Small Business Digital CoachGROW REVENUES BY 25 TO 100% OR MORE IN 90 DAYS OR LESS while reducing advertising cost and effort

• Domino’s Pizza- “Fresh hot pizza delivered in 30 minutes or it’s free!” (Service – Speed)
• Lenscrafters-”1 hour eyeglasses while you wait” (Service – Speed)
• FEDEX-”When it absolutely has to be there overnight” (Service – Speed)
• GEICO- “15 minutes can save you 15% or more on car insurance” (Convenience/Speed and price)
• Amazon.com – “Earth’s biggest bookstore” (Broad Selection, convenience)
• Avis – “We’re #2. We try harder” (Service superiority)
• Subway – “7 subs with under 6 grams of fat” (Quality – Broad Selection of Lean)
• M & M’s candy – “Melts in your mouth, not in your hand” (Quality)

All these slogans represented the end result of intentional work by the firms in the list above to investigate what the marketplace cared about that competitors were either not delivering, or not communicating. The positioning represented by these slogans was reinforced by completely aligned, multi-channel strategic marketing campaigns that were so effective that the catapulted the companies into the stratosphere.

An effective USP is not just about saying something cute (like some of the creative ad agency types seem to push out), or even about something different. It’s about identifying a difference that means something beneficial to the marketplace.

Subway’s “7 subs under 6 grams campaign” would have absolutely no traction if the marketplace didn’t care about weight gain or healthy eating.

Branding is no longer just for the big corporation. With the advent of powerful customer relationship management software, internet marketing and social media, your small business will soon be underwater if you neglect the importance of building brands through relationship.

A clear and effective USP is the first foundation of any such brand building.
One of the biggest small business marketing mistakes I see made is overlooking the development of a USP.

There are 4 areas of a marketing system that really suffer when there’s a non-existent or under-promoted USP:

1. The Effectiveness of all Advertising campaigns
2. The number of Client Referrals (and the effectiveness).
3. The ability to recruit and retain external referral centers (strategic alliance partners).
4. The ability to effectively gain media publicity.

It is ironic that so many small business owners spend so much money paying for advertising that is often silently ineffective, and completely ignore the most powerful methods for getting new business, that also happen to be the cheapest to obtain; methods that provide the highest leverage and the greatest ROI!

Why is this?

I suspect that many entrepreneurs find the sort of “slowing down” required for in-depth business planning to be distasteful. The well worn advice to “work on your business and not in it” holds little meaning for these busy bees.

Not until there’s an emergency such as a drop in customers or a market downturn do these entrepreneurs bother to assess the guts of their business. By then, it may be too late.

Ultimately, developing your USP is one of the most important projects you can undertake. Granted, taking the time, effort, or expense to develop a USP is not for everyone. For instance, some business owners are convinced that marketing consists simply of putting out ads, creating fliers, or postcards, and getting them out.

If your commitment is to these tactics, and to these alone, you may not need a USP. However, if you plan to dominate your marketplace, get tons of referrals, build influence, attract free media attention and the affection of strategic partners, you must have an effective USP that is well researched and worth sticking to.

As I’m sure I’ve mentioned before, (shameless plug coming now…) my company is currently offering strategy and growth consulting sessions that can really help you identify an effective USP in your business.

One of my favorite management authors, Jack Trout writes with an authoritative and somewhat sarcastic style that cuts to the heart of the matter while providing some entertainment (occasionally at the expense of other “management gurus”).

I wanted to read this book ever since I began to suspect that simplicity of thought and business will become a greater and greater competitive advantage the farther we go into the info-overload of the digital age.

The book begins with a discussion of “7 kinds of common fears” as reported by psychologist John Collard.

This first part of the book is ironically the only part of the book that really doesn’t resonate with me. I have serious doubts about at least 2 of the supposedly “common” fears. They are listed as:

• Fear of failure (I can agree with that)
• Fear of sex (What the…?)
• Fear of self-defense (Huh?)
• Fear of trusting others (Hmm…I don’t know)
• Fear of thinking (I kind of agree with that)
• Fear of speaking (I get that)
• Fear of being alone (I agree)

The author apparently supports Dr. Collard’s assertion that “fear of thinking” is responsible for why people tend to avoid seeking or embracing simple solutions because “instead of thinking things through for ourselves, we rely on the thinking of others”.

I don’t think so.

First of all, there’s no evidence that this routing of thinking through others is fear-based rather than a logical short cut; an ancient habit of ‘mining the wisdom of the crowd’.

