Three…Two…One…Wait!
Now is the time to launch your marketing communications program.
By Jim Walton
CEO, Brand Acceleration, Inc.
Indianapolis and Charlotte
The other day I was watching what was supposed to be the launch of a new rocket, the next step in space exploration. As the news networks focused, the countdown began. Three…two…one….nothing! The thing just sat there. Nothing happened. For some reason the launch was put on hold.
In many ways it reminded me of marketers, all fueled up, sitting on the launch pad, waiting for someone to push the launch button. As the economy shows signs of life, marketers are facing the same burning questions; “When do we restart our marketing communications efforts?”
In the early days of the space race, many countries had to weigh the risks and rewards of space exploration. Some just couldn’t see the benefit. Others, like the United States, chose to forge ahead, jumping into the unknown.
So, as marketers, what are our options? Let’s explore our options:
Launch now!
I remember the 1962 speech when President John Kennedy challenged us to go to the moon in that decade. “because that challenge is one that we're willing to accept; one we are unwilling to postpone, and one we intend to win…” A shiver of fear and excitement went through the American people. The risks were huge, but the rewards that eventually followed were enormous. What resulted was an unparalleled leap for our nation and a level of pride that we have not experienced since.
Wait. Play it safe. Go later…maybe.
Even professional procrastinators eventually do something. Don’t they? But they often hide behind plans to get started later or when the time is right. Some are content with being in second, third or even fourth place. Well, consider this. After the recent recession, many fourth place companies are gone. However, the leader enjoys the huge brand advantages of being number one while procrastinators may risk their every existence by waiting.
In 1957, when the former Soviet Union launched Sputnik 1, it shocked the world and scared the h*** out of the USA. Fortunately for us, it lit a fire that caused us to get off our back sides and jump start our space program. Now, fifty-three years later, other countries are just now getting serious about space exploration.
Do nothing.
Of course, doing nothing is the easiest option. Excuses are abundant. “Maybe later.” “We’re a conservative group.” “Don’t push me!” “What’s my ROI?” “The economy has still not recovered enough.” If that’s your excuse, I have a message for you; economies don’t recover on their own. They recover because leaders make things happen!
Many of the countries that chose to wait and do space exploration later ended up on the ash heap of history. While countries like the USA took risks and enjoyed the economic and leadership rewards, their economies languished, forever stuck in “follower” mode. We’ve all heard the old adage “Lead, follow or get out of the way!” As marketers ponder the future, their options are really that clear.
At Brand Acceleration, we are advising our clients to take a forward-looking posture. We suggest asking the question, “Where do we want to be in fifty years?” With vision, excitement, and courage, now is the time to push the launch button.
Brand Acceleration is a full-service advertising, brand management and public relations firm operating from Indianapolis, Indiana and Charlotte, North Carolina. The agency’s focus is on economic development, architecture/engineering/construction, real estate and motorsports.
Showing posts with label motorsports. Show all posts
Showing posts with label motorsports. Show all posts
Sunday, June 6, 2010
Sunday, May 23, 2010
An Argument for Marketing Communications
What is my return on investment?
By Jim Walton
CEO, Brand Acceleration, Inc.
Indianapolis and Charlotte
I’m often asked why a company or community should invest precious dollars in advertising or other marketing communication efforts. “Which tactics work?” “What’s my return on investment?” “How can I convince my boss to spend the money?” “When is the right time to get started?” These are questions that every marketer is asked at some point in his or her career.
Which tactics work?
Whenever a company or community launches an advertising program, it’s important to first have a realistic set of expectations. While advertisements sometimes generate immediate response, it’s more common that the response comes later. Powerful and sustainable efforts take time and patience.
The answer to the question is that all tactics work if they are parts of a well thought out strategic plan. Working in unison, ads, direct marketing, social media and other tactics work to grow a brand and fuel success. The old days of running an ad and counting calls are over.
What’s my return on investment?
