David V. Lorenzo's Blog is now: www.careerintensity.com/blog

Making an Emotional Connection

One of the most powerful things a speaker can do is evoke emotion is his / her audience. If you want to be memorable, you have to make your audience FEEL something. 

If you are selling a product, you need to help your audience feel the benefits of that product.  If you are selling a service you need to tell a story that helps them understand the power of that service.

I have found a blog that takes me on a rollercoaster ride of emotions.  It really demonstrates the awesome power of connecting with people on an emotional level. 

Click here to see what I mean.  The name of the site is POSTSECRET.

Building a Brand – It’s Not Just the Logo

Every interaction a customer has with your company either makes the brand stronger or weaker.  Each interaction with your brand either reinforces your brand promise or it shatters it. 

This is a zero sum game.

Most often we think about a logo as a representation of our brand.  Seth Godin has highlighted this in a recent post.  A bad logo gives off a negative perception of a brand or at best – the logo has no recall (another negative but the lesser of two evils in this case).

Every time a customer has an interaction with you - or something they perceive to represent you - they form an opinion.

What did you do to make your brand stronger today?

The Success Equation

I work with many people who are associated with some fantastic accomplishments. They would be considered successful by almost any standard imaginable.  When I meet new people or begin work with new clients, I am often asked for the “recipe” for success.  They want the success formula – so to speak. 

Consultants love formulas or equations.  We also like shapes, charts and graphs, but we think formulas make us look smart (in the “king of the nerds- Mr. Wizard- way”).  Below is my current best thinking on the success equation:

Talent + Training x Passion = Success

Now let me break it down for you:

Talent

Talent is innate ability. You are born with it.  For example:  Some people are naturally competitive.  Others may be naturally good at seeing patterns in complexity.  Still others may be gifted in breaking complex topics down in a brief conversation so that their colleagues can also understand them.

Everyone has natural talent in some area.  You can tell when you are performing a task or activity that is using your innate talent because the task seems easy.  It feels effortless and the actual steps involved in the task energize and invigorate you. 

Training

I use training to describe the many different learning experiences available to all of us.  School, work experience and adversity all offer us the opportunity to learn and grow. When you add Talent to Training, you have a powerful combination.

Passion

Talent and Training are the engine that can propel us toward success but passion is the high-octane fuel that hurls us forward and sustains our drive over time. An abundance of passion can help get us through the difficult times during our success journey.  It is an accelerant and a catalyst. 

We often hear athletes say; “I just wanted it more than he did”.  They are describing the difference in passion between them and their rival. 

Notice that Passion is a multiplier.  Passion helps increase Talent and Training exponentially.  It enhances what Talent and Training bring to the equation.  I have seen individuals with limited Talent and Training succeed by applying whatever they had in these areas with great Passion.

In the future I will post some stories that help me illustrate the success equation.

Please share any experiences that you may have, so that others may benefit from your knowledge. 

You can e-mail me at: 

[email protected]

The Power of the Social Network

Today’s post on Business Pundit relates to a truth that executives in most organizations still don’t understand.  The social network is more powerful than the formal communications network. 

Employees are connected by these “social threads” – informal relationships and conversations.  The connections may be as thin as having a brief conversation on the train on the way to work, or exchanging chit-chat on the way to the gym.  These thin connections often contain moments of truth – opportunities when a critical opinion is expressed about a product, service or idea.  This informal conversation plants a seed that grows each time the parties involved in the conversation come across the topic – no matter how casually.

In every group there are individuals who send more messages then others.  There are also people who pass almost everything through to others, regardless of the truth of the subject matter. 

If you want to get the word out about a new initiative, networking with your employees will be as important as posting a notice or publishing a newsletter.

The thinnest thread makes all the difference.  In real life the most influential communication is often carried from one point to another in the most casual way. 

Cable News – A Case Study in Marketing Strategy

We are into the dog-days of summer here in North America and this is the perfect time to introduce a subject that fits with the mood that this time of year tends to reflect. Heat can lead to a wondering focus that can easily overcome the most ambitious businessperson during the summer.  These characteristics can also be used to describe the state of affairs in the cable news business.

The Fox News Channel is the clear frontrunner in the battle for hearts and minds in cable news.  The other players are not even close.  Fox has clearly positioned itself as the “go-to” network for breaking stories and insightful commentary on the issues of the day.  Whether or not the critics agree with the right-wing ideology that runs through most of the network’s commentary, Roger Ailes and his team have built a business that is the envy of the cable news community.  Their coverage of stories that matter to the public is solid.  They have their finger on the pulse of today’s American viewer and they serve it up in a way that keeps them coming back.

