tag:blogger.com,1999:blog-24362421666832303162024-03-14T02:40:00.159+11:00Thrill Of EnterpriseAn Investigation Into Enterprise...David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.comBlogger23125tag:blogger.com,1999:blog-2436242166683230316.post-31412947682616140082011-07-29T15:31:00.004+10:002011-07-29T15:40:58.583+10:00The Wolf of Wall Street: Back to his old ways?<a href="http://2.bp.blogspot.com/-DAOmCTm1-Rw/TjJGemWTN-I/AAAAAAAAAHU/SVOJ8R6EpBw/s1600/wolf%2Bof%2Bwall%2Bstreet.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 400px; height: 132px;" src="http://2.bp.blogspot.com/-DAOmCTm1-Rw/TjJGemWTN-I/AAAAAAAAAHU/SVOJ8R6EpBw/s400/wolf%2Bof%2Bwall%2Bstreet.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5634643575298013154" /></a>If you have not yet heard of the Wolf of Wall Street, you have been living in mainstream and social media isolation for the last few months. Why? The ‘Wolf’, aka Jordan Belfort, has systematically exhausted (for the most part) all marketing channels (both online and offline) to promote his current speaking tour. Skeptical? Good. It’s a healthy place to begin.<br /><div><br />So how can I capture the Wolf in a sentence of less? Let’s give it a shot. Arguably a born entrepreneur, Jordan followed the non-traditional path of dropping out of dentistry school to enter into the world of sales; eventually rising to the top of stock broking and fundraising (venture capital), before succumbing to the lure of ‘the green’ (money) which saw him spend some time in jail- where he inevitably learned another skill (writing) and sought to publish two best-selling books, start a ‘redemption’ speaking tour and climb back up the business ladder. Okay, take a breath. </div><div><br /></div><div>That was a lengthy sentence, and those grammatically-inclined will be shaking their heads… Get a life! But do you have the picture? Jordan is a man of immense talent, charisma, salesmanship and speaking ability. For a more detailed bio, feel free to have a chat to my friends ‘Google’ and ‘Wikipedia’: they both are more than willing to elaborate.<br /><br />Naturally, such a controversial character will breed immense skepticism and even blatant disregard. I ask you to lend me your ears for one moment. Having listened to Belfort speak in Sydney for two consecutive years I am more than convinced that although he is far from a perfect- better described as ‘hilariously human’- and yes, I just quoted myself- he is a source of unrivalled inspiration. </div><div><br /></div><div>His work ethic and charm are something to behold. To give you a specific example, within minutes of sitting down to listen to his presentation he says frankly, ‘if you are afraid of hard work, you are in the wrong place… you can leave now and have your ticket refunded’. This is a concept that was re-enforced many times. He even acknowledged that many would already be working their knuckles to the bone. Befort says, ‘work harder, and smarter’. Sure, this can become somewhat of a cliché. Yet Belfort sets out a simple and profound approach to tackle this labor.<br /><br />He divides this into ‘Inner’ and “Outer’ game strategies, which I’ll get to in the next post. Until this, if you’re interested you can read more on Jordan’s website, <a href="http://www.jordanbelfort.com/">jordanbelfort.com</a>. </div><div><br /></div><div>Finally, I must offer an answer to my original question: is the Wolf back to his old ways? Well if those old ways were captivating audiences and taking giant steps in the world of business, then the answer is a resounding 'yes!'<br /><br /></div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-8588985693928138282010-10-20T14:33:00.003+11:002010-10-20T15:10:46.208+11:00Speed Thinking: a way of the future?<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/__HPIj_hHjLI/TL5pcTf9QxI/AAAAAAAAAGg/g31bsskL6vQ/s1600/speedthinking.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 204px; height: 304px;" src="http://3.bp.blogspot.com/__HPIj_hHjLI/TL5pcTf9QxI/AAAAAAAAAGg/g31bsskL6vQ/s320/speedthinking.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5529973327449113362" /></a>The pace of life has never been faster. Whether you are in business for yourself, working for someone else, or if you don't neatly fit into any category, busyness is something that is unavoidable. This is mainly a product of media channels, but more specifically: the fact that we are plugged into them for the majority of the day. Most people are now saying 'slow down!' But is that really the answer?<div><br /></div><div>Dr Ken Hudson would say 'No!'. In his 2010 book <i>Speed Thinking: Thriving in a time poor world, </i>Dr Hudson offers a solution. His solution is a new system for thinking, and it's not just a matter of thinking more or finding a nirvana-like state where one can tap into the substratum of infinite knowledge... or is it? </div><div><br /></div><div>At it's core his system is simple- yet far from simplistic. The basic concept involves brainstorming in a limited time frame- he suggests two minutes- with the intention of jotting down as many solutions to a predetermined question or problem. Sounds haphazard? It is and it isn't. </div><div><br /></div><div>On the one hand, when you are forced to think quickly you are forced to spit out incomplete and unsiphoned solutions, some of which you may not be entirely content or happy with in the moment. But is this a problem? Dr Hudson suggests the opposite. He suggests that when you put your ordinary filtering systems aside, then you are left with raw and uninterrupted data that is often more creative and useful. In practice, the speed thinking process is not yet complete, so even if this data was somewhat 'raw', the 4-step-process that Dr Hudson offers in this book provides a comprehensive means of transplanting the data into a useful context and solidifying its value. </div><div><br /></div><div>Dr Ken Hudson, or "<i>Dr Speed" </i>as he if sometimes known, has a new website where you can learn more about speed thinking and try out his application: <i>Speed Links. </i>Check out if the results really do speak for themselves.</div><div><br /></div><div><br />Check out the <a href="http://www.speedthinkingzone.com/">Speed Thinking Zone</a>.<br /></div><div><br /></div><div>So is speed the answer? Let me see. I'll give myself 2 minutes and try to come up with 9 solutions.... </div><div> </div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-82788408302788919282010-06-13T19:33:00.005+10:002010-06-13T19:40:09.164+10:00Guus Hiddink vs Pim Verbeek: Who is the better leader?<div style="text-align: justify;">As Australia is on the brink of her first World Cup Finals match against Germany, the weight of expectation has not been higher. Indeed, win or lose; jubilation or desperation; the thrill of the World Cup it palatable. As with any monumental occasion, often you cannot control the outcome, all you can do is prepare as best you can and hope you have the right man behind the reins. So this brings us to the question: Guus versus 'Pim', who is the better man?</div><div><br /></div><div><img src="http://www.theage.com.au/ffximage/2007/12/07/PM_verbeek_narrowweb__300x448,0.jpg" style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 300px; height: 448px;" border="0" alt="" /><div>Expressing a strong dislike and disrespect for the A-League- which may or may not be unfounded, is but one of Verbeek's notable 'virtues'. Yet one of his more widespread trademarks is his 'boring' style of football. Now, you may be excused for thinking that the A-League is not the greatest football league in the world. That's a fair enough comment- yet such a great detail of gratitude is owed to Frank Lowy for fervently attempting to put football on the Australian radar.<br />Now there is a temptation to adopt a job interview approach and compare and contrast the two résumés. But in the interest of giving Pim a chance, we will go to other means. As a side note, comparing Guus and Pim in terms of their 'transcripts' is like comparing Shaquille O'neal and Muggsy Bogues- or for those non-NBA civilians out there, think about the A-League in comparison to the English Premier League. Hold On! I'm starting to side with Verbeek already, let's just move along shall we? Good idea.<div><br /></div><div>However, in my mind, there is no excuse for boring football! Pim's response points to Australia's qualification into the 2010 World Cup as he pleads with us to judge him by his results. Now Pim, listen up, I am 100% behind Australia progressing far- and to demonstrate by unwavering loyalty to the Socceroos, I am wearing my green and gold scarf despite my toasty inside surrounds necessitating no such heating garment- but tell me this: Is this great game dictated by who wins and losses? If we were to side with you I guess we would have to give Italy a hearty pat on the back for 'getting the results' against Australia in the last World Cup! I still can't sleep at night without seeing Totti sucking his thumb as my heart was literally breaking, tears running down my face faster than an bolt- Lightning, Hussein or otherwise.</div><div><br /><img src="http://www.topnews.in/sports/files/hiddink.jpg" style="float:right; margin:0 0 10px 10px;cursor:pointer; cursor:hand;width: 340px; height: 320px;" border="0" alt="" /><div>This great game is not just about results! It is about passion, it is about drama, it's about waking up at a ridiculous morning hour to cheer on a team that it every bit aware of its underdog status. Now it may seem like I'm getting carried away here, but Pim, here me when I say: "it will all be forgiven; just show me the sexy football! Go Australia!!"<br /><br />I have decided I'm no longer holding back. Guus... you are the man. You were the man. You are our man. Four years ago, I looked to you for hope. You looked back. We had a moment there. You delivered the goods, but more still, you packages them so well. You brought the sexy football back to Australia. I only now hope that our beloved Socceroos have not forgotten that little voice that says 'passion' and'heart' that Verbeek may have quashed or smothered with the command to 'deliver results'. Perhaps I'm not being entirely fair to Pim. But I have one more request.<br /><br />Pim. Please. We want emotion. We want drama. Show us that you care! No-one is grading you on the quality of your poker face. This is something that we endeared about Guus so much. He was not afraid to show us his true colours. The measure of a coach... Let me rephrase that: the measure of a man is not by his ability to disallow the flailing emotions (so rampant in a highly charged football pinnacle) to voice themselves in his demeanour.<br /><br />Let me borrow Tom Cruise for a moment.. We want the truth! And in case you are part Jack Nicholson, we CAN HANDLE THE TRUTH! If you are hurting, show us you are hurting! If you are anxious, know that we are too. If we score and win, then GET UP OFF YOUR SEAT and DO WHAT YOU NEED TO DO! Your time is now. Our time has come. Show us the sexy football and we will all be shouting your praises from our houses, taverns, street-corners or wherever else we will be congregating tomorrow morning to bring our boys to glory.<br /><br />Go Australia! Game on!<br /></div></div></div></div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-18652125306826011832010-05-09T18:52:00.017+10:002010-05-18T10:46:20.165+10:00Viral Marketing: An Introduction<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/__HPIj_hHjLI/S_Eg41gqOeI/AAAAAAAAAGA/YkuFhLDoyZ0/s1600/dominos+005aa.JPG"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 226px; height: 280px;" src="http://1.bp.blogspot.com/__HPIj_hHjLI/S_Eg41gqOeI/AAAAAAAAAGA/YkuFhLDoyZ0/s400/dominos+005aa.JPG" border="0" alt="" id="BLOGGER_PHOTO_ID_5472191183040690658" /></a><div style="text-align: left;"><b><span class="Apple-style-span" style="font-family:arial;"><span class="Apple-style-span" style="font-size: x-large;">If you cite</span></span></b><b><span class="Apple-style-span" style="font-family:arial;"> </span></b><b><span class="Apple-style-span" style="font-family:arial;"><span class="Apple-style-span" style="font-size: large;">"viral marketing"</span></span></b><span class="Apple-style-span" style="font-family:arial;"> in a business plan or new product pitch, it's about the same as saying "I'm going to close my eyes and hope for the best!". Why? Viral marketing (VM) is not simply a methodology- at least not in the same was that direct response television advertisement or a simple below the line campaign is. Rather, VM is an organism that is not reliant on one form or strategy. Interestingly, this is where it derives its power.</span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><span class="Apple-style-span" style="font-family:arial;">As lava explodes from a volcano- whether from the top, side; and in a semi-solid or liquid state- so too does VM find the path of least resistance. Essentially VM is word of mouth on steroids. Maybe it starts in the form of a youtube video or chain email; perhaps in something as simple as a large outdoor advertisement- the medium is not important. What is important, just like lava; is that the information is red hot! An attempt to manufacture or propagate this phenomenon by distribution on many and varied platforms is busywork. If the idea is cold, there will be no contagion. VM is like gossip: the more juicy it is, the faster it will spread. </span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><span class="Apple-style-span" style="font-family:arial;">Having said this, the term 'viral marketing' is most commonly used to describe an online phenomenon. </span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><a href="http://www.wilsonweb.com/wmt5/viral-principles.htm"><span class="Apple-style-span" style="font-family:arial;">Dr Ralph F. Wilson</span></a><span class="Apple-style-span" style="font-family:arial;"> suggests there are 6 basic elements for a successful viral strategy. They include:</span></div><blockquote><div><ol><li><span class="Apple-style-span" style="font-family:arial;"> Gives away products or services</span></li><li><span class="Apple-style-span" style="font-family:arial;"> Provides for the effortless transfer to others</span></li><li><span class="Apple-style-span" style="font-family:arial;"> Scales Easily from very small to very large</span></li><li><span class="Apple-style-span" style="font-family:arial;"> Exploits common motivations or behaviours</span></li><li><span class="Apple-style-span" style="font-family:arial;"> Utilizes existing communications networks</span></li><li><span class="Apple-style-span" style="font-family:arial;"> Takes advantage of others' resources</span><span class="Apple-tab-span" style="white-space:pre"><span class="Apple-style-span" style="font-family:arial;"> </span></span></li></ol></div></blockquote><div><span class="Apple-style-span" style="font-family:arial;">Whilst there is distinct value in what is suggested here, all of Dr Wilson's finding can be summarized in one phrase: : "provide value". </span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><span class="Apple-style-span" style="font-family:arial;">This works in all circumstances. Whether it is a funny youtube clip, a news item; or even a new product launch- the essential ingredient is VALUE!</span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><span class="Apple-style-span" style="font-family:arial;">Yet, point number 4 is highly useful. Laughter, fear, disgust, shock, wonder, surprise, hope- to name a few common human emotions- are all excellent feed for the viral machine. Then, it is simply the potency of those emotions which will dictate how likely an individual is to share it.</span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><span class="Apple-style-span" style="font-family:arial;">For example, a recent viral video known as "Dogman" aired on Australian television program "A Current Affair" in April 2010. Allow me to refresh your memory...</span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /><br /></span><object width="400" height="295"><param name="movie" value="http://www.youtube.com/v/cZpm_9_PmYg&hl=en_US&fs=1&"><param name="allowFullScreen" value="true"><param name="allowscriptaccess" value="always"><embed src="http://www.youtube.com/v/cZpm_9_PmYg&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="400" height="295"></embed></object><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><span class="Apple-style-span" style="font-family:arial;">Undoubtedly, here the dominant emotions we are dealing with are shock and surprise. Together they offer a hilarious item that simply must be shared. It is the nature of humanity to want to share its condition, which is a provocation of some core and powerful emotions. </span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><span class="Apple-style-span" style="font-family:arial;">Perhaps the most unequivocal </span><b><span class="Apple-style-span" style="font-family:arial;">current example is the social media platform "Facebook"</span></b><span class="Apple-style-span" style="font-family:arial;">. There is no denying the huge value that Facebook provides for its users. It offers the opportunity to connect with friends, to play and socialize, to share experiences through photos, and simply have fun. These elements are so universal and powerful that it is no surprise it can seen so much viral success. </span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><b><span class="Apple-style-span" style="font-family:arial;">The biggest mistake</span></b><span class="Apple-style-span" style="font-family:arial;"> made in viral strategy is a disconnection between the emotion you are using to propagate your idea, and the emotion you intend to associate with your brand. For example, if you are a security company who intends to release a funny video of crooks who hurt themselves whilst trying to break or bypass your security devices. The emotion which will sell- and by sell I mean facilitate- the viral campaign is laughter and, to a lessor degree, sympathy. However, the emotions that you require to sell your product surround the concept of "safety" and comfort. In the end you will have a campaign that makes people laugh and feel sympathy, but have no more sales and no increase in revenue. What a waste! </span></div><div><span class="Apple-style-span" style="font-family:arial;"><br /></span></div><div><span class="Apple-style-span" style="font-family:arial;">Viral Marketing is a tricky business. There are two things to take away</span></div><div><ol><li><b><span class="Apple-style-span" style="font-family:arial;">Provide Value</span></b></li><li><b><span class="Apple-style-span" style="font-family:arial;">Ensure a connection between the emotion that facilitates your viral campaign, and the one that sells your product.</span></b><span class="Apple-style-span" style="font-family:arial;"> If there is a such a gap between these two, you have wasted your time! </span></li></ol></div><div><br /></div><div><br /></div><div><br /></div><div><b><u><br /></u></b></div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-62018629275834512522010-04-03T13:14:00.013+11:002010-04-03T14:41:12.702+11:00Top of The Table Clash: Manchester United vs Chelsea April 3rd 2010<div style="text-align: center;"><span class="Apple-style-span" style="color:#0000EE;"><u><br /></u></span></div><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_yXgzrPH3bbg/Sva7eWFWdJI/AAAAAAAAA70/MQqvWyhlzDc/s400/Runi.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 300px; height: 334px;" src="http://4.bp.blogspot.com/_yXgzrPH3bbg/Sva7eWFWdJI/AAAAAAAAA70/MQqvWyhlzDc/s400/Runi.jpg" border="0" alt="" /></a><span class="Apple-style-span" style="font-size:x-large;">Isn't this </span><span class="Apple-style-span" style="font-size:large;">blog for business purposes only?</span><span class="Apple-style-span" style="font-size:medium;"> Yes indeed. Then how can you possibly be discussing the English Premier League? Let alone the likes of Manchester United? These are all good questions.</span><div><span class="Apple-style-span" style="font-size:medium;"><br /></span></div><div><span class="Apple-style-span" style="font-size:medium;">Firstly, you may have guessed from my anti-ManU sentiment that I'm a level-headed and pragmatic Chelsea FC fan. Is there really any other kind? Don't answer that! But in all honesty, Chelsea is so much more than a team. We represent diversity. We represent solidarity. We represent a dream so much greater than just football. From the Russian-born orphan-turned-tycoon: Abramovich, to th</span><span class="Apple-style-span" style="font-family:'trebuchet ms';"><span class="Apple-style-span" style="font-size:medium;">e</span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;"> superstar 'de </span></span><span class="Apple-style-span" style="line-height: 19px; "><span lang="fr"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;">Côte d'Ivoire', namely Drogba, we</span></span><span class="Apple-style-span" style="line-height: normal; "><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;"> are a delicate balance of commercial solidarity and cultural diversity. Throw in a Lampard, and mix in a Terry with a side dish of Deco, and you not only have a sumptuous spectacle to dazzle the eyes but a tabloid-selling powerhouse that puts the largesse of Lindsay Lohan to shame. Shall I go on?</span></span></span></span></span></div><div><span class="Apple-style-span" style="line-height: 19px; "><span lang="fr"><span class="Apple-style-span" style="line-height: normal; "><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;"><br /></span></span></span></span></span></div><div><span class="Apple-style-span" style="line-height: 19px; "><span lang="fr"><span class="Apple-style-span" style="line-height: normal; "><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;">To illuminate my first proposed conundrum regarding the nature of this blog, may I refer you to the mirror. Take a long hard look at yourself. Now ask yourself this: Have you not noticed that the English Premier League is a commercial entity attracting millions upon millions of broadcast and sponsorship pounds, dollars- whatever your flavour- for years upon years?</span></span></span></span></span></div><div><span class="Apple-style-span" style="line-height: 19px; "><span lang="fr"><span class="Apple-style-span" style="line-height: normal; "><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;"><br /></span></span></span></span></span></div><div><span class="Apple-style-span" style="line-height: 19px; "><span lang="fr"><span class="Apple-style-span" style="line-height: normal; "><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;">The English Premier League is a dynasty. Without a doubt, it is easily the most lucrative association football league in the globe. In 2007/08 the league saw its revenues increase to nearly </span><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px; font-family:verdana, helvetica, arial, sans-serif;"><a href="http://news.bbc.co.uk/2/hi/business/8078533.stm"><span class="Apple-style-span" style="color:#000000;"><span class="Apple-style-span" style="font-size:medium;">£2 </span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: separate; line-height: normal; "><a href="http://news.bbc.co.uk/2/hi/business/8078533.stm"><span class="Apple-style-span" style="color:#000000;"><span class="Apple-style-span" style="font-size:medium;">billion</span></span></a><span class="Apple-style-span" style="font-size:medium;">, amidst a global downturn. Adding to this, the candidature of the owners is a spectacle in itself: with the likes of Chelsea's Roman Abramovich, Fulham's Mohamed Al-Fayed, and Manchester United's Malcolm Glazer, the backdrop the the on-field spectacular is followed closely by off-field press monster that surrounds the dealings and politics of private ownership. It's a fascinating phenomenon to behold. </span></span></span></span></span></span></span></span></div><div><span class="Apple-style-span" style="line-height: 19px; "><span lang="fr"><span class="Apple-style-span" style="line-height: normal; "><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px; font-family:verdana, helvetica, arial, sans-serif;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: separate; line-height: normal; "><span class="Apple-style-span" style="font-size:medium;"><br /></span></span></span></span></span></span></span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><img src="http://www.artrussia.ru/magazine/061127_1.jpg" /></span></div><div><span class="Apple-style-span" style="line-height: 19px; "><span lang="fr"><span class="Apple-style-span" style="line-height: normal; "><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px; font-family:verdana, helvetica, arial, sans-serif;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: separate; line-height: normal; "><span class="Apple-style-span" style="font-size:medium;"><br /></span></span></span></span></span></span></span></span></div><div><span class="Apple-style-span" style="line-height: 19px; "><span lang="fr"><span class="Apple-style-span" style="line-height: normal; "><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px; font-family:verdana, helvetica, arial, sans-serif;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: separate; line-height: normal; "><span class="Apple-style-span" style="font-size:medium;">So when it comes to a end-of-season title clash- the stakes have never been higher. I'm tempted to analyse the technical aspects of the game in consideration of Rooney's absence, and the recent red-hot goal scoring form of both teams. I'm so very tempted but I won't. But I will say this: there is not another occasion where the spotlight and pressure will be on both players and coaches to perform. </span></span></span></span></span></span></span></span></div><div><span class="Apple-style-span" style="line-height: 19px; "><span lang="fr"><span class="Apple-style-span" style="line-height: normal; "><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px; font-family:verdana, helvetica, arial, sans-serif;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: separate; line-height: normal; "><span class="Apple-style-span" style="font-size:medium;"><br /></span></span></span></span></span></span></span></span></div><div><span class="Apple-style-span" style="line-height: 19px; "><span lang="fr"><span class="Apple-style-span" style="line-height: normal; "><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px; font-family:verdana, helvetica, arial, sans-serif;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: separate; line-height: normal; "><span class="Apple-style-span" style="font-size:medium;">With all due hatred and animosity, it's difficult to argue with the </span><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px; font-family:verdana, helvetica, arial, sans-serif;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: separate; line-height: normal; "><span class="Apple-style-span" style="font-size:medium;">longevity and uber-consistent performance of</span><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px; font-family:verdana, helvetica, arial, sans-serif;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: separate; line-height: normal; "><span class="Apple-style-span" style="font-size:medium;"> Sir Alex Ferguson. For Chelsea FC the new-season-new-coach phenomenon will again be put to the test. How interesting it would be to listen in on the pre-match talk in either of the dressing rooms. I can only imagine Sir Alex giving a knowing glance to Vidic. This knowing look is understood and simple. Take out Drogba, 'we don't pay you for your looks or even your consistent form'. 'I don't care what you do just get the job done' is the understanding.