Reducing Email Risk

One of my company’s customers drove to a large amusement park, valet parking at the main entrance. As he was leaving hours later, he learned two important facts. The park didn’t offer valet parking, and his car was gone.

This crime wasn’t an elaborate conspiracy involving high-tech gadgetry or extensive planning. It relied on a few parking cones, an official looking vest and human nature. He simply handed over the key, as instructed.

Everyone occasionally follows directions before exercising critical thinking.

Unfortunately, we live in a world where thieves steal more money with a few keystrokes than John Dillinger and Willie Sutton ever did with a gun, and without fear of being shot or thrown into the Eastern State Penitentiary. (I worked two blocks away for years. But I’ll save those stories for later.)

This insidious and increasingly resourceful breed of cyber criminals rely on human nature. Just like the car thieves, they’re counting on someone acting before they think.

Socially-engineered emails attempt to deceive us into downloading malicious software by clicking on a link or opening an attachment. These emails often appear to be work-related, masquerading as having been sent by a co-worker or other known person. As recent headlines demonstrate, once unleashed they can destroy or hold critical data for ransom, or take down entire networks.

The first line of defense against this criminal activity is us. Two techniques at our disposal when defending against email attacks are:

1. Maintain an air of professional skepticism. Be appropriately suspicious and act accordingly;
2. Think before you click!

Here are a few points to remember:

• Never open email or attachments from senders not familiar to you.

• Don’t open email or attachments from people you think you know if the contents appear suspicious.  Virtually imperceptible changes can trick even the most vigilant email user into thinking they recognize the sender. For example, replacing a lower case “L” with an upper case “i” or inserting an extra letter in an already long email address is easily overlooked.

• If the email asks you to click on a hyperlink, run your cursor over it. If it goes to a drop box or google box…it’s MALICIOUS.

• Before clicking, ask yourself:

  1. Is the email work related and is the subject appropriate for me?
  2. Are the links in the email relevant to its purported content?
  3. Were you expecting the email or have you previously received emails from the sender?

• Don’t open attachments with the following file extensions: .exe; .bat; .com or .zip

Finally, when in doubt, delete the email or “go old school”. Pick up the phone and call the sender.

FINDING THE RIGHT DOMAIN NAME

There is an often-told story (disputed by many historians) that the head of the U.S. Patent Office once sent his resignation to President McKinley, suggesting the office be closed because “everything that can be invented has been invented.”

You might think you are encountering a modern day equivalent situation when trying to select a domain name for your business or blog. After all, Google announced seven years ago that it had already indexed over 1 trillion unique URLs.

Securing a good (notice I did not say “the perfect”) domain name can be frustrating. Your selection must be unique, the single road by which the world must travel to your ecommerce doorstep.

It is therefore essential that you secure the best available domain name for your business. Simply recognize and accept in advance that it is usually a classic example of satisfying a process, not optimizing it.

Consider the following points:

  1. Begin by preparing a prioritized list of acceptable names. Avoid unprofessional sounding domain names unless they are somehow related to or descriptive of your business. Variations of your name should be safe bets.
  2. The next step is to search your list on any domain registrar. The largest and best-known registrar in the United States is GoDaddy. Network Solutions and Netfirms are also popular. Prices vary widely. Since you will probably use the same company to host your website and email, consider the entire cost of the package, not just the cost of name registration.
  3. Don’t throw in the towel just because your first choice has been taken. Enter it into your browser and see if it is actually being used. If not, there is an active aftermarket for domain names. Free services such as www.Whois.net and www.Better-Whois.com will show the registrar and, depending on the account’s privacy settings, the name and address of the registrant. You can then contact the owner and inquire whether the name is available at a reasonable price. The same services will tell you when the registration expires and (for a fee) notify you if the registrant fails to renew.
  4. A cheaper alternative is to construct a similar name. Perhaps the insertion of a simple hyphen, using an abbreviation, substituting numeric symbols for words and so on will accomplish your goal. The only limitation is the one imposed by your creativity. Whatever name you choose, try to keep it as short as possible, preferable 10 characters or less.
  5. The most widely used domain extension is .com. If it is unavailable, other options include .net, .biz, .us and .info. Although originally intended for nonprofit organizations, many commercial ventures now use the .org extension. Most registrars will automatically show you other available options if your preferred extension is taken. With the continued expansion of the Internet, the inability to reserve .com no longer carries much of a negative marketing connotation in most situations.
  6. Finally, after you have decided on a domain name and extension, consider reserving other available extensions to keep them out of the hands of current and future competitors. For example, you might buy mycompany.net, mycompany.biz, mycompany.US and mycompany.org as companions to mycompany.com. Additional domain names can be purchased without a hosting package for as little as $10 each, per year. You can also direct inquiries to these companion extensions to your primary web address.

