Tag Archives: Business and Economy

August 21, 2017 · 10:59 am

The First 15 Words

Humans generally read at a rate of about 300 words per minute. That works out to about 5 words per second. If those numbers are correct, you’ve already spent that long reading this far. Thank you! There’s a reason why I’m happy about it: you’ve stayed with me beyond the average length of time any of us have to grab someone’s attention.

Research from the Statistic Brain Research Institute found that 17 percent of pages are viewed for less than 4 seconds. It also shows that the average reader’s attention span has declined to 8.25 seconds in 2015 from 12 seconds in 2000. This is, as I wrote a couple of years back, is shorter than the attention span of a goldfish. And while I might be able to get half of you to read my short posts (I lose half of you at 111 words), only a quarter of you will stick with me to the end of a long (593 words) post. That’s why I rarely write a screed of more than 450 words.

Any of us who create content of any sort – ads, articles, videos, or whatever – need to be cognizant that attention spans are going down just as the number of things screaming for that attention go way up. That means we need to personalize our messaging wherever possible and to be sure that whatever messages we’re sending make sense. Be brief and make sure that those first 15 words count. If you have an offer, particularly if you’re giving the reader something, make that offer and give that gift up front. That chances of you earning some reciprocity (they’re giving you attention!) increase that way.

Attention is the currency of marketing and content. The ability to gain and keep that attention is extremely valuable. You’ve got less than 8 seconds and maybe only about 15 – 20 words to get it. Go!

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August 18, 2017 · 11:11 am

Supermarket Sweep

It’s Foodie Friday but I want to talk about Thursday. Why Thursday? That’s the day I do my grocery shopping because my preferred supermarket gives a 5% discount to seniors. Stop snickering – I managed to live this long and I deserve the benefit!

One thing I’ve gotten much better about is saving as I shop. Nothing brings joy to me these days like finding a coupon that I can layer on top of an item already on sale. This happened yesterday with Duke’s Mayo and I was nearly brought to tears. In any event, I thought I might pass along a few things I’ve learned, and as it turns out, many of them have a lot of application to your business as well.

First, I try to make some sort of a weekly meal plan. You’d be shocked how much easier shopping is when you know what you’ll be making in advance. I leave myself some flexibility – maybe the rapini looks good and I’ll swap out the asparagus I’d planned to buy. Maybe I’ll just say “beef” as a protein and rely on whatever I can find that’s on sale or, even better, a “yellow tag” special that’s deeply discounted because it’s near its last day of sale. I do look at the circulars that come on Wednesday to help me plan, and the coupons that come the previous Sunday also guide my thinking. The key is that before I step foot into the store I already know why I’m there and what, specifically, I need to buy.

This sort of planning is something I encourage clients to do with their businesses. Chasing the latest shiny object without some sort of a coherent plan rarely works out well. Yes, I’m a believer in just walking to the meat or fish or produce section, buying what looks good on an opportunistic basis, and going from there, but I’ve found that in general, I do better in the long run (and the wallet) by having a plan. Opportunities will always arise but we should only take advantage of the ones that make sense, given our overall plan.

Next, once I have a plan I go through all the coupons, tossing the ones that have expired and matching the ones that haven’t to items that are on sale or in my meal plan. It’s rare that I purchase anything at full price unless there is a pressing need and I can’t find a brand on sale or with a coupon. Like you, I have preferred brands and I’ll stock up on them when they’re on sale. That sort of opportunistic and volume purchasing is something any business can do. Make commitments to providers for a long term in return for a discount. Don’t hesitate to take advantage of lower costs provided that you’re receiving equal value. By the way, this is how your customers think which is why it’s imperative that you emphasize that value you provide to go along with your reasonable costs.

By the way, even if you don’t get a newspaper, most stores post their circulars online, and there are plenty of free online coupons you can print off and take on your trip. As in business, the key is research, planning, and the careful allocation of capital on those things that are in the plan. Make sense?

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August 16, 2017 · 11:51 am

Playing The Long Game

One of my favorite movies is The Sting. It’s the story of how two men run a long con. That, as defined by The Urban Dictionary, is:

A con-job that requires a certain amount of effort and as a namesake, is usually in it for the long haul. Gaining someone’s trust for a number of months and then when the stake is in your court and you have their complete trust–taking advantage of it. Usually denotes relationship status or high-level business partnerships.

In less evil terms, the protagonists are playing the long game. They are less focused on short term success as they keep their eyes on the rich reward gained over the long term. I’m a big believer in playing the long game, both in business and in life. Let’s address the business part here.

English: Marshmallows

(Photo credit: Wikipedia)

The folks at MIT‘/Sloane did a study about the digital maturity of various businesses. One thing that they found to be true of digitally mature organizations was:

Their strategic planning horizons are consistently longer than those of less digitally mature organizations, with nearly 30% looking out five years or more versus only 13% for the least digitally mature organizations. Their digital strategies focus on both technology and core business capabilities.

I’m always surprised at how many organizations have a short-term focus and which then wonder why they’re not gaining on their long-term goals. I’m not advocating spending time creating a 10-year plan or even a 5-year plan. I think seeing that far over the horizon is pretty much impossible in these times of rapid change. But I do think every business needs to have some long-term goals and a focus on meeting them while ignoring some of the short-term things that might cloud your vision.

Maybe you’ve heard of The Marshmallow Experiment. A researcher put young children in a room with a marshmallow for 15 minutes, telling the kids that they would get a second marshmallow if the first was still there when the researcher returned. What’s interesting about this is that the researcher did follow up studies with the kids over the next 40 years. He found that the kids who chose to delay gratification (and get a second marshmallow!) did better in life. They had higher SAT scores, lower obesity, better social skills, and lower levels of substance abuse. They were playing the long game, even at 5. Are you?

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