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div><span class="Apple-style-span" style="line-height: 19px; "><span lang="fr"><span class="Apple-style-span" style="line-height: normal; "><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px; font-family:verdana, helvetica, arial, sans-serif;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: separate; line-height: normal; "><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px; font-family:verdana, helvetica, arial, sans-serif;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: separate; line-height: normal; "><span class="Apple-style-span" style="border-collapse: collapse; line-height: 18px; font-family:verdana, helvetica, arial, sans-serif;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="border-collapse: separate; line-height: normal; "><span class="Apple-style-span" style="font-size:medium;"><br /></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;">In the Chelsea sheds the players look to Drogba and say with their eyes: we know you are going to dive; but at least if you do, get in the box and make it look good. Drogba's smile grows larger, knowing full well that if ever shafted from the squad he has a long career ahead in the 3 meter springboard. Terry will no doubt be integral. Having said this, if he leaves the field early we can safely say he is running late for Jerry Springer. "Terry! Terry! Terry!"</span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;"><br /></span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;">April 3 will be a telling day. It will be an important match. No doubt, the loser faces an improbably uphill battle to gain the 2009/10 title, and the winner will most likely carry the momentum to trophy-raising elation. </span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;"><br /></span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:medium;">May the best team win. Long live Abramovich! Game On!</span></span></div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-75092910842395576582010-01-01T16:57:00.009+11:002010-01-01T18:36:03.665+11:00ROI: A Tale of Two Films<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://www.iwatchstuff.com/2008/11/13/funny-people-poster.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 225px; height: 334px;" src="http://www.iwatchstuff.com/2008/11/13/funny-people-poster.jpg" border="0" alt="" /></a><span class="Apple-style-span" style="font-size:large;"><span class="Apple-style-span" style="font-size:x-large;">Return</span> on investment:</span> abbreviated to 'ROI', usually given as a percentage of an initial investment, and usually unrealistically high. <div><br /></div><div>These projected returns are generally not to be trusted and mostly for good reason. Why? Mainly, as they most commonly emerge in the context on a vendor attempting to sell a business or asset- in which case, they (being the opportunistic agents for sale) will be wanting more than they can reasonably expect to achieve in dollar terms, but at least if they can spit out a palatable ROI, they can justify the attempted extortion- or, if all else fails, begin speaking about the vague notion of goodwill.</div><div><br /></div><div>Now as I temporarily toss my skepticism under my bed alongside the dirty washing, let us get down to business- specifically, ROI in the context of two films: <b>Paranormal Activity</b> and <b>Funny </b><b>People.</b></div><div><br /></div><div><b></b> In the spirit of keeping things simple, there will be no talk of the balance sheet nor depreciation of assets, we are talkin' 'cost of production' and 'revenue', and we are talkin' in US dollars. It's that simple.</div><div><br /></div><div>Frankly, I don't go to the cinemas to watch any form of motion picture too often. This is not to suggest I do not have an appreciation for all things motion- I like driving, snowboarding, even plain walking. Truth be told, I have a fascination with film. This fascination, however, if kept carefully in tact by an opposing strong disdain (notice I chose a more emotionally-imbued word than 'dislike') for bad films. Whether this exists in the form of poor acting, storyline, chichéd scripting, or the obvious-incidence of a writer/director attempting to do too much- I have proven multiple times that I will walk out of the cinema, literally.</div><div><br /></div><div>The most recent occurrence of the 'walk out' was during Judd Apatow's 2009 film "Funny People"starring Adam Sandler, amongst a seemingly competent cast ensemble including Seth Rogen and Eric Bana. According to boxofficemojo.com this film had a production budget of $75 million and so far has yet to exceed the $65 million in worldwide revenue. This is without included marketing and distribution costs which, needless to say, would add many more millions to the break-even point. So why the miserable failure? Good question... and easy to answer.</div><div><br /></div><div>I'm not sure if Sandler subscribes to the same school as Seinfeld in openly declaring an inability to act, but maybe he should. On the other hand, maybe he wasn't acting? The film is characterized as a comedy-drama (the first giveaway that things were going downhill) and involves a tedious plot whereby a comedian (played by Sandler) suffers from a form of lonely depression that cannot be bolstered by any means of materiality nor womanizing.</div><div><br /></div><div>My question is this: when has comedy ever gone with drama? Now, I am all up for innovation in the creative process, but surely you have to draw the line somewhere! Maybe the direction sought some kind of interesting dichotomy, the likes of which could rival the sweat-and-sours of this world. But there was not light bulb moment here. Instead, the dualistic scripting can be most easily analogized as oil and water. You don't use water to lubricate an engine, and you don't drink oil. Whilst I'm more than willing to be proven wrong, comedy and drama need to maintain their distance. The courting period is over. There is no chemistry. </div><div><br /></div><div>So financially speaking, Funny People was a flop. Critically, the reviews were mixed. Personally, I walked out before seeing Eric Bana- who I am still convinced did not star in this film at all. It was released onto DVD and Blu-ray in November 2009. Hopefully, from a business perspective, it is able to recoup some of its financial losses. ROI speaking, there was no return on investment. There was a massive loss, very much unlike director Apatow's previous effort with "Knocked Up" which was produced for $33 million and grossed over $219 million at the box office.</div><div><br /></div><div><br /></div><div>If I could now turn my attention to some paranormal activity in the box office, we will discuss Oren Peli's descriptively-titled "Paranormal Activity" that was released in the US in October 2009 with a reported budget of a mere $15,000, excluding marketing costs. </div><div><br /></div><div><img src="http://trueslant.com/donovan/files/2009/11/paranormal.jpg" style="float:right; margin:0 0 10px 10px;cursor:pointer; cursor:hand;width: 250px; height: 370px;" border="0" alt="" /></div><div>Peli's film grossed more than $100 million in the US alone and, to date, is thought to hold the record for the greatest return on investment for any film in history. The previous unofficial record holder was the Blair Witch Project. </div><div><br /></div><div>The plot was not complicated. The filming was largely confined to one fixed tripod-shot set on night vision in Katie and Micah's (two main actors) bedroom, recording supernatural 'activity' that occurred during the night. </div><div><br /></div><div>Patrons will see a film for many reasons. Often, the actors are the draw card. Sometimes, the director has the 'pull'. <blockquote>But this was the first time I had ever seen a film based on return on investment- and I am sure I am not alone on this one.</blockquote></div><div><br /></div><div>What is the lesson to be learned here? I thank one of my high school mathematics teachers for this one. Kiss. Keep it simple stupid. </div><div><br /></div><div>Forget about elaborate genre mixes or complicated story lines. Indeed, it is argued that genius internet viral marketing was the key behind Paranormal's dominance at the box office; but equally, without an intoxicating simplicity of "the scariest film ever made" or a simple "you won't be able to sleep at night after this", no viral assistance would have carried this to box office superstardom. </div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-83937382501916362362009-09-02T18:10:00.021+10:002009-09-29T17:43:45.081+10:00Marketing is like Ice-cream<a href="http://www.stmattsaints.org/Images/ice-cream-cone.jpg"><img style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 240px; CURSOR: hand; HEIGHT: 161px" alt="" src="http://www.stmattsaints.org/Images/ice-cream-cone.jpg" border="0" /></a><br /><div><span style="font-size:180%;">In times</span> <span style="font-size:130%;">of economic</span> buoyancy it seems that the marketing profession is where it's at. Mind the slang. When times are good, budgets are big and spending is king. You have to spend money to make money, right? Absolutely! Where your imagination can see, the marketing budget can drive you there- and we are talking first class. Summarise: in the upswing the last thing you are thinking about is keeping your receipts.<br /><br />Dream with me for a moment... You have just consumed a sumptuous seafood meal and the waiter confidently approaches with the dessert menus. Smiles are exchanged and the <span class="blsp-spelling-error" id="SPELLING_ERROR_0">ice-cream</span> is on its way. Now its not question of "does <span class="blsp-spelling-error" id="SPELLING_ERROR_1">icecream</span> go with seafood?" Because anyone who is anyone will know that <span class="blsp-spelling-error" id="SPELLING_ERROR_2">ice-cream</span> can go with anything. Full stop. Backspace. Comma... And there is always room for <span class="blsp-spelling-error" id="SPELLING_ERROR_3">ice-cream</span>! No questions about that... But..<br /><br /><br /><blockquote><strong><em><span style="font-size:180%;">"Marketing is like <span class="blsp-spelling-error" id="SPELLING_ERROR_4">ice-cream</span>."</span></em></strong></blockquote><br />But what happens when the bubble bursts and the economic milk turns sour? What happens to marketing machine? If people stop buying <span class="blsp-spelling-error" id="SPELLING_ERROR_5">ice-cream</span>, where does it go? What does it do? Will somebody think about the <span class="blsp-spelling-error" id="SPELLING_ERROR_6">ice-cream</span>! But seriously, it begs the question: <strong>what is the actual skill-set of a marketer? </strong><br /><br /><strong><span style="font-size:130%;">1. Sales ability.</span> </strong>Now this is a tricky one. There are those who consider marketing and sales as virtual synonyms. On the other foot, there are those who, if you even begin to utter the "S" word in any vague reference to their job description, will shut you down like Mike Myers with a bad case of the Dr Evils. The latter consider those in sales to be the proletariat of the business world, whereas 'they' form the more intellectual and holistic bourgeoisie of the 'integrated marketing approach'. The bourgeoisie are afraid get pragmatic and numerical and prefer to talk in the guise of "solutions" and "client expectations". Give me a break!<br /><br />As it turns out I subscribe to the school of innate sales ability. You are either born with it or you are not. True, many a cold-calling over-the-phone <span class="blsp-spelling-corrected" id="SPELLING_ERROR_7">stock market</span> scam has prevailed on the <span class="blsp-spelling-error" id="SPELLING_ERROR_8">resumé</span> of well-scripted-rebuttal-tested exploits. But it's the real 'players'- the Jordan <span class="blsp-spelling-error" id="SPELLING_ERROR_9">Belfort</span> (Wolf of Wall Street) kinds- who are bringing in the real dollars.<br /><br />So the answer is 'no'. No, salesmanship is not a consistent <span class="blsp-spelling-corrected" id="SPELLING_ERROR_10">characteristic</span> attributable to a "marketer". On the other hand, maybe it should be. But all personal opinions aside, is sales ability synonymous with marketing? Is apple synonymous with orange? I'll let you fill in the gaps.<br /><br /><strong><span style="font-size:130%;">2. Creativity.</span> </strong>So you own a copy of <span class="blsp-spelling-error" id="SPELLING_ERROR_11">Photoshop</span>. Big <span class="blsp-spelling-error" id="SPELLING_ERROR_12">woop</span>. Pink parrot. Can I get a "who cares!" Creativity is another one of those innate skills. If you were given a list of 10 friends and were asked to tick 'yes' or 'no' to creativity, it would not take you long. It's a no-<span class="blsp-spelling-error" id="SPELLING_ERROR_13">brainer</span>. So is it unrealistic to think 'marketer' and assume "creativity"? Yes. Sure, marketing can be a very creative field and for those agencies who can harness the (often) dreamy big-picture kinds or the <em>"I'd like that header in a light teal.. No! That's clearly bubblegum or at the very least a very sick looking emerald!" </em>kinds. But chances are you will spend more time arguing over why Creative <span class="blsp-spelling-error" id="SPELLING_ERROR_14">Julien</span> (who likes to be known as <span class="blsp-spelling-error" id="SPELLING_ERROR_15">CJ</span> as it turns out) is late every day and never cleans his desk. Did I get a little carried away? Yes. Is my point made? Let me make it simple: creativity is another skill-set that (unfortunately) cannot be assumed in a 'marketer".<br /><br /><strong><span style="font-size:130%;">3. Communications ability.</span></strong> This one is tough to define. So let's keep it simple. One thing that is guaranteed in any marketing organisation or position is this: marketing does not occur in isolation. Now whether you are running a meeting of eight project managers; negotiating the finer details with the creative team; trying to prioritise your press release info with PR; or, attempting to convince the receptionist to run out to grab you a 'better coffee' than the office instant (I shudder at the thought), then you are exercising you communications ability. This is an essential tenet of the marketing skill-set.<br /><br />In my mind, this is what makes marketers such unique creations. Believe it or not, there was was method to the madness that saw you constantly assembled into "groups" at your educational institution. This is a such a crucial skill-set I'm tempted to leave it alone- cynical observation-free. *I'm biting my tongue*...<br /><br />I retrace to my original thought with more conviction and clarity. Marketing is indeed like <span class="blsp-spelling-error" id="SPELLING_ERROR_16">ice-cream</span>.<br /><blockquote><strong><span style="font-size:180%;">"Gastronomically speaking, its the good stuff that fills in the gaps."</span></strong></blockquote>What happens when <span class="blsp-spelling-error" id="SPELLING_ERROR_17">ice-cream</span> is left out? That's right? It melts.<br /><br />Marketers are the chameleons of the business world. They fill in the gaps. They translate information between audiences at lightning speed. They learn fast... And whilst neither salesmanship nor creativity can be assumed or guaranteed, what CAN be guaranteed is "if I cant design that myself, then I can find somebody who can.. Don't worry I'll take care of it".<br /><br />Imagine if you had the trio: salesmanship, creativity, and communications skills.. you would be unstoppable. Now THAT is where it's at.</div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-68461737391688958532009-07-02T16:25:00.021+10:002009-07-02T18:27:23.778+10:00Charlie the Unicorn: Getting down to businessLet's face it, there is a lot of terrible video material on youtube. Straight up, I'm not saying this is a bad thing: it's part of the fascination; and, if you're in the right mood- usually overly tired and somewhat delerious- then a poorly-edited cartoon or music vid can be just what you need to lift those spirits. And then there was Charlie the Unicorn... where to begin?<br /><br />If you have not taken a moment out of a busy day or huddled around a computer to feast on this masterpiece then you really cannot consider yourself 'of the 21st century'. Charlie is the bomb. Please allow me to refresh your memory...<br /><br /><br /><br /><object height="285" width="340"><param name="movie" value="http://www.youtube-nocookie.com/v/Q5im0Ssyyus&hl=en&fs=1&rel=0&border=1"><param name="allowFullScreen" value="true"><param name="allowscriptaccess" value="always"><embed src="http://www.youtube-nocookie.com/v/Q5im0Ssyyus&hl=en&fs=1&rel=0&border=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="340" height="285"></embed></object><br /><br /><br /><br /><br /><blockquote><br /><p><em><span style="font-size:180%;">"Charlie.. You silly sleepy head... wake up!"</span></em></p></blockquote><br /><br />Now it's unknown whether the creator, Jason steele, was on some form of extended acid trip or scaling the heights of a herbal hallucinogen; or whether he simply found his "happy place" - <em>Happy Gilmore</em> style- while forming the masterpiece for (as the film would suggest) "Typequeen" of online community <em>Newgrounds</em>*. But, as of the last time I checked, the creation has been viewed over 38 million times- and thats ony the first movie! So, artificial enhancement or not, that's a lot of trips to candy mountain... Forget conservatism, I'm running with another exclamation mark... Boom!<br /><p></p><br /><blockquote><span style="font-size:130%;"><em>"Now that's a lot of potential leads!"</em></span></blockquote><br />I briefly hesitate in absolute artistic appreciation of Charlie. Frankly, I am a huge fan. The simplicity of the language and utter brilliance of the timing is, in my humble unicorn-loving opinion, unrivalled when it comes to flash cartoons on the tube. Of course, I am more that happy to be corrected. Having quickly glanced at the Newgrounds website, it seems as though the film was not created as a means of making a quick buck... so perhaps this was an afterthought?<br /><br />If you watch the entire movie you will notice that it concludes with an upbeat and circus-like tune whilst directing your attention to a website: <span style="color:#6633ff;">"filmcow.com"</span><span style="color:#000000;">. At this location you can browse through various other funnny clips (most of which I have not seen as of yet) OR visit the "Store".</span><br /><br />When I open the link to the store I literally begin to laugh. On the screen before me are various designs and sizes of <em>charlie the uncorn </em>t-shirts, stickers, mousepads, and of course- and no merchandise store would be legit without it- a <em>charlie </em>mug.<br /><br />But how many t-shirts and mugs can you possibly sell? If, for arguments sake (and I am convinced this is 100% not the case), <em>charlie the unicorn </em>WAS created as as means of online revenue generation, would it be a mathematically and fundamentally wise decision to simply follow up the millions of views with a merchandise store? Let's have a think about this...<br /><br />To answer this question properly, we need to refer to some of the basic tenets of NLP, or for those non-pop-psychologists out there: Neuro-Linguistic-Programming. Don't worry, this is not going to get all techno-and-outa-control, I promise. And yes, for the large part, NLP has not been overly accepted by the scientific community. But we only need to borrow a small part, so we should all just take a deep breath and get on with it...<br /><br />As <em>you </em>would be aware, <em>we </em>as humans have a tendency of attaching certain emotions and feelings to different stimulus and circumstances. When watching <em>charlie, </em>for perhaps the 1oth time, I notice that I immediately begin both to smile and hold my breath, it's like a wave of excitment washes over me. A little creepy? Not at all! This is some hypnotic stuff. It's amazing. Now, let's just call this <em>state </em>"excitment phase 1", or EP1 for short.<br /><br />My question then is simple: how do you get from EP1 to "I-want-to-buy-a-t-shirt"? Does that seem like a natural step? Perhaps not. Then again, maybe it's more like an impulse purchasing strategy. Granted, it does seem to be an instictual reaction to want to share the <em>charlies </em>of the world with others. And I guess a t-shirt would be a good way to do that? But more than likley you will just forward a URL or better still, look over at Nicole from accounts and yell across the office "Ey Nic, you eva heard of charlie the unicorn?... You gotta check that out!"<br /><br /><a href="http://ms1.us.cyworld.com/data4/2008/03/01/180/thumb_video-1204421980991354_file.jpg"><img style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 231px; CURSOR: hand; HEIGHT: 195px" alt="" src="http://ms1.us.cyworld.com/data4/2008/03/01/180/thumb_video-1204421980991354_file.jpg" border="0" /></a><br />If you buy a t-shirt, firstly you gotta pay $$$ and then wait for delivery. By this stage, not only has <em>charlie </em>lost his kidney, but he's also probably considered a senior citizen in youtube years- where an hour is like a day. On second thought, sharing the love through the means of a t-shirt is far too lengthy, costly and detached for the fast-moving infomation age we are living in. Not good.<br /><br />This means, in actuality, that only the really hardcore <em>charlie </em>groupies (and I may or may not be in this category) are likley to purchase a t-shirt in the end. I'm guessing that's probably not too many. Having said this, my logical sales projections could be way off. I would be very interested to know what the figure actually is...<br /><br />My solution is simple: you need to strike while the iron is hot! While the viewer is still in the EP1, otherwise known as the "very excited and happy" phase, why not advertise for a similar product? Why not advertise for a product or service that will draw out the <em>same </em>EP1 feelings and reactions. Maybe this is a comedy channel? Maybe this is a dvd collection or upcoming comedy film? The product or service is not important really. What IS important is striking while iron is hot! Or, what NLP would tell you, taking one set of feelings and associations (aka anchors) and applying them to another scenario. Put simply, if I am super thirsty, sell me a gatorade, not a t-shirt!<br /><br /><span style="font-size:85%;">*http://www.newgrounds.com</span>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-2685138367201583842009-05-21T15:16:00.024+10:002009-05-23T16:01:53.707+10:00The Elevator Door Test: Show me the money!<span style="font-size:180%;">Creative</span> <span style="font-size:130%;">brainstorming</span> is definitely a gift of the entrepreneur. An inability to 'think outside the box' is, in the context of business start up, much like trying to sprint a hundred metres with weights tied around your ankles.<br /><br /><br /><a href="http://1.bp.blogspot.com/__HPIj_hHjLI/ShUfJdm8A3I/AAAAAAAAAFU/FYy7Ze0CDSw/s1600-h/brainstorm.jpg"><span style="font-size:180%;"><img id="BLOGGER_PHOTO_ID_5338207180744819570" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 232px; CURSOR: hand; HEIGHT: 207px" alt="" src="http://1.bp.blogspot.com/__HPIj_hHjLI/ShUfJdm8A3I/AAAAAAAAAFU/FYy7Ze0CDSw/s320/brainstorm.jpg" border="0" /></span></a><br />It doesn't take the likes of <span class="blsp-spelling-error" id="SPELLING_ERROR_0">Usain</span> Bolt to plead this case; even uncle Bob, Pete or Malcolm could tell you that one. Lack of creative jive makes it hugely difficult to attract exceptional staff, hard to convince financiers to jump on board, and importantly, it makes it tough to enter into ANY market, be it baby bottles or garden gnomes.<br /><br /><blockquote>"The market is like a 7ft basketball: either bring some fancy moves, some speed<br />or creative buoyancy, or face the threat of rejection!"</blockquote><br /><br /><p>But creativity is not enough. For any measure of real success, your product needs to be met with a simple and viable revenue stream. <strong>How will you get the money from your customer into your pocket?</strong> Show me the money! Seems easy enough, but in practise it's surprisingly tough. This is what separates the boys from the men.</p><p>Have you ever heard of the <strong>elevator test</strong>? If not, in brief: it is raised in reference to pitching you business idea. Coined by Chris <span class="blsp-spelling-error" id="SPELLING_ERROR_1">O'leary</span>, it refers to the ability to pitch your business idea within the confines of an elevator ride- that is, about 30-45 seconds. Guy Kawasaki, the founder of Garage Technology Ventures (a prominent venture capitalist firm) refers to this elevator pitch principle with favour:</p><blockquote><p>"From Chris's mouth to God's ears. If only entrepreneurs would follow Chris's advice, I wouldn't be losing my hearing and I would have more time to play hockey."</p></blockquote>When it comes to identifying a revenue stream, believe it or not, it's even more serious. Let's call it the "Elevator Door Test". Meaning, you need to be able to identify the exact way your business will make money before the elevator door closes. Seem extreme? It is. But it needs to be. Business is tough. Survival of the fittest is not only applicable to biological evolution. Now I'm not saying y'all need to go out and get a bad comb-over and sit in a board room with a pink tie repeating the words "you're fired!", but when it comes to <em>how</em> you make your money you need to be super clear... like water.<br /><br /><p>If you are a retailer or wholesaler or some form or distributor, then your revenue is generated by a markup. Buy low, sell high: the secret to life... how profound. Does this guarantee <span class="blsp-spelling-corrected" id="SPELLING_ERROR_2">profitability</span>? Far from it. The simplicity of the revenue stream allows for easy entry into the market, <span class="blsp-spelling-corrected" id="SPELLING_ERROR_3">but</span> this means increased competition and the necessity to differentiate. But the revenue stream is simple, and often this margin is obtained by buying in bulk- simple enough. How do you get the customers money into your pocket? Usually it involves a cash register. K-chink!</p><a href="http://4.bp.blogspot.com/__HPIj_hHjLI/ShYm4yWc8TI/AAAAAAAAAFc/yDvYbpgMU0g/s1600-h/register.jpg"><img id="BLOGGER_PHOTO_ID_5338497165324775730" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 135px; CURSOR: hand; HEIGHT: 195px" alt="" src="http://4.bp.blogspot.com/__HPIj_hHjLI/ShYm4yWc8TI/AAAAAAAAAFc/yDvYbpgMU0g/s320/register.jpg" border="0" /></a> <p>What about a service-based business? Here the revenue stream is simple also, it's usually a fee for service. For example, let's say your own Jimmy's Accounting Services and specialise in tax return <span class="blsp-spelling-corrected" id="SPELLING_ERROR_4">assistance</span>. You would charge, perhaps, a flat fee or a fee calculable on the proficiency of your services. So what's the catch here? Entry into the services industry is more difficult as it requires "skills" often obtained by a <span class="blsp-spelling-corrected" id="SPELLING_ERROR_5">formal</span> education or certification, be it an affiliation with a professional organisation or a degree of some sort. Practically speaking, you might send an invoice out to customers which is payable within 30 days. On the other hand, you might offer credit card payment or bank deposit options. The money point here is a little more complicated, but still pretty basic. A fee might be per hour, of if you are in the legal professional, it might be in six minute increments. How are you going to make your money? How will you get the money from your customers pockets to your own?</p><p>Revenue identification for retailers and service businesses is relatively easy. Why? there are only two parties: the buyer and the <span class="blsp-spelling-corrected" id="SPELLING_ERROR_6">seller</span>; or, the service provider and the customer. But what about when you are a middleman or sorts? For example, a large proportion of advertising and broking seeks to profit from bringing buyers and sellers together. Think <span class="blsp-spelling-error" id="SPELLING_ERROR_7">about a</span> mortgage broker for a moment. Who is the customer? The individual seeking the loan? Or is it the bank or financial institution who is offering the loan? Both parties want something. Who is the customer? Where do you make your money? Not so easy now is it...?