Second, even our dependence on others is based on fear of thinking, I don’t see a logical argument that shows why the thinking of the “others” we depend on should automatically avoid simple solutions themselves.

I personally believe that the 2 biggest reasons why people add needless complexity to their businesses and lives have to do with fear of failure and insecurity.

This “fear of failure” echoes the thinking of another expert mentioned in the book.

Dr. Carol Moog explains that in our [American] culture, there’s a “paranoia of omission” which may lead people to bring up every possible alternative, or eventuality in solving problems. This, I agree with.

Going back to the book in general, I think it does an excellent job of pointing out some important areas of life where unnecessary complexity is often introduced.

The authors also do a great job of providing simple prescriptions for solving the complexity trap in each of those areas.

For instance, they make a credible argument for why so-called “common sense” is often the best answer. They provide instructions for avoiding complex language, information overload, and business complexity.

In dealing with business complexity, they illustrate the high cost of complexity in communication, marketing, strategy and so on. I found this book easy to read, and very insightful.

If you’re like me and you find that you need to “De-complexify” (yes, I actually found myself thinking that word at one time), you’ll want read this book.

Some other good books whose themes intersect with this one:

Made To Stick – This is one of my absolute favorite books on business messaging. It illustrates why short, simple messages are absolutely the “stickiest”.

Differentiate or Die – Another classic from Jack Trout and Steve Rivkin. “The book” on strategic positioning and branding for businesses; the book that re-popularized Rosser Reeves old “USP” (unique selling proposition) and brought simplicity and common sense back to marketing strategy.

In this first video:
I introduce a an Assets/Strengths identification framework known as the Wealth Capital Matrix. In addition to that, I use cases like the success of Oprah Winfrey to illustrate my points.

In this second video:
I go into how the Wealth Capital Matrix can be utilized in product development, business planning and wealth-building. I also introduce another powerful proprietary tool for mining your hidden gifts called a S.H.E.L.L. audit. Lastly, I go even deeper with the 4P framework – a complete business thinking system.

“Are we in a recession”?

His response was enlightening.

“Who is We?”

From about 2003 to 2006 many real estate investors (me included) saw that despite the so-called “good times” in real estate, a record number of people were losing their homes to foreclosure…EVERY YEAR!

Charles Dickens put it best when he wrote, “It was the best of times, it was the worst of times…”. There is always someone having the time of their lives, and there’s always someone in the world going through the worst of the human experience.

That’s why what you need most as a business owner during a recession is PERSPECTIVE.

For any given situation, there is a positive. Allowing yourself (or your business) to be submerged under a deluge of negative economic news could be disastrous for your business. Instead, you can choose to give thought to the blessings you already have.

One of the most powerful advantages that recessions confer on business owners who keep their heads about them, is the ability to prosper through partnerships. Below are 6 quick and easy ways to prosper through partnerships.

1. Recruit talent to work with you.

During a tight job market, you have a far better opportunity to create superior value for your customers and clients by bundling and packaging the services of highly talented specialists. Over the last few months, I’ve been able to build service delivery relationships with world-class marketing and design minds who may not have been available to me a few years ago. They were either unaffordable, unavailable or otherwise unreachable (out of my league).

2. Enter strategic referral relationships with your clients.

This particular strategy makes sense whether there’s a recession or not. However, you’ll find that people are more willing to consider referring you business when they can put a little cash in their pockets and do their contacts a favor.

An easy way to arrange this is to approach your clients and have them promote a discounted offer of your services to their own clients and contacts. This can be done easily through a direct method like a letter of endorsement highlighting your services, or indirectly through their promotion and sponsorship of a workshop you teach.

For those of you in highly regulated industries, skillful use of the “endorsed workshop” technique can work wonders.

3. Cross promotions, Co-endorsements, JV Ad swaps

Another variant of the strategic referral partnership is an arrangement in which you and the other party (a client, vendor or complementary business) agree to promote each other to your respective customers. Cross promotions, co-endorsements, or in the online marketing world, JV ad swaps are all various ways of saying the same thing.

What you have to be careful about here is that you need to put the interests of your clients community first when choosing your partners. You do not want destroy in one day what took you a thousand to build because you didn’t check out your partners product, service or reputation first.

3. Employ Online Affiliate marketing.

One of the highest leverage ways to expand your market reach, increase your income and build long-term leverage for your business system is by attaching an information publishing profit center to your current business. A cornerstone strategy for most successful information publishers is affiliate marketing. Affiliate marketing marketplaces like Clickbank have over 100,000 registered affiliate marketers looking for products to represent to their email lists and their online audiences.

