Business Intelligence Report

Greater Richmond Chamber of Commerce

 

      January 2009

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In this issue:

Strategy
• Radical Resolutions for Winning in 2009 

Trends
• Understanding the cautious consumer 
• More young workers choosing hourly jobs 
• Cutting labor costs without layoffs 

News
• The diminishing importance of the logo

Tips
• Why you keep procrastinating on that project
• Match your selling style to your product 
• What to do when no one responds to your proposal 
• A secret to lower health care insurance costs
• Should you discount prices like everyone else?
• Why videoconferencing doesn't replace face-to-face  
• Much more... 
 


STRATEGY 

 

Radical Resolutions for Winning in 2009  

If it’s a struggle to keep resolutions, try these ideas for maximizing your potential and managing your life. 

WITH THE DRAMATIC changes in our economy and in our society, it’s no wonder that many of us are asking ourselves, “Now what do I do?” while looking for more order and certainty in an uncertain world.

The new year brings the opportunity for change. For many of us, it’s the time to think about resolutions. Often these resolutions are the same ones that we make every year or the ones we only stick to for a few weeks.

If it’s ever been a struggle to create what you want most in the new year or to keep to your resolutions, consider that your goals and the strategy to achieve them may not serve you best.

Resolution is defined as, “The process of reducing to simpler form.” Which brings us to the paradox of resolutions: Instead of simplifying our lives, we wind up dumping more tasks, goals or projects on our “to-do list” thinking that by achieving more, our lives will be more fulfilling and successful in the new year.

To make and keep your resolutions with the least amount of effort, start with upgrading your attitude and your strategy to achieve greater results. To begin, here are 10 resolutions that will enable you to maximize your potential and manage your life.

1. Quit Tolerating. To attract new and better opportunities and results, first clear out what’s clogging up your life to create the space for the better stuff to show up. List the things you’re putting up with that limit productivity, cause stress and waste time and energy. Then determine what needs to happen to eliminate these tolerances. If you no longer accept being dragged down by unwanted events, problems or other people’s behavior, you’ll stop wasting time-managing situations that shouldn’t be there anyway.

2. Play Your Game. The best game to play is the one where you make up your own rules. If you’re encountering resistance in reaching some goals, chances are it’s either something you really don’t want to be doing, an old goal that may not serve you any more or you’re operating from someone else’s agenda! Take the time to discover what YOU truly want by aligning your goals with the priorities in your life rather than the “shoulds.”

3. Create a Winning Routine. Busy with tasks that consume you? Feel that you’re fighting the clock? Design a weekly routine that complements your goals so you can focus on the activities that support your objectives and enhance your lifestyle. This includes planning for the unplanned as well. Develop a healthier relationship with time by underpromising on personal/professional deadlines so that time becomes your ally instead of your adversary.

4. Have Fun. Let’s face it; this isn’t our practice life! Are you doing the things that bring you the most joy? Find time every day that’s yours. Shift your binoculars around to magnify your achievements rather than what you didn’t do. Otherwise, when’s the big payoff?

5. Deepen Your Learning. While we attract what we need to learn, we often resist the lessons. If similar problems keep reappearing, we missed the lesson. To accelerate success, learn from every experience and person in order to grow and move onto a new and better path.

6. Expand Your Vision. What does your ideal life look like? The fact is, we never grow past what we feel is possible. Let go of your current perceptions that are inhibiting your ability to explore greater possibilities and achieve more. Clarify what success looks like in every area of your life (career, relationships, health, environment, etc.). It’s a lot easier to create something great when you know exactly what you’re looking for. Besides, it’s your canvas. What masterpiece do you want to create?

7. Transcend Your Beliefs. The Korean War memorial says, “Freedom is not free.” This holds true for our thoughts as well. Old limiting beliefs often keep us prisoner, preventing us from creating greater successes. Your outlook determines your outcome. So if you believe, “The past is responsible for the quality of my life today,” “Success requires sacrifice,” or “This is as good as it gets,” consider challenging these assumptions and replacing them with healthier ones that would better serve you. Upgrade and direct your beliefs without them controlling you. (Otherwise, we’d still believe that our flat Earth is the center of the universe.).

8. Do Complete Work. You don’t have to achieve every resolution at once. Instead of stopping and starting something, pick one thing you want to change, create or finish and commit to seeing it through to completion. Then move on to the next project. Otherwise, consider that you may be an adrenaline junkie and love the rush associated when working on overdrive. To prevent sporadic results and a pile of unfinished projects, get off the adrenaline train and start creating the momentum that produces consistent, long-lasting results.

9. Focus on the Present. Although planning for the new year is productive, during our quest to achieve more we often lose sight of what is occurring today, preventing us from enjoying the hidden gifts or treasures that are already present in our lives. Keep focused on what is occurring now as opposed to what happened yesterday or what will be in the future. Live for today while planning for tomorrow.

