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Wednesday, January 20, 2010
Tuesday, January 19, 2010
2010 Industry Report
This morning I attended the Minneapolis / St. Paul Business Journal’s 2010 Industry Outlook. There were 5 speakers’ representing 5 different industries:
1. Commercial Real Estate
2. Healthcare
3. Banking & Finance
4. Energy
5. Hospital & Tourism
The event was well attended with a mix of large and small business executives. Overall, I would say the presenters did a fine job, but as one would expect most of the 2010 industry forecast was focused on a bleak outlook.
Unemployment is just under 8% in Minnesota is expected to remain at or close to that number for 2010. Most employers (60%) are keeping their workforce as is and only 17%expected to do new hiring for 2010. Housing prices are still down 37% and foreclosures may climb as a direct impact of unemployment. Healthcare is still creeping through the House of Representatives and Senate and no one has the crystal ball on where healthcare will end up….even the people changing healthcare. If you were looking for hope or a “feel good about the future” pep rally this was not the event.
I did ask a question of the entire panel regarding changes in their behaviors in looking at measurement and metrics. That is to say…..have they developed new measurements/metrics to help better manage their business through this dynamic economy? I was searching for what new changes in their behaviors they have adopted.
The answer from the panel (across the 5 industries) were that they are not developing anything “new” in terms of metrics & measurements, but returning back to looking at existing measurements more closely to determine strategic plans and forecast. More of a “back to basics” approach.
The take away I got from the event is that no one is confident in anything other than the economy will remain volatile for 2010 and a conservative approach will remain in play for quite a while. Despite the less than hopeful news about the economy there is still great opportunity. Discount retailers remain in high demand, new businesses are on the rise, and creativity in products and services has seen gains (Example: Tourism has focused on vacation/get away packages close to home).
I look at these tough economical times we live in much like watching the nightly news. Most of the news we see on TV is negative (shootings, embezzlement, job loss, etc.). You can take this information in and hide in your home with a blanket over your head to mitigate the risk of these events happening to you OR you can open your door, enjoy life and deal with the challenges as they come.
This economy is tough…..that’s obvious. The question really becomes “how will you see it?” Is it a time to sound the alarm and hide out or is it a time to get creative and see what opportunities exist?
1. Commercial Real Estate
2. Healthcare
3. Banking & Finance
4. Energy
5. Hospital & Tourism
The event was well attended with a mix of large and small business executives. Overall, I would say the presenters did a fine job, but as one would expect most of the 2010 industry forecast was focused on a bleak outlook.
Unemployment is just under 8% in Minnesota is expected to remain at or close to that number for 2010. Most employers (60%) are keeping their workforce as is and only 17%expected to do new hiring for 2010. Housing prices are still down 37% and foreclosures may climb as a direct impact of unemployment. Healthcare is still creeping through the House of Representatives and Senate and no one has the crystal ball on where healthcare will end up….even the people changing healthcare. If you were looking for hope or a “feel good about the future” pep rally this was not the event.
I did ask a question of the entire panel regarding changes in their behaviors in looking at measurement and metrics. That is to say…..have they developed new measurements/metrics to help better manage their business through this dynamic economy? I was searching for what new changes in their behaviors they have adopted.
The answer from the panel (across the 5 industries) were that they are not developing anything “new” in terms of metrics & measurements, but returning back to looking at existing measurements more closely to determine strategic plans and forecast. More of a “back to basics” approach.
The take away I got from the event is that no one is confident in anything other than the economy will remain volatile for 2010 and a conservative approach will remain in play for quite a while. Despite the less than hopeful news about the economy there is still great opportunity. Discount retailers remain in high demand, new businesses are on the rise, and creativity in products and services has seen gains (Example: Tourism has focused on vacation/get away packages close to home).
I look at these tough economical times we live in much like watching the nightly news. Most of the news we see on TV is negative (shootings, embezzlement, job loss, etc.). You can take this information in and hide in your home with a blanket over your head to mitigate the risk of these events happening to you OR you can open your door, enjoy life and deal with the challenges as they come.
This economy is tough…..that’s obvious. The question really becomes “how will you see it?” Is it a time to sound the alarm and hide out or is it a time to get creative and see what opportunities exist?
Monday, January 18, 2010
Social Media Workshop Review
Last week I attended the Social Media workshop put on by Twin Cities Business Startup Meetup. The presenters were:
- SMC Pros: smcpros.com
- Bizzyweb: bizzyweb.com
- ITR Group: itrgroupinc.com
The presenters all did a fine job, but like many social media workshops I have attended in the past eyes began to glaze over as the presentations became more technical and new lingo was tossed out. Social media can quickly appear overwhelming to those new business owners who are just taking their first steps in this new world of marketing.
Of all the presenters the ITR Group did an excellent job of giving fresh and relevant business perspective to social media. ITR talked about the history of different marketing techniques from radio to TV to print and gave some background on how those tools have changed. For example…….
TV advertisement used to cast the widest net in terms of reaching people, but now with technology like TEVO and DVR people simply fast forward past commercials/advertisements making them less effective. Clearly, technology continues to change our behaviors and thus the marketing game has to change.
I was also nice to be validated in the past blogs I have written on "The Field of Dreams" thinking about social media. That is to say....."if you build it they will come." A very unfortunate behavior from the .com era of the 1990’s. ITR pointed out that social media is simply a marketing tool (one of many) and not necessarily the tool for everyone and every situation. For example….. the direct mail campaign may remain a effective tool for your most valued customers, but to reach new customers a social media strategy might be a more effective way to go.
