Archive for the ‘Business’ Category

Should you invest in TV, radio, billboards and other media where you can’t measure whether your ad works? Is an ad in New York magazine worth 1,000 times as much as a text link on Google? If you’re doing the comparison directly, that’s how much extra you’re paying if you’re only measuring direct web visits…

One school of thought is to measure everything. If you can’t measure it, don’t do it. This is the direct marketer method and there’s no doubt it can work.

There’s another thought, though: Most businesses (including your competitors) are afraid of big investments in unmeasurable media. Therefore, if you have the resources and the guts, it’s a home run waiting to be hit.

Ralph Lauren is a billion dollar brand. Totally unmeasurable. So are Revlon, LVMH, Donald Trump, Andersen Windows, Lady Gaga and hundreds of other mass market brands.

There are two things you should never do:

  1. Try to measure unmeasurable media and use that to make decisions. You’ll get it wrong. Sure, some sophisticated marketers get good hints from their measurements, but it’s still an art, not a science.
  2. Compromise on your investment. Small investments in unmeasurable media almost always fail. Go big or stay home.

And if you’re selling unmeasurable media? Don’t try to sell to people who are obsessed with measuring. You’ll waste your time and annoy the prospect at the same time.

When Gerald Roush died in late May, he left behind the Ferrari Market Letter. This newsletter, which he started and ran, had nearly 5,000 subscribers, paying him $130 a year for a subscription. Do the math! It’s a good living–even without a fancy website.

The newsletter, it appears, was not just lucrative, it was a bargain. It chronicled the pricing, whereabouts and details of just about every Ferrari ever made. If you were a buyer or a seller, you subscribed. If you wanted to run an ad, you were required to include the car’s VIN, which added to Roush’s voluminous database. [read]

One approach to innovation and brainstorming is to wait for the muse to appear, to hope that it alights on your shoulder, to be ready to write down whatever comes to you.

The other is to seek it out, will it to appear, train it to arrive on time and on command.

The first method plays into our fears. After all, if you’re not inspired, it’s not your fault if you don’t ship, it’s not your fault if you don’t do anything remarkable–hey, I don’t have any good ideas, you can’t expect me to speak up if I don’t have any good ideas…

The second method challenges the fear and announces that you’ve abandoned the resistance and instead prepared to ship. Your first idea might not be good, or even your second or your tenth, but once you dedicate yourself to this cycle, yes, in fact, you will ship and make a difference.

Simple example: start a blog and post once a day on how your favorite company can improve its products or its service. Do it every day for a month, one new, actionable idea each and every day. Within a few weeks, you’ll notice the change in the way you find, process and ship ideas. [Source: Seth Godin]

Ultimately, for your business to grow and thrive, you have to settle on the one with the best fit, and pass the others off.

The E-Myth makes strong distinctions between being an Entrepreneur, a Manager, and a Technician. In condensed form, we could say:

  • The Entrepreneur creates the Vision.
  • The Manager creates the Systems.
  • The Technician creates the Results.

[read]

The latest data from research company Nielsen indicates that Americans now devote a full 6 hours a month to social networking, up 16% from a year ago.

And what network do they spend their time on? You guessed it! Facebook claims an 85% share while MySpace comes in a way distant second with only 5%, and Twitter only 1%.

So if most time was spent on social networks, what else captures our attention? Online games account for 10% of time spent, while email came in at 8%. Watching video is now a full 4% of all time spent online, which amounts to an average of 3 hours and 15 minutes a month.

Dale Carnegie was a famous lecturer and writer as well as the developer of very popular courses in self-improvement, salesmanship, corporate training, interpersonal skills, and public speaking.

Dale wrote the first book I ever read (that I wasn’t required to read). The book was titled “How to Win Friends & Influence People.” I read the book when I was about 11 years old; this book was an incredible bestseller, and an amazing read.

Although born in poverty on a farm in Missouri, Dale Carnegie managed to become quite successful.

Dale authored popular books such as “How to Stop Worrying and Start Living,” and “Lincoln the Unknown,” as well as several other books. [read]

One of my favorite principles that he taught was that it’s possible to change other people’s behavior towards you by changing your reaction towards them. Give that some deep thought , apply it, and it alone can change your life. But there’s more to consider.