BWPrice's Marketing U

"Unnecessary" Quotation Marks

I am spending the Thanksgiving weekend providing final review to one of two books we have on tap.  I've noticed that some chapters are full of unnecessary quotation marks.  In fact, the majority of my edits are removing these annoying and unwanted quotations.  It reminds me that we're not the only ones who are so enamored of quotation marks because there is an entire blog devoted to the subject. 

For a laugh, click through to the blog The "Blog" of "Unnecessary" Quotation Marks.

I hope everyone had a safe, restful, and enjoyable Thanksgiving.

You Can Get Comfortable Anywhere

We can get comfortable anywhere and comfort zones are dangerous things.  When things are in turmoil is the perfect time to break out of our comfort zones.  What worked in the past may not be working now so people are ready to try new things. 

Break out of your comfort zone personally (do those things that stretch you) and break your firm out of its comfort zone (now might be the time to enter new markets, retool messages, radically change processes).  Use this crazy economic time as the catalyst to be different and change where you need to change - both personally and professionally. 

What can you do differently today to get out of your comfort zone?

Newest Issue of Mercer Capital's Value Matters(tm)

The November 2008 edition of our e-mail newsletter, Value Matters (TM), features an article by Megan M. Bartels, titled "Grantor Retained Annuity Trusts: A Perfect Storm"

The current economic crisis will almost certainly have vast and lasting effects on our country’s businesses and financial markets alike.  Personal retirement and investment accounts have been battered.  The world of gift and estate taxation is full of uncertainty due to the scheduled repeal of estate and generation-skipping taxes set for 2010, while the inauguration of a new president in January 2009 only adds to the ambiguity about changes in legislation going forward.  Amid all the turmoil, or perhaps because of all the turmoil, we have encountered a “perfect storm” in which all the conditions are right for the success of a specific gift and estate tax planning tool, the grantor retained annuity trust (“GRAT”).

You can gain immediate access to this and other newsletters by visiting our Knowledge Center, or by subscribing here.

Duct Tape Marketing : Twitter for Business Live Webinar

For those of you who are interested in Twitter, John Jantsch over at Duct Tape Marketing is joining with social media guru Chris Brogan to present a live webinar entitled "Twitter for Business."  Thursday, December 11, Noon CST.

For more information about Twitter, see the following links:

• My Twitter Experience and Some Twittequette (Michelle Golden)
• Five Part Series on Twitter (Jennifer Laylock)
• TweeterBlog (Jack Bastide)
• Automating Social Media Activity (John Jantsch)

Google Releases SEO Practice Guide

One of the questions I got at the recent ASA/AIPCA conference had to do with search engine optimization.  Google has released its SEO Optimization Starters Guide.

Check out the post on Steve Matthew's blog, Law Firm Web Strategy (if you are a professional services firm, this is a site to bookmark) for a great summary. 

If you have specific questions about SEO for your website, e-mail me here.

Short Recap of Recent ASA/AICPA Conference

BV Girl, aka Eva Lang, posted a short recap of the recent ASA/AICPA conference.  To quote Eva:

"Certainly current economic conditions were on the minds of attendees but many seemed optimistic for the ongoing need for valuation services - especially if the Obama administration raises estate taxes. Also analysts who act as expert witnesses don't expect litigation to decline. Most practitioners whom I spoke to had yet to see a downturn in engagements but were unsure what 2009 would bring."

To all you BVers, are you optimistic about 2009?

Happy Monday

Photo Credit:  Kelley Ryden Photography

Can We Get There From Here?

In these uncertain times, it is easy to get discouraged - possibly paralyzed by fear if we're not careful.  Fear is a powerful emotion and some people are afraid.  If you are afraid (or can see it from here), put it to use - let it motivate you to action.  Find ways to contribute to the top line sooner rather than later.  Finding your relevance within the organization is critical right now.

• If you are a marketing director or on the marketing staff, it is your charge right now to be focused on providing business development support and guidance to the firm.  You have to be focused on those activities that make the phone ring with the right engagements in the short run.  Make yourself relevant by pushing initiatives that will bear fruit (put money in the bank) sooner rather than later.
• If you are a young professional, work hard and long to learn as much as you can.  Look for opportunities to contribute ideas.  Don't stay too focused on each individual project.  Pick your head up and look for synergies between your daily work and the firm's focus.  Support those professionals above you with your ideas and initiative.  Now is the time to make yourself heard.
• If you are a mid-level professional, you have begun to develop client and referral source relationships.  Work those, now more than ever.  Actively look for opportunities to move yourself and the firm forward.  Bring marketing and development ideas to the table.  If you believe in them, push them.
• If you are a senior professional, you have substantial client and referral source contact.  Pick up the phone.  Make at least 3 phone calls a day .  Then look for new people to call.  Do it every day. 

Advice for everyone: stay focused, stay real about the situation, stay optimistic, and stay out-bound.  If you're afraid, let that fear move you to action. 

Monday is coming.  What is your plan of action?

Mercer Capital's Just Published "Capital Purchase Program Handbook"

Mercer Capital's financial institutions group published Mercer Capital's Capital Purchase Program Handbook on November 21, 2008.

Per the handbook:

After the financial crisis erupted in the third quarter of 2007, the federal government adopted a series of ad hoc responses.  None of these programs, however, addressed the underlying reason for the turmoil—a mounting level of problem assets that were eroding banks’ capital and endangering the essential trust between counterparties that under-girds the financial system.  To address these solvency concerns, the federal government devised the Troubled Asset Relief Program (“TARP”), which became law on October 3, 2008.

As market conditions continued to deteriorate, though, the implementation of the TARP changed.  Realizing that repurchasing assets was unlikely to restore confidence in banks’ solvency, the Treasury’s priority shifted from repurchasing illiquid assets to direct investments in financial institutions.  Over the weekend of October 10, 2008, the Treasury held meetings with the heads of the largest U.S. financial institutions, which led to the issuance of $125 billion of preferred stock by these institutions to the federal government.  The government then announced that all U.S. financial institutions could apply for the program on similar terms.  Thus, the Capital Purchase Program (“CPP”) was born.

The CPP has the potential to change the banking landscape for years to come.  This handbook covers a number of topics related to the CPP, including the activity to date in the program, the advantages and disadvantages of participating, accounting issues raised, and the actual cost of the preferred stock after factoring in the warrants.  While this handbook covers issues applicable to all banks, we specifically directed our analysis to privately held banks for several reasons.  First, while many analyses of the CPP have been prepared, we have found little guidance intended for privately held banks.  Second, participation in the CPP by privately held banks creates issues that are not faced by publicly traded banks, and we address these issues in this handbook. ...

To download a complimentary copy, along with an Executive Summary, visit our website here.  For more information about the services we provide financial institutions nationally, visit here.

How We See Ourselves

When I'm giving speeches, I always offer to review the marketing materials and websites of the attendees.  The difference in perception in how I, as an uninterested bystander, view their firm and the job they do at presenting themselves to the world and how they view their firm (and themselves) is often striking.  But it's human.  They see the beauty beneath.  They realize the untapped potential.  I see the raw reality.

I try to look at Mercer Capital as an uninterested bystander but I really can't.  There is no way to remove myself totally from that which I've helped create.  So, don't always trust your own opinions.  Instead, find a trusted group of people who will tell you what you need to hear and listen to their advice.  How you present your firm and yourself to the world is important.  This is especially true in this slowing economy.  Try to throw away the cane and begin to dance.