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Showing posts with label strategy. Show all posts
Showing posts with label strategy. Show all posts

Wednesday, January 27, 2010

8 Ways Social Media Benefits Events

Incorporating social media (via Twitter, blogging, video, community sites, LinkedIn, Facebook, etc.) is a growing phenomenon for live and virtual events. Last week included a swing through Chicago for strategy development on two conferences where I produced social media in 2009. I'll be heavily involved in growing the social media presence for both events (the national Business Marketing Association and the American Marketing Association Market Research Conferences) again in 2010.

According to attendees and event industry observers, we introduced more innovative social media experiences than even many tech-oriented events. This impact at the front end of producing event-based social media comes from the fact the activity merges several areas of expertise for Brainzooming, including:
  • Strategy development
  • Customer experience design
  • Social media
  • Event production
Based on first-hand experience, beyond creating a buzz or "newness" for an event, strategically incorporating event-based social media delivers a variety of real benefits:
  • We created additional layers of content beyond capturing speaker talking points. We produced additional commentary, links to relevant information, and video interviews, among other educational assets.
  • We extended the conference impact to audiences outside the event through conference websites and the liberal use of hashtags.
  • It's possible to motivate favorable behaviors through incorporating promotional offers to drive trade show traffic.
  • It provides another way for attendees to become actively engaged in an event.
  • We gained an understanding of audience reactions to presenters on a real-time basis.
  • It's a way to solicit and address on-site customer service issues.
  • Our efforts provided additional educational value by introducing a large percentage of attendees to social media applications.
  • The social media team's presence prompted new interaction opportunities among those engaged in tweeting at each event.
What experiences have you discovered with event-based social media? We've found that realizing the full range of benefits requires a well-planned strategy and "producing" an event's social media effort, not simply leaving it solely to organic development. (Check out the deck we put together for the AMA Marketing Research Conference to get a sense of the range of interactivity we built into the event.)

Through both producing major events and taking a lead on organic social media in a number of smaller events, we've developed many fundamental approaches and look forward to sharing the benefits of these learnings in events this year. And if you're doing event planning, let us know if you're interested in finding out more about how social media can deliver new value for your event. - Mike Brown


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Tuesday, January 26, 2010

3 Links Between Your Company and Personal Brands

In a recent blog post, Mike Arauz, a strategist at Undercurrent, raised the issue of how personal and company brands fit together. He addressed the issue in the advertising industry particularly where the personal brands of an agency's employees can readily take on more prominence than its own.

Beyond offering a comment on how I'd handled this situation myself, the post suggested three other important elements in linking company and personal brand strategy:

  • More prominently marketing your personal brand implies you have to manage yourself successfully. As with a company's brand management team, carefully select the people you surround yourself with to help you shape your innovative personal brand strategy.

  • Ideally, your strong personal brand should be complementary to your employer's brand. At a minimum, they shouldn't be in conflict and should work in tandem. At best, the professional characteristics you successfully display in your job should be creatively displayed in your personal brand as well.

  • Make a conscious evaluation of elements from your employer's brand to incorporate into your personal brand for the mutual benefit of both. Are there personality, expertise, or performance attributes your employer is known for that you have come to strongly embody? If so, consider how you can creatively bring these into your personal brand. - Mike Brown

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Tuesday, January 19, 2010

See Me, Feel Me, Criticize Me

It's a challenge to objectively examine your own website as if a prospect or customer seeking information would. There's an approach you can follow to get ideas flowing though: Look at a direct competitor's online presence, trying to shoot holes in it based on how a customer might view it.

You should really be able to get into it by answering a few questions:

  • What misleading or out-of-date information is presented?

  • What's not compelling about the website?

  • What's confusing about the navigation?

  • How much unnecessary detail do I have to supply to get a copy of the "free" download?

  • What questions do I have that the website doesn't answer?

  • Do I know where to get my other questions answered?

  • In what ways did I get smarter by browsing this website?

