Marketing Principles Needed in Wall Street Protests to Create Culture of Economic Patriotism

 

From New York to Seattle, people are wondering about the impact of the Wall Street protests. No one is asking, but if the protesters want to know how to win, they need to conduct a cohesive major-marketing campaign.

So, if you can humor me, let’s consider this a review of marketing best practices. Along the way, perhaps we’ll see an improvement in corporate ethics. My motivation, you ask? The nation needs a new culture – call it economic patriotism. I’ve been convinced that it’s partly an issue of How CEOs, Taxes and Policymakers Fail the U.S.

The corporate and Wall Street entitlement attitudes – certainly not everyone but a significant number – helped cause and exacerbate the Great Recession. The U.S. will continue to precariously suffer in its fiscal doldrums until economic patriotism becomes the norm, and productive public policies are implemented to improve the pecuniary environment for the creation of jobs.

It wasn’t just the questionable mortgage activities, but many banks and credit card companies behaved in a predatory fashion. Because they’re domiciled in about six states that allow high interest rates on credit cards and related lines of credit, banks were able to charge exorbitant interest rates on small businesses and consumers – as much as 38 percent for dubious reasons. And they abruptly cut off lines of credit for countless companies and micro-businesses.  Consequently, many have poor credit ratings, and can’t qualify for Small Business Administration loans.

Among the hard-hit domestic automobile manufacturers, it’s worth noting Ford has been outstanding in its recovery approach. Consequently, Ford didn’t ask the taxpayers for help.

But the banks and the other auto companies had the temerity to lobby for bailouts, as countless Americans lost their jobs and homes. Foreclosures are still rampant, and the financial institutions are hoarding their cash following the bailouts.

GOP and Democrats

In part, the blame for the Great Recession also falls on Republicans in Congress. Don’t get me wrong. I haven’t changed my stripes. I’m still a strong business and free-enterprise advocate. But the Republicans looked the other way during all the predatory behavior, and continue to do so.

Democrats failed to speak out as it was occurring, and they failed to include small-business protections in passing the Dodd-Frank Wall Street Reform and Consumer Protection.

Further, the Obama Administration has been cozy with Wall Street, ostensibly, to attract political donations. I took originally took note of the administration’s behavior in writing Sen. Cantwell Is Right to Question Risky Derivative Dangers, Geithner. So it’s an irony to me that Democrats are disingenuously trying to capitalize on the Wall Street protests.

Let’s not forget another entity. I wonder: Does the Federal Reserve Understand Small Business? No.

Fortunately, let’s consider that the Legal War on Wall Street Chicanery Isn’t Finished.

But how can the protests help change the culture of corporate greed for economic patriotism?

Protestors need more articulation – not just inane ramblings about corporate greed and spreading the wealth – and organization. Merely sticking it to the wealthy with taxes, and closely allying with opportunists, such as the Rev. Al Sharpton, won’t help the cause and enable good messaging.

The movement needs to grow roots and needs a credible leadership to espouse American values, just as the Vietnam War protests gained traction. Instead of just a bunch of hippies, pacifists and students, it became a movement for moderate American patriots as they began to question the justification for the war.

The Wall Street protests need to focus on corporate ethics.

Again, a classic marketing line of attack is needed. A rag-tag approach doesn’t lead to successful marketing results.

Moreover, it isn’t likely to happen, but leadership is to needed to avoid the typical 14 reasons for the failure of campaigns.

In marketing failures, there are 14 salient causes:

1. Inadequate analysis of strengths, weaknesses, opportunities and threats
2. Drawing incorrect conclusions from the analysis (leading to ineffective overall strategic planning)
3. Unrealistic budgeting
4. Ineffective testing of ideas and messaging
5. Arrogance – over confidence
6. Poor coordination with centers of influence
7. Not developing effective teamwork and communication among stakeholders
8. Targeting the wrong market
9. Lack of job descriptions – who will do what and when?
10. Wrong people in many key positions
11. Poor positioning in attributes and benefit statements
12. Ineffective allocation of promotional funds – wrong mediums preventing top-of-mind awareness in customers, or voters
13. Unproductive evaluation of the campaign and return on investment
14. Unsuccessful responses to negative surprises and failure to capitalize on opportunities

Thanks for humoring me. Let’s hope for meaningful reform.

From the Coach’s Corner:  here are more thoughts about Wall Street greed.

“Three great forces rule the world: stupidity, fear and greed.”

-Albert Einstein

 

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Study: Why Lean Manufacturing Principles Often Don’t Work

 

Many businesses love cutting waste and costs for profits by using lean manufacturing principles, but many global manufacturers aren’t getting lean results, according to a 2011 study by the consulting firm, AlixPartners in New York.

The companies used the popular Six Sigma, Kaizen and Value Stream Mapping. The industries were principally aerospace, automotive, consumer products, chemicals, electronics and industrial. Most companies made $500 million or more in revenue. About 66 percent are in the U.S.

Here are the surprising results:

• The majority of respondents reported cutting 1 to 4 percent in costs, which is generally believed substandard.
• Thirty percent of respondents realized 5 percent or more in savings.
• About 14 percent didn’t know how much they saved.
• About 60 percent aren’t optimistic – they forecast their failure to continue to achieve at least 50 percent of their attained saving

Lean programs have been used widely in the past four decades, as a catalyst for cost-cutting and continuous improvement. Original adopters included General Electric, Motorola and Toyota.

