The evolution of today’s newspapers?

May 28, 2008

10033182_2 You see it in headlines everywhere.  You can practically hear them clanging the church bells to signal it’s all over.  "Newspapers are dying.  Circulation is dropping.  Blah, blah, blah." Which of course, sends advertisers into a panic.  Maybe a newspaper buy is foolish?

Not so fast.

David Reich, an expert on such things, suggests that the death knoll is premature and I tend to agree with him.

Are the publishers under incredible pressures?  You bet.  Has the competition stepped up their game?  Indeed.  Is there simply more competition?  Without a doubt.  Are more young people turning to the internet to get their news?  By the droves.

So how can David and I remain optimistic?

Ask yourself this.  If you want to dive into the news of your local community, where do you turn?  If there’s a natural disaster like a tornado or scandal at your local university, where do you go?

Research shows that most of us still turn to our local newspaper when we want to be in the know.  Which makes sense.  They’re right here, gathering the facts and creating tons of fresh content every day.  Now, it’s true that many of us may go online to the paper’s website rather than read the actual paper.  But, it’s still who we trust to give us the straight scoop.

Do I think today’s newspapers need to step it up and compete differently?  Yes.  I think they need to recognize that how (paper versus online or some other delivery model) they deliver their news is less important than understanding the news they can uniquely deliver. 

I also think they need to get very comfortable straddling their historical place in the community and their need for being a part of this century. Check out this thought provoking by Jason Kintzler over at Social Media Today.  How newspapers could harness and leverage the power of social media.

What do you think?

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The elasticity of price

May 26, 2008

30743506 Gas prices are scooting over $4/gallon here in the states and yet consumption has not shown signs of significant reduction.  How can that be?

That’s the question that reporter Gail Rosenblum of the Minneapolis Star Tribune posed to me late last week.  Her article, Paying a lot for gas, changing lifestyles a little" appeared in Friday’s edition of the Star Tribune.

While I know this specific topic (gas prices) is on everyone’s mind, it seems to me that the conversation Gail and I had is even more interesting when you step back and look at consumer attitudes about prices in general.

Two years ago, we were in a tizzy over gas prices.  We couldn’t believe they were going to be $2/gallon.  We were outraged.  We were going to cut back.  (Of course, we didn’t)  Fast forward to today.  Imagine if I stopped people on the street and asked them what they would think of paying $2/gallon for gas.  They would weep for joy.  In fact, it would sound too good to be true and they’d ask me "what’s the catch?"

Ahhh, the elasticity of price perception.

Why do I think this is worthy of some thought?  A few things to note:

The elasticity of price is a one-way street (we are never happy about going higher in price after the marketplace reduces costs.)

The elasticity of price is fast-acting (we get used to the higher price pretty quickly.)

The elasticity of price works best for necessities (we can cut back on stuff we don’t "need" but endure price hikes on stuff we think we do need.)

So how could you apply this thinking to how you set prices?  If everyone in your industry is lowering prices because of the recession — how will this hold them back when they’re ready to re-raise their prices?  How will it affect you if you resist the urge to lower prices now?

Related posts:
Should you lower prices in a recession?
Are gas prices affecting your spending habits?
How sharp is your pricing strategy?

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Are your actions drowning out your words?

May 19, 2008

Picture_1 We’ve all been pretty impressed with LifeLock’s marketing.  The CEO publicly shares his social security number to prove his confidence in LifeLock’s ability to guarantee protection from identity theft.

It’s very bold and attention-getting.  So I decided I wanted some more information.  After all, I don’t want anyone stealing my identity.  (Although a teen-aged daughter makes you wonder if some bad guy could really do more damage than a trip to the local DSW store!)

I went to their website and found the member services e-mail address (easily accessible under Contact Us) and fired off my relatively simple questions. 

No reply. 

So, I repeated the steps and re-sent my questions.

No reply.

Because I am a stubborn cuss — I actually did it for a third time.  Guess what happened.

No reply.  No automated — "thanks for your e-mail, we’ll get right back to you."  No canned "have you tried our FAQ section."  Nothing.

Hmm.  These are the people who promise me diligence in watching over my identity?  These are the people who I am going to try to contact if there’s a problem?

I had bought the promise — hook, line and sinker.  I was ready to buy.  I practically had my credit card out of my wallet.  But now, I’m not so sure.  Now, their actions have contradicted their words.  And the actions are much louder.

How about your business?  You’re making a bold brand promise, right?  Are you sure that your actions match that promise?  Is there a weak spot? 

Could your actions, reactions or lack of action be drowning out your words?

UPDATE:  Several of you have shared the breaking news story that Lifelock’s CEO has just had his identity stolen.  No wonder they’re behind in answering their e-mail!

