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Posts Tagged ‘entrepreneur’


The Beauty of Keeping It Simple…

December 22nd, 2009 ::

In my last post “What is this ROI thing” I posted that “…marketing really comes down to the simple questions we learned in school. Who, What, When, Where, Why, and How.” Did I shock and offend a few people by simplifying that? More than likely I didn’t, but I have found that people who get easily offended by someone exposing the initial simplicity of something are ultimately trying to keep everyone else from knowing how simple it is as well.

There is no reason, in my opinion, that someone should just put a shingle on their door and expect customers to expect to know they are there and open. There are a laundry list of reasons that most businesses don’t make it past the two year mark and over all I see that as poor planning across the board. I have known more than my fair share of start-ups or small business owners that have forgone a marketing strategy in their first year or two because they have viewed it as too costly, confusing, or complicated. When in reality, that fear kept them from reaching a wider customer base or audience.

You need to know how you are going to get people to learn about your great new product/service/Whatchamacallit. Simply just creating the same marketing pieces that everyone has (a website, a business card, etc.) won’t have your phone ringing and email box filled with orders. I wish I could say it was that simple, but it’s not. You first need to think of those six simple questions as you go into the creation of your marketing piece/strategy.

The Who, What, When, Where, Why, and How will vary depending on what you want to do. Here are some great examples of starter questions for your next marketing strategy/piece, but feel free to come up with your own:

  • Who –Who will want this? Who do we want to know about our latest product/service? Who is going to purchase our [insert item/service]? Who will carry our message for us?
  • What – What will we use to reach/tell people about? What will we use to measure who successful this is? What will separate us from all the other daily noise that our audience receives? What will we use to track it?
  • When – When will we be putting this out? When is the most effective time for us to launch this? When will use to track the success? When do we review on how well this is doing?
  • Where – Where are the people we want to reach with this? Where will be put this that people may not expect? Where will we announce the product/place/thing/event? Where do we want this to take our business?
  • Why – Why are we going to do this? Why will the audience we are trying to reach care? Why are we using X over Y? Why aren’t we using multiple opportunities for people to reach us?
  • How – How are we going to create this? How are we going to measure the success? How are we going to get this out to our chosen audience? How often are we going to try this to see if it is successful at different times of the year?

I know I’ve kept this extremely simple, but the biggest reason for that is that the resources for you to create your marketing plan are already available to you on this site. Steven Fisher wrote a great piece that I view as a strong follow up to this post, the Guide to Writing a Killer Marketing Plan.

I hope you at least come away from this post with a sense that your first marketing strategy doesn’t have to be scary or overly complicated. When you are in your first year or two of business your time is very valuable, but by asking simple questions up front you save yourself some time and be better prepared for when you hire a designer, marketing firm, or whomever to accomplish your goals.

I am interested in Who, What, When, Where, Why, and How questions you’ve come up with. Please leave them in the comments below or you can reach me on Twitter by sending a message to @wickedjava, or on Facebook at facebook.com/mcdougherty.

As all ways, if you have been reading, thank you and stay wicked.

What is this ROI thing?

December 17th, 2009 ::

I was considering calling this post “How much effort are you willing to be put into getting what you want”, but ultimately changed my mind because I wanted the people who have asked me the question in the title to dig a little deeper. Lately I’ve been having a lot of conversations about Return on Investment, almost always just called ROI, with people interested in consulting work or at my day job.  I’ve come to the conclusion that most people throw this term around without thinking about all the different possible ROI there actually is. To start us all from equal ground, let’s check out what our friend Wikipedia defines Return on Investment as:

“In finance, rate of return (ROR), also known as return on investment (ROI), rate of profit or sometimes just return, is the ratio of money gained or lost (whether realized or unrealized) on an investment relative to the amount of money invested. The amount of money gained or lost may be referred to as interest, profit/loss, gain/loss, or net income/loss. The money invested may be referred to as the asset, capital, principal, or the cost basis of the investment.”

