WOW!!! After training 37,000 sales and management media professionals for the last 25 years, I looked at the nomenclatures of sales jobs of the future and they are indeed how I see what I have called Account Managers or Portfolio Managers for TV, Radio and Cable. Enjoy the essay below...and be sure to share this blog with your friends..Philip Jay LeNoble, Ph.D.
bNET
By Geoffrey James | August 25, 2011
In my recent post “Sales Jobs: Not Just Hunters and Farmers” I provided some observations about the future of selling based upon research conducted at The Chally Group.
I received a dozen requests for more information about the change roles of sales professionals, so here is a brief description of the kind of roles that are evolving today, and will become even more common in the future.
Here are the job roles:
Indirect Sales. Must be able to train channels (resellers and distributors) on sales and programs, make joint sales calls, motivate channel partner through presentations and conversation, provide product knowledge as necessary and maintain repeat sales through the channel.
Strategic Account Manager. Must be able to develop leads, find opportunities, penetrate prospect and customer accounts. Requires long hours of communication and account development, as well as problem solving and the ability to bring opportunities to a close.
New Business Development (aka “Hunter”). Demands individuals who can develop leads, find opportunities, penetrate prospects and customers, and be willing to put in long hours as well as problem solve and close.
Account Management (aka “Farmer”). Requires excellent customer relations, skills focused on working internal systems on the customer’s behalf, and effectiveness at explaining and clarifying issues to the customer; this is driven by the desire to increase business and the ability to work long hours when necessary to accomplish that.
Territory Consultative Product Sales. Focuses on establishing a credible image, developing new business through effective qualifying and presentation skills driven by the motivation to be an effective consultant
Territory Relationship Product Sales. Calls for a disciplined and systematic approach to goal achievement and a focused response to customer needs in a service capacity, as well as effective communication skills and the ability to work a sales plan in account penetration; removes objections and gives permission to buy.
Territory Consultative System Sales. Demands the skill to develop business through effective lead generation, qualification of profitable prospects, and tailored presentations; willing to work long hours to meet objectives, sets ambitious goals and achieves them through effective selling, and understands sales strategies and tactics.
Territory Relationship System Sales. Adapts image to accommodate customers, gives personal attention, and takes hands-on responsibility for assuring continued customer satisfaction; knowledgeable of sales strategies and pushes to set personal records in sales; comfortable with the recognition of a high-profile role.
System Specialist. Focuses on assuming the leadership to learn customer needs and goals, stays continuously aware of the market and spends the long hours it takes to influence and train others.
Product/Service Specialist. Customers look for individuals who provide reliable information, learn their business, know the market, and communicate effectively while remaining dedicated to their own sales results.
Product/Transactional Specialist. Demands initiative and perseverance to develop leads, qualify, and close on an ongoing basis.
Outbound Telesales. Takes the initiative to present benefits and answer objections in order to grow the business; willing to learn the products and services; can persevere for as long as necessary to succeed.
Inbound Telesales. Requires an image conscious vocal demeanor in a service oriented individual who is interested in learning the customer’s needs, solving problems, and making the appropriate (and profitable) recommendations
Customer Service Representative. Calls for a focused commitment to take personal responsibility for satisfying all customers, regardless of their attitude or style; solutions must be intelligently thought out, often quickly, and presented with a positive attitude.
Needless to say, these differentiated roles are more likely to be found inside large companies than small ones, but they definitely represent a movement away from the “jack of all trades” view of the sale professional, and towards a vision of selling that is, well…, more professional.
Tuesday, August 30, 2011
5 Characteristics of Successful People
bNET
By Steve Tobak, Early Spring 2011
If you’ve been around long enough, you’re probably aware that most important things in life come about seemingly by accident, chance, or coincidence. Discovering what you were meant to do, meeting your spouse, finding an incredibly unique opportunity or a great job, that sort of thing.
Well, those events are not as random as you might think. Certain behavioral attributes increase the probability of these “happy accidents” occurring. And not only are these characteristics of successful people, they are, I believe, learnable or teachable.
First, here are some examples of what I’m talking about - how important things happen seemingly by accident - followed by five enabling characteristics of successful people:
Steve Jobs returned to Apple as part of its acquisition of NeXT. A year later, Jobs was once again running the company he co-founded and cleaning house. Eventually, the stars aligned for the greatest turnaround in business history. But Jobs returning to Apple was nobody’s grand design. It just sort of happened that way.
The way Bill Gates and Microsoft came to develop and own the rights to IBM’s PC operating system is so far-fetched you couldn’t make it up. Gates had been working on a programming language for IBM. When IBM mentioned needing an operating system, Gates referred them to Digital Research, but CEO Gary Kindall left negotiations to his wife, who wouldn’t sign IBM’s non-disclosure agreement. So IBM went back to Gates, who bought QDOS from a Seattle company and sold it to IBM while retaining exclusive licensing rights. You know the rest.
Yesterday I watched an interview with Rivers Cuomo, founder of alternative rock band Weezer. Cuomo described an 18-month stint working as a clerk for Tower Records as the transformative event that completely changed the way he thought about music. After that, he formed Weezer and the rest is history.
In Unusual Origins of 15 Innovative Companies, we saw that lots of great companies started out making products that had nothing to do with what they eventually became known for. American Express was an express mail company, 3M mined a mineral, Nokia was a paper mill, and Toyota made looms. Somehow, leaders of these companies found a way to achieve greatness.
As for me, everything that’s ever mattered in my life happened pretty much by accident. Meeting my wife, discovering the high-tech industry, a whole bunch of great job opportunities, even blogging for CNET and then BNET, were all chance events that essentially fell in my lap. Or did they?
Of course, none of this stuff happened purely by chance. Everyone involved in the above events had certain characteristics that ultimately weighed heavily on their actions and ultimate success. To me, it boils down to five attributes:
5 Characteristics That Enable Accidental Success
Being opportunistic. That means taking advantage of opportunities as they arise, including a willingness to act boldly and decisively and to take risks without overanalyzing possible outcomes. Successful invention requires a lot of trial and error. That’s the mindset of an entrepreneur.
Ability to network, schmooze, persuade. Not social networking, but old school networking. In fact, the actual definition of schmooze is “to converse informally, to chat, or to chat in a friendly and persuasive manner especially so as to gain favor, business, or connections.” That’s what opens doors.
Having a can-do attitude. You can be presented with all the opportunities in the world, but if you’re a negatron - always seeing the glass half empty, the fly in the ointment, why it can’t or shouldn’t be done - you’ll never capitalize on any of it. You’ll be the guy who’s always saying, “I almost [fill in the blank]; I don’t know what went wrong.”
Being genuine and open. Some people think BSers and those who sugarcoat the truth or tell people what they want to hear get ahead. Now that’s BS. Smart, successful people are attracted to those who are genuine and open. Being genuine entices others to open up and share their thoughts and feelings.
Being inquisitive or searching for answers, how things work, a place in the world.
This characteristic is difficult to explain or quantify, but I think it comes down to a genuine need to figure things out, understand how things work, or do something important. It drives certain people and, one thing’s for sure: we don’t stop until we find what we’re looking for.
By Steve Tobak, Early Spring 2011
If you’ve been around long enough, you’re probably aware that most important things in life come about seemingly by accident, chance, or coincidence. Discovering what you were meant to do, meeting your spouse, finding an incredibly unique opportunity or a great job, that sort of thing.
Well, those events are not as random as you might think. Certain behavioral attributes increase the probability of these “happy accidents” occurring. And not only are these characteristics of successful people, they are, I believe, learnable or teachable.
First, here are some examples of what I’m talking about - how important things happen seemingly by accident - followed by five enabling characteristics of successful people:
Steve Jobs returned to Apple as part of its acquisition of NeXT. A year later, Jobs was once again running the company he co-founded and cleaning house. Eventually, the stars aligned for the greatest turnaround in business history. But Jobs returning to Apple was nobody’s grand design. It just sort of happened that way.
The way Bill Gates and Microsoft came to develop and own the rights to IBM’s PC operating system is so far-fetched you couldn’t make it up. Gates had been working on a programming language for IBM. When IBM mentioned needing an operating system, Gates referred them to Digital Research, but CEO Gary Kindall left negotiations to his wife, who wouldn’t sign IBM’s non-disclosure agreement. So IBM went back to Gates, who bought QDOS from a Seattle company and sold it to IBM while retaining exclusive licensing rights. You know the rest.
