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Archives
July 19, 2010
When Branding Works Against You... Networking Your
Business for Success... The Steinbrenner Legacy... Draw
Success From Your Existing Skills...
and More.
When Branding Works Against You
By Adrian Newman, Founder of e-Wealth Daily
I start each day with a hot cup of coffee. Typically, I brew my
java myself, but I'll also stop in at local coffee shops when I
have the time.
In my neighborhood, there is much debate over where you
should get your coffee. Should you choose the small,
independent shop run by a local resident or should you go with
the big, international chain that employs local residents?
One big, international chain that seems to dominate the coffee
debate is Starbucks.
From its beginnings in Seattle, the coffee giant has grown to be
recognized around the globe. Its distinctive cups are seen in the
hands of celebrities and can even indicate social status, as these
brews don't come cheap.
Recently, Starbucks has seen a decline. A sharp enough decline
to call for the closing of stores and the loss of jobs for
employees.
In an effort to regain its footing in the coffee market, the brand,
one that has focused on creating a very distinctive and easily
identifiable look, is switching gears.
In its hometown, Starbucks is opening new stores without its
distinctive logo. In fact, the stores are adopting the names of
the neighborhoods they are located in.
Why this switch? Well, independent coffee shops are viewed
by some as the underdog hero. Many have an eclectic feel with
mismatched furniture and a story to tell. These stories are
attracting more and more customers each day. Status-conscious
consumers have said to themselves, "Who wants to be seen as
another sheep in the herd when you can stand out in a unique,
little coffee house?"
The symbol of success that the Starbucks logo once
represented has taken a turn for the worse and the bigwigs at
head office have taken note.
Does this mean that we'll soon see the disappearance of the
Starbucks brand? I personally doubt that. But, what this does
mean is that even well-established corporations are taking
stock and making drastic changes to cope as the economy
continues to face more challenges.
Remember, there is nothing set in stone when it comes to your
business. While a complete overhaul to attract more customers
may not be what you need, making changes to adapt with your
clients is going to be an essential part of your success.
Networking Your Business for Success
By John Hurd, Chief Wealth Researcher
You've gotten your business off the ground, you're attracting
some great customers and you're starting to connect with other
businesses in your area.
You're even feeling great and there seems to be no limit to how
far your success can go.
And sustaining the momentum you've put your hard work and
effort into should be one of your main priorities. To keep that
momentum going, you could focus on extending your business
connections. That means reaching out to other businesses in
your community or in your field and creating a network that
could help support or even grow your business. This could
even result in broadening your access to new customers or
clients.
There are many ways to meet with local businesses. You can
start by contacting your Chamber of Commerce for
information. And if you run a store, get to know your
neighbors by introducing yourself face-to-face.
The first step to establishing a network of mutually beneficial
connections is to focus on starting small, and then to grow
your network over time.
You may want to get out there and meet everyone you can.
But, in your haste, you could be making too many friends and
not creating some possible business opportunities. Don't get me
wrong; there is nothing wrong with making friends, but
keeping your business and your personal life separate is
important in helping you maintain your focus on achieving
success.
And that means focusing on making the business connections
most relevant to you. When you're making those first
introductions and creating your network, you are going to want
to communicate what exactly it is that your business is all
about and what you specialize in. Avoid making a sales pitch
and instead offer up the specifics of your products or services
and what you are doing to really set yourself apart from the
competition.
It is being specific in your needs that will also allow these
possible connections to better help you out when the time
comes.
The next thing to do is to keep in contact with your network.
Offer to add them to your mailing lists or send them an e-mail
when something new or important comes up. Be polite and
neighborly, but always remember you want them to consider
you a serious businessperson, so avoid gossip and keep your e-
mails short and to the point.
Keep in mind that part of being in a network means that you
may also be needed to offer support. So be sure to keep your
new contacts in mind and be proactive when it comes to
offering your assistance. You could offer to refer new clients or
customers or set up meetings just to exchange ideas.
By helping out and getting involved, you'll be creating
relationships that could benefit you and your business for years
to come.
