Business in the past allowed for companies to formulate a unique (not to mention expensive) way of operating, and then worked to “perfect” those methods. These were the days when we flew cross country to business meetings and made telephone calls for yes/no questions. Those days are over. Now we log online for international meetings, and still have the capability to multitask on our computers doing any number of things beyond the task at hand.

As a small business you are likely to find yourself in a market where there are many competitors (big and small) that you are constantly looking to gain an edge over. Keep in mind during your search the shelf life of your own knowledge. How long are the ways you do things going to stay relevant? How long will your methods be the most cost-effective, or at least effective enough to keep you competitive?

These are valuable questions not to be overlooked as much of “Generation Y” enters the business world with a head full of steam and a firm grip on technology. As a business owner you have to constantly keep your eyes open to learning new techniques for completing tasks, along with properly integrating those techniques into your current daily operations.

But how do you do this? Is there technique in learning new techniques?
There is really only one answer, and it’s a lot like learning to skydive. You can’t be scared; you simply have to jump and go. You have to do a lot of preparation before you can ever jump out of a plane. There is a class and practice session that you have to pass first.

With an exponentially increasing amount of change and learning happening today, it must be a part of every business model to constantly introduce ourselves to what the world comes up with. We have to teach ourselves how to learn new technologies and methods to make our businesses run smoother, faster, and more efficient in order keep from systemizing and idleing our engine. We have to dedicate time to reading what others (especially professionals) have to say.

As we progress further into the future the ways we do things will only get faster with more being done in less time. Following the same logic, the need for learning and keeping up is only going to be more and more important. Brace yourselves entrepreneurs and business owners as the dial on the info treadmill is getting cranked up faster than ever.

This blog is the first in my upcoming 3 part series commenting on recent TV ads. Check back in soon for my second installment, which describes why a certain TV company gets an A+ in my book for their new campaign.

Hanes released a commercial recently featuring Michael Jordan and his always present undershirt with its fresh “lay-flat” collar. The former NBA star listens to the guy sitting next to him on a plane as he extols the Hane’s collar for its ability to not bunch at the front. During the 30 second spot one notices something a little more curious than a t-shirt that resists a wrinkly neck piece.

The mustache prominitely displayed by Mr. Jordan resembles that of a certain Austrian dictator who ruled Germany from 1933 to 1945. Although Hitler was not the only man to adorn the glorified, upper lip soul patch, he was certainly one of the most infamous.

Despite the controversy, however, it has been reported that the Hall-of-Famer was merely paying hommage to Charlie Chaplin, the silent film era megastar. Jordan reportedly adores Chaplin’s masterful movies such as “Modern Times”, a film in which Chaplin retires his most famous character “The Little Tramp”. It was The Tramp who sported the classic small mustache and baggy pants.

The question I’m begging to ask: did Jordan and Hane’s collaborate on this piece to ensure a controversey that would drive sales? If so, I’d venture to say that the NBA great and the giant clothing company will keep that decision silent, perhaps another hommage to good ole’ Charlie.

Demographics and Business: What, Why and How?

The use of demographics is an essential component in any business model. Demographic data defines certain characteristics about particular populations in terms of basic deducible facts.

As a marketer, you can market your products and services to the best possible consumers by using demographic profiles. Demographic profiles are used to describe specific groups based on what can be referred to as demographic characteristics. For example, someone can send their message to target consumers in a specific age group, education level, gender, height, household income, etc…

In order to achieve a high ROI with your desired consumers, demographic information must be used to learn about who your highest valued customer is. Also, demographic information can help you determine what the easiest method to reach your target market is.

The best way to attain demographic data is to either buy reports from agencies that specialize in compiling this type of information, census statistics, or conducting surveys of your own via forum polls, emails, specific contact lists etc… The method of choice depends more on your line of business and the amount of time you can allocate to attaining this data.

A starter’s tip for those developing their business is to simply think about population itself. How many people in your defined target market even exist in your area? Where is the best place to sell your product or service? I know I’d rather be selling Buick Centuries in Florida than in Northern Alaska, popcorn at a movie theatre instead of a Ruth’s Chris, or… well you get the point.

Picture This: Image is King

Over the last few years, I have probably written about the importance of image more than any other topic. Image is the Alpha to the sale’s Omega. Without an image people want to see, the likelihood of your business’ success is slim.

Now I’m not talking about physical appearance alone here, I’m speaking about the overall perception the general consumer has regarding both you and your industry. If someone believes that getting their fortune read at a state fair is bogus and will only result in wasted time and money, a clever booth design and sales pitch probably won’t sway them. Your brand should reflect just as well on your industry as it should for your specific store. Even if someone doesn’t buy now or even buy from you, creating a fan of your industry can boost your business later.

An interesting unplanned (and unplannable for that matter) instance of this happened recently in Australia when a comic book shop owner dressed as Spiderman thwarted a crime in his store.