  • In what ways were my information needs left wanting?

After doing this, go back and see how your own online presence compares. Looking at yourself from a customer perspective should now be much easier! - Mike Brown

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Monday, January 18, 2010

Don't I Know You?

How do you cultivate relationships initiated and largely conducted online? And how does it work with thousands of people following you?

The answer to the first question is, pretty much like you do offline relationships. And the answer to the second question is...the same.

For me, "shared experiences" are at the heart of successful relationships. The extent of peoples' common experiences strengthen and sustain relationships, even when contact levels may be minimal at times. The degree of emotional intensity in the experiences also drives memorability.

While social networking allows for many more "shared" experiences, it doesn't facilitate a comparable expansion in emotional capacity. Thinking about Twitter, it's clear an RT or a brief DM exchange provides little emotional impact. That makes it tough to remember some people you may have engaged with even a few months ago.

For those with tens or hundreds of thousands of followers, it's no different than an offline star: emotional intensity isn't always bi-directional , i.e., fans have intensely emotional experiences with (Twitter rock) stars who have no emotional connection in return.

Beyond simply managing numbers, it's important to manage how you create opportunities for shared experiences online and offline, (i.e., participate in tweetups) and emotional connections within your network over time. By actively, acting on these variables, you can introduce new shared experiences to help keep a waning relationship going within an expanding network. - Mike Brown

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Friday, January 15, 2010

Quit Complaining and Be Smarter

Find yourself mired in an organization (and feel free to substitute relationship, school, whatever outside entity you want here) that isn’t working for you?

No matter what you do, you’re not able to advance ideas, get things done, or maybe even feel like you’re being heard. Worse yet, you can't afford to walk away even though your frustration feels like it's eating you up inside.

Sound familiar?

Wonder what you can do?

Here’s an idea – quit complaining and channel your energy into being smarter and more innovative than the system in which you’re stuck! Possible approaches:

Take the weekend, plan your strategy, be positive, and come in as a new person this Monday! - Mike Brown


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Thursday, January 14, 2010

Not Even One of These Things Is Not Like Another

I was in my first meeting the other day of a group expected to help shape strategy for an organization with domestic and international reach to a mainly young audience. Of the eleven people present, ten were Caucasian males (mostly baby boomers), and the other was a Caucasian female baby boomer.

Ok, big problem looming!

Next time you're on an input-giving or decision making group, look around at the participants. If you're lacking diversity on any important dimension relevant to your target audience, voice a concern.

In this case, after challenging ourselves on the group's composition, one member offered to have his wife take his place. Nice sentiment, but hardly a fix for the underlying problem.

Leaders need to aggressively look out for diversity and ensure it's taken into consideration, even when it means reaching far outside their traditional networks to include different people. Beyond being an issue of propriety, it's critical for innovation and sound strategic decision making. - Mike Brown

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Tuesday, January 12, 2010

How to Succeed Where Strategy Is a Bad Thing

In many circles, "strategy" has become a bad word, right up there with "creativity," "innovation," and even "thinking." There clearly are business people who see strategy as mucking up getting things done. For them, strategy is perceived as simply adding time, cost, and complexity. It’s viewed as an impediment to running a business successfully. And by “successfully,” I mean “by the seat of their pants.”

To try getting a toehold for introducing a strategic perspective in these environments, we talk about strategy at Brainzooming as "addressing what matters with insight and innovation.”

It's tough for executives to argue against the "what matters" part, especially when making a case for something tactical as REALLY important. It forces them to put up or shut up if an idea is more of a pet project than a fundamental business issue.

Granted, "insight" is a little easier to sell-in than innovation; people don't want to be "dumb" about the work they're doing even when they're willing to accept a "status quo" mindset.

The clear implication the past few years is the simpler and more straightforward the definitions, process, and deliverables of strategy creation and implementation are, the more likely something successful will happen. – Mike Brown

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Friday, January 8, 2010

Advice for 2010

Be a contrarian this year - Think when others are reacting. Get antsy when everyone's comfortable. Innovate when you don't have to innovate.

