Many executives do not view the content they distribute as intertwined with their organization’s unique product or service. However, the two are interchangeable. Your product or service has differentiators that cause your clients to select you instead of the competition. Those same factors apply in content marketing.
If your goal is to engage prospects and ultimately lead them to conversion, you must create content that keeps them engaged. Success comes from creating consumable pieces of content that together form a singular thought leadership message and distributing those pieces across multiple channels. You never know through what channel someone will engage with your brand (or branded content), so the message needs to be consistent.
There are a few simple rules to doing this. Your content and what you’re selling should meet four criteria. It must be:
Useful means the content, as well as your product or service, has a defined use for a target audience. It addresses:
- How do I use this?
- How does this help me?
- What problem does this solve for me?
Here’s an example: According to a recent IDC Research report, 49 percent of the entire U.S. population currently uses a smartphone. By 2017, that number is expected to reach 68 percent. That means that within four years, more than two out of every three Americans — regardless of age — will be connected via smartphone. Therefore, a useful product a company might offer could be a solar-operated phone charger. And useful content to distribute to a target audience may include “How to make your daily life easier with these top five iPhone apps.”
To be Relevant, the product, service or content must be new and interesting, and mean something to the market or industry. Your audience will ask:
- What does this mean to me?
- Do I need this?
Let’s say your organization provides a website portal that connects insurance companies. New and interesting content that means something might be, “How your health care plan will be affected by reform . . . and what you can do to prepare for it.”
In a world filled with noise, you must demonstrate how what you do is Differentiated from competitors and explain:
- How does your content, product and service compare to the competition?
- Is it unique?
Let’s go back to the smartphone example. If you sell or service iPhones and Android-platform models, think about creating engaging content that examines the needs of today’s smartphone user, and then go beyond the basic functionality.
It’s also imperative to understand your target audience and the target audience for each product. Android-based smartphones are primarily aimed at businesspeople. iPhones, for all their bells and whistles, are not. This differentiation has led to a lot of confusion in the marketplace when consumers compare one against the other. Understanding this allows smart marketers to create engaging content such as “The top 10 needs of businesspeople: A comparison of Android phones vs. iPhones.”
Finally, your product, service and content must be Available and easily obtained in any channel.
If you run a benefits company that works with employers, for example, health care reform provides a timely opportunity to help clients make sense of the landscape. This might entail delivering a variety of consumable content that’s available to them 24 hours a day, seven days a week, through any channel.
This could include a video that explains the difference in options available to employers. It could be a social media campaign that outlines the top five differences between the health care insurance exchanges and employer-sponsored health care. Or, it may be a series of print mailers or webinars, or even a dedicated microsite that’s filled with content that details what employers need to know.
When your goal is creating engaging content, your ability to consider — and address — each of these factors may be what’s required to transform engagement into measurable conversion.
This is no fish story. Instead, this column is about one of the most important roles an owner or CEO must fulfill on an ongoing basis.
Leaders spend an inordinate amount of time dealing with the issues du jour. These range from managing people, wooing and cajoling customers, creating strategies, searching for elusive answers and just about everything in between. These are all good and necessary tasks and undertakings. Too frequently, however, these same leaders delegate this effort to others or ignore it altogether. To be “in the game,” you have to know when to fish or cut bait.
Successful fishermen know that to catch a fish they have to sometimes cast their lines dozens of times just to get a nibble or bite. The first bite might not result in reeling in that big fish. Frequently, a nibble is just a tipoff as to where the fish are swimming.
The same applies to reaching out — casting a line, if you will, to explore new, many times unorthodox, opportunities for your organization. These opportunities can be finding a competitor to buy, discovering an unlikely yet complementary business to partner with or snagging a new customer from an industry that had heretofore gone undiscovered.
All of this takes setting a portion of your time to investigate unique situations, as well as a healthy dose of creativity and the ability to think well beyond the most obvious.
Too many times even the most accomplished executives lack the motivation to look for ideas in unlikely places. Some would believe that it’s unproductive to spend a significant amount of time on untested “what ifs.” Just like sage fishermen, executives can also cultivate their own places to troll.
Of course, networking is a good starting point, particularly with people unrelated to your business, where sometimes one may fortuitously stumble onto a new idea that leads to a payoff.
Other times, a hot lead might come from simply reading trade papers, general media reports and just surfing the Internet. The creative twist is reading material that doesn’t necessarily apply to your own industry or to anything even close to what you do. New ideas come disguised in many forms and are frequently hidden in a variety of nooks and crannies. This means training yourself to read between the lines.
Once something piques your imagination, the next step is to follow through and call the other company or send an inquiry by email to state that it might be worth a short conversation to explore potential mutually beneficial arrangements. This can at times be a bit frustrating and futile. That's when you cut bait and start anew.
However, reaching out to someone today could materialize into something of substance tomorrow. The often skipped but critical next step, even after hitting a seemingly dead end, is to always close the loop with whomever you made contact. Even if there is no apparent fit or interest at the moment, it’s easy and polite to send a short note of thanks and attach your one-paragraph “elevator” pitch.
That same person just might be casting him or herself, be it in a month or even a year later, and make contact with a different organization that’s not a fit for him or her, but recall you because you followed through and created awareness about your story.
This just might lead the person with whom you first spoke to call you because you had had the courtesy to send that note. Bingo — you just got a bite all because of continuing to cast your line.
Good CEOs and honest fishermen also have one other important characteristic in common: humility. They know that when a line is cast it won’t result in a catch every time. But if nothing is ventured, it’s guaranteed there will be nothing gained. Don’t let that big one get away. Just keep casting.
As an organization grows, changes are inevitable.
New employees are added, promotions are made and job responsibilities shift.
But any time you have change, you have the potential for conflict. Few people are comfortable with change, and each person will react differently in making the adjustments necessary to move forward with the company.
The most important thing a CEO can do is to be active in confronting potential conflict. Conflict goes hand-in-hand with change. Employees begin to question management, co-workers and even themselves as they are forced outside of their comfort zones. Those questions can lead to misunderstandings that can lead to conflict, and that will ultimately slow your growth.
Don’t passively avoid potential conflict. Instead, actively engage members of your organization by providing the necessary forums both for you to communicate your strategy and vision and for them to communicate their concerns back to you. An active conversation will help drive your vision for the company through the organization and will also help foster your next generation of leaders as they take a more active role.
Only when employees are challenged to think — and to challenge you — will you maximize your organization’s potential. Do you want employees who don’t speak up when they recognize what may be a fatal flaw in your grand strategy? Or would you rather have employees who are actively thinking about the big-picture goals of the company and doing their part to contribute?
Regardless of what size company you run, it comes down to a simple choice.
It’s a choice between having employees acting like robots or acting like people. If you choose robots, you will have to have all the answers. If you choose people, you only have to have some of the answers because the employees will help you find the rest.
Engaging employees in conversations, meetings and decision-making helps them take ownership and helps you create a happier work force. If they are not allowed to speak, gossip and rumors will drag down your productivity.
Actively provide two-way communication. Let employees do the talking and hear what they have to say. The results may surprise you. Those closest to the customer often know best what needs to be done to improve sales, service or efficiency.
Too many CEOs lament the lack of good people to help take them to the next level. Maybe the problem is more CEOs need to create good people rather than driving them off with a work environment that’s better suited to a good robot.
Every Company is a Media Company. It’s a phrase coined some eight years ago by tech journalist Tom Foremski to describe the impact of technology on marketing.
From the Internet to Wi-Fi to smartphones, a tectonic shift has taken place with technology forever changing the landscape of marketing, just as radio and television did before.
Only this time, it’s different. This time, the power has shifted from the hands of a few hundred powerful media outlets to the hands of billions of consumers.
At the same time, companies like yours have been handed powerful tools and an unparalleled opportunity to engage with customers like never before. It’s not just in the obvious new places like mobile websites, apps and the media. Technology has made it easier and cheaper to communicate through video, live events and, yes, even print publications.
Like it or not, you are a media company.
So what’s a media mogul like you to do? You need to do one thing: create content. And you need to do it well. You need to create content that generates interest among your target customer base and engages them with your organization.
It might sound easy, but it’s not. Most business leaders know that effective communication is one of the biggest challenges any company faces. When that communication is what sets you apart in the minds of your customers and prospects, the stakes are all the higher.
Here are a few important points to keep in mind as you set about embracing your new role as a media company.
Be where your audience is
Content comes in many forms. Most of us 40- or 50-something business executives are more comfortable reading printed material. Flipping through your brochure, newsletter or even your own custom magazine is comfortable for us. So hand us something.