</p><p>In the online marketplace, content-based blogs and information hubs seek to develop an audience, or more specifically, a niche market. Once this is created, businesses are approached to sell either directly or indirectly to this 'market'. So essentially, there are two customers, a consumer seeking information, as well as a business seeking a target market from which to profit. So as the host of the site, how do you make your money? Do you charge a <span class="blsp-spelling-error" id="SPELLING_ERROR_8">monthly</span> fee to advertise on your site? Do you have a cash-per-click <span class="blsp-spelling-corrected" id="SPELLING_ERROR_9">arrangement</span>. Do you charge the information seekers for the information they are receiving? Can you see it's a little more complicated here? Maybe you can make money on both sides. Is this wise?</p><p>Who is the customer... and how do you get <span class="blsp-spelling-error" id="SPELLING_ERROR_10">the </span>money from their pocket into yours?</p><p>Elevator door is closing... how are you going to make money?</p>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-42552778791654601562009-04-22T17:19:00.008+10:002009-04-23T10:53:11.308+10:00The Power of Product PlacementProduct placement can be a shameless and often tactless medium for promotion or branding. Not surprisingly, it gives ammunition to those marketing haters out there... we know you're out there!<br /><br />None could be more blatent than the Oscars-hosting gig where Jon Stewart whipped out an Apple iPhone and, with the world (literally millions of people) watching, commented on one of the many cool features, turning it sideways to watch a movie clip in wide screen mode. If you haven't got an iPhone I suggest you go out and grab one today! Oh dear, shameless. But my point is made. In my mind, this was a product placement powerplay, pal. (As a side note, if you cannot pronounce the letter "P" then marketing is Probably not a Potential Profession that you would like to consider).<br /><br />Whilst I have yet to purchase an iPhone, I have smilingly fallen victim to product placement. Can anyone remember RUN DMC vs JASON NEVINS "It's like that!"? Well for those of you who cannot, here is a quick reminder... check it out here<br /><br /><object height="344" width="425"><param name="movie" value="http://www.youtube.com/v/ZsBfPhtSWl8&hl=en&fs=1"><param name="allowFullScreen" value="true"><param name="allowscriptaccess" value="always"><embed src="http://www.youtube.com/v/ZsBfPhtSWl8&hl=en&fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object><br /><br />If you are watching closely at the 50 second mark you will notice a brief (yet blatent) cut to some white addidas sneakers. Specifically, white with three black stripes. Let me just say for the record, I love those sneakers. So cool. Three pairs in assorted colours later, I began to realise: <strong>product placement is powerful. </strong>But why?<br /><br />Haters would argue that is loses potency and legitimacy due to its shameless, and often, out of context exhibition. With this sentiment I would have to agree wholeheartedly. We are making progress here believe it or not. <strong>Product placement is only powerful in context. </strong>The context is where you will either capture or isolate your audience.<br /><br />Some may argue that Stewart's allegedly shameless iPhone stunt on the world stage was all too tactless and contextually unprofitable, but think about it critically. He is literally standing on the platform, hosting an awards ceremony that is at the complete annex of the celebrity world. Aspirational celebrity endorsement has long existed as one of the most powerful promotional tools; so to stand in front- seeminlgy as the spokesperson- for all these celebrity voices and brandish such a similarly aspirational product (the iPhone), it does not take Einstein or even Seth Godin to understand the potential power here. Long sentence, yes; but small point, no. This was huge! My question is: how can you measure that kind of promotion, publicity and branding?David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com1tag:blogger.com,1999:blog-2436242166683230316.post-16368557027410344152009-04-12T12:35:00.008+10:002009-04-12T15:48:06.411+10:00Two Ways to Make Money: Revenue Streams<strong><span style="font-size:130%;">Whether </span>you are online</strong> or offline; or, offering a service or producing a tangible product; your methodology can always be described in two ways:<br /><br /><div><ol><li>Selling your own product (OP)</li><li>Selling someone else's product (SEP)</li></ol><p>Let's try to poke a hole in this theory with some wide and varied examples.</p><a href="http://4.bp.blogspot.com/__HPIj_hHjLI/SeF8howWrII/AAAAAAAAAE0/O2ZUs_MQV1w/s1600-h/pile_of_books.JPG"><img id="BLOGGER_PHOTO_ID_5323673151846395010" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 191px; CURSOR: hand; HEIGHT: 182px" alt="" src="http://4.bp.blogspot.com/__HPIj_hHjLI/SeF8howWrII/AAAAAAAAAE0/O2ZUs_MQV1w/s320/pile_of_books.JPG" border="0" /></a> <ul><li><strong>You own a coffee shop: </strong>Here you are selling your own product. But if you wanted to get technical, if you are not growing and roasting you own beans then you are selling someone else's product. So really it's a combination of both.</li><li><strong>You are a graphic designer: </strong>We are stepping into the more complex now. Here you are essentially offering a service, or selling your own product. Sure, it may not be tangible like a toffee apple, but it is your own creation. You are selling lines, colours and concepts. Some of the more 'spiritual' of you will glibly assert that you are selling 'vision'. Good for you- it still comes into catagory 1, OP. </li><li><strong>You flip burgers @ McDonalds: </strong>Quite obviously you are selling someone ele's product. May I recommend a double quarter pounder. Without a doubt it's the best burger out there. Fact.</li><li><strong>You are a writer/blogger: </strong>If you analyse this occupation correctly you can work out why some individuals can generate decent income and why others cannot- particularly if you are a blogger. Unless you are selling books, which would clearly be selling your own product, you will need to generate revenue through advertising. Hence, you are selling someone else's product! Whether this exists in the forms of Google Adsense, Chikita eMinimalls, or some other affilitate advertsing like Amazon. You make money when they make money, so it's SEP. <span style="color:#333399;">I would like to spend some more time exploring this further at a latter stage, so stay tuned. </span></li><li><span style="color:#000000;"><strong>You are a broker/retailer/wholesaler: </strong>You are most likely selling someone else's product.</span></li><li><strong>You are a Doctor/Lawyer/Professional: </strong>Here you could be in category 1 or 2. If you are selling a personal health service then you are clearly in OP. However, if you are some other form of professional, chances are you are selling SEP. </li></ul><p>Of course there are <strong>both advantages and disadvantages</strong> of selling your own product versus selling someone else's. The majority of retail and wholesale business, and practically the entire world of consulting involves using someone else's product.</p><blockquote><span style="font-size:130%;"><em><strong>"The major advantage is time."</strong></em></span><br /></blockquote><br /><p>When the product is ready-made you can focus your attention on the customer. You don't have to worry about branding or labelling or manufacturing. You can be customer-centric. In this circumstance you are acting more as an advisor. You become an expert is a type of product or service so as to bring together two parties: product and person. You are broker. You are the people person. </p><p>The major disadvantage is your competitive edge. Lets say you are a mobile phone reseller. You are dealing with some quality products that are well branded and top of the line. Now how are you going to stand out in a crowd? Sure, if you are a plumber and 70% of your business is derived from directories like the Yellow Pages, just call yourself AAA Aarvark Al's Plumbing and you are set for clients. Do you want to end up competing on price? In 99% of cases that answer is no. That deserves some re-emphasis, NO! You simply cannot compete on price with giant retailers who spend more on staples than you do on rent. Bad idea. So what can you do?</p><p>Like many smaller retailers, you build a small but loyal customer base with exceptional service. But if that's not enough, what next? Compete on price? No, no, CAPITAL NO!</p><p>Specialise or neutralise. Those are your answers.</p><ol><li><strong>Specialise: </strong>This means sourcing products of service methods that are rare and unique. For example, rather than competing with a giant liquor retailor, why not choose to stock boutique belgian beer? Try to gain exclusive distributorship for a particular product. That way you control the product and where it will appear.</li><li><strong>Neutralise: </strong>Take the next step and create your own product. Now this prospect may seem like a pipe dream or so interwoven with risk so as to render it incapable of meritorious consideration. But if you pull it off, the world is your oyster, clam, chutney or chorizo sausage. Bascially you are the new man in town. It's not difficult to see my excitement when I transition from new product development to spanish sausage within a few sentences. </li></ol><p>So there is one final question you need to put to yourself. That is, what do you think about sales? This question is integral. I'm talkin' spanish sausage integral. Notice that both options, whether you are selling your own product, or someone else's, you are selling. The fact of the matter is you need to learn to sell. Learn or die! Have a nice day :)</p><br /><br /><p></p><br /><br /><p></p></div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-25151475205636732662009-04-04T14:17:00.010+11:002009-04-05T19:56:15.265+10:00Marketing is not Evil<a href="http://www.buzzle.com/pix/illustrations/devilpitchfork.gif"><img style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 234px; CURSOR: hand; HEIGHT: 226px" alt="" src="http://www.buzzle.com/pix/illustrations/devilpitchfork.gif" border="0" /></a> If Satan had a 9-5 vocation it would either be as a drug dealer or a marketing director. Both take advantage of individuals under the guise of "business". True? In fact, yes. A drug dealer profits from physical and psychological addiction of his "target market" and so does a marketer. Isn't it funny that phrases between the two jobs can be so easily interchangeable? Yet one is illegal and one is not. Why is this?<br /><br /><br />If you hadn't noticed, to keep in theme with my content I am playing devils advocate. How fitting. But there is some underlying truth to these drug-dealing and marketing parallels. In fact, it would not be stretching the truth even a little bit to say that marketers have studied and know the thought patterns (including addiction and weaknesses) of their target markets (you and me) much more thoroughly than the most pioneering crack dealer. So how now do you plan on convincing me that marketing is not evil? You seem to be selling the connection quite well. Thankyou, and I see the difficulty here.<br /><br /><br />Let me ask you this question: if you were walking through an articulately crafted floral garden and you spotted a couple of dead flowers, would you say "Now this is one terrible garden!" Of course not. Why? Because on small bunch of flowers or a single garden bed does not necessarily represent the whole garden, does it? I will let you answer that one. The same is true of marketing.<br /><br />Marketing gets a bad wrap. Be it relentless and annoying telemarketeers calling with eager enthusiasm from your closest Indian call centre, or a letter box empty of letters but full of tree-destroying junk mail that somehow navigated its way inside despite the blatant "no junk mail" sticker stuck only inches from the letterbox opening.<br /><br /><blockquote>"Marketing is responsible for killing the rainforests and selling out domestic<br />jobs to overseas workers."</blockquote>And you're trying to tell me that marketing is not evil? Dream on mister! Now just hold up.<br /><br />Back to the dead flowers analogy, one dead rose doesn't spoil the whole garden bed does it? No, no, no. To suggest this would be ludicrous. So where is this so called Halo hovering over marketing going to come into the picture. Right now captain cynic!<br /><br /><br />Marketing is a very old phenomenon but it really came into being in the post war economies where products and services were popping up everywhere- like those annoying pop-up ads that you wish would just die. Another one for the evil box. Now, the need to target and audience and study them came about because of choice. Specifically, too many choices. If you had one product to satsify thirst, for example, then there would not be a problem. Just put it in the consumers hand and the job is done. But throw in thousands and products and thousands of ways (channels) to "put it in their hand" and we are faced with a problem. A problem that only marketing can fix.<br /><br /><br />Think of it in terms or archery. You are the target, and there are many arrows trying to hit you where it hurts. Now this does sound violent but it is very simple.<br /><br /><br />Marketing is not evil for many reasons. The main reason is this: the consumer is the winner. Let's make it more personal. You are the winner. When you have companies competing for your hard-earned dollars, and manufacturers trying to construct in a way that is best for you, what is there to complain about? The consumer is the big winner.