that learning has first begun.

A mentor of mine often reminded me that failure is but one step closer to success.  Perhaps you’ve heard this old adage as well.  Being 50, 60, 70, or 80% correct at the start of a campaign is a fair beginning on the road to success.  The costs of trying to move too quickly from 50% to 80% are exponential.  It can create unending research, tension, delays, mistakes, loss of enthusiasm, paranoia and other negativity – often resulting in total loss.

Perfectionists will fail without ever knowing how close they may have come to reaching their goals.

 

Burst Marketing: Don’t Get Cocky

April 11, 2010

So a semi-thaw has begun in the frozen tundra that is economic activity.

Some business owners have reported an increase in productive conversations with potential new clients.  New business is being booked.  There is a small semblance of a smile forming at the corners of their mouths.

After many months (for some a couple of years) of absolutely no response to their marketing efforts there are signs of renewed life.  We’ve heard from one owner that has seen results from a small marketing effort – he seems to think that he can handle the new inquiries for now and then do a little more marketing, handle those new inquiries, and so on.

Our message to him…don’t get cocky.

Yes, customers are placing orders to catch up for those that have long been on hold.  The spending freeze over the past 18 – 24 months has led to some initial catch up business for those that have survived.

What happens when those purchases are finished?

Well, the normal marketing and sales cycle kicks back in, but with a longer time line.  We’re certainly nowhere near being out of the woods.

Marketing success cannot be achieved by turning the spigot on and off in spurts.  If you hooked your marketing effort up to a heart rate monitor, it should look something like a normal sinus rhythm.  Steady, steady, steady, pulse.  Steady, steady, steady, pulse.

This thaw is the signal that prospects are at least somewhat willing to listen.  And its your signal to warm up, approach the starting blocks and begin to jog.

 

When Servers Go Down

February 16, 2010

Is there anything more frustrating than tech problems?

You’re cranking out that report right on deadline…in the flow as it were.  Focusing on capturing your best work, you plow through until its done.  Then you lean back, satisfied.  One more look see for typos and spelling errors and then print and deliver.

You hit print, enter and then….nothing.  Frozen.  It’s OK though, just reboot and you’ll print it after it fires up.

Panic!

You were so focused on pumping out the words, that you forgot one little thing….SAVE.

If you hit restart, it’s gone…

All the stages of grief begin to flow…shock, anger, sadness, and finally…resignation.  You’re going to have to start over.

How do you think your customer feels when suddenly the “server” goes down?  When service stops.

Sure the economy stinks – and you need every customer you can get.  So how can a company afford to stop marketing for new customers, especially in a downturn.

How can they afford to lay off customer service personnel…or those long-time staff who know the company inside and out – and have relationships with all the key customers?

The answer…can’t afford it – gotta survive.

OK.  So as their competitor, what does this mean to you?

It sets up a unique opportunity…but it takes some foresight and guts.  In other words – leadership.  The first companies to restore top-notch service and aggressive marketing will pick up customers as they return to the market.

Is it time for you to reboot?

 

Flexible Not Permanent

January 18, 2010

The current issue of BusinessWeek features a story on the pervasiveness of a flexible, temporary workforce.

It’s not hard to understand why.

The Great Recession has made everyone gun shy. Using temporary workers is a way to hedge your bet. Wait until you can be sure business is back before taking on the expense hiring full-time workers.

26% of America’s workforce are “non standard” – temps, contract workers, and part timers. And from a risk-control perspective it makes sense.

But here’s a question:

Is your business part time? Is serving your clients and customers a part-time gig? How about sales?

The danger of a temporary work force is that they may have no real investment in your Company’s success. Caring about the job is a paycheck thing, not a customer thing.

Investing to add a qualified member of your team or paying to have a specific task done or hours filled -

Which is the bigger risk?

 

2010 – What’s Next

December 20, 2009

With a little over a week left in 2009, it’s time to turn our full attention to 2010 – the last year of the first decade of the 21st century.

Over the next few weeks, we’ll touch on what I believe are some of the trends to look for in business, marketing, the economy, and social dynamics – and how they may affect you.

But first 2009. Wow. Enough said?

I think most would agree that the economy was the story in so many ways. How many banks are there in the country now? 3 maybe? (ok there’s at least a dozen.)

Here in Albany, NY, we saw two democratic state senators switch to the other party – triggering the most embarrassing political fight I’ve ever seen or ever want to see – only to see them switch back and one of them raised to the leadership post. State government erupts while the cities, counties, and towns burn with unemployment and shrinking revenue.

Global warming / climate change takes center stage in Copenhagen and businesses worldwide do their best to wrap themselves in “green causes.”

2009 was also the year that social media supposedly came of age.

While foreign governments shut down the Internet in their countries, citizens ran through the streets and tweeted about what was going on with the help of surrogate computer users in other countries. Cameras showed our national leaders tweeting during the State of the Union.