But younger VPs and 20-somethings — many of whom do the heavy lifting of researching company buying decisions — are more comfortable gaining intel online. They scour videos on YouTube, mine infographics on visual.ly and peruse PowerPoints on SlideShare. So take the time to figure out which of these is the right channel to reach your target customer.
Share knowledge, not platitudes
Yeah, we get it. Your people are smarter, their customer service is better and their breath smells fresher longer. But that’s not why we might be interested in your business.
What we want to know is how you’re going to solve our problems and make our lives easier. We don’t want you to tell us you are smarter; we want you to show us you are smarter.
Thought leadership articles, white papers and blog posts showcase your knowledge of industries, issues and tactics. They differentiate you from your competitors and position you as a subject matter expert in your market.
Talk about customers more than yourself
The best communicators are great storytellers. Stories resonate. They connect us. They are, simply, what we remember.
Sharing client success stories is one of the best ways to tell your own story. The tried-and-true case study is one of the most effective forms of content in a marketer’s arsenal. If you show us how you can make our businesses faster, better, stronger, we will do business with you. It’s that simple.
And if you have particularly well known and respected clients, you get the added benefit of basking in their reflected glory. Welcome to the media business. Now go tell your story.
Michael Marzec is chief strategy officer of Smart Business Network and SBN Interactive. Reach him at firstname.lastname@example.org or (440) 250-7078.
When Ted Turner launched CNN, there were plenty of people who said a 24-hour news network would never fly.
But Turner saw a problem: He enjoyed watching the news, but his busy schedule typically had him missing the standard news broadcast time. That’s when he got the idea: What if the news was on all the time? He couldn’t be the only one who was unable to fit a regular broadcast into his schedule, so he knew the demand was there.
The next step was to dream big. What if the news was on all the time, not just locally, not just regionally, but nationally and even internationally? The result was the first 24-hour cable news network. It took a lot of effort to get CNN to where it is today, but Turner’s dream was realized. His big dream yielded a big result.
People need to dream big. If you never take the time to dream big, great things probably aren’t going to happen for you.
We have the power to visualize our future. A professional athlete visualizes hitting the game-winning shot so that when the time comes, he or she expects to succeed. As CEOs, we must also visualize ourselves and our organizations achieving great things. We must see where we want to be and then convince those around us to help us get there. When you can articulate the vision in a way that makes it as clear to them as it is to you, your goals will be easier to accomplish.
Here are four steps to achieving great things:
- Have you dreamt big enough? If you aren’t visualizing your business achieving all its goals and growing the way you want it to, it might be holding you back.
- Take time to reflect on the dream. Let it simmer as you consider the obstacles that will have to be overcome to achieve your dream.
- When you are comfortable that you have thought it through, share the dream with people you trust. They can point out challenges you may have overlooked or offer encouragement to keep you moving.
- Get started. Big dreams don’t happen without hard work. Lay out the steps that will get you from where you are today to where you want to be and start working toward your goal. You won’t get there overnight, so focus on taking small steps toward your vision each day. Sell others on your dream so they can help you get there.
Don’t be satisfied with small achievements. Visualize your potential and the potential of your organization. With hard work, you can turn it into a reality. Dare to dream big.
Fred Koury is president and CEO of Smart Business Network Inc. Reach him with your comments at (800)988-4726 or email@example.com.
When we start off working as youngsters, most of us don’t have the common sense to move beyond our juvenile selves to assume more mature character traits appropriate for the workplace.
We also typically land in jobs where our potentially outrageous behavior can cause the least amount of damage — in my case, this included mating freshly-grilled burgers with appropriate-sized buns for the steamer storage bin at Burger King.
Later, our mismatched personalities of “future business mogul” and “party animal” duel it out in college during classes, internships and more responsible employment.
Then we madly scramble to figure out who we really are before we interview in the full-time professional world — where, of course, our potential employers think we’re only going to stay for two years anyway.
However, when each of us eventually enters the professional workforce, our youth and inexperience still typically dictate the creation of a brand new professional personality where one may not have existed before.
The result: a work-week personality vs. a weekend personality.
After all, it’s normally not advisable to do shots out of someone’s belly button in the Board Room.
As the years pass and our resumes expand, these dueling personalities pretty much have to unite as one — a multi-faceted persona, we can hope, but one nonetheless.