I know a lot of people that use the term ROI for their marketing, but Wikipedia calls it Return on Marketing Investment and defines it as:

“Return on Marketing Investment (ROMI) and Marketing ROI are defined as the optimization of marketing spend for the short and long term in support of the brand strategy by building a market model using valid, objective marketing metrics. Improving ROMI leads to improved marketing effectiveness, increased revenue, profit and market share for the same amount of marketing spend”

Since the same simple acronym is used for a multitude of purposes, and equations to determine it, I can see how people get confused, discouraged, or laser focused on one aspect of a larger whole. When it comes to your marketing strategy, pieces, or tactics, the ROI is going to vary with each effort. I know this may sound like an overwhelming concept, but it really isn’t as bad as it might seem.  It really breaks down to a simple statement, “Is the result worth the effort”. Is that oversimplifying it? Maybe a bit, but marketing really comes down to the simple questions we learned in school. Who, What, When, Where, Why, and How.

I can hear the cries now, “Mike you left out the cost aspect of it.” No, I didn’t. There’s a cost to everything. Whether it’s the amount of money that’s being put out or the amount of volunteers or paid employees taking their valuable time to brainstorm, create, implement and execute the strategy or piece. That, to me, is all part of the effort. So, as I asked above, how much effort are you willing to put into getting what you want?

You can determine that with a few simple questions. What is your ultimate goal/end result? What resources will you need to accomplish the goal/end result? Is the goal/end result worth the resources used?

You can make the answer to those questions as complicated or as simple as you want. For example, “the investment of passing out six thousand invitations is worth the three hundred people who actually attend, because the people who don’t will ultimately learn more about our party/product/services when they go home, use the specific url we created for the postcard, and research it.” Or another, “the investment of having my team of employees strategize for a marketing pieces is worth it because when the piece comes to completion they will have a greater sense of ownership of it and then want to help see it succeed in getting the x number of emails/sales/donations/etc. we want it to achieve”.

Do you see where I’m going with this?

You can get a marketing genius to come in and tell you that the Return of X minus the Financial Investment of Y divided by the Time Investment of Z hours is what your ROI will be. Ultimately, it comes down to how important, or valuable, the return is to you, your organization or company, your strategy, or success of your ultimate plan of world marketing domination. So, I’ll ask you the same question I have before, but in a different way, when you sit down to decide on your next marketing piece/strategy/effort is the return worth the investment?

I would love your thoughts on what ROI means to you. Please feel free to leave a comment below or you can reach me on Twitter by sending a message to @wickedjava, or on Facebook at facebook.com/mcdougherty.

As all ways, if you have been reading, thank you and stay wicked.

Anthony Edwards Gets #SmallBizCool

December 15th, 2009 ::

This is the final installment of #SmallBizCool from BlogWorldExpo 2009 for me and one that I am most proud of. Supporing worth while charities is something I’ve always been a big fan of. And when you find that a celebrity you like feels the same way…it is something magical. Rather than go into greater detail, let’s let Anthony Edwards himself explain why charity is so important and how he sees the new media landscape changing to better help support them.

Learn more about Anthony’s chosen charity Shoe 4 Africa or you can follow Anthony on Twitter @AnthonyEdwards.

If you haven’t had a chance to, check out Jill Foster’s #SmallBizCool interviews over at WomenGrowBusiess. You can also reach me on Twitter by sending a message to @wickedjava, or on Facebook at facebook.com/mcdougherty.

As all ways if you have been reading, and this time watching, thank you and stay wicked.

What Makes Up a Successful Entrepreneur?

December 11th, 2009 ::

Over the last few months I have been participating in a survey of successful entreprenurs and Professor Vivek Wadwa of Harvard Law School has been gathering data for a bunch of research reports on “What Makes Up a Successful Entrepreneur”. It has gotten some great coverage and this slideshow in BusinessWeek: The Anatomy of an Entrepreneur is a great example. It has some awesome charts so if you are a data junkie with a weakness for pretty graphs, you are gonna love this slide show.

