If I had to guess, I'd say we have American Express cards for about 90% of our clients rather than Visa or MasterCard. Every time another client gives us their corporate AMEX card I think about how American Express has just completely taken the business market over. It's really not even remotely close to their key competitors (Visa and MC)
This seems to be due to their laser focused strategy and consistency of marketing, advertising and promo to their target public (audience) that they have decided to go after - the business owners and corporations. They aren't dispersed with their strategy, they are completely and utterly committed to every avenue they can possible employ to go after businesses. They have a strong direct response campaign, digital advertisement, their own social media site called OPEN Network, magazine advertisements etc etc.
The takeaway that I have personally extracted from this strategy to completely control the market is this:
1) Decide on and define your target public (audience) clearly so you know who you are going after specifically
2) Create a strategy that is coordinated to get you in front of your target public in every possible way to generate interest and response
3) Have a strong business development team to back up your advertising, marketing and PR strategies in order to aggressively convert interest into sales. I can only imagine that American Express must have this point completely nailed. When someone has an interest in becoming a new business client, chances are, they will close them.
A key point in growth and expansion in any company is to accurately predict the effort and actions it will take to attain the goals. Even once you feel you have nailed what the estimated efforts need to be, it would be wise to double or triple the estimate in order to guarantee your position. In other words, think big and really go after it. But don't get distracted, stay focused. Know your target audience, define your strategy and hammer it until you have controlled it.
- Robert Cornish
CEO, Richter10.2 Media Group
Saturday, November 13, 2010
Tuesday, November 2, 2010
The Best Deal
There is a saying in business that goes like this.... "sometimes the best deal you made was the one you didn't". In other words, it's the deal you turned away or left on the table. It's always tempting to take on every single deal that comes your way in business due to the woo of possible profits related to it, but I would advise to you closely look at every deal to ensure the prospect fits your criteria and will truly be profitable for you.
This may mean that if something doesn't feel right about a deal or the prospect is being difficult upfront or it's outside of your core competency or or or... etc, well you may need to get up and walk away from it for the sake of your company. It most likely will be for the best saving you and your company huge amounts of wasted time and effort not to mention money.
One of the most profitable angles in business is knowing who your target public (audience) is and who is a desirable client to take on and who isn't. If you can peg who isn't you will avoid 90% of all headaches for your company. The ability to spot problem child's early is a vital tool toward a growing and profitable company. Sure, you may end up leaving a few perfectly good deals on the table but you don't need to worry about that. Focus on distilling the deals that don't fully align with your goals, purposes and policies and I assure you that you will be ultimately more profitable and happier.
I have found that the very clients that fall just outside of our core public in one way or the other try to actually sell us on taking them on when all of our instincts and observations are indicating that we shouldn't. One for one, every time we have violated our polices and our instincts we have ended up unhappy about it later so my advice is save yourself the headaches and weed out the possible problem clients early. Don't be reasonable about this. Be ruthless about it. There are absolute hoards of new business out there, why waste your time with the deadwood.
If you currently have problem clients that fall outside of your core public or don't qualify in one way or the other, do yourself a favor and resign them. Move them off the line and focus all of your best talent, time and energy on your key clients to ensure they are happy and being serviced well. Take good care of your qualified clients and work to add more just like them. Do this and you will see the overall morale of your company improve. At our agency, we try to take on clients that fit our target public exactly and have products or services we like. We also try to only work with people we like and if we find a client being difficult or rude to our people, we simply resign the account and move onward and upward. Give it a try.
- Robert Cornish
CEO, Richter10.2 Media Group
This may mean that if something doesn't feel right about a deal or the prospect is being difficult upfront or it's outside of your core competency or or or... etc, well you may need to get up and walk away from it for the sake of your company. It most likely will be for the best saving you and your company huge amounts of wasted time and effort not to mention money.
One of the most profitable angles in business is knowing who your target public (audience) is and who is a desirable client to take on and who isn't. If you can peg who isn't you will avoid 90% of all headaches for your company. The ability to spot problem child's early is a vital tool toward a growing and profitable company. Sure, you may end up leaving a few perfectly good deals on the table but you don't need to worry about that. Focus on distilling the deals that don't fully align with your goals, purposes and policies and I assure you that you will be ultimately more profitable and happier.
I have found that the very clients that fall just outside of our core public in one way or the other try to actually sell us on taking them on when all of our instincts and observations are indicating that we shouldn't. One for one, every time we have violated our polices and our instincts we have ended up unhappy about it later so my advice is save yourself the headaches and weed out the possible problem clients early. Don't be reasonable about this. Be ruthless about it. There are absolute hoards of new business out there, why waste your time with the deadwood.
If you currently have problem clients that fall outside of your core public or don't qualify in one way or the other, do yourself a favor and resign them. Move them off the line and focus all of your best talent, time and energy on your key clients to ensure they are happy and being serviced well. Take good care of your qualified clients and work to add more just like them. Do this and you will see the overall morale of your company improve. At our agency, we try to take on clients that fit our target public exactly and have products or services we like. We also try to only work with people we like and if we find a client being difficult or rude to our people, we simply resign the account and move onward and upward. Give it a try.
- Robert Cornish
CEO, Richter10.2 Media Group
Tuesday, October 26, 2010
The Makings of a Group
The ultimate pursuit in business. To attain a group. A true team. Loyal, focused and driven to attain the goals of the group. It's fantastically difficult to attain but virtually indestructible once created.
Here are the makings of a group as I see it:
1) Everyone is focused on an agreed upon goal. In other words, there's a mountain and everyone see's it and is focused on climbing it without any deviation or distractions. The goal needs to be completely known throughout the group, intertwined into everyday actions, targets and programs. "What will we do today to take the mountain?" Get a goal, make it known and pursue it.
2) The group thinks in futures, meaning that everyone in the group is focused on their future within the group. Where will we be in 2 years, 5 years, 20 years..... This then breeds loyalty to the group and therefore strengthens the group as a whole. A great group is one that no one would ever want to leave.
3) The group works as a unit, synchronizing every action and coordinating efforts. No individuals are in the group, only one unit that operates as a unit knowing and acting with every area, division and department fully reliant and responsible for each other.
4) No internal chatter about another group member in a derogatory way. Any person that seeks to bring down another within the group is immediately ousted.
5) Everyone in the group plays to their strengths and covers others weaknesses in order to push the group forward and be strong as a group.
6) The group encourages, acknowledges and pushes each other within the group forward to move toward the goal.
7) The group has a set of rewards and penalties for hitting targets and missing targets that is agreed upon and known.
8) The group treats the goal as a game and play's the game to win. Let's not be bashful here, the goal is to win. Second place is as good as last place.
9) The group thinks big and set's large targets to become the elite in their field. The group also doesn't allow anyone to think small and set tiny targets that are undesirable. If we're going to go after it, let's go after the entire cake to eat it while letting others set targets for slices that they don't eat.
10) Everyone in the group acts and operates as a complete professional. There is no tolerance for amateurs that cause problems and cause the group to have setbacks. Only professionals make it in a real group and the group members expect the very best performance out of each group member.
That to me is 10 criteria of a powerful group that would overcome any obstacle or barrier. Our agency seeks to attain these 10 points daily in order to become a fierce competitor in the global business playing field. To me, people are the essence of business and the very fiber of a group as listed above. If you can attain a real group that operates this way and works together then anything is achievable. One of the senior goals of your company should be the pursuit to create a real group. Figure that out and you have the keys to prosperity.
- Robert Cornish
CEO, Richter10.2 Media Group
Here are the makings of a group as I see it:
1) Everyone is focused on an agreed upon goal. In other words, there's a mountain and everyone see's it and is focused on climbing it without any deviation or distractions. The goal needs to be completely known throughout the group, intertwined into everyday actions, targets and programs. "What will we do today to take the mountain?" Get a goal, make it known and pursue it.
2) The group thinks in futures, meaning that everyone in the group is focused on their future within the group. Where will we be in 2 years, 5 years, 20 years..... This then breeds loyalty to the group and therefore strengthens the group as a whole. A great group is one that no one would ever want to leave.
3) The group works as a unit, synchronizing every action and coordinating efforts. No individuals are in the group, only one unit that operates as a unit knowing and acting with every area, division and department fully reliant and responsible for each other.
4) No internal chatter about another group member in a derogatory way. Any person that seeks to bring down another within the group is immediately ousted.
5) Everyone in the group plays to their strengths and covers others weaknesses in order to push the group forward and be strong as a group.
6) The group encourages, acknowledges and pushes each other within the group forward to move toward the goal.
7) The group has a set of rewards and penalties for hitting targets and missing targets that is agreed upon and known.
8) The group treats the goal as a game and play's the game to win. Let's not be bashful here, the goal is to win. Second place is as good as last place.
9) The group thinks big and set's large targets to become the elite in their field. The group also doesn't allow anyone to think small and set tiny targets that are undesirable. If we're going to go after it, let's go after the entire cake to eat it while letting others set targets for slices that they don't eat.
10) Everyone in the group acts and operates as a complete professional. There is no tolerance for amateurs that cause problems and cause the group to have setbacks. Only professionals make it in a real group and the group members expect the very best performance out of each group member.
That to me is 10 criteria of a powerful group that would overcome any obstacle or barrier. Our agency seeks to attain these 10 points daily in order to become a fierce competitor in the global business playing field. To me, people are the essence of business and the very fiber of a group as listed above. If you can attain a real group that operates this way and works together then anything is achievable. One of the senior goals of your company should be the pursuit to create a real group. Figure that out and you have the keys to prosperity.
- Robert Cornish
CEO, Richter10.2 Media Group
Monday, October 25, 2010
Adversity is Your Friend
In business and in life you are constantly faced with adversity. I think there are two ways to approach it. 1. succumb to it and let it beat you up and knock you around or 2. deal with it head on, grab it by the scruff of the neck and throw it around to overcome and benefit from it.