So what’s the problem?

Apparently, the answer is rudimentary. The companies weren’t fully applying the principles to achieve a strong return, according to AlixPartners Managing Director Steve Maurer.

In essence, he suggested:

Businesses need to establish vigorous goals.

They should apply the lean principles culturally companywide, not just as a narrow list of tactics in a limited fashion.

My sense is that he’s right.

Don’t be dissuaded by the results of the study. In an uncertain 24/7 global economy, lean methods are needed more than ever. They do work if fully implemented.

When properly implemented, historically, lean programs have led to increased profitability and market share. But a company’s entire culture must be changed for a customer-based focus. And that takes a strong administrator or outside participant to coordinate and implement the cultural makeover.

AlixPartners’ site: www.alixpartners.com

From the Coach’s Corner, you might wish to consider these links:

Leadership Strategies to Profit from Employee Respect

20 Tell-Tale Signs – If You’re Under-Performing as a Manager

If Mergers & Acquisitions Tempt You, Consult HR Pros

 “There is nothing so useless as doing efficiently that which should not be done at all.”

-Peter F. Drucker

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

Best Practices to Optimize Your Brand, Manage Your Web Reputation

 

As you no doubt know, the digital age has brought new challenges and opportunities. Best practices are critical in order to maximize your Web presence and to manage your online reputation.

The Key to Internet Dominance Is to Think Integration – naturally, the first steps include a quality Web site and synching it with your social media, business listings, inbound links and other elements.

Despite warnings here and other places, many small businesses have made a tactical error in thinking Facebook is the crème de la crème in marketing. A Facebook page can be helpful as part of your marketing mix, and a large volume of fans might enhance a site’s ranking on the search engines.

However, Aside from Privacy, Security Issues, Facebook is a Threat 2 Ways. It’s also worth noting that the majority of business Facebook fans aren’t local. Plus, fans usually change their minds. Within a month or so, they decide a business’ Facebook page offerings are boring.

As for advertising, it rarely helps small businesses to insert their ads on the social medium. It’s better to save the money or budget it for prospects to offer loss-leader discounts to try your products or services.

By virtue of its 750 million global members, Facebook is highly ranked. Despite the Facebook buzz, it’s losing members in North America and Europe. Facebook’s growth is in emerging Third World countries.

Moreover, if not managed well, a Facebook page can and will dilute or cannibalize your Web site’s presence. You never want to let any social medium presence outclass your Web site ranking. You want to use a social medium to enhance your site’s presence and drive traffic, not have it stop there.

How to maximize your search-engine listings

In U.S. market share, according to the various ranking services, Google consistently has about a 65 percent share, and Bing and Yahoo each have about 15 percent. Of course, there are others but most use Google for search. Worldwide, Google has a 90 percent share.

So develop a quality Web site. If budget is a concern, it’s possible to use free online tools for an adequate site. Insert your Facebook, Google+ and Twitter widgets. If you cater to a professional clientele, include LinkedIn.

Otherwise, the big Kahuna to generate local customers is Google Places. If a consumer searches for a local product, Google weaves the top seven results at the top. Normally, the top three business listings attract the most customers.

So it’s imperative to maximize your Google Places’ presence:

1. Complete all the information – physical address, telephone number and your relevant categories.
2. Insert professional pictures and a video.
3. Synergize your listing on CitySearch, Local.com, Manta, Merchant Yelp, YP.com and mobile sites such as Foursquare and Facebook Places. Produce an informative video for YouTube.
4. Entice your best customers to insert reviews. If feasible, encourage them to take a moment to write a review before they leave your business.

Reinforce your Web presence

Even though you’ve done all the footwork to create a Google Places presence, you’re not done. Next, protect your turf. Yes, many businesspeople have been stunned to learn their local listings were closed on Google Places.

Here are the necessary preventative measures:

1. Regularly update your Web site. On your home page, every week make a change, even its small such as a loss leader or testimonial.  Again, include your social media widgets if you have a blog, insert the latest headline. Customers and prospective customers will notice. Just as importantly, so will the search engines.
2. Strategize with media centers of influence. Write search engine press releases and submit them to local media outlets if you have a newsworthy item. If you Need PR, But Don’t Have a Budget? Here’s How to Leverage News Media. In addition, insert a press page on your site and include your releases. The news media will be a big source of credibility.
3. With blogging success, others will want to re-publish your work it or otherwise link to you. Don’t allow them to do so, if they have an inferior Web presence. The first step is to check their site’s Google page rank.
4. Regularly monitor your Web presence with search-engine news alerts, especially with Google Alerts and Tweetdeck. Daily search for what’s being written about your business, and evaluate any changes to your search rankings and customer reviews. Respond quickly. So develop a prototypical emergency response strategy including templates. Why? Some competitors of businesses are gaming the system with false reviews for their gain or to badmouth others to enhance their online presence. They furtively do this and can quickly dominate the Internet by downgrading your presence. So keep a careful record of your business listings, and have template responses ready to insert in advertising along with key words ready to implement on the search engines and other sites. This includes responding to journalists, social media and other online forums.

Every business is different. These are merely the basics to cover most situations. But if you implement these steps, you’ll be well on your way for strong results.

