What You Need to Know about Business in 2010

December 28, 2009

: Image by nDevilTV via Flickr

In the final week of 2009, we will undoubtedly do a lot of looking back and looking ahead. I wanted to take this final Monday to look ahead and share a few things that I learned from reviewing the 2010-2015 strategic plans of other businesses. Read this information and consider how:

You can apply it in your career to become more valuable in your organization
Your own strategic plans compare
You can leverage it to win new business and serve your market in the coming year

I will not share any confidential or proprietary information, but am simply sharing trends and thought patterns that I noted after reviewing strategic plans from several small to medium sized businesses (SMBs). The companies represent a wide spectrum of industries.

The Economy

Without surprise, the economy of the past several years played a factor in all plans. However, not in ways you may expect. All plans reflected a shift in thinking about business processes, and customer engagement. The paradigm shift is driven in large part by increased competition (fewer established competitors fiercely fighting for market share) and the change in consumer behavior and mindset.

Every single plan drives back to the bottom line of growing / protecting market share and profits. All roads to ROI lead through the customer and in all plans the customer was king.

Customers

Two common words could be found in each plan – “customer relationship.” Businesses are interested in building and sustaining relationships with customers. They are shifting their internal processes to better discover and deliver on their customers’ long-term needs. There is a move from transaction based selling to relationships. In the past, companies sought relationship as a way to boost lifetime customer value. While that remains a benefit, the motivation as presented in these 2010 plans is to have the customer truly believe in the business as a trusted partner.

Each company wanted to be a resource for its customers. Planned investments include technology and training that would support collecting better customer information and managing it to provide information and education that was timely and valuable.

Internal

As companies look to shift their external relationships they also want to improve internal relationships. There is a desire to change internal communication structures with more real time, collaborative communication throughout the organization. Executives and front line managers are expected to communicate with teams more frequently, providing feedback and updates about progress against goals. Technology that addresses these needs will be welcomed.

No Buzzwords

None of the plans contained buzzwords like “behavioral marketing” or “social media” but all described a need for exactly what new media offers. Businesses want to improve how they target, talk to and engage their customers. If you are selling to business customers, you will do well to present the benefits and eliminate the jargon. Don’t talk to them about platforms and methodologies but show them how those things help them to achieve their bottom line goals.

Investments

All plans included increased funding for training, technology and new hires but there was a decided uncertainty about the ability to fund these investments in 2010. There were contingencies that extended plans into later years. This was an area that differed from plans I reviewed in past years. All will make the investments needed to drive their bottom line goals but investments may happen at a slower pace. If you sell to businesses, consider phased approaches that would help them invest and realize a return before moving to the next step.

Marketing

Marketing departments are stretched thin and as always are subject to rule changes in the middle of the game. While vendor budgets have been decreased, and will not increase in 2010, there is room for outsourced help. The majority of the plans stated a renewed focus on holding marketing to budget based goals. Nothing new here but in light of the economy, be prepared to show the executive suite the money when it comes to campaigns and communications. The smart internal or external marketer will tie marketing to customer engagement initiatives with a focus of driving bottom line results.

Summary

Business at its core has not changed. Companies want and need to make money. What has changed is the approach, processes and people that will help them with that longstanding goal. Whether you are an employee, business owner or business provider, understanding this will put you ahead in 2010 and beyond.

What trends are you seeing as we near the new year? How can we all do better and serve better in the coming year?

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Posted by Karen Swim | Filed Under Business and Career | 13 Comments

Merry Christmas!

December 24, 2009

: Image via Wikipedia

Well, the week whizzed by and today is Christmas Eve. Yes, I’m still in denial but did not want to miss the opportunity to wish all of you a very Merry Christmas! I hope that your holiday is filled with love and laughter. If you are taking a break until year end, I wish you much peace and joy and a wonderful new beginning.

I am so blessed this year to have had an opportunity to connect with so many wonderful people online. For each person who has dropped by, subscribed, commented, debated, laughed, tweeted and Facebooked with me – thank you from the bottom of my heart. I treasure your every contribution and appreciate you. I hope that you receive the very best gifts this season of love, peace and joy!

Have a wonderful Christmas!

Posts I loved this week:

Brad Shorr makes merry

Joanna Young let’s it snow

Who is your patient zero?

Santa Master Project Manager

Match(.com) Your Way to a New Job

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Posted by Karen Swim | Filed Under Social Media | 18 Comments

Why You Should Learn to Fight Fair

December 21, 2009

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Counselors often guide people in how to fight fair. It’s an important skill to learn. The rules of the game include not hitting below the belt, which is akin to throwing a deadly dagger of words that sucks the wind out of the other person. Counselors also teach you to move from judging, accusatory statements to “I feel.”

