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Brand Management

April 4, 2016

Honesty and Integrity in Business

Issue #421

If there is one single quality that every business should seek in its employees, colleagues, vendors and even customers, it is honesty. But not only should businesses want to see that quality in its people, honesty should also be the bedrock principle upon which all organizations function. Indeed, Harvey S. Firestone, inventor and founder of the Firestone Tire and Rubber Company, one of the first global makers of automobile tires, said “I believe fundamental honesty is the keystone of business.” Likewise, Ed MacMahon, the late singer, comedian, program host and announcer, once said “Honesty is the single most important factor having a direct bearing on the final success of an individual, corporation, or product.” General wisdom dictates that honesty is one of the most important qualities that a person or company can demonstrate.

Yet, it may seem that honesty is becoming something of a scarce commodity in today’s business world. At ostensibly every turn, there are examples of “the end justifies the means” behavior in corporate America. Job applicants exaggerate on resumes with the goal of landing a job. Quarterly reports overstate projected earnings to elevate stock values. Business owners overstate their pro formas to get the highest valuation possible from investors. Real estate owners overstate a property’s value in order to negotiate the highest price in a deal. Customer service representatives cover up mistakes for fear of losing clients. Is dishonesty on the rise? Has honesty and integrity all but disappeared in business? Continue reading →

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March 21, 2016

The Evolution of Business Role Models – Part 2

Issue #419

Certain people rise above regular folks to become so successful, well-known and admired in their field of expertise that they become a household name. They become icons. This is true in every area from aeronautics to haute cuisine. There are few who don’t now the names of the great aviators Charles Lindbergh and Amelia Earheart. And most everyone knows the names of chefs Julia Child, Wolfgang Puck, Gordon Ramsey and Emeril Lagassi. These individuals possess certain qualities, talents and skills that catapulted them into a stardom of sorts. They are the doers, movers and shakers and innovators of the times. We draw inspiration from these icons.

However, even icons change. Today’s leaders have evolved from the strong, authoritarian traditionalists and business tycoons of the 20th century – think Henry Ford, John P. Morgan, John D. Rockefeller, and Walt Disney — into the innovative mavericks and mavens of the 21st century. We are mesmerized by edgy leaders such as Elon Musk, Founder of Tesla Motors and SpaceX, Tony Hseih, Founder of Zappos, Fred Smith, Founder of Federal Express, and Sir Richard Branson, Founder of Virgin Atlantic Airways. So what sets these icons apart from past business role models and what can we learn from them? Continue reading →

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March 14, 2016

The Evolution of Business Role Models – Part 1

Issue #418

Practically every industry these days has icons. It is no longer just about actors and musicians. From inventors to scientists and from business leaders to politicians, every field has its share of celebrities, living and gone. In the world of science, they include Albert Einstein, Niels Bohr, Jane Goodall, Alfred Nobel, Edwin Hubble and Stephen Hawking. Technology has heroes of its own including Tim Berners-Lee (inventor of the World Wide Web), Sergei Brinn, Larry Page, Dave Packard, Bill Hewett, and Jeffrey Katzenberg. Even the world of real estate has icons including Donald Bren, Stephen Ross, Jerry Speyer, Sam Zell, Steve Schwartzman, and, of course, Presidential candidate Donald Trump. And in the category of “captains of industry” are some of the most respected names in business including Bill Gates, Jeff Bezos, Warren Buffet, Rupert Murdoch, Jack Welch, Michael Eisner, Lloyd Blankfein, and Mark Zuckerberg, to name just a few.

To some extent, these idols share many traits and talents that propelled them into prominence. But, in recent years, there has been a fundamental shift in the makeup of these renowned individuals, particularly in the world of business. Qualities and skills once considered exemplary have become passé. Corporate tycoons like Rupert Murdoch and Lloyd Blankfein are giving way to new titans of industry such as Brad Smith, Chairman of the Board of Intuit.  Why?
Continue reading →

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March 7, 2016

A Business Bucket List

Issue #417

According to a report investigating 41 countries published by the Bank of Korea in 2008, there were 5,586 companies in existence that were older than 200 years. Of those, 3,146 were located in Japan, 837 in Germany, 222 in the Netherlands and 196 in France. And in the U.S., there are currently only 72 companies operating for more than 200 years. That makes sense given that the U.S. is a much younger nation that those in Asia or Europe. Still, it is a tough pill to swallow that most businesses eventually perish. While no one wishes for their business to go belly-up any time soon, the facts are indisputable. The average life expectancy of a Fortune 500 company today is between 40 and 50 years. And the average life span of a family-owned business in the U.S. is only 24 years.

