Sunday, September 7, 2014
Thanks Derek
Friday, March 23, 2012
Jets Make a Good Biz Decision and a Bad Football One (Updated)
By Tony Bianchini
On March 20th, the Denver Broncos announced the signing of future Hall of Famer Peyton Manning. With that huge signing, the Broncos and team executive and Hall of Famer John Elway sent the message to their fans that they are certainly serious about winning.
The next day, the Broncos traded Tim Tebow to the New York Jets in a stunning turn of events.
With that one trade, the Broncos dismissed not only Tebow’s late game heroics, but also some key things that drove the company’s bottom line during the 2011 season: 1) Tebow’s jersey was one of the top sellers for much of the season; and 2) The Broncos saw a tremendous increase in national TV ratings and prominence that was brought to the team when Tebow was under center.
Those business facts certainly did not prevent the Broncos from trading Tebow to the Jets, which while probably a good football decision for the Broncos, may not have been such a good business one.
As we saw with Jeremy Lin’s surprise emergence for the New York Knicks in February and as we’re seeing with the 3 million iPad’s sold by Apple in the first three days of its release, companies that are able to tap into the emotional side of their customer’s psyche can see their share price and business revenues skyrocket.
When Lin started at point guard for the Knicks on February 6, MSG stock was at $29.50. Two weeks later, when Linsanity was in full force, the stock closed up 13% at $33.43 on February 21st. Some speculated that the increased interest in the Knicks as a result of Linsanity brought Time Warner back to the table in its cable deal with MSG. Similarly, due to speculation of the release of the new iPad, Apple saw its stock skyrocket 28% from February 1 to the March 16th release of the new tablet.
These are just some examples of how an iconic person or product can mobilize a huge audience of people and positively drive the respective companies’ bottom lines. All it takes is for a company to tap into their customer’s emotional psyche and appeal to their wants, needs and desires.
While you might not have those icons on your roster, here’s a few key ways you can get there:
· Identify who your target audience is by looking at the primary market segments that are buying your products or involved in your issues.
· Complete an assessment or market analysis to identify what are your customer’s needs, desires and concerns.
· Develop a strategic communications plan that accurately targets your key customer groups in the places they receive their news, get advice on products to buy or congregate with others like them to support or oppose certain issues.
· And finally speak directly to your customers and influence them to take action by appealing to their emotional desires by pointing them to people like them who have successfully utilized your product.
Instant icons like Tim Tebow, Jeremy Lin and Apple’s iPad don’t come along too often. That’s why it’s important for companies to identify who their basic stakeholders are, what are their desires and wants and finally what tugs at their emotional heartstrings and encourages them to take action.
It’ll be interesting to see if their trade of Tim Tebow turns out to be a good business decision for the Jets. It probably will. It may, however, not have been the best football decision.
Tony Bianchini is the Director of Public Affairs at Open Door Media, a public affairs and communications firm based in Trenton, NJ. He can be reached at: (609) 396-6620 or by email at: tony@opendoormedianj.com. Visit Open Door Media at: www.opendoormedianj.com to learn more.
Tuesday, March 20, 2012
Companies Should Tebow to their Bottom Line
With that one fell swoop though, it’s safe to say that Tim Tebow’s days in the Mile High City certainly are numbered. While Tebow’s late game heroics during the last NFL season saw Tebowmania take the nation, the Broncos believed that Tebow’s 46.5% passing completion percentage wouldn’t be enough to get them to future Super Bowls.
Missed by the Broncos is the fact that Tebow’s jersey was one of the top sellers for much of the season; not to mention that increased TV ratings and national prominence when Tebow was under center positively drove the company’s bottom line. The reason was simply because of the fact that such a large national audience -- including people who usually wouldn’t care about football –mobilized around Tebowmania.
Those facts certainly did not prevent the Broncos from signing Peyton Manning though, which while probably a good football decision, may not have been such a good business one.
It certainly would make good business sense for the Jacksonville Jaguars to trade for Tebow, the former Florida Gator, which would no doubt fill up the consistently empty EverBank Field.
As we saw with Jeremy Lin’s surprise emergence for the New York Knicks in February and as we’re seeing with the 3 million iPad’s sold by Apple in the first three days of its release, companies that are able to tap into the emotional side of their customer’s psyche can see their share price and business revenues skyrocket.
When Lin started at point guard for the Knicks on February 6, MSG stock was at $29.50. Two weeks later, when Linsanity was in full force, the stock closed up 13% at $33.43 on February 21st. Some speculated that the increased interest in the Knicks as a result of Linsanity brought Time Warner back to the table in its cable deal with MSG. Similarly, due to speculation of the release of the new iPad, Apple saw its stock skyrocket 28% from February 1 to the March 16th release of the new tablet.
These are just some examples of how an iconic person or product can mobilize a huge audience of people and positively drive the respective companies' bottom lines. All it takes is for a company to tap into their customer’s emotional psyche and appeal to their wants, needs and desires.
While you might not have those icons on your roster, here’s a few key ways you can get there:
- Identify who your target audience is by looking at the primary market segments that are buying your products or involved in your issues.
- Complete an assessment or market analysis to identify what are your customer’s needs, desires and concerns.
- Develop a strategic communications plan that accurately targets your key customer groups in the places they receive their news, get advice on products to buy or congregate with others like them to support or oppose certain issues.
- And finally speak directly to your customers and influence them to take action by appealing to their emotional desires by pointing them to people like them who have successfully utilized your product.
Instant icons like Tim Tebow, Jeremy Lin and Apple’s iPad don’t come along too often. That’s why it’s important for companies throughout New Jersey to identify who their basic stakeholders are, what are their desires and wants and finally what tugs at their emotional heartstrings and encourages them to take action.
Tony Bianchini is the Director of Public Affairs at Open Door Media, a public affairs and communications firm based in Trenton, NJ. He can be reached at: (609) 396-6620 or by email at: tony@opendoormedianj.com. Visit Open Door Media at: http://www.opendoormedianj.com/ to learn more.
Thursday, June 23, 2011
How Do You Value a Good Reputation? And the Steps to Get There
There’s nothing more valuable to a company than a good reputation.
That’s a difficult statement to get your company’s financial people to swallow though, as measuring the true value of a company’s reputation is very hard, if not impossible, to cite on a balance sheet.
In 2007, the Chartered Institute of Managed Accountants published a paper called: Corporation Reputation: Perspectives of Measuring and Managing Principle Risk” where they concluded the following: “Reputation has a value even if it cannot be expressed financially … although reputation cannot be classed as an asset for balