Barbara Walters Price

What you can learn from a Global "Best Brand"

Okay, I confess that I'm not an avid reader of Business Week but this week's issue caught my eye and I'm glad it did.  (Note the picture on the left, all Coca-Cola red and picturing the "Queen of Pop" -- Mary Minnick.  You'd look too.  Heh ... we have kind of the same pose in our pics but I like her suit better.).

Beginning on page 54, the good folks at Business Week along with Interbrand listed the top 100 global brands.  As such, they listed five attributes of a "best brand" and it's useful for those of us in professional service firms to take a moment to consider how our firm's brand measures up.

Brand Attribute #1: Don't Fear Public Flops

The Business Week article discussed Google's slew of new product launches.  It seems as if their strategy is to throw several against the wall and see if any stick.  That is not the strategy of Mercer Capital.  Given our size, we can't focus on so many things at once.  However, we are not averse to sticking our neck out.  Most of the time, all goes well.  Sometimes, however, we feel the sting of the axe. 

Years ago, in attempt to jump start our investment banking effort, we offered a seminar in our offices for clients and friends.  In spite of a barely respectable RSVP list, only one guy showed up. 

While that example might be considered an "internal" flop since we obviously didn't advertise it, we are quite public in the positions we take on issues.  We also conduct quite a few seminars and webinars and if the content or delivery sucks, then the brand obviously suffers.

We are unafraid of failing quite simply because the upside of succeeding is so much sweeter and so much more important.  And, like most, the fear of failure prompts us to work harder to succeed. 

How does your firm rate on this one?

Brand Attribute #2: Face Your Weaknesses 

The article mentioned McDonald's grasp on kids when, in fact, moms were the problem.  So, they introduced healthier fare and focused their ad campaigns on exercise and healthy eating.  Moms, with kids in tow, began to come back.

Years ago, we fell into the trap of trying to sell business owners what they didn't want.  You see, it's a great idea for a business to have periodic business appraisals done and it's a great idea for a variety of reasons.  Yet, most business owners don't have their businesses valued because they want to, they have them valued because they are told typically by their attorney or CPA that they need to.  Big difference.  So we not only got the message wrong, we got the target market wrong.  Why?  Because we didn't listen.  Are we listening today?  I hope so but probably not effectively enough. 

What are your weaknesses? 

Brand Attribute #3: Earn Permission to Grow

Hyundai's past quality issue is addressed in the article.  Because the brand was viewed as a low quality loser, the company focused like a laser on quality control and offers a 100,000/10-year warranty to back it up and give customers peace of mind.  Their fortunes have turned around.

We earn permission to grow by leveraging our valuation brand to grow and strengthen our investment banking practice.  You see, Mercer Capital has a strong brand name and awareness in our profession.  We're known for excellence, customer service, and as intellectual leaders.  When it matters, you call us.

That brand message provides comfort to our investment banking clients, many of whom have worked with us on valuation issues.  And, we back it up (earn it) by bringing those brand promises to every investment banking engagement.   

How is your firm earning permission to grow?

Brand Attribute #4: Make Simplicity King

Royal Philips Electronics is profiled in the article.  Philips' Gerard Kleisterlee is quoted as saying "We had to choose whether Philips was a company built around its core technologies or one built around its core brand."  They chose the later and sought to focus on easy-to-use products designed around the consumer.

For a professional services firm, this one is easy to identify but maybe not so easy to execute.  Is it easy to do business with your firm?   Do you make clients jump through hoops or do you work to ease the process?  Can people find your phone number, e-mail address, or a website URL?  Do clients and referral sources feel valued?  There are so many questions to ask. 

Just one way we try to make it easy to do business with us is to offer an on-line form that clients or prospects can complete to receive a proposal for services.  We were the first to offer such a service (I've since seen other firms use our idea -- and sometimes our form -- on their website).  We've done about $250,000 of business since we posted the proposal forms on our website several years.  Some of that from existing referral sources who like the convenience, yet, interestingly, most of it comes from new contacts.  It's not making us rich but it is making it easier for people to do business with us.