10. Fear-less. Every year we want more but fear prevents us from taking risks, so we continually produce similar results. Since fear is the negative assumption of the outcome, shift your focus towards the positive outcome or what you DO want to manifest, instead of what you are looking to avoid. 

Keith Rosen is the executive coach that top salespeople and managers call first to build their team and boost their sales. A best-selling author, Keith has written several books including, Coaching Salespeople into Sales Champions. Inc. magazine and Fast Company named Keith one of the five most influential executive coaches. Contact Keith at www.ProfitBuilders.com or www.CoachingSalespeople.com, 516-771-1444 or info@profitbuilders.com 

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T R E N D S

 

Understanding the cautious consumer 

Consumers are no longer trading up, but rather trading down. To cater to frugal customers, you have to understand them and be creative in meeting their needs within penny-wise ways. A recent study by the Zandl Group gives a sneak peak into the minds of today’s 21- to 39-year-old consumers.

Consumers are increasingly adopting a do-it-yourself (DIY) mentality to save money. They are cooking rather than eating out, making coffee at home and skipping Starbucks, doing their own home repairs and renovations, and creating their own entertainment at home.

Many are turning to online exchanges for financial relief. At Craigslist.com, cautious consumers sell/buy/barter everything from furniture to electronics to haircuts. PaperBackSwap.com provides a platform for people to exchange books. And Couchsurfing.com connects budget travelers with home owners willing to offer free accommodations.

Consumers are also saving money by sticking closer to home. They are gravitating toward locally-owned bars and restaurants, which are often more low-key and laid-back with less expensive food and drinks. Weekends away and expensive family vacations are being replaced with “staycations” at local parks, lakes and beaches. 

Source: Entrepreneur, December 2008 

 

More young workers choosing hourly jobs 

A new group of young workers is emerging: They are 18- to 29-year-olds who prefer to be career hourly workers rather than salaried workers.

A new survey by SnagAJob.com found that 40% of young people want to maintain careers as hourly workers, while 41% want traditional salaried positions. Even young people with college degrees are open to the idea: 25% of those workers expect to remain hourly workers throughout their careers.

Hourly jobs are gaining prestige as more young people accept the fact that nonsalaried work can offer rewarding career paths. In fact, many current hourly workers report high job satisfaction levels. According to the survey, 37% of hourly workers expressed positive feelings about their jobs, and another 16% described themselves as “fulfilled” by their careers. In contrast, only 25% of career hourly workers are “frustrated.”

What do they like the most about hourly work? Thirty percent said their co-workers are the best thing about their current jobs. They also cited flexibility, pay, official benefits and interaction with customers as positive aspects.

It’s likely that many new hourly workers will find positions as retail salespeople, registered nurses and customer service representatives. 

Source: Trend Letter, December 2008 

 

Cutting labor costs without layoffs 

A growing number of employers, hoping to avoid or limit layoffs, are introducing four-day workweeks, unpaid vacations and voluntary or enforced furloughs, along with wage freezes, pension cuts and flexible work schedules. These employers are still cutting labor costs, but hanging onto the labor.

Companies taking nips and tucks to their work force say the economy plunged so quickly in October that they do not want to prune too much should it just as suddenly roar back. They also say they have been so careful about hiring and spending in recent years — particularly in the last 12 months when nearly everyone sensed the country was in a recession — that highly productive workers, not slackers, remain on the payroll.

At some companies, employees are supporting the indirect wage cuts — at least for now. The downturn hit so hard, with its toll felt so widely through hits on pensions and 401(k) retirement plans and with the future so murky, that employers and even some employees say it is better to accept minor cuts than risk more draconian steps.  

Source: The New York Times, December 22, 2008 

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N E W S

 

The diminishing importance of the logo 

Which is more important in an ad, your logo or an image that represents your product or service? Martin Lindstrom, author of Buyology: Truth and Lies About Why We Buy asked this question as part of a three-year neuromarketing study conducted with Gemma Calvert from Oxford University. Their research suggests that your logo may not be as important as you think.

In one experiment, smokers were shown subliminal images that had no overt connection to cigarette brands — a red Ferrari, a cowboy on horseback, a camel in the desert. Next, they were shown explicit images such as the Marlboro Man and Joe Camel, the Marlboro and Camel logos, and branded packs of cigarettes.

Using MRI scans, Dr. Calvert compared the responses to the two different types of images, and discovered more activity in the reward and craving center of the brain when subjects viewed the subliminal images than when they viewed the overt images. In other words, the logo-free images associated with cigarettes triggered more cravings among smokers than the logos themselves or the images of cigarette packs, a result that was consistent for both Camel and Marlboro smokers.

The study suggests we should move on from the logo and begin to develop components — color, shape, sound, smell — whose indirect signals tell a story about the brand without the logo. Such components engage the consumer in figuring out who’s behind the message and, most importantly, speak to the subconscious mind. You won’t find a logo on the front of an iPod, yet its iconic look is enough for you to know what brand it is.  

