Good marketers conduct very thorough analyses when doing market research, product testing, branding perceptions and, of course, forecasting. Big businesses, especially those that are publically traded, spend significant time forecasting sales and measuring results against projections.
And while you may not have a board of directors or âThe Streetâ asking you for a forecast, itâs important for small-business owners and entrepreneurs to also project ahead so that they can plan accordingly.
Now, Iâm not going to share sophisticated forecasting models with you here –Â the true analytics vary by industry and category. But there is a mindset that I want you to adopt that will put you in the habit of continually forecasting for what lies ahead. And like all of our other topics in this series, we will take a look at that through the lens of both the product and the brand.
Forecasting the product (or service)
To manage your business effectively, you should understand the factors that will affect your product sales and plan accordingly. Anticipate their impact and map out a sales forecast that takes them into consideration.
If you are a real estate agent, for example, the kinds of factors that would affect your sales would be issues such as interest rates, changes in rental pricing, availability of new construction and the changing demographics of the area you serve. You should project out your anticipated home sales (and your resulting commission) as a result of these factors and how they may or may not be changing.
Forecasting the brand
Looking at your business forecast through the lens of just the product or service only paints half of the picture. How your customers and potential customers perceive your brand, relative to others in the same market, can have tremendous effect on your sales forecast.
As a real estate agent, your reputation (or your âbrandâ) can have a tremendous effect on not only returning customers but also on new prospects as well. You business will thrive or dive based on your reputation so you should consider all of the things that could enhance or damage it. The reputations of other agents in your market can also affect your forecast, as you compete in the same arena for customer attention. Brand perceptions can be equally as impactful, if not more, on how well your sales progress.
All of this talk is only good if you do something about it by putting this analysis into action. Outline the factors that affect your forecast from both a product and a brand perspective and then develop an action plan for how you will make sure they affect your business positively, factor by factor.
Then, and only then, will you be forecasting for success.
Nonprofits are often perceived as being less businesslike and bottom-line driven than their for-profit counterparts. But in reality, thereâs no better model for learning how to cultivate passionate and loyal âcustomers.â Nonprofits are masters of engagement, often finding creative ways to do more with less. They also know how to spur their constituents to action, grow their support base and maintain those supporters for life.
So, whether your startup sells tacos or technology, your business may have more in common with nonprofits than you realize, how can nonprofits make your business better? Start with these four lessons about marketing your product.
1. Nail the value proposition
Best-in-class nonprofits make sure their donors can easily wrap their heads around where their money is going and what they will get for it. They really understand how to make their message resonate with their audience. Think about how powerful and effective the âfor the price of a cup of coffee, you can feed one childâ value proposition is. It brings us to a place of great perspective, motivates us and, in the simplest and most related way, illustrates the amazing impact one person can make.
Entrepreneurs, on the other hand, have a tendency to get too focused on product specs and features, and their messaging ends up in the weeds. Iâm not saying you should ditch the product-punch list;Â but, instead, add a value element to it. This actually serves two goals. First, it forces you to you to define and promote the three-to-five key value messages that really resonate with customers.
Then, you can audit your own marketing and sales efforts to make sure the messages are being used in every available channel, from the website to sales scripts. By putting solutions in context and highlighting customer-oriented outcomes, entrepreneurs can deliver an equally effective, succinct and clear value to the market.
2. Research your constituents, not just your market.
Budgets are always an issue for nonprofits. Their lack of deep pockets often forces them to be more creative, wily and buttoned up. It also means they canât afford to miss the mark when it comes to understanding their audiences.
Market research is just as important for nonprofits as for any other business –Â itâs the best way to understand what motivates their constituents, what needs they should serve and how theyâre doing. Even large nonprofits such as United Way regularly check in to see which causes are most important to donors and volunteers, so they can market accordingly. Some of the organizationâs recent research, for example, revealed that education is a top philanthropic priority for women, and guided them toward partnerships with local schools.
Even if youâre a budget-starved business, you can borrow a lesson from lean nonprofits by pairing free or low-cost quantitative tools such as Survey Monkey or Google Consumer Surveys with high-quality analysis or qualitative follow-up.
You can also form a customer advisory panel and solicit members’ research. Just donât forego research altogether because best guesses can quickly lead you down a costly wrong path.
3. Use emotion to tell your story.
Nonprofits are renowned for humanizing stories and using emotive messaging and language to reach their constituents. The people, cause or issue takes center stage, and the organization follows. These organizations also never let you forget that there are people involved.
They keep their beneficiaries and benefactors out in front, making personal, memorable connections and invite individuals to share their own stories and images as a part of their campaigns. For example, the American Heart Association and American Stroke Association ask users to share their reasons âto live a healthier, longer lifeâ by tagging social posts with #LifeIsWhy.