Yesterday I watched an interview with Rivers Cuomo, founder of alternative rock band Weezer. Cuomo described an 18-month stint working as a clerk for Tower Records as the transformative event that completely changed the way he thought about music. After that, he formed Weezer and the rest is history.
In Unusual Origins of 15 Innovative Companies, we saw that lots of great companies started out making products that had nothing to do with what they eventually became known for. American Express was an express mail company, 3M mined a mineral, Nokia was a paper mill, and Toyota made looms. Somehow, leaders of these companies found a way to achieve greatness.
As for me, everything that’s ever mattered in my life happened pretty much by accident. Meeting my wife, discovering the high-tech industry, a whole bunch of great job opportunities, even blogging for CNET and then BNET, were all chance events that essentially fell in my lap. Or did they?
Of course, none of this stuff happened purely by chance. Everyone involved in the above events had certain characteristics that ultimately weighed heavily on their actions and ultimate success. To me, it boils down to five attributes:
5 Characteristics That Enable Accidental Success
Being opportunistic. That means taking advantage of opportunities as they arise, including a willingness to act boldly and decisively and to take risks without overanalyzing possible outcomes. Successful invention requires a lot of trial and error. That’s the mindset of an entrepreneur.
Ability to network, schmooze, persuade. Not social networking, but old school networking. In fact, the actual definition of schmooze is “to converse informally, to chat, or to chat in a friendly and persuasive manner especially so as to gain favor, business, or connections.” That’s what opens doors.
Having a can-do attitude. You can be presented with all the opportunities in the world, but if you’re a negatron - always seeing the glass half empty, the fly in the ointment, why it can’t or shouldn’t be done - you’ll never capitalize on any of it. You’ll be the guy who’s always saying, “I almost [fill in the blank]; I don’t know what went wrong.”
Being genuine and open. Some people think BSers and those who sugarcoat the truth or tell people what they want to hear get ahead. Now that’s BS. Smart, successful people are attracted to those who are genuine and open. Being genuine entices others to open up and share their thoughts and feelings.
Being inquisitive or searching for answers, how things work, a place in the world.
This characteristic is difficult to explain or quantify, but I think it comes down to a genuine need to figure things out, understand how things work, or do something important. It drives certain people and, one thing’s for sure: we don’t stop until we find what we’re looking for.
Why Control Freaks Are Natural Leaders
bNET
By Steve Tobak | August 25, 2011
If you work for one or live with one, I guarantee you’re not going to like this post. But like it or not, the characteristics that make control freaks insufferable jerks may be the unwanted flipside of what makes them natural leaders.
Now, before you hit the delete key or flame me, note that we’ve spent quite a bit of time on the negative qualities of control freaks, i.e. that they’re typically overly demanding, micromanaging, bullying, untrusting, aggressive, compulsive, paranoid, stress monsters.
Even worse, their self-image doesn’t begin to comprehend what a pain in the butt they truly are. Nevertheless, control freaks can and often do make very good, successful leaders. Why is that one of the best-kept secrets in the business world? Two reasons:
For one thing, control freaks tend to keep pretty busy, well, controlling, running companies, bossing people around, and generating gobs of free cash flow. And, as I said, they probably don’t even know what they are. So they’re not talking.
Also, just about everyone with something to say about control freaks and leadership is either pandering to the masses of oppressed workers to promote a book, has limited real-world leadership experience, or both.
Not me. I’ve got no skin in the game, point to prove, axe to grind, bone to pick, and more to the point, no book to promote. I’m just here to offer insights into the types of people you’re likely to run into in the workplace and how to deal with them when you do. Also, you just might find some clues into your own behavior along the way.
In any case, here are four reasons Why Control Freaks Are Natural Leaders:
1. By nature, they’re results oriented problem solvers
Controlling and obsessive compulsive characteristics are two sides of the same coin. People with those traits can barely walk down the street or around the office without seeing one thing after another that needs fixing or can be done more effectively.
While a lot of what they home in on is trivial, some of it isn’t. Maybe it’s just probability, but sooner or later control freaks will latch onto some tough, hairy problems and, for reasons we’ll get into in a moment, they’re uniquely capable of solving them. They’re natural problem solvers.
And you know what that means? It means they really get off on fixing things and getting things done. I’d go as far as to say that accomplishing things, putting notches in their belt, are all like drugs that control freaks are addicted to. They crave it; they love it; they salivate for it. They’re naturally results oriented. That and problem solving are critical leadership traits.
2. They’ve got something to prove and believe they’re special
As we discussed in CEOs Are Just Like You - Without All the Whining, successful executives have often experienced significant adversity early in life, are unusually smart and instinctive, are natural survivors, have something to prove, believe they’re special, and can be like pit bulls when it comes to their vision.
And while they’re not special - we’re all made of the same flesh and blood - they don’t know that. And the belief that they’re destined for great things is often self-fulfilling.
Incidentally, if you ask these folks if they think they’re special, they’ll say no. Conscious thought is one thing, but on some subconscious level, they do believe they’re special. And that belief, combined with the need to prove themselves, is likely to be the most powerful motivating force in their lives.
All that goes hand-in-hand with controlling behavior, although successful executives usually learn to keep that behavior in check and delegate effectively. Nevertheless, it’s in them.
3. They’re often driven by a compulsive need to get attention and be adored
Many, if not most people who exhibit controlling behavior are also narcissistic, to some extent. I wouldn’t quite call them two sides of the same coin, but I would venture to say they often go hand-in-hand.
Like it or not, that’s a powerful drive in leadership and probably one of the most identifiable characteristics in charismatic people. Sure, genuine humility and a healthy sense of humor are also characteristics of charismatic leaders that aren’t linked to controlling behavior.
Still - and here’s a twist - believe it or not, in their relentless drive to be liked, narcissists can often do a pretty good job of faking genuine characteristics like humility and humor. That’s what drives many entertainers and comedians.
Back to executives and leaders, as long as their capability holds up, i.e. they perform and their companies succeed, that facade can go on almost indefinitely.
4. Anecdotally speaking, they’re out there in great numbers
If you read Are You a Control Freak? then you know that I’m a control freak. Not only that, but I’ve known and worked with literally hundreds like me or worse. Anecdotally speaking, I’d say a relatively significant percentage of senior executives and entrepreneurs in the tech industry and beyond exhibit controlling behavior. What percentage? I don’t know; I never counted.
Just as notable, my list would include some names you’d recognize as some of the more successful entrepreneurs and CEOs around: Steve Jobs, Bill Gates, and Larry Ellison, just to drop a few names. But for every name you’d recognize, I can list dozens you’ve never heard of. Sure, that’s just one guy’s experience, but it’s one guy with 30 years under his belt. And I do get around.
Also, have you ever wondered why there are so many books and blogs on the subject? Because, there’s a lot to write about, i.e. controlling leaders, executives, and managers are out there, and in very big numbers.
Now, I’ll be the first to admit that, in practice, those same characteristics, in the extreme, can result in some pretty dysfunctional, self-limiting, even self-destructive behavior. In the latter case, you definitely don’t want to be around - especially as an employee or investor - when that happens, that’s for sure.
Nevertheless, nobody’s perfect, there’s a natural yin and yang to the universe, and try as you might, you simply can’t have the good without the bad. Human behavior isn’t black and white; it’s a balancing act that’s measured in degrees.
Find me a leader without significant negative qualities and I’ll show you someone you just don’t know well enough or haven’t observed under the right conditions.
There simply are no ideal leaders, managers, or bosses, just as there are no ideal employees, coworkers, spouses, friends, or anything else human, for that matter. That’s just how it is, like it or not.
By Steve Tobak | August 25, 2011
If you work for one or live with one, I guarantee you’re not going to like this post. But like it or not, the characteristics that make control freaks insufferable jerks may be the unwanted flipside of what makes them natural leaders.
Now, before you hit the delete key or flame me, note that we’ve spent quite a bit of time on the negative qualities of control freaks, i.e. that they’re typically overly demanding, micromanaging, bullying, untrusting, aggressive, compulsive, paranoid, stress monsters.
