Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9pm ET. This is excerpted from my recent interview with Hank Wasiak @HankWasiak. Hank is the smartest and hippest advertising guy I know, and I am thrilled he agreed to allow me to interview him. He’s a communications industry leader, best-selling author, keynote speaker, teacher and three time Emmy award winning television host with an impressive resume of experience working in the advertising industry. Hank also retired as Vice Chairman of McCann Erickson WorldGroup. He blogs at http://www.thewisdomguy.com and is the co-founder of The Concept Farm, one of today’s hottest creative companies. http://www.conceptfarm.com
Smallbizlady: If you were starting out in business today what are 2 things would you do to build your brand or your business.
Hank Wasiak: First, before I’d concern myself with starting or building my business, I would spend as much time as possible visioning the business or the brand and living it in my mind, body and soul. Most small businesses are the end product of peoples’ dreams, aspirations and convictions. That’s why this is such an important and fundamental step which and it is all too often glossed over and given short shrift by start-ups. The good news is that it doesn’t cost anything to do this and all it takes spending your time thinking, questioning and giving honest answers to yourself. At times it may feel like a tough love session with yourself and it’s worth every second you spend doing it. Here are two thoughts on how to approach it.
A. Have An Asset-Based Introspection — Look deeply inside yourself to identify and get in touch with why you are starting this business. Go down a few layers…rational, emotional, personal…be honest and open with yourself. Then identify, value and appreciate the personal assets that you can bring to the business….these will be the foundation upon which you will build everything else. Everything. This is more than just a pros & cons checklist and surface inventory. Make it emotional, personal, soul searching and you will emerge with a greater sense of clarity, purpose and passion.
B. Develop A Succinct Positioning Statement. Create an exceptionally well written positioning statement that clearly defines what you want your business or brand to stand for in the marketplace and in the minds of your potential consumers. It may sound easy, but it isn’t. Every word and thought counts and adds meaning and texture to your brand or business. Here’s a template that I have used for many years that might help.
To_(Market Target), Brand X is the brand of (Competitive Frame) that (Point of Difference) because (Reason Why)
This is an essential step. Don’t be distracted by anything until you have done it. Once you do, every action you take in your business and with your brand must support and reinforce that positioning.
Then, get ready for your adventure.
Smallbizlady: With social media becoming so hot do you think it’s a fad and does it have a longer term role?
Hank Wasiak: The short answers are no and yes. To put the power of social media into perspective, we have to fundamentally change in the way they see Social Media. Social Media started out as being viewed as another form of promotion….part of the media mix. It has gone well beyond that now. Social Media has morphed into the fifth Pillar “P” of the marketing mix….PEOPLE. So, businesses, and especially small businesses, must place a priority on developing a People strategy that is viewed as importantly as the other four “P”‘s in the marketing mix. ….Product. Price. Place. Promotion. The new market reality embraces a Social Marketing Mix that is alive, dynamic, inclusive, multifaceted and acts like a mosaic in motion. The Social Marketing Mix influences everything from how business planning is approached, sales, marketing and customer service resources are deployed and integrated marketing programs are created and executed. Finally, it also means that metrics of success that reflect these new rules of engagement need to be adopted….the bottom line has gotten a little deeper and multi-layered.
Smallbizlady: Explain what you mean by the new metrics in today’s world of social marketing.
Hank Wasiak: It comes down to core values and how businesses need to change the traditional way they see profit. It’s more than dollars. I believe that any business, large or small, should adopt an “Enlightened Profit” metric of success and performance. A three-tiered profit should drive business decisions and marketing programs in today’s people empowered world. $$$ Profit + Stakeholder/Employee Profit + Greater Good Profit. They are linked. Smart and effective use of Social Media can help any size business. Learn from those who are doing it well, like Dell, Zappos and Best Buy to countless small and local businesses align their marketing and sales efforts to address all three. When an enlightened profit approach drives the fundamental operations of a business, revenue, sales and growth flow naturally from that orientation.
Smallbizlady: Not every social media task is profitable. Are businesses wasting time, money and resources in their quest to turn social media into sales?
Hank Wasiak: Of course every social media task isn’t a profitable revenue generator and the same can be said for virtually every other form of consumer communication. It’s also understood that without sales and revenue there is no business. Today, however, the paths to sustainable sales and revenue are changing. While measurement is productive and informative, it also can sometimes cloud the vision of the bigger picture and a deeper understanding of return on the social marketing investment. Measuring the true effectiveness of advertising and marketing communications has always been and still is an elusive prize….especially in today’s multi-tasking, pop-up blocking, DVR, digitally empowered world. What John Wannamaker said many decades ago rings true today. “I know that 50% of my advertising works. I just don’t know which 50%”. My advice is to Lighten up & Listen up. See & Measure both the short and long tail of business success.
Smallbizlady: It’s becoming so much harder to make a big splash online, how can internet businesses stand out in the crowded market place?