Even if your product or service doesnât feel inherently emotional, embrace emotion as a marketing asset. Think about why you got into business in the first place, or why your first customer signed on. Maybe you are passionate about solving a problem no one in your industry had addressed, or your company found an unprecedented way to serve customers.
Stop talking about features and benefits, and message around the relatable emotion behind the problem, cost or pain that your solution addresses.
Then, start making and celebrating those emotional connections. Infuse human elements into your reporting and sales strategy. Take your buyer personas and case studies to a new level by centering on the âwhyâ behind their motivations, inspirations and actions. Nonprofits nail this strategy, but so do several well known corporate brands that operate in the most mundane of categories, including UPS and Salesforce.
4. Create a clear and compelling call to action.
While nonprofit branding initiatives do exist, when they put energy into promoting their cause, you can expect a clear and timely âask.â Every entrepreneur should have clear-cut calls to action for each target audience and make sure the entire company is trained on them.
Startups operating in emerging spaces, in particular, canât rely on prospects to know what to do next, how to engage or even what to buy. They also canât rely on the power of their brand to sell for them. They need to put forth a call to action that convinces prospects to take some type of immediate action.
How to get there? Sit down with your internal team and map out the actions you want your key audiences to take and the optimal touch-points to drive responses. Depending on the complexity of your solution, there may be more than one desired response, or even a series of outcomes that ultimately generate results for your brand.
The Red Cross engages both the donor and the recipient, pairing prominently placed calls to action such as âDonate Fundsâ and âDonate Bloodâ with other activities, such as training and âGet Assistance.â Use split tests to determine which call to action for your product or service is most effective.
Nonprofits and startups share many traits, including a need to creatively and efficiently market to maintain lifetime customer loyalty. Is your company implementing any practices born in the nonprofit world that should be added to this list?
Entrepreneurs typically operate with lean budgets and aggressive goals. So they should never pass up an opportunity to educate, build awareness or provide an offer to a potential customer. Sales should always be “up front and center.”
Knowing this, my clients are always looking for creative ways to capture the attention of customers but not come across as aggressive. While they appreciate the old model of âpush marketingâ (selling, engaging in repetitive advertising and repeatedly calling customers), their focus today is more on âpull marketing.â This entails positioning and reputation building (branding) in order to put businesses in front of customers when they are ready to buy.
Here are nine overlooked ways to market your business:
1. Luggage tags and backpacks
A colleague of mine always appears at business events toting an attractive and functional backpack. Emblazoned on the front pouch is her company logo and tagline. And the strategy works: She tells me she is often stopped by people in airports or office buildings asking what her company does.
So Iâve started doing the same: attaching branded luggage tags to my purse and carry-on luggage. People ask me what the tagline means and where I work. Free advertising!
2. iPad, laptop “skin”Â
As someone who regularly gives speeches, I often use my laptop and iPad to house my presentation. Early on IÂ noticed that the back of my laptop, which faces the audience, advertises âAppleâ instead of “LIDA360.” So I ordered a custom LIDA360Â laptop âskinâ that does the advertising for me — while Iâm speaking!
I also put a skin on my iPad and cell phone, lest anyone miss a chance to know what I do. Because of this, people on airplanes and in airports have asked me about my business. What a great conversation starter!
3. Desktop screen
When setting up my speaking presentation, I’m often on my laptop in front of a crowded room. Instead of my desktop screen showing a photo of my kids on vacation or my adorable golden retrievers, I have posted there the cover of my latest book, with a caption. This is what the audience sees as I launch or close my presentation.
Sites like Facebook, Twitter and YouTube offer a lot of space to say who you are and what you do. Even if you use these social platforms for personal use only, why miss the opportunity to remind your friends and family what you offer? On your profile headers, add photos of you at work, your company logo or your recent book jacket, instead of a photo of your dog or a pretty sunset.
6. Social events
Getting out of your comfort zone sometimes means getting out of your current networking circles. Attending high-profile events where media and decision-makers are mingling can earn you free publicity and build your profile as someone who is involved in notable areas of influence.
7. Giveaways on social media
Social media offers the opportunity to share information and resources and also sell your services or product. Instead of traditional coupon or sales campaigns, consider giveaways. Yes, free stuff! Offer your product or service for free (for a limited time) to generate awareness. And create a separate landing page or phone number to track the direct response from this campaign. Then repeat as necessary, to keep the momentum going.