Spiderman Thwarts Crime in Real Life

Obviously, since this happened within 5 days of this blog being written there aren’t any analytics available to figure out what kind of boost this comic book store is gaining from its international story, but that doesn’t mean they aren’t currently experiencing any. People want to associate with the most unique, well designed and famous things available. And being saved by Spiderman certainly qualifies as that.

It’s the same type of positive industry exposure Blockbuster hopes to achieve shortly, with a campaign surrounding their 28 day exclusive offers on new movie rentals. By showing off the best the industry has to offer, and not attacking their competitors, Blockbuster will likely move a little closer to being solvent.

When a business promotes the image of its industry, they inherently promote themselves, and with clever marketing and design schemes available any image can look a lot better. Remember that sometimes it’s ok to think outside of the picture frame.

The Value of Human Capital

Today, I wanted to share a concept about human capital and how its value may change the way that one manages their investments in terms of risk placement. Human capital can be defined as the skills that a worker gains through his or her personal and work experience which increase their market value.

Comparing the monetary worth of your remaining working years to the sum of your investments can help you define what you are (investment or human based). Using this information you can be wary of some financial diversity risks often pursued with little thought.

To say that someone has a human based income is to say that little or none of their income is in the investment market, and it is more dependent on the amount of this person’s available working hours vs. the returns on their investments.

It is important to keep your streams of income diverse; as if your income was limited to your investment portfolio dividends. If all of your worth is wrapped up solely in investments, a dip in the market can be devastating. It’s the same case if you have no investments and you lose your job. True financial security is in balancing the two.

As basic as this may seem in print, it is a concept not often considered by the majority of people: stay diverse, and know how much your working years are worth.

The Importance of Design

When Michelangelo designed the ceiling of the Sistine Chapel, do you think he realized that it was going to be an indirect marketing tool for Catholicism for the next five centuries (so far)? Making your mark is important for obvious reasons, but sometimes it’s easy to settle on designs that aren’t perfect and won’t make nearly the impact they could have had a different direction with better design been taken.

Whether you’re an artist, a sports team, a fast food franchise or otherwise, anything you release needs to have that catchy ‘it factor’ for those who encounter it. From a mega corporation’s company logo to matchbooks left out on the bar at a local pub, everything with your name on it should scream “do business with me now!” Obviously your monthly newsletter design isn’t going to have nearly the same impact as Michelangelo’s masterpiece, but why should that stop you from trying?

The artistry of design is the same now as it has been for centuries. Whether you look at a Gothic cathedral or NYC billboard, art has always been intended to catch the eye. Using a designer who considers his craft art is a move that many businesses take for granted.

Logos and company promotional material are almost without exception a necessary part of running a successful business. Yet so many businesses lose out when they release an image that is less than flattering. Too often, people feel they don’t have options when it comes to making better commercial material, or perhaps they don’t even realize that better options are out there.

The internet provides a portal to the world, yes, but it also provides a window to the world directly around you. Obviously, that shouldn’t be news to anyone short of their being from a remote village in south Chile. Yet the majority of the materials on the internet as well as the mass of local ads across the U.S. are done poorly at best.

Great firms exist across the U.S. and although they often ask a little more than your old college roommate, they do it with passion and experience. If the Sistine Chapel had been painted by anyone else, would concepts equally as controversial as his been created by the next choice? I’m pretty sure the Catholic Church is happy the Pope’s old seminary roommate didn’t get a chance.

The health reform bill signed by President O’bama Tuesday offers some food for thought to the ever evolving social perception on what classifies someone as still being a kid. Basically, we’re left asking ourselves: when exactly does one fully enter the world of adulthood?

Effective this year, parents will be allowed to keep their kids on their health insurance policy until they are 26 years old, or begin work for an employer who offers a health insurance plan.  Throughout our history, the role of being a kid has gone from beginning full time farmwork by the time a child reaches double digits in age, to attending high school until the age of 17 or 18, and in the last 30 years college admission rates have skyrocketed adding somewhere between 2 and 12 extra years of college and post college graduate schooling to an enormous portion of our population! Of course, schooling alone isn’t what classifies someone as a kid, but with this new health insurance bill, it looks like until the age of 26, we’re definitely still our parents’ children.

I found this interesting in studying the current state and direction of this social standard.  Are kids going to be living under their parent’s roof/support into their 30’s? And will this somehow become socially acceptable? Suddenly I see a world where it’s not embarassing to tell a girl at a bar that you live with your mom. Now that’s a little scary.

Part of me feels this is a great opportunity for people in their early and mid twenties to travel and start businesses without the burden of having to pay incredible health insurance premiums or find a job that offers coverage, but I can’t help thinking that these changes are going to lead kids into a longer period of financial and overall dependence on their parents.  Consider a world where kids live under their parents and attend school until the age of 30, start a career by 35, and hurry to get married, buy a house, and have a kid before its too late.  Sound crazy?  I’m sure they thought the same thing 100 years ago when < 10% kids graduated high school because they wanted full time work.