Embrace dramatic change - Go against the "change one thing and test" strategy. Get friendly with chaos and change lots of things at once.

Get more from your life - Live today with wonder as if it were your first day. Create as if it were the only day you have. Be as bold as if today were your last. - Mike Brown


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Thursday, January 7, 2010

3 Must-Haves for Driving Social Media

The title topic came up recently on Twitter, as it had at a B2B social media roundtable late last year: Who should be doing social media strategy and implementation for a brand - organizationally and individually?

My take is a strategic perspective is the foundation for a social media effort to build a sustaining impact. When it comes to questions of social media strategy "ownership," it's clear sole responsibility for it doesn't fit nicely into a box on today's org charts.

Stepping back from the discussions, I forced myself into three criteria which seem necessary for taking on social media responsibilities in corporations:

  • Ability to always be on message for the brand, which implies effectively linking brand strategy to messaging

  • Appropriate sensibilities for social media channels

  • Diverse communication skills that work across various social media channels

Sometimes those people are in marketing communications, but you may find them in other parts of a company as well. They may also exist outside a company's employee base; that's fine too.

Most importantly, given the rapid pace of social media, you want the best strategic writers crafting the communication. Where are these people located in and around your company? Find them wherever they may be! - Mike Brown


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Wednesday, January 6, 2010

Everybody in the Pool (or Snow Drift) for the Brand Promise

Trends are pushing brands into innovative channels to sell their products and services. These strategies include going through intermediaries who resell, repackage, aggregate, or creates marketplaces for multiple providers' offerings. These arrangements have been the rise and ruin of many brands.

A specific challenge for parties in these intermediary relationships is that each brand visible to the end customer is bringing its individual brand promise to the sale. In turn, each becomes responsible for the aggregate brand promise, making it critical for various individual promises to fit together in a sensible way for customers. It's also vital that each provider (and its employees) can and do carry out the aggregate promise of whatever's being offered.

Our experience last week highlighted the challenges involved. Trying to get our driveway cleared of 9 inches of snow before returning from a trip, we used ServiceMagic.com. It promises to identify a short list of screened and approved professionals for home repair and contracting work, backed with a seal of approval and a guarantee.

We chose the first one to contact us (whose name can best be described as "Generic Subdivision Name Lawn and Garden" company).

Here's the rub. Beyond whatever else ServiceMagic promises, its name implies something more. It's not operating under a generic lawn and garden company name. Adding the name "Magic" into the collective brand promise implies an enhanced sense of delight and wonder with the service performed.

Unfortunately, we returned home to find the snow removal only partially completed. The porch, walk, and driveway were still half covered in snow - hardly a magic moment. A call to the snow removal company didn't get someone back to do the work by the next morning. I wound up finishing the project, shooting a video before and after to substantiate what was and wasn't done.

As of this posting, no one's contacted us and we haven't been invoiced by anyone. Maybe that's the "magic" part of the service. If this is the case though, it would be a more magic strategy if someone called to say, "Hey, we screwed up, and it's free!" Doing so would ensure our return for more performances! - Mike Brown


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Monday, January 4, 2010

Stop Right There, Before We Go Any Further

Okay, it’s the time for 2009 reviews and 2010 look aheads.

So, what did you stop doing in 2009?

Stopping something counts as “doing something.” And in a period when time demands are coming at us from more ways than ever, it’s okay to quit things that aren’t contributing or adding as much value to your life as other things.

So, what did you quit in 2009?

Answering the question myself, I had a big quit (my long time job) in 2009 and a variety of slow downs (i.e., less activity than previously expended while still keeping something going). I probably didn’t quit enough things in 2009 though and certainly didn’t quit as many things as I started.

How about you?

