Month: August 2012

Did The Penn State Brand Get The Death Penalty?

There are no shortage of definitions for the term “brand equity.” You probably have your favorite. This is one of mine, especially in the context of the Penn State brand: “A brand’s power derived from the goodwill and name recognition that it has earned over time, which translates into higher sales volume and higher profit margins against competing brands.”

The reason I like this particular definition when it is applied to the brand of Penn State is because of words like “goodwill” and “name recognition” and “earned over time.”

Clearly the Penn State brand, with Joe Paterno at the helm for over 45 years, wielded the power that came from goodwill while garnering name recognition, which in turn lead to higher sales and higher profit margins – that in the university world translates to an increasing level of enrollment and an increasing level of monetary donations from alumni. All of which makes the competing brands green with envy for sure.

At its peak, which for all intents and purposes was anytime right up until the world found out about Jerry Sandusky – the Penn State brand possessed a tremendous amount of brand equity.

Yet as we now know, this once seemingly invincible and impenetrable brand, has been reduced to a mere shell of its former self.

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Are You Too Comfortable to Grow? Break out of that Mindset!

Most of us spend our lives trying to “get comfortable and stay comfortable.” We want a roof over our heads, enough food to eat, a decent car to drive, and enough money that we don’t have to worry about the next mortgage payment. That’s just who we are as human beings.

However, that ingrained need to be comfortable extends into our psyche, and can keep us from growing. We don’t like to feel exposed or vulnerable, so we don’t take chances—we limit our thinking so we can feel safe—even to the point of sabotaging our own success. Unfortunately this often begins when we’re young. Many times it is something our parents pass along without even realizing how they’re setting the stage for us. When we hear things like “Oh, Johnny doesn’t like to read,” or “Sue isn’t good at sports,” those things get hardwired into our mental attitudes and before you know it, they become limiting beliefs that keep us from reaching our true potential.

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The Real Value Of A Facebook Like

Trying to qualify the value of a Facebook Like for a given brand has been shown to be an incredibly elusive and often frustrating exercise. An exercise many brand managers and marketing managers would say ends more often than not, in futility.

Sure, having that large number of Facebook Likes is always great for the ego while standing around the water cooler with the brand managers and marketers – but what is the inherent value?

What good are all these Likes if it doesn’t correlate to increased revenue?

Two recent studies have shed some light on what the value of a Facebook Like truly is: “The Facebook Factor” via Forrester and the “Power of a Like 2” the sequel to comScore’s “Power of a Like” released last year.

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Social Credibility—Your Relationship Insurance Policy… dedicated to #BewbLuv

This quote has taken on some special meaning for me today…

“Call it a clan, call it a network, call it a tribe, call it a family. Whatever you call it, whoever you are, you need one.” ~Jane Howard

We all need one… Return on Relationship is there for everyone when they need it most.

 

We’ve all bought insurance policies before. We insure our cars, our houses, our health, our lives—even our vacations! Most of us never have to use the majority of insurance policies we buy, but we’re comforted by the fact that they’re there—waiting—if we ever have a crisis.

But did you know that the relationships you build in social circles can also act as a kind of insurance policy? Whether you realize it or not, you’re building “social cred” every day—and if you do it right, it will act as insurance that can pay off big time when you need it most.

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Four Keys To Effective Social Media Marketing Conversations

Dialogue changes things. It connects people, seeds ideas, and is a critical thread in the fabric of relationship.

This dynamic is at the heart of social media’s appeal — the opportunity for dialogue and community. And the prospect of change.

Yet, some enterprises — from Main Street start-ups to global leaders — continue to wrestle with where social media fits within a communication strategy.

The reason for the struggle is the same reason relationships at any level are so difficult; genuine dialogue does not come easy.

Self-interest,  the superficial and the politics of the moment serve to frame much of what attempts to pass as the substance of dialogue.

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Be Good To People and Just Be Nice

I am a big believer that doing good, and just being nice to people, begets good treatment in return (part of that “Return” on Relationship)… for the most part. Therefore there is a return, just not necessarily from a particular act or specific relationship. I am not referring to this in a spiritual or cosmic sense. What I mean is that by building a reputation for putting yourself out (whether as an individual or a brand), doing good for others without expectation of something directly in return from that person, and generally being nice will most definitely add to your life in so many ways. People will notice, talk about it, spread the word, and in general most will treat you better, do for you, and watch your back because of the way you treat people.

This is not just a theory, but something I have put into practice personally and professionally. I make it a part of my daily life, try to help brands to understand, and have had a great deal of personal success and fulfillment in this respect. And yes, this is a basic tenant of Return on Relationship™ …simply put the value that is accrued by a person or brand due to nurturing relationships. ROI is the specific measurable, $’s and cents value, ROR is the value (both perceived and real) that will accrue over time through loyalty, recommendations, sharing and trust. A “Brand” is what a business/person does, and a “Reputation” is what people remember.

Be Good To People and Just Be Nice… for no apparent reason other than it makes the world a better place, makes you feel good, and will benefit you in the long run. Shoot me… I am altruistic :-)

“People will forget what you said, people will forget what you did, but people will never forget how you made them feel.” ~Maya Angelou

Originally posted at TedRubin.com

Learn to Savor the Moments—and Help Your Customers Do the Same

You’ve heard the old adage “Stop tosmell the roses,” right? Well, I’ve come to learn that when life hands you those “moments,” it’s best to slow down, savor them and commit them to memory. They only come around once! And when you make a conscious effort to put yourself in that moment and really experience it with all your senses, you can recall that memory in an instant, and “re-savor” it. How can this relate to your business? Let’s try a little experiment. Close your eyes and think back to a particularly happy moment in your life. Picture where you were, what you were doing, and who was with you. What happens when you think hard about that moment? Are the details sharp and clear? I’ll bet that for those really good memories, you can even recall smells and the sense of touch or taste—things that trigger an emotional lift and make you smile. Now think about when you last had a fun experience while shopping. Perhaps you were at an event,or browsing a brick-and-mortar store… what products come to mind? What details do you remember about the experience? When you’re thinking about “branding” your business (and it doesn’t matter if you sell cupcakes or care-giving services), think about providing your customers with the kind of experiences that they will want to savor, because that’s a foot in the door to building a long-lasting relationship with them. What can you do that will make them want to stop and savor your “moments?”

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CEOs On Social Media: Do As I Say, Not As I Do

As a parent I of course have tried to instill a set of rules for my children to adhere to as a means to teach them as they move along the growth ladder. All parents instill their own set of rules and values and so on to help guide the instruct their children, right?

Well let’s say that when my kids were younger, say around 3, I hung up a sign in the kitchen that read: “Don’t Touch A Hot Stove.” I made the sign big, bright and bold so they could not miss it every time they walked into the kitchen. And they followed the rule and never touched the hot stove.

Now let’s say one time they walked into the kitchen and there I was touching the hot stove, burning my fingers, screaming in pain.

“Daddy, you told us to never touch the hot stove. Why did you touch it?”

“Um, well… it’s different for grown ups.”

“Oh, I see… you want me to get mommy so she can take you to the hospital?”

While this may not be the best analogy the point is very clear that when it comes to social media and the use thereof, far too many CEOs are telling their employees – and the rest of the world for that matter that they know their company needs to be “doing it” yet simply do not practice what they preach.

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