Thursday, November 20, 2008

We've been here before - and here's what we tell our clients and ourselves.

Economic conditions now are enough to give even the most seasoned businessperson heartburn. Some of the events flashing before our eyes feel unprecedented, at least in our time.

But wait! Remember that, historically, every market reaches its bottom and is then followed by a new era of growth and spending. Also, note that most of our recessions don't last terribly long – in fact, the National Bureau of Economic Research cites 10 months as the average duration of recessions since 1945.

In the meantime, every business has important choices to make about its approach to marketing. Surprisingly, treating a downturn as a business opportunity is a smart course of action for many of us.

Recently, we've been asked for our recommendations on this topic by several business publications (including a recent BusinessWest article). So, here in a nutshell, is our advice (normally a $999 value, but yours FREE today...)

Focus on customer relationship management to make the most of a down economy.

When times are tough, potential customers get wary. Deep down, we know companies will sell aggressively, often with little regard to our needs. (Oh, that reminds me I need to return that clothing steamer I saw on TV for just $19.95 don't let me forget.) The best marketing in such times counters prospects' and customers' fear of being "had." Now's the time to build and enhance relationships.

In any economy, there are reliable ways to assure that your customer relationship management efforts – including print or interactive newsletters, public relations, online surveys and client roundtables, targeted mailings, and a heavy dose of Web outreach – yield loyal customers, eager prospects and a stellar reputation that will mean sales now and for years to come.

Learn from customers and prospects. Make sure your outreach "listens" as well as talks – hearing what your targeted customers have to say lets you effectively support them. Make sure the products and solutions you offer are relevant – if they aren't, now is in fact the time to reinvent the wheel.

No network of viable prospects is too large. Enlarge your network of customers, prospects and influentials, establishing that you are the one source they can turn to – and always get what they need.

Solve problems. Offer prospects strategic support, addressing their challenges. Inform, advise and recommend appropriate solutions only. ('fraid so! Don't try to unload any old albatross product now...)

Remember the future is still bright. In a recent Fortune interview, Warren Buffett expressed his confidence in the United States' long-term economic prospects, "The American economy is going to do fine. But it won't do fine every year and every week and every month.... I mean, we get more productive every year, you know. It's a positive-sum game, long term."

Be ready. A 10-month recession – or even a longer one – will be followed by pent-up demand for products and services. Make sure you're top-of-mind by staying in front of customers and prospects now.

Tuesday, November 18, 2008

Investment advice... anyone??!

[caption id="attachment_284" align="alignnone" width="300" caption="Pulling together a clever game plan is taking awhile."]Pulling together a clever game plan is taking awhile.[/caption]

Step 1: I decided to look over my investments. Being thoroughly up-to-date, I have everything accessible online. Being thoroughly a coward, I hadn't looked at any of it in... oh, shall we just say, quite a while.

Step 2: Returning from the kitchen, now with a paper bag into which I expect to breathe for some time, I sat down to think. I thought about simplicity. I thought about how much I enjoy my work, and wondered if I will still enjoy it when I am 86.

Step 3: I realized I don't like simplicity all that much. No, I needed facts. An action plan. And thus I began my research.

Step 4: My financial advisor, whom I trust, said it's hard to predict what will happen next and how long recovery will take. NOT GOOD. Like a student seeking her guru, I continued my search.

Step 5: I assumed the major investing publications would help out. What sectors are good? What kind of a time window is needed to recover while staying largely in equities? Should I sell my jewelry on the streets of Springfield? I hoped to find the answers to these and more deep questions.

Step 6: "The answers" I have found

Big Oil: We told you so.

If you can learn from the mistakes of others, now is a great time to be an investor.

Dow 20,000 or 5,000? (Author doesn't know)

I've also learned that I should: use Quicken, keep putting lots of money in my retirement plan (kind of like dumping sand into a big wet hole you've dug on the beach, but okay), and look at exciting vehicles such as whole life insurance (who needs ACCESS to the money when you know it's somewhere out there?)

Step 7: What? I'm taking a nap now. Let me know when I should wake up.

Wednesday, November 12, 2008

Compromise: the fine art of making sure both parties are unhappy.

Hey! Welcome to 2009. Oh, I know it's not here yet, but in our line of work, we're actively looking ahead with our clients toward marketing programs for next year.

Just one thing, though. Much as I hate to mention it, some people are a wee bit nervous about (shhh) the economy. I, of course, have written blog entries and articles, and have spoken and even dreamed for heaven's sake about the importance of companies continuing a strong marketing program. And I stand behind that belief, as do (thank you, thank you) our excellent clients.

For fun, though, let's eavesdrop on a conversation clients and vendors are having, probably worldwide. The vendor could be a consultant or a manufacturer of roller coaster seats ... whatever. Insert your own vision.

Client: "Your work is great. Well... it's good. But we need you to accomplish much more next year and we have to cut the budget."

Vendor: "Ummmm...."

Client: "Your competition has offered to do the work free."