For me, 2010 feels like it’s going to be a year of more quits. That’s because there will need to be a bunch of starts and trials this coming year. It will be one of dramatic changes and will require repeatedly identifying what isn’t valuable anymore and needs to go "bye-bye." One of the things I'm considering for the quit list is daily posting on Brainzooming in favor of a several times a week schedule. Would definitely appreciate your reactions to the idea before it's a final decision!

If your stop doing list from 2009 also seemed too short, start deciding what you’ll be quitting in the next 12 months. – Mike Brown


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Friday, December 11, 2009

The Eighth Day of Life-Changing Gifts - Protecting People from Themselves

When Cyndi signed me up to work out with a trainer in 2006, the first meeting included a diet inventory. This entailed listing everything typically eaten throughout the day along with other food and cooking preferences.

As the trainer reviewed the responses, there was apparently a problem with me eating homemade ice cream for breakfast every morning. I had done so for years because it was quick, tasted wonderful, and even I could prepare my own breakfast when all it amounted to was scooping ice cream.

The trainer commented sternly, however, "You can't eat ice cream for breakfast."

I was shocked that eating ice cream every morning was THAT big a deal (hey, it's dairy - which IS a food group). Yet having someone challenge me on it was a huge part of making me take a step back and change my behavior. I subsequently completely revamped my health practices, started eating the right things, cut food portions in half, and exercised regularly to lose more than 25 pounds.

Do you know someone who is going blissfully along, unaware he or she is doing something potentially damaging? If so, do the person a favor and challenge them on it. It could be a life-changing moment. - Mike Brown

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Tuesday, December 8, 2009

The Fifth Day of Life-Changing Gifts - Creating Ridiculous Growth Opportunities

At a company-first sales conference, we'd scheduled Tommy Lasorda as a surprise second-day speaker. My boss (a very different boss than in yesterday's post) was set to emcee the whole conference, yet at the end of day one, he said, “I have to spend the afternoon with Tommy Lasorda, so you emcee tomorrow afternoon.” Startled (and a little scared) by his comment considering there was no script and no rehearsal time, I took on the assignment the next day.

As it turned out, it was an incredible opportunity to be in front of the entire company’s sales team for a whole afternoon. With a pretty boring agenda of speakers, it created opportunities as the emcee to be interactive, funny, and get the entire audience to stand up and scream at the top of their lungs. That night, so many people came up to say they had no idea I was funny. In one afternoon, I went from being a quiet research guy to having a personality within the company and incredibly shaping the next decade of my career.

There are tremendous benefits for your team members (and for you) when you're willing to create ridiculous challenges and great opportunities to make them grow in ways no one else would ever imagine.

Note: This is one of a series of posts on life-changing gifts. - Mike Brown

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Friday, December 4, 2009

The Third Day of Life-Changing Gifts - Giving the Okay to Challenge Thinking

Early in his tenure, our CEO shared his ten business principles. I don’t remember nine of them, but one stood out for of its simplicity, matter-of-factness, and wide applicability: “Don’t do anything stupid.”

I've used this admonition numerous times when attempting to slow (and ideally thwart) ill-founded ideas others felt really strongly about pursuing. When you can invoke the CEO's own words, it provides a lot more credibility in challenging dumb stuff and trying to do the right things for the business.

The approach's success oriented me toward the tremendous leadership benefits of sharing what really matters in easy-to-understand words. If you can get your message distilled in a simple, clear way, it frees up team members to use their own perspectives and innovative spirits in beneficial ways a leader could never anticipate. I've written several times about my own struggle for simplicity and have tried to take this learning to heart.

As an example, I was leading a motor sports program in what was then called the Busch Series. It's considered to be a second-tier series in NASCAR behind the "Cup" series, where everything costs 3 to 5 times more to sponsor. Our challenge was creating a program with a top tier Cup sponsorship's impact with a relatively small investment. This potential dilemma was at the heart of our internal program strategy: "We're doing a Cup level program with a Busch Series budget." With that direction, the team understood our constraints and was freed to be more creative and challenging in how we attacked our goals.