From the Coach’s Corner, here’s another resource:

8 Tips to Optimize Sales with Social Media, But Beware of a Red Flag

“Long-term brand equity and growth depends on our ability to successfully integrate and implement all elements of a comprehensive marketing program.”

-Timm F Crull

 

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Consultants / Service Firms: Why Hourly Billing Isn’t Best

 

One of the first lessons I learned in business-performance consulting was to sell results, not my time.

During the tail end of the 1990 recession, I had purchased a five-year-old print-marketing firm. Quickly, I realized I was overlooking opportunities for growth. My newly acquired company soon evolved into a full-service management consulting firm, which I incorporated into a vision plan.

Technically, it didn’t become a pure consulting firm, it was more of a hybrid – consulting and management services. Some clients required more than my advice and information. They needed some heavy lifting.

Here’s a case study:

One of my early clients was a big office-furniture retailer, which grew too big without proper planning. We did the retailer’s print-marketing projects, but in client meetings after the owner complained bitterly to me about his sales staff, I offered to set up a sales-management program.

It was an highly chaotic situation. The whole sales and customer-service culture had to be fixed.

Initially, my outsourcing services were labor intensive as the sales staff was dysfunctional, and it got away with a lot of nonsense, which was hurting profits.

For example, salespeople were desperate to make sales to indecisive customers. Often, a salesperson arranged for free delivery of an eight-foot mahogany conference-room table to the customer’s business for a 30-day trial look-see – without payment or any safeguards for the retailer. Half the time, the table was returned – with a big scratch. The sales-opportunity costs were enormous.

Therefore, in addition to showing the client how to conduct meetings, I literally had to provide ethics, communication, sales and management training.

Valuable lessons

But I quickly learned I hadn’t initially set boundaries with the client.

After solving the major issues – getting his staff to work better – I was anxious to turn my attention to other clients. But my client was so accustomed to my being there every day, he expected it indefinitely.

He also didn’t understand why I only trained and advised him so he didn’t have to fire anybody, which would have increased his payroll even higher. He didn’t get why I didn’t have legal authority and why I always used my own materials.

So, the lessons prompted me to use a different upfront process – to sell results with benchmarks, to train the client about how I deliver results, and to explain how I’m paid and the timeline to expect.

It’s a relationship that requires trust by both parties.

To facilitate the relationship-building process, I changed my focus with strategies to build trust with clients.

Businesspeople want strong results that include:

• Efficiency
• Information
• Innovation
• Objectivity
• Productivity

This means projects are completed on schedule, within budget, and with measurable results.

To be able to accomplish such objectives, I had decided against hourly billing – I had to charge enough for my time to cover my business expenses, but some prospective clients had sticker shock from hourly rates.

Sometimes, the prospective client didn’t value some services as others. They thought I should provide them with a multi-tiered billing depending on the services. I had to get it ingrained in my mind that my time, consideration and energy were just as valuable whether I was training a class, mentoring one-on-one or writing advertising copy. All services had the same value.

Value pricing

So unless it was a big prospect who insisted on hourly billing, I began to talk to each prospect about investing in projects for strong results. I saved a ton of grief and time by charging retainers. I began to work off the retainer without nickel-and-diming clients for miscellaneous charges. Only on occasion would I bill for miscellaneous expenses, after getting approval in advance.

In contrast, professional service firms like hourly billing. They use software to track time. Candidly, if I hired a CPA or attorney, I insisted on knowing in advance what their total charges would be. I had heard horror stories. For example, the timer wouldn’t be stopped when the professional ducked into the lunchroom for a cup of coffee or took a phone call – or the hourly increments would be rounded up.

Further, whether I was hiring a professional-service firm or quoting a project fee, I wanted the focus to be on the work at-hand. I didn’t want to hire someone to get paid for tracking their time. As a consultant, most businesses have never hired me unless they had challenges they couldn’t solve. So I wanted to spend my time on providing results, not watching the clock.

In other words, my reputation depended on my ability to prevent negative surprises, so I’ve always offered value-pricing based on a retainer. Oh, and I stopped spending my valuable hours on penning proposals. The prospect and I will chat about the situation, and I’ll present a short letter of agreement, but I won’t incur any sales-opportunity costs to write proposals.

Remember, clients don’t want to pay for your time.

From the Coach’s Corner, here are 60 ground rules for effective client service.

“Hiring consultants to conduct studies can be an excellent means of turning problems into gold; your problems into their gold.”

-Norman R. Augustine

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

The Eight Best Practices in Small Business Marketing

 

True, the constant drumbeat of bad economic news can be disconcerting. For many small businesspeople, the news can be so unnerving it leads to fear. But fear can be healthy if used as a motivator to act. And act you should.

In small business marketing, here are the eight best practices:

1. Market your business every day. Avoid complacency. Even on the bad-hair days, don’t let up. Even when revenue is good and you’re busy, don’t get complacent. The point is this – decreasing your marketing investment to save money will hurt you short and long term. Be relentless. Attack, attack and attack (Secrets to Success in Recessions: Expand Marketing).

2. For cost-effectiveness, continually evaluate your marketing and related internal factors. Evaluate your messages. You should have five influential value propositions with a three to five word branding slogan. Don’t forget a logo. It should effectively tell your story and be simple. Don’t forget a favicon a small-business must for instant credibility – small enough to be condensed in 16×16 pixels for your Internet identity. If the ROI is insufficient, find out why and use an alternative. That goes for using the right mediums, too. Research what’s working and what isn’t. Make changes where necessary, including in customer service (Checklist for Success in Business Planning for the New Economy and Think 1930s for Business Success. Consumer Attitudes are Changing.).