<br /><br />To add to this, whether you would like to agree or not, in a time-poor fast-lane work exvironment that most consumers seem to be driving on, it's not a stretch to suggest that we need to be interrupted. Now truth be told, somtimes it can be annoying. Sometimes you can hang up the phone before these persistent evening time callers even get a word in. Maybe it's <a href="http://3.bp.blogspot.com/__HPIj_hHjLI/Sdh3smluiYI/AAAAAAAAAEs/nOvEfOs-_u0/s1600-h/hamburger_15mins.JPG"><img id="BLOGGER_PHOTO_ID_5321134567894976898" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 299px; CURSOR: hand; HEIGHT: 320px" alt="" src="http://3.bp.blogspot.com/__HPIj_hHjLI/Sdh3smluiYI/AAAAAAAAAEs/nOvEfOs-_u0/s320/hamburger_15mins.JPG" border="0" /></a>bad timing on their behalf. I tend to think this is true. But have you ever been driving along the highway getting ever more hungry and jsut praying for a juicy advertisement holding out a glistening hamburger than says "only 15 minutes". Of course. So maybe this should be a lesson to the marketing newborns out there: timing is everything!<br /><br /><br />There is much more that could be raised to defend marketing; and perhaps more to convince you that it's evil as well. But it is noteworthy and worth a thought, that without the marketing function of communication (or dissemination as the 'techies' like to call it), we would not hear about the products that we use everyday. I would be careful not to demonise the entirity of this super-useful part of the enterprise environment. Marketing is not evil. At least not all the time.David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-31518150102814612612009-03-30T17:52:00.030+11:002009-04-12T13:26:24.945+10:00Gorilla Marketing: using the hairy primate<a href="http://www.zlacrossecamps.com/sitebuilder/images/a014-cartoon-gorilla-225x226.png"><img style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 225px; CURSOR: hand; HEIGHT: 226px" alt="" src="http://www.zlacrossecamps.com/sitebuilder/images/a014-cartoon-gorilla-225x226.png" border="0" /></a>Gorillas are the largest living primate. So when it comes to packing and distribution, it would be an understatement to say that 'it can become a little hairy!" Relax, I am not speaking of gorillas. Further and ironically "Guerilla Marketing", as coined by Jay Conrad Levinson in his 1983 book of the same name, is an unconventional tact that requires so much more than lounging around in the shade eating grass. It requires innovation and imagination. I'm thinking more along the lines of flamingo meets leopard. Okay, enough with the animal visuals. Let's get down to business!<br /><br /><strong>Guerilla Marketing: If I can't spell it, how can I use it?</strong><br /><strong></strong><br />Guerilla Marketing (GM) is not usually in the same sentence as the phrase "big budget". Rather, what it lacks in dollars it makes up for in imagination. At least that's what defines successful guerilla marketing. In many ways, GM could be replaced by the phrase "publicity stunt". But I wonder whether Conrad Levison would be happy with this statement. Actually, I think he would agree but perhaps opt for a more refined definition.<br /><br /><br /><p>Indeed, publicity should be a goal. However the 'stunt' aspect could be suggestive of a cheap trick which is really not in the spirit of the Gorilla- my apologies... guerilla. A better phrase would be "<strong>minimum input, maximum output."</strong> </p><strong><blockquote><strong>"Practically, this can mean surprising the consumer at a time when they least expect it. "</strong></blockquote></strong>Imagine walking down the supermarket and looking for the aisle to grab some sugar. You are casually glazing across the numerous sugar satchels on the shelves, comparing prices and wishing you were vacationing in the Bahamas and you feel a tapping on your shoulder. There before you is an excited looking man, dressed in a bright-blue leotard who smiles and whispers a little too seductively "have you ever thought of a sugar alternative?" He then jumps a few feet back and begins to perform a spontaneous jig whilst pointing to the product logo on the middle of his blue leotard. You have been interrupted. You may be shocked. You may be embarrassed. You might feel threatened. You may burst out in laughter. That's guerilla marketing. <p>No doubt this is a very grass-roots example. But the point is served: GM is often a different and creative approach. It takes advantage of the powerful WOM. For those new to marketing, WOM stands for "Word Of Mouth". What happens when you see you family or friends when you get home from shopping? Exactly, you tell them with acute and florid details, the bizarre experience you had at the supermarket when innocently comparing sugar prices. Also, chances are that if you tell the story well then the recipient will also tell a friend and the WOM goes on. Such a powerful tool! Mmm.... WOM. </p><br />Now if you take this example and appropriate it to the online world we have a whole another tool at our disposal- a tool worth many more words: <strong>viral marketing</strong>. Viral marketing is like WOM on steroids. It's the Schwarzennegger of brand dissemination. Send an email with a funny or abnormal guerilla tact attached; one person forwards it to a few friends or work colleagues; a few of these forward it to some other contacts; and the next things you know, in less than 24 hours this email is popping up in the inbox of tens of thousands (if not more) of consumers all around the world. Bang! WOM on the juice!<br /><br /><img style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 241px; CURSOR: hand; HEIGHT: 213px" alt="" src="http://www.coolschool.ca/lor/PH11/unit1/U01L06/graph2.JPG" border="0" /><br /><strong>"The potential really is limitless. The only limit is your imagination." </strong><br /><p>It's hard to discuss this issue without mentioning a serial entrepreneur like Richard Branson, who has almost made guerilla tactics as staple as a print and online campaign. Whether it's driving down a main road in an artillery unit or "accidentally" dropping obvious sexual suggestions under the guise of the "Virgin" brand, Branson is perhaps the Monet of Guerilla Marketing. Has he seen results? Tremendously. </p><p>It may be stating the obvious, but the backbone to GM is it's FREE! And if you really hit the right bone in people, you can create a huge buzz. Hence, GM surely deserves our attention. So what's the catch? Why isn't everyone taking advantage of this all the time? Good question. Now here is the answer. GM is very much outside the box. It's a big risk.</p><p>Think about this: if a stranger approaches you randomly and tells you a joke, are you going to laugh? In truth, probably not. You are more likley to be confused and perhaps a little bit scared. However, if a friend approaches you and delivers a 'funny', whether you are expecting it or not, you are most likely to receive it and laugh appropriately. What's the difference? There is an existing relationship. This is the key. I will say it again. Existing relationship. This means that the "gorilla" should only be released as a part of an integrated marketing campaign. </p><p>Some of you will be confused and this is rightly so. There are exceptions to this "existing relationship" rule. Ordinarily, it's argued that GM is most useful for small business and start-ups, as well as for entrepreneurs. This is true. But often it is only out of necessity. Small budgets have limit marketing options. Risky or not, GM happens to be exponentially cost-effective. But it is a little hit and miss. If you hit, it could mean a home run. But if you miss, it could mean a knockout blow. Down for the count.</p><p>I mentioned earlier the Word of Mouth (WOM) is a powerful tool. But if you get on the wrong side of WOM, you are facing an enemy capable to death and destruction. GM is risky business. But understand your target market well and you should be fine...</p>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-30312477202571784382009-03-23T18:40:00.006+11:002009-04-29T14:29:20.156+10:00What is an Entrepreneur?<a href="http://www.frogillo.com/media/stock_images/s_i_lifestyle/juggling_man.jpg"><img style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 202px; CURSOR: hand; HEIGHT: 302px" alt="" src="http://www.frogillo.com/media/stock_images/s_i_lifestyle/juggling_man.jpg" border="0" /></a><br /><div>If you are looking for a text book definition here then I suggest you look elsewhere. For those non-academics out there I invite cordially to read on, please.<br /><br /><span style="font-size:130%;"><strong>Origins</strong></span><br /><strong><span style="font-size:130%;"></span></strong><br />Some will tell you that the term "entrepreneur" is derived from the french word "entreprendre"- meaning: to undertake. Transliterally, this is true. But the simple notion of just "doing things" is entirely inadequate. Yet this concept of action is crucial in making an entrepreneur distinct from similar entities, take that of a manager.<br /></div><br /><div><br />Some will track back further in attempting to define an <strong>entrepreneur, </strong>suggesting that we need to divide the french into two distinct elements, being "entre" and "prendre" meaning "to enter" and "to take" respectively. But from this meagre attempt we could just as easily conclude that an entrepreneur is a thief. Indeed, some may ironically laugh at this suggestion. Personally, My mind is cast back to early 1990's Yeltsin-Era gangster capitalism where capable criminal-businessmen essentialy looted the people's and government's assets under the guise of "entrepreneurship".<br /><br />Jumping forward, yet as a sidenote, I would suggest that some of the most enterprising entrepreneurs were not (and are not) found in the regulated and legitimate world of commerce. </div><br /><blockquote>Indeed they lurk beneath the surface where tempting greed-fuelled<br />profit-margin-seekers dance with the best in the legitimate business.</blockquote><br /><div>This is a an interesting topic for another time.<br /><br /><strong><span style="font-size:130%;">Entrepôt: a better word</span></strong><br /><br />More helpful in defining this identity is the word "Entrepôt". Whilst most often applied to an international trading context- specifically to trading of spices in the Middle Ages- this term provides a very visual example for us. Countries such as Hong Kong and Singapore are definitive entrepôts. To borrow an economic phrase, they don't have significant <em>factor endowements </em>(ie resources with which to conduct business) but have been able to flourish due to trade. They act as middlemen. To the uneducated, this means "buy low, sell high!" More comprehensively, it means organising resources in such a way to generate a profit.<br /><br />Yes, this involves action. Yes, it is reasonable to draw a comparison to management. Indeed, both are crucial elements in defining an <strong>entrepreneur. </strong>But it is not enough. Please, read on....</div><div> </div><div>(to be continued...)</div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-34877035009538862092009-03-15T21:38:00.014+11:002009-03-17T17:05:53.586+11:00Position, position, position. What on earth is it?<a href="http://1.bp.blogspot.com/__HPIj_hHjLI/SbzjrDYeYEI/AAAAAAAAAEU/HOl8I5_Zvqg/s1600-h/letter_p.JPG"><span style="font-size:180%;"><br /><img id="BLOGGER_PHOTO_ID_5313371989172183106" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 147px; CURSOR: hand; HEIGHT: 77px" alt="" src="http://1.bp.blogspot.com/__HPIj_hHjLI/SbzjrDYeYEI/AAAAAAAAAEU/HOl8I5_Zvqg/s320/letter_p.JPG" border="0" /></span></a><span style="font-size:180%;"> Type the word "position"</span><span style="font-size:130%;"> into Google</span> and you are going to get some interesting search results: everything from recruitment advertisements; to mapping & surveying; and regrettably, karma sutra and tantric yoga. But what does it refer to in the context of marketing? Stay focussed now. I realise the discussion of mapping has touched on a soft spot :) <div><br /><div>My first date with "positioning" was not a pleasant one. There were no flying sparks. Marketing 101 tells you that the "keys to marketing" are: product, price, promotion and place. Some refer to this as the "marketing mix". If your ask me, a linguistically-versatile professor had a love affair with the letter "P" and had to teach a marketing class the next day. Is alliteration the key to marketing? Surely not! So when I was later told about "positioning" let's just say I was not electrified with interest. Another important term starting with the same letter. How wrong I was...</div><div><br /><blockquote><strong><span style="font-size:85%;"><span style="font-size:100%;">"If you understand positioning, you are a already a couple of rungs above the majority of the professionals on the marketing ladder. "</span><br /></span></strong></blockquote></div><div>Positioning is complex. Specifically, it emcompasses all the aspect of the marketing mix. Positioning helps us answer those confusing questions will bombard us in consumerville:</div><br /><div>How can they charge me over $3 to purchase Red Bull <span style="font-size:78%;">tm </span><span style="font-size:100%;">? And why do I keep buying it?</span> </div><br /><div></div><a href="http://www.infobarrel.com/media/image/176.jpg"><img style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 186px; CURSOR: hand; HEIGHT: 158px" alt="" src="http://www.infobarrel.com/media/image/176.jpg" border="0" /></a> <div>Why do I buy a Dell Computer rather than a generic brand?</div><br /><div>That little fluffy duckling on the toilet paper looks so soft. Surely this will send me straight to wiping heaven? That's a no-brainer!<br /></div><br /><div>Now whatever situation you find yourself in- and it's fine to remain anonymous- you must realise that the powerful wand of positioning has cast a spell on you. Moreover, this was no accident.</div><br /><div></div><br /><div>If you have got this far you may be asking yourself why I haven't yet defined "positioning". So let's cut to wikipedia for a surefire definition:</div><div><br /></div><div><span class="Apple-style-span" style="color: rgb(51, 51, 255);"><span class="Apple-style-span" style="font-family: 'trebuchet ms';"><span class="Apple-style-span" style="font-size: large;">"The process by which marketers try to create an image or identity in the minds of their target market" (care of wikipedia.org)...