TNNWC Publications: The Founder's Den

Monday, December 20, 2010

THE FOUNDER’S DEN: Grilled Cheese Marketing

In a world that is built on information and the sharing of it, one thing is clear, the more information that is out there, the more confusing it becomes. Social media is no different. Social media is sharing media that provides information to people that may or may not be interested, period. It is a form of communication, it isn’t changing the world, it is just making the world smaller. We have to keep that in mind when we think of social media. It is not a virtual gold mine where millionaires are made and dreams come true, it is the modern version of the telephone, just another way to connect.

One thing that can change the world is the information you share with it, in other words content. Content is king and always will be. In a former post I wrote about social media being similar to hiring flagmen, and that is still true. However, it is the first stage of the game. Just by having the right flagmen out there you are one step ahead of the game, you are in places and can point people in the right direction. By spreading yourself out there and making yourself available you are on the right path, but let’s make things simpler.

I was recently in Hawaii with my family on a vacation and the reality of social media hit me, through my 1 year old son. It is amazing how simple life can be and how complex we can try and make it. My wife made him a grilled cheese sandwich for dinner and asked me if I would feed my son Nolan. So I grabbed the sandwich and headed over to him and asked him nicely to eat it, he declined. I tried to place it in his hand, he declined. I tried to act like I was going to eat it, he could have cared less.

As the moments rolled by I gave up and left the sandwich on the coffee table by the TV. As a few moments passed and the sandwich got cold, I looked over and saw him turn from the TV and grab it. He began to eat and then it hit me, this is social media phase 2.

People do not want to be spoon fed, they do not want to be sold, they do not even want to be pitch on endorsement, they want to discover on their own. The goal was to get him to eat (or buy a product), which was the only concern. Even a child of one year in age new that he didn’t want to be forced or sold, he wanted to do it on his own. Imagine what your buyers must think when you shove your product in their face or slam their inbox with MLM propaganda.

The most important thing to notice here is that discovery is the key. Be present and ready, but let others discover your brand; it will give them a real sense of ownership when dealing with your business and help them endorse you all over the place. Let them decide the time and place and then awe them with good content that is the key. Make a REALLY good grilled cheese sandwich and place it is the areas they go to and let them find what you have intentionally left. This discovery process is the most powerful thing in marketing if done correctly.

By Eric Rice

LWI and The Founder’s Den

The Founder's Den

The Founder’s Den is a collaborative group of successful entrepreneurs, attorneys, investors, tax professionals, and advisors who are committed to sharing their knowledge, expertise, and resources to improve the environment for rising startup businesses. The Founder’s Den Members come from a variety of professional backgrounds and business sectors, and are focused on leveraging their wisdom and experience to offer advice to young companies, and in select cases the Den serves as an incubator for promising ventures who are in need of support to turn their plans into reality.

Eric Rice is a successful entrepreneur and has built a number of businesses in sectors ranging from financial services to gaming. He is currently the CEO of LWI, a non-traditional marketing firm specializing in social media and online branding.

Eric Rice

http://lwipro.com/

http://lonewolfmedia.net/

Kevin Harrington

http://tvgoods.com/

http://abc.go.com/shows/shark-tank/

David Mickelson
http://mickcap.com
http://mickelsonlife.com

Martin Waters

http://www.wsgr.com/wsgr/DBIndex.aspx?SectionName=attorneys/BIOS/4367.htm

Eric Donsky
http://ericdonsky.com

http://lagunaventuresinc.com/

Rick Shepherd
Owner, Principal Consultant
http://www.businessconfidant.com/

Frederick Gaston
Business Litigator
Gaston & Gaston, APLC
www.gastonandgaston.com

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Friday, December 10, 2010

THE FOUNDER’S DEN: Consolidation Era

The time frame we sit in is known, by economists, as a consolidation era. If you look back on the last twelve years from a charting perspective, you can notice some very basic things. We experienced a huge bull run, or incline in the market, with the dot com business which led into the year 2000. From there we have seen a tremendous bear run, or decline in the market. In the real estate world we witnessed one of the best times in industry history through 2007, and since have seen one of the most discouraging real estate markets in our country’s lifespan. This trend, a huge rush upward and then a huge fall, is consistently followed by a 7-12 year period where the markets do not move much. They go up and down but generally stay within a certain range; this is called a consolidation era.