3. Strive to reach your target economically five times. In messaging, frequency counts with quality. In most cases, the buying decision is reached after the prospect experiences five positive messages. For the best return on your hard earned dollars, see Checklist to Build Your Brand on a Budget and Marketing Essentials on a Shoestring Budget.

4. Use a diversified approach. Whenever possible, remember a single marketing medium should not eat up the entire budget. You should have a marketing mix of public relations and paid advertising. This is necessitated by consumer overload – customers act on messages from a variety of sources. Social media takes a lot of energy, too, but do your best (The Key to Internet Dominance: Think Integration and Key Steps to Make Your Social Media Work).

5. Have a social conscience. Don’t under-estimate the power of cause-related marketing (Cause-Related Marketing Can Increase Sales by Double Digits).

6. Get the right marketing help. Enlist the aid of an objective expert who is focused on getting you an ROI. Use the right mediums, which might not be what your gut-instinct tells you about products, pricing and promotion. Small business owners often make the mistake of spending money in the wrong places, not as investments in where their best prospects are ( Checklist: 19 Quick Marketing Tips for New Entrepreneurs).

7. Keep focused on winning the gold medal. Many small business owners, especially startups, are too-concerned about the competition. Remember, you’re in a marathon race. Don’t look over your shoulder (Hottest Tactics to Beat Your Competitors).

8. Be defensive – protect your turf. Remember how much time and energy it took for you to get your best customers. When faced with a choice – whether to chase new business or to take care of lucrative, repeat customers – remember loyalty is usually rewarded and leads to good word-of-mouth advertising (Invigorate Sales with Customer Retention, Referral Strategies and How to Profit: Word-of-Mouth Advertising, Customer Service).

Stay focused for success. Good luck!

From the Coach’s Corner, here’s How to Win Your Major Marketing Campaign.

Advice for consultants: Consultants – Strategies to Build Trust with Clients and Your Dream is to be a Consultant? Here’s How to Develop Your Vision Plan.

“Business has only two functions – marketing and innovation.”
-Milan Kundera

 

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

25 Best Practices for Better Business Writing

 

If you want to accelerate your career or turbo-charge your business, one of your priorities should be good communication. A lack of writing skills will hold you back in the big leagues.

Good writing is necessary in a myriad of ways, including letters, advertising copy and presentations.

In my experience to avoid the most-common errors, here are 25 tips:

1. Focus on lucidity or clarity. Write so that your readers will understand your intended meaning. Articulate your thoughts so that the average person can understand them.
2. Use an economy of words. Short sentences are best unless you’re writing for academia or the scientific world. Eliminate unnecessary words and repetition. Less is more.
3. Avoid the latest jargon. Write simply. In an effort to impress readers, some writers use the latest buzz words thinking they’ll appear to be more important.
4. It’s best to capsulize your points. When writing letters or reports, start by stating your information in a condensed form so that it summarizes your points in an easy-to-understand way. You should anticipate important reader questions. Like in journalism 101, answer the following: Who? What? When? Where? Why? How? Hint – ask yourself: “What do I want the reader to know?”
5. Professionalism counts. That means avoiding unnecessary enthusiasm or exclamation points. If you’re writing for a job opening, use the salutation, “Dear…” Close your letter or email with “Sincerely” or “Best regards.” Even if you know the person, “Best” or “Regards” will suffice. The rule of thumb: Before you complete your writing project, consider how others will view it, as though it might appear in a newspaper or public-agency record. And remember, the Internet is forever.
6. Use correct grammatical structure. Your sentences should be complete, not fragmented, and contain a subject, verb, and object. A writer who is skilled at diagramming sentences will undoubtedly communicate skillfully.
7. Employ subject-verb agreement. If your subject is singular, your verb is plural (“He wants an agreement”). If your subject is plural, the verb is  singular (“They want an agreement”).
8. Know the right pronouns to use. A pronoun is a word that substitutes for a noun. The most common errors involve the use of “I” vs. “me.” The pronoun “I” is the subject in a sentence (“I want the project”). Me is the object (“Send the project to her and me”).
9. When to use “saw” vs. “seen.” “Saw” is the simple past-tense form of the word, “see.” While “seen” is the past participle of “see.” For example, you want to write “I saw the bird” and “I have seen the bird.” (“Seen” requires a helper verb, such as “has,” “had” or “have.”)
10. Place your periods in a quotation. Insert your period outside the quote. However, journalists, such as the practice in this news portal, place the period inside the quotation.
11. Here’s how to use “that” and “which.” “That” is a restrictive clause and it’s used to explain important information (“We don’t sell trucks; cars are the only vehicles that we market”). “Which” is a nonrestrictive clause, and it introduces supplemental information that isn’t deemed vital (“Our salespeople have a variety of ways to make good commissions, which is important for their incomes”).
12. Correctly use prepositions. A preposition is a word that links nouns, pronouns and phrases. A preposition introduces the object of the preposition. For example, “The plane is on the tarmac.” (“On” is the preposition.) Typical prepositions include above, after, at, by, for,  from, in, into, of, on, over, to, under, up, and with. Remember – don’t end your sentences in prepositions.
13. When to use “who” or “whom.” When in doubt, remember it’s “to whom or for whom something is done.” For example, “She was asked whom will be affected.”
14. How to use “a” vs. “an.” Correct usage depends on the type of words that follow the “a” or “an.” Use “a” when it precedes a noun that starts with a consonant, “He wants a plane,” or a consonant sound, such as “That was a unicycle.” Use “an” before a noun starting with a vowel, “She wants an  elephant,” or a noun with a silent “h”, such as “I want $100 an hour.” When the “h” is pronounced, you can use “an,” including this instance: “He was an hysterical complainer.”
15. Possessives need attention. You add an apostrophe to change your nouns into a possessive form. Here’s how to use a singular possessive: “Did you see the bird’s unique colors?” Plural possessives require that the apostrophe follow the “s” in the noun: “All of the birds’ colors were red.” If there is not a question of possessiveness, then there isn’t an apostrophe.
16. Avoid common mistakes in using “affect” vs. “effect.” “Affect” is a verb and “effect” is a noun. For example, “On a sunny day, the bright sun affects my vision when I try to catch a baseball, and it has an effect on whether I catch it make an out.”
17. Save your copy as successful templates for future prototypes. If you’re successful in writing a good piece – save it –especially, if you sense that you will be writing a similar document for another occasion. You’ll save time, which is money in your wallet. Be sure, though, to substitute the right salutation or other information in the new document.
18. Insert a call for action. Don’t end your writing in a nebulous way. Make it clear what you hope or expect. For example, suggest setting a time or appointment. Give two options for the reader to consider. Ask the reader to choose the preferred option.
19. Focus on correct genders, names and titles. These three are the most-important words to readers. Make a mistake with one of these and you’ve offended the readers. By far, these are the most-important words in their vocabularies.
20. Use courtesy. Be sure to thank the persons for their consideration. Use the term, “please,” whenever you want something. You’ll find that 98 percent of all communications provide an opportunity for one or both of these courtesies. Avoid the trite, dreadful phrase: “Have a nice day.”
21. Prevent buyers’ remorse. Enhance your odds for success by including a “buyers’ remorse” statement. Remind the readers about the benefits you’re proposing, and how pleased or glad they’ll be.
22. Contact information in e-mails. Your signature should include your contact information, for your reader’s convenience to reach you. If you have an idea or product to market, remember convenience is one of the top five reasons for success.
23. Proofread your work. Yes, it’s easy to overlook errors, and it’s important to double check your tone of writing. One trick I use is to read the  information aloud. That makes it easy to prevent embarrassing errors. If you write something while you’re in a bad mood, proofreading becomes even more important. Showing anger is not OK in business.
24. Use your spell check. Misspelled words are not good for your image. As a safeguard, spell check is a good service. NOTE: However, Microsoft Word’s spell check isn’t 100 percent accurate. In many cases, you’ll have to override the software.
25. Confirm whenever possible. When you receive an e-mail document a strategic partner, even unanticipated, don’t leave the person hanging. Respond with a confirmation. It’s considered good manners.

Not intended to be all-encompassing, these 25 tips avoid most of the errors I’ve seen as a business-performance consultant. If you’re not supremely confident in your organization’s writing, consider hiring a qualified freelance writer.

From the Coach’s Corner, best practices in business writing can be learned.

For adhering to the most-commonly accepted standards for journalists, see “The Associated Press Stylebook.”

Here are other resources:

• “The Elements of Style” William Strunk and E.B. White
• “The Chicago Manual of Style”

“I think I did pretty well, considering I started out with nothing but a bunch of blank paper.”

- Steve Martin

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Terry Corbell is a business-performance consultant and profit professional.  Click here to see his management services (many are available online). For a complementary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

5 Best Practices in Thought-Leadership Web Publishing

 

Thought-leadership Web publishers naturally want the most-possible readers and financial success. For many facing the dynamics of marketplace-change, it’s challenging to become a frontrunner on the Internet. Certainly, publishers need to strategize in order to grow their businesses.

That includes these thought-leadership publishing goals — providing the most-relevant content, and staying current in business models.

But how is it possible to achieve such lofty goals?

To the rescue: Thomson Reuters.

The worldwide company with 55,000 employees in more than 100 countries published a white paper for scholarly publications – strategies for permanent process enhancements, and to achieve overall excellence. The company’s document: “Top 5 best practices for advancing your editorial office.”

It seems to me that the white paper is beneficial. The recommended principles apply to micro-publishers and bloggers who publish significant thought-leadership content.

Bear with me. True, much of the white paper’s focus is online peer reviews for scholar-niche publishers. Thomson Reuters maintains that all scholarly publications use similar systems. But premier publications harness the full potential from relationships with their providers. (Disclosure: this business portal uses a video vendor, Grab Networks, which provides frequent news-video updates from Reuters, a subsidiary of Thomson Reuters.)

“There is a significant difference between a software expert and an industry expert,” explained Keith Collier, vice president and general manager at Thomson Reuters. “When it comes to peer review management systems, it’s imperative to select a single vendor to act as both a provider and an advisor – one that can help you identify new ways to gain a competitive advantage instead of simply managing the administrative process.”

My sense is that Mr. Collier is right. Soliciting ideas from authoritative vendors is a productive approach for all thought-leadership sites. It’s called strategic partnering.

