Tag Archives: business thinking

February 9, 2016 · 1:48 pm

Trust No One

I see that “X-Files” is back on the air. I’ll admit that I was never a huge fan, although maybe if I go back and binge watch the old stuff it will grow on me. Still, there was a line spoken during the series that came to mind as I read about influencer marketing: Trust no one. 

You’ve probably heard about influencer marketing before. Many studies have shown that the best possible source of product information and recommendations are from a trusted source such as a friend or family member. Those are influencers, as are some bloggers, celebrities, etc. Influencer marketing is using those folks as channels to sell a product.  Obviously, as the use of ad blockers becomes more prevalent, marketers are seeking other ways to get their messages out, and influencer marketing has become one of those channels. As a report from eMarketer says:

In the past, working with influencers was time-consuming. Brands had to find and vet individual bloggers, strike deals with them and then devote significant resources to managing campaigns. Now, there are an increasing number of talent agencies, networks and matchmaking services for influencer marketing.

I have many nice things to say about my clients but you won’t see me touting their products or services in this space, at least not without a prominent disclaimer.  We have already seen instances of celebrities failing to disclose that they have been compensated to do that and we might have seen another one at the end of the Super Bowl.  I have no doubt that Peyton Manning was going to drink a bunch of Budweiser, and the brand quickly stated that they didn’t pay him to plug them (twice that I saw) after the game.  He does, however, own two Budweiser distributorships.  Does knowing that change your perception of his statement?

I doubt many of us will be asked to plug a new restaurant or car or any other product to our friends via social media.  Still, knowing that some people are asked to do so calls almost any nice statement people make into question.  I don’t know of a way for anyone to label their own post in social media as a sponsored post but it’s a shame that we really can’t trust anyone’s good words nor any blog’s excellent review.  I’m trusting no one.  You?

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February 4, 2016 · 12:12 pm

My Bat, My Ball

A long time ago I had a boss who used to recite a little rhyme when he’d get into a discussion with other managers about how something ought to be done. It’s stuck with me: 

My bat, my ball
My ass, my call

In other words, as the person in charge of our division, I’m the one who answers to top management if things go wrong, so I get to decide how things are going to get done. I thought of him as I read the results of a survey by General Electric (GE) and Edelman Berland, which asked respondents to choose their three most challenging best practices to implement for enabling innovation  This was reported by eMarketer.  There were two best practices which the respondents found most difficult to implement.

The first was creating a connected culture where idea-sharing is facilitated and where all the contributing parties are recognized and rewarded.  The second was creating a set of metrics to decide which product or service should be funded or killed, as well as having a clear process and structure in place to manage innovation.  These we cited by over 40% of the survey respondents. What struck me about that, and how it relates to my old boss’ saying, is that both are about control.

With respect to the first point. If you’ve worked in any organization larger than a handful of people you’ve probably come across the dreaded silo effect.  You know what I mean: people not allowing anyone outside of their immediate group to see into their area and the lack of communication and cross-departmental support often found in large companies.  As a boss, you can mandate that people play nicely with other departments but the reality is that unless you proactively facilitate it and monitor it, it doesn’t really happen.  The second half of the point about reward is also about control since rewarding subordinates is often how managers keep people in line.  Shocking news: managers often play favorites irrespective of some folk’s contributions.

With respect to the second point.  That same boss had another saying: let’s not let the facts get in the way of a good story. Again, a control issue.  He wanted to decide what we did and how we did it.  We would innovate HIS ideas and we’d kill something when HE decided, irrespective of the data we had.

The real challenge these points raise is that of being adult enough to relinquish control in order to gain control of the business.  Turning a dictatorship into a benevolent monarchy is hard, but necessary.  Are you up to the task?

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February 3, 2016 · 11:55 am

The Wily Old Veteran

Courtesy Jeffrey Beall

The Super Bowl is this Sunday and if you’re not going to be watching it you are a member of a small minority in this country. It’s been hard to avoid hearing about the upcoming tilt for weeks, and it has become almost impossible this week. That’s not a complaint, by the way. I’m a huge fan and while it’s sad to see the NFL season end, this year’s game offers us something of a business lesson as part of the deal.

Amidst all of the hoopla, you might have heard Peyton Manning’s name more than once. If you follow the game at all you’re aware that he is a guaranteed first-ballot Hall Of Fame player who might be playing in his last game. You might also be aware that he missed a significant part of the regular season with a foot injury. In his place, Brock Osweiler came in and lead the team to a number of victories. He is clearly Denver’s quarterback of the future. Even after Manning got healthy, Osweiler had the starting job and was only back on the bench after Denver stumbled in a late season game and Manning came in. So why is Manning starting the Super Bowl?

You might say “oh, it’s a tribute to his wonderful career and that must be respected.” The real answer is the business point today. As an article written about the game said

Manning, not Osweiler, will start Sunday against the Carolina Panthers after reclaiming the job he lost to foot problems and turnovers earlier in the season. The five-time MVP‘s experience outweighed his limitations for the stretch run on a Denver team that relies on the running game and defense.

Experience isn’t something that you can teach – it’s something you need to gain over time. As I tell clients – most of whom are younger than I am – you hire me in part so that you don’t make all the mistakes I’ve made over the years. While you can stay up all night to work through a problem, I have probably faced the same problem multiple times over the last 40 years.  It might be possible to read about business and to learn (and I encourage you to do so!), but there is no substitute for living through business situations.  That takes time, patience, an open mind, and a willingness to accept that there might be many valid solutions to the problem you’re facing.

I will be rooting for the wily old veteran to have a good game no matter how his team does.  Every team needs one to help lead them into battle.  How about yours?

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