© 2015 by CFO America, LLC

TACTICAL SOUP WON’T CURE MARKETING WOES

SoupMotivational speakers Jack Canfield and Mark Hansen created an entire industry with the 1993 introduction of their Chicken Soup for the Soul book series. They have since sold over 100 million copies, and inspired countless authors of every genre. A recent search of Amazon generated 35,024 hits of titles beginning with “Chicken Soup for the.”

One could easily get the impression soup has magical powers to cure just about anything.

However, there is one soup not good for anything except unnecessary costs and market failure. That is a steaming bowl of tactical soup. What is tactical soup? Princeton, NJ consultant Gordon G. Andrew describes the recipe this way:

“Tactical Soup occurs when firms get bogged down in a flurry of marketing activity without placing enough emphasis on how it will help generate revenue and profitability.”

Tactical Soup is served up regularly in businesses where activity is too often mistaken for results, where the urge to “early adopt” the latest craze eagerly overlooks cost-benefit analysis, and where the rush to hop on the newest social media bandwagon precludes any thought of whether your target market is similarly enamored.

To squander limited marketing resources in a valueless caldron of tactical soup is a recipe for disaster. It can be avoided by asking three simple questions:

  1. Where will I find my market?
  2. What is the total cost of the proposed marketing tactic?
  3. What incremental sales volume is necessary to justify the cost?

Marketing is about connecting with the right audiences in whatever communication channel they select, always a moving target. There was a time when most audiences were found through ads in the Yellow Pages, roadside bill boards  and the Sunday newspaper. Finding new customer prospects today is far more complex, and depends on demographics such as age, sex, income and education levels.

Question 2 is the easiest, provided indirect and allocated costs are added to the initial design costs, price concessions, monthly hosting and other recurring expenses.

The final question requires a basic understanding of your cost structure. While cost accounting is too complex to explain here, of primary concern in implementing marketing tactics are the average gross profit (sales price less cost of goods sold) and what volume of sales can be expected from new customers. A product or service with a $100 gross profit is cost justified at a much lower new sales volume than one with a $3 gross profit. Likewise, a service that typically enjoys 6.3 sales per customer supports a higher marketing budget than one where repeat sales are negligible.

Answers to these three simple questions will provide the focus, discipline and accountability to maximize return on marketing efforts and avoid the waste and disappointment of tactical soup.

© 2014 by CFO America, LLC

THE PITFALL OF WHOLESALE NETWORKING TO RETAIL PROSPECTS

Business DiscussionThe verb “network” means to meet or interact with people for the purpose of making contacts and exchanging ideas. Contrary to popular belief, its primary goal is not to generate sales! It is, quite simply, to get to know people, and to have them get to know you. Sales are just one of the benefits that might result from increased exposure.

I am a strong advocate of networking. I was introduced to several significant vendors and business associates at networking meetings. That includes my insurance agent, social media consultants and two business partners. However, while I have provided leads that resulted in other people closing sales, I can think of only one small client engagement I gained through networking.

Why is that?