Vendor (confused): "Huh?"

Client: "We're willing to pay you a little bit, but only when we get paid by our suppliers. Sometimes that takes awhile."

Vendor: "This is not very professional of me, but I have five kids in college and I'm going to have a nervous breakdown."

Client: "Corporate says we can't spend much."

Vendor (defeated): "Well, how much CAN you pay?"

All right, that was disgraceful. If you ever find yourself in that situation, whether as the client or the vendor, remember one word.

COMPROMISE. Compromise means both of you leave the meeting a little unhappy and disappointed.Then again, both of you leave the room a little happy - no real winner can also mean no real loser, true?

In our next episode, the hapless vendor locates her backbone... stay tuned.

Thursday, November 6, 2008

What can hope inspire?

[caption id="attachment_255" align="aligncenter" width="354" caption="Prior to the election, this huge display in Fairhaven, MA read "Obama Now!" "]Prior to the election, this read "Obama Now." Located in Fairhaven, MA, I'm told it's 40 feet long![/caption]

It feels like many Americans, no matter who they voted for, are now very proud of the U.S. for the historic accomplishment of electing our first African American president. I'm proud of us, too.

Of course, the next question is, "what can he do?" The country is in a bit of a pickle, economically speaking. (In fact, I'm burying MY spare change in the backyard and I really hope you won't dig it up.) Our health care system is great - if you can afford it. We're mired in Iraq, although to an expert military strategist such as myself it is evident that it's time to pack up and head home (I know, I know, not so simple). And we continue to be a divided country in so many ways - by religion, social class, political leanings, race, taste in shoes, and more. One election can't erase that.

However. The last eight years were a study in fear and resignation. Our foreign relations were often embarrassing. Our president couldn't pronounce "nuclear." (This is major.) We responded to an attack by retaliating - mostly at the wrong country, since Iraq clearly had nothing to do with 9/11. Oops, sorry, Iraq. Chances are good that that we can do better.

Obama represents even more than our first African American president (and I sort of worry about that term, because like so many of us, he has a mixed lineage and I feel bad labeling him). He is highly intelligent (what a novel idea! a smart president!). He appears to be principled and has the ability to analyze and deal with information in a sensible, non-hotheaded way. And just as lovely is the fact that well over half of voting Americans gave him a mandate and are squarely behind his presidency. While the stock market bounced up and then tumbled during and following the election, showing that optimism is fragile, I do believe that having a president we can be proud of, and one who clearly represents the future and not some worn-out past, will make a difference in citizens' faith in the U.S. and the way we move forward as a nation.

Could it be??

Monday, November 3, 2008

"American Public Rejects Global Warming." (Serious PR required)

"No, Mabel, I STILL don't believe there's a tornado."
"No, Mabel, I still don't believe there's a tornado out there."

Naturally, when I mutter "PEOPLE!!" and shake my head in disbelief, I don't mean you. You're really savvy.


But who ARE these people - the one in three Americans who do not believe there is solid evidence of global warming and the full half of us who don't believe pollution is causing the earth to warm? (All this from a 2008 Pew Research Council survey). And perhaps worse yet, what about the fact that only 41% of Republicans believe the earth is warming now - but 56% of Republicans know that most scientists think it is? (Gallup.)


Clearly, the scientists must be wrong.


Clearly, there must be reasons so many Americans don't believe it, don't care and (apparently) don't care to listen to scientists.


I got my son's Columbia University alumni magazine, (current issue not yet online, sorry) and to save the earth I kept it rather than mailing it to him. In the latest issue, the article The Deep Sleep sheds some light (heat?) on this subject. Columbia, kindly enough, has established a Center for Research on Environmental Decisions (CRED). Some of CRED researchers' and analysts' findings, briefly paraphrased below, indicate that we need to create much better public relations outreach on why Americans should act now to slow global warming... and why we don't.


• We think it will be a problem for poorer countries, not so much the U.S.


•We have 52 senators from coal mining states blocking better federal policies - but coal, no matter how we position it, ISN'T clean.


•Some Americans' values preclude dealing with global warming: I know it's hard to fathom, but white, male, religious, conservative radio talk show listeners (yup) often don't believe in global warming.


•Global warming is just... too vague. We haven't seen the most catastrophic effects yet, so we focus on more immediate problems.


CRED researchers contend that people's responses to global warming information can change based on small differences in the way the information is presented. For example:


•Doomsday scenarios, while terrifying, tend to turn people off and away. Better to focus on solutions.


•When proposing a solution, describe its benefits before its costs (Marketing 101, of course).


•Explain specifically how our planet has been damaged and what needs fixing. Forget all the nature talk - we place higher value on what we've lost than what we still have.


•Look at people's values and address them. For example, the Christian right? Remind them of their duty to help their neighbor - including that poor soul living at sea level in the developing world.


•Tell people specifically how they can help. Which color Prius is best??


An Inconvenient Truth was a good start. But global warming is still very inconvenient, and we should make sure urgency outranks ennui in the American public.