Do You Suffer From Techno-Ecstasy

Too many companies stay out of the internet. Others rush in with “techno-ecstasy,” often times at the press of employees and without any objective or strategy.

“Hey, look at this gizmo I found, let’s do this!” Whatever the latest marketing trick or tool, it may be worthy of evaluation. But if it’s not serving your larger strategy, it may not be useful for you.

You may think the resource is “free,” but it isn’t free when you consider the investment of your resources to run it out and implement it. Plus, there is a risk you take with poor implementation from a customer perspective.

The other downside is that it may distract you and keep you from implementing core strategy that is vital to your business.

Before I use the latest marketing tool, I want to make sure it connects with my audience, communicates with my audience, and harmonizes with other strategies I have in place. If it doesn’t pass those 3 tests, I won’t use it, no matter how shiny the object is!

Paul Gunning, CEO of Tribal DDB Worldwide, writes at ManageSmarter.com about the caution you should use in employing the latest gadget, gizmo, or tool. His article provides a very good understanding of the components you should evaluate it on, and the four corners of the strategy to put it together. Read more… Social Media Reality Check

Ready, Set, Start-up

If planning is essential and story is imperative, what do you do with an idea and no beginning?

Entrepreneurs are those that are willing to plow ahead. They have an idea and they are able to drive through and make things happen. They still need a plan, but plans change. And a well crafted strategic plan lets you know when and how you can make changes in direction, without driving off the cliff!

Times like these are great opportunities for new ventures and start-ups. As major players strive to redefine, new opportunities develop. If you are sitting on an idea and looking for a way to make it happen then read “Blue Ocean Strategy,” one of my recommended reads.

Entrepreneur Jeff Stibel recently wrote at Harvard Business Publishing, “Great ideas are a dime a dozen. Action is what differentiates an entrepreneur from an inventor. If you want to focus on ideas, become an inventor — not an entrepreneur.” Read more… Are You an Inventor or an Entrepreneur?

The Worksheet Is Not a Plan

Over the years I have begun projects with companies and organizations, and one of the first things I ask for is their plan. Normally I am then handed an Excel Spreadsheet, ironically followed up by a statement that says “we never hit our plan.”

One company I worked with actually took 12 months to develop the budget and miraculously “hit it” at the end of the year, the same time they completed it.

Many companies don’t plan because they don’t want to fail. Others just don’t know what to do to plan. Their plans are either so far reaching and obtuse they are too fuzzy to identify anything accomplishable; or they are so tied up in tactical efforts and minutiae that nothing accomplished through the plan would contribute to the growth of the company.

Finance expert Steve Player says that unlike budgeting, which is financial planning, “planning” is a much broader undertaking: “Budgeting sets limits; planning figures out what’s possible. Budgeting is about not failing, while planning is about succeeding.” Read more… Going Beyond “The Budget”

Lead, Don’t Hunker Down

This is a time of opportunity, but it is not for the faint of heart. Is your organization competing in the market or is it competing internally? This last year three different organizations I was working with all had growth, refocused their efforts, tweaked their budgets and grew, all when the economy was collapsing. I began my consulting career during the S&L Crisis and Oil Collapse in Texas and it was a very similar time. As we navigated those choppy times, every organization I worked with prospered and now you can too! This week I want to share an encouraging article by Naras V. Eechambadi, Ph.D., Quaer, called “Marketers, This is Your Time to Innovate and Lead, Not Hunker Down .” Read more…