Here’s how Thompson Reuters’ five best practices are applicable:

• Be a champion for your authors and reviewers. Salient keys are creating and maintaining affinity with your contributors and vendors. Be loyal to the people who are good to you and your business.
• Tailor your system to fit your unique needs. Decide what features you want. Make certain you use the right tools for speed. Understand expectations of your competitive environment.
• Don’t waste time and money by simply replicating old procedures. Stay current on technology. Use only the most advanced technology that enhances your publication.
• Focus on improving your publication and your editorial strategy, instead of managing a process. Ask yourself these five questions: What new topics are needed? What topics do we need to de-emphasize? Where should we research ideas? How are we faring against competitors? Are we meeting the needs of our site’s users?
• Select a trusted partner, not just a vendor. Make sure the partner is strategic – a person or firm with true industry expertise.

My sense is these best practices will keep you abreast of industry trends, serve as a continuing catalyst for efficiency, and they will enhance your position in the marketplace.

To view the white paper, see: http://scholarone.com/about/industry_insights/

From the Coach’s Corner, here’s another word or two on strategic partnering: Consider it in all aspects of your work.

Candidly, I’ve done it for years in my role as a business-performance consultant and as a publisher here. Even in launching this portal, I sought the input of people I trusted. That even meant seeking input on the eventual branding slogan, “Proven Solutions for Maximum Profits.” The determining factor was the input of strategic consultant Joey Tamer (www.joeytamer.com), who has also been a contributor here.

Good luck in adapting to change. Seek counsel. The old ways don’t always work.

Nostalgia isn’t what it used to be.

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Why Sales-Tax Elections Fail – They Don’t Address 5 Key Voter Perceptions

Case Study: Marketing Tips for the Pierce County Transit Board, Staff and Other Tax-Increase Proponents

 

Feb. 9, 2011

Sure, the economy and voter fatigue with tax increases were factors in the rejection of a proposal for a new sales tax to finance Pierce Transit in Tacoma, Wash. But the major reason is that the campaign failed to address the five value-motivating perceptions of voters.

When the campaign was launched, it appeared to have an advantage because it was backed by a unique coalition of business, labor and the public sector. Proponents only needed to win a simple majority of votes.

The “Save Our Buses” campaign was c0-chaired by Tacoma Mayor Marilyn Strickland. She and her fellow proponents hoped for a sales-tax increase for an extra $30 million in annual revenue. The bus system touted it transported 18 million rides in 2009.

Yes, it did face staunch opposition from a vocal grass-roots group calling itself, “No on Prop 1.” One e-mail reaction to me was a typical complaint: “…with $120,000 a year transit salaries, we’re not paying for bus service but for bloated salaries and unearned pay raises.”

But the opponents faced a seemingly invincible team of opponents – not just the usual unions and public officials.

A published report indicated proponent contributors included the Tacoma-Pierce County Chamber of Commerce and businesses, including Wells Fargo Bank, because they feared employees would not be able to get to work.

The transit agency threatened to lay off about 20 percent of its workforce, slash services by 217,000 hours of service this year and services by 35 percent in 2012. So, they were asking voters to approve a sales tax increase of three-tenths of 1 percent. The agency was already benefiting from a 0.6 percent sales tax.

But like all major marketing campaigns that fail – fear is no longer a motivator, especially in a recession. In my experience, the proponents never adequately addressed the five key value-motivating perceptions of voters.

Consider that 18 percent of registered voters will automatically reject tax increases. Their only motivation is the cost to their pocketbooks. So that’s a given, especially when they’re coping with financial hardships themselves.

On the other hand, that means 82 percent of voters will consider the tax-proposal’s value propositions before they vote. However, proponents fell short in the best-practices of marketing.

If voters have positive feelings about a sales-tax increase, their emotional reasoning will outweigh concerns about their wallets.

Their decision-making depends on their five value-motivating perceptions:

1. What voters think of the vision of the proposal – 52 percent of their reasoning depend on what they perceive about the mission of the proposal and the logic of the people behind the proposed tax increase.
2. Image of the public agency – 15 percent.
3. Quality of Product or Service Utility – 13 percent. Voters subconsciously ask the question – “What will this do for me and the community?”
4. Convenience – 12 percent. “How will such a tax increase be convenient for me?”
5. Cost – 8 percent. So cost is important, but it’s the least concern among the five value-motivating perceptions – if the return on any investment is evaluated as positive in the minds of voters.

From the Coach’s Corner, for more marketing tips, see this site’s dozens of columns in the Marketing/Sales section.

Planning – Need a Game Changer? Ford, Seahawks Are Good Case Studies

 

If your business is performing in a mediocre fashion, chances are your company needs an overhaul. A culture change, if you will. For positive case studies in change-management for a game changer, take your pick – either Ford or the Seattle Seahawks will suffice. Such best-practices in cultural change-management work for nonprofits, too.

Game-changing requires an assertive, strong administrator, especially because all such organizations go through humbling experiences. Strong visionaries know how to profit from ego-destroying events.  Effective managers have been the catalyst for Ford and the Seahawks.

First, let’s consider one of the salient Ford headlines, such as: “Ford Makes Comeback From the Brink to Billion-Dollar Profit.

Actually, Ford’s fortunes began to improve when it looked outside the carmaker for solutions to its challenges. The automaker recruited Alan R. Mulally from Boeing.