4. Partnerships with Trade Groups, Chambers, Associations.

Another simple strategy is to partner with non profits, trade groups, and associations to deliver free content to their clients. Whether through live workshops, or through virtual events like webinars and tele-seminars, you can add a ton of prospects to your marketing in a very short time using this method. It is also a great way to raise funds for your favorite charity. Recently I used this method to raise almost a thousand dollars for my church, only putting in a few hours of work.

5. Marketing partnerships.

You can also recruit other businesses (even competitors sometimes) to pool funds and resources for advertising, outreach or publicity purposes. One of the most common applications of this technique is with the “coupon mailers” that you receive in your mailbox. Each of those businesses can get together, contribute a particular amount that covers design, printing, mailing list and postage costs.

This principle can be applied to other marketing channels as well. Exhibits or trade shows. Publicity events. Online marketing, etc.

6. Full-scale business joint ventures and strategic alliances

This goes beyond just marketing partnerships and into delivering of goods and services. Whether it involves creating bundled offerings that combine complementary strengths of 2 businesses, or re-engineering both businesses to create a co-dependent ecosystem, joint ventures can be very powerful tools for business growth during times of macro-economic uncertainty.

If you grab a pen and a note pad and sit down to think about potential partnerships, you’ll undoubtedly come up with many other ways to partner your way to prosperity during this recession.

If you own or operate a Denver business, or are a sales professional in Denver, I recommend that you join this group (membership is free) http://www.budurl.com/DenverBusinessGroup

One of the reasons I elected to take over the organization of this group and to redirect the theme of the group is because I sense that certain irresponsible advertising agencies are beginning to do with social media services what they have long done in small business advertising.

And that’s to use it as a tool to foist dollar-wasteful “Me-too” marketing methods on hapless business owners with a completely new medium. The goal behind the 60+ member business network is to help each business owner within the group to share resources, case studies and potential partnership opportunities while studying the strategy and tactics of effective social media.

Denver social media marketing through practical and manageable step-by-step implementation has been the focus of the seminars so far. While many marketing professionals don’t dare talk explicitly about business growth (for fear of being found out), this network of business owners have made business growth the aim of their involvement on social media platforms.

Here’s just some of what people have been saying about this Denver Social Media and Digital marketing for Business Growth Network:

I’ve got Bad News and Really Bad News!

Which would you like to hear first?

Okay, let’s start with the Bad News.

The Bad News is that people hate companies. That’s why they hate the government.

They hate faceless, soulless organizations that seem to have the power to find you wherever you hide.

If you go to your mailbox, they find you there. If you run to the sanctuary of your home, they deputize telemarketers to hunt you down and annoy you. Even cell phones are no longer immune.

These powerful, faceless, soulless, organizations…

Sometimes they send your aunt’s confidential mail… TO YOUR HOUSE!!

“How did they know she was my aunt? She’s been happily married for decades. Complete with a different last name. What ungodly database connected her to me?”

That’s what people are thinking when you send them your mailers, when you call them, when you reach out to them with your alleged “marketing” efforts.

So to recap, the bad news is that people hate companies.

The Really Bad News is that if you’re like most companies (and chances are good that you are), then people hate you as well!

So how can we get people to stop hating you and get around to liking you so that you can contribute to their lives, sell them some stuff, and make a bunch of money?

Today I’ll share 3 rules for businesses who want to people to like them.

1. Speak “human” and not corporate.
2. Advertise humans and acknowledge human needs.
3. Act human when they come to you.

1. Speak human and not corporate.

In a perfect world, business marketing would be “communication of the humans, by the humans, for the humans”. Unfortunately, much of it is not.

A long time ago, business owners learned the shocking truth from their CPAs that the I.R.S. considers their businesses “an entity”.

In the bedlam that ensued, many businesses stopped acting like people and started acting like an “entity” – a painfully boring hybrid between a “person” and a doorknob.

Be different. Speak human.

Last thanksgiving, I received an email from Southwest Airlines. At the top of the email, it had the following caption, “Only Turkeys Charge For Bags”!

Why don’t other companies talk like that?

Every direct marketing expert worth his salt will tell you that when you approach the humans in a market, you should “join the conversation in their head”.

This means you should think about their biggest pet peeves as it relates to your product, service, company and industry. But don’t just end there.

You should then somehow acknowledge this pet peeve, and then side with them in the fight.