Even worse, their self-image doesn’t begin to comprehend what a pain in the butt they truly are. Nevertheless, control freaks can and often do make very good, successful leaders. Why is that one of the best-kept secrets in the business world? Two reasons:
For one thing, control freaks tend to keep pretty busy, well, controlling, running companies, bossing people around, and generating gobs of free cash flow. And, as I said, they probably don’t even know what they are. So they’re not talking.
Also, just about everyone with something to say about control freaks and leadership is either pandering to the masses of oppressed workers to promote a book, has limited real-world leadership experience, or both.
Not me. I’ve got no skin in the game, point to prove, axe to grind, bone to pick, and more to the point, no book to promote. I’m just here to offer insights into the types of people you’re likely to run into in the workplace and how to deal with them when you do. Also, you just might find some clues into your own behavior along the way.
In any case, here are four reasons Why Control Freaks Are Natural Leaders:
1. By nature, they’re results oriented problem solvers
Controlling and obsessive compulsive characteristics are two sides of the same coin. People with those traits can barely walk down the street or around the office without seeing one thing after another that needs fixing or can be done more effectively.
While a lot of what they home in on is trivial, some of it isn’t. Maybe it’s just probability, but sooner or later control freaks will latch onto some tough, hairy problems and, for reasons we’ll get into in a moment, they’re uniquely capable of solving them. They’re natural problem solvers.
And you know what that means? It means they really get off on fixing things and getting things done. I’d go as far as to say that accomplishing things, putting notches in their belt, are all like drugs that control freaks are addicted to. They crave it; they love it; they salivate for it. They’re naturally results oriented. That and problem solving are critical leadership traits.
2. They’ve got something to prove and believe they’re special
As we discussed in CEOs Are Just Like You - Without All the Whining, successful executives have often experienced significant adversity early in life, are unusually smart and instinctive, are natural survivors, have something to prove, believe they’re special, and can be like pit bulls when it comes to their vision.
And while they’re not special - we’re all made of the same flesh and blood - they don’t know that. And the belief that they’re destined for great things is often self-fulfilling.
Incidentally, if you ask these folks if they think they’re special, they’ll say no. Conscious thought is one thing, but on some subconscious level, they do believe they’re special. And that belief, combined with the need to prove themselves, is likely to be the most powerful motivating force in their lives.
All that goes hand-in-hand with controlling behavior, although successful executives usually learn to keep that behavior in check and delegate effectively. Nevertheless, it’s in them.
3. They’re often driven by a compulsive need to get attention and be adored
Many, if not most people who exhibit controlling behavior are also narcissistic, to some extent. I wouldn’t quite call them two sides of the same coin, but I would venture to say they often go hand-in-hand.
Like it or not, that’s a powerful drive in leadership and probably one of the most identifiable characteristics in charismatic people. Sure, genuine humility and a healthy sense of humor are also characteristics of charismatic leaders that aren’t linked to controlling behavior.
Still - and here’s a twist - believe it or not, in their relentless drive to be liked, narcissists can often do a pretty good job of faking genuine characteristics like humility and humor. That’s what drives many entertainers and comedians.
Back to executives and leaders, as long as their capability holds up, i.e. they perform and their companies succeed, that facade can go on almost indefinitely.
4. Anecdotally speaking, they’re out there in great numbers
If you read Are You a Control Freak? then you know that I’m a control freak. Not only that, but I’ve known and worked with literally hundreds like me or worse. Anecdotally speaking, I’d say a relatively significant percentage of senior executives and entrepreneurs in the tech industry and beyond exhibit controlling behavior. What percentage? I don’t know; I never counted.
Just as notable, my list would include some names you’d recognize as some of the more successful entrepreneurs and CEOs around: Steve Jobs, Bill Gates, and Larry Ellison, just to drop a few names. But for every name you’d recognize, I can list dozens you’ve never heard of. Sure, that’s just one guy’s experience, but it’s one guy with 30 years under his belt. And I do get around.
Also, have you ever wondered why there are so many books and blogs on the subject? Because, there’s a lot to write about, i.e. controlling leaders, executives, and managers are out there, and in very big numbers.
Now, I’ll be the first to admit that, in practice, those same characteristics, in the extreme, can result in some pretty dysfunctional, self-limiting, even self-destructive behavior. In the latter case, you definitely don’t want to be around - especially as an employee or investor - when that happens, that’s for sure.
Nevertheless, nobody’s perfect, there’s a natural yin and yang to the universe, and try as you might, you simply can’t have the good without the bad. Human behavior isn’t black and white; it’s a balancing act that’s measured in degrees.
Find me a leader without significant negative qualities and I’ll show you someone you just don’t know well enough or haven’t observed under the right conditions.
There simply are no ideal leaders, managers, or bosses, just as there are no ideal employees, coworkers, spouses, friends, or anything else human, for that matter. That’s just how it is, like it or not.
Thursday, August 25, 2011
6 Ways to Get Out of a Rut
While this essay is directed at business owners..I believe there's something to extract for media professionals in this "Same Stuff, Different Day" box. Also a good piece to share with local-direct clients. Philip Jay LeNoble, Ph.D. Publisher
The bNet Report
By Jeff Haden | August, 2011
As a business owner it’s easy to get that “Same Stuff, Different Day” feeling: Every day you face the same frustrations, same roadblocks, same employee headaches, same problems with vendors and suppliers and, yes, even customers.
And before you know it you’re in an SSDD rut.
How do you get out? It’s not easy, but it can be done.
While you can’t change what you do — you still have to deal with employees and vendors and suppliers and customers — you can change your approach.
Here are six ways to break out of your SSDD rut:
1.Get back in the trenches. Most business owners start a business based on a passion. As the business grows, though, they spend more time working on the business than in the business. (Which is usually a good thing, but not in this case.) The more successful your business, the less time you get to spend actually doing what you love. If you’re a florist with three shops, you probably spend the bulk of your time organizing and managing and firefighting and very little time creating beautiful arrangements. Take a step back and “work” for a few hours or better yet a full day. You’ll start the next day recharged… and you’ll remember why you love your business.
2.Change how you measure. We all have internal measures for how we work. Some people work based on time: “I’ll work on (this) for two hours.” Others work based on tasks: “I’ll work on this until it’s finished.” Others dip in and out of various tasks all day. Think about how you normally approach your day, and switch it up. If you tend to be time-based, switch to task mode: Don’t stop working on a task until it’s complete. If you’re task-oriented, set a time limit for a task instead. Either way you’ll be more productive. If you like to finish projects, setting a time limit will cause you to work smarter and harder to make sure you get done within the time allowed. If you like to work for a set period of time, forcing yourself to finish a task will make you more productive for the same reasons. And no matter what, you’ll look at how you work differently.
3.Eliminate five things. Everyone does things they don’t have to. Do you really review every report employees create? (More to the point, do employees really review and act on every report you create?) Some processes no longer make sense. Some guidelines no longer make sense. Look around and find five things you can eliminate: Reports, tasks, processes… anything that falls into the category of, “Well, that’s how we’ve always done things…” The more “stuff” you eliminate the more your day changes and the more time you free up to focus on what really matters.
4.Delegate five things. Face it: You hang on to too much. We all do. We’re convinced that some things only we can do. No one else has the skills, or the experience… or simply cares enough. Not true. Your employees can perform many tasks just as well as you can, often even better. One of your employees has outstanding interpersonal skills; let him work with a few key customers. One of your employees is so organized she makes Stephen Covey look sloppy; turn more processes over to her. Explain, train, follow up, then let go — and give employees a chance to grow.
5.Work with your best. I know. Twenty percent of your employees take 80% of your time. It’s natural to spend more time with struggling or poor performers. It’s also draining. Switch it up: Spend a few hours with your best employees. They’ll appreciate the attention — and you’ll be inspired.