It is because my ideal client prospect is unlikely to participate in what I refer to as “retail networking” groups. My best prospects have been established in business for years; are generating annual revenue of several million dollars, have fifty or more employees, are adequately funded and have highly specialized strategic needs beyond their ability to address internally.

Furthermore, they have progressed beyond the usual concerns of new ventures, the greatest of which is simply generating sales. They recognize and value the need for more sophisticated services, and are able to pay to meet those needs.

That profile is not a match to the typical retail networking group. A business targeting start-up operations, solopreneurs, small average sales and/or “main street” business and consumer needs is far more likely to generate sales through networking groups. However, a reality of mining for customers in this environment is high turnover and high marketing costs. Statistics show more than 35% of a typical group’s participants will not be in business in a year, and perhaps as high as 90% within five years.

So if wholesale (or large scale) networking to retail groups is not an alternative for marketing your B2B product or service, what is?

There are probably as many correct answers to that question as there are small businesses. I will share several things that have produced business for me in a future blog.

Eight Secrets from a Serial Blogger

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Have you been thinking about blogging, but are concerned whether your writing skills will translate into effective online communications?

Increase your chances of success in getting your message to the right audience by avoiding the mistakes of others. This article offers eight simple suggestions its authors learned in the preverbal “school of hard knocks”.

Here they are:

1. Stick to a schedule. The correct blogging frequency is whatever connects with your audience. For some blogs that might be daily. For others, once a month is sufficient. The optimal blogging frequency is not critical. What is critical is to decide on a schedule, communicate it to your readers and stick to it! Avoid the temptation to over-commit. While most bloggers enjoy writing, it can be grueling.

2. Expand and enhance. Supplement your usual content by periodically sharing relevant quotes, articles and tips from others. You can also try using guest writers, treating your readers to different areas of expertise and points of view. A generous introduction to your guest author may result in them reciprocating on their blog, further expanding your following.

3. Keep posts short. Readers are looking for tidbits of actionable information, not detailed research. Keep posts short, preferably under 600 words. The average American reads less than 300 words per minute. Studies suggest 65% of visitors spend less than 2 minutes on a website. Therefore, an entry longer than 600 words will not be read in its entirety, if at all.

  • A better alternative to lengthy articles is to split them into multiple parts, posting them in consecutive entries. Begin each post with a review of what was discussed in the previous entry, and end with what to expect in your next post and when it will be shared.

4. Promote your blog. Add your blog’s web address to business cards, print media ads, letterheads, email signatures and so on. Adding a Quick Response Code to business cards and other medium is gaining popularity. A QR code allows Smartphone users to find your blog easily.

5. Use social media. Post summaries of blog posts on Facebook, Twitter, LinkedIn, etc. Exercise care to comply with each platform’s unique character limitations.

  • Since you will always end with a hyperlink to your blog, use a free URL shortener like https://bitly.com/ if pressed for space.
  • Post blog entries on SlideShare or other article marketing sites by uploading a pdf file. The last paragraph should be a brief “About the author” with a hyperlink to your blog.
  • Blog posts can be featured in your monthly newsletter to customers and friends.

6. Support online sharing. Add plug-ins or widgets on your blog to promote article sharing through Facebook, Twitter and other social media vehicles you believe are likely to help capture your target market. Allow readers to bookmark your URL to their list of favorite sites with the click of a button.

7. Encourage feedback. Always thank readers who post comments. Be respectful of opinions and suggestions, even if you disagree with them. While it is perfectly appropriate to delete spam (an inevitable byproduct of successful blogging) or comments with inappropriate language, deleting reader comments simply because you disagree discourages feedback. Periodically end posts by asking readers for comments, suggestions and ideas for future articles.

8. Don’t give up too quickly. Some experts believe it takes about 100 posts before you begin to build a following. Most bloggers become discouraged and give up before reaching that milestone.