I’ve been asked this question countless times. Once, when I was delivering a marketing presentation, a CFO asked this very question. He was used to using accepted accounting metrics to calculate the ROI of invested dollars. The problem is that when it comes to marcom, the typical ROI metrics just don’t work. There are so many forces that can impact a program’s success, that it is unfair to apply traditionally accepted principles. The competence of a salesperson can make or break a perfectly qualified lead, as can such factors as pricing, reputation, etc. If your price is too high, a perfectly good opportunity may be lost. Is that a failure of the marketing communication program? Of course not.
A more realistic measure is Return on Objectives. At Brand Acceleration, we work with our clients to establish a set of clear objectives that are real and measurable. Maybe it’s a desire to generate a specific number of qualified leads or to grow brand awareness in a targeted industry. These are all things that can be measured and attributed to a marketing effort.
How can I convince my boss to spend the money?
The challenge is to manage expectations. If your boss wants to see a direct and immediate connection between communication spending and sales, he or she might be disappointed. Old school programs where you run an ad and then count responses are just unrealistic these days. A sale is an orchestrated and sustained effort between marketing communications, the sales department, pricing and management.
Your boss needs to understand the value of a strong brand. Companies or communities with highly respected reputations are proven to be much more likely to be given consideration than those of virtual unknowns. When a salesperson calls a prospect to ask for a meeting, he or she is much more likely to get in the door if the organization is known and has a positive reputation. A well thought out marcom program can pave the way.
When is the right time to get started?
Even though the economy is a long way from what we consider normal, there are significant signs that things are beginning to improve (See my “Good News” article at the right). To use an auto racing analogy, the green flag has been waved and it’s to put the pedal to the metal. Companies and communities are racing to get the business. It’s extremely competitive out there and if you’re not on the consideration list, you’re off – and out!
Staying with the auto racing analogy, now is the time to floor it! Otherwise you could find yourself being lapped by that newcomer you’ve never heard of.
Brand Acceleration is a full-service advertising, brand management and public relations firm operating from Indianapolis, Indiana and Charlotte, North Carolina. The agency’s focus is on economic development, architecture/engineering/construction, real estate and motorsports.
What is my return on investment?
By Jim Walton
CEO, Brand Acceleration, Inc.
Indianapolis and Charlotte
I’m often asked why a company or community should invest precious dollars in advertising or other marketing communication efforts. “Which tactics work?” “What’s my return on investment?” “How can I convince my boss to spend the money?” “When is the right time to get started?” These are questions that every marketer is asked at some point in his or her career.
Which tactics work?
Whenever a company or community launches an advertising program, it’s important to first have a realistic set of expectations. While advertisements sometimes generate immediate response, it’s more common that the response comes later. Powerful and sustainable efforts take time and patience.
The answer to the question is that all tactics work if they are parts of a well thought out strategic plan. Working in unison, ads, direct marketing, social media and other tactics work to grow a brand and fuel success. The old days of running an ad and counting calls are over.
What’s my return on investment?
I’ve been asked this question countless times. Once, when I was delivering a marketing presentation, a CFO asked this very question. He was used to using accepted accounting metrics to calculate the ROI of invested dollars. The problem is that when it comes to marcom, the typical ROI metrics just don’t work. There are so many forces that can impact a program’s success, that it is unfair to apply traditionally accepted principles. The competence of a salesperson can make or break a perfectly qualified lead, as can such factors as pricing, reputation, etc. If your price is too high, a perfectly good opportunity may be lost. Is that a failure of the marketing communication program? Of course not.
A more realistic measure is Return on Objectives. At Brand Acceleration, we work with our clients to establish a set of clear objectives that are real and measurable. Maybe it’s a desire to generate a specific number of qualified leads or to grow brand awareness in a targeted industry. These are all things that can be measured and attributed to a marketing effort.
How can I convince my boss to spend the money?
The challenge is to manage expectations. If your boss wants to see a direct and immediate connection between communication spending and sales, he or she might be disappointed. Old school programs where you run an ad and then count responses are just unrealistic these days. A sale is an orchestrated and sustained effort between marketing communications, the sales department, pricing and management.
Your boss needs to understand the value of a strong brand. Companies or communities with highly respected reputations are proven to be much more likely to be given consideration than those of virtual unknowns. When a salesperson calls a prospect to ask for a meeting, he or she is much more likely to get in the door if the organization is known and has a positive reputation. A well thought out marcom program can pave the way.