6.Fire the worst. One of your employees probably needs to go: He’s not just a poor performer, he’s a morale killer. Or maybe one of your customers needs to go: The margins are too low and the effort is too high. Or maybe a product line needs to be cut: Doesn’t sell anymore (if it ever did), takes up valuable shelf space and a big chunk of operating capital, and trying to make it a winner drains resources from every part of your business. Nagging, long-term problems lie at the heart of the SSDD syndrome. Whatever your “worst” is, let it go. It may be painful at first, but in time you’ll wonder why it took you so long
The bNet Report
By Jeff Haden | August, 2011
As a business owner it’s easy to get that “Same Stuff, Different Day” feeling: Every day you face the same frustrations, same roadblocks, same employee headaches, same problems with vendors and suppliers and, yes, even customers.
And before you know it you’re in an SSDD rut.
How do you get out? It’s not easy, but it can be done.
While you can’t change what you do — you still have to deal with employees and vendors and suppliers and customers — you can change your approach.
Here are six ways to break out of your SSDD rut:
1.Get back in the trenches. Most business owners start a business based on a passion. As the business grows, though, they spend more time working on the business than in the business. (Which is usually a good thing, but not in this case.) The more successful your business, the less time you get to spend actually doing what you love. If you’re a florist with three shops, you probably spend the bulk of your time organizing and managing and firefighting and very little time creating beautiful arrangements. Take a step back and “work” for a few hours or better yet a full day. You’ll start the next day recharged… and you’ll remember why you love your business.
2.Change how you measure. We all have internal measures for how we work. Some people work based on time: “I’ll work on (this) for two hours.” Others work based on tasks: “I’ll work on this until it’s finished.” Others dip in and out of various tasks all day. Think about how you normally approach your day, and switch it up. If you tend to be time-based, switch to task mode: Don’t stop working on a task until it’s complete. If you’re task-oriented, set a time limit for a task instead. Either way you’ll be more productive. If you like to finish projects, setting a time limit will cause you to work smarter and harder to make sure you get done within the time allowed. If you like to work for a set period of time, forcing yourself to finish a task will make you more productive for the same reasons. And no matter what, you’ll look at how you work differently.
3.Eliminate five things. Everyone does things they don’t have to. Do you really review every report employees create? (More to the point, do employees really review and act on every report you create?) Some processes no longer make sense. Some guidelines no longer make sense. Look around and find five things you can eliminate: Reports, tasks, processes… anything that falls into the category of, “Well, that’s how we’ve always done things…” The more “stuff” you eliminate the more your day changes and the more time you free up to focus on what really matters.
4.Delegate five things. Face it: You hang on to too much. We all do. We’re convinced that some things only we can do. No one else has the skills, or the experience… or simply cares enough. Not true. Your employees can perform many tasks just as well as you can, often even better. One of your employees has outstanding interpersonal skills; let him work with a few key customers. One of your employees is so organized she makes Stephen Covey look sloppy; turn more processes over to her. Explain, train, follow up, then let go — and give employees a chance to grow.
5.Work with your best. I know. Twenty percent of your employees take 80% of your time. It’s natural to spend more time with struggling or poor performers. It’s also draining. Switch it up: Spend a few hours with your best employees. They’ll appreciate the attention — and you’ll be inspired.
6.Fire the worst. One of your employees probably needs to go: He’s not just a poor performer, he’s a morale killer. Or maybe one of your customers needs to go: The margins are too low and the effort is too high. Or maybe a product line needs to be cut: Doesn’t sell anymore (if it ever did), takes up valuable shelf space and a big chunk of operating capital, and trying to make it a winner drains resources from every part of your business. Nagging, long-term problems lie at the heart of the SSDD syndrome. Whatever your “worst” is, let it go. It may be painful at first, but in time you’ll wonder why it took you so long
Bosses, Now It’s Your Turn: 6 Ways to Get Ahead
The bNet Report
By Jeff Haden | August 22, 2011
The problem is that even though performance, not persona, is what matters most, getting ahead is at least partly based on getting noticed — and getting noticed means being different.
Here are six ways you can get noticed through actions that make you stand out from the pack.
1. Be known for something worthwhile. Meeting standards, however lofty those standards may be, often won’t help you stand out. Go above the norm. Be the supervisor known for turning around struggling employees. Be the manager who gets a higher percentage of employees promoted. Be the business owner who makes a few deliveries a week to personally check in with customers. Pick a worthwhile mission and put in the extra effort required to excel at that mission — while still meeting all your other responsibilities, of course.
2. Be first… with a purpose. Lots of bosses are the first to arrive. Great — but what do you do with that time? Organize your thoughts? Get a jump on your email? Instead of taking care of “personal” tasks, do something visibly worthwhile for the organization. Take care of unresolved problems from the day before. Set things up so it’s easier for employees to hit the ground running when they arrive. Chip away at an ongoing project that others have ignored. Whatever you choose, do it consistently. Don’t just be the person who turns on the lights — be the person who arrives early and gets things done.
3. Create your own project. Excelling at an assigned project is expected. Excelling at a project you create helps you stand out. The key is to take a risk with a project, and do it on your own time so your company or customer doesn’t share that risk. For example, (many) years ago I decided to create a Web-based employee handbook we could put on the company intranet. I worked on it at home, showed it to a few managers, but the HR manager hated it so it died on the spot. I was disappointed but the company wasn’t “out” anything — and partly as a result a few months later I was assigned to a high-visibility, company–wide process improvement team. The same works for business owners: Experiment with a new process or service with a particular customer in mind. If nothing else they will appreciate the extra effort you put into trying to better meet their needs — and you’ll stand out.
4. Put your money where your mouth is. Lots of people take verbal stands, especially in meetings. Fewer take a stand and volunteer to put effort behind their opinions. Say you think a project has gone off the rails; instead of simply showing everyone how smart you are by pointing out its flaws, volunteer to help fix it. Or if you think an employee deserves another chance, don’t just pay lip service — ask to have him transferred to your area. It’s easy to talk about what’s wrong, what should be changed, what could be improved… the people who stand out are the ones who do something about it.
5. Show a little of your personal side. Personal interests help other people to identify and remember you, an especially important advantage in large organizations or crowded markets. Just make sure your personal interests don’t overshadow professional accomplishments. Being “the guy who ran a marathon” is fine, but being “the guy who is always training and traveling to marathons” is not. Let people know a little about you; a few personal details add color and depth to your professional image.
6. Work your butt off. Nothing — nothing — is a substitute for hard work. Look around: How many of your coworkers or competitors are working as hard as they can? Very few, if any. The hardest way to stand out is to out-think and out-work everyone else.
It’s also the easiest — because you’ll be the only one trying.
By Jeff Haden | August 22, 2011
The problem is that even though performance, not persona, is what matters most, getting ahead is at least partly based on getting noticed — and getting noticed means being different.
Here are six ways you can get noticed through actions that make you stand out from the pack.
1. Be known for something worthwhile. Meeting standards, however lofty those standards may be, often won’t help you stand out. Go above the norm. Be the supervisor known for turning around struggling employees. Be the manager who gets a higher percentage of employees promoted. Be the business owner who makes a few deliveries a week to personally check in with customers. Pick a worthwhile mission and put in the extra effort required to excel at that mission — while still meeting all your other responsibilities, of course.
2. Be first… with a purpose. Lots of bosses are the first to arrive. Great — but what do you do with that time? Organize your thoughts? Get a jump on your email? Instead of taking care of “personal” tasks, do something visibly worthwhile for the organization. Take care of unresolved problems from the day before. Set things up so it’s easier for employees to hit the ground running when they arrive. Chip away at an ongoing project that others have ignored. Whatever you choose, do it consistently. Don’t just be the person who turns on the lights — be the person who arrives early and gets things done.
3. Create your own project. Excelling at an assigned project is expected. Excelling at a project you create helps you stand out. The key is to take a risk with a project, and do it on your own time so your company or customer doesn’t share that risk. For example, (many) years ago I decided to create a Web-based employee handbook we could put on the company intranet. I worked on it at home, showed it to a few managers, but the HR manager hated it so it died on the spot. I was disappointed but the company wasn’t “out” anything — and partly as a result a few months later I was assigned to a high-visibility, company–wide process improvement team. The same works for business owners: Experiment with a new process or service with a particular customer in mind. If nothing else they will appreciate the extra effort you put into trying to better meet their needs — and you’ll stand out.