What does your firm do that makes it easy to do business with and, more importantly, where can it improve?

Brand Attribute #5: Protect Your Culture

When you talk about culture, almost everyone talks about Starbucks and Business Week is no exception.  I confess that I'm not a big coffee drinker so a trip to Starbucks doesn't excite me but I understand how others love the experience.  Starbucks co-produced the movie Akeelah and the Bee and was debating how to use the "sacred store environment" to promote it.  Instead of posters, they decided to post vocabulary words from the contests in the film.

First of all, can you identify the culture of your firm?  I believe Mercer Capital's culture revolves around the fact that we're smart people who work very much as a team to provide the best service to our clients.  And, an important part of our culture is the fact that this is not an "eat-what-you-kill" shop.  We don't spend the end of the year haggling over who did what and who sold what.  That makes it much easier to come together toward a common goal - serving the client.

As we pursue growth opportunities, we'll protect this culture, because so far it's worked for us internally and has certainly worked for our clients and referral sources.

What part of your culture does your firm have to protect?

Take a few minutes to consider your firm's brand and these five attributes. 

Now for all you ambitious professionals out there, consider these brand attributes in light of your personal brand.  Hmmmm.

Don't Neglect the Gatekeepers and the Helpers

Last Monday, the president of our firm and I made a business development trip to Nashville, only 3 hours away.  Did you know that Nashville is the non-profit healthcare capital of the US?  Because we have healthcare experience and because we have certainly done business in Nashville, we have decided to cultivate this market a bit more intentionally.  That means monthly visits at a minimum and other activities that portray a presence without having an office there (that's another decision for another day).

One of the contacts we met with is very successful and was very helpful in arranging for us to give a presentation to his firm.  As is usually the case, his secretary and the A/V folks at the firm did the heavy lifting when it came to the logistical details of the speaking engagement. 

The speaking engagement was a big success as was the entire day.  I, of course, sent a well deserved thank you letter to our very gracious host.  I also sent thank you letters to his secretary and the A/V staff of the firm, which I would bet is seldom done.  This was not in any way a manipulative act; I was (and am) truly grateful for their help. 

I received a sweet e-mail from the secretary yesterday thanking me for the thank you note --  I suspect because she doesn't typically get letters such as that. The next time I'm in that firm's offices, I'll make it a point to meet her in person (she was on vacation the day we were there). 

It's an old refrain but an important one.  When you're developing business, pay attention to everyone you meet, especially the gatekeepers. 

And, as your mother taught you, remember to thank those that assist you -- it matters not whether they can pick up the phone and send you business.  They may be able to influence someone who can or might be more inclined to let you speak with someone who can.  You reap what you sow.  Sow good seeds.

Where does the time go?

It's been busy since my last post.  A trip to Syracuse to visit the in-laws (in beautiful 75 degree weather as opposed to 103 degrees here - ah, summertime in the south).  I return and then out of town again on a business development trip, and then slammed with those things that make the phone ring around here.

Here is a quick round up of interesting posts:

Executive (Branch) Compensation - from Eva Lang's BV Girl Business Valuation Blog

Michelle Golden got caught in the storm that ravaged St. Louis - So sorry, Michelle.  I know what you're dealing with.  A few years ago a freak summer storm blew through Memphis and knocked out power to 75% of the city.  We affectionately referred to it as "Hurricane Elvis."  Hope everything get back to normal soon.

If your idea is worth spreading, then presentation matters - from Presentation Zen

Tom Kane's Legal Marketing Blog got a nod from Duct Tape Marketing - way to go Tom

Debbie Weil's Corporate Blogging Book has arrived - my CEO is a believer because ...

TheStreet.com picks up a post from Mercer on Value (our CEO)!  What does it mean?  Maybe nothing.  Maybe something.  But it's a nice way to end the week.

Have a great weekend.

Fourth of July

Hope everyone had a happy 4th.  We had a nice low-key day.  Our neighborhood held it's annual 4th of July parade.  Parents show up with kids in tow on bikes, scooters, in wagons, or in strollers all bedecked in red, white, and blue.  The fire department is kind enough to send two trucks, one to lead us all around a long block, the other to bring up the rear.  Along the parade route, neighbors come out and sit in their lawn chairs in the front yard and wave.  The parade is corny and amazingly fun. 