When is the right time to get started?
Even though the economy is a long way from what we consider normal, there are significant signs that things are beginning to improve (See my “Good News” article at the right). To use an auto racing analogy, the green flag has been waved and it’s to put the pedal to the metal. Companies and communities are racing to get the business. It’s extremely competitive out there and if you’re not on the consideration list, you’re off – and out!
Staying with the auto racing analogy, now is the time to floor it! Otherwise you could find yourself being lapped by that newcomer you’ve never heard of.
Brand Acceleration is a full-service advertising, brand management and public relations firm operating from Indianapolis, Indiana and Charlotte, North Carolina. The agency’s focus is on economic development, architecture/engineering/construction, real estate and motorsports.
Sunday, April 25, 2010
Treat me with Respect
and, I’ll be loyal forever
By Jim Walton
CEO, Brand Acceleration, Inc.
Indianapolis and Charlotte
Schools do a great job of teaching theoretical concepts and rote facts, but some principles just have to be learned in the real world. Principles such as honesty, integrity and the importance of relationships are learned from parental teachings and through the observation of others.
I remember my first real advertising job. While still in school, I was employed as ad manager for a retail store. With my wealth of freshly-learned book knowledge, I was ready to show my stuff. What I didn’t know was that I was about to experience the harsh reality of how things work in the business world.
While the owner of the store was very open to my exuberant ideas, he often frustrated me by saying, “Go see Paul,” or “Call Mary.” I wanted to prove myself and he was always directing me to his peeps. I didn’t realize that he had relationships to honor and friends who returned his favors by looking after his interests. Wow! They didn’t tell us about this in school.
You see, not everything can be placed on a spreadsheet or plugged into a computer. The value of friendships and business relationships cannot be quantified; a fact that drives CFOs, human resources managers and legal folks crazy. Touchy feely stuff just can’t be measured.
The marketing communications and public relations business, like any business, is built on relationships. More than customers and vendors, I’m talking about friendships that are massaged, grown and honored over the years. The challenge, however, is to delicately balance one another’s business needs with the friendship.
In the mid-1990s, as the owner, promoter and manager of trade shows and conferences, I forged a relationship with the owner and management of a radio network. They agreed to promote my conferences and I put their company name all over the events, as if they were theirs. What evolved was a relationship that I cherish to this day.
Here’s why. As the conferences grew in attendance and popularity, each side constantly worked to assure that we all benefitted from the relationship. I had absolute trust that they had my best interests at heart and, in return, I looked after theirs. The relationship was a huge success because of the integrity, trust and friendship around which everything was built. They promoted the conferences and my company at every turn and I did the same for them. Even though the conferences eventually ended and I don’t see the people very often, I still view them (and the company) with eternal respect.
I belong to a number of trade associations where I build business and personal relationships. As a member I make it a point to get involved, serve on committees and support the needs of the organization. I believe that the first step toward making friends is to be a friend, both to the organization and its members. I ask for nothing in return except a little respect, loyalty and friendship.
For our clients, we show the same loyalty. It’s about more than producing a cool web site or a killer brochure. Our passion is to help our clients (friends) with strategies that generate results. If a client is unable to be a friend and have more than a client-vendor relationship with us, it probably won’t work out.
A recent example of a successful effort is the 2010 SMPS Southeastern Regional Conference held in Nashville, Tennessee. The Society for Marketing Professional Services is made up of marketing pros in the architecture, engineering and construction (AEC) industries. A focus area for Brand Acceleration, we definitely wanted to be part of the event, so we jumped in.
We volunteered our services to design a logo, all advertising, direct mailers, signs and elements of the program book. In return, the planning committee allowed us to place the Brand Acceleration name discreetly on everything. There were no discussions of sponsorship levels, nor were there any contracts; just an unspoken promise to serve one another’s needs. At the conference, I was very pleased to find that our company was listed as a Gold Sponsor and that we were very well thanked for our services. These people operate with class! We have built powerful relationships that I expect to grow and last.