The irony is that Mr. Mulally had his own ups and downs, of sorts. He had been bypassed twice by Boeing for the CEO’s job. But he was able to put his full talents to work at Ford. 

Not to oversimplify, Mr. Mulally has notably installed a competitive, sustainable business model. He simplified production processes. Managers, in effect, were told to change their perspective on change. He inspired a positive balance sheet by taking strategic steps on Ford’s cash flow. 

Unlike Chrysler and General Motors, he didn’t seek a government bailout. This meant Ford was able to focus on being proactive, for example, development of new vehicles – cars consumers would buy. Ford would not be hamstrung by bailout cash-flow constraints. Chrysler and GM became beholden to the government – bureaucrats called the shots. Ford didn’t have to resort to discounting and incentives to attract car buyers.

Ford’s brand image skyrocketed as Chrysler and GM suffered from poor images – they were only able to survive with the help of bailouts and bankruptcies.

In other words, Ford’s success was summed up by this headline: “Ford Says Culture Change Has Led to Success.”

Seahawk lessons

So why are the Seahawks a good case study? For starters, let’s consider the headlines, such as: “Seahawks stun defending champion Saints.” There were more than 2,800 such headlines on the Internet referring to the Seahawks upsetting New Orleans, 41-36, in the first round of the National Football League playoffs in the 2010 season.

Just as Ford’s comeback was launched when Ford hired Mr. Mulally, the Seahawk comeback started when owner Paul Allen hired Pete Carroll as head coach. Mr. Allen has a good eye for talent.

Previous, Mr. Allen astutely hired Green Bay Packers Head Coach Mike Holmgren. Among his many accomplishments, Mr. Holmgren won at Green Bay, and he’s credited with the development of quarterbacks Steve Young and Brett Favre.

The management mistake, however, was that Mr. Allen installed Mr. Holmgren as both his executive vice president/general manager and head coach. As a Biz Coach, I wrote then that Mr. Holmgren couldn’t adequately handle executive and coaching responsibilities – a classic case of the Peter Principle – people rise to their level of incompetence. Mr. Holmgren is very talented in coaching and developing quarterbacks, but being an entrepreneurial chief executive requires much-different skill sets.

It’s not just a matter of knowing football. Many businesspeople make the same mistake. They only consider hiring people from their industries without regard for all the necessary skill sets. Mr. Mulally didn’t have automotive experience, but his management and manufacturing skills were transferrable from the aircraft industry. Simplly put, solid business principles are applicable in all industries.

It wasn’t until Mr. Allen removed the executive chores from Mr. Holmgren that the Seahawks finally made it to the Super Bowl in 2005 to play the Pittsburg Steelers. Only bad officiating kept the Seahawks from being world champs.

Meantime, Mr. Holmgren appears to be making the same mistakes. He’s been president of the Cleveland Browns since late 2009. Press reports indicate Mr. Holmgren is searching for a new head coach, and may consider being the team’s coach, too.

Mr. Carroll’s initial 7-9 season was judged to be lackluster, at best. But all was forgotten when his team, a 10-point underdog, upset the New Orleans Saints in the first-round of the playoffs. Most fans consider the game to be one of the biggest playoff upsets of all time.

True, I’m located in the Seattle area, but my Biz Coach sense is that the Seahawks are the most-dangerous team in the playoffs. Why? They continue to evolve and will continue to be under-rated, even though the playoffs are, in reality, a new season.

It’s obvious Mr. Carroll, like Mr. Mulally at Ford, has adroitly installed a change in the team’s culture. With the general manager, John Schneider, Mr. Carroll has overseen 275 roster changes on the 53-man squad.

Despite his sub-.500 2010 record, Mr. Carroll is not embarrassed and motivated his team to great heights. Twice, the Seahawks trailed the Saints by 10 points but didn’t give up and stayed with a resourceful game plan. They put 41 points on the board against a superb defensive team.

Not to overlook everyone’s play, among the highlights: Matt Hasselbeck, a 12-year veteran, had his first four-touchdown playoff game. To ice the game Marshawn Lynch delivered the team’s first 100-yard game this season in breaking eight tackles in his miraculous 67-yard touchdown.  

Much has been written about the cacophony of the Seahawks’ twelfth man – their raucous hometown fans at Qwest Field. But guess who motivated the fans in the week leading to the playoff game?

Mr. Carroll made good use of his Twitter account (or at least his representative did) in inspiring fans to be loud and vocal at the game. His boyish enthusiasm is fun. Mr. Carroll’s attitude is contagious and worth catching.

Such passion begins with enlightened management. That’s what I’d call Messrs. Mullaly and Carroll.

Steps to success

Here are the basic ingredients for a business game-changer:

Management – True leaders are strong, knowledgeable, and manage risks. They oversee all fundamentals but delegate – finance, marketing, operations, product management and customer service. Executives must also have a team spirit – an environment of collaboration.

Vision – Top managers possess skills in analyzing their strengths, weaknesses, opportunities and threats in strategic planning. They avoid complacency and must continually fine-tune the company when appropriate. That means habitually practicing the Principle of Contrary Action, which is a process of learning how to keep an open mind.

Focus – Managers must outline their master plan, stay focused and inspire the staff – the frontline responders to the marketplace – where the proverbial tire meets the road. Nothing great has ever been accomplished without enthusiasm and passion.