In these times of economic turmoil we see many of trends that are consistent with each other. Some examples include rising unemployment, the power of the dollar decreasing, and shared-space businesses. The shared-space business is a simple concept: two separate companies sharing space to provide their goods or services. If this concept seems foreign, think back ten years ago and consider the gas station business. Could you stop and fill up while you waited for your favorite sandwich artist to make you a turkey on wheat from Subway? Were you able to go to Wal-Mart and buy your groceries, clothing, home goods and a number two combo with cheese from McDonald’s? Of course you couldn’t, it was not a consolidation era.

So what does this mean to you? Why is this so important to understand? The reasons are numerous, and we could discuss them for days. However, in this article I am going to cover three main points and give you some advice on how to leverage your business accordingly. It is important to do the following things to optimize the current economy:

Acquire talent

Profit by affiliation

Locate inexpensive growth opportunities

In eras like the one we are experiencing today, we realize that businesses are going to shut down. The economy has a way of squeezing the weak out of the market, which should be seen as an opportunity for those that are still in business. A business closing means that people will be out of work (talented people), furniture and computers will go on sale for fractions of the cost, and new office space will open up. So how do we take charge and make something positive out of something so negative?

First, remain aware of the local talent that may be sprouting up after one of these businesses closes down. This decade’s employment scenario will include thousands of superstars on the market with nowhere to place them; this is a rare and wonderful opportunity for employers. Individuals that have lost their jobs in this economy accept and understand that they will not make the kind of money they have made in the past; this is just a fact. Use social networking tools like LinkedIn and Facebook to monitor an audience and locate who is out there. Make sure you have your ear to the street and listen to the problems in your community, it will not only help your business but it will allow you to help your community.

Aside from being able to find new talent, many doors will open for you to find more value. The more value you add, the more successful your business will be. The more value a customer sees in your product or service, the more often they will buy from you. Look to find ways to profit by association in 2011. Find ways to use the consolidation era to your advantage instead of resisting it.

Welcome those companies that used to be competition and work together. Find companies that offer a service or a product that can add value to your offering and cut a deal to work as a team. Create a powerful team of relevant offerings that will ultimately drive revenue through your hands. Find a complimentary business and ask them if you can assist in their marketing efforts by opening your book of business to them as a referral network. In times like these, it is just as important to find ways to offer savings as it is to show ways to create profits. If you own an accounting firm and are hurting, go to a local financial planner that could use a boost in his marketing and send clients their way in exchange for a shot at their customers.

Look to new methods of distribution as a way to profit by association. There are so many ways to expand your wings and explore creative solutions it’s staggering. Use the internet and offer your product through affiliate sites, open an e-commerce store, share links with businesses online to create new orders and so on. You can also look to the market to find these avenues in the real world.

For example, I have a friend that owns a candy store in the mall and he came to LWI for advice. We suggested he launch an e-commerce site and start using social media as a way to promote, and it’s working. I also told him to contact another friend of mine that owns a party store. The candy store now offers party supply materials and custom ordering through a store portal, while the party store is offering a ton of new candy to their customers thirty miles away. They both realized that they could work together instead of competing and that they had built in channels to provide a new product to each other through their product carriers. This is profiting by association.

Profiting by association is a simple way to increase reach, revenue, opportunity, and growth. It also happens to be an inexpensive way to expand your business in the blink of an eye. We will go more in depth on this topic and include additional real world studies in upcoming newsletters in 2011. Have a great holiday and remember; always use your vision, not just your sight.

By Eric A. Rice

CEO of LWI