investment

Put Some Skin In The Game

Building something entirely new. Creating something fresh from something that existed. Evolving business to a new place. Changing a culture. True innovation. Standout success. Attaining influence or authority. Building a devoted following. Creating lasting relationships.

There’s one thing that all of these have in common…

You must invest something of personal value and worth.

It might be your ideas, your energy, or your reputation. Maybe it’s something tangible, like money or resources. Perhaps it’s a bit of all of those combined.

But leading – truly leading from within, not just sitting in a position of annointed leadership – requires an element of vulnerability that few are willing to risk. It means betting on your own hand, and being part of the things that you’re asking others to do with or for you.

If you have little invested, you have little to lose. And it’s hard to trust your intentions if you can’t be bothered to commit – and risk losing – something you value in the name of the thing that you want.

Let your team, your volunteers, your customers, peers and colleagues know what you’re willing to put on the line to achieve something. Don’t just work on a project. Don’t just build a plan and execute on it or delegate it. Invest in it. Personally and professionally. Put some skin in the game.

And let them see you do it.

Then watch how the game – and your own perspective – changes dramatically.

Amber Naslund

image by banspy

What is the true value of a Facebook to a Marketer/Brand

I believe many are looking at this in too narrow a fashion. Everyone is trying to assign a dollar value to a Facebook fan or Twitter follower instead of addressing the fact that it is the engagement and interaction that takes place in these mediums that is incredibly important to a brand.

Building a relationship with existing and future customers is the true value and strength of social media/marketing. ROI is certainly incredibly important whenever investing, but companies have to start looking at ROR, Return on Relationship, when planning, strategizing and most importantly evaluating social marketing.

A new study shows that those who are fans or followers of a brand on Facebook or Twitter, respectively, are significantly more likely to buy products and services or recommend the brand to a friend.

Specifically, the study by Chadwick Martin Bailey and iModerate Research Technologies found that consumers are 67% more likely to buy from the brands they follow on Twitter, and 51% more likely to buy from a brand they follow on Facebook. Moreover, they’re 79% more likely to recommend their Twitter follows to a friend, and 60% more likely to do the same on Facebook.

Welcome to the “Age of Influence,” where anyone can build an audience and effect change, advocate brands, build relationships and make a difference.

Ted Rubin

The Thrill of the Chase vs. the Drudgery of Dialogue

For many, the chase is simply easier than the work associated with building and nurturing lasting relationships. The chase offers variety, an adrenaline rush, and – win or lose – it’s off to the next pursuit. No working through misunderstandings and unrealized expectations.

No – this isn’t a post about personal relationships — parallels notwithstanding. This is about business development. And for some reason, many professional service organizations and B-to-B endeavors invest disproportionate amounts of time and energy chasing irresistible “opportunities.”

In almost every instance, the shortest path to revenue growth lies in meaningful dialogue (the stuff of lasting relationships) with existing clients.

This would seem to be of particular interest in today’s marketplace — where the slightest growth is challenging, and leveraging every investment is a must.

The math is simple. Deepening an existing client relationship is almost always a better investment than the costs — hard and soft — associated with the pursuit of a new target. Deepen an existing relationship, and not only are you on the road to increased revenue; you’ve changed your profitability arithmetic.

Just in case I have to say it — here goes: this is not a suggestion that we should not engage in the pursuit of new clients. It is a reminder to all of us leading business development efforts: when we invest more in the pursuit of new opportunities than in the care and nurture of existing relationships, we may have fallen victim to the thrill of the chase.

Relationships that endure and grow are the result of a calculated investment in the proactive art (and, yes – often drudgery) of dialogue.

Eric Fletcher