Think about what simple strategic guidelines you can share with your team to help them be more effective in carrying out the most important activities.

Note: This is one of a series of posts on life-changing gifts. - Mike Brown

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Thursday, December 3, 2009

The Second Day of Life-Changing Gifts - Focusing on What's Really Important

A friend from church gave me a tape several years ago by Fr. Larry Richards, a Catholic priest and evangelist, who does a broad series of talks on faith topics. In one about our "life’s purpose," he discussed the need for a spirit of sacrifice. In doing so, he talked about a poster in his office which said, “Every time I think I’ve sacrificed everything, God asks me for something I’m not willing to give up.”

Amid all the concerns vying to command our attention, this question is a constant reminder to embrace a sense of detachment from the falsely "important." And at a time when I was challenging myself on what WAS important, this statement had a dramatic impact. It was a big part of reorienting my life's goals and core purpose away from monetary concerns to spiritual and sacrificial ones, which have much more permanency. I've adapted the question for use in presentations, asking, “At the end of your life, what will you look back on from your life that will cause you to smile?”

Contemplating these questions is so appropriate this time of year when it’s easy to become enchanted with things that will be long forgotten when our time here is over.

Note: This is one of a series of posts on life-changing gifts. - Mike Brown


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Monday, November 30, 2009

12 Steps to Grow Diversity in Your Personal Network

Look at your network now compared to last year. Have you dramatically expanded the number of people you can call or email and be reasonably sure you'll get a response from them?

And that doesn't mean from loading up on contacts inside your company using the "People You May Know" feature on LinkedIn. A network gains value through diversity - not from having 75% of your connections riding on the same economic train as you!

If your active network looks the same as it did last year, ACT NOW when ideally you don't need your network's benefits. Here are 12 potential ways to add not only numbers, but diversity to your network:

  1. Join and actively participate in professional associations
  2. Regularly attend (and even create) networking events and follow up on connections
  3. Take on leadership roles in church, school, or alumni organizations
  4. Deliberately try to network with other parents at kids' activities
  5. Write articles for publications within your industry
  6. Speak publicly on topics of expertise for you (and if you're reluctant to speak, join Toastmasters and get over your apprehensions)
  7. Use Twitter to build a global network of people involved in topics of interest (Twitter Lists or WeFollow are great places to start)
  8. Run for public office
  9. Find and join groups focused on hobbies you enjoy
  10. Share your expertise via social media - start a blog, comment on other blogs, record podcasts or video blogs
  11. Start a second job where you interact more with the public
  12. Strike up conversations with people you meet standing in line

And IMPORTANTLY, have business cards with you and introduce yourself to new people with your first and last names. I can't believe how many people go to networking events and don't have cards and/or introduce themselves by mumbling their first names.

Not all of these methods make sense for everyone. For my networking strategy, numbers 1, 2, 6, 7, and 10 have all been very effective at meeting great new people both online and in IRL (in real life), especially by starting to attend and even organize tweet-ups.

There are certainly several of these that will work for you, so pick and get started adding diversity to your network! - Mike Brown


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Wednesday, November 25, 2009

Out and About Marketing - Double the Fun, If You Follow the Rules!

The Baskin Robbins Double Header Cone screams, "I came out of an innovation session!"


That's okay though because it appears from the outside-looking-in to have a solid customer experience-based strategic foundation.

An ice cream cone allowing multiple flavors and formats side by side lets customers preferring cones experience them in a new, fun way. Who can beat two different ice cream flavors and formats (soft serve and scoop) the way YOU want to combine them, instead of randomly (mashed scoops), sequentially (scoops on top of each other), or in a forced swirl (for soft serve)?

It's fun for kids (who seemed to be the primary audience the day we were in Baskin Robbins) and probably makes a parent's life a little saner (since it helps more easily please a kid wanting multiple flavors). For Baskin Robbins, it creates some near term buzz and introduces a new, slightly higher price point to upsell customers who'd typically only buy a single cone.