In life and business we often throw out relationship rules particularly when debates get heated. We like to believe that we are making rational arguments with no basis in emotion, but that’s a lie. Like it or not emotion very often plays a large role in our reactions.

For the past couple of weeks I have followed lively discussions around heated issues such as infidelity, policy debate, gender inequality, and revelations of long held secrets. Discussions started out civil but quickly turned passionate and heated. The tipping point was always emotion. When you dismiss what someone “feels” as irrational or unintelligent, the gloves come off and a nice debate becomes a bare knuckles smack down.

Nowhere is this more evident than in matters of ideology. Attacking a belief system is a surefire way to get personal very fast.

The funny thing is people have feelings about everything. Tropicana changed its packaging and ignited an uprising. Change, controversy or negative events, for this reason should be handled with care.

Whether a solo professional or big brand, don’t meet your customers’ emotions with rational arguments that seem to call them stupid. Sometimes, people need to work through what they’re feeling and the hurt, angry and betrayed could soon become your biggest supporters.

Learn to fight fair at home and in life, and you will not have to overcome opposition with force.

Have you ever had a disagreement in business or in your personal life spiral out of control because of emotion? Were you able to rectify it or did itforever change the relationship?

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Posted by Karen Swim | Filed Under Insights | 9 Comments

The 5 Things I Hate About Social Media | Search Engine People Blog

December 14, 2009

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The 5 Things I Hate About Social Media

by Brian Carter | Dec. 14, 2009

This is a rant. But just so you don’t get me wrong here, let me preface this with my qualifications:

I direct Social Media for an interactive marketing agency

I’ve been heavily involved in resulted-oriented Social Media promotions for about two years

I cofounded a Twitter advertising platform

I have more than 30,000 twitter followers, have posted more than 16,000 tweets, and have more than 1,000 Facebook friends

I’ve spoken at several major industry conferences about how to do Social Media marketing better

That said, there are some things bugging me. And I’m not just being grouchy, although I’m certainly capable.

Why am I ranting? Because these are what I value most in online marketing:

ROI

Planning

Analytics

It’s important to me that they’re prioritized in Social Media. But I see a lot of sentiment going other directions.

The 5 Things I Hate About Social Media:

1. “Conversations” Without a Plan

I don’t like hearing social media gurus telling people to go start and engage in conversations. There’s nothing wrong with talking. But talking without a purpose or a goal could be a waste of time

Do my conversations have a hidden agenda? No, it’s not hidden. The goal is to help the client make more money.

I don’t think we should go out and “engage” people without a plan and a goal…. unless you’re doing customer service. Talking to existing customers to create a deeper relationship and increase repeat business is a good idea. But wouldn’t adding to your plan some kind of incentive/offer for the repeat business increase your chances of getting the conversion?

by glitter feet

I’m starting to feel like I’m being too much of a “guy” about Social Media. Is the ROI focus from Mars and Social Media from Venus?

Let’s compare social media marketing to dating; before you get any action, you have to:

Get the girl on a date

Find something in common (or see a movie to create a commonality)

Talk about the commonality over dinner

Ask questions, listen, listen, listen

Make a move at just the right time

Maybe my emphasis on direct response is too one-night-standish? Or maybe some of you are too afraid to ask for a sale… or a date.

That in mind, here are my four steps in the Social Focus Path to Revenue, along with the ROI Focus Path.

Each step in the four part Social Focus Path needs an incentive.

Why should they pay attention?

Why should they friend you?

Why should they respond?

Why should they buy?

Think about it. Plan it. Then do it.

2. Soft Goals and Fudged Measurements

Let’s pick on other advertising employed by people who sell hope instead of results. I’ll grant you that, at our best in search advertising, we’re running tests based on hopeful hypotheses, but those of us who obsess over conversion rates and ROI understand that getting results requires both:

An analytics-empowered framework or platform that enables iterative optimization AND

Strong plans that are thought through the buyer’s entire decision-making journey.

Some advertising pitches collect loads of statistics implying exposure/awareness and that business results are sure to follow. Experienced AdWords advertisers understand that even the best ideas are only about 25% likely to work. Everything should be tested.

Every step in the persuasion process should be planned. We need to keep asking “Why would the prospect do X? Why would they do Y? Are we sure they will do Z?”

by psd

We could make some big mistakes with Social Media:

Tolerate pre-conversion KPI’s

Neglect setting up and improving Social Media analytics

Jump for joy because of a few thousand clicks (when we’d never consider a pay per click campaign a success by the same measurement)

I’ll also grant you: the analytics may not be sufficient, and we don’t have social media marketing down to a science. But that doesn’t mean we should lower our standards.