8. Online reviews
Every review a customer or visitor to your store leaves should be responded to, not just the negative ones. Responding to positive reviews with genuine appreciation shows you are paying attention to your customers. Responding to negative reviews shows that you care and feel bad for letting a customer down. Donât use your response as an opportunity to sell; just respond to reinforce your companyâs values. This is great marketing!
9. Video
The use of video is growing every minute. In a recent research study, Invodo found that almost 75 percent of current online traffic will come from video within the next two years. This means that traditional forms of marketing, such as direct mail and email marketing, will need to focus on video to grab the attention of users online.
YouTube hosts videos that have high-production quality and videos that look self-made. With good reason: Companies that are successfully using video to showcase their teams at work and play, highlight product demonstration or give virtual tours of their offices are seeing a high ROI.
High-quality videos certainly have a home on YouTube, but so do the organic âreal worldâ videos that cost a lot less and pack a lot of punch.
In sum, the mantra for all sales used to say, “Always Be Selling.” But, today, savvy businesses focus on reputation management, positioning and marketing to get in front of potential buyers. Along with clever uses of their logos.
From 2011 to 2013, I read 197 books. I read about history, physics, science, health, world travel, space exploration, the ocean, fitness and mathematics. I read bestsellers, classics and unknown authors. However, the underlying foundation of my reading was rooted in startups and entrepreneurship (not simply because I build startups, but because I have a sincere passion for it).
Here are 11 books I recommend for all first-time entrepreneurs (and really any entrepreneur for that matter), not in any order.
1. The Lean Startup by Eric Ries
This book is still a must read, even though the Lean Startup movement is not as radiant as it was from 2011 to 2013. Based in principles taught by Steve Blank inFour Steps to the Epiphany, Ries provides any entrepreneur (or intrapreneur) the framework and practical science behind testing ideas.
The whole premise of the book is to view startups as science experiments, by testing and analyzing everything you do, to help you save money and time to ensure your idea has some sort of demand. Read it if you haven’t.
Jason Fried is a diabolical genius. In my mind, he’s like this mad scientist that sits up in a tower overlooking the world, and watches as the world does everything wrong, while he sits back and plays a game of chess. He’s the godfather of going against the grain and disrupting the status quo.
This book will help you unravel the societal norms engrained into us at an early age, and uplift you to become better entrepreneurs by thinking outside the box.
3. The Tipping Point by Malcolm Gladwell
In The Tipping Point, Malcolm Gladwell attempts to uncover the “mysterious sociological behaviors” that shape everyday life. Gladwell explains a tipping point as “the moment of critical mass, the threshold, the boiling point,” and says “ideas and products and messages and behaviors spread like viruses do.”
He gives historical examples and substantiates his theories with facts, while breaking down his examples through invisible forces that only a world-renown sociologist can. He explains the reason that hush puppies became so popular in the mid 1990s and the reason behind steep decline in New York City’s crime rate after 1990.
To simply learn about how these invisible forces can create unintended results helped me to be more conscious about life and business. All of Gladwell’s books encourage me to think deeply, and empower me to see the world through a different lens, which results in new perspective. These new perspectives help me view my own entrepreneurial journey differently, which I greatly value.
4. The Innovator’s Dilemma by Clayton Christensen
Disruption. We’ve all heard the term. Christensen was the one who brought it to life.
Here’s the synopsis: “First published in 1997, Christensen’s book suggests that successful companies can put too much emphasis on customers’ current needs, and fail to adopt new technology or business models that will meet their customers’ unstated or future needs. He argues that such companies will eventually fall behind. Christensen calls the anticipation of future needs ‘disruptive innovation,’ and gives examples involving the personal computer industry, milkshakes, and steel minimills.”
Pairing this book with The Lean Startup helped me realize how important testing and validating assumptions is for not just startups, but for established companies as well. The innovator’s “dilemma” comes from the concept that companies will dismiss new market innovation based on the fact that customers do not currently use them, which then leaves the market ripe for disruption. Clayton gives historical examples that makes the concept easily digestible and helps drive home the lessons.
5. Crossing the Chasm by Geoffery A. Moore
Immediately after reading this book I thought I understood everything about building a company. This book teaches you why you may have had early “traction,” but how and why that traction does not guarantee mass market success. He does this by breaking down early adoption cycles, and shows the difference in your product lifecycle.
The chasm he refers to is between early adopters and the mass market. Simply looking at the cover will help you understand the concept. This book helped me understand the hockey stick curve growth model and other vital startup lessons. If you read the Lean Startup beforehand, Moore’s lessons will help you understand “product-market fit” as Ries discusses so frequently in his book.
6. Launch! by Scott Duffy
This book acts as a practical manual for breathing life into your idea. Duffy walks through examples and entertaining stories along the way, as well as provides a basic framework to follow through his years of business (which includes selling his last company to Richard Branson and the Virgin Group). Entertaining and useful, this book lives up to its allure, and displays the value and expertise of Duffy as a businessman, mentor and human.
7. Hackers & Painters: Big Ideas From the Computer Age by Paul Graham
Paul Graham is the man behind Y Combinator, the Harvard of tech accelerators, and Graham has an uncanny ability to see into the future. This book gives a glimpse into Paul’s unique thinking and draws on historical examples. He takes us on a journey of what he calls “an intellectual Wild West,” where anyone with an idea can take a shot.
8. The 7 Habits of Highly Effective People by Steven Covey
This book is highly effective for helping anyone to prioritize and stay organized and on task. My big takeaway from this book was the Urgent/Important prioritization matrix. As entrepreneurs, being able to intelligently prioritize becomes a vital skill. You can learn this skill and many more through Covey’s classic.
9. The 4-Hour Work Week by Tim Ferriss
The 4-Hour Work Week has become an instant classic for any entrepreneur. Tim Ferriss treats his life as a big experiment. In this book, he teaches us how to live the life we want now, through real world case studies and practical examples. He explains that the “New Rich” figure out how to outsource, delegate and eliminate half of your work and other cool life/work hacks.
10. The 50th Law by Robert Greene and 50 Cent
Robert Greene is the man behind the 33 Strategies of War, The 48 Laws of Powerand other classics. Teaming up with 50 Cent, they have written the manuscript for business and life success, which can be summed up as one mantra: “Fear nothing.” The book walks us through real life examples of 50 Cent’s life, and how he overcame personal and business adversity. It provides a message of hope and encouragement.
Bonus: Moonwalking with Einstein: The Art & Science of Remembering Everything by Joshua Foer
This is not a business book. However, it’s one of my favorites that I’ve read in the past five years. Joshua Foer is a journalist who started covering memory competitions. He got so enthralled by his work, that he took on the challenge of becoming a memory athlete himself.
Filled with rich journalism, he provides us deep insight into the tricks and strategies used by these “mental athletes,” while he walks us through his personal journey of preparation for the United States Memory Championship. The book is riveting and entertaining beyond belief, and as Foer says, “in every way that matters, we are the sum of our memories.”
Tweet at me or comment below with your book recommendations. I’d love to hear them.
When I am immersed in the creative process, I wade through cycles of emotion evoked by the process.The first part of the cycle usually involves these elements: a new idea, rapid movement and excitement. A promising idea arrives swathed in excitement. The untapped potential at the outset of a project is exhilarating: There are unknown adventures, endless learning opportunities and perhaps the prospect of profit.
When I’m hatching a new idea, I work quickly. At the development stage, projects don’t usually require the depth of thought mandated for later decisions. Beginnings entail a lot of rough sketching and developing of big-picture ideas rather than fine-tuning small (but important) details.Coming up with the big-picture ideas is the best part of a new project because they’re, well, big.Such concepts are driven by creativity and unconstrained by red tape or the need to “draw inside the lines.” The initial stages of putting an idea into motion leave me energized and exhilaration. I’m confident that I’ve struck gold. Nothing will keep me from succeeding.
Then comes the middle stage — full of details, slow movement and doubts.This is the part of the cycle that wears on me. Hashing out details, waiting for responses and managing the complexities of bringing a big-picture idea to life can be a slow and draining process. I find my mindset often shifts during this second stage — and not for the better.I would also venture to guess I’m not alone.The honeymoon phase is over. This is the time when entrepreneurs are forced to navigate being married to their grand idea. This stage requires negotiating and compromise — learning where they are willing to bend and where they must stand their ground.This stage requires navigating the realities of finances: how much to spend versus what to reserve and the trade-offs in the budget. Attention must be paid to details that are not glamorous or exciting but totally necessary. And it requires patience.Somewhere, in today’s “push for pizza” society, people have lost patience. They expect progress yesterday. When results don’t arrive at the tap of a button, people begin to doubt their ideas, and worst of all, theirselves. They play the most unkind thoughts on repeat in their heads, simultaneously crushing their ideas and self-esteem. And then they must pick up the pieces.Entrepreneurs can, however, use feelings of doubt to their advantage so they can ultimately overcome them. To do so, consider the following:
1. Determine the source of the doubt.
Are you feeling as though you’re not making enough progress? Did someone offer advice that was less than encouraging?Are you unhappy with a work sample created or the initial production run results?When you narrow down the source of a doubt, you isolate the key concern and can set aside unrelated and insignificant insecurities that snowball from it.Doubt spawns more doubt: It’s a domino effect, so the only solution is to stop the collapse of the tiles before they fall. Find the source of a doubt, isolate it and address it. Focus on one concern at a time.Related:The ‘Aha!’ Moments of Famous Inventors (Infographic)
2. Welcome breakthroughs.
In excess, doubt can be debilitating.But a healthy amount of doubt can keep entrepreneurs from becoming complacent. It forces them to examine and analyze the status quo. It lets them decide if they are making the right expenditures and using the most qualified team, efficient processes and the best materials.Doubt, when taken apart constructively, can lead to unforeseen breakthroughs because it arises from the concern that perhaps there’s a better way.When you isolate and analyze your doubts, you might find simpler, better or more effective solutions to the questions your company is trying to answer.When you carefully analyze the situation causing concern, you might find that your approach offers the best possible solution and thoughts to the contrary are merely impatience or insecurities. Either way, doubt keeps you on your toes.
3. Prove insecurities wrong.
In a society obsessed with push notifications and 140-character Twitter limits, people are accustomed to processes that are short, quick and convenient. If I have to tap more than three buttons on an app to arrive at a desired destination, I become antsy.Entrepreneurs are forced to develop a counterculture mentality. I find this is especially true for young entrepreneurs who have to fight the urge to turn their back on something just because they are unable to immediately push toward progress.Just because success is not instantaneous does not mean it’s unattainable. Anyone who has faced an obstacle can attest to the satisfaction of overcoming it.Don’t settle for easy: Strive to accomplish what’s hard. Any challenge is an opportunity to learn, grow and prove to yourself the potential you hold.
Entrepreneur and Marketer, Co-founder of Web Profits
February 23, 2015
It’s no secret that startups often fall into the trap of spending money on things that aren’t that important — it’s just one of the many mistakes that entrepreneurs can make.
However, the fact that some expenses are unnecessary doesn’t mean that you need to be a cheapskate whenever you encounter a potential cost. In fact, some expenses are absolutely necessary, and as an entrepreneur, it’s essential that you know the difference.
Here’s a list of 10 things that you absolutely must spend money on, followed by 10 things you definitely shouldn’t:
10 essential expenses
1. A business plan. There’s a lot of controversy regarding business plans, but in my opinion, knowing where you’re going and how you’re going to get there isn’t optional in business.
2. Market research. Never spend money on production before you know that you have customers ready to buy. Knowing what your market needs and how you can meet that need is essential for success.
3. A CFO or accountant. A good CFO or accountant can save you more money than you’ll spend on him or her by holding you accountable for spending and helping you plan your investments and understand your return on investment.
4. Buying lunch for those more important than you. An awesome life lesson from the richest man in Asia, this tip is all about networking. The cost of a single lunch is worth far more.
5. Legal advice. While unnecessary services cost you money you can’t afford, nearly all startup entrepreneurs require some level of legal advice. Whether it’s basic incorporation paperwork or understanding liability issues, pay for good advice from the start so that you aren’t stuck with the big bills of legal settlements later on.
6. Tax professionals. Doing your own taxes wastes countless hours that could be better spent on your business. Hire a tax professional, get the advice you need, and rest easy in April.
7. Customer service. It’s been said that sales without service is like putting money into a pocket with a hole in it. Customer service is an extremely profitable portion of your company, and it pays to invest in it.
8. Marketing and branding. Again, this business need can be done well and it can be done poorly. Don’t waste money unnecessarily, but do spend wisely on targeted, measurable campaigns.
9. Outsourced PR. This one is controversial as well, but keep in mind that I’m advocating tailored spending on measurable results. Your time as a founder is too valuable to spend on activities that others can handle for you in a profitable way.
10. Technical support. As a rule, the hours you’d spend doing your own website and server maintenance would be far better spent serving your customers. Hire technical support and put your time to better use elsewhere.
1. Expensive subscription-based services. Many times, project management software and other subscriptions have cheaper or free alternatives. Use them until you’re sure you need the features only a paid solution can provide.
2. Expensive clothes. Don’t let your ego put you out of business. It’s important to look professional, but you can do so fairly cheaply if you’re smart about how you shop.
3. A fancy office. Everyone wants a plush office, but the expenses involved in creating this business oasis can add up quickly. Focus on your business’s success first — the office can wait.
4. Expensive equipment. Like anybody, you may want to buy the latest and greatest technology, but that doesn’t mean it’s a useful business expense. Purchase only what you truly need, and do so as economically as possible.
5. Staffing before you’re ready. It’s fun to be an employer and to watch your startup grow, but if your business isn’t ready, you’re just wasting money. Outsource first, and only bring on employees if it makes financial sense to do so.