The Fox formula works.  They get the numbers (ratings) that allow them to attract advertisers. During their most popular shows, Fox can command an advertising premium.  That’s how you make money in television.

It is important to remember that television is a business (a big business).  The pundits and TV critics continue to hammer home the fact that Fox has a point of view. They act as if no news organization has ever mixed the news and ideology prior to Fox News firing up its transmitter.  This is a telling symptom of the problem with the other cable news networks. In trying to please the critics, they do not present a clear image to the TV news consumer.

The fact that America leans to the right (politically) allows Fox to give their viewers what they want – good news coverage presented in a way that their viewers welcome. Providing a solid product the way the customer wants to consume that product sounds like a good business to me.

The critics will be quick to point out that Fox will never admit to having a network-wide ideology.  That’s fine.  Think about it; when consumers go to the store to buy soap does anyone tell them that there is little (if any) difference in the chemical composition of the products on the shelves?  The soap manufacturers dress up their product so that it will sell. They do this by packaging the product differently then their competition.  Fox does the same with news.  They tout their reporting and they package it in a way that sells – with insightful, consistent commentary. 

What we see today in the form of competition from the other cable news outlets are cable news networks that try to present the news in a way that will not offend people.  This is a defensive posture.  While CNN and MSNBC offer coverage of most of the same stories as Fox News, they have no network-wide consistency when it comes to opinion. The product on CNN and MSNBC is unpredictable and consumers embrace consistency. The number two and number three cable news networks package their product in a generic wrapper that says “News”. This leaves the consumer searching for a way to differentiate the products. Clearly this is not as effective as the Fox approach – a point supported by the ratings day after day. 

Cable news is not network news. It is a different animal. It is a 24-hour business. The viewer gets that.  There are too many hours to fill and reading news from sanitized copy just doesn’t cut it on cable. Journalistic integrity dictates that everyone must get the story right based upon the facts.  Interpretation of the facts (opinion) is one of the cornerstones of free speech. It has also been a staple of news reporting since the invention of the printing press.

Viewers want to hear what the experts think and they want to know where to go to get a definite opinion – day or night.  Fox makes this clear and the consumer will always embrace a well-defined product over an ambiguous one.

I’ll post regularly on the business of the media.  If you want to get a daily dose of what is going on in this world, try these sites:

TV Newser

Inside Cable News

Broadcasting and Cable

Get Rich Quick - Nope - Get Rich Slow

I love this article. 

This is great practical advice on how to build wealth.  It takes discipline, but it can be done.  Click here for the full story. 

Tips for Finding Profitable Rental Properties

1. Find the right broker. 

A reputable real estate broker can mean the difference between a successful hunt for a rental property and coming up empty. Your broker should know the area well and advise you on properties that are best suited to your needs. This is especially important if you are looking out of your current town or area for a rental property. His or her knowledge of the area can be invaluable.

2. Get your finances in order. 

Go through your finances thoroughly and make sure they are all in order. If you plan on taking out a mortgage to finance your property purchase, make sure that your credit report does not contain any inaccuracies. This can help your chances of getting approved and qualifying for favorable interest rates. Also, come up with several worst-case scenarios before finalizing your decision to buy a property. What if you cannot find enough renters to fill the property? Will you still be able to make your payments?

3. Do not overpay. 

Your purchase needs to allow for a sufficient profit margin, even if you do not have full occupancy on your rental. Otherwise you can end up losing money quickly instead of turning a profit.

4. Do not get stuck with a fixer-upper. 

While finding a cheap fixer-upper may seem like a bargain, you may get stuck in a money pit very quickly. If the repairs are major and would require a lot of time and effort, you may be better off paying a little more for a property that is in better condition.

5. Get it inspected. 

]Before purchasing any rental property, have it thoroughly inspected. Make sure that the electrical wiring is up to code, that the paint is not lead-based, and that the environment is safe for tenants. Inspections can dig up hidden problems that could end up costing thousands of dollars. Although you may be required to pay for the inspection yourself, it can save you lots of money when compared with paying for unexpected repairs.