When people get around to thinking about their own mortality, they often create a “Bucket List” , which helps one pinpoint what matters most and focus on making those things happen. It is a useful, personal exercise. But what about a business? Should a company have a “Bucket List” of things to achieve? If so, what should that Bucket List include? Continue reading →

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December 21, 2015

Retargeting: Digital Ads that Hit the Bulls-Eye

Issue #406

Have you ever done a search for a product or service and then seen ads for companies that deliver that product or service later on websites that have nothing to do with that product or service? For example, you might have done a search for lenders that handle commercial property loans and mezzanine financing. You clicked on the websites of a few of those lenders. Then later — hours, days or even weeks later — you did a totally unrelated search for hotels in Dallas for an upcoming conference and you saw an ad for a lender you perused earlier offering mezzanine financing on the hotel aggregator’s website. At first, you thought “coincidence.” Then you saw a similar ad for another lender when you searched for an upscale restaurant to dine at with your spouse and clicked on the Opentable.com site to make a reservation. You thought, “Strange.” Then you saw yet another ad for a commercial real estate lender when you checked accuweather.com for the weather forecast for your golf outing on Sunday. At that point, you felt like “Big Brother was watching.” How could such diverse and unrelated websites know you were looking for a commercial real estate lender? How could those lenders know to advertise on sites that you frequent? The answer is retargeting.

Behavioral retargeting (also known as behavioral remarketing, or simply, remarketing or retargeting) is a form of online targeted advertising in which online advertising is targeted to consumers based on their previous Internet actions, in situations where these actions did not result in a sale or conversion. This type of online advertising has been around for a few years and is highly effective and yet not widely used. That makes it a great tool for businesses that want to stand out in the crowd. Continue reading →

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November 9, 2015

The Changing Face of Search

Issue #400

Most people use search engines with little or no understanding of how they actually work – such as why one listing ranks higher than another or what cookies do or even how search engines are monetized. This is partly the fault of the search engines, who keep a lot of what they do a secret. But it is also partly because most people don’t really care how it works. As long as it provides a wealth of information easily, accurately and quickly, the functionality hasn’t really mattered much. However, business owners, managers and professionals should care, if they want their products or services to be ‘findable’ on the World Wide Web. Without understanding how search engines work, it is impossible to ensure that a company’s desired messaging will be found by potential clients or customers.

What is interesting is that, while search engines may seem static and unchanging to users, the reality is that search engines and the world of search is constantly changing. Search engines adjust their algorithms (the step-by-step functions to be performed to find and deliver information) regularly to stay a step ahead of those who manipulate online information for their own needs or wants. Updates are rolled out periodically that alter how information is ranked. Moreover, the search engine market is constantly evolving to meet the needs and concerns of those using search engines. And the search engine market is growing exponentially. But how will all this affect business? Continue reading →

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November 2, 2015

Converged Media: A Mix of Owned, Earned and Paid

Issue #399

It used to be so much simpler to market a company 25 years ago. That was before a computer programmer in Switzerland named Tim Berners-Lee introduced the World Wide Web in 1991. In the days before the Internet, search engines and smart phones, marketing consisted primarily of campaigns to targeted audiences using a controlled number of channels and a controlled message. Practically all marketing efforts were paid for and directed by the company. That’s not to say that getting the message across or selling a customer on a product or service was easier. It wasn’t. But for companies trying to communicate a message to a customer, the approach was simpler and more direct. There was less messaging ‘noise’ to distract and confuse audiences.