The net of the presentation was to make sure you had a clear and targeted marketing plan when considering social media as a marketing tool. Also, to look at social media as one "tool" in the marketing toolbox and not as a "savior." Like most things in life nothing is as easy as it appears and requires that the effort you put is in direct proportion to the benefits you receive.
- SMC Pros: smcpros.com
- Bizzyweb: bizzyweb.com
- ITR Group: itrgroupinc.com
The presenters all did a fine job, but like many social media workshops I have attended in the past eyes began to glaze over as the presentations became more technical and new lingo was tossed out. Social media can quickly appear overwhelming to those new business owners who are just taking their first steps in this new world of marketing.
Of all the presenters the ITR Group did an excellent job of giving fresh and relevant business perspective to social media. ITR talked about the history of different marketing techniques from radio to TV to print and gave some background on how those tools have changed. For example…….
TV advertisement used to cast the widest net in terms of reaching people, but now with technology like TEVO and DVR people simply fast forward past commercials/advertisements making them less effective. Clearly, technology continues to change our behaviors and thus the marketing game has to change.
I was also nice to be validated in the past blogs I have written on "The Field of Dreams" thinking about social media. That is to say....."if you build it they will come." A very unfortunate behavior from the .com era of the 1990’s. ITR pointed out that social media is simply a marketing tool (one of many) and not necessarily the tool for everyone and every situation. For example….. the direct mail campaign may remain a effective tool for your most valued customers, but to reach new customers a social media strategy might be a more effective way to go.
The net of the presentation was to make sure you had a clear and targeted marketing plan when considering social media as a marketing tool. Also, to look at social media as one "tool" in the marketing toolbox and not as a "savior." Like most things in life nothing is as easy as it appears and requires that the effort you put is in direct proportion to the benefits you receive.
Monday, January 11, 2010
Success
I recently finished the book "Three Feet from Gold" and have begun reading "Outliers" by Malcolm Gladwell. Both books strive to understand what makes one successful. Some feel its keeping the focus in what you believe in and not letting others deviate you off course. Some feel success is the "accumulated advantage." In other words each break in life builds to the next opportunity. And still others believe that success (or lack thereof) can be the culmination of decisions we make along the road.
My experience and belief is that any of these definitions can be right, but like most things in life there is no “one” formula to follow or a roadmap to success. What I have experienced is that success comes from four areas:
• Environment (Stars are aligning)
• Awareness (recognizing an opportunity)
• Creativity (leveraging an opportunity)
• Passion & Commitment (Having a desire/belief to succeed)
The other point that is often missed in books and seminars when talking about success is the individuals own definition of success. Most of what we read about is success as it relates to wealth, awards and recognition, but there is success that is less obvious, but just as respected. The accumulated value of these successes is truly immeasurable.
My experience and belief is that any of these definitions can be right, but like most things in life there is no “one” formula to follow or a roadmap to success. What I have experienced is that success comes from four areas:
• Environment (Stars are aligning)
• Awareness (recognizing an opportunity)
• Creativity (leveraging an opportunity)
• Passion & Commitment (Having a desire/belief to succeed)
The other point that is often missed in books and seminars when talking about success is the individuals own definition of success. Most of what we read about is success as it relates to wealth, awards and recognition, but there is success that is less obvious, but just as respected. The accumulated value of these successes is truly immeasurable.
Wednesday, January 6, 2010
Chasing vs. Capitalizing
As many of my friends and co-workers know I am an avid reader. Lately I have been reading about all the business "predictions" for 2010. What will the economy be? What industries will grow? What will be the latest trends in social media? I think we can all agree that no matter the predictions 2010 will hold its own set of surprises (good or bad)and truth be told even the best crystal ball readers will be scratching their heads at the end of 2010.
That said I am once again seeing business publications and online forums light up with buzz about what will be the next social media tool.....the digital phoenix that will rise from the online ashes and take our business to new heights. Does the time we live in now remind you of the .com days of old? The field of dreams thinking of "if you build it they will come?"
Remember that there are those key principles that never change despite the rapid change around those principles. If you walk off a cliff in 2010 its the same result as it would be if you did it in the 1700's. Gravity is a constant. Same type of principles apply in business. Having a good understanding of your markets, your competition, your customers and a sound and measurable businesses will be the difference between achieving some short-term success and creating long-term profitability.
There are lots of new and slick tools out there today. Take the time to pick the tool/s that best fits your goals and objectives then capitalize on them. Don’t keep chasing!
That said I am once again seeing business publications and online forums light up with buzz about what will be the next social media tool.....the digital phoenix that will rise from the online ashes and take our business to new heights. Does the time we live in now remind you of the .com days of old? The field of dreams thinking of "if you build it they will come?"
Remember that there are those key principles that never change despite the rapid change around those principles. If you walk off a cliff in 2010 its the same result as it would be if you did it in the 1700's. Gravity is a constant. Same type of principles apply in business. Having a good understanding of your markets, your competition, your customers and a sound and measurable businesses will be the difference between achieving some short-term success and creating long-term profitability.
There are lots of new and slick tools out there today. Take the time to pick the tool/s that best fits your goals and objectives then capitalize on them. Don’t keep chasing!
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