Are there ever misunderstandings? Of course! It’s just human nature for people to occasionally find themselves on different pages. The answer, in my opinion, is a willingness to correct the situation, forgive, forget and move forward in the spirit of friendship. Long-term friendships cannot work if either side becomes belligerent or insists on winning at the expense of the other.
I’m a very, very loyal person. Over my long career, I have developed relationships with people for whom I will now do almost anything. I love my job and love working with people of integrity. Like a great dog, if you treat me with courtesy, respect, and give me an occasional pat on the head, I’ll be your friend forever.
Brand Acceleration is a full-service advertising, brand management and public relations firm operating from Indianapolis, Indiana and Charlotte, North Carolina. The agency’s focus is on economic development, architecture/engineering/construction, real estate and motorsports.
and, I’ll be loyal forever
By Jim Walton
CEO, Brand Acceleration, Inc.
Indianapolis and Charlotte
Schools do a great job of teaching theoretical concepts and rote facts, but some principles just have to be learned in the real world. Principles such as honesty, integrity and the importance of relationships are learned from parental teachings and through the observation of others.
I remember my first real advertising job. While still in school, I was employed as ad manager for a retail store. With my wealth of freshly-learned book knowledge, I was ready to show my stuff. What I didn’t know was that I was about to experience the harsh reality of how things work in the business world.
While the owner of the store was very open to my exuberant ideas, he often frustrated me by saying, “Go see Paul,” or “Call Mary.” I wanted to prove myself and he was always directing me to his peeps. I didn’t realize that he had relationships to honor and friends who returned his favors by looking after his interests. Wow! They didn’t tell us about this in school.
You see, not everything can be placed on a spreadsheet or plugged into a computer. The value of friendships and business relationships cannot be quantified; a fact that drives CFOs, human resources managers and legal folks crazy. Touchy feely stuff just can’t be measured.
The marketing communications and public relations business, like any business, is built on relationships. More than customers and vendors, I’m talking about friendships that are massaged, grown and honored over the years. The challenge, however, is to delicately balance one another’s business needs with the friendship.
In the mid-1990s, as the owner, promoter and manager of trade shows and conferences, I forged a relationship with the owner and management of a radio network. They agreed to promote my conferences and I put their company name all over the events, as if they were theirs. What evolved was a relationship that I cherish to this day.
Here’s why. As the conferences grew in attendance and popularity, each side constantly worked to assure that we all benefitted from the relationship. I had absolute trust that they had my best interests at heart and, in return, I looked after theirs. The relationship was a huge success because of the integrity, trust and friendship around which everything was built. They promoted the conferences and my company at every turn and I did the same for them. Even though the conferences eventually ended and I don’t see the people very often, I still view them (and the company) with eternal respect.
I belong to a number of trade associations where I build business and personal relationships. As a member I make it a point to get involved, serve on committees and support the needs of the organization. I believe that the first step toward making friends is to be a friend, both to the organization and its members. I ask for nothing in return except a little respect, loyalty and friendship.
For our clients, we show the same loyalty. It’s about more than producing a cool web site or a killer brochure. Our passion is to help our clients (friends) with strategies that generate results. If a client is unable to be a friend and have more than a client-vendor relationship with us, it probably won’t work out.
A recent example of a successful effort is the 2010 SMPS Southeastern Regional Conference held in Nashville, Tennessee. The Society for Marketing Professional Services is made up of marketing pros in the architecture, engineering and construction (AEC) industries. A focus area for Brand Acceleration, we definitely wanted to be part of the event, so we jumped in.
We volunteered our services to design a logo, all advertising, direct mailers, signs and elements of the program book. In return, the planning committee allowed us to place the Brand Acceleration name discreetly on everything. There were no discussions of sponsorship levels, nor were there any contracts; just an unspoken promise to serve one another’s needs. At the conference, I was very pleased to find that our company was listed as a Gold Sponsor and that we were very well thanked for our services. These people operate with class! We have built powerful relationships that I expect to grow and last.
Are there ever misunderstandings? Of course! It’s just human nature for people to occasionally find themselves on different pages. The answer, in my opinion, is a willingness to correct the situation, forgive, forget and move forward in the spirit of friendship. Long-term friendships cannot work if either side becomes belligerent or insists on winning at the expense of the other.