Source: Advertising Age, December 1, 2008 

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T I P S

 

  • If you’re burdened by a project that’s been on your to-do list for ages, maybe there’s a deeper reason than lack of time for not getting to it, suggests Julie Morgenstern in her book, When Organizing Isn’t Enough. Consider the emotional significance the project has for you and whether you’re ready to let go of an outdated rule or role. Then do one of three options: delete it completely, delegate it or do it on a greatly diminished scale. You will be rewarded with time and energy for projects that are more relevant to you.

Source: www.yudkin.com

  • When customers face emotional decisions, they seek a more personal connection with salespeople. New research shows that while customers making rational decisions (Is this the right IRA for me?) tend to prefer expert information providers, customers making emotional decisions (How do I start on this new restricted diet?) tend to prefer benevolent professionals. So if decisions about choosing your product involve some emotional difficulty, train your salespeople to focus on being empathetic and kind.

Source: www.marketingprofs.com

  • White papers are still king among buyers. A new survey shows that white papers (authoritative reports that address customer problems and offer solutions) are the number one way b-to-b buyers evaluate potential solutions. In fact, 59% of participants said that for evaluating solutions, they rely on white papers more than newsletters (51.8%), trials (46.2%), product literature (40.7%), articles (38%), webcasts (47.7%) or case studies (25.7%). To increase effectiveness of white papers, be concise and keep your tone educational.

Source: www.techtarget.com

  • Never heard back from a prospect after giving a proposal? Prospects rarely take the time to call to let you know what happened with a project you didn’t get. Here are some ideas for staying in the game: Leave a final message. Put some closure to the process with a voicemail message such as “I haven’t heard from you so I don’t know what happened with the proposal, but it looks like it’s not going to happen in the time frame we discussed. We’re still interested in pursuing this project, if and when you are. I will touch base again in a month.” Then a month later, call to see how it’s going. They may have chosen the low bidder and are getting what they paid for. You might be the perfect solution to their problem. After that, don’t drop out of sight — let your marketing kick in and stay in touch with your email newsletter or other ongoing marketing tools.

Source: www.marketing-mentor.com

  • When advertising in more than one publication, make sure each ad message is specifically targeted to each publication’s readership. Your headline may change depending on the medium in which the ad is placed. For example, readers of a cooking magazine will most likely respond to different benefits than readers of a parenting magazine.

Source: www.targetmarketingmag.com

  • Lower health insurance costs by utilizing smaller networks. Most health insurance companies have both large and small provider networks. The healthcare providers in the smaller networks provide healthcare for deeper discounts than the larger networks. When you opt for the smaller networks, the insurance company passes along those savings to you through reduced insurance premiums, ranging from seven to 20% depending on the insurance carrier and the nature of the network offered. Keep in mind that your employees might find that the network doesn’t include some of their providers. However, if it comes down to using another provider versus not having health insurance, employees usually accept the smaller network.

Source: blog.inc.com

  • Discounts may rule right now, but it doesn’t mean you should rush to the bottom like everyone else. After all, not all of your customers want the same thing and not everyone is a deal-seeker. Customers are spending more carefully and the perception of “value” — that the customer will receive a high quality product or service at an attractive price — can be just as important. If you are spending your money more wisely, why waste it on poor quality product that is “cheap.” Security is also important. Why would a consumer purchase a product from a company that might not be around to help with warranty or service afterward? Reassure customers that you’re sticking around.

Source: www.chiefmarketer.com

  • Can videoconferencing replace face-to-face contact? Probably not. When researchers from Boston University and Penn State’s Great Valley campus surveyed doctors who attended presentations in person or by video, the video attendees were twice as likely to base their evaluations of the meetings on the speaker rather than the content. They were also more likely to say the speaker was hard to follow. Why? Our brains gather data about people before turning to what they say. In person, we do this quickly. But speakers are harder to “read” on screen, so we focus more on them.

Source: www.businessweek.com

  • Motivate your staff throughout the year by organizing fun, educational or inspiring events. Some ideas: Employee Appreciation Day (March 6) — write a sincere, personalized note to each employee; National Fun at Work Day (April 1) — hold silly competitions to build camaraderie; National Employee Health & Fitness Day (May 20) — provide health education and screenings; Leave the Office Earlier Day (July 1); Thanksgiving — just before the holiday, gather to share things you’re thankful for at work.

Source: www.briefings.com

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Business Intelligence Report (ISSN 1091-9597) is published 12 times a year by DBH Communications, Inc. PO Box 22337 Kansas City, MO 64113, email:  4info@bizintellreport.com.  Subscriptions are $89 per year.

The intent of this publication is to provide business professionals with informative and interesting articles and news. These articles, and any opinions expressed in them, are for general information only and are not intended to provide specific advice or recommendations for any individual or business. Appropriate legal, accounting, financial or medical advice or other expert assistance should always be sought from a competent professional.

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