Unfortunately, the poster's fine print clearly states "no substitutions." You can't have two scoops or two soft serve flavors. The Double Header cone "fun" doesn't extend to customer-driven innovation at the point of sale.

Have a wonderful Thanksgiving (US-based readers), and be on the look-out for "out and about marketing" examples to share here! Brainzooming is taking a few days off and will be back Monday. - Mike Brown

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Tuesday, November 24, 2009

Out and About Marketing - Making Buying Decisions Simpler

Product innovation is rampant. Great for providing choices! Crappy for having to choose from among them.

So it's smart product strategy for brands to remove uncertainty and apprehension by making decisions simpler for consumers. Interestingly, today's examples of doing this well both come from Sam's Club - home of having to buy more than you'll ever need to get a good deal (especially for a two-person household).
Shopping for cheaper deodorant, the main brand switching factor was getting a product smelling close to my current choice (or at least not smelling weird).

This sealed four-pack of Degree deodorant had a great per unit price. But who likes a great deal on 4 deodorants only to find out after buying it that it smells like perfume?



How to avoid this deal breaker? Ingenious marketing to the rescue!

This multi-pack included a scratch-and-sniff label on the left of the package allowing me to smell the deodorant before buying. It was close enough, and I switched brands.

Cyndi was getting an early jump on shopping for Christmas baking as she's planning to make hundreds of chocolate chip cookies (among other things). A pallet in the middle of one aisle featured a great buy on 72 ounce bags of Nestle Semi-Sweet "Morsels," the chocolate chips of NestlĂ©® TOLL HOUSE® cookie recipe fame.

She asked how many bags she'd need since the recipe called for 12 ounces of chocolate chips. Doing the math in my head, I looked over to the stack of chocolate chips to see the math clearly displayed on the packaging: these big bags are good for 6 batches of cookies each. Since math skills are probably declining at the same rate product proliferation is increasing, how innovative to simplify the math and create happier cookie makers.


And by the way NestlĂ©®, maybe you should up the recipe to 18 ounces of chocolate chips? That's 50% more in sales for you and even happier cookie eaters! - Mike Brown


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Sunday, November 22, 2009

How a Category-Creating Jersey Deal Set the Stage for an Industry-Centric MLS Cup - Guest Post by John Digles

I met John Digles in June 2009 as he produced video interviews for the Business Marketing Association Conference. John's background is fascinating; he's an award-winning film maker whose work has gained critical notice, including at the Sundance Film Festival.

John is also founder of entrepreneurial incubator StrategyDeli and sits on the DePaul University Marketing MBA Advisory Council. As Chief Marketing Officer of
XanGo, John implemented a number of innovative programs, including:

  • Negotiating a category-creating jersey-front deal with Major League Soccer
  • Creating the award-winning XanGo.TV social media site
  • Leading an international marketing program in more than 25 markets

John's innovative track record earned him an invitation to address the WFDSA World Conference XIII in Singapore.

Sponsorships represent great marketing opportunities if approached strategically and with activation plans fitting a brand's business objectives. Today, John shares his perspective on how XanGo put together an innovative sponsorship program that's led to the brand being featured in tonight's Major League Soccer championship on ESPN.


Jersey-front sponsorships are a long-running international soccer tradition. Global corporations such as Samsung and bwin invest millions supporting top teams and showcasing their brands on the playing fields of the world’s most popular sport. But when XanGo, a 4-year old emerging nutritionals leader and direct sales company based in Utah, inked the first jersey-front sponsorship in U.S. Major League Soccer history in November 2006, it was the first of its kind in North American professional sports.

The innovative deal to place the XanGo brand on the jersey-front of Real Salt Lake (RSL) was a perfect fit for the XanGo healthy lifestyle brand and its reputation as a “company of firsts.” We faced risks, however, that come with introducing this kind of advertising. Some wondered if American soccer fans would accept a branded jersey, while others considered a direct sales company an unlikely sponsor.