Even so, we were all young once. Beginning with everyone’s first foray into the workforce, an ongoing battle commences of “character” versus “characters” — who we are as compared to who we sometimes pretend to be.
Perception versus reality
These days, society doesn’t always help.
First, the wireless world has all but stripped today’s youth of the ability to communicate in person.
Then, with the increasing popularity of Reality TV, our “character” is often influenced by “characters” whose “reality” bears no resemblance to whom we are or who we should be.
For example, not immune to the allure of a Real Housewife, I still understand that I am sometimes being entertained by bad behavior while an impressionable youngster actually may tragically aspire to become “16 and Pregnant.”
And though “Saturday Night Live” alum Darrell Hammond has laid claim to the longest tenure of any SNL performer (1995-2009), this does not mean his personal character compares to the various “characters” he has portrayed: President Bill Clinton, Vice Presidents Al Gore and Dick Cheney, Regis Philbin and an Alex Trebek-loathing Sean Connery.
My recent chat with “businessman” Hammond revealed a man who sermonizes the value of hard work, determination and goal setting. He’s not really a president — he played one on TV.
At least pop-culture icon Judge Judy Sheindlin presents a reality-based version of the legal system — one that rewards polished communication skills, honesty, respect and even posture. Like her or not, Judge Judy’s least-successful guests suffer very public consequences stemming from a lack of preparation and yes, character.
Facing the job ahead
Of course, we can still complain about the seemingly selfish behavior of our younger generation, but before we throw Gen-Y under the bus. Who was driving the bus in the first place?
Weren’t today’s successful CEOs, VPs, senior managers and entrepreneurs also the parents who raised Gen-Y?
The bottom line: experienced business professionals must accept a more significant role in mentoring our young charges as they are essentially playing an adult version of Follow the Leader.
There is simply no greater example of character in business than a willingness to mentor and lead by example.
Though, to an actor such as Hammond, "honest" refers to a truthful portrayal of a character, using "honest" as a character trait resonates equally well in the business world.
After all, no one wants to deal with a business professional who is acting the part.
Real character matters.
Speaker, writer and “professional storyteller” Randall Kenneth Jones is the creator of RediscoverCourtesy.org and the president of MindZoo, a marketing communications firm in Naples, Fla. He can be reached at Randy@mindzoo.com or (571) 238-4572.
This column is not a how-to painting guide for business executives — I’ll leave that to the experts at Sherwin-Williams. Instead, I offer a few suggestions on preserving ideas for future exploration and innovation. Let me explain further.
Hindering creativity typically rears its inhibiting, ugly head when you make definitive statements, either verbally to others or in the confines of your own mind, and too quickly dismiss new ideas as being too farfetched. We’ve all been there. How many times have you said, “Not on my watch,” or, “I’m drawing a line in the sand on that matter,” and sometimes adding for emphasis, “That will happen only over my dead body”?
Eating your words, even years later, can likely cause severe indigestion and can sometimes result in choking that could bring on a premature demise of that next big thing. Littering the bottom of the corporate sea are concepts with promising potential that executives, with the flick of the wrist, pooh-poohed. Most times, that was simply because there wasn’t enough time to deal with the unknown or because of myopia and the lack of an inclination to push the envelope. It doesn’t take much talent to say no, but it takes leadership and creativity to take a germ of an idea to the next level. And it takes true vision to shepherd a new anything through the difficult trial-and-error gauntlet.
Close-minded responses to the unproven are not just limited to management. Politicians particularly have a unique knack of painting themselves into a corner with unlikely promulgations that frequently come back to haunt them in November after the opposite occurs. Backpedaling is probably the method most politicians use to get their exercise.
In a 1966 Time Magazine print edition feature story, this then-prestigious publication asserted, “Remote shopping, while feasible, will flop because women like to handle the merchandise and, with so much time on their hands, want to get out of the house.” Someone might want to email Time and ask the publisher how to spell Amazon.
There are alternatives to summarily stymieing thoughts, dreams or unproven methods. Certainly, there is a time and place for everything, and frequently, you or your team may not have adequate resources, at a particular moment, to pursue every idea that comes down the pike. Instead of saying no, a more fitting response is to say or think, “Let’s put that idea on a back burner so that we can for the moment focus on more conventional solutions, at least, for the shorter term.” This leaves the door open for continued research and refinement of an idea that could ultimately evolve into something meaningful.