You see, human customers are tyrannical like that. They hate companies who refuse to take their side. As a matter of fact they punish them. Oh, and they keep long grudges. For instance, I have a longstanding grudge with a really big telecom company that I pay monthly. I’m just waiting for the day someone else can convince me that their mobile network is “just as good” and…BAM!!! … I’ll be gone.

2. Use Humans In Advertising, and Advertise Human Benefits

I really miss Frank Perdue. This guy had been selling chicken in TV commercials for 20 years before I first saw one of his ads in 1991.

My mother (who has a penchant for ridiculously candid observations) once remarked that, “he looks like his chickens”.

From this NY Times article, it turns out some people believe his ads were successful for that very reason.

In any case, because people like people (even though they hate companies), they bought billions of dollars worth of chickens from a man who was obsessed with the opinions of his human customers about his chickens.

And just because I think that every business owner could learn a thing or two about “Human communication” from Frank Perdue, I’ve taken the liberty to share this mini-gallery of “Frank Perdue Ads. (Warning: May not be suitable viewing if you are religiously or philosophically opposed to the eating of meat or meat products)

A more recent example of excellent use of humans in marketing is the recent “Bags Fly Free Ad campaign” from Southwest (again).

Why don’t other companies make stars of their ground crews like Southwest Airlines did with their “Bags Fly Free” Campaign? I mean these tough guys demonstrated their love for OUR BAGS in no uncertain terms in that series of marketing ads.

Yes, they were “tongue-in-cheek” but they were driving home some actual benefit-oriented points of differentiation between Southwest airlines and other airlines.

One of the most common mistakes companies make when they use humans in their advertising is “human advertising for advertising sake”… Humans in your ads cannot just be about personality or emotion marketing – there must be a customer benefit-based logic to your advertisements.

3. Act Human When They Finally Come To You

Okay so you’ve spent thousands of dollars in your advertising (millions if you’re particularly unlucky).

And you’ve finally gotten the humans to get over their aversion and to visit your location, or call you about your services.

Here’s where so many businesses drop the ball…again.

They forget to act human.

Actually, forget “acting human”…sometimes businesses are just downright inhumane.

Here’s a brief Mini-guide on the proper care and feeding of human customers:

1. As a business owner or manager, it is within your power to make sure that employee performance reviews include customer service metrics for all human-facing employees.

2. Expecting a uniform standard of customer care from your employees without a uniformly standardized and continuous training program is unrealistic.

Don’t assume your employees will automatically act human just because you assume they’re human (Didn’t you watch “Men In Black”?)

3. Humans like it when you earnestly ask their opinion of the service you allegedly provided them. They also expect that you will make a reasonable attempt to please them if they’re not completely satisfied. My suggestion is that you leverage every point of “expressed dissatisfaction’’ by going well beyond what they expect from you in resolving their complaints.

4. Right from the when they are babies, humans expect to be the center of attention. When in doubt, even though they hate companies, they will flock to those companies that show them attention and listen continuously to their needs. Yeah, humans… they’re complicated like that.

I have also had the opportunity to serve on the board of a non-profit here in Denver. As a result of my exposure, I have come to the conclusion that leaders of non-profit start ups who adopt the methods and tools of for-profit businesses give their organizations the best chance of success.

While many non-profit founders are visionaries (almost by definition), they all too often are not strategists. While visionaries and strategists deal with managing the big picture, a strategist has the added competency of being able to translate a desired big picture outcome into strategic planning and tactical execution.

One trait that marks the strategists is their ability to recognize the core challenges they face, and to quickly identify resources to overcome those challenges. The most successful nonprofit founders turn out to be big picture dreamers, masters at every day bootstrapping and problem solving.

Social media represents one of the highest leverage tools for bootstrapping funds, followers and fame (publicity). Non-profits using tools like Ning Websites, Facebook fan pages, and other such platforms are able to meet their milestones while stretching very limited budgets.

It is partly an act of faith, sometimes an act of sorrow (see the biblical story of Benjamin’s name) but most often an act of stubborn insistence that we will have a hand in shaping the future.

My last name for instance “Erekosima” ironically translates into “Don’t give him a name” – and tells the story of the first Erekosima about 6 generations before my time, who was such a feared, powerful and temperamental warlord that other members of the community declined to attach a nickname to him as was customary for other chieftains and kingmakers of his stature. As such things often go, it became his default nickname, and one of 3 surnames borne by his descendants.

Thinking about this whole issue of our traditional African names reminds me of a talk I delivered at a Men’s event in Colorado Springs a few months ago, entitled, “The Epic-Driven Life”.

