Focus On Referrals

Daryl T. Logullo observes that
most companies spend 80% of their promotion dollars
on outbound marketing and advertising. 
The remaining 20% is spent on current customers. 

He suggests flipping this allocation
for a better return
(as the advertising arena is crowded). 

The three simple actions he recommends
(educating existing customers about your product offerings,
informing them that you wish to grow, and
then rewarding them for referrals)
will grow your business. 

On the same topic,
Troy White suggests reminding existing customers
about all the products you offer
(his fruit stand method).

Published
Categorized as Sales

Why Barney Is Purple

Barney is the big purple dinosaur,
loved by children the world over. 

Was Barney being purple a random choice? 

I don’t think so. 
In surveys,
75% of pre-adolescent children
prefer purple over any other color. 

In package design
shades of a
color of sky are hotly debated. 
Why? 
Because it matters. 
Every single aspect of the product matters.

Oprah And Project Problems

August is a frustrating time
for project managers. 
Fall launch deadlines are fast approaching
and team members are either on vacation
or wishing they were on vacation. 

Oprah told BBC Newsnight about some of her
Oprah Winfrey Leadership Academy For Girls
project issues. 

“I gave up the project for a time
because it was just so frustrating. 
I ended up continuing only
because they were going to put
my name on the school anyway…
If my name is going to be on it,
then I’m going to have some control
over what’s going to happen.” 

Problems are part of project management.
Even Oprah’s power and money can’t eliminate that.

The First 100 Days

In Jeffrey J. Fox’s new book
How To Get To The Top,
he gives some great direction on
what to do when your company gets a new CEO. 

You “send the CEO a memo titled,
“What I Would Do
in the First 100 Days
If I Were CEO.” 
In this memo, you list your ideas,
from one to whatever.” 

“You will go on the CEO’s list
of possible impact players.”

He guarantees
and I agree
that you will be the only employee
to do so.

Competing Through Hard Work

In Guy Kawasaki’s interview
with Redfin’s Glenn Kelman,
Kelman says that most entrepreneurs
focus on the Eureka moment
when they should be focussing on hard work. 

“If you don’t believe you have
any reliable competitive advantage,
you’re the kind of insecure person
who will work your competition into the ground,
so keep working.” 

I tell myself “one more.” 
I’ll send out “one more email”. 
I’ll write “one more post.” 
I’ll write “one more page.” 

Combine those one more’s
and you have a competitive advantage.

Marketing The Movie Stardust

If you have a great product,
don’t be afraid of sampling. 

The movie Stardust has hosted
the most free sneak previews
of any movie this summer. 
Having multiple opportunities to attend,
I finally agreed to one screening. 
And found out why they can confidently
give away free seats. 

The movie is that good
(for those loving fairy tales). 
I have personally recommended it
to over 1,000 women.

Published
Categorized as Marketing

The Detailed Complaint

If a customer comes to you with
a complaint,
action steps to fix it,
and
perhaps even volunteers time and energy,
listen up. 

This person is passionate. 
This person is driven. 
And if this person is not listened to,
they will either go to the competition
or build a competing product. 

Recently a group of advanced members of an investing forum
spent time and effort on proposed fixes. 
These were presented. 
These were not listened to. 

A month later, a competing forum is now active. 
Their first customers? 
The attendees of the previous forum. 

Published
Categorized as Sales

Finder, Minder, Grinder

Ray Silverstein talks about
the three styles in sales. 
The finder looking for her next conquest,
the minder thriving on relationships, and
the grinder working the numbers.  

You can also apply these personality types
to entrepreneurs. 
The finder has the big idea
but if it takes time,
not much follow through. 
The minder needs to work in
a group to be truly happy
and can usually charm the birds out of trees. 
The grinder, which I am,
simply applies the ratio of success to failures
and then works the ratio until she is successful. 

As a grinder,
when I look for partners,
I look for someone with a finder or minder profile.

Published
Categorized as Sales

Your Company Money Is Your Money

I had to order checks for my business account. 
Based on the amount of business
I do with the bank,
I insisted that there be no additional charge.  

When the account manager didn’t argue,
I said “guess you get this request all the time.” 

No, actually he didn’t. 
He did for personal accounts
but never for business,
no matter how small the cashflow was. 

Foolishness.  
Expenses are expenses,
whether they’re business or personal. 
Don’t overpay for either. 

Published
Categorized as General

When You Can, Help

About once a month,
I submit a post to Romancing The Blog
In these posts,
I always, always mention
two or three authors and books. 

Why? 
Because readers respond to specific examples. 
It better serves my customer. 

And by doing so, I help someone else. 
I may never see a benefit
but as it didn’t cost… 

When you can, help someone else.

Published
Categorized as Marketing