Here is where the bucket from my headline comes in to preserve an incomparable yet promising notion that, at the moment, might be superfluous to the task at hand but, at the right time and place, proves to be a killer idea. I use the word bucket as a euphemism for a holding place or repository for things that I may want to explore when the time is right. Certainly, one cannot investigate every idea ever pondered, but at least by retaining all such ideas in one place, they are always there for future consideration when either more is learned about the subject matter or when comments begin surfacing in the media or elsewhere touching on that similar idea you’ve kept tucked away.
Your very own bucket can also become a temporary refuge merely to take your mind off other, more thorny problems or a simple respite from the day-to-day grind when you’re looking for a new inspiration. Alternatively, at the end of the year, remove the mothballs from your bucket and review what you’ve deposited. A fresh look just might ignite a former idea, which then takes on a new life of its own.
Anyone who has ever painted a room already knows not to wind up in a corner, lest they may never get out. Worse yet, more open-minded competitors could use that bucket to throw cold water on an idea that you had earlier but never capitalized on it while they did.
Michael Feuer co-founded OfficeMax in 1988, starting with one store and $20,000 of his own money. During a 16-year span, Feuer, as CEO, grew the company to almost 1,000 stores worldwide with annual sales of approximately $5 billion before selling this retail giant for almost $1.5 billion in December 2003. In 2010, Feuer launched another retail concept, Max-Wellness, a first of its kind chain featuring more than 7,000 products for head-to-toe care. Feuer serves on a number of corporate and philanthropic boards and is a frequent speaker on business, marketing and building entrepreneurial enterprises.
"The Benevolent Dictator," a book by Feuer that chronicles his step-by-step strategy to build business and create wealth, published by John Wiley & Sons, is now available online at: www.thebenevolentdictator.biz. Reach him with comments at firstname.lastname@example.org.
In order to succeed in business you need to have inner confidence - that state of feeling certain about and trusting in yourself. You can have confidence in your goals, your team, your system and your family, but if you lack self-confidence, you are missing the main ingredient for success.
Lack of confidence makes it harder to:
- Make sound decisions
- Lead others
- Perform tasks and duties correctly
- Get a raise or promotion
Today I will provide you with 5 confidence tools that you should use on a daily basis in your business and professional life.
Let's get started!
Confidence Tool #1 - Focus
As I mentioned last month in 5 Tips for Improving Your Focus as a Busy Professional - over the years in my coaching and speaking, I have found focus to be of the utmost importance for success in the workplace. Too many professionals try to "fly by the seat of their pants" and lack any ability to direct their attention.
To use the tool of focus effectively, you must first determine the things that need your concentration and focus. Take the time to assess and evaluate them. What should come first, second and so on.
Once you have things evaluated and set out, laser-target your focus and do not allow yourself to be swayed away from the task at hand.
Knowing what needs your attention and intently focusing on those needs helps free the mind of distractions that lead to second-guessing and lack of confidence. This builds motivation that in turn leads to building a positive energy that helps you remain calm and focused during times of stress.
Focus prepares the mind for action.
Confidence Tool #2 - Mentorship
Anthony Robbins and others have talked a lot in recent years about modeling the success of successful people. The idea is to find someone who is successful in your area of work or expertise and do what they do - modeling their successful behaviors.
While I agree that this is helpful, I have always felt that simple modeling comes up short. When I model, I am left to my own devices. I am forced to determine just what it is that has made the person successful. In essence, I have to guess.
Mentorship overcomes this shortfall. Mentoring involves working directly with someone who can help you find your strengths and weaknesses in business. Mentoring takes the guesswork out of the process.
Find someone in your area who is a leader - someone who has achieved a level of success and ask him or her to mentor you. Work with their schedule to find times where you can meet and discuss your needs and desires related to your business.
I have found that many leaders enjoy the ability to mentor others.
Can you see how this tool can help with your inner confidence? It is powerful!
Confidence Tool # 3 - Attitude
You can become the smartest, well-trained and mentored individual with the absolute worst attitude and that attitude will lead to your demise.
Zig Ziglar said it this way:
"Attitude, not aptitude, determines altitude."
How high you fly in the world of business is determined not by how much you know, but by the power of your positive attitude.
Ziglar was a trainer and teacher for dozens of years; he was not speaking against you learning new things and being mentored by the best. It's a matter of perspective.