Today, we are overwhelmed by sales and marketing messages coming at us from every direction. To be heard, companies must use a variety of approaches and a multitude of channels. This includes Paid Media, Owned Media and Earned Media efforts. Today’s marketing efforts must converge these to create a mixed approach. Each is a different way for potential clients or customers to learn about a business’ message. Each functions differently. And each has its pros and cons. In order to reach a target audience, a company has to understand and determine the right mix of its owned, earned and paid media efforts. Let’s look at how they work. Continue reading →

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October 26, 2015

Top Sales and Marketing Terms of 2015 – Part 2

Issue #398

Last week, we explored some of the latest terms trending in sales and marketing in 2015. Some may have felt lost in lingo limbo, but most probably learned a thing or two about the emerging myriad of strategies and products available for businesses today to reach customers. Knowledge is power. But that doesn’t mean that a company should adopt every strategy, product and approach. Quite the contrary. When it comes to sales and marketing, it is different strokes for different folks. What works for one company may not have any value for another business. The goal is to be discerning. While early adopters embrace every trend, haphazardly trying each new thing, and late bloomers wait until a marketing strategy is thoroughly vetted and ubiquitous before even dipping a toe in the water, both extremes can be dangerous. The key is to be knowledgeable of all the approaches exist and determine what might work best for a particular business in a particular industry.

With that in mind, here are a few more 2015 trending terms to add to the sales and marketing vocab. Responsive web design. Adaptive web design. QR Codes. Click fraud. H2H. Nueromorphics. Media agnostic. Advertainment (not related to Advertorial, a much older but still useful marketing term referring to an article (instead of an ad) that is written to inform but with a slant/bias). Twinternship. mCommerce. Here’s what they mean. Continue reading →

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October 19, 2015

Top Sales and Marketing Terms of 2015 – Part 1

Issue #397

Ever heard the term storyscaping? How about snackable content? Conversation marketing. Brand storytelling. Snaps. Promoted chats. Owned media. Content studio. Omnichannel. Native advertising. Programmatic Marketing. Culture of Content. Data-Driven Publishing. Growth hacking. Newsjacking. Big data. Millennials. Local. Responsive web design. Adaptive web design. QR Codes. Beacons. Click fraud. Customer-centric. Engagement. H2H. Deep Linking. Nueromorphics. Media agnostic. Immersive design. Advertainment (not related to Advertorial, a much older but still useful marketing term referring to an article (instead of an ad) that is written to inform but with a slant/bias). Phablet. Twinternship. Remarketing. Freemium. mCommerce. If it feels like you’re reading Chinese — in English – you’re not alone.

These are just some (not all) of the latest sales and marketing terms making the rounds this year. The typical business owner, manager or professional is probably not familiar with most (if any) of these terms. Even some marketers might not be familiar with all of the strategies and ideas behind this terminology. But anyone running a business must stay current because, in today’s business world, the fast eat the slow. These terms reflect the ever-evolving face of sales and marketing today, and he who understands the opportunities best is best able to maintain an edge over the competition. So here’s a quick ‘cheat sheet’ to bring you up-to-date fast. Continue reading →

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October 12, 2015

Marketing and Selling to Specific Generations – Part 6

Issue #396

The demographers, business analysts, writers and sociologists are still toying with what to call the newest generation that is emerging after the Millennials. There are a few names being tossed around — Generation Z, plurals, Generation Wii and iGeneration. iGen seems to be leading the pack. The exact cutoff date between Millennials and iGens varies from 1997 to 2000. But, basically all infants, toddlers, adolescents and teenagers today are all iGens. Of course, some are concerned that this little “i” label does not describe properly the qualities and characteristics of this newest generation. First, what is the “i” supposed to mean? Is it Internet? Interactive? International? “i” as in I or me, implying a certain preoccupation with self? There really is no consensus yet among pundits.

Of course, this makes sense since iGens have yet to come of age and are still being molded and shaped by the social, economic and political events unfolding now and in the decades to come. How can one define what is still being molded? Yes, this newest generation is certainly an Internet-savvy, technology-driven generation. It is also a social-media connected generation that is experiencing human interaction in an entirely different way than any generation before it. They are redefining what it means to be ‘connected’. As for what else their label may come to mean is still to be defined. Here is what is known so far about this youngest generation.
Continue reading →

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