Of course, 2009 was so much more – suffering and ecstasy. But there was more suffering I think.

What will 2010 bring? There will be a lifting of the economic haze that settled over our country during the last 2 – 3 years. Once that haze lifts off the ground, we shall see the new business landscape.

One topic will be demographics…the continued shift towards an overall older population…a relatively large younger generation raised online…and a shrinking middle class frightened by lots of things.

What else?

  • Rising interest rates – but still no money to lend
  • Trust first
  • Conventional marketing comes back – but moves forward too
  • And more…

2010 – ready or not, here it comes.

Posted by: Steve Banis

 

Failure to Launch?

August 16, 2009

I recently experienced a failure to launch.

The ambitious goals and strategies of my new business required that I recruit like-minded, motivated, and competent partners.  When I found them, the fun and momentum of a new venture kicked in and we were soon off and running.  Well, sort of.

Something wasn’t quite clicking.  The idea and profit potential was there.  The skill sets.  The market need.

But just when you’d think things were ready to roll, another distraction would pop up.  Went on like this for about a year.

Our wheels were stuck in the mud.

Time to change the wheels.

Not only did partners change, I chose a different type of partner.

Now we’re cruising down the road at 65mph, driving towards a relaunch with business in the bank and a growing pipeline.

Hitting the skids along your planned route is like the pain you feel when you’re hurt.  It’s a warning system.

It means you’re faced with a decision of change – whether a mild adjustment or a major overhaul.

It’s important to maintain the perspective that almost every plan needs adjustments along the way to goal achievement.

Heed the warning and pause. Review your strategy, make corrections, and rededicate yourself to your vision.

Posted by: Steve Banis

 

Can You Handle the Truth?

July 26, 2009

You can say what you want about this economy, but the one thing it does is reveal the truth.

The truth about where you stand.

When I conduct strategy sessions with business owners and managers – The first thing I do is guide them towards a clear, unbiased view of where they stand at the current time.

Sometimes a company comes in on a winning streak.  Sometimes it’s trending down.

Regardless, it’s imperative to distinguish the difference between the fundamental strengths and weaknesses of a business – and not let them become masked by outside factors. Like the economy.

Good times can mask weaknesses and strengths.  But bad times show the blemishes your business has like a fluorescent light in the bathroom at 6am.  It can be a little unnerving.

But it has to be done.

Like it or not, your core weaknesses and strengths have been exposed. Ask yourself some questions. Then ask yourself why?

  • - Have you lost key accounts?
  • - Are key employees leaving or showing up at your door?
  • - Are you unexpectedly winning clients you never could?
  • - Are you losing business that used to be a slam dunk?
  • - Have you been able to hold the line on pricing?

Believe me, you can’t blame it all on the economy.

Figure out what’s actually in your control?

The truth is, there will be fewer competitors in just about every industry when the dust settles. In fact, I believe that firms will be bought, sold, or fold in even greater numbers when things pick up a bit.

And the nation’s long-term problems will surely dampen any recovery once one does begin.

But that doesn’t mean there ain’t money to be made.

So there you are…basking in the bright light of truth.

Can you look at it long enough to do what needs to be done?

Posted by: Steve Banis

 

A World Disturbance

May 17, 2009

I start nearly every day by checking email. You may hop in the shower or choke down a breakfast bar.

Some finish dressing with sock-shoe-sock-shoe. I’m a sock-sock-shoe-shoe man.

Habits. We are all creatures of habit.

These rituals provide consistency and comfort. They help us deal with a complex world.

Customers are creatures of habit. Companies are creatures of habit too. And old habits die hard. Problem is, if some habits aren’t broken – the results can be devastating.

Lately, I’ve been thinking a lot about habits. What changes them, where things might be going, opportunities, and threats. And the potential actions we may want to consider as a result.

There’s something life changing going on. I can’t quite put my finger on it and I need to – we all need to.

There’s a world disturbance upon us. It’s the sum of many factors.

Here are just a few:

- 24 x 7 communication and the Internet

- World trade and shifts in global economic power

- An unfocused effort towards alternative energy

- Heightened fears from all sorts of stuff; too many to name

- An aging population in the industrialized world and a younger one in the Third World

Did you know that of the 6.7 billion people on the earth, China and India account for over 37%. The U.S. has 4.5%.

Think these things aren’t about marketing? Your business? Your family?

It all plays a part. Old habits and expectations are going to change. It takes a world disturbance. A series of cataclysmic events. That’s what forces them to change.

And you know what? It can be a good thing. A very good thing.

As long as you recognize where it’s all going.

When I need to get a handle on something, I usually think it through out loud. I hope you don’t mind, but I’m gonna think out loud right here.

Feel free to add your thoughts.

Posted by: Steve Banis

 

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