4. Put your money where your mouth is. Lots of people take verbal stands, especially in meetings. Fewer take a stand and volunteer to put effort behind their opinions. Say you think a project has gone off the rails; instead of simply showing everyone how smart you are by pointing out its flaws, volunteer to help fix it. Or if you think an employee deserves another chance, don’t just pay lip service — ask to have him transferred to your area. It’s easy to talk about what’s wrong, what should be changed, what could be improved… the people who stand out are the ones who do something about it.
5. Show a little of your personal side. Personal interests help other people to identify and remember you, an especially important advantage in large organizations or crowded markets. Just make sure your personal interests don’t overshadow professional accomplishments. Being “the guy who ran a marathon” is fine, but being “the guy who is always training and traveling to marathons” is not. Let people know a little about you; a few personal details add color and depth to your professional image.
6. Work your butt off. Nothing — nothing — is a substitute for hard work. Look around: How many of your coworkers or competitors are working as hard as they can? Very few, if any. The hardest way to stand out is to out-think and out-work everyone else.
It’s also the easiest — because you’ll be the only one trying.
Private Equity Is Bullish On Broadcasting
TVNewsCheck
By Price Colman August 24, 2011 7:35 AM EDT
As many as eight of the TVNewsCheck Top 30 station groups already have private equity backing, as do several smaller station groups, and there are hints that private equity investors could be preparing for another push into the sector. “Private equity used to buy because of growth,” says an industry source involved with M&A activity. “Now they’re buying because groups are throwing off cash.”
By Price Colman
TVNewsCheck, August 24, 2011 7:35 AM EDT Ah, the good old days. Remember when private equity’s broadcast buying spree boosted multiples, stock prices and overall sector fortunes?
Those days are gone. Now it’s stormy skies clouded by reverse compensation, tight credit (when credit’s available at all) and sagging ad revenues. And oh, yeah, don’t forget the struggling economy.
But guess what? Private equity still likes broadcast.
As many as eight of the TVNewsCheck Top 30 station groups already have private equity backing, as do several smaller station groups, and there are hints that private equity investors could be preparing for another push into the sector (see chart below).
“We have seen some interest in our research from private equity firms,” says Mark Fratrik, VP of BIA/Kelsey. “Demand for our research products and services is often a bellwether.”
Although broadcast has suffered over the past several years, its ability to generate and increase free cash flow remains an attraction.
“Private equity used to buy because of growth,” says an industry source involved with M&A activity. “Now they’re buying because groups are throwing off cash.”
That points to an upsurge in M&A when the financial planets line up.
“There are still a number of station groups that are well-positioned to be acquired by talented management teams backed by private equity sponsors,” says Michael Alcamo, head of M.C. Alcamo & Co., an investment banking firm. “The consumer value proposition in broadcasting remains high. We don't yet see enthusiasm among lenders, but that will return in due course.”
Private equity investments typically carry certain conditions, a key one being the investment window, usually five to seven years. That’s why, at any given time, one private equity fund may be looking to exit a given investment while another, perhaps even from the same firm, is looking to get in.
“Private equity investors in Nexstar and LIN have been in a long time, well beyond their investment windows,” says the head of a private-equity backed station group. “I am sure a lot of those companies would like to get out. But that doesn’t mean there isn’t other private equity looking to get in. You’re always going to have this coming and going because that’s the nature of private equity.”
ABRY has been majority owner and controlling stakeholder in Nexstar Broadcasting for about 15 years, more than twice as long as the optimum investment window.
Nexstar was close to arranging a buyout of ABRY’s stake — roughly 54% economic control and 88% voting control — when news leaked, forcing Nexstar to publicly disclose it was exploring “strategic options,” including a possible sale of the company.
That was never the plan, says a source familiar with the situation. “They’re not getting any bids from anybody; they never thought they would,” the source says. “They were well on the way to financing a recapitalization of the company and take ABRY out. That approach still will work. They’re not talking about breaking up the company. They want this deal to go through.”
Prospective buyers include TPG, Oak Hill and Providence Equity, according to various sources.
HM Capital, which bought a controlling stake in LIN Media in 1998, is also said to be looking for an exit.
Nexstar, ABRY, HM Capital and LIN either did not respond to queries seeking comment or declined interview requests.
When Oak Hill, Providence, and others paid cash flow multiples of 12-14 times in the mid-2000s, it was because the math worked. Consistent cash flow paid down debt, covered the private-equity fund’s annual management fee (typically around 2%), potentially funded some reinvestment in the business and maybe even some payouts to investors along the way.
Under that model, the big payback came when investors cashed out, ideally at a higher multiple. The window’s still open on those private equity investments, so it remains to be seen how well they’ll perform.
But when credit markets shut down in 2007-09 and the model private equity liked — finance 80%, put 20% down — was no longer viable, the landscape changed and investors had to tinker with the equation.
Then there’s Sankaty Advisors, a division of Bain, that’s backing George Lilly’s plan to build a group of up to eight stations at SJL Holdings.
“In putting the deal together for the ABC stations, I was fortunate Sankaty was willing to do both equity and senior debt,” Lilly says. “I spoke to a number of private equity companies who were interested in a television investment but the question was how do you put the senior debt together."
Despite economic uncertainty, “I think there are positive vibes from equity players regarding broadcast,” Lilly adds. “The greatest impediment is bank financing. There’s enough cash out there for someone to finance the entire transaction, but it’s rare to find someone with that level of commitment.”
Cash flow remains key.
“I think the private-equity mindset for those who want to get in now is they see broadcast as a stable, cash-flow business,” says the head of a smaller station group that’s private equity owned.
If that cash flow can be enhanced through acquisitions, particularly properties with potential for growing retransmission consent fees and limited reverse compensation downside, “they think they can capitalize on that,” the source says.
Even absent that, effective management that can grow cash flow over the course of the investment can translate into doubling of profits — or better — at exit.
Here’s the working hypothesis: XYZ Private Equity buys Big Deal Broadcasting at eight times the average two-year cash flow of $100 million — that is, $800 million. Over seven years, Big Deal management doubles cash flow through JSAs, retrans and Internet revenue boosts, and greater operating efficiencies. When XYZ exits, the multiple’s still 8X, but the deal’s now worth $1.6 billion vs. $800 million at the buy-in.
Significant headwinds remain for broadcast M&A. One is constraint surrounding senior debt.
Another, perhaps more important factor, is the uncertainty over reverse compensation.
“To the extent that there are a lot of question marks around the future of our business — in addition to secular issues, spectrum, retrans and network compensation — all those things make private equity more conservative about what they think they’re going to get at the end,” Lilly says. “That leads to a fair amount of caution regarding private equity making investments right now.
“The question of what the landscape will look like in five to seven years is a major driver of why we’re not seeing a lot of deals.”
It was a near universal view, colored strongly by hope, that the M&A market would rev up in the second half of this year into the first half of next year. That’s looking less likely. “Everybody thought exiting in 2012 was the thing,” says one station group boss. “I think it will be 2014.”
Freedom and Young have effectively put the brakes on proposed deals, though Young’s for-sale sign was unofficial.
Broadcasters and investors alike are pinning hopes on a McGraw-Hill deal that will help set the valuation bar and that, in turn, will spur other deals. McGraw-Hill put its four attractive network affiliates on the block in June.
“I think that if private equity is interested at all in broadcast, that would get their attention,” says Barry Lucas, senior vice president-research at Gabelli & Co.
Lucas noted that he has a hold on McGraw-Hill stock (MHP) and owns no stock personally, although it’s possible an affiliate, GAMCO Investors, may hold shares.
“It should be very straightforward, relatively bite sized for anyone, so you could get a smaller private equity player to bring in a management team to run the stations,” he says. “There’s an opportunity to enhance what are thought to be very anemic margins and make some money.
“It’s exactly what I would want if I were private equity.”
Today, senior lenders, usually banks, typically will lend for broadcast at a multiple of no more than 3-4 times cash flow, sources say. That means if a deal is going at an 8 multiple, the buyer must be prepared to put down up to 50%.
Private equity investors with plenty of cash — and many have it — are well positioned. Others, perhaps wishing to spread the risk, might try to pull in other interested parties, forego a controlling interest for a smaller stake, or look for smaller deals.
One example of the shared risk approach: Broadcasting Media Partners Inc., an investor group including Madison Dearborn Partners, Providence Equity Partners, TPG, Thomas H. Lee Partners and Saban Capital Group. It owns Ion Media.