Truly confident people - not those who think confidence is made up of simple arrogance, are those who have a great attitude toward business, work and life. These are the ones that co-workers want to follow.
Attitude moves your action forward.
Confidence Tool #4 - Exercise
In her article: Get Ahead at Work: 5 Ways to Increase Your Confidence In Business, Kelly Lynn Adams talks about the role exercise plays in developing confidence in business.
"Exercise has been shown to improve both mental health (by releasing mood-improving endorphins) and physical wellbeing (by reducing the likelihood of illnesses) while also improving the way you feel about yourself. So, whether you prefer to dance, go to the gym, run outside, bike, take a yoga class or box, get moving. It may just pay off, literally!"
I could not have said it better!
Exercise provides strength for action.
Confidence Tool # 5 - Action
I have been hinting all along in this article that there is one very important tool that must be used in order develop the confidence needed to achieve true success in business.
That tool is action.
We must get up, get moving and get out there on a daily basis. Actual hands-on doing is a powerful provider of self-confidence. Action defines the muscle of confidence. Consistent, daily action makes that muscle strong.
When focus, mentorship, attitude, and exercise bolster action, inner confidence no longer becomes a struggle we face.
Use these tools and develop the confidence you need to achieve your wildest dreams in business.
DeLores Pressley, motivational speaker and personal power expert, is one of the most respected and sought-after experts on success, motivation, confidence and personal power. She is an international keynote speaker, author, life coach and the founder of the Born Successful Institute and DeLores Pressley Worldwide. She is the author of “Oh Yes You Can,” “Clean Out the Closet of Your Life” and “Believe in the Power of You.” Contact her via email at email@example.com or visit her website at www.delorespressley.com.
Phil Terry knows he can’t stop trying to find out what’s on tap for the future at Monarch Beverage and has the scars to show for itWritten by Dennis Seeds
If there is one thing that doesn’t change much in good times or bad times, it’s alcohol consumption. Phil Terry knows that fact pretty well.
“Demographically over the years you can see that it’s pretty consistent,” says Terry, CEO of Monarch Beverage Co. Inc. “The economy affects it some, but it’s not like new car sales or home sales where a slight turn in the economy can have a devastating effect on demand. Our demand is pretty consistent; good times don’t spike and bad times don’t depress it that much.”
So why would Monarch, a beverage seller who does $275 million in business a year, step out of the box where its bread and butter lives and develop a non-alcoholic energy drink? Why bother to spend precious time and resources on something so peripheral?
The answers to those questions lie partially in a venture the company started a few years prior to the energy drink experience. A sales manager who was a real fan of exotic beers and the new trend of microbreweries suggested that the company start to focus on those products.
“He said we ought to pay some attention to these people because it is not like our mainstream brands,” Terry says. “There is not a huge demand for it. Maybe this was a way for us to distinguish ourselves from our competitors.”
That was the reason Monarch committed some resources to this, and launched its World Class Beer division.
“It has grown and worked out very well,” Terry says. “We were a little bit ahead of the wave on that. We created a network of other wholesalers that creates sales divisions focused on microbreweries and new and exciting beers.”
Meanwhile, back to the energy drink story.
“One of us had an idea that maybe we should get into the energy drink business,” Terry says. “We developed a product and spent some time and money formulating and getting it produced and putting graphics on it — and we still have a lot of that in the warehouse! It’s not doing too well.
“And the one of us who came up with that idea was me,” Terry says. “I’ve been reminded a few times that that wasn’t our finest move!”
Here is what could have gone better with the energy drink and how Terry keeps listening for whispers of innovation in an industry in which product demand is about as steady as a rock.
Try your best idea — and learn
There just isn’t a crystal ball that gives a clear picture of what’s ahead for a business. So you use your data, your gut feeling, and you try something new. As one investor is fond of saying, if you start with nothing and you fail, you haven’t lost anything. Even looking at the past doesn’t help a whole lot to explain why some things succeed and others flop.
“When I look back over the years at things that worked right or didn’t work right, many times the successes are due to serendipity rather than smart planning,” Terry says. “You try to plan, you try to have a vision for what is going to be the next thing, but the future is so unknown. It’s just a big challenge figuring out what is next and what you have to do to keep the business viable and committed and customers happy. It’s not easy.”