</span></span></span></div><div><blockquote></blockquote><br /></div><div><blockquote></blockquote></div><div><br /></div><div>To the marketing novice, think of "positioning" as a table. The four legs are the four "P's" of the marketing mix: product, price, promotion and place. Now without lecturing on either of these, all you need to know is this: take one leg away and the table will collapse.</div><br /><div></div><div>If furniture doesn't work for you, lets throw away the figurative speak and give it to you straight up! Positioning is the difference between success and failure. You could develop a supreme product that is ready to explode onto the market like a raging bull at a cattle rodeo. But price your product incorrectly, and you cut yourself out of huge potential products. Place your products in the wrong distribution channel and you destroy the brand you have so desperately cultivated. Promote and design wrong and your "table" will not be standing tall.</div><br /><div>One of the most public figures in the business world currently is hair-style spokesperson, Donald Trump. Wait, I think he is in real estate mostly :) But a<insert>ll jokes aside, The Donald is the master of positioning. When faced with a dire situation where he was being financially squeezed from all sides and required to sell numerous top-end apartment blocks in New York, Donald did what most would consider enterprise suicide: he RAISED the prices of this apartments. What was the result? They disappeared from the market like cupcakes at a bake stand. That is the power of positioning! </insert></div><br /><div></div><div>Whether you are Donald Trump or the local real estate broker you would have heard secret to property investment: "location, location, location". So let's run with that theme and jsut swap the subject matter to marketing. What's the secret? Position, position, position.</div></div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-20380783421203034672009-03-08T13:27:00.007+11:002009-03-08T14:31:56.875+11:00Content-Based Marketing... Is content enough?<a href="http://all-sorts.biz/includes/content-is-the-key.png"><img style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 232px; CURSOR: hand; HEIGHT: 231px" alt="" src="http://all-sorts.biz/includes/content-is-the-key.png" border="0" /></a> <span style="font-size:180%;"><strong>W</strong>hether</span> <span style="font-size:130%;">we are</span> <span style="font-size:130%;">discussing</span> online audience-building or traditional marketing channels like print media or television, the balance between content and presentation can be the difference between pennies-in-the-pocket and empty pockets.<br /><br /><br /><blockquote>"Content drives traffic to a Web site, helping you to build your audience, but only if that content is presented in ways that search engines can understand" - Richard Seltzer </blockquote><br /><div>You have probably heard the sales mantra before: "Our product sells itself". What is really meant by this phrase is simple; the qualities of the product are so well-catered to the target market that there is like a cinderella-shoes-fits-perfectly relatinship. In other words. What the customer wants, the product provides. </div><br /><br /><div>But tell me this, if I was to take your product and hide it in a locked warehouse with no street access, no windows and, for a bit of fun, let's say no keys to "unlock" these doors. Even if your product was so gifted as to craft its own compelling integrated marketing campaign; fashion a clever and balanced marketing-mix strategy; or, mount a wicked and naughty Richard Branson-esque PR stunt involving low-cut lashing-ladies; your product would still be "Dead and Gone" to borrow a song title from TI & Justin Timberlake. </div><div><br /></div><div>So your product sells itself does it? Well if your product is yelling at the top its lungs in the middle of the Arizona desert, is anyone going to hear it? The answer is a big fat "NO!"<br /><br /></div><div>If a tree falls in the woods, does anyone hear it? Good question, right? Not so much. The tree may well have not even existed. Forget about the tree. Forget about the woods. Forget about quality content that will sell itself. Nothing sells itself. You need to be able to "unlock the warehouse" so to speak. In web-terms, Internet Evangelist Richard Seltzer makes a very helpful assertion. </div><br /><br /><div></div><img style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 300px; CURSOR: hand; HEIGHT: 254px" alt="" src="http://thumbs.dreamstime.com/thumb_188/11906831909K75t0.jpg" border="0" />Your content must be "presented in ways that search engines can understand". Webbers refer to "spiders" that crawl the web for info to help organise and rank content for search engines. So to continue to run with this theme, if you don't leave out some flies or know the culinary delights of the arachnid, there will be no dinner for the spider and no ranking and search results for you. Your quality content will remain locked in the detached warehouse where not even the spiders can find it.<br /><p><strong><span style="font-size:130%;">Non Web-based Marketing</span></strong></p><p>Essentially, the same can be said about regular marketing channels like print and television. Great content or a great product is integral. But this is only potential power. I seem to be obsessed with the bottled water industry of late (<a href="http://thrillofenterprise.blogspot.com/2009_02_16_archive.html">http://thrillofenterprise.blogspot.com/2009_02_16_archive.html</a>) but for good reason. This industry serves as a valuable reference for the power of marketing. The truth is, you could tip out five bottles of water into plastic cups and have a group of individuals taste and discuss. Perhaps there will be a bottled water fanatic whose finely tuned palate will be able to discern between the clear and flavourless line up. But chances are the differences in taste are negligible. </p><p>My point? As much as we could like to consider ourselves immune to brand marketing, branding is a powerful thing. Even if we were informed that two products were produced in the same warehouse. We are loyal to what we know and trust.</p><p></p><p>Quality content or a quality product is unfortunately not enough. Sure it's potential power. But you need more. You need to study the spider and his culinary habits. The good news? The spider is always hungry. </p>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com2tag:blogger.com,1999:blog-2436242166683230316.post-29737766882046318202009-03-02T19:56:00.005+11:002009-03-08T14:34:34.767+11:00Bad Advertisments: do they work?<a href="http://www.traffordcentre.co.uk/pictures/Shops/~jDgFgFDDDDgFQFn=/boost.jpg"><img style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 188px; CURSOR: hand; HEIGHT: 180px" alt="" src="http://www.traffordcentre.co.uk/pictures/Shops/~jDgFgFDDDDgFQFn=/boost.jpg" border="0" /></a><br /><br />There was recently a Boost Juice commercial released on Australian television. It seemed like creators were going for some kind of 1990's Coca-Cola feel-good-aussie-icon-association strategy. In my opinion, it flopped. It was too much, almost arrogant. But then I began to wonder. Does it matter if it's corny? Does it matter that I immediately disassociated myself with it? What if it gets people talking? Maybe it will work.<br /><br />Marketing is very interesting phenomenon. The more I ponder this thought, the more I am convinced of it.<br /><br /><br />But surely, simply remembering and discussing an advertisement- whether its a television commercical or a catchy billboard- is not always a positive outcome. It does bring us back to that cliche of "there is no such thing as bad press", to which I would have to respond with a blatant "Yes there is!". Individuals who regurgitate such phrases fail to understand branding. Bad press can be free press... of course. But it could also be a very costly branding experience. Bad branding is like working in the garden with manure. Sometimes no matter how many times you wash your hands afterwards, the stench does not leave! Not good.<br /><br />Sometimes it seems that advertisers miss the point: slap a well-oiled montage of happy individuals hi-fiving and smiling whilst brandishing bright product logos around, and you have a successful campaign. Wait, just add some feel-good music and the deal is done. At this stage I must acknowledge that this technique has worked in the past and, frankly, the brand association individuals can appropriate is a fairly logical awareness platform. Just speak to anyone who understands the basics of neuro-linguistic programming and you will see that "anchoring" is a powerful tool. But to my mind this day has past. <a href="http://www.fashionreview.com.au/images/ksubi/ksubi-jeans-mens/tsubi-logo-small.jpg"><img style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 139px; CURSOR: hand; HEIGHT: 148px" alt="" src="http://www.fashionreview.com.au/images/ksubi/ksubi-jeans-mens/tsubi-logo-small.jpg" border="0" /></a><br /><br />Additionally, broad branding campaigns will generally only work if your association is something that consumers already associate with your product. For example, take Tsubi Jeans; here we would associate upmarket style and quality with a cutting-edge design base. If a brand campaign set out to completely re-establish itself to adopt a, say, a hardy & versatile brand concept like that of King Gee workwear, for example; it doesn't take a marketing guru to realise that this is potentially an unrealistic goal.<br /><br /><br />Having said all this... I really like Boost Juice. It is undeniable that the business model has met with a great deal of success. My favourite Boost is<br />Stress Relief". My only problem is I always hesitate to order it as I will often receive a funny look like "ohh... so you are having a tough day are you?"<br /><br />"No! I just like rasberries!" Or maybe that's the Berry Bang. Oh well, there are lots of good blends.<br /><br />So Just be smart about your marketing AND AVOID CORNY if at all possible.David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-22843228072076790582009-02-22T16:59:00.004+11:002009-02-22T18:11:11.870+11:00Word of Mouth in Action<a href="http://4.bp.blogspot.com/__HPIj_hHjLI/SaDqVC2V8gI/AAAAAAAAAD0/MXgSZW4r-2E/s1600-h/word_of_mouth.png"><img id="BLOGGER_PHOTO_ID_5305498008305398274" style="FLOAT: left; MARGIN: 0px 10px 10px 0px; WIDTH: 319px; CURSOR: hand; HEIGHT: 319px" alt="" src="http://4.bp.blogspot.com/__HPIj_hHjLI/SaDqVC2V8gI/AAAAAAAAAD0/MXgSZW4r-2E/s320/word_of_mouth.png" border="0" /></a><br /><div>Word of Mouth (WOM) is a very powerful force. It's the kind of force that you want to be your friend, not your enemy. </div><div> </div><div>Think for a moment about the wind. No matter how proficient you are at sailing, without the wind you are not going to move on the surface of the water. But here is the tricky part: assuming the wind is strong, you still need to capture it correctly within the sails to propel the craft forwards. If the force of the wind is not caught properly, chances are you will capsize. So it is with WOM. </div><div> </div><div>It's a fascinating phenomenon to see in action. I recently had the privilege of observing this in a new coffee shop in Sydney. On a daily basis there was a noticeable increase in the amount of patrons coming in to buy coffee. Further confirming my suspicions, customers would frequently be heard commenting:</div><div> </div><div>"My friend told me about this coffee shop and recommended that i check it out."</div><div> </div><div>OR </div><div> </div><div>"I heard you guys make good coffee!"</div><div> </div><div>There was definitely a noticeable buzz happening- and it wasn't just from people drinking too much coffee :) WOM was working powerfully. </div><div> </div><div>But what happens if this process is reversed? Is it true that there is no such thing as bad press? Definitely not. Bad press can capsize a business! </div><div> </div><div>For some reason this is particularly prevalent in the food service industry. You eat fantastic meal, what are you going to do next? Most likely you are going to tell someone. PRobably the next person who asks you something remotely related to "how was your day?"</div><div> </div><div>Naturally the next question is: what happens when you have a bad meal? I didn't even need to say did I? You are going to tell some, aren't you? This is where the snow can turn into an avalanche! </div><div> </div><div>I had been going to a tasty thai restaurant for a number of years (one which will remain nameless). People raved about it. Great food. Great price; and, the service was quick and courteous. But a rumour began to circulate after a health inspection. Quite a hairy rumour in fact. <strong>The rumour was that there were frozen cats found in the refrigerator! </strong>Needless to say, business did not flourish. Even if this were not true, WOM had inflicted a fatal wound.</div><div> </div><div>In summary, there is such thing as bad press. And bad press is very very bad! </div><div> </div><div>What is to be learned? WOM can be your friend or your enemy. Make sure you nurture that relationship or suffer the inevitable consequences. </div><div> </div><div> </div><div> </div><div> </div><div> </div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-5079562116736454992009-02-16T13:43:00.009+11:002009-02-22T20:54:53.336+11:00Another Bloody Water...<span style="font-size:85%;">Has anyone ever discouraged you from studying marketing?<br /></span><div></div><br /><div><span style="font-size:85%;">Do you work in marketing or sales and become embarrassed when you have to inform someone of your industry? Well hold your head up high! Marketing is king. But why?