I’m a very, very loyal person. Over my long career, I have developed relationships with people for whom I will now do almost anything. I love my job and love working with people of integrity. Like a great dog, if you treat me with courtesy, respect, and give me an occasional pat on the head, I’ll be your friend forever.
Brand Acceleration is a full-service advertising, brand management and public relations firm operating from Indianapolis, Indiana and Charlotte, North Carolina. The agency’s focus is on economic development, architecture/engineering/construction, real estate and motorsports.
Monday, March 29, 2010
Outrageous Customer Service
The devil is in the details
By Jim Walton
CEO, Brand Acceleration, Inc.
Indianapolis and Charlotte
Have you ever had one of those customer service experiences that just make you say “Wow?” You know what I’m talking about. The ones you can’t wait to tell the whole world about. Good or bad, customer service experiences are memorable moments. They shape your opinions and forever impact a company’s brand.
In my presentation, “Whole Brand Thinking,” I explore several examples of how everyday activities impact your brand. From the coffee served to the way your office phone is answered, a sloppy approach to seemingly minor details can do great harm to an otherwise spotless reputation. Managed well, they can impress clients, creating a “wow” moment.
Ritz-Carlton Hotels
In the hospitality industry, it’s an accepted fact that Ritz-Carlton is the hands-down leader when it comes to outstanding customer service. In fact, companies in other industries attempt to emulate the Ritz-Carlton model.
What’s their secret? Their employees and leadership are very much aligned. The Ritz-Carlton gold standards of service are reinforced by a daily line-up that occurs at the beginning of every shift, for every team, at every Ritz-Carlton hotel in the world. Employees everywhere are encouraged to ‘break away’ to serve customers. Each employee has a card containing the twenty ‘basics’ and the mantra, “We are ladies and gentlemen serving ladies and gentlemen.” For example, using guest names and saying ‘good morning’ or ‘good evening’ rather than ‘hi’ supports the Ritz-Carleton brand image.
Ultimate Economic Developer Site Visit
A friend of mine is a site selection consultant. This is a person who is contracted by companies to find a new home for a company headquarters of expansion. On assignment for a company seeking a location for a new distribution center, he arranged three site visits for this client. Along with the company President and two other company representatives, they all hit the road to visit the three cities. The company had been through the process before and their pattern was to expand their sales area, build a distribution center and create 500 to 600 good paying jobs.
At city number one, the group was met at the economic development office where they were offered cookies and institutional coffee before loading into minivans for a tour of the city and a visit to the industrial park. Nothing new. Nothing outstanding.
The next day, when they arrived at city number two, their experience was much different. At the airport, they were greeted by the economic developer and Mayor who escorted the group to two stretch limousines. In the limos, they were offered freshly brewed premium coffee while being driven to the site being proposed for their new building.
At the location, the executives were greeted by a group of community leaders who were gathered under a tent where a catered lunch was served. Among the group were representatives of the city and county, promising a streamlined process, and utility companies who promised plenty of capacity. Also present was a local construction contractor, who had staked out the footprint of their most recent building, showing how the building would sit on the property. Local officials also presented a plan for a job fair, showing how they would assist with the process of hiring qualified employees.
Needless to say, company execs were blown away. So much so that they cancelled their visit to city number three and stayed another day to begin the process of making city number two the site of their next distribution center. This had clearly been a “Wow” moment for them.
Details matter
Whether it’s a big event such as a major site visit or other details such as a new brochure, stationery or web site, it’s important to manage each touch point wisely. With so much at risk, why would you risk so much by cutting corners on details that could put you at a serious disadvantage?
As a good friend and client once said to me, “Never give them a reason to diminish you.”
Brand Acceleration is a full-service advertising, brand management and public relations firm operating from Indianapolis, Indiana and Charlotte, North Carolina. The agency’s focus is on economic development, architecture/engineering/construction, real estate and motorsports.
The devil is in the details
By Jim Walton
CEO, Brand Acceleration, Inc.