After the parade is over, one of the fire trucks leave (I guess in case there might be a fire somewhere) while the other one hooks up to and opens a fire hydrant on a side street and shoots the water from the top of the truck down the street so the kids can run and play in the water. 

Just the kind of Americana event you gotta love.

How would you like to be on THIS list?

The 10 People Who Don't Matter (per Business 2.0)

Leveraging webinars with podcasts

Is your firm doing webinars (web conferences)?  If so, see Larry Bodine's lastest post re Anne Holland's (of Marketing Sherpa) advice on leveraging the content of your webinar with podcasts.  Great ideas.  Read the whole post but this caught my eye:

"From now on, after you present a Webinar, edit the audio file for future use (snipping out the bits only relevant to folks listening in live) and create a series of potential podcasts from it. Each podcast should be no longer than five to 10 minutes, and should address just one of the topics you covered in the entire Webinar."

If your firm is not currently doing webinars, are you doing teleseminars or even in-house training?  If so, you could possibly use pieces of that material for podcasts.  Do you write articles for firm newsletters or for outside publication?  If so, use that content for podcasts.  We've had good luck recording our print articles and offering them as podcasts. 

Bottom line, if you're not podcasting, you're missing an opportunity to offer your content in a new way - a way that many are increasing embracing.

For more information on how to create a podcast, see the article I wrote with Matt Washburn here.

Good luck Paul

It is with sadness that I report that Paul Chaney of Radiant Marketing Group is closing the doors of RMG.   Paul was our blog consultant when we set up Mercer on Value, our CEO blog.  He was (and is) very knowledgeable, a pleasure to work with, and, as luck would have it, from our neck of the woods (just a few hours away in Tupelo, MS).  He did a great job for us!

I am happy to report that Paul is joining Blogging Systems.  It seems as if Richart Nacht, founder of Blogging Systems,  was smart enough to convince Paul to come and work with him.  Although Radiant Marketing will be no more, Paul will still be blogging at Blogging Systems, Realty Blogging, Blogs For Good.

And, more importantly, the day after RMG ends, Paul begins his new life with Aime.  As Paul says:

On Saturday, July 1, the day after I close these doors, I get married for the second (and last) time in my life! Her name is Amie, and she’s a wonderful lady

Paul, good luck in your new endeavor and congratulations on your wedding!  May God bless you.  Keep in touch!

Control of the top line

Our president is a member of TEC (now Vistage International - the world's largest CEO membership organization) and at his most recent chapter meeting, the question on every CEO's mind was "how to drive the top line." 

Then, as fate would have it, the most recent issue of the Harvard Business Review (July-August) arrived on my desk and is all about selling.  Thomas A. Stewart, editor, notes that the topic of sales has traditionally failed to get the attention it deserves from serious researchers.  This double-issue seeks to rectify that to the extent that it can.

I haven't read all the articles yet but one statement from Fred Hassan, CEO of Schering-Plough struck me:

No strategy can succeed unless a company takes control of its top line.

Has your firm taken control of its top line (revenue)? 

"Taking control of your top line" - that phrase gave me the organizing principle I've been seeking to better communicate both the opportunities and threats I see to our top line on both a short-term and long-term basis.  You see, I've been thinking about Mercer Capital's top line a great deal.  As our firm and profession changes, a bolder strategic vision is needed and we're grappling with that vision and the action steps necessary to make that vision a reality.

As the CMO and a member of the board of directors (we have no formal sales staff and even if we did, I'd still be thinking about the top line), I add value if I spend a good deal of time thinking about how to drive revenue growth and then obtaining buy-in from the appropriate folks here to actually make things happen that positively impact the top line. 

Yet, even if I were not the CMO or a member of the board, I would be thinking about the top line, and you should too. 

What part do you play in driving top line growth?  What part can you play?

Over the holiday, I'll be devouring this issue and will report back some of the findings.