Archive for the ‘Entrepreneurship’ Category

Describing myself as a wine fanatic is an understatement. I love and appreciate many different varietals from all over the world. The trick to wine, though, is knowing when to uncork that bottle. Too soon unmasks a wine that is young and hasn’t yet evolved its complex nuances that make it worthwhile. Waiting too long, however, is not always the answer. You just might uncork that wine to reveal an expensive bottle of unsavory vinegar.

Clearly time is of the essence with wine. Each varietal and vintage is different, though. This is applicable to your company, its brand and your campaigns. The exact time, however, cannot be precisely determined from the outset. The components are planned and you have a general idea, but like wine, you have to monitor and engage in status checks to ensure you’re on track.

So how does time impact your company’s message or brand itself? To explore this answer, let’s look at the new Domino’s Pizza campaign.

For decades they served the same pizza and a drastic change clearly became necessary. Their wine, so to speak, had become sour and distasteful – evident from the focus groups and taste testings. They stuck with the same pizza for too long, allowing for a shift in consumer’s tastes which ultimately led to competitors surpassing Domino’s in popularity. Rather than patch the image and fix “the sour bottle of wine,” they threw it out completely in favor of a new recipe.

So how do you avoid becoming completely out of touch with your audience? How can you monitor the aging of your image to ensure you are achieving the full complexities (goals) you initially hoped to achieve? There is no single answer, but there are some steps you can take to stay focused and engaged.

Define a clear vision from the outset
In project management, the term is “scope creep.” If you do not concisely detail what you hope to achieve through your campaign goals and tactics to reach those goals, it’s very simple to lose track of the goal line. New ideas are great, but compounding your campaign with dozens of new strategies when you haven’t even implemented and monitored the success (or lack) of those strategies, you can quickly get in over your head and lose track of what was the campaign’s original messaging and vision. A lack of clear vision can lead to a campaign splintered with multiple messages firing haphazardly in all directions.

Monitor tactic responses
How is your new website doing – lower bounce rates, higher conversion rates? What are consumers saying about your product on social media sites? By engaging customers directly, does there seem to be an increase in satisfaction? Monitoring these responses will allow you to change your tactics as needed based on which mediums are the most successful for achieving your goals. Additionally, new opportunities that align with your goals may present themselves, and you need to be able to adapt readily, constantly aware of the environment in which your business operates.

Don’t be afraid to do a 180
Domino’s Pizza took a complete 180-degree turn. The signs indicated there was a need for immediate change. They didn’t jump the gun, though. Thorough research and a well-conceived marketing plan have led to success in their campaign. Consumers are giving their pizza another chance – more importantly, people actually like the pizza now! If your campaign isn’t working, if your brand is out of touch with your audience or if technology indicates a shift in your strategy is necessary, don’t let fear keep you clinging to that bottle of vinegar-wine.

So what is your brand’s varietal? The technology industry is quickly changing and improving. Young companies start up and campaigns may be completed and reinvented within a year’s timeframe, rather than decade. Technology companies just might have the perfect grapes for a Pinot Noir. Larger companies, such as Nike, have been running on their campaigns for years – a seriously robust Cabernet Sauvignon.

Your varietal depends on your unique ingredients.

How is your campaign or brand ranking today? Are you in tune with your customers? Is it time to evaluate your position or are you going strong with your Merlot? The competitive environment continues to change rapidly and you might be surprised how your wine (brand) has aged over the years.

The New Year always brings hopeful resolutions for millions of Americans. We often focus on those personal resolutions that inadvertently get shelved after three weeks – healthful eating, vigilant workout regimes. Good intentions always seem to become just that – intentions.

While personal resolutions are great, entrepreneurs and managers must rethink what the new year means with regard to business resolutions. You may think of these as annual goals, but having resolve at dedication might be a better way to focus on those areas that really need devotion and extra nurturing for the year.

So what are your business resolutions this year? Will you finally upgrade your internal communications systems, or purchase that new software for which your sales team has been pleading? Or perhaps you’ve been neglecting that thing called the Internet. Oh, that dreaded Internet – just doesn’t seem to be going away does it?

Your resolution to embark on an online marketing campaign doesn’t have to be as drastic as Pepsi – incase you missed it, they have decided to forego Super Bowl advertising in 2010 in favor of a social media campaign (yep, all $20 million). However, missing the opportunity to build one-on-one relationships is really going to become a major disadvantage (if it hasn’t already) when your competitors edge you out as a result of their online initiatives.