Indianapolis and Charlotte
Have you ever had one of those customer service experiences that just make you say “Wow?” You know what I’m talking about. The ones you can’t wait to tell the whole world about. Good or bad, customer service experiences are memorable moments. They shape your opinions and forever impact a company’s brand.
In my presentation, “Whole Brand Thinking,” I explore several examples of how everyday activities impact your brand. From the coffee served to the way your office phone is answered, a sloppy approach to seemingly minor details can do great harm to an otherwise spotless reputation. Managed well, they can impress clients, creating a “wow” moment.
Ritz-Carlton Hotels
In the hospitality industry, it’s an accepted fact that Ritz-Carlton is the hands-down leader when it comes to outstanding customer service. In fact, companies in other industries attempt to emulate the Ritz-Carlton model.
What’s their secret? Their employees and leadership are very much aligned. The Ritz-Carlton gold standards of service are reinforced by a daily line-up that occurs at the beginning of every shift, for every team, at every Ritz-Carlton hotel in the world. Employees everywhere are encouraged to ‘break away’ to serve customers. Each employee has a card containing the twenty ‘basics’ and the mantra, “We are ladies and gentlemen serving ladies and gentlemen.” For example, using guest names and saying ‘good morning’ or ‘good evening’ rather than ‘hi’ supports the Ritz-Carleton brand image.
Ultimate Economic Developer Site Visit
A friend of mine is a site selection consultant. This is a person who is contracted by companies to find a new home for a company headquarters of expansion. On assignment for a company seeking a location for a new distribution center, he arranged three site visits for this client. Along with the company President and two other company representatives, they all hit the road to visit the three cities. The company had been through the process before and their pattern was to expand their sales area, build a distribution center and create 500 to 600 good paying jobs.
At city number one, the group was met at the economic development office where they were offered cookies and institutional coffee before loading into minivans for a tour of the city and a visit to the industrial park. Nothing new. Nothing outstanding.
The next day, when they arrived at city number two, their experience was much different. At the airport, they were greeted by the economic developer and Mayor who escorted the group to two stretch limousines. In the limos, they were offered freshly brewed premium coffee while being driven to the site being proposed for their new building.
At the location, the executives were greeted by a group of community leaders who were gathered under a tent where a catered lunch was served. Among the group were representatives of the city and county, promising a streamlined process, and utility companies who promised plenty of capacity. Also present was a local construction contractor, who had staked out the footprint of their most recent building, showing how the building would sit on the property. Local officials also presented a plan for a job fair, showing how they would assist with the process of hiring qualified employees.
Needless to say, company execs were blown away. So much so that they cancelled their visit to city number three and stayed another day to begin the process of making city number two the site of their next distribution center. This had clearly been a “Wow” moment for them.
Details matter
Whether it’s a big event such as a major site visit or other details such as a new brochure, stationery or web site, it’s important to manage each touch point wisely. With so much at risk, why would you risk so much by cutting corners on details that could put you at a serious disadvantage?
As a good friend and client once said to me, “Never give them a reason to diminish you.”
Brand Acceleration is a full-service advertising, brand management and public relations firm operating from Indianapolis, Indiana and Charlotte, North Carolina. The agency’s focus is on economic development, architecture/engineering/construction, real estate and motorsports.
Sunday, February 28, 2010
Protect Your Brand
Avoid brand-killing mistakes.
By Jim Walton
President & CEO, Brand Acceleration, Inc.
“Take a deep breath and count to ten.” This is a phrase often uttered by one parent to another when a child becomes unruly. It’s also a thought that crosses your mind when your boss, or co-worker or customer really ticks you off. It’s also good advice when making business decisions. Whether times are good or bad, it’s always a good idea to step back, take a breath and consider the long-range consequences of your decisions.
Tough times – Tough decisions
Things are really difficult in the construction industry. It’s more competitive than anyone can remember. It used to be commonplace for three to five bidders to respond to an RFP. Companies were busy and only responded to opportunities that were very desirable and a perfect fit.
Things are different these days. When an RFP is issued, it’s not uncommon for twenty or thirty companies to respond. Many are bidding on work that they would have historically considered much too small, or large, or far away, or just a bad fit. When it comes to pricing, margins are so thin that some bidders put themselves at risk of financial failure by accepting the work.