3. Lack of Forethought

What if you don’t even have a goal for your Social Media activities? Come here and I’ll slap you. Almost no business I can think of has enough money to pay you just gab with people.

ROI is the name of the game. The economy sucks. If someone is entrusting you with thousands of dollars, you should do everything in your planning power to maximize the chances they will get a positive, if not excellent, ROI. If you can’t see that, please get out of the marketing and advertising profession.

by Eneas

Yes, Social Media is cool. Even fun. And companies are spending more and more money on it. Yes, it could pay your salary. But don’t waste the moment, please. Don’t kill the goose that’s laying the golden eggs. Go for the ROI. Then there will be more money where that came from.

It amazes me when people don’t see that getting results is the same as pleasing the client or employer long term, and that means job security for you. Temporarily wowing people only to waste their money on zero-ROI activities is a doomed endeavor. You risk your job and the reputation of social media marketing.

4. Hype Bandwagon Lemmings

I am one of the people who’s been beating the drum for Social Media over the last few years.It wasn’t getting enough attention. But it shouldn’t be given carte blanche either.

I’m disturbed by how many companies want to get into the Social Media game without enough forethought to ensure they’ll get a positive return from it.

“We have to have a website” has turned into “we have to be on Facebook”. Maybe, but a website doesn’t guarantee ROI, and nor does a Facebook page. I suggest you make sure that the main party who wins from Facebook marketing is just not Facebook.

by ClickFlashPhotos / Nicki Varkevisser

We, at Fuel, find that Social Media requires tedious planning, daring creativity, and obsessive execution.

Lack of planning?
If you’re not trying to get anywhere specific, you’ll probably achieve that.

Timid creatively?
We’re all busy, so if you’re boring, you get zero attention.

Poor execution?
You could endanger relationships with existing customers. Social media can hurt you, too. We’ll seen that happen at the hands of other social media agencies.

5. Some Advertisers’s Approach to Social Media

Some marketers have had a tough time adjusting to Search Engine Optimization and Pay Per Click. Semantic relevance, granular marketing, rigid analytics, the overbearing focus on ROI… yuck! These are 90-180 degrees from the culture of previous advertising. Only direct mail people had the mindset to “get” it.

But wait… Social Media, with its fuzzy goals and pre-conversion KPI’s… the fact that social media works better with creative “big idea” campaigns… this seems a lot like the old Radio and TV advertising- but online. Wow, this could be cool!

Yes, it’s a temporary refuge for some to continue to make money in their old mindset, not having to learn granular marketing or to focus on ROI. But it’s bad for businesses who want results.

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Social Media feels like it is a lot of fluff that has been overblown. I don’t care to do it but I have to pay attention to what is happening in the world of SEO.

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Brian calls this a rant but I call it a great post filled with common sense. In my work with companies I can absolutely validate that all the Brian says is true. In truth, these are questions we should all be asking .

Posted via web from Marketing, Musings and More from Karen Swim

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Posted by Karen Swim | Filed Under Insights | 10 Comments

No Chimney Required

December 14, 2009

: Image by creativeFlutter AKA MazerDesign via Flickr

Recently, Chris Brogan shared his business wish list for 2010. He invited readers of the post to do the same. Chris said, “We think about our personal wishes all the time, but why not think about it with regards to our businesses?” I agree.

This list is not new for me. However, the decision to share it publicly forced me into deeper reflection about the items on it.

My Business Wish List

I want to be a published author. Yes, I have lots of published work – books, articles but all ghostwritten. I have loved helping others birth their visions but it’s time to birth my own. More importantly than just being published I want my writing to inspire, inform and/or entertain.
I want to teach, mentor and support servant leaders. I am profoundly passionate about creating leaders who respect their teams and cultivate a culture where success and growth flourish.
I want to improve my blogging and grow my subscribers. I also want this to be a place where readers connect and share with one another.
I want to help more small to medium sized businesses (SMBs) with my knowledge of integrated marketing strategies and business process expertise. This year, some of my best moments were from helping companies to navigate the changing landscape of customer engagement, new media and marketing. I want more of that in 2010.
I want to help professionals get serious about actively managing their career and not simply trusting that “the system” will take them where they want and need to go.
I want to give more business away. I am over the moon when I can influence referrals and help put money in another person’s bank account. In 2010, I want to put giving on steroids.
I have longed to create information products but have not quite found the right path. In 2010, I want to find my calling in this area.
I want to work less. One of my driving forces for creating a business was a desired lifestyle. I wanted to serve others with my talents but also have time to write, and pursue my other interests. It is time to make my dream a reality.