In my conception, the epic-driven life is a complete philosophy of self-management through which you can ignite your noblest ambitions, douse your fears, and generally hold yourself accountable to live a more passionate life.

The word, “Epic” (ep.ic) is defined as

“…pertaining to a long poetic composition, usually centered upon a hero in which a series of achievements or events is narrated in elevated style”

(See Dictionary for this and other related definitions).

The epic-driven life is a life lived intentionally. A life in which you intentionally choose the epics that excite you, write those epics down to the best detail that you can, and then proceed with purpose to “act out” the epics of your dreams.

Millions of people read the Purpose-Driven life and while I have never gotten around to reading beyond the first page of that book, I presume there may be parallels between the lessons in that book and those I’m sharing here.

However, “Purpose” is much bigger (and for some people, more elusive) than an “epic”. An epic starts as simply as sitting down and writing down an achievement that would tickle you to death if you went out and accomplished it just as you saw it while you were daydreaming.

About 10 years ago, I purposed in my mind that I would be time-flexible when my children came. I was neither a parent, nor married at the time. It would be another 8 years before marriage, and 10 years before this first child.

However, the epic I wrote in my head has directly or indirectly informed my decisions such that I’ve been an entrepreneur for over 9 years and self-employed for the last 5. While the journey itself had twists and turns that I couldn’t have anticipated, I find myself HERE…at home on a weekday…where I thought I would be.

In a previous post on “How To Prosper in 2010” I communicated another epic upon which I’m actively working as I speak: To go from a one-man consultancy to a Business consulting firm that grosses 7 figures in record time, while generating record growth and profits for my clients.

The beauty of the epic-driven mindset is that an epic is a valuable asset all by itself. My coaching clients at MarriageInspiration.com took their tears and turned them into gold.

I have seen people completely change how they handle setbacks when they realized that “it all works together for their good” by contributing to their epic. Any story that can be told can be sold if it’s dramatic, audacious, or otherwise interesting enough.

I’ve seen the epic-driven mindset cause formerly timid sales professionals to happily glide their way to the proverbial batter’s box, because they have connected the seemingly mundane events of their lives to something far more exciting…an epic with a living, breathing, hero smack in the middle of it.

If you’re reading this post, I choose to believe that it’s because the seeds of a great epic lie within you. Release yourself to the epic of your dreams, record your achievements, your setbacks, and your insights. And then please share them.

The world awaits…

with bated breath.

Business Success Tool #3 is Surrender

A few months ago, I read an excellent book for entrepreneurs entitled “Rules for Renegades”, by Christine Comaford-Lynch. One of the most intriguing chapter headings in the book was the following instruction:

“Resign As General Manager Of The Universe”

What that chapter headline highlights is the importance of knowing when to surrender for entrepreneurs and business owners. If you’re like the typical entrepreneur, you have probably reached your level of success by your refusal to give up… your refusal to be dictated to…whether by people or by circumstance.

While persistence and a degree of stubbornness is an admirable trait for an entrepreneur, your long-term sanity depends on your ability to know the difference between factors you can control and those you cannot.

This issue goes much deeper than it might first appear, because it’s all about emotional intelligence and emotional discipline. Emotional intelligence is about understanding yourself, your weaknesses, your motivations, your risk thresholds and decision making patterns.

Emotional discipline is about applying your self-knowledge when and where it counts. Not later.

I believe that a final, oft-hidden frontier of emotional discipline for entrepreneurs and business leaders is the ability to surrender what is not in control, and sometimes, to surrender when continuing on (knowing when to quit).

The vast majority of entrepreneurs (myself included) are inclined towards “eternal optimism” and a touch of stubbornness. It takes emotional discipline to change strategy or change directions when the road you’re on clearly will not lead to the ultimate goal.

Many of the most longest surviving businesses in the world have grown on emergent strategies (strategies other than those planned on when they started out). They succeeded because the leaders at the helm had the emotional discipline to change their strategy. Whether that involved changing their target customer, marketplace, or even core competencies/processes, they had the courage to pull the switch.

Mastering the art of surrender will also help you delegate what can profitably be delegated as soon as it is practical to do so. Surrender is as important as Strategy and Sacrifice in your success toolbox.

I would love to hear your thoughts on this series and my conclusions. For your review, here are the first 2 parts of this series:

Business Success Tools Part 1 – Strategy in Success

Business Success Tools Part 2 – Sacrifice as part of success