The 142 million dollar question!

The 142 million dollar question--"Why did Warren Buffet spend 142 million dollars on a bunch of newspapers when everyone knows that print is dead?"  Perhaps the answer is that Warren Buffet is not "everyone," in fact he is one of the smartest business people in American history. The secret of Buffet's success is his knack for seeing value that less astute observers miss. While most investors were listening to the "experts" he took a look at the financials of the publishing industry. In his typical understated manner, Buffet said  "I think the economics (of newspapers) will work out OK. It's nothing like the old days, but I think it will work out OK." One of the keystones of Buffet's investing strategy is his belief in buying businesses that provide good value to their customers and fill a marlet need. On this subject he said "Newspapers are still primary in many areas. They still tell me something primary that I can't find elsewhere." Warren Buffet takes a long-term view, buying firms that are positioned for consistent earnings and incremental growth. This is why he chose to prchase a firm heavily weighted toward community newspapers. Here's what the "sage of Omaha" said about our industry "In towns and cities where there is a strong sense of community, there is no more important institution than the local paper." The next time someone tells you that "print is dead", tell them that the most successful business person in the US strongly disagrees. 

Advertising in tough times

Customers often ask us, What is the cost of advertising?" The question they should be asking is, "What is the cost of NOT advertising?" The price of advertising can be counted in dollars and cents, the cost of not advertising is immeasurable, not advertising can result in bankruptcy. We are selling the one thing every business needs--CUSTOMERS! Look at this information collected by the National Federation of Independent Businesses (NFIB)and reported in the December 28, 2011 edition of the New York Times:

1 in 4 NFIB members believe their biggest problem is weak sales.

William Dunkelberg, chief economist for the NFIB, expressed it this way: "The key to everything is cash coming in the front door." This is what we deliver, customers with cash in their pockets walking in the front door or picking up the phone to do business with our advertisers.

Never forget:

 Nobody wants to buy advertising--everybody wants more customers!
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Don't talk to your customers about your paper, talk to your customers about your readers. That is what they really want to buy.

Take it easy, but take it!

Thanks for reading.

Jim Busch

"Escape" Television

When I talk to a business owner who is considering advertising on television (Cable or Local Broadcast) I ask them if they watch "Escape Routes" on NBC. Escape Routes is a television program that was produced by the Ford Motor Company and given at no charge to NBC. NBC could air the program and sell advertising around it, the only stipulation being that the network would not sell any other automotive ads on Escape Routes. This show features a group of young adults traveling around the country in their Ford Escapes and trying to win a new Ford by competing in challenges. This is a full 60 minutes of product placement. Ford decided to go this route (no pun intended) when they looked at the results from their advertising on American Idol. Coke whose products were featured during the show did much better than Ford who used traditional commercials. Ford realized that 44% of US homes now own a DVR (Digital Video Recorder such as a TIVO) This is an 11% increase in ownership of these commercial killing machines over just two years ago.Research indicates that DVR owners fast forward through more than 1/2 of the commercials during the programs they watch. Ford countered this trend by building their products into the show's content but this option is not available to small business advertisers. Thess devices coupled with the growing number of people who are watching TV on their laptops and tablet computers greatly reduces the impact of TV advertising.

These are good points to share with prospects to get them thinking before they commit their budget to television.

Take it easy but take it!

Thanks  Jim Busch

Trapping ideas

Someone once said that "creativity is the ultimate competitive advantage." This is especially true in the advertising business. Ideas are our stock and trade. As I go through my week I see many things that stimulate my creativity. I see opportunities for new products, a need for a new sales approach or I think about a new sales tool. In the hustle and bustle of the work week, ideas get lost in the midst of a fast paced day. I make a point of carrying an "idea trap." This is a small memo book dedicated to writing down the ideas that occur to me during the day. I suppose more tech savvy people could use their smart phone or  I-pad but a simple notebook works best for me. I don't use this notebook for anything else, no phone numbers, expenses etc. At the end of the week, I go through the book and create files for the ideas I want to act on. This technique keeps me supplied with an constant stream of actionable ideas.

Take it easy but TAKE IT! Jim Busch
  

News you can use

A great way to open a meaningful conversation with a client or prospect is to reference something from the news. You can use a national story "How do you think the change in the health care law will affect your business?" or more local stories "How will the highway construction impact your store traffic?" These "current events" questions are consultative and get the customer thinking. Most people feel complimented when you ask for their opinion which opens them up and gets them talking, This also get the customer thinking about the future and what he/she needs to do to take advantage or protect themselves from the issue discussed in the news.

Keep Smiling, Keep Selling!

Thanks

Jim Busch

Myers-Briggs The Friend Type

Last week we talked about 4 Myers-Briggs personality types (I learned these as Actor-Doer-Thinker Friend though there are many names for the 4 types). Each of these types have things that identify them and set them apart from the others. Their speech patterns, dress, gestures and even their work spaces distinguish each type. Each requires a certain type of handing if you want to sell them on advertising with you. In my next few blogs I will cover the specific techniques for working with each f the 4 personality types. Here are the basic techniques you will want to use to identify and work with them.

• Observe them closely, watch how they move and what gestures they use, how are they dressed?


• Listen to what they say and to their speech patterns. Do the speak loudly or softly, quickly or slowly and what do they like to talk about?


• Look at their workspace, it is neat or cluttered, strictly business like or personalized, and what is on display?

These clues will help you recognize the customer's type. You can then adapt your personal style to suit theirs by:

• Mirroring their speech patterns


• Speaking about the typical concerns of their type

Remember that most people's personalities are an amalgam of several types. By playing to their dominant type style you greatly increase your chances of welling them a program. Over the next few blogs I will discuss the 4 types and what you need to do to work with them.

Keep Smiling, Keep Selling!

Thanks

Jim Busch

Weekly Quote

"You are today where your thoughts ave brought you; you will be tomorrow where your thoughts take you." James Allen

This quote is taken from the inspirational, motivational classic "As a man thinketh." In spite of the archaic language in the title and the fact that this book is more than a century old (It has never been out of print) it offers a lot to us living in the second decade of the 21st century. Scientists and psychologists studying human behavior and brain physiology have found that Allen's philosophies are supported by their research. We should get in the habit of listening to what we say and thinking about what we are thinking. This is known as "meta-cognition". This practice is important because it is so easy to slip into negative thought patterns that can cripple your efforts. We can not control what goes on in the outside world but we can control what goes on inside our heads.

Keep Smiling, Keep Selling!

Thanks

Jim Busch