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Aug 01, 2008

Ten Pillars of Success

PrintTen Pillars of Success  

By Marshall Marcovitz
I have a marketing problem.

While for the most part I've been consulting and teaching marketing in the graduate school of business, I've run into an economy that makes my students and clients feel like they are salmon swimming upstream. They'd much prefer to be white-water rafting downriver with a big wind at their back.

So how do I inspire and motivate them during these challenging times?

Start With Your Own Inspiration
The obvious part for me is to be inspired myself. I recently experienced the inspiring story of Randy Pausch, a professor of Computer Science at Carnegie Mellon University. He's only in his late-40s and he's been diagnosed with terminal pancreatic cancer. He has a limited time to live. His last lecture has inspired millions of people and I urge you to buy the book: The Last Lecture.

He tells us that "a lot of professors are asked to consider their demise and to ruminate on what matters most to them. What wisdom would we impart to the world if we knew it was our last chance?" Randy had recently been diagnosed with terminal cancer, but his lecture wasn't about dying. It was about the importance of overcoming obstacles, of enabling the dreams of others, of seizing every moment (because "time is all you have").

His lecture was about living!

Randy made me laugh, he made me think, and he inspired me to live every moment and not dread what might happen tomorrow.

Those are valuable life lessons and, because business is difficult today, I'm reminded of Elizabeth Kübler-Ross's DABDA theory. She walks you through the stages of grief: denial, anger, bargaining, depression and acceptance.
I say leap over the obstacles and focus on the opportunities. There are always going to be brick walls blocking your path to the goals you've set in life and business. Randy Pausch tells us, "We cannot change the cards we are dealt, just how we play the hand." I'm with him. Now may just be the right time to really hear what Randy's saying and play the hand the economy has dealt at this time.

Taking Stock
The marketing tips that follow are intended to help you think, plan and deal effectively with the obstacles and opportunities present in every business cycle.

How-I'm-Doing-Business Check List:
  1. Analyze your business model, finances and prospects for growth.
  2. Get a handle on your costs.
  3. Generate a positive cash flow.
  4. Increase your efficiencies in distribution and customer service.
  5. Upgrade your computer system and automation gear.
  6. Increase your product selection to draw more customers.
  7. Work on demonstrating savvier merchandising from anticipating product demand to personalizing offers to individual customers.
  8. Recognize that not all ideas are opportunities.
  9. Focus on the characteristics of good opportunities.
  10. Analyze the current status of your industry.
  11. Develop the basics of strategic management.
  12. Research the components of successful e-business models.

Direct Marketing Techniques:
  1. Make a list of your tactical strategy, marketing plan and testing program.
  2. Decide which media techniques are most effective for your business: Internet, direct mail, in-store sales and events.
  3. Brainstorm creative techniques for communicating your offers.
  4. Work your database (your list of buyers, prospects and those who have inquired).

Now you are ready for Marshall's 10 Pillars of Success:
  1. Have a Dream and Pursue It. "That VISION thing" inspires people.
  2. Think Out Of The Box. "You'll be amazed at the ideas you'll generate by thinking creatively."
  3. Be Patient. "It's OK to struggle."
  4. Pay Your Dues. "Our early years are about growth, not about profits." – Jeff Bezos, CEO, Amazon.com
  5. Encourage Teamwork. "No one can do it all by themselves unless they're Albert Einstein."
  6. Listen. "Good listeners learn more than good talkers."
  7. Keep Current With Technology. "You need to be cyber-savvy to be successful in the 21st century."
  8. Pursue A Niche Strategy. "Target your audience and send a clear, concise message about who you are and what you stand for."
  9. Do Thorough Research. "Research demographics data and the latest information technology issues."
  10. Plan, Plan and Plan. "A well-thought-out marketing plan and a solid business plan are essential in today's competitive marketplace."

What is the Primary Purpose of Your Web Site?

The most important question you need to ask yourself is, "What is the primary purpose of my Web site?" I often log on to Web sites that are confusing and lack that laser-beam focus that draws customers and prospects in. The following list (in rank order) is my researched list:
  1. Marketing Information
  2. Lead Generation
  3. Sales, or E-commerce
  4. Link to Other Sites
  5. Human Resources
  6. Collect E-mail Addresses

What are the Benefits of Having a Web Site?
  1. Greater Visibility
  2. New Business Opportunities
  3. Ability to Reach New Market Segments
  4. Time Savings
  5. Education
  6. Cost Savings
  7. Increased Revenues
  8. Access New Business Information

Why is Marketing on the Internet so Important Today?

In today's challenging business environment, never has it been more vital to have a thorough understanding of marketing and brand-building. As customer acquisition costs continue to trend upwards, effective marketing strategies can help companies control their costs of obtaining new customers, while providing a cost-efficient, integrated approach to maintaining existing customer/client relationships. I suggest you take a thorough look at the multiple channels that are available and properly use them to gain a maximum competitive advantage.

Here's Marshall's List of Marketing Channels:
  1. Bricks-and-Mortar Retail Store
  2. Internet Marketing
  3. Direct Mail Catalogs
  4. Trade Shows
  5. Guerilla Marketing Techniques
  6. Telemarketing
  7. Broadcast Media

Now go get 'em tiger. Remember, as Randy Pausch said, "We cannot change the cards we are dealt, just how we play the hand."

Marshall Marcovitz
is the founder and former CEO of the CHEF'S CATALOG, a leading Internet shopping site. Currently, he is a lecturer, a university professor and a marketing consultant. He may be contacted at mmmellow9@yahoo.com.






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