Tax Planning 101: Do Not Forget the Basics

For my blog today I wanted to put a little bit of helpful information out about the benefits of understanding financial topics such as tax planning. I want my readers to know that in order to be at your peak tax planning game it requires diligent research in specific areas that we normally leave to our financial planner. But what if we don’t have a financial planner and don’t have to time to stay up to date will all the tax laws? We do the best we can without bogging our accountant down with endless questions about what we should and shouldn’t do.

It’s easy to see that for any small business properly planned finance is a definitive key in sustaining solvency and therefore on the forefront of most successful businessmen’s minds. Although just in case tax planning is not on your mind all day, here are some basics to store in the back of your head as you go through your business days:

A great deal of tax planning starts with the Adjusted Gross Income (AGI). Basically, your AGI is all the income that you bring in, minus any adjustments that you make. Adjustments can come in the form of contributing to a traditional IRA, 401(k), student loan interest paid, etc. We all know that the more money you make, the more taxes you will pay, so make the basic investments in these channels to maximize the reduction of your AGI.

Another basic method to keep in mind is taking all available deductions and exemptions as this brings down the amount of taxable income that you have.

My final point for this blog to get you to start considering concepts such as tax credits, avoiding penalties and fees, deferring income into the next year, Roth conversions (new exception in 2010), and more:

Here is a quick bullet list of tips that are also good to remember:

➢ Make some extra mortgage payments
➢ Pay your property taxes early
➢ Donate to a charity of choice
➢ Increase your business expenses
➢ Sell some of your losing investments
➢ Max out your retirement savings
➢ Make gifts- although be sure to avoid the gift tax by gifting over 13K

What to take from this is the same as what any business owner, athlete, or professional in any field should: When you are in a slump, go back to the basics; remember the easy stuff, and treat every project like your first.

As an introductory post I just want to give everyone the scope of what is to come to provide some direction and maybe create a little room for anticipation. During my day as I interact with members of the business community, I can’t help putting myself in their shoes. I think of ways to improve their image, method of operation, company message, and especially ways to shave a buck or two from the bottom line. This is basically the inspiration behind my posts, and among other things, it will consist of subjects ranging from how to save money for your business, to tips concerning getting a loan for that new image, brand, website, or developing project.

For example, today I was reading some articles that were talking about ways to generate revenue from creative sources to help in these obviously tough economic times.  By creative sources I mean people like a theatre owner who was having trouble finding ways to generate revenue with her restaurant/theatre during the off-peak season. She posted a question online asking people to help save her business.  Scrolling through the lengthy list of replies it’s readily apparent that what is on the page is incredibly valuable. For simply putting a question out on the web, at no cost, this owner was able to generate over 20 great ideas to save her business and expose herself to new markets. She cheaply and creatively found an answer to her business dilemma and maintained an open mind to change her business model. The reason the strategy worked is because she directly surveyed her current and potential client base to get real answers in real time.

It’s important to keep in mind that just because a current business model works, DOES NOT mean that it will always work.  In fact, it will inevitably begin to fail because of the speed and frequency at which changes in our markets occur.

This being my first blog for Alta, I decided to write about some marketing tactics that are highly sought after yet mostly under utilized. For the past two years, I have worked in online marketing and have read thousands of articles that often refer to the “fresh” or “creative” needs of most companies. The universal sales pitch behind these words tells the client that they need to separate themselves from the competition, ironically enough often using methods that while attractive, aren’t really innovative at all.

My goal in any project, one I think should be shared by all branding agents or designers or marketers or… well you get the point, is to draw from the uniqueness provided within the company. Even if your business makes boxes in one size and color, there are little things that differentiate it from the competition that could easily be highlighted to expand its image.

Sometimes what’s just as important as expanding your image, is reviving brand awareness. Say for example your product experiences a lull in sales, and it is your job to rejuvenate interest and improve those numbers. How are you going to gain interest quickly and see immediate or near immediate results? Today at lunch as I watched a little Sports Center, I was intrigued by a comment one of the announcers made. He rhetorically asked whether or not LeBron James’ recent decision to retire his number “23” jersey as a sign of respect to Michael Jordan was really just a way to sell “5 million” jerseys.

If James, who famously campaigned for the NBA to officially retire the jersey number “23” for all teams, does in fact receive royalties from his merchandising sales, and while being in the prime of his career, then it is easy to see this connection as a little more than plausible. This move will generate millions in sales before it takes effect and millions more in new merchandising afterwards, especially if the league does issue that rule or if other players take James’ lead.

Whether or not there is any truth to that statement is a matter of conjecture, but what’s more important to take from this idea is that it’s there, and always has been. Although most companies and organizations don’t have the kind of influence that the NBA, Cleveland Cavaliers, or even LeBron James by himself have they can still do things that maximize their brand and revenue. In this example the jersey switch drives people to think about the limited amount of time to buy James’ current number, Michael Jordan throwback jerseys, and then James’ new jersey (reportedly to be 6) without feeling like they’re being pitched to.

The ball is in your court when it comes to creativity. Just make sure you get the numbers right.

Powered by WordPress | Alta Brand Agency | rss