© 2013 by Dale R. Schmeltzle

You Can Count on a Guy in a White Hat

whitehatAs an entire generation who grew up watching Gun Smoke, The Lone Ranger and a long list of other television westerns knows, good guys always wore white hats!

One of the greatest Hollywood clichés of all times, it is deeply ingrained within each of us that you could count on a stranger in a white hat! They were sure to be honest, kind, generous, courageous, moral and chivalrous.

That leaves the other guys, the ones in the black hats. Just as good defines evil, they were the anti-hero of every storyline, the exact opposite of guys in white hats. A man in a black hat was surely dishonest, cruel, self-centered, cowardly, immoral and boorish. Good guys and bad guys were always on opposite sides of an issue. Fortunately, good always triumphed in the end.

So it is not surprising that when it came time to pick names for two broad categories of search engine optimization (SEO) practices, a baby boomer somewhere choose white hat and black hat to describe the opposite ends of a long spectrum of internet marketing techniques and philosophies.

The stakes are high in this modern day gunfight. Fair or not, a potential customer who has never heard of your company has no choice but to equate your search engine results and the quality of your content with the prominence of your company among your peers and the value of your products or services!

A study of December 2010 Google searches for B2B and B2C businesses found the top 3 search engine rankings got 60% of all click throughs, with the first position enjoying a click through rate (CTR) of 36.4%. Page one listings got 8 times more clicks than page 2. CTR differences by ranking were even more dramatic for key words with more than 1,000 searches per month.

What then are the distinguishing characteristics of these opposing marketing camps? They hinge on the answer to a single question. Does the marketer play by the largely unwritten and frequently changing rules of the major search engines (Google, Yahoo and Bing control over 95% of the market) or not?

Just like the old Code of the West, white hats follow the rules. They focus on engaging and informing readers rather than manipulating search engine algorisms. Their procedures include writing key word rich text (without meaningless repetition), link building and paid advertising using pay per click ad words.

Black hats still refuse to play by any rules. Their techniques include email spam, keyword stuffing, article spinning (posting substantially similar content in multiple locations) and using hidden text to trick search engines.

What are the rewards for playing by the rules of this 21st century Code of the Internet? White hat marketing can be expected to produce slower but longer lasting organic search rankings. Black hat techniques will likely eventually be penalized by search engines, reducing rankings or eliminating the listing from their database.

What color is your hat?

© 2013 by Dale R. Schmeltzle

“LIKE” IF YOU REMEMBER MYSPACE

MySpaceIs it just me, or has there been an explosion of people posting nostalgic photos on Facebook and asking you to click “Like” if you can remember a black and white picture of some fifties TV icon or a once popular consumer product from your youth? Time has a way of reducing our past to warm, fuzzy memories. Heck, show me a photo of a macho guy enjoying a cigarette on the back of a horse and I might even forget that three of the Marlboro Man actors died of lung cancer!

Digital media has done more than merely provide a medium to share the recollections of our youth. It has greatly diminished the time span during which products and services move from broad acceptance and popularity to distant memories. Allow me to offer two well-known examples.

Gutenberg’s 1440 invention of the printing press revolutionized communication. It made possible the sharing of ideas and information through the mass production of books. It took another 555 years, until 1995, for an upstart company named Amazon to start selling those same books using something that had been introduced just three years earlier. That something was the Internet.

It took another 12 years to popularize eReaders like their famous Kindle. Within four years, Amazon was selling three times as many eBooks as hard covers. Their success obviously does not include a plethora of competitors including the hugely successful Apple iPad. It seems almost certain the paper book will soon be a candidate for Facebook friends to ask you to “Like” if you can remember owning one.

Still, 600 years from invention to impending obsolescence is not a bad run! Now consider a more recent service life span.

MySpace was introduced in August 2003, six months before Facebook. Just two years later, it was the most visited social networking site on the planet. Rupert Murdock was so excited about its prospects that he paid $580 million for it in 2005. In 2006, it reached 100 million accounts, a level that required 1,600 employees to support.

