Tips for pitching your business

The most critical task a CEO has is the ability to pitch. Whether it be yourself or your business you must know how to sale it. The song and dance to a sale are pretty basic but a little reminder is never going to hurt and the Harvard Business Review put out a great article on the secrets to a successful business pitch.

On my TPN Finance show I got a chance to expand on that article and why the steps are important for any business leader. For a quick clip of what the steps are and why I feel it is important click the hyperlinks of the step and watch me every Thursday at 9:40 a.m. ET at www.thepulsenetwork.com/live. The steps discussed for a prefect business pitch are prepare for your target, create a journey, convey your enthusiasm, know your hard data, and finally leverage your image.

See the fill video below and the highlight clip on Youtube – http://www.youtube.com/watch?v=LQw7c7AIdx4.

The Pulse Network Finance – Creating a Quality Business Plan – Part 2

Check out this part 2 clip from TPN Finance on The Pulse NetworkMike Nahass and I discuss the basics to developing and presenting a business plan.  As we explore in more depth all of the different things we have learned sitting on both sides of the table we try to give suggestions and ideas about what goes into a good plan and idea.  Have thoughts?  Please let me know.

Having a scale…

The other day we went out and invested in a scale as a part of the “New Year’s Resolution”.  So – of course – I started weighing myself every morning.  And – to no surprise – on the days when my weight went down a little – I was feeling better about myself.  And – again to no surprise – on the days when my weight went up – I was not feeling so proud.  But – and this was a little bit of a surprise – I now find myself thinking more and more as I eat things how it might affect my “weigh in” tomorrow.

This got me thinking – it is not that I was unconcerned with what I was eating prior to buying the scale, but I was not paying as much attention.  Then, by addition in this measurement into my daily routine, all of a sudden my thinking had changed and the level to which I paid attention to what I was doing increased significantly.  Is this transferable to the world of business?  I would postulate that it is and that a lot can be learned about human behavior from the most simple things.  I have always been a fan of metrics – but have never really thought through the scales that could help in terms of motivation.

Can you implement a scale in your every day activity?  Can you assign scales for your team members?  Try it.  Let me know if it helps.

Working with the right people

Over the years of running tech and media companies, I have discovered one thing is true and critical in any successful venture – working with the right people.  Unfortunately, although obvious, the converse is also true – working with the wrong people is a key leading indicator of potential failure.

So I have been asking myself – what are the key traits that define “the right people”?  It has been said over and over again – surround yourself with people smarter than you.  No question.  This is obvious.  But I there is more.  For me, those characteristics are:

  • Self -starter
  • Self-motivated
  • Internal drive
  • Entrepreneurial spirit
  • Creative Thinker
  • Fearless
  • Not Satisfied with the status-quo
  • … and finally – someone who wants more in life

Is this asking too much?  I don’t think so.  I have surrounded myself with exactly these types of people in the ventures that we are now involved with and in doing so am looking forward to having a lot of fun and a very bright future.

Making tough decisions look easy

I often marvel at how people look at business leaders and criticize their decisions. They think – the decision there seems so obvious – why does the CEO not see it and make the easy decision. Well – more often than not – there are many more underlying factors that relate to the decision that most people are unaware of. So – in actuality – it is a situation where the CEO is making the tough decision and in doing so makes that decision look easy when in fact it was not.

In fact – I often caution people – if you cannot make difficult decisions / make them quickly / and make them with conviction then I would caution you about thinking of being CEO of an organization. All you do is make decisions all the time – and very few are as easy as they appear…

The importance of deciding what to brand – the personal versus corporate versus product branding dilemma…

An incident occurred yesterday that got me thinking about the importance of branding.  At our company, like many I am sure, we often deliberate about “where to brand”.  Recently, there have been some great blog posts and great reads thinking through the question of personal versus corporate branding – the most recent of which I found compelling from a CEO who had tried to transition his personal brand into a corporate success.  If you look at some of the models out there – they would tell you that there is success at every level.

Before I go into the more recent of these examples, let’s look at the well known examples.  In terms of mixing personal and corporate branding, you need to look no further than Steve Jobs of Apple and Bill Gates of Microsoft.  Most people see this model and think – that is it!  But there there are other models which I think are very compelling.  For instance, look at IDG.  For the most part, what IDG has chosen to brand is the product – the business units and their solutions – not the personality and in many ways not even the parent company.  And then look at CNET – that is a corporate brand which has then inspired personality brands beneath – but always kept the branding at the corporate level strong and intact.  And finally, look at Rachel Ray and Martha Stewart – these are individuals who focused on building the personal brand and then leveraging that brand into a opportunity

So how does a CEO decide?

With the proliferation of social media, there is no question that personal branding is going to be an important part of every branding scenario.  To that end, I would suggest that CEO’s do not resist it for themselves or for their employees, but instead encourage it.  Ask as many employees as possible to blog, tweet, and promote their brand within the overall umbrella of the company and organization.

But then – there is a decision to make.  The decision, I think, comes down to three option – 1) Brand yourself as the leader or 2) Brand the company or 3) Brand the products and solutions you offer.  I would suggest that each CEO needs to decide a primary option and push on that.  Few of us, if any, can push more than one option and be successful without being diverted.  For me, all decisions need a clear focus and what I have focused most on it which will be the most effective in driving revenue and building value.  To that end, a CEO can look at each of these options and work through the if-then analysis – if I choose this path where will the organization be whereas if i choose that path where will the organization be.  With that in mind, the decision should rise to the top and be obvious to the CEO.