The Steinbrenner Legacy
By Michael Newman, Self-made Millionaire
Major League Baseball has lost one of its most famous and
recognizable personalities. The long-time owner and general
manager of the storied New York Yankees franchise passed
away from a heart attack. George Steinbrenner was 80 when he
died, and he leaves behind a great legacy for all entrepreneurs.
When Steinbrenner bought the Yankees, he paid under $9.0
million for the franchise. Over his 30-year tenure as owner, he
grew the team into one of the most popular sports franchises in
the world. His career, however, was full of ups and downs and
learning experiences that offer lessons and hope for people
looking for business success.
Things weren't always peachy for Steinbrenner, who was
actually kicked out of baseball as a General Manager for a few
years. You see, when he first bought the team, his enforced his
rule with an iron fist. Managerial firings and hiring went on
annually, and the team failed to experience the success
Steinbrenner had envisioned. Finally, after getting involved in
some unethical business, Steinbrenner was kicked out of
baseball for three years.
However, it became apparent that the three-year suspension
was the best thing that happened to him. When he came back,
he embraced a different leadership approach and the Yankees
went on to dominate baseball in the mid-late 90s, winning four
consecutive World Series.
Although he was still a force in the clubhouse, he ceded his
power to the manager, Joe Torre, and allowed his manager to
handle the baseball operations. He was still vocal, but he let
people do their jobs. By respecting the talents and abilities of
those around him, he was able to build a sports dynasty.
As an entrepreneur, it's important to realize that sometimes, no
matter what you think, your managerial techniques may not be
the best. It's important, occasionally, to step back and ask
yourself how you can improve your business. Even though you
may be trying as hard as you can to be successful, it's possible
you're going about it the wrong way. Everybody needs some
perspective from time to time, and taking it may help you right
the ship!
Draw Success From Your Existing Skills
By James Burt, Online Marketing Expert
For info marketers, the inspiration and desire to do good work
is always inside them. You strive for success at every turn and
aim to gain your personal best.
So where's the trouble, then? Well, it's usually getting the work
in the first place.
Whether you're selling real estate or creating excellent
information products to sell to clients, your drive for success is
as ever-present and honest as it gets in the professional world.
You want to make your own mark with your own
establishment. But the hard part comes from trying to sell that
desire to the public.
The truth is that it's just plain hard to get going. It's also tough
when you are in a slump for work. Being an info marketer is a
pretty specific job. You really have to work at everything:
creating your products, getting them out to people, getting
compensation.
But there are other ways to get going or get some related work
if you do find yourself in a rut for work. The great thing about
info marketing is that it also encompasses other areas of the
professional world and you can use/hone those skills to get gigs
that can keep you afloat financially.
Here's a short list:
-- Content writer: As an info marketer, you're essentially a
writer. When times get a little tough, think about freelancing
those writing skills. Your material for info products can also be
great for web sites, ad copy, and tech information. Check out
online writers' job boards for freelance gigs and get your
portfolio of work out to those who might be interested in what
words you have to offer.
-- Product info and research: As an info marketer, you're also a
researcher. All of those hours online or at the library gathering
information are useful to marketing companies or people who
need certain specs on product info. Researchers are needed to
do the trench work and bring back the facts about certain items
on the market place. If you've already got it, see who wants it.
-- Teaching or consulting: I was once shocked to hear how a
famous actor like Harvey Keitel or a well-known writer like
Anthony Burgess had to get jobs teaching or consulting to help
supplement their income. But sometimes they had to, both
before and after establishing themselves in the public eye. In
truth, people with experience are needed by those who are
young and green to the world. They are also willing to pay
those more experienced for good instruction on how to
establish themselves. If you have any track record of
professional success or any good advice on what to and not to
do as an independent entrepreneur, you offer those services to
others. Again, you will be in demand.
The lesson from all of this is simple: you can apply your
existing skills to other areas of the professional world. In tough
times, it's never a sign of weakness to seek out extra work
outlets. Rather, you can learn new things, develop new skills,
meet new people, and still get paid. Look at what you do have
when times get tough and seek to apply those gifts.
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