Facebook over took it in April 2008.

In June 2011, Murdoch’s News Corporation sold MySpace for $35 million, a 94% loss on their six-year investment. With uncharacteristic understatement, Murdoch pronounced the purchase a “huge mistake”.

These examples illustrate three critically important points for all 21st century marketers.

  1. Communication trends change faster than businesses can anticipate. Most lack the resources to manage that change.
  2. Faced with a constantly expanding stream of free choices, your target audience no longer uses communications channels popular just a few years ago.
  3. Neither do your successful competitors.

The cost of failure is high. Even the most carefully designed marketing communiqué, be it a press release, an ad campaign, a newsletter, etc., will fail if it is not transmitted in the optimal channel.

The only way to avoid that mistake is to communicate a consistent message and single brand to over-lapping audiences across multiple channels. That is what successful digital media marketing is all about.

© 2013 by CFO America, LLC

Increasing User Buy-in of Financial Forecasts

Business HandshakeLet me begin with two assumptions: first, your primary modeling tool is Microsoft Excel; second, you share model projections with others. If both these assumptions are correct, I have two secrets of success for those new to financial forecasting.

The first is that everyone who sees your forecast assumes they know more about what the modeled results should be and better understand the impact of changes than you do. That you spent countless hours constructing the model, studying company and industry trends, back-testing formulas and validating every assumption will be quickly lost in their rush to point out what to them appears to be “obvious errors”.

I frequently develop complex models generating quarterly projections of full financial statements for a three to five year horizon. Models usually involve the consolidation of multiple entities and detailed ratio analysis. A typical model has 35 to 60 variables. Every variable is contained in named cells on an assumptions tab (immediately behind the title tab). All formulas utilize the appropriate variable name rather than a cell reference or hard coding.

For those not familiar with the use of named cells in Excel, go to the File Manager icon on the Formulas tab. Additional guidance is available online. One source is http://bit.ly/18tl7OP.

Typically, a client will zero in on one or two variables, insisting (as an example) that sales growth projected in year 3 is clearly wrong! He or she is so confident of their belief that the model has likely lost significant credibility with them.

Invariably, the impact of the user’s change is not as significant as they suppose. Sticking with the sales example, changing the growth rate has no impact on earlier years. Furthermore, the effect on future income is reduced by resultant increases in the cost of goods sold, inventory carrying costs, variable expenses such as commissions and shipping, borrowing costs and so on. Finally, income taxes further reduce the bottom line impact by another 35% to 40%.

Rational discussion and logic serve no purpose in this situation. You cannot change human nature! Your goal is merely to channel it in a productive direction.

I do this by simply asking what they think the number should be. I then take them to the assumptions tab and change the offending variable to their number. The model then recalculates, eliminating any guesswork on the impact of the proposed “correction”.

Seeing is believing.

The second “secret” complements the first. Without exception, even the most complex models come down to a mere handful of key variables. Since your goal is to redirect rather than change behavior, help users focus on those that drive projected results, rather than getting bogged down in immaterial detail.

You can accomplish this by highlighting which variables have an individually material impact on the cumulative results of your forecast. Begin by deciding what the appropriate base or dependant result is. I find it is most often one of three things depending on the primary use of the model: net income, stockholders equity or the internal rate of return.

I then test every variable in isolation with a 10% unfavorable change. For example, a 20% sales increase is reduced to 18%. I note the impact of each variable on the cumulative base result. I then typically use a materiality threshold of 2% for disclosure. The less attention drawn to non-critical variables the better!

Rarely will a variable have a high correlation to the measured result. A typical scenario might be that a 10% change in each of my 35 to 60 variables produces four to six with an impact greater than 2%, with none exceeding 8%.