In 2010, think about what you can do to build your brand – whether that be locally, regionally or internationally. The opportunities continue to grow, and the market continues to become more and more segmented. Strategic online marketing is a great way to reach out and begin building fanatical support for your products or services.

As for me, my resolution in 2010 is to blog more. Here’s to the first step forward!

Today marks Ashford Davis’ one year anniversary. This year has flown by, and even though there has been a lot I have learned, the curve ahead is still very long. I’ve run small companies in the past – moreso part time gigs while in school, or freelance jobs while employed elsewhere. While the pressure is great, the relief and satisfaction of achievements is that much greater. Sweeter than honey, to use a cliche.

To celebrate my first year, I’ve compiled a list of top 10 lessons learned in no particular order. It’s been interesting to note that these lessons have not been “eureka” moments in the business sense, but rather lessons and awakenings about myself. You come to learn yourself much better when you are relying on your own skills for a paycheck, rather than the team and an employer who signs your check.

You’re only as good as your own confidence
If you don’t think you can achieve, you won’t. Giving half-hearted pitches for new accounts, or doubting yourself will cause your clients and prospects to doubt. It’s a downward spiral that can get real nasty, really quickly.

Stay in touch with your network – never know when a biz opportunity is in the fire
I’ve bumped into friends whom I was sure knew my latest endeavors with AFD. Sure enough, I’d failed to stay properly in contact and lost potential jobs. Keep in touch always, you never know when someone will need your assistance.

Keep numerous prospects in the fire – people never move at your own pace
Prospective clients never close on your own time. I’ve lost projects I thought were “in the bag” and I’ve gained projects that were a “lost cause” six months prior. People are busy, and although you see the project as a “must do immediately or die” case for the client, they don’t see it your way. Always have a lot of prospects because you don’t want revenue streams to dry up.

Read a lot, always be educated about numerous topics
Your random knowledge about South African Dung Beatles could be the reason you win that contract over your competitors. Okay…it probably won’t be that bazaar, but staying knowledgeable, being interesting and offering input into conversations gets you heard and gets people to look at you. Don’t be obnoxious, but you never know when a random factoid will win the heart of your prospective client.

Flood or drought – never a happy medium
I’ve had days when I am figuratively drowning in work. I go to bed in a panic, and wake up early. I sit at my computer and suddenly there seems to be no work to do. I don’t know what that says about my sanity, but it sure does explain that fatigue, anxiety and stress can do wonders to your outlook. Accepting the fact that some days will seem more stressful than others – whether they truly are or not – is just how life is. Smile, and take a deep breath.

Don’t lie about your capabilities, but don’t undervalue them either
Modesty is a great quality, but it can lose you projects. Confidence is also a wonderful trait, but you might be overcompensating for your skills; a fire is awaiting around the corner. Finding a balance has been a challenge, and I am still working on this today. I tend to be overly modest about my skills – perhaps due to fear of failure. While this fear won’t likely entirely go away, it’s good to always remember that if you learn from something, it’s never a failure.

Don’t underestimate social media
I have made some phenomenal contacts via social media. There’s quite a bit of spam on all of the platforms, but there are true opportunities out there. Invest some quality, sincere time, and you will be rewarded.

Keep a schedule – it’s easy to get off track
I’m a bit obsessive compulsive, and tending to my own “to do list” was never something I was fearful I couldn’t do. Working on your own terms, though, makes it quite easy to get off track. Sleeping in an extra hour might do you good, but will it really? Keep a schedule and stick to it. You may fall off the wagon some days, but get back up there.

Don’t be afraid of “lack of security”
I’ve stayed in past jobs strictly due to my fear of financial instability. With the recent economic downturn, many people are finding that there really isn’t much stability when someone else signs your paycheck. Jobs are really a false security blanket when things get ugly. If “lack of security” is the only thing holding you back, and you have a winning plan…go for it! For me, it took getting knocked out of that limb to move forward. I may have been bruised a bit, but I’m thankful every day.

TAKE A BREAK! Make time for family and friends
Type A, workaholic personalities – listen up! Take a break for goodness sake! Allow yourself to enjoy your hobbies. Ride a bike, go to the movies, pop open that bottle of wine. Life is short and you must enjoy it. Thank your support, whether that is family or friends – they are there for you and you need them. Let them keep you grounded and learn to relax. Consistent 15-hour work days will only send you to the grave more quickly.

So, there’s my list. Nothing ground-breaking, but it is revealing. The list tells me that the biggest hinderance to our success is not external factors or luck of the draw – it’s ourselves. Learn to love yourself and learn to manage your own personality glitches. Not only will you be more successful, you’ll be happier in the long run.

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