6. Extravagant business parties or trips. Again, these expenses may be fun, but they’re not wise. This kind of spending in a young company isn’t a sign of success — it’s a sign of wastefulness.
7. Non-measurable outreach efforts. Whether it’s PR, marketing or branding, if you can’t measure the results of your efforts, you shouldn’t spend the money. When money is tight, start by focusing your spending on things you know can build your business.
8. Buying followers, email marketing lists or other “customers.” Not only is this usually a scam, it’s not a great way to get customers. It may look good to say you have thousands of followers, but if they’re fake, you’re never going to see a return on that cost.
9. Expensive shipping or printing costs. While having a logo and some inexpensive business cards makes sense, there’s no reason for young companies to spend money on major printing or shipping expenses. Focus on meeting your customer needs first, and fancy stationery later.
10. Spending money before you’re sure you’ll make money. Unless you have some extremely generous investors in your back pocket, be especially cautious about spending significant amounts of money before you’re making enough to cover it. Just as individuals should live within their means, so should your business.
Every business is unique and will have different needs at different times, which is why having someone who will hold you accountable can be very helpful when it comes to making smart decisions. When you spend money on the things that are truly important, you position your business well for long-term success.
What do you think are the best and worst expenses for startups? Share your thoughts in the comments section below!
There are no digital experts. The pace of technological change is too fast. Everyone is an explorer. The best practitioners just spend more time doing it than you. If you want to stay ahead, you need to understand the possibilities.
To do that, make digital exploration part of your lifestyle. When you hear about a new site, app, service, company, look it up. You don’t need to learn to code, but engage in the online and tech universe and actively educate yourself.
2. Get on Twitter and Instagram.
Sign up. Follow on Twitter and Instagram your colleagues, other chief marketing officers, brands, personalities and news and sports outlets that interest you.
Don’t act like a corporation. Be yourself. Try to create a few posts or updates a day. Experiment.
Share things that you’re proud of or whatever grabs your attention. Comment. Ask questions. Respond.
Once you’re comfortable, try out other social-media networks. You don’t need thousands of followers. You just want to learn best practices and formulate opinions.
3. Download apps. Buy gadgets.
Find your inner app geek. Replace as many life tasks as you can with digital services. Purchase gadgets and download apps even if you don’t know what they are exactly at first.
Some of my favorite apps to use include Uber for rides, Zite for news, Postmates for delivery, FitStar for workouts and Dark Sky for weather.
And don’t forget to avail yourself of the connected gadgets. Do some weekend drone flying, make GoPro movies and buy some wearable tech.
Document your learnings. You’ll spot trends and become smarter.
You’re not just competing with other companies. You’re competing to keep up with culture.
BuzzFeed and Vice and other video outlets are creating a lot of it these days. BuzzFeed has more than 74 million unique visitors and routinely scores more than 1 million views a video.
Spend as much time as you can on popular YouTube channels like BuzzFeed and Vice. Follow the feeds of popular video creators.
There’s an art and science to creating shareable digital video content. Familiarize yourself with it. Everything you make should be designed so it could be shared online.
5. Hang out with proven innovators.
Many professionals talk to themselves too much, forgetting that the best ideas result from divergent thinking. Over the last seven years, I have tried to exit my comfort zone by spending one-on-one time with proven innovators outside the advertising and marketing field.
I’ve met with venture capitalists, engineers, founders and notable technology thinkers. I take an annual ski trip organized by Path founder Dave Morin called The Lodge with a group of tech innovators to expose myself to new and unexpected thinking.
Most of these different types of people whom you will reach out to will want to have a relationship with you. Invite them over, have them speak to your company and take dine with them at events like SXSW, CES, TED or Cannes.
Also participate in labs run by Google, Facebook, Tumblr and Twitter and meet with the engineers not just the salespeople. You’ll learn a lot more from the makers than the sellers.
6. Hire Internet kids.
Training will help, but it won’t be enough. The digital landscape is too complex and fast moving. And this is an age of specialization. If you want to do breakthrough marketing, surround yourself with young digital specialists who are obsessed with Internet culture and technology, the type of people who explore the digital world for fun, not just work.
Put them in key and empowered roles and task them with evaluating ideas, identifying the right partners, developing digital, mobile and social media strategies and keeping your company digitally literate.
Find the Gen Y people who know how to win on the Internet.
The next generation of brands that history will remember will be digital at their core. Stay close to the talent inventing it. Hire young, digital folks and people smarter than you.
7. Remember what you bring to the table.
Digital natives instinctively understand what works on the Internet. But remember you’re a marketing chief for a reason — not because you can fly drones, build robots and write code.