Short-term decisions – Long-term impact
How do such decisions impact the long-range brand position of a company? A company that has a reputation for outstanding work as a builder of hospitals may risk permanent harm to its brand position by chasing a very small project in an industry they would never have considered. When the economy improves, however, their customers may be confused about who they are. As the old saying goes, you can’t unpeel an onion.” Clients and prospects may be wondering if the builder is still a high-end specialist or a does-all generalist. If they’re looking for a high-end specialist, they may find themselves off the bid list.
Don’t get me wrong. I know that tough times require tough decisions and you have to do whatever is necessary to make ends meet. I’m just suggesting that before making brand-altering decisions, you step back, take a deep breath and look down the road a few years. What will this decision mean to your company’s future?
You see, with every business decision comes the need to consider its brand impact. Even the small ones can have long-lasting consequences. Do you lower prices and risk being viewed as a discounter? Do you cut staff and risk being seen as understaffed or “in trouble?” Do you expand or add new services and risk losing your core focus?
As marketing communications and public relations counselors, we often work closely with clients who are facing such decisions. Our job, as we see it, is to take an unemotional, long-range look and offer a fresh view of how today’s actions might impact the future of the brand.
Whatever the circumstances, it’s good advice to allow time for serious consideration before making a decision that could change your business and your life.
Brand Acceleration is a full-service advertising, brand management and public relations firm operating from Indianapolis, Indiana and Charlotte, North Carolina. The agency’s focus is on economic development, architecture/engineering/construction, real estate and motorsports.
Avoid brand-killing mistakes.
By Jim Walton
President & CEO, Brand Acceleration, Inc.
“Take a deep breath and count to ten.” This is a phrase often uttered by one parent to another when a child becomes unruly. It’s also a thought that crosses your mind when your boss, or co-worker or customer really ticks you off. It’s also good advice when making business decisions. Whether times are good or bad, it’s always a good idea to step back, take a breath and consider the long-range consequences of your decisions.
Tough times – Tough decisions
Things are really difficult in the construction industry. It’s more competitive than anyone can remember. It used to be commonplace for three to five bidders to respond to an RFP. Companies were busy and only responded to opportunities that were very desirable and a perfect fit.
Things are different these days. When an RFP is issued, it’s not uncommon for twenty or thirty companies to respond. Many are bidding on work that they would have historically considered much too small, or large, or far away, or just a bad fit. When it comes to pricing, margins are so thin that some bidders put themselves at risk of financial failure by accepting the work.
Short-term decisions – Long-term impact
How do such decisions impact the long-range brand position of a company? A company that has a reputation for outstanding work as a builder of hospitals may risk permanent harm to its brand position by chasing a very small project in an industry they would never have considered. When the economy improves, however, their customers may be confused about who they are. As the old saying goes, you can’t unpeel an onion.” Clients and prospects may be wondering if the builder is still a high-end specialist or a does-all generalist. If they’re looking for a high-end specialist, they may find themselves off the bid list.
Don’t get me wrong. I know that tough times require tough decisions and you have to do whatever is necessary to make ends meet. I’m just suggesting that before making brand-altering decisions, you step back, take a deep breath and look down the road a few years. What will this decision mean to your company’s future?
You see, with every business decision comes the need to consider its brand impact. Even the small ones can have long-lasting consequences. Do you lower prices and risk being viewed as a discounter? Do you cut staff and risk being seen as understaffed or “in trouble?” Do you expand or add new services and risk losing your core focus?
As marketing communications and public relations counselors, we often work closely with clients who are facing such decisions. Our job, as we see it, is to take an unemotional, long-range look and offer a fresh view of how today’s actions might impact the future of the brand.
Whatever the circumstances, it’s good advice to allow time for serious consideration before making a decision that could change your business and your life.
Brand Acceleration is a full-service advertising, brand management and public relations firm operating from Indianapolis, Indiana and Charlotte, North Carolina. The agency’s focus is on economic development, architecture/engineering/construction, real estate and motorsports.
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