Focus groups and market tests are often prerequisites when a new product is launched because a great product alone isn’t enough. It has to cause excitement. Terry can attest to that about Etomic, his energy drink.
“It’s good stuff; all the blind taste tests that we did show that everybody loves it,” he says about Etomic. It was another aspect of the launch effort that caused serious problems.
“It was just the marketing,” Terry says. “Marketing means so much on how consumer products do. We just weren’t experienced with that, and we are still learning.”
Once Etomic was launched, it didn’t sell well. Nevertheless, Terry didn’t give up on the energy drink.
“We thought it would shoot off the shelf; it’s a good product,” he says. “But energy drinks are just marketed a whole lot different than alcohol is. “That’s an area, which we weren’t accustomed with. Alcohol has so many rules and regulations around it; the law prescribes what you can and can’t do.
“But with energy drinks, going in and buying shelf space is a common practice. We didn’t budget anything to buy shelf space. There are some barriers to launching a new product that we just weren’t aware of. Bigger companies pay for ideal locations.
“We haven’t given up on that drink; there may be something there, but in terms of innovation, that is one that didn’t work. We are learning, and we may get that right.”
You needn’t break the bank
Capitalizing on an innovative idea needn’t be expensive. The research and testing on the Etomic energy drink, let alone the costs of developing it, weren’t free, but when it comes to using social media, the cost is next to nothing and the benefits immeasurable.
When Monarch Beverage launched its World Class Beer division, it was a natural next step to use Twitter to help it gain a following.
“We have a free World Class Beer Craft Beer Locator iPhone app and Twitter accounts that tweet things like, ‘This account has a keg of a microbrewery’s Gumballhead and they’re going to tap it at 7 o’clock tonight,’ Terry says. “So we spread the word through social media, and people show up!”
Another low-cost idea that is bringing results at Monarch Beverage involves beverages — that’s right, alcoholic beverages.
Terry and his team saw a trend with his 650 employees having some increases in driving under the influence charges. Of course, it was off-the-job incidents, but Terry was committed to do something.
“Our creative department came up with an idea for a campaign that we run every major holiday called Have a Plan,” he says. “The campaign is to remind people that you need to plan your celebrations, you need to do it responsibly and in moderation, and as a result of that, we went from six to nine cases a year to two once we instituted this.
“We have a lot of innovations that we are proud of but that is one in which I think we can see a real impact on our fellow employees.”
Get the best rate of return
While you are looking for other innovative ways to control costs, and you plan on spending some money — to make more money — you naturally evaluate the ideas as to which would provide the highest rate of return.
Terry and his team launched a clinic that he estimates for every dollar spent returns $2.
“Our costs to insure the health of our employees were going double-digit every year,” Terry says. “We tried all the things people do to try to contain that: self-insure, use third-party providers, negotiate fees.”
He wasn’t getting the results he wanted.
“So a senior vice president came up with this idea for a health clinic,” he says. “The idea was to get more involved in the health of our employees. I thought it was the craziest thing that I had ever heard. We’re in the beer business, not the hospital business.”
The clinic started small, being staffed by a part-time physician’s assistant a few days a week. It has grown to the point now where there is a full-time doctor, full-time physician’s assistant, part-time physical therapist and a medical technician. It offers annual physicals for all employees, and an annual health plan for each that is designed by medical professionals.
“The health plan each year focuses on three behaviors: smoking, diet and exercise,” Terry says. “It focuses on those because we know that those are the three behaviors that we can affect. We can improve health and lower claims. And it’s been working.”
Employees rank the clinic as the most important benefit they have working for Monarch Beverage.
“We survey our employees every year,” he says. “We ask of them of their benefits, rank them 1 through 50, and the clinic always comes up No. 1. So it is not just that it is doing good things for our bottom line; it’s doing great things for relationships among all of us who work here.”
Even workers’ compensation claims can decrease, thanks to the efforts such as the clinic.
“Those claims have come down significantly over the years because we manage that in-house,” Terry says. “People are healthier, we are having fewer claims than with traditional health insurance and our workers’ comp costs have gone down.
“We are almost to the point of being an evangelist for the stuff. I do wring my hands about what affordable health care is going to do for us long-term, but whether this model is still going to work, but we are committed to it. The government would have to change the economics of all this pretty drastically for us to move out of this.”
How to reach: Monarch Beverage Co. Inc., www.monarch-beverage.com or (800) 382-9851.