This sensitivity analysis is the third tab, immediately behind the variables. By quantifying and clearly presenting the impact of changes in this manner, you are inviting needed input (and therefore user buy-in), without having to debate or justify the majority of variables that will have minimal or no impact on your forecast. Users can then concentrate on achieving a comfort level with a relative handful of model inputs, saving everyone time.

As a closing note, while the focus is on the cumulative impact of variable changes, there are times and circumstances when individual period results are also important, regardless of the dollar impact. For example, loan covenant compliance is a constant requirement. If a change in an otherwise insignificant variable creates an incidence of non-compliance, the change cannot be ignored.

How I handle that situation is the subject of a future article. Here is a hint: conditional formatting!

Ever Wonder Where Google Got Their Name?

mathMost people probably assume Google, the Internet search engine giant made up their name. Actually, they borrowed it from the fields of mathematics and sub-atomic physics.

A googol is a very, very, very big number. More specifically, it is 10 raised to the 100th power, or the number 1 followed by 100 zeros.

Who do you think came up with the term googol? Perhaps a Silicon Valley college-dropout billionaire or an obscure university professor trying to estimate the width of the solar system in millimeters?

Not hardly. It was coined back in 1938 by 9-year-old Milton Sirotta. Little Milton was the nephew of an American mathematician.

It turns out a googol is also known as ten duotrigintillion, ten thousand sexdecillion and of course ten sexdecilliard.

I’ll bet if Google cofounders Sergey Brin and Larry Page had chosen one of these terms, well let’s just say neither of them would be worth the $20 billion (that’s a 2 followed by 9 zeros) they are now.

 

Lessons from Cool Hand Luke: Failures in Business Communications (Part 2)

Last week, I discussed the potentially dire consequences of using the wrong channels when communicating with customers. Paul Newman’s famous line from Cool Hand Luke, “What we have here is a failure to communicate” served as my theme.

I outlined nine milestones in communications, from the printing press to the Internet. Today, I conclude with a follow-up on how each of those communications channels has fared over the years.

More recent developments in the nine communication mediums include the following:

1. The days of printed books and newspapers may be numbered. Consider the following:

  • Although Amazon keeps its sales figures close to its corporate vest, reports by Bloomberg and other sources suggest it likely sold over eight million Kindles in 2010. Amazon’s January 27, 2011 press release reported, “Amazon.com is now selling more Kindle books than paperback books. Since the beginning of the year, for every 100 paperback books Amazon has sold, the Company has sold 115 Kindle books. Additionally, during this same time period the Company has sold three times as many Kindle books as hardcover books.” Those sales were achieved in spite of stiff competition from the Apple iPad and other eReaders.
  • In an industry financed by advertisers, newspapers now cost more to reach a similar audience than radio, magazines, or websites. The Newspaper Association of America expected ad revenue to drop 9.7% in 2009 after falling 16.5% in 2008.

2. In a press release issued November 12, 2010, the U.S. Postal Service reported a loss of $8.5 billion in fiscal year 2010. They delivered 6.1 billion fewer pieces of mail than the previous year. Labeled advertising mail, 273 million pieces of daily junk mail make up 47% of Postal Service volume, but only 25% of its revenue.

3. Struggling from its failure to win a federal contract to deliver mail, the Pony Express announced its closure on October 26, 1861, two days after the transcontinental telegraph connected Omaha to Sacramento. During an 18-month existence, it succeeded in reducing the cost of a 1/2 ounce letter by 80%.

4. Home phones are being replaced by cell phones and other mobile devices. Smartphone users can now perform virtually any function available on a computer. They can also scan product bar codes for instant price comparisons and download directions to local competitors. In October 2010, CTIA-The Wireless Association reported in their 50 Wireless Quick Facts that over 89% of handsets operating on wireless networks are capable of browsing the web.

5. With its market steadily evaporating since the 1975 invention of digital cameras, Kodak ended a 74-year run when it discontinued production of Kodachrome film in 2009. SEC filings reported a $210 million loss that year. Kodak filed for Chapter 11 bankruptcy in January 2012. They will no longer manufacture cameras, and will sell its film division. The digital camera was invented by a Kodak engineer.