You understand business, culture and brands and have the skills and experience to lead people and large organizations. You have vision — something everyone needs but few possess. The secret to your longevity is maintaining curiosity, keeping an open mind and giving smart young people plenty of runway. Don’t tell them what to do. Show them where to go. That way everybody wins.
I co-founded my business with an amazing business-partner-in-crime. We have complementary skills, a shared vision and enjoy spending time together. She made starting our business more meaningful, more successful and infinitely more fun.
It wasnât a huge surprise to me when I learned that the Partnership Dissolution Agreement is one of the most popular forms downloaded on LegalZoom. But it doesnât have to be your fate. Whether you have a business partner now, or plan to onboard one in the future, itâs important to treat them like a spouse to ensure a long, successful relationship.
I often joked that my business partner was my first âhusband.â In fact, when I met my real husband, I remember introducing him to my co-founder and thought âShe better like him or this is going to be trouble!â In order to build a strong and successful partnership, itâs important to implement a few strategies right off the bat:
1. Communicate, communicate, communicate.
Just like marriages, partnerships can fail. A lot. And just like marriages, it often comes down to one thing: communication. I credit my 10-year business partnership with our early commitment to communicate, sometimes even to excess.
Small businesses are like a family. Everyone knows everything about everyone. Just like a marriage, sometimes it felt easier to just sprint out the door. I never did, and neither did she. We talked, cried, fought and laughed, but through it all, we communicated openly and honestly. Looking back, itâs what kept us together through all of the ups and downs of running the business. It is one of the reasons we are still close.
Pre-nups are standard for many marriages these days. Well, launching a business isnât much different from launching a marriage. You are just about as financially tied in either situation.
In the business pre-nup, lay it all out there on the table. Define your roles. Discuss everything from whether itâs acceptable to have another job to how much vacation time you will take. Talk about what happens if one of you wants to leave the business or worst case, dies. Discuss it when the emotion is absent. This will make the communication piece much easier when things do come up. Things always do.
Just like any good marriage, enjoy a night out! You are choosing your partner for many reasons, I really hope one of which is that you enjoy spending a lot of time with that person, because you will be spending a lot of time with them. So, get out and have fun together.
My business partner and I both love going to spas, so we started to do that regularly together (when we could afford to, of course). Often, thatâs where we would have our most strategic or creative discussions. It was a nice way to chill out and let the guards down.
Just like a marriage, sometimes the most difficult conversations are best done outside the office. I always liked going on a walk. That way you are walking in the same direction instead of staring each other down. It made the conversation a bit easier.
Partnerships can be hugely successful, even for small businesses. With partners, sometimes one plus one equals three! The key is to communicate with honesty and transparency. Remember that, just like a marriage, partnerships need to be nourished and cared for to succeed. As Helen Keller said, âAlone we can do so little. Together we can do so much.â Iâm cheering for you!
I co-founded my business with an amazing business-partner-in-crime. We have complementary skills, a shared vision and enjoy spending time together. She made starting our business more meaningful, more successful and infinitely more fun.
It wasn’t a huge surprise to me when I learned that the Partnership Dissolution Agreement is one of the most popular forms downloaded on LegalZoom. But it doesn’t have to be your fate. Whether you have a business partner now, or plan to onboard one in the future, it’s important to treat them like a spouse to ensure a long, successful relationship.
I often joked that my business partner was my first “husband.” In fact, when I met my real husband, I remember introducing him to my co-founder and thought “She better like him or this is going to be trouble!” In order to build a strong and successful partnership, it’s important to implement a few strategies right off the bat:
1. Communicate, communicate, communicate.
Just like marriages, partnerships can fail. A lot. And just like marriages, it often comes down to one thing: communication. I credit my 10-year business partnership with our early commitment to communicate, sometimes even to excess.
Small businesses are like a family. Everyone knows everything about everyone. Just like a marriage, sometimes it felt easier to just sprint out the door. I never did, and neither did she. We talked, cried, fought and laughed, but through it all, we communicated openly and honestly. Looking back, it’s what kept us together through all of the ups and downs of running the business. It is one of the reasons we are still close.
Pre-nups are standard for many marriages these days. Well, launching a business isn’t much different from launching a marriage. You are just about as financially tied in either situation.
In the business pre-nup, lay it all out there on the table. Define your roles. Discuss everything from whether it’s acceptable to have another job to how much vacation time you will take. Talk about what happens if one of you wants to leave the business or worst case, dies. Discuss it when the emotion is absent. This will make the communication piece much easier when things do come up. Things always do.