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I don’t know much about that…

May 18, 2008

36823168 Marketing and marketing tactics are changing at the speed of light.  Have you caught yourself saying "I don’t know anything (or much) about XYZ?"

What happens next?  Do you accept that you just aren’t that familiar with it?  Or do you recognize you’d better fix that situation? 

I think how you answer that question says a great deal about you and how well suited you are for a marketing career.  You can’t afford not to know.  I don’t care how many years of experience you’ve got.  I promise you, you’ve got things to learn.

If you don’t have the curiosity or the drive to keep learning how to help your business or your client’s business grow and communicate — then dust off the resume, my friend.   Because you need to get out of marketing.

How can you learn?  Lots of ways.

  • Find someone who does know and ask them to teach you.  They’ll be flattered.
  • Take a class or pay someone to teach you.
  • Find a blog written by an expert in the field.  Do more than read it — participate.
  • Read a few books on the topic.
  • Wade in…and try it.  Most of us learn best from doing.

If you hesitated when asked the question, remember this.  Do you suppose your co-worker who is climbing up the same ladder you are hesitated?  How about your competition?

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Age of Conversation has us a little buried

May 16, 2008

Buried If Gavin Heaton or I seem a little slow to respond to an e-mail or comment over the next few days, you’ll have to excuse us.  The Age of Conversation submissions are flooding in and we’re just working on keeping our heads above water.

It’s cool.  It’s exactly what we wanted.  But, this is definitely the beginning of the hard labor portion of this labor of love!

Shall we practice our breathing exercises together?

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Do your employees think like owners?

May 13, 2008

10050408 It was Mother’s Day last week, so I, like millions of others, ordered flowers.    So I wasn’t all that surprised to get the phone call saying "The flowers are beautiful, thank you."

I was surprised however at the next sentence.  "Did you mean to order two identical bouquets?"

Uh no.

Two identical bouquets were delivered.  Identical cards.  Actually delivered by the same person at the same time.  And apparently no one along the way stopped to ask why. 

When I called the florist to see what was up — the customer service rep checked.  Their records showed only the one order.  She couldn’t explain the duplication.  Her response — "I have no idea how that happened.  Tell her to enjoy both bouquets."

Think of all the people who touched the order.  The person who created the bouquets.  The person who wrote out the cards (I ordered online).  The person who scheduled the deliveries.  The person who packed the truck.  The delivery person.

Not one of those employees stopped to think how odd it was that the same person would get two of the exact same bouquets, with identical cards, from the same person.

So the florist is out a $75 bouquet.  They look like their systems and delivery process needs some work and this story will be told and re-told.

All because an employee didn’t stop to wonder why.  Or pick up a phone to double check.

The most important audience your business will ever have are your own employees.  If they don’t get it — no one will.  They deliver the brand every day.  Or not.

10050408_2 Do a spot check today.  Create a "what if" customer problem scenario and ask around.  How would your employees handle it?  Is it true to the way you want your customers to experience your brand?

How often, without you even knowing, are you creating a talkable moment by delivering two bouquets?

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Be consistent. Be consistent. Be consistent.

May 9, 2008

Same_2Add to that, be predictable.

Why?  It feels safe, trustworthy and comfortable.  And, it creates an expectation in a customer or prospect that you can successfully fulfill.

Always remember…you get tired of your message much quicker than your audience does. You may not even get noticed the first few times someone hears from you. You just have too much competition for their attention. After six or seven times, there might be recognition, but perhaps they don’t need you yet. Typically it takes 8-13 interactions for your audience to really register that you are talking to them.

But what would happen if you stopped talking to them after attempt #7?  Or if you speak to them differently each time?

We’ve been sending out a weekly e-mail marketing tip since 1999. We get calls from people who want to hire or interview us – some who have been putting our weekly e-mails in a 3-ring binder for several months or even a couple years, but they just hadn’t needed us until that moment.

Thank goodness we didn’t take them off the list after the first five contacts didn’t elicit a response!

Whether the magic number of contacts is five or fifty-two, make sure you are consistent and repetitive in your efforts to reach out for new customers.

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I want to speak like Steve Jobs

May 7, 2008

I  am invited to speak/share a nugget or two at 15-20 national conferences and conventions a year.  I get high marks and am invited back, so I must hold my own.

But I aspire to inspire like Steve Jobs.  He can bring a crowd to tears and cheers as he holds up the hottest new iPod, laptop or gadget.  I want to hold a crowd in my hand like that.

If you’re like me or you just want to improve your sales presentation skills, check out this video from BNET on how to present like Steve. 

What do you think?  How could you apply this to your day to day presenting opportunities?

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