Findings That Might Not Be What You Expected

The first part of the research was about background and motivation. This research was released a few months ago and titled, “Anatomy of an Entrepreneur”. Biggest revelation? Not all successful entrepreneurs have to be 25 years old. In most cases they are 40 with a few kinds and have stability and experience on their side. Techcrunch had Dr. Wadwa right a guest post called “TechCrunch: When It Comes To Founding Successful Startups, Old Guys Rule” and here is an awesome finding – “research that my team conducted, based on a survey of 549 entrepreneurs in high-growth industries, showed that the average founder of a high-growth company launched his venture at age 40. We also learned that these founders are likely to be married and have two or more kids. They typically have six to ten years of work experience and real-world ideas. They simply got tired of working for others and wanted to rise above their middle-class heritage.” WOW.

I got an email from Dr. Wadwa that the Kauffman Foundation is releasing Part 2 tomorrow. It is titled “Making of a Successful Entrepreneur” and here is a link to the full report : http://ssrn.com/abstract=1507384 (Click on “Download” at the top of the page).

Research Coming from Dr. Wadwa

In his communications he shared with all of us that he is working on follow-up research with management guru, Jeff Sonnenfeld, who heads the Yale CEO Institute, and renowned labor economist, Richard Freeman of Harvard and London School of Economics. In this, they are comparing this sample with a group of “super-successful” entrepreneurs. His goal is to explore the differences between the entrepreneurs in the sample and a very select group like Bill Gates and Steve Jobs.

Is this research on target? Leave a comment.

This research has already gotten substantial media attention and it continues to make an impact. I am curious what you all think of these research type of findings – does it fit? are they off? Leave a comment.

Kevin Pollak Gets #SmallBizCool

December 10th, 2009 ::

It’s time for another awesome installment of #SmallBizCool from the floors of BlogWorldExpo 2009. If you haven’t had a chance to, check out Jill Foster’s #SmallBizCool interviews over at WomenGrowBusiess.

One of the most memorable moments, for me at least, was Kevin Pollak’s part of the final keynote for the Expo. His insight into how social media has changed the landscape of media is insightful. Here he talks a little about why he thinks social media is cool.

Learn more about Kevin Pollak’s show or you can follow Kevin on Twitter @KevinPollak.

You can also reach me on Twitter by sending a message to @wickedjava, or on Facebook at facebook.com/mcdougherty.

As all ways if you have been reading, and this time watching, thank you and stay wicked.

Your Marketing Needs to Have a Target…

December 8th, 2009 ::

I wanted to call this post “Does Your Audience Have a Target on Their Back”, but I didn’t want to get people concerned that I wanted you to cause pain to your intended audience. Today’s piece of Marketing Knowledge Goodness is about the pretty simple, yet often overlooked, concept when you are creating your marketing piece(s)/strategy, the Target Market (Audience).

To get a definition out of the way, Wikipedia defines Target Market as:

A ‘target market or target Audience is the market segment which a particular product is marketed to. It is often defined by age, gender and/or socio-economic grouping. Market Targeting is the process in which intended actual markets are defined, analyzed and evaluated before the final decision to enter is made.

It’s a little wordy in saying this, but basically when you create a piece or strategy you should be thinking about who you want to receive and use/buy your product or service. Unless you are buying your own products…you should be the last person you want to draw the attention of. While you may think it’s cool, interesting, pretty, or a laundry list of other things…your intended target, or audience, may not. And at the end of the day, the customer who’s listening, using, and purchasing ultimately matters more than what you think. Harsh to say it, but it’s true.

Now this can be as generic as “I want to reach plumbers in the [insert your city here] area” or as specific as “I want to reach all the housewives between the ages of 24-35 with black hair that have two children between the ages of 1-6 who like lumpy oatmeal for lunch”. Either way, you are defining who the intended target, or audience, is and going to plan your content and design around appealing to that audience. Yes you are going to miss out on a larger number of people who don’t fit that definition, but are they really the people you want? Do you really want to just be able to say, “We printed 5,000 brochures and passed them all out?” Who are you trying to impress and what are you gaining by that? Or, would you rather say, “We printed 500 brochures to [insert specific target audience] and got a greater return on our investment”.

The next thing you need to determine, after you figure out your target audience, is what return on your investment you are satisfied with and how you plan to reach that. But that, dear reader, is a post for another time.

I’ll leave you with this, I was told by a client I was consulting for that you should “ignore coming up with who your target is because if you cast the widest net you’ll catch the most fish”. While the logic in that is kind of sound, sort of, let me ask you this, do you want to catch the most fish or the best quality fish?

For me, even if that means my numbers don’t look so hot on paper, I want the best possible value for my efforts. My rule of thumb is quality over quantity.

As always, you can also reach me on Twitter by sending a message to @wickedjava, or on Facebook at facebook.com/mcdougherty.

If you have been reading this far, thank you and stay wicked.

BlogCritics and Technorati's Dawn Olsen Gets #SmallBizCool

December 1st, 2009 ::

I’m really excited to bring you another #SmallBizCool, thought up by the great Jill Foster of WomenGrowBusiness, from the floor of BlogWorldExpo 2009. I met so many great people there, but I really got a great interview Entertainment Editor of BlogCritics and Technorai, Dawn Olsen. Dawn and I shared a lot of laughs, but she gave a great insight into what BlogCritics is all about and a little into what’s new with Technorati.

You can learn more about BlogCritics and Technorati at their websites and learn more about Dawn.

You can also reach me on Twitter by sending a message to @wickedjava, or on Facebook at facebook.com/mcdougherty.

As all ways if you have been reading, and this time watching, thank you and stay wicked.

Eight Things To Keep In Mind For Your Websites Search Engine Optimization

November 19th, 2009 ::

If content is King then your Search Engine Optimization efforts are your King’s Herald. The guy who is out there, once people are listening, giving out the valuable information about your King. But instead of the shiny horn and scroll of lineage, the Search Engine Optimization Herald uses text and links to allow the web crawlers, the cute name for the automated programs that source out websites and index their content in their lists.

Let me be clear, this isn’t the silver bullet that will push your website to the top page ranking. There are a lot of variables that get that there and with multiple search engines there’s more detail than can be fit in this list of eight things.

What we’re going to go over today are just a few things that will help helps search engines, like Google, be able to better index your site.

1. Title each page with your business name and section title. – Search engines use your title as the top link so it only makes sense you would have your companies name here. Don’t get too wordy and try to fill this space with extra words to try to help. You have between 60 to 70 characters (that’s letters, spaces, and symbols) so use that space wisely.

2. Use keywords on your pages that relate to that pages content. – This is where you leverage your key points in your content to, initially, draw attention to your content. You also want to take this time to also include words and two word phrases revolving around your industry and target markets.

3. Give each page a description based on the pages content. Ok, we’ve gone over the title and keywords, but the description is on more part of the sight that most people don’t keep in mind as they are looking at a search engine. By definition, this is the text that the search engines will display below the link to tell you a little about the site you are looking to find. By describing the content on that page, and a little about your company. Just like the title of your site, depending on the search engine you choose, you have roughly between 156 to 250 characters (letters, spaces, and symbols) to relay the information you want. This isn’t the place you want to get cute and fill it in with words that will boost your site. Your keywords are for that.

4. Name every image…photos and buttons. - This helps for more than search engines. This will help the disabled review your site. By namin>g the alt attribute, commonly referred to as the “alt tag”, you are giving a corresponding text title for every non-text element on your site. If this isn’t making sense, find your local web designer and they’ll go on for hours explaining it. Or you can just shoot me a message.

5.Give your site…a map- Site maps are great, because they help you organize your site as you go through the creation process, but they also provide a page of reference links for the search engines to review your site. The site map will also give viewers a place they can go where there a clean, and clear, direction to the content on your site without all the bells and whistles.

6.Breadcrumbs aren’t just for the birds. - Breadcrumb Navigation is often seen just below the header, and navigation (if it is horizontal), and just above the title of the content. It is a great way for visitors to see the path that took them to this page, but this also provides additional links, just like your site map, for the search engine web crawlers to use when indexing your site. Breadcrumb Navigation will often look like this:

Home > Main Content > Sub Content

7.Leverage free analytics tools. – There are paid analytics tools, but just if you are starting out there are tools like Google Analytics available to you simply for the time of setting up a Gmail account. This will help you determine where people are going on your site and what keywords are working for your site.

8.Remember your King. – The content of your site (the text, the links you create, and even images) help your search engine optimization as well. You may be able to get away with just a title, keywords, a description, and a single image, but you’ll get so much further making sure all of the things we talked about above are in line with the content on your website.

These are just a few efforts that you can implement early on, or even in your current website if you haven’t yet, to help make your site more appealing to web crawlers. Remember, this isn’t the silver bullet to the top page rankings, but it will help.

You can also reach me on Twitter by following me @wickedjava, or on Facebook at facebook.com/mcdougherty.

As all ways, if you have been reading, thank you and stay wicked.

Ted Murphy Gets #SmallBizCool

November 12th, 2009 ::

Here comes another #SmallBizCool from the floor of BlogWorldExpo 2009. This time around I get to talk to twitter and social media legend Ted Murphy about social media and security. Ted Murphy is well known for his his Twitter and Blog Marketing Company, IZEA.

At BlogWorldExpo 2009, Ted took a few minutes to explain social media is cool and give us the update on his latest product Sponzai.

You can learn more about Ted at his website IZEA.com and you can follow Tee on Twitter @tedmurphy

You can also reach me on Twitter by sending a message to @wickedjava, or on Facebook at facebook.com/mcdougherty.

As all ways if you have been reading, and this time watching, thank you and stay wicked.

Is Your Marketing Strategy Using All of the Ice on the Rink?

November 10th, 2009 ::

This past weekend, I enjoyed a Washington Capitals ice hockey game and the game got me thinking about something Jermaine Dupri said at BlogWorldExpo this year. I’m going to paraphrase, but he said that you should use social media tools in tandem with each other. Have something on Twitter that sends people to your Facebook page that references your blog and so on. Watching how they hockey players used the rounded end of the rink to pass the puck around behind the goalie to another player, or just out of the way, it made me realize that Jermaine had something there.

Now don’t get me wrong, it made perfect sense to me at BlogWorldExpo, but something about that particular game, my first hockey game in years, spun my mind into translating the puck into marketing message, the rink into your marketing plan, and the players your marketing pieces. At no point in that game was their wasted space on that ice. All parts of the rink were open and the puck flew anywhere it was needed with speed because of the actions of the players.

I have all ways believed that each marketing piece should support the one before it and the one after it. If you have to have a brochure, have it direct people to more information on a specific url on your website so you can track it. On that page let people share that message for your using something like Share This or send them directly to your companies Facebook or Twitter. Use social media to direct people to special content they can only find by following all your pucks on the ice, your marketing pieces.

Part of this is establishing how these pieces are all going to support each other, but another part of this is being comfortable, and confident, in your content so that you can let go of the message. Like a good hockey player, you have the control on how much intensity and strength is behind your marketing pieces. You will need to step back and let the natural momentum of your marketing strategy take its course. It will be up to you to make sure that the paths between your pieces are clear enough for the message to slide easily between them.

Most of us already have a few pieces in play, but as you create anything moving forward try to be conscious on how you can link the new pieces together. Or get really creative and start an off shoot campaign with new pieces and tactics that drive people to the pieces that existed before them. Sometimes scoring a win means you need to take a few extra chances with a few well placed shots, but if that shot misses it has a team behind it to give it the support it needs for a second shot at the goal.

Now here’s a question for you. Does your marketing strategy easily move your message from one piece to another? Are you using all of the ice on the rink?

I would love your thoughts on this. What other sports can you compare your marketing strategy to?

You can reach me on Twitter by sending a message to @wickedjava, or on Facebook at facebook.com/mcdougherty.

As all ways, if you have been reading, thank you and stay wicked.