6. Research the neighborhood. 

After you have found the right property, take some time to research the neighborhood. Is it safe? Are there any known problems in the area? This will help you decide if you need to offer additional security on a dwelling, or if you may end up with more problems than you expected.

7. Know the real estate market. 

If you are not familiar with the area or if you are not working with a broker, you will need to research the current real estate market. Low prices in the housing market can mean that the amount of rents is also low. High housing costs generally mean that you will be able to find more renters. This demand will determine the amount of rent that you can charge.

8. Network with your peers and real estate professionals. 

If you do not find the right property right away, meet with local brokers and let them know what you need. Ask them to be on the lookout for properties for you and assist you in your search.

9. Do not stray too far in your search. 

While you may not be able to find appropriate rental properties near your current location, do not settle for something that does not meet your specifications. If you end up with a property in another state or far away from your home, you will either have to spend money on travel expenses or hire a property manager.

10. Do a Competitive Analysis. 

Scour the multiple listing service to evaluate current properties on the market. And ask your broker to provide an analysis of comparable properties sold in the last two years, with rental income, sales price, number of unites, square footage, and other relevant factors.

No Politics and No Spin – Really

Tom has asked me for my opinion on the Downing Street Memo (his comment is below my most recent post).  I don’t want to mix my political feelings with some good advice on business so I’ll spare you my political beliefs on this blog.  If you want to engage in a dialog about the Downing Street Memo, go to the blog for this issue by clicking here.  I'm not affiliated with them, but they do seem to have a lively debate going.

I may create a political blog in the future but for now I’m sticking to “spin free” advice to individuals and small businesses in this space.

The Future is Viral – Tell the Neighbors

It is possible to build a big business brand on a small business budget.  In case you missed it, USA Today has once again tried to grab you by the lapel and shake you into the reality of marketing in the “world neighborhood”. 

World neighborhood - what’s that? Let me explain: 

In your hometown - your neighborhood - everyone knows the best place to go to eat on a special occasion.  How did this become common knowledge?  Did this place advertise?  In most small towns advertising probably isn’t practical (beyond placing an ad in the local church newsletter).  In most neighborhoods a restaurant earns a reputation through interpersonal communication A.K.A. word of mouth. The Smiths go there for Sally’s birthday and they have a great experience.  They tell the Browns and the Jones.  These folks go there and they enjoy it. They tell two other families each, and they return.  The next thing you know the local bistro is tougher to get into then Tavern on The Green. 

Today we are all connected via forums such as this one.  I write a rant on viral marketing from my tiny apartment on the East Side of New York City. A tailor in Des Moines, Iowa reads it and agrees with my thoughts.  He tells three of his customers about what he read and they read my blog.  One of them is a CEO and he brings it up at his next staff meeting.  Before you know it, I’m on a plane to the Midwest to give a presentation on the next generation of marketing – business blogs. 

My point: The train is leaving the station.  Get on board.

You have e-mail.  Your friends have e-mail. Start a newsletter. Get permission to e-mail it to friends and clients. Ask people to pass it on if they find it helpful. The next thing you know, everyone’s talking about you and your idea. You become the local “hot spot” for your product or service in your world neighborhood.

If you’ve got a business and you’ve got something valuable to say, start telling the neighbors.  Knock on some doors electronically.   Before you know it your neighborhood starts growing each and every day.  As long as you provide value, people will continue to come back.   

Darwin and Consulting

What do you call a guy who gives a half-hearted effort in medical school? …DOCTOR.

That scares the hell out of me. What if I go to the ER with a stomach ache and I get the guy who slept through Gastroenterology? 

I didn’t bring that up to bash doctors.  That thought has been on my mind since I read yesterday’s post at Guerrilla Consulting.  B-to-B consulting is survival of the fittest. It is natural selection in the business jungle. Consultants are only as good as their last recommendation. If a consultant does mediocre research and does not improve the value of his client’s organization – he faces extinction. 

Getting fired by the client is probably the least of the mediocre consultant’s concerns. In most relationships, consultants don’t just deal with one person. They usually deal with a team of people.  Mediocre work will create a legion of people who will never recommend their services.  Some of these people will get promoted to senior positions in your client’s company or take jobs in other companies. They will always remember “the guy who made that horrible recommendation that got us all in trouble”. 

The best advice I can give anyone working with clients (in any field) is to give 110% to each and every single client.  Treating each client as if they were your only client is the only way to deliver the kind of service your clients deserve. It’s also the only way to ensure the survival of your species.