Sharing our wish list aloud creates accountability for turning those wishes into action. It also invites the collective support and wisdom of your community. I value that from all of you and welcome your suggestions. If you decide to post your own wish list, link to Chris’ post but please let me know too. I want to support you in 2010.

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Posted by Karen Swim | Filed Under Business and Career | 14 Comments

Why Pretty Good May Be Really Good for Your Business

December 7, 2009

In a post on Monday Brad Shorr demonstrated how understated marketing is better received than grandiose claims. The example he used was a large sign that advertised Really Good Jerky. You can read his full post here.

As Brad pointed out, had the sign said “World’s Best” it may not have been as memorable, but the simplicity of the message made it more authentic.

For the past several days, I have thought about that post in relation to my own personal brand. I am much more comfortable with describing myself as a “pretty good writer” or “really good marketer.” Ironically, the descriptions that do not make me cringe, defy the rules of writing to kill unnecessary adverbs.

The corporate marketer would be encouraged to use “best in class” or “best in region.” The sales person would simply go for “World’s Greatest!” I have been both but shy away from those trade tendencies when it becomes personal.

Yet, the language that breaks the rules of all the disciplines I’ve worked in is ironically the most comfortable. If it is comfortable for me to use, it will undoubtedly resonate with my “right people.”

In our race to dominate our niche and stake our claim on the mountain, we may revert to language that is robust and powerful. Yet that very language may cause our target audience to mistrust our message and us.

There are however, exceptions. If you have earned the title share it. If you are a bestselling author, or the world’s leading expert on gene therapy, you would be a fool not to use it in your marketing.

If you business provides life saving or mission critical services, “pretty good” won’t cut it. No one wants a fairly good surgeon, a pretty safe airplane or a lab that gets it right most of the time. The nature of your business has a great deal to do with the language you choose to promote it.

For many of us though, really good is more than good enough.

Do you prefer simple claims or the more powerful “best” claims? Does your preference vary depending on what is being advertised?

Thank you so much for reading! Subscribe to keep up with the latest posts and feel free to spread the word!Get free updates via RSS or email.

Posted by Karen Swim | Filed Under Marketing | 16 Comments

Ho, Ho, Help!

December 3, 2009

: Image via Wikipedia

Tis the season to be jolly, but for many the holidays are a time of frenzy and stress.

The good news of the bad economy is that it has brought us face to face with our rampant appetite for excess. We discovered that we had accumulated much more than we could ever need.

Ah, but now the holidays are here and budgeting isn’t so much fun. Jolly tunes are playing and we are assaulted with buying messages everywhere we turn. Our children’s eyes have grown wide with desire and our hearts long to fulfill their wish list. Not to mention the wonderful deals that will allow us to have that shiny new toy of our own at half the price.

Gift giving is a wonderful tradition but when the giving leaves you filled with everything but joy it’s time to reevaluate.

A great way to take back this wonderful time of year is to celebrate the true spirit of the season. Talk to your family and extended family about the traditions you have established. Suggest creating new traditions such as:

Rather than spending money on each other, pool your funds to help a local needy family. You do not have to look far to find a family that would be blessed by bags of groceries, winter coats for their children, or even toys to put under the tree. Make it special by shopping for the family together and then surprising them with your gifts. Your own children will experience the joy of helping others in need, guaranteed to last longer than the temporary high of shiny new gadget.
Support a favorite charity. As we have cut back our own budgets, many charities are struggling with shrinking donations. What may seem a small amount to us can make a huge difference to a charity.
Create a lasting family member. Take an extended family portrait, gather your family stories and make a book, visit a place that is significant to your family.
Ditch the gifts and keep the togetherness. Isn’t that what this time of year is truly about? You can enjoy the warm traditions of faith and family without the stress and added pressures.
Volunteer together. Your service does not have to be limited to the traditional acts of charity. Surprise an elderly neighbor by cleaning up his/her yard. Clean up a vacant lot in an area that can use a morale boost. Be creative and find something meaningful for the whole family.

My warmest remembrances of Hanukkahs and Christmases past have nothing to do with gifts. I bet that is true for most of us. We remember the stories, the laughter, the people who are part of our loving (or humorous) holiday moments. That is the best tradition of all that we can pass on to the next generation.

How about you? Any creative suggestions to celebrate the holidays that alleviate the financial pressures?