Best Practices – Senior management must inspire best practices for quality in all areas. Creating value is job one.

Mobility and flexibility –The 21st century marketplace requires quickness and mobility. This also means empowering all workers in decision-making and in being proactive.

Listening skills – Effective managers are approachable. In a proverbial sense, they walk the floor twice a day to interface with their employees. They hire managers and staff members who, too, are effective in listening skills. That’s the first step for a motivated staff and creating profits. Without even looking at financials, an astute outside participant will always be able to ascertain the success potenial of a company merely by watching the interactions between management and staff.

Communication – Good, open communication is required internally with the team members and with the customers and marketplace. In this way, you’ll take great steps in inspiring loyalty from customers.

From the Coach’s Corner, here are related topics:

Solutions to Rejuvenate Yourself and Business

Leadership, HR, Marketing Lessons from HP’s Executive Turmoil

How to Get Results from Your HR Training Investment

Business Got You Down? Tips for a Morale Boost

Leadership Strategies to Profit from Employee Respect

BP Crisis Management, PR Misfires — a Case Study

 

About every 20 years, there’s a major oil-spill disaster. None has been handled well, PR-wise.

On Jan. 29, 1969, an oil spill involved Union Oil off the coast of Santa Barbara, CA. On March 24, 1989, it was the Exxon Valdez oil spill in Prince William Sound, Alaska. And following an explosion on April 20, 2010, it was the BP oil spill in the Gulf of Mexico.  

Dr. Peter Drucker’s quote, “Arrogance is being proud of ignorance,” obviously was not intended for the most-recent public relations debacle facing BP, but it sure is applicable. The results are a case study for worst-practices in crisis management.

BP inadvertently created a PR situation synonymous with herding cats. It’s had to fight to clear up two quagmires – its oil mess and its tarnished image.

It’s important to understand the need for a comprehensive risk analysis. First impressions demonstrating empathy and competence are vital. It didn’t appear BP was prepared to successfully deal with such a catastrophe. A good old-fashioned SWOT analysis of strengths, weaknesses, opportunities and threats with worst-cases scenarios would have sufficed.

For possible insights into BP’s corporate mindset, a former CEO of Royal Dutch/Shell’s U.S. subsidiary, Shell Oil, has some illuminating realities. In the strategy+business management magazine, CEO John Hofmeister’s article, “Why We Hate the Oil Companies,” explained how some corporate oil CEOs dysfunction. He indicates they earn their reputations for arrogance and blow opportunities to create the right image.

“Retailing fuels is basically a secondary exercise from the oil company’s point of view, a way to get rid of the product it has spent so much time and money producing,” he writes. “This makes the retail side the least valuable part of the business, more often a nuisance than a value creator.”

BP’s “Beyond Petroleum” branding has not helped.

Despite BP’s best efforts, the company was not been front and center of the media. And when it has been in the media, it wasn’t a pretty picture, such as offering $5,000 to potential plaintiffs not to litigate in anticipated lawsuits. Nor has BP been seen as compassionate and aware of their social responsibility. Nor did it appear eager to roll up the proverbial sleeves to work with government to minimize the ecological damage.

In responding to a question about BP’s safety record in an interview with ABC’s George Stephanopoulos, BP CEO Tony Hayward said:

“I think we’ve made enormous strides as a company in the last three or four years with a remorseless focus on safe, reliable operations.  Ah, this wasn’t our accident. This was a drilling rig operated by another company. It was their people, their systems, their processes. We are responsible not for the accident but we are responsible for the oil, dealing with it and cleaning the situation up.”  

However, here are my recommendations:

1. Mr. Hayward should have been mindful of all his operations. In the middle of the disaster recovery efforts soon after his interview on ABC, another negative headline was published: “Washington state fines BP $69K for violations.”
2. Mr. Hayward’s initial comment should have been a strong note of empathy regarding the need for due diligence in safety.

BP’s Web site mentioned a only minimal number of advisories per day with links to Twitter and Facebook are insufficient. Why?

This is a war – a war to save the environment, the livelihoods of families depending on fishing and tourism, and the company’s reputation. Where were the pictures of a hardworking CEO, in oil-stained work gear, directing crews like Gen. George Patton in World War II? Where were images of him conferring in teamwork-style with government representatives?

Furthermore, published revelations in this typical headline, “U.S. exempted BP rig from impact study,” looks terrible for BP and a federal agency. The article indicated BP lobbied for an exemption in order to avoid an environmental impact analysis. The waiver was reportedly rubber-stamped by the Minerals Management Service of the Interior Department.

The Obama Administration also deservedly received criticism for its initial tepid handling of the accident, including this commentary:  “Government scholar Paul Light calls on Secretary Napolitano to step down.”

To minimize the damage, BP should have immediately accomplished five tasks:

1. Issue regular, frequent progress reports
2. Control the pictures (even some on the Web site appeared to be canned or generic)
3. Transparency
4. Display empathy as a concerned corporate entity comprised of authentic people diligently making a good-faith effort to solve the problem
5. Stop lobbying for environmental waivers

To be sure, BP would benefit from proven crisis management tips. Further, the oil company would also benefit by using a best-practices checklist for green branding and marketing.

From the Coach’s Corner, here are 19 Tips to Protect Your Core Assets from a Disaster.

“We made too many wrong mistakes.”
-Yogi Berra 

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

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