Just like any good marriage, enjoy a night out! You are choosing your partner for many reasons, I really hope one of which is that you enjoy spending a lot of time with that person, because you will be spending a lot of time with them. So, get out and have fun together.
My business partner and I both love going to spas, so we started to do that regularly together (when we could afford to, of course). Often, that’s where we would have our most strategic or creative discussions. It was a nice way to chill out and let the guards down.
Just like a marriage, sometimes the most difficult conversations are best done outside the office. I always liked going on a walk. That way you are walking in the same direction instead of staring each other down. It made the conversation a bit easier.
Partnerships can be hugely successful, even for small businesses. With partners, sometimes one plus one equals three! The key is to communicate with honesty and transparency. Remember that, just like a marriage, partnerships need to be nourished and cared for to succeed. As Helen Keller said, “Alone we can do so little. Together we can do so much.” I’m cheering for you!
There are no digital experts. The pace of technological change is too fast. Everyone is an explorer. The best practitioners just spend more time doing it than you. If you want to stay ahead, you need to understand the possibilities.
To do that, make digital exploration part of your lifestyle. When you hear about a new site, app, service, company, look it up. You don’t need to learn to code, but engage in the online and tech universe and actively educate yourself.
2. Get on Twitter and Instagram.
Sign up. Follow on Twitter and Instagram your colleagues, other chief marketing officers, brands, personalities and news and sports outlets that interest you.
Donât act like a corporation. Be yourself. Try to create a few posts or updates a day. Experiment.
Share things that you’re proud of or whatever grabs your attention. Comment. Ask questions. Respond.
Once you’re comfortable, try out other social-media networks. You donât need thousands of followers. You just want to learn best practices and formulate opinions.
3. Download apps. Buy gadgets.
Find your inner app geek. Replace as many life tasks as you can with digital services. Purchase gadgets and download apps even if you don’t know what they are exactly at first.
Some of my favorite apps to use include Uber for rides, Zite for news, Postmates for delivery, FitStar for workouts and Dark Sky for weather.
And donât forget to avail yourself of the connected gadgets. Do some weekend drone flying, make GoPro movies and buy some wearable tech.
Document your learnings. You’ll spot trends and become smarter.
Youâre not just competing with other companies. Youâre competing to keep up with culture.
BuzzFeed and Vice and other video outlets are creating a lot of it these days. BuzzFeed has more than 74 million unique visitors and routinely scores more than 1 million views a video.
Spend as much time as you can on popular YouTube channels like BuzzFeed and Vice. Follow the feeds of popular video creators.
Thereâs an art and science to creating shareable digital video content. Familiarize yourself with it. Everything you make should be designed so it could be shared online.
5. Hang out with proven innovators.
Many professionals talk to themselves too much, forgetting that the best ideas result from divergent thinking. Over the last seven years, I have tried to exit my comfort zone by spending one-on-one time with proven innovators outside the advertising and marketing field.
Iâve met with venture capitalists, engineers, founders and notable technology thinkers. I take an annual ski trip organized by Path founder Dave Morin called The Lodge with a group of tech innovators to expose myself to new and unexpected thinking.
Most of these different types of people whom you will reach out to will want to have a relationship with you. Invite them over, have them speak to your company and take dine with them at events like SXSW, CES, TED or Cannes.
Also participate in labs run by Google, Facebook, Tumblr and Twitter and meet with the engineers not just the salespeople. Youâll learn a lot more from the makers than the sellers.
6. Hire Internet kids.
Training will help, but it wonât be enough. The digital landscape is too complex and fast moving. And this is an age of specialization. If you want to do breakthrough marketing, surround yourself with young digital specialists who are obsessed with Internet culture and technology, the type of people who explore the digital world for fun, not just work.
Put them in key and empowered roles and task them with evaluating ideas, identifying the right partners, developing digital, mobile and social media strategies and keeping your company digitally literate.
Find the Gen Y people who know how to win on the Internet.
The next generation of brands that history will remember will be digital at their core. Stay close to the talent inventing it. Hire young, digital folks and people smarter than you.
7. Remember what you bring to the table.
Digital natives instinctively understand what works on the Internet. But remember you’re a marketing chief for a reason – not because you can fly drones, build robots and write code.
You understand business, culture and brands and have the skills and experience to lead people and large organizations. You have vision — something everyone needs but few possess. The secret to your longevity is maintaining curiosity, keeping an open mind and giving smart young people plenty of runway. Donât tell them what to do. Show them where to go. That way everybody wins.
WINSTON BINCH
CONTRIBUTOR
Partner, Chief Digital Officer of Deutsch in North America
Applied Executive Brilliance in the Style of the Intrepid Sea Captain