I realize that nobody would select option 1 but to be honest many people actually do allow option 1 to happen to them rather than take control and create option 2.
Adversity is your friend. It's there to challenge you. You can learn a lot from adversity and create better strategies and policies going forward. You'd be a fool not to. When adversity presents itself, the difference between hugely successful people and failures is the way they deal with problems and adversity. Successful people look at the angles, the benefits and the opportunities from it including how to prevent and avoid it in the future which ultimately makes them stronger.
Use adversity to get better, smarter and faster. Don't let it beat you up or slow your progress. It's a blessing in disguise. Learn and expand from it. Me personally, I typically take a little step back from it and look at what occurred and then analyze it from a distance, perhaps even take a run outside to think it over and then I come back to address it gun's blazing with a full throttle "bring it on" attitude! I wouldn't have it any other way.
- Robert Cornish
CEO, Richter10.2 Media Group
I realize that nobody would select option 1 but to be honest many people actually do allow option 1 to happen to them rather than take control and create option 2.
Adversity is your friend. It's there to challenge you. You can learn a lot from adversity and create better strategies and policies going forward. You'd be a fool not to. When adversity presents itself, the difference between hugely successful people and failures is the way they deal with problems and adversity. Successful people look at the angles, the benefits and the opportunities from it including how to prevent and avoid it in the future which ultimately makes them stronger.
Use adversity to get better, smarter and faster. Don't let it beat you up or slow your progress. It's a blessing in disguise. Learn and expand from it. Me personally, I typically take a little step back from it and look at what occurred and then analyze it from a distance, perhaps even take a run outside to think it over and then I come back to address it gun's blazing with a full throttle "bring it on" attitude! I wouldn't have it any other way.
- Robert Cornish
CEO, Richter10.2 Media Group
Friday, October 22, 2010
Thursday, October 21, 2010
Aim Small - Miss Small
There was a line in the movie "The Patriot" where the character Mel Gibson plays is about to ambush a group of British soldiers to save his son. He tells his other two son's to remember what he has taught them.... "aim small miss small"
The other day I was in a meeting with our production team and while we were discussing strategies to attain client reaches, that exact phrase came out of my mouth... "aim small miss small" which lead to this blog.
It's a great concept and relates exactly to business and client growth. Focus your efforts. In other words, identify a segment you want to go after by profiling who you sell to now. Who buys from you? Then take aim at that small segment and go after them heavy. We are not aiming at the whole audience here, we are aiming at your audience. The people most likely to need, want and buy your products or services.
Why waste your time, effort, money and energy chasing around the entire audience who will most likely never buy from you anyway. Focus. Aim small miss small. Define the audience and go after them. You will "miss" a few within that audience, meaning you won't sell or close them but you will "hit" a lot of them and I can guarantee you that that small audience that you aim at - actually makes up a huge number which is most likely more than your company could ever take on as clients.
- Robert Cornish
CEO, Richter10.2 Media Group
The other day I was in a meeting with our production team and while we were discussing strategies to attain client reaches, that exact phrase came out of my mouth... "aim small miss small" which lead to this blog.
It's a great concept and relates exactly to business and client growth. Focus your efforts. In other words, identify a segment you want to go after by profiling who you sell to now. Who buys from you? Then take aim at that small segment and go after them heavy. We are not aiming at the whole audience here, we are aiming at your audience. The people most likely to need, want and buy your products or services.
Why waste your time, effort, money and energy chasing around the entire audience who will most likely never buy from you anyway. Focus. Aim small miss small. Define the audience and go after them. You will "miss" a few within that audience, meaning you won't sell or close them but you will "hit" a lot of them and I can guarantee you that that small audience that you aim at - actually makes up a huge number which is most likely more than your company could ever take on as clients.
- Robert Cornish
CEO, Richter10.2 Media Group
Sunday, October 10, 2010
Being a Martinet About Neatness...
I was reading an old book by David Ogilvy today and he makes a comment about how he used to work in a professional kitchen in France and the head chef, Mr. Pitard, was a martinet (one who enforces strict discipline) about being neat. He had the chef's clean the kitchen twice per day to ensure the quarters were spotless. David Ogilvy carried many of these lessons over to his agency which grew to be one the best and biggest of his time.
David's comment for his agency was this, "Today I am a martinet in making my staff keep their offices ship-shape. A messy office creates an atmosphere of sloppiness, and leads to the disappearance of secret papers."
I tend to agree fully. I am a bit of a neat freak myself and always keep my quarters in ship-shape. I also tend to get a lot more done than the average person, I think partly because I operate in a neat orderly fashion. It's worth taking a look at yourself. Do you keep your office immaculate? Is everything where it should be? If not, I'm willing to bet that you are loosing valuable time and opportunities.
It takes next to nothing to learn this discipline of being neat. I have met a huge amount of very successful people and have observed this trait - no habit and discipline, in many of them. Practice it. Start making your quarters neat and tidy this week and you will see that your level of production will rise as well as your personal sense of moral and satisfaction.
- Robert Cornish
CEO, Richter10.2 Media Group
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