Hank Wasiak: Change your mind set about impact. Shift from thinking about creating a big splash to having a deep ripple effect. One of the great strengths of an internet business is its ubiquity…. It is always open, available and open to new access points. That ubiquity can sometimes lead business owners to think too broadly and chase numbers. The other side of the ubiquity coin is the ability to micro target, customize, personalize service, talk one-on-one and generate referrals. So, if businesses spend a bit more up-front time cultivating fewer and deeper relationships they can generate a powerful ripple effect that can sustain itself rather than a big splash that dissipates. I believe social media is bringing this deep ripple effect strategy on stream very effectively.
Smallbizlady: Is there still a place for traditional forms of advertising and can social media and traditional advertising work together?
Hank Wasiak: Absolutely. And, for the most part, traditional media is here to stay and is as strong as ever. What social media has done is change the way we connect and interact with traditional media…in a positive way. Social media has given rise to an unprecedented explosion of “conversations”. Today consumers can opt in to interact amongst themselves, communities with businesses, brands and advertising, simultaneously, selectively, on their terms, everywhere 24/7. In his Conversation Prism, @briansolis brilliantly captures the depth and dynamics of how all of this happens and how everything interacts. I believe social media has brought advertising back to what it was always intended to be…“The art of one-on-one persuasion.” This is exciting, good news for small businesses.
Smallbizlady: Following up on that, do you think this has changed the way businesses need to create and deploy their advertising messages?
Hank Wasiak: Definitely. And here’s why. For decades, we have used a simple four letter shorthand for what advertising has to accomplish to be effective. A.I.D.A. Attention. Interest. Desire. Action. Not bad then but not good enough now.
Social Media has added two other dimensions that are critical to success. The First is the letter“E” for Engagement. Consumers welcome getting involved with products and brands on many levels….on their own terms. People want to talk amongst themselves before they interact with a brand or a business. The other dimension is the letter “S” for Sustainability. Today ideas and messages must be crafted to also encourage shareability so they sustain themselves well beyond their initial delivery and media contexts.
So now the shorthand looks like this: A+IDEAS that live in a transmedia world of storytelling and conversations with multiple entry points and numerous opportunities for convergence of both content and consumers.
Smallbizlady: Do you think blogging can be used in a marketing campaign?
Hank Wasiak: An emphatic YES. I love blogging and agree with my friend @chrisbrogan and others who believe that blogging is the unsung hero and secret weapon of social marketing campaigns. I look at blogging through an asset-based thinking communication prism. For marketing communication to be truly effective it must have Substance, Sizzle and Soul. Substance is cost of entry and earns you credentials. Sizzle is how you package your business and gets you noticed and liked. Soul is why your business is important to you and earns you belief and commitment. And, in the final analysis Soul is a far more important differentiator. Your blog is where your customers really get to know you and find your soul.
Smallbizlady: What is your favorite new marketing strategy to grow a small business?
Hank Wasiak: Make a mistake….and then fix it better than anyone else. This is the right time to embrace risk. Why? Because this is the first time in history that how we address and solve a problem, correct a mistake or deal with an issue is perhaps even more important than the problems, mistakes or issues themselves. It is a way for businesses to show what they’re made of and put their values and commitments on the line. Think of it as a way to create a distinct advantage and leapfrog your competition.
Smallbizlady: What are some critical mistakes or misjudgments that start-up businesses make?
Hank Wasiak: Entrepreneurs often underestimate the amount of hard work, perseverance and personal sacrifice that is needed. No matter how hard one thinks they have worked before, starting your own business takes it to a new, more challenging (and more satisfying) level. I recently heard @garyvee discuss this and he used the word “hustle” to describe what I’m talking about. Gary believes you have to hustle more, better, longer, faster and sustain it than you’ve thought possible. A simple idea with big implications. The good news is that if you are committed, believe in your vision and are prepared for the challenge, you can make hustle your competitive advantage.
They usually develop their marketing plan last. Marketing and communications plans are usually done after most of the other elements of the business are in place. That made sense in the world of traditional “broadcast marketing” and old media. Today, marketing is more about sharing and helping rather than shouting and selling. With that in mind create an early vision of your marketing communications plan and use it to help inform everything from product development, customer service, on-line resources, organization, staffing needs, etc. We now live in the world of “engagement marketing” and trans-media has spawned the Social Marketing Mix in which People strategy must be embedded into all aspects of a business plan. The marketing plan… can be used for more than you think.
Smallbizlady: Do you have one final piece of personal advice that you would give someone to build in and extra edge for success.
Hank Wasiak: That’s easy. Find your “Mighty Cause” and embed some element of it into your business. We all have at least one “Mighty Cause” in us… a greater good desire and to make a positive difference. Our reason for being that gives us special meaning. Finding yours and making that part of your business is one of the best gifts you can give yourself and your business. Embedding your mighty cause into your business can range from donating part of your profits to your mighty cause charity, to hiring young people to give them a head start to having your entire business built around it. Express your mighty cause through your business. I guarantee that both you and your business will be better for it.
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