Are you thinking about branding?  Are you struggling with the personal versus corporate versus product branding dilemma?  What have you decided and why?

What should McDonald's do – what do you do when there is a public negative comment about your product??

I was debating in writing this morning’s post which of the two titles I should use for the post – so i decided to use both…  What should McDonald’s do? What do you do when there is a public negative comment about your product??

First let me set up the situation

Watching “Morning Joe” this morning (http://www.msnbc.msn.com/id/3036789/), they were announcing the anniversary of the launch of the first McDonald’s restaurant.  At that point, Willie Geist – (@WillieGeist1) – brought out a bag of McDonald’s breakfast food to “celebrate”.  He handed out certain pieces to each commentator.  At that point,  Mika Brzezinski – (@morningmika) – quickly said “No……” and refused to accept the food – citing that she would not eat it and “that food is bad…” (please note that these quotes are the closest to what I recall – not exact quotes but give the sentiment of the comment).  If that was not bad enough, when Joe Scarborough (@JoeNBC) starting eating a McDonald’s hash brown, Mika reached over, urged him to stop, and told him that “if he were to squeeze the hash brown he would see fat and grease oozing out”…

Now why do I care – what is the lesson

I wondered the same question to myself.  I have lots to worry about in my life – why did this bother me so much.  Then I realized, it caused me to think – what is the appropriate reaction when someone makes a blanket, public, negative comment about your product?  Any honest CEO will tell you that he / she has faced this problem at least once in his / her career.  Sometimes they are grounded in fact.  Other times, they are just perception – but perception that can drive a lot of momentum.  In business school we studied in earnest the Tylenol case – a case in which they reacted “quickly and decisively” to the scare surrounding the issues around their pills in the drug stores.  But we are also taught that sometimes ignoring the comment is the most effective solution.  So how do you decide?  Is it simply weighing the PR impact versus the opportunity and cost?  Is it weighing the character of the person who made the comment and deciding that way?  Also – has it changed now that social media and internet communications have become the backbone of viral communication?

So – what is the appropriate reaction when someone makes a blanket, public, negative comment about your product?

I think it is a combination of all of these that is factored into the decision as to what to do and how to act.  Most important, I think, is to look at the potential opportunity cost if the perception were to spread out of your control and also the opportunity to leverage this into a win for your organization.  To that end, if I were in McDonalds, I would seize upon this as an opportunity.  There is this perception out there that their food is bad as represented by Mika Brzezinski  on the show.  Most people are aware of it, and I am assuming that McDonald’s is as well.  To that end, why not capitalize on this poor exchange on TV to promote a new message about McDonald’s.  In essence, take this negativity, surround it with truths about the value of the product and what McDonalds offers, and create a strong and supporting viral campaign.  Here are some ideas -

  • Turn it into a fun but valuable YouTube video – with real people commenting on your product surrounding the comments by Mika Brzezinski.
  • Launch a web site talking about the experiences of real people who eat your food and why they think it is good
  • Search out experts who can comment about the menu you provide and why it is not “bad”
  • Stress the other items on your menu on this site that are healthier in nature
  • Stress the good things that McDonald’s does for the community – with a slogan as simple as “Are we that bad when we do so much good” (or something much more savvy than that…)
  • Use Facebook, Twitter, Myspace, and Youtube to your advantage to really rally people around your brand and your products – make this comment an example of the people who are driving tis mis-perception
  • And finally… offer a promotional program to people to have a coupon to get a hash brown for free or some very reduced price and encourage them to take a web video of themselves eating it and speaking “back to Mika”

In this day and age, the times have changed.  The proliferation of the internet and social media tools have afforded companies like McDonald’s to really launch into a viral campaign to send a message and drive its brand.  In a recent interview on Ellen, P. Diddy stated that he liked Twitter “Because it allowed him to talk to his people directly without filters”.  The same can be said for companies and their brands.  My recommendation is to take advantage of this and to leverage this negative “perception” comment into a strong and positive viral communications program.

Am I off?  Do you agree?  Should McDonald’s take another approach?

What are the key characteristics in a valuable business???

What are the key characteristics in a valuable business???

By far, this is probably the most talked about topic that we discuss on a daily, weekly, yearly basis. As we are trying to build value, it is so important to clearly understand what is value…

In reading an article recently published by the Jordan Edmiston Group (www.jegi.com) I came across what is probably the most clearly delineated listing of what buyers would be looking for.The quote is from Philip Siegel, General Partner from Austin Ventures in discussion interactive and marketing acquisitions. He stated, “we’re looking for a company that combines two or three key aspects: a focus on proprietary information; a software application that the user embeds into their business process; and recurring revenue”.(Source – JEGI Client Briefing – January 2009) For a while I have been preaching the theme of “Locked-in / Recurring Revenues” as the model most appealing as value to customers. This is a combination of business model, technologies, business processes associated with these technologies, and a clear vision for growth.

Philip’s delineation, I believe, is a further and clearer and better definition then mine on the same theme.  It clearly rules out many business models and avenues that people would go down to chase business and build out a company.  However, as a roadmap and key guiding principles – it is very clear and should hang on the wall of every tech CEO and anyone looking to grow a value business.

Again – here they are -

1) A focus on proprietary information

2)A software application that the user embeds into their business process

3) Recurring revenue

Obvious – probably.  Simple to understand – definitely.  Easy to make happen – not so much.  Worthwhile as a guiding light – DEFINITELY.

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