</span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><span style="font-size:85%;"><img id="BLOGGER_PHOTO_ID_5303224157306696050" style="FLOAT: right; MARGIN: 0px 0px 10px 10px; WIDTH: 384px; CURSOR: hand; HEIGHT: 246px" alt="" src="http://1.bp.blogspot.com/__HPIj_hHjLI/SZjWRfyJMXI/AAAAAAAAADM/6ft3kUtdWcg/s320/another-bloody-water-500.jpg" border="0" /> </span><br /><div><span style="font-size:85%;">Next time you walk down the aisle of the supermarket, take a couple of seconds to breeze through the bottled water on display. Notice something? You are right. It is all the same colour. It is all flavourless - that is it's one of these superwater developments which seem to keep popping up at the moment. Yes, it's all just water. Right? Wrong.</span></div><br /><div><span style="font-size:85%;">Over 50 billion gallons of bottled water is sold worldwide annually, and this figure is expected to increase. But what is the difference between the bottles? Nothing. Yet everything. It's just another bloody water! Precisely...</span></div><br /><div><span style="font-size:85%;">A Melbourne-based development has jumped abord this multi-billion dollar train, and has begun with the acceleration of an olympic sprinter. What's their secret? Clever marketing. More specifically, a "<em>good-looking bottle, a smartarse name and a devil may care attitude</em>". I will say it again... Marketing is king.</span></div><div><span style="font-size:85%;"></span> </div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;">What has the success come down to? To answer this question you need to look a little closer at the target market. Ask youself: would this campaign have worked in Italy? Would it have worked in Indonesia? Probably not. This niche concept and campaign has been articulately crafted for an Australian market. It was not just a shot in the dark or drawing straws. The bottom line was the kind of mantra that is drilled into you in Marketing 101. Know your market. Know your market; and one more time, know your market!</span></div><div><span style="font-size:85%;"></span> </div><br /><br /><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;">And if you are going to compete in an overcrowded industry like that of bottled water, you may as well have some fun while doing it! Congrats to the team who put Another Bloody Water together. </span></div><div><span style="font-size:85%;"></span> </div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><br /><br /><div><span style="font-size:85%;">So next time you think about slandering the marketing industry with a subtle backhanded insult inferring deception and comsumer manipulation, take a breath and have a sip of water. Most likely it's from a bottle. Chances are there has been some serious inoovative brainstorming and in depth research to get it from the idea stratosphere and into you hand. Marketing is evil? Indeed not. Marketing is king!</span></div><div> </div><br /><br /><div></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><div><span style="font-size:85%;"></span></div><br /><br /><div><span style="font-size:85%;">For more info check out </span><a href="http://anotherbloodywater.com.au/"><span style="font-size:85%;">http://anotherbloodywater.com.au/</span></a></div><div></div><div></div><br /><div></div><br /><div></div><br /><div></div><br /><div></div>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com1tag:blogger.com,1999:blog-2436242166683230316.post-70456632655182847142009-01-21T10:22:00.004+11:002009-01-23T10:53:56.704+11:00Business in not for everyone. Is it for you?The concept of owning and running your own business is a love-hate phenomenon.<br /><br />Those who fear it cringe when they hear the word 'risk', and begin to sweat when discussion bends to 'potential loss' or 'taking your work home with you'. To these individuals i would say business is probably not for you- or at least you will require a litttle bit of convincing. So i would ask that you retain an open mind for the next few minutes.<br /><br />Why can business be an extremely rewarding experience?<br /><br /><br />1. You don't have a cap on your potential.<br /><br />Whilst to some this sentiment may echo a vague version of believe-in-yourself mumbo jumbo void of all practicality, the simple truth in it is far-reaching and compelling. Indeed there are positions within an ordinary workplace where you may be stretched and even inspired. Perhaps you are one of the lucky few who have landed a focussed and challenging boss who is more like a mentor than a figurehead. But how often do you hear yourself thinking: are you sure that's a good idea? Or, if i was in your position I'm quite sure I'd do things differently. Or further still; I'm much smarter and more qualified than you, shouldn't I be in charge of you?<br /><br />If you have ever asked one of these questions, then you are coming close to the notion that being an employee (in most cases) is a cap on your potential. You cannot perform beyond the fixed parameters you are harnessed within, and; you cannot excel beyond the competencies of your boss. You are wearing a seatbelt. In this circumstance it may be more beneficial to take it off!<br /><br /><br />2. You can quickly find out where your weaknesses are.<br /><br />There are different philosophies floating around in cyber space and in print on the issues of personal strengths and weaknesses. Some argue that its more beneficial to identify your strengths and 'stick to your guns', so to speak. Whilst the more holistic argument demands a thorough self analysis to as to build on your competencies <em>but also</em> develop your weaknesses.<br /><br />One of the fringe benefits of running your own business is your weaknesses quickly come into focus. It is then that the pruning and development can begin.<br /><br />On this note, it's also important to consider what is the most valuable use of your time. Some weaknesses will be worth developing whilst with others, outsourcing may be the better option.<br /><br /><br />3. Business forces you to prioritise & time manage.<br /><br />It's often not until you set yourself strict deadlines that you begin to clearly see how you have filled your 9-5 hours in the day. You realise that the whole hour you spend drinking coffee and reading the newspaper in the morning whilst slowly siphoning through emails is probably not the most vauable use of time.<br /><br />One the other hand, you wonder how much efficient you day could be (and how much more energised you would be) if you threw in a 20 minute jog to get the blood pumping.<br /><br />Running you own business forces you to set ongoing deadlines and be constantly measuring your progress. This is a built-in time management tool. However, if you have not been setting regular goals, chances are you are probably not progressing at the rate you would like.. and you probably need to whip out a pen and paper and start writing.<br /><br />to be continued...David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-55320438727146747262009-01-16T19:07:00.001+11:002009-01-16T19:08:42.397+11:00Personality for Enterprise?Have the personality for enterprise?<br /><br /> Starting your own business, whether it is online or offline, is not for everyone. There are certain characteristics that are going to be more suitable for "success" than others. Without going in depth with a personality model such as Myers Briggs or even something as simple as Littauer's Personality Plus, there are some characteristics that will lend themselves to "success".<br /><br />1. Be discerning<br /><br />This may seem like an obvious fact. But here are some common examples displaying lack of discernment:<br /><br /><ul><li>Paying money (whether big or small) upfront for an "opportunity to make $$$ fast"<br />Thinking that revenue is simple to obtain without "bringing something of value" to the marketplace<br /></li><li>Conducting little or no market research<br /></li><li>Discernment is vital when considering the commencement of a new enterprise. Spending time to develop a thorough market analysis will be crucial in identifying if: </li></ul><p>a) there is a market to begin with; </p><p>b) whether the market is saturated or not; and, </p><p>c) how to redesign an approach to entering the market. This may be as simple as a google search of key words to identify likely competitors (for content, products or services) or may involve a more time-consuming or thorough search.<br /><br />2. Be Persistent<br /><br />Having read dozens and dozens of blogs and articles about on and offline business "success", it is extremely rare to find an individual or company who strikes gold at their first attempt. More than likley you will experiment with numerous methods and products or promotional channels before you find a format or business model that you like, and is effective for you.<br /><br /><br />3. Be More Persistent<br /><br /><br />You have probably heard statistics like 9 out of 10 businesses fail within the first year. This is as true for online enterprise as it is for other small business.<br /><br />Granted, opening a cafe or retail outlet of some variety is going to cost exceptionally more than starting a monetised blog, but both are unlikely to reached any measure of success unless you are above average in the market.<br /><br />This means being more persistent and resilient than the average. If you find one approach difficult, try again. If you persistently fail, change your approach. Repeat. This is crucial.<br /><br /><br /> </p>David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-62112117511031773592009-01-09T23:16:00.003+11:002009-01-09T23:43:35.915+11:00Virtual Real EstateIts getting harder and harder to climb onto the real property ladder these days. What was climbing a meagre hill is now becoming more like conquering Everest. For the average income earner it takes a little juggling.<br /><br />So when you are introduced to the world of virtual real estate, namely online sites, it is not surprising when the blood starts pumping with possibility.<br /><br /><br />The principles remain the same. You need traffic. You have clients: individuals searching for a product or service or simply information. Yet there is one major difference. In the real world there is only one time square. Online, you can create you own time square. You are only limited by your ability to draw traffic.<br /><br />Sure, there is a elephant-sized stigma- especially with information purists- in opposition to monetisation of websites and advertising online. "If I see one more popup window i think I'm going to smash my somputer screen!" But the principle is simple and frankly, tested and proved.<br /><br />Newspapers and magazines have been doign it for years. Write a column, sell some advertising space. Create an audience, now cater to their needs and desires. It's simple marketing and anyone can do it.<br /><br />Let me backstep slightly. Not everyone can do it. Anyone who can bring value to the online marketplace can. Anyone. But that is the key: value.<br /><br /><br />Pipe dreams of becoming an overnight online tycoon are prevalent but impossible. If you want to build an empire. Start by bringing value. True it is that you can create you own time square, but in fact you are starting construction in a baren desert.<br /><br />Build roads. Have an attraction that draws people in.<br /><br /><br />Whether it is online or real estate the rules are always the same. Know you market. Bring value. Work hard and don't expect overnight success.David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0tag:blogger.com,1999:blog-2436242166683230316.post-15280666132396989432008-11-23T00:09:00.000+11:002008-11-23T00:53:02.423+11:00Business Plan = Evil MonsterBusiness plans can be like a vampire. A vampire that sucks the very blood of your existence: time.<br /><br />If you have floated around business circles long enough you would have heard painful cliches like "fail to plan, and you plan to fail". It's the kinda phrase that business dreams are made of. That is, if your dream is planning and projecting and never doing anything.<br /><br />Of course this over-used phrase does carry with it a certain commonsensical premise: you cannot hit a target you do not have. Don't walk in the dark. Look both ways before you cross the street. Now that you have all vomited from cliche sickness, let us focus on a few practical truths.<br /><br />1. You only have a limited a amount of time<br /><br />Planning takes time. Particularly when dealing with financial projections when the business has yet to even commence. Test the market first! Steve jobs-esque vision will tell you that you need to offer a solution to a fundamental problem that people have. Create something that the market needs. The only problem with this approach is: how do you know what the market needs?<br /><br />After a strong morning latte and a wiff of fesh city air you may consider your own personal problems big enough to represent the market. But be careful. You may have even asked your friends or family and significant other whether they agree with you. More often that not they will. More often than not, you are no closer to finding the truth.<br /><br /><br />2. Planning is a close friend of procrastination<br /><br />You don't generate income from writing a comprehensive business plan.<br /><br />In fact, the longer your business plan, the more likely it is that your concept is not cohesive. You should be able to pitch you business plan in a few well constructed sentences. In other words, if it takes ten pages plus numerous statistics, graphs and charts to ouline your idea- your audience has most likley left the room or fallen asleep.<br /><br /><br />"So how is your business coming along? When are you going to get started?"<br /><br />The inevitable reply is: "I'm just drawing up a business plan".<br /><br />A business plan is comfort. Enterprise is about risk. If you hide under the blanket of financial guesswork and hypothetical market analysis for long enough, chances are you will never get out of bed.<br /><br />Business planning is a clsoe friend of procrastination.<br /><br /><br />What to do? Define your mission. Keep it brief. And take it to the market. Let the real world fill in your blanks.David Bakunowiczhttp://www.blogger.com/profile/09614596803696290586noreply@blogger.com0