Archive for December, 2009
Don’t market your company blindly! Take advantage of strategic marketing now!
Is your company growth slowing down or sliding backwards? Perhaps all you need is a new marketing plan. Company growth is largely based on marketing techniques. And during these times of uncertainty, no doubt you seek any edge for growth you can find.
Philip Kotler,, a well known marketing expert at the Kellogg School of Management at Northwestern University provides insight about marketing. In an interview with Marshall Goldsmith he provides some helpful tips.
Cutting Marketing Budgets – Is it Wise?
According to Mr. Kotler, about 1 out of every 20 ad campaigns really provide a financial contribution and a memorable, motivating message. Companies would be smarter to use that money to make a better product.
Should Marketing Maxims be Preserved in Bad Times?
There are three Mr. Kotler recommends:
1. Know your target customers and provide them with better solutions than your competitors.
2. Your branding must reflect through everyone in your business including employees, suppliers, distributors, etc…
3. Work to innovate your products and services continuously.
About Making Changes in Marketing
Most marketing departments work on the ideas for developing and launching a product so they are more tactical, not strategic. They don’t really drive a company’s growth strategy. Think about appointing a CMO (Chief Marketing Officer) whose goal is to help a company grow by bringing the customer’s point of view to the company’s management, develops better measures toward creating different marketing techniques, enhance the company’s brands and aids the marketing department in developing new marketing skills.
Written by Marchall Goldsmith; Edited by Bill Sorensen
He has his share of bankruptcies, but he couldn’t be a savvier self-marketer.
How does Donald Trump avoid the pitfalls that plague other business moguls such as John Thain and Ken Lewis? And on top of it all, his popularity remains enormous.
Especially popular for his one liner trademark, “You’re fired!”, his popular TV Show – The Celebrity Apprentice – yet again is scheduled to air for another season. Amidst some business mishaps Mr. Trump has encountered recently, his success and popularity remain high and there is still quite a lot one can learn from his leadership success.
The art of defining his brand and leveraging that brand to appeal to a broader base of customers is something to admire. With that, his high standards of quality and consumer value associated with his brand help define his core values and expectations both within his company and into the marketplace. Mr. Trump surely knows how to define his brand and capitalize on it too.
He works hard to create his image, maintain it, and use it to expand into new businesses and new areas of profit. He’s also well known for being someone you can trust since he could be considered a “comeback kid’ who has personally experienced success, failure, and then snapping back with greater success. A testimonial to his art of management and oversight. For instance, people believe that Best Buy knows electronics the way Donald Trump knows real estate and clothing.
It’s all about management! You need to know what your core competency is before you attempt other avenues of growth. Learn to evaluate and reduce risks while at the same time maintaining an image that keeps building credibility.
In the world of business, size does not matter. It’s all about the branding and image you portray to your customers. You may never become the large multi-billion dollar company you had dreamt about. But it’s all about creating a brand that produces long term success and stability in the marketplace.
Like Mr. Trump, use every opportunity to pitch yourself and your business(es) 24/7. Don’t hide behind the CEO office door. Exposure plays an important role in generating interest, traffic, and long term success.
Written by Shaun Rein; Edited by Bill Sorensen
Share your consumer research and marketing knowledge with your employees so they can deliver to customers and help build your business.
Last February, Starbucks issued a press release stating that it would shut down all of its 7,100 stores for two hours to conduct an employee training event. Was that necessary or a publicity stunt?
Internal branding can also be referred to as internal communications but is also more focused on the “how” of what needs to done and why.
There were other underlying reasons behind the move than just “training” and free publicity. It was a form of internal branding. That all employees would be trained in unison with the knowledge and mindset to deliver to customers what Starbucks expected of them.
After all, you spend a great deal of time and effort researching and preparing for external marketing how much more can you leverage your business by doing the same with internal branding. What’s imperative here is that you don’t want to take what you know and put it away somewhere where no one can find it. Share important parts of your insight and findings with your employees to help your business grow and prosper. What your employees think, say, and do can have a significant impact on you and your business.
Written by Steve McKee; Edited by Clint Davis
A new up and coming social network called Blippy will let you share your credit card purchases with others online. Philip Kaplan, creator of AdBrite, plans to launch his latest project in the near future. Right now, if you visit Blippy.com, you will find a a basic introduction page in which you can request an invitation to check out their beta program.
Mr. Kaplan gave up his chief executive role at AdBrite last year but still remains as chairman and a major shareholder. Mr. Kaplan states that “the idea (behind Blippy) is that most Americans carry 2-3 credit cards. You sign one of them up to with the site to be the social card.” So for instance, if you use your registered “social card” to make a purchase at Starbucks, all your friends immediately know you are currently at Starbucks and can come join you.
Written by Don Steinberg; Edited by Bill Sorensen
Double Bets Are On MGM Optimism for Las Vegas rebound takes root as traders look to MGM for profits.
As MGM expands its casino and gaming complex, investors seek to purchase stock at twice it’s current value, Bloomberg reports. MGM, which opened its new $8.5 billion resort, City Center, on Dec. 1, is hoping the move will help reduce a debt load of $13 billion.
It is expected that travel to Las Vegas will increase by 7 percent in 2010, thus building optimism for creating profits. Joshua Belanger, founder of OptionSizzle.com, claims it’s a long shot. “But”, he says, “given how much these names can move, it could give them some bang for their buck.”
Written by Jeff Kearns; Edited by Bill Sorensen
What do you get when you cross an entrepreneur with an expert? William Snyder saves Lonnie “Bo” Pilgrim from bankruptcy and restores profitability.
Just one year after seeking bankruptcy protection, Pilgrim’s Pride said on Monday they no longer need protection. One of the largest chicken producers in the U.S., Pilgrim’s Pride claims they have struck a deal which includes the sale of a majority of their stake to JBS SA – a Brazilian meat company. Pilgrim’s Pride also said new shares in the company will begin trading today under the symbol “PPC” (PPC N).
William Snyder, a managing partner from CRG Partners, took on the role as chief officer to restructure Pilgrim’s Pride which also now includes a mix of additional products.
Pilgrim’s Pride was awarded reorganization by a U.S. bankruptcy judge on Dec. 10.
This story originally appeared on Reuter’s - Reporting by Emily Chasan in NY ; Edited by Bill Sorensen
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Entreprreneurship & Leadership
Frederick E. Allen
Everyone running America’s biggest businesses will be talking about innovation as the way out of the hard times of the past couple of years.
Many unemployed Americans won’t return to traditional corporate jobs. They will instead become independent contractors, piecing together freelance work to create the equivalent of full-time jobs.