Among those willing to take smaller stakes is Amalgamated Gadget, which has, or had, pieces of LIN, Belo, Nexstar, Gray and Emmis.
By Price Colman August 24, 2011 7:35 AM EDT
As many as eight of the TVNewsCheck Top 30 station groups already have private equity backing, as do several smaller station groups, and there are hints that private equity investors could be preparing for another push into the sector. “Private equity used to buy because of growth,” says an industry source involved with M&A activity. “Now they’re buying because groups are throwing off cash.”
By Price Colman
TVNewsCheck, August 24, 2011 7:35 AM EDT Ah, the good old days. Remember when private equity’s broadcast buying spree boosted multiples, stock prices and overall sector fortunes?
Those days are gone. Now it’s stormy skies clouded by reverse compensation, tight credit (when credit’s available at all) and sagging ad revenues. And oh, yeah, don’t forget the struggling economy.
But guess what? Private equity still likes broadcast.
As many as eight of the TVNewsCheck Top 30 station groups already have private equity backing, as do several smaller station groups, and there are hints that private equity investors could be preparing for another push into the sector (see chart below).
“We have seen some interest in our research from private equity firms,” says Mark Fratrik, VP of BIA/Kelsey. “Demand for our research products and services is often a bellwether.”
Although broadcast has suffered over the past several years, its ability to generate and increase free cash flow remains an attraction.
“Private equity used to buy because of growth,” says an industry source involved with M&A activity. “Now they’re buying because groups are throwing off cash.”
That points to an upsurge in M&A when the financial planets line up.
“There are still a number of station groups that are well-positioned to be acquired by talented management teams backed by private equity sponsors,” says Michael Alcamo, head of M.C. Alcamo & Co., an investment banking firm. “The consumer value proposition in broadcasting remains high. We don't yet see enthusiasm among lenders, but that will return in due course.”
Private equity investments typically carry certain conditions, a key one being the investment window, usually five to seven years. That’s why, at any given time, one private equity fund may be looking to exit a given investment while another, perhaps even from the same firm, is looking to get in.
“Private equity investors in Nexstar and LIN have been in a long time, well beyond their investment windows,” says the head of a private-equity backed station group. “I am sure a lot of those companies would like to get out. But that doesn’t mean there isn’t other private equity looking to get in. You’re always going to have this coming and going because that’s the nature of private equity.”
ABRY has been majority owner and controlling stakeholder in Nexstar Broadcasting for about 15 years, more than twice as long as the optimum investment window.
Nexstar was close to arranging a buyout of ABRY’s stake — roughly 54% economic control and 88% voting control — when news leaked, forcing Nexstar to publicly disclose it was exploring “strategic options,” including a possible sale of the company.
That was never the plan, says a source familiar with the situation. “They’re not getting any bids from anybody; they never thought they would,” the source says. “They were well on the way to financing a recapitalization of the company and take ABRY out. That approach still will work. They’re not talking about breaking up the company. They want this deal to go through.”
Prospective buyers include TPG, Oak Hill and Providence Equity, according to various sources.
HM Capital, which bought a controlling stake in LIN Media in 1998, is also said to be looking for an exit.
Nexstar, ABRY, HM Capital and LIN either did not respond to queries seeking comment or declined interview requests.
When Oak Hill, Providence, and others paid cash flow multiples of 12-14 times in the mid-2000s, it was because the math worked. Consistent cash flow paid down debt, covered the private-equity fund’s annual management fee (typically around 2%), potentially funded some reinvestment in the business and maybe even some payouts to investors along the way.
Under that model, the big payback came when investors cashed out, ideally at a higher multiple. The window’s still open on those private equity investments, so it remains to be seen how well they’ll perform.
But when credit markets shut down in 2007-09 and the model private equity liked — finance 80%, put 20% down — was no longer viable, the landscape changed and investors had to tinker with the equation.
Then there’s Sankaty Advisors, a division of Bain, that’s backing George Lilly’s plan to build a group of up to eight stations at SJL Holdings.
“In putting the deal together for the ABC stations, I was fortunate Sankaty was willing to do both equity and senior debt,” Lilly says. “I spoke to a number of private equity companies who were interested in a television investment but the question was how do you put the senior debt together."
Despite economic uncertainty, “I think there are positive vibes from equity players regarding broadcast,” Lilly adds. “The greatest impediment is bank financing. There’s enough cash out there for someone to finance the entire transaction, but it’s rare to find someone with that level of commitment.”
Cash flow remains key.
“I think the private-equity mindset for those who want to get in now is they see broadcast as a stable, cash-flow business,” says the head of a smaller station group that’s private equity owned.
If that cash flow can be enhanced through acquisitions, particularly properties with potential for growing retransmission consent fees and limited reverse compensation downside, “they think they can capitalize on that,” the source says.
Even absent that, effective management that can grow cash flow over the course of the investment can translate into doubling of profits — or better — at exit.
Here’s the working hypothesis: XYZ Private Equity buys Big Deal Broadcasting at eight times the average two-year cash flow of $100 million — that is, $800 million. Over seven years, Big Deal management doubles cash flow through JSAs, retrans and Internet revenue boosts, and greater operating efficiencies. When XYZ exits, the multiple’s still 8X, but the deal’s now worth $1.6 billion vs. $800 million at the buy-in.
Significant headwinds remain for broadcast M&A. One is constraint surrounding senior debt.
Another, perhaps more important factor, is the uncertainty over reverse compensation.
“To the extent that there are a lot of question marks around the future of our business — in addition to secular issues, spectrum, retrans and network compensation — all those things make private equity more conservative about what they think they’re going to get at the end,” Lilly says. “That leads to a fair amount of caution regarding private equity making investments right now.
“The question of what the landscape will look like in five to seven years is a major driver of why we’re not seeing a lot of deals.”
It was a near universal view, colored strongly by hope, that the M&A market would rev up in the second half of this year into the first half of next year. That’s looking less likely. “Everybody thought exiting in 2012 was the thing,” says one station group boss. “I think it will be 2014.”
Freedom and Young have effectively put the brakes on proposed deals, though Young’s for-sale sign was unofficial.
Broadcasters and investors alike are pinning hopes on a McGraw-Hill deal that will help set the valuation bar and that, in turn, will spur other deals. McGraw-Hill put its four attractive network affiliates on the block in June.
“I think that if private equity is interested at all in broadcast, that would get their attention,” says Barry Lucas, senior vice president-research at Gabelli & Co.
Lucas noted that he has a hold on McGraw-Hill stock (MHP) and owns no stock personally, although it’s possible an affiliate, GAMCO Investors, may hold shares.
“It should be very straightforward, relatively bite sized for anyone, so you could get a smaller private equity player to bring in a management team to run the stations,” he says. “There’s an opportunity to enhance what are thought to be very anemic margins and make some money.
“It’s exactly what I would want if I were private equity.”
Today, senior lenders, usually banks, typically will lend for broadcast at a multiple of no more than 3-4 times cash flow, sources say. That means if a deal is going at an 8 multiple, the buyer must be prepared to put down up to 50%.
Private equity investors with plenty of cash — and many have it — are well positioned. Others, perhaps wishing to spread the risk, might try to pull in other interested parties, forego a controlling interest for a smaller stake, or look for smaller deals.
One example of the shared risk approach: Broadcasting Media Partners Inc., an investor group including Madison Dearborn Partners, Providence Equity Partners, TPG, Thomas H. Lee Partners and Saban Capital Group. It owns Ion Media.
Among those willing to take smaller stakes is Amalgamated Gadget, which has, or had, pieces of LIN, Belo, Nexstar, Gray and Emmis.
Wednesday, August 17, 2011
Entravision: Dual TV/Radio Ad Campaigns Up Reach
MediaDailyNews
by Wayne Friedman, Yesterday, 12:28 PM
Results from a TV-radio station test indicate that jointly selling radio and TV advertising together in simultaneous campaigns can increase audience reach -- and deliver near prime-time viewership levels -- all with the help of a single-source measuring system.
Arbitron Inc. and Entravision Communications, a Spanish-language media company that owns TV and radio stations, said a test with Entravision's Denver, Colo. stations showed improved audience reach. It also includes out-of-home viewing, thanks to Arbitron's portable people meter (PPM) ratings service.
The test discovered -- as other studies have shown -- that usage patterns of television and radio complement each other. From 6 a.m. to 4 p.m., radio delivers 70% to 80% of the combined television/radio audience; television delivers 80% of the audience from 7 p.m. to midnight. Each platform delivers a distinct Mediaand separate consumer.
All this offers advertisers gains by using a single-source measuring system such as Arbitron's.
Jeff Liberman, president of the radio division of Entravision, stated: "This single-source, cross-platform PPM pilot project reaffirms what we've been proving to our advertisers for years -- utilizing both radio and television is an efficient and effective way to increase reach over a radio-only or television-only advertising schedule."
by Wayne Friedman, Yesterday, 12:28 PM
Results from a TV-radio station test indicate that jointly selling radio and TV advertising together in simultaneous campaigns can increase audience reach -- and deliver near prime-time viewership levels -- all with the help of a single-source measuring system.
Arbitron Inc. and Entravision Communications, a Spanish-language media company that owns TV and radio stations, said a test with Entravision's Denver, Colo. stations showed improved audience reach. It also includes out-of-home viewing, thanks to Arbitron's portable people meter (PPM) ratings service.
The test discovered -- as other studies have shown -- that usage patterns of television and radio complement each other. From 6 a.m. to 4 p.m., radio delivers 70% to 80% of the combined television/radio audience; television delivers 80% of the audience from 7 p.m. to midnight. Each platform delivers a distinct Mediaand separate consumer.
All this offers advertisers gains by using a single-source measuring system such as Arbitron's.
Jeff Liberman, president of the radio division of Entravision, stated: "This single-source, cross-platform PPM pilot project reaffirms what we've been proving to our advertisers for years -- utilizing both radio and television is an efficient and effective way to increase reach over a radio-only or television-only advertising schedule."
Friday, August 12, 2011
U.S. Stocks Stabilize and Retail Sales are Up
The Daily Beast Cheat Sheet: Friday August 12, 2011
The extreme mood swings on the U.S. stock market seemed to have calmed down a bit as one of the most volatile weeks in Wall Street history comes to a close. The Dow jumped 97 points just minutes after the opening bell. At noon, it had climbed 185 points, or 1.6 percent. By mid-afternoon it had stabilized, holding onto modest gains. Financial, energy, and industrial stocks saw the biggest early upticks following good reports on retail sales and consumer spending.
PS Even more reason to help clients avoid making excuses why they should not expand their media marketing...Philip Jay LeNoble, Ph.D. Publisher
The extreme mood swings on the U.S. stock market seemed to have calmed down a bit as one of the most volatile weeks in Wall Street history comes to a close. The Dow jumped 97 points just minutes after the opening bell. At noon, it had climbed 185 points, or 1.6 percent. By mid-afternoon it had stabilized, holding onto modest gains. Financial, energy, and industrial stocks saw the biggest early upticks following good reports on retail sales and consumer spending.
PS Even more reason to help clients avoid making excuses why they should not expand their media marketing...Philip Jay LeNoble, Ph.D. Publisher
Retail Sales Up in July
Snapshot of Economy from AP
Finally, some good economic news. Retail sales rose 0.5 percent last month, the most they've risen since March. The government also revised sales higher for the two previous months. The numbers were better than expected, a good sign after consumers cut spending in June for the first time in 20 months. Many retailers said that back-to-school promotions had helped boost their sales in July. Target, Macy's, and Saks all reported higher-than-expected gains.
Local direct-revenues heading higher...so go help them continue or begin their branding , engagement, acquisition and retention driven campaigns using your media voice as the driver.
Philip Jay LeNoble, Ph.D. Publisher
Finally, some good economic news. Retail sales rose 0.5 percent last month, the most they've risen since March. The government also revised sales higher for the two previous months. The numbers were better than expected, a good sign after consumers cut spending in June for the first time in 20 months. Many retailers said that back-to-school promotions had helped boost their sales in July. Target, Macy's, and Saks all reported higher-than-expected gains.
Local direct-revenues heading higher...so go help them continue or begin their branding , engagement, acquisition and retention driven campaigns using your media voice as the driver.
Philip Jay LeNoble, Ph.D. Publisher
Study Reveals Shift Toward Shopper Marketing, Agencies Adapting
MediaDailyNews
Friday, Aug12, 2011
by Steve McClellan, Yesterday, 6:30 PM
Digital channels and gadgets are making consumers savvier about where, when and why to purchase goods and services. At the same time, it's sometimes harder for manufacturers and retailers to reach their target audiences with sales pitches.
To reach consumers, manufacturers and retailers are sharply ramping up their efforts in the shopper marketing space, according to new data from shopper research specialist GFK Interscope.
This marketing subset includes how shoppers decide which retailers to consider before making a purchase; why they decide on a retailer or brand and which media channels influence those decisions, among other concerns.
In June, the firm surveyed 300 marketing executives across various retail and manufacturing sectors. Seventy-six percent of them indicated that their companies were now devoting 5% or more of their total marketing budgets to shopper marketing initiatives.
While that may not seem like much, Alison Chaltas, executive vice president, GFK Interscope, says the finding suggests a radical transformation from just five years ago, when -- with a few exceptions -- there were no such budgets.
Interest in the space has not peaked yet -- the survey also indicated that 47% of the respondents said their companies would be significantly upping their shopper marketing budgets within the next two years. "It's a remarkable shift," said Chaltas.
As marketers have focused more on the shopper marketing arena, so have agencies and their corporate parents, most of which have acquired or started shopper marketing specialists. Last year, for example, Interpublic Group's Mediabrands started a new agency called Shopper Sciences, designed to help retailers improve their results.
According to Chaltas, most of the money being earmarked for shopper marketing programs is coming from traditional media budgets, such as TV and print. It will flow to various arenas, including research, in-store channels, email marketing and mobile. The study did not cite specific amounts; each retailer exercises individual choice.
The primary driver, said Chaltas, is digital technology, which is making shoppers more discerning and "harder to communicate with because there are so many more touchpoints and so much clutter." Those touchpoints include dozens of online, mobile, in-store, word-of-mouth and direct mail channels. That makes purchasing-decision behavior more challenging to understand, she added.
"Everyone is still learning about the decision-making process," she said -- and how and why shoppers form relationships with particular stores and brands.
But while the media landscape is always changing, said Chaltas, "the one constant is point of purchase."
Friday, Aug12, 2011
by Steve McClellan, Yesterday, 6:30 PM
Digital channels and gadgets are making consumers savvier about where, when and why to purchase goods and services. At the same time, it's sometimes harder for manufacturers and retailers to reach their target audiences with sales pitches.
To reach consumers, manufacturers and retailers are sharply ramping up their efforts in the shopper marketing space, according to new data from shopper research specialist GFK Interscope.
This marketing subset includes how shoppers decide which retailers to consider before making a purchase; why they decide on a retailer or brand and which media channels influence those decisions, among other concerns.
In June, the firm surveyed 300 marketing executives across various retail and manufacturing sectors. Seventy-six percent of them indicated that their companies were now devoting 5% or more of their total marketing budgets to shopper marketing initiatives.
While that may not seem like much, Alison Chaltas, executive vice president, GFK Interscope, says the finding suggests a radical transformation from just five years ago, when -- with a few exceptions -- there were no such budgets.
Interest in the space has not peaked yet -- the survey also indicated that 47% of the respondents said their companies would be significantly upping their shopper marketing budgets within the next two years. "It's a remarkable shift," said Chaltas.
As marketers have focused more on the shopper marketing arena, so have agencies and their corporate parents, most of which have acquired or started shopper marketing specialists. Last year, for example, Interpublic Group's Mediabrands started a new agency called Shopper Sciences, designed to help retailers improve their results.
According to Chaltas, most of the money being earmarked for shopper marketing programs is coming from traditional media budgets, such as TV and print. It will flow to various arenas, including research, in-store channels, email marketing and mobile. The study did not cite specific amounts; each retailer exercises individual choice.
The primary driver, said Chaltas, is digital technology, which is making shoppers more discerning and "harder to communicate with because there are so many more touchpoints and so much clutter." Those touchpoints include dozens of online, mobile, in-store, word-of-mouth and direct mail channels. That makes purchasing-decision behavior more challenging to understand, she added.
"Everyone is still learning about the decision-making process," she said -- and how and why shoppers form relationships with particular stores and brands.
But while the media landscape is always changing, said Chaltas, "the one constant is point of purchase."
Television's NextFrontier: Mobile
Sorry I haven't updated the Blog for a week gang. Miss Donna just got out of total knee replacement last Fri and I've been her primary caretaker....so I apologize and will pay more attention to your getting the latest stuff..Philip Jay LeNoble,Ph.D. Publisher
MediaPost's Blogs:Online Media Daily Commentary
Point-of-View
by Alex Romanov, Tuesday, August 9, 2011, 8:15 AM
Changes in mobile marketing present new opportunities for networking, shopping and navigating. To make the most of each ad dollar, companies are doing their best to stay ahead. The mobile channel's growth allows for inventive use of technologies and tactics, like QR codes and location-based marketing. The latest development hits even closer to home.
New hybrid marketing technology will link television and mobile in an initiative that goes beyond storefront advertising and online deals. Using multichannel interaction, we are now able to integrate mobile media marketing with TV ads, sending advertising prompts to nearby Bluetooth-enabled devices during commercials. Once the consumer opts in, they will receive coupons and direct-to-device offers without leaving the room. This marketing technology allows real-time metrics viewing and protects potential customers' personal information.
With Americans watching more television -- over five hours every day on average, according to Nielsen's 2010 Q4 report -- and buying an increasing number of smartphones, this hybrid technology is well-suited to the public's expanding needs.
Television advertising spending increased 8% last year, per Nielsen, but the average TV ad has actually become shorter. Advertisers are rethinking efforts in the changing face of television spots. With mobile-TV fusion technology, data capture opportunity skyrockets.
The number of phones in a room can be recorded, as can the type of phones used. As this technology transmits deals and sample offers, it can record consumers' preferences for ads and offers, allowing advertisers to adjust campaigns for the ideal response.
We're able to see the social data of how consumers interact while watching certain shows, and that's only the beginning. Since TV metrics are considered increasingly important, performance-oriented advertising reports can be improved with the metrics offered by mobile-TV connection.
In recent news, Canoe allowed consumers to download coupons and catalogs through their TVs, while Shazam secured a $32 million investment in TV-triggered coupons. Brands like Old Navy and Procter & Gamble have already signed on to participate.
Coupon clipping is on the rise, as is smartphone use and television viewership; the stage is set for developments in the mobile channel. Digital coupons are far more likely to be redeemed than printed ones, and their use is growing. The printed coupon business may have seen 7% growth in 2010, according to NCH Marketing Services, but digital coupons grew 60% with only 1% of total U.S. distribution. Digital coupons are also 20 times more likely to be redeemed than coupons from freestanding inserts.
There's a great opportunity to connect TV with the current popularity of digital coupons. Studies show that watchers of reality and action programs are more likely to remember advertising during breaks.
Sharing personal data is more common than ever. Some digital marketing schemes have been criticized for culling mobile phone numbers and email addresses, although marketers are not allowed to collect consumer data without permission.
The hybrid technology available dispenses with the need to gather such information. When it comes in contact with a Bluetooth device, it sends an opt-in notice prior to any targeted offer. It not only protects users, but it manages to streamline messages according to customer response.
Mobile marketing doesn't need to stay in the living room. Thanks to real-time metrics and the easy method of delivery, it can be used for the digital-out-of-home market, allowing direct communication with nearby consumers. Marketers can transmit on-site deals and offers to potential clients, and this can be used in conjunction with TV-mobile offers for a well-rounded marketing initiative.
Hybrid technology could surpass previous consumer-mobile advertising in accuracy and impact. New coupons and digital offers present opportunities for mobile marketers to stay informed about consumer groups; as a result, advertisers are able to offer loyal consumers targeted programs. Multichannel interaction eclipses stand-alone outreach and introduces a new method to monitor ROI: brands seeking a competitive edge will get one with mobile-TV marketing's advanced metrics.
Burgeoning technology will continue to present opportunities and challenges in mobile channel marketing. Communication channels are growing and are providing new opportunities for those willing to explore changes. Fusion technology isn't only beneficial for ROI and revenue production, but for the enjoyment of deal-seeking consumers. Looking at the market direction and predictions, hybrid TV-to-mobile technology could stand as the newest mobile frontier.
MediaPost's Blogs:Online Media Daily Commentary
Point-of-View
by Alex Romanov, Tuesday, August 9, 2011, 8:15 AM
Changes in mobile marketing present new opportunities for networking, shopping and navigating. To make the most of each ad dollar, companies are doing their best to stay ahead. The mobile channel's growth allows for inventive use of technologies and tactics, like QR codes and location-based marketing. The latest development hits even closer to home.
New hybrid marketing technology will link television and mobile in an initiative that goes beyond storefront advertising and online deals. Using multichannel interaction, we are now able to integrate mobile media marketing with TV ads, sending advertising prompts to nearby Bluetooth-enabled devices during commercials. Once the consumer opts in, they will receive coupons and direct-to-device offers without leaving the room. This marketing technology allows real-time metrics viewing and protects potential customers' personal information.
With Americans watching more television -- over five hours every day on average, according to Nielsen's 2010 Q4 report -- and buying an increasing number of smartphones, this hybrid technology is well-suited to the public's expanding needs.
Television advertising spending increased 8% last year, per Nielsen, but the average TV ad has actually become shorter. Advertisers are rethinking efforts in the changing face of television spots. With mobile-TV fusion technology, data capture opportunity skyrockets.
The number of phones in a room can be recorded, as can the type of phones used. As this technology transmits deals and sample offers, it can record consumers' preferences for ads and offers, allowing advertisers to adjust campaigns for the ideal response.
We're able to see the social data of how consumers interact while watching certain shows, and that's only the beginning. Since TV metrics are considered increasingly important, performance-oriented advertising reports can be improved with the metrics offered by mobile-TV connection.
In recent news, Canoe allowed consumers to download coupons and catalogs through their TVs, while Shazam secured a $32 million investment in TV-triggered coupons. Brands like Old Navy and Procter & Gamble have already signed on to participate.
Coupon clipping is on the rise, as is smartphone use and television viewership; the stage is set for developments in the mobile channel. Digital coupons are far more likely to be redeemed than printed ones, and their use is growing. The printed coupon business may have seen 7% growth in 2010, according to NCH Marketing Services, but digital coupons grew 60% with only 1% of total U.S. distribution. Digital coupons are also 20 times more likely to be redeemed than coupons from freestanding inserts.
There's a great opportunity to connect TV with the current popularity of digital coupons. Studies show that watchers of reality and action programs are more likely to remember advertising during breaks.
Sharing personal data is more common than ever. Some digital marketing schemes have been criticized for culling mobile phone numbers and email addresses, although marketers are not allowed to collect consumer data without permission.
The hybrid technology available dispenses with the need to gather such information. When it comes in contact with a Bluetooth device, it sends an opt-in notice prior to any targeted offer. It not only protects users, but it manages to streamline messages according to customer response.
Mobile marketing doesn't need to stay in the living room. Thanks to real-time metrics and the easy method of delivery, it can be used for the digital-out-of-home market, allowing direct communication with nearby consumers. Marketers can transmit on-site deals and offers to potential clients, and this can be used in conjunction with TV-mobile offers for a well-rounded marketing initiative.
Hybrid technology could surpass previous consumer-mobile advertising in accuracy and impact. New coupons and digital offers present opportunities for mobile marketers to stay informed about consumer groups; as a result, advertisers are able to offer loyal consumers targeted programs. Multichannel interaction eclipses stand-alone outreach and introduces a new method to monitor ROI: brands seeking a competitive edge will get one with mobile-TV marketing's advanced metrics.
Burgeoning technology will continue to present opportunities and challenges in mobile channel marketing. Communication channels are growing and are providing new opportunities for those willing to explore changes. Fusion technology isn't only beneficial for ROI and revenue production, but for the enjoyment of deal-seeking consumers. Looking at the market direction and predictions, hybrid TV-to-mobile technology could stand as the newest mobile frontier.
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