Exploring the jersey sponsorship, we formulated an activation program designed to mobilize hundreds of thousands of independent XanGo distributors and “make every game a home game” for RSL. Reaching a new consumer constituency would provide opportunity for distributors to teach the business as they filled the stands and hosted their own events at local soccer matches.

XanGo rolled out with an advanced digital strategy and a branded web site celebrating the game and teaching soccer basics. Research showed the site became a destination for parents whose kids were discovering soccer and joining leagues across the country. Many of these visitors learned about XanGo for the first time.

XanGo distributors and employees made RSL’s branded kit one of the league’s top-selling jerseys. FIFA Soccer by EA Sports, one of the world’s most-popular video games, featured XanGo on the jersey of the game’s RSL team. And the XanGo Cup hosted friendly exhibitions between RSL and international soccer superpowers – and their TV audiences.

Measurement data showed the jersey deal became a key factor in boosting global brand recognition, web traffic, and recruitment.

Weeks after the XanGo sponsorship announcement, David Beckham signed with the L.A. Galaxy and global nutrition and direct sales company Herbalife secured the next jersey-front deal. Jersey sponsorships with major brands followed around the league, including BMO with Toronto FC, Best Buy with the Chicago Fire, and Amway Global with the San Jose Earthquakes.

Network marketing is a passionate, loyalty-driven business. As direct sales brands cut their jersey deals, distributors from each sponsoring company became more vocal and competitive in showing support.

Three years after the first jersey-front deal, Real Salt Lake and the L.A. Galaxy have reached the MLS Cup, taking two direct sales titans to the league’s biggest stage.

While the category-creating deal surprised some, the trend of direct sales sponsorships has aligned thriving nutrition brands with the game, increased consumer awareness of the business and converted millions of passionate distributors into active fans for Major League Soccer. - John Digles

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Friday, November 20, 2009

Getting Ready for 2010: Planning in a Recession - Guest Post by Barrett Sydnor

Today's guest post addressing preparing for 2010 comes from Barrett Sydnor, one of the first guest authors ever on Brainzooming back in early 2008. I've worked with Barrett on various strategic planning projects over the past 15 years, including quite a bit of quantitative industry analysis and supply/demand forecasting.

Today, he's addressing the right marketing stance to have during and coming out of a recession:

Fortune Favors the Bold.

The Roman playwright Terence wrote that in the 2nd century BC, though Virgil often gets credit because a similar line later appears in the Aeneid. Terence was probably talking about the military strategy of some emperor, but it turns out that the sentiment applies to businesses—small and large—as they face figuring out how to plan for 2010.

A natural tendency when looking at bad or uncertain times is to hunker down, keep spending to a minimum, and stay with what you have done in the past. Natural, but maybe not smart.

A Hurwitz & Associates report found that 65% of small businesses that expected increased revenues during 2009 had raised or planned to increase marketing spending. Increased revenues were expected by only 30% of those who were keeping marketing spend flat, and almost half (41%) of those who were cutting marketing spend were expecting a decrease in revenue.

This correlates with a study done at Penn State after the 2000 recession. The authors say that using what they call “proactive marketing” can allow firms to improve both capital market and business performance during a recession. They cite increased marketing spending by P&G, Kellogg, Intel, and Wal-Mart during recessions—and depressions—as a way to grab or consolidate dominant market shares.

For sports fans, one way to restate “Fortune Favors the Bold,” is “The Best Defense is a Good Offense.” You might ask, "How did that work out for Bill Belichick and the Patriots against the Colts?" While the execution lacked, he had the science—and the odds on his side (discussion here, here, and here).

In planning, as in coaching football, getting the odds on your side is really is what you are trying to do. Being more aggressive with your 2010 plan may be the way to tilt those odds in your favor. - Barrett Sydnor



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