6. A July 2008 report by Borrell Associates titled Say Goodbye to Yellow Pages estimated the industry would lose 39% of its revenue over the next five years as small businesses focus more on online advertising. It was forecast that 2008 print revenue of $12.7 billion would decrease to $7.8 billion by 2013. In an age of instant information, an increasing number of businesses are obviously questioning the wisdom of spending scarce marketing resources on a medium that will not be distributed until months after incurring the expense. Some estimates suggest that up to 20% of small businesses do not survive to see their Yellow Pages ad in print. Meanwhile, concerns over the environmental impact of discarded books are causing cities to explore advanced recovery fee ordinances that will add millions of dollars to industry costs.

7. The marketing impact of satellite radio remains to be seen. Sirius FM Radio reports almost 22 million subscribers in some highly desirable demographics. Yet, the public company has not traded above $3 a share in over four years.

8. A four-decade oligopoly by ABC, CBS and NBC began to crack by the 1980s. Having once controlled 99% of all broadcasts, their market share dropped to 32% by 2005 according to the Journal of Broadcasting & Electronic Media. The Fox Network now produces the highest rated show on TV (American Idol) and the longest running primetime show (The Simpsons). The increased popularity of cable TV, Internet access to programming and digital recording devices threaten to redefine television’s role as the “high end” communications media. Fortunately, the ability to embrace technological changes has allowed television to hold the average American’s attention for 4.7 hours a day (according to a 2008 Nielsen report) over 60 years after its introduction. Finally, NBC’s owner Comcast announced in January 2011 they were dropping the iconic peacock from their corporate logo. This announcement ended a 56-year television tradition that first trumpeted the arrival of color programming to an entire generation of mesmerized children. Curse you, Comcast!

9. Lastly, the traditional model of text dominated static communications on a free World Wide Web navigated via a handful of search engines is being challenged. New paradigms including pay per click advertising, video and yes, social media are quickly redefining it.

As I reflect on this timeline, it occurs to me that few people can anticipate, let alone shape communications in this accelerating stream of consumer driven changes. Names like Gates, Bezos, Zuckerberg and a handful of other young billionaires come to mind.

The rest of us do well just to keep up with it.

The goal of today’s successful small businesses should be to meet customers in whatever communication channels they choose at that moment and to educate and influence (never dictate) consumer behavior as best they can.

There is no “one-size-fits-all” magic formula for success, no one thing that will permanently solve marketing challenges or slow the pace of change. What worked yesterday may not work tomorrow because as Tony Robbins and others have said, “The past does not equal the future!” That much is clear from the timeline. There is simply no substitute for hard work, vision and continuous planning and experimentation.

However, there is also much cause for hope.

Don Bradley and Chris Cowdery’s exhaustive study Small Business: Causes of Bankruptcy had this conclusion: “Evidence suggests that failure rates of small businesses in the United States are related to the nature of a capitalistic market in relying on competition where only the strongest survive. The causes for small business failure and ultimately bankruptcy are many. A successful entrepreneur is, no doubt, the consummate businessperson who must be a jack-of-all-trades. It is evident that nearly all entrepreneurs have the opportunity to control their own destiny. Success is obviously not a guarantee, but nor is failure. A well-rounded businessperson who has carefully planned and prepared with a clear vision of who and what the company is will have an excellent opportunity for success.”

I also point out that many of the marketing ideas discussed in this blog would not have been possible just a few short years ago. Many more have been made easier and more cost efficient by recent technological developments and increased Internet-based competition.

I therefore challenge and encourage you to seize the opportunity to control your own destiny, to embrace change, to experiment with new ideas, and to learn from your triumphs and your disappointments in these exciting times. Your business will grow in the process.

I wish you great success in your efforts and I hope you have fun in your journey.

© 2012 by Dale R. Schmeltzle

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