Try your best idea — and learn.
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The Terry File
Monarch Beverage Co. Inc.
Education: I went to undergraduate at Indiana University. I am a recovering lawyer. … I went to the law school at the IU law school. So I am a Hoosier from start to finish.
What was your first job, and what did you learn from it?
I worked at a gasoline station pumping gas in high school, a discount gasoline station called Payless. I learned the value of an education. It wasn’t physically demanding work, but I could tell it was not something I wanted to do my whole life. And that if I wanted more, I needed to be educated.
Who do you admire most in business?
I would say Steve Jobs, in terms of being an innovator and being able to help people become the most productive, to create an organization that everyone can be proud of.
What was the best business advice you ever received?
I read this in a Jim Collins book, and it was essentially, ‘Don’t bet the farm.’ The way he put it was, ‘Fire bullets before you shoot cannons.’ Don’t bet so much on an innovation or a project that you jeopardize the company. Don’t put yourself in a position where the innovation has to succeed or you create difficulties for you generally. That’s what we’ve been following. We try to be measured on what we do and not get overexuberant about trying to figure out how to find the next big thing.
What is your definition of business success?
Whatever your mission is, serve that mission, and that mission does not include making money. We don’t judge success here by how much money we are making. We believe that if we have correctly identified a valuable social function, and we’ve served that social function well, we will succeed and we will make money. Our definition of success is accomplishing the mission. Monarch Beverage’s reason for being is to sufficiently provide an ever-escalating standard of service to its customers and to responsibly enhance demand for its products. In other words, serve the customer, create demand for your product. That’s why we’re here. And if we do those things well, we will make money. If we don’t do then, well, we won’t.
It is always difficult to find the right employees, not only people with technical skills but with other traits that will ensure long-term success for your organization.
Finding the right culture “fit” in terms of character and personality traits begins with the creation of the job requirements, preliminary candidate screening and the interview process. Preparation is critical before the interview to develop a series of questions designed to reveal the key traits desired of an employee.
At Clark-Reliance, our first hiring objective is to find candidates with superior technical qualifications and skills necessary to perform the tasks of a particular position. However, a candidate must also have the personal qualifications and skills to thrive in our corporate culture.
Identifying the major character traits that allow employees to fit comfortably into your organization and excel in their work allows you to create the appropriate interview questions. At Clark-Reliance, we have identified four major character traits necessary for an employee to have so that he or she will fit into our culture.
Self-awareness and personal accountability
Our goal is to find employees who have the ability to analyze and critique themselves. We want people to take accountability for their actions and success.
We want to find employees who are constantly seeking to sharpen their skills, which means either developing skills further or seeking skills they do not currently possess.
Simply stated, we want employees who have passion for their job and for our company.
We want employees who are willing to speak their mind as well as listen to other’s thoughts and ideas. A collaborative environment makes all employees invested in the development of the company.
In order to identify these traits in potential employees you should use behavioral type questions like the ones below:
- What are three accomplishments or significant successes that you identify with and take great pride?
- What would your present or former boss say about you? What would he or she have liked to see you do differently?
- Can you tell me about a mistake you made, either work or personal, that taught you a significant lesson?
- Where have you sought to improve yourself over the last three months?
- How would a co-worker describe you?
- What personal needs do you think this position will satisfy?
- What has been your toughest job? How did you handle this job?
- Has a job ever conflicted with your thoughts of what is right or wrong? If so, how did you handle it?
- What work situations irritate you or make you angry?
- If you were involved in a heated discussion with a fellow co-worker, would you be more comfortable in the role of the peacemaker or decision-maker? Why?
- Have you taken the initiative to handle something that is technically out of your area of responsibility? Why did you choose to handle the situation that way?
- How do you deal with your boss when he or she overrides a major decision that you have made?
Matthew P. Figgie is chairman of Clark-Reliance, a global, multi-divisional manufacturing company with sales in more than 80 countries, serving the power generation petroleum, refining and chemical processing industries. He is also chairman of Figgie Capital and the Figgie Foundation, a member of the University Hospitals Board of Directors, corporate cochairman for the 2013 Five Star Sensation and chairman of the National Kidney Walk.
Rick Solon is president and CEO of Clark-Reliance and has more than 35 years of experience in manufacturing and operating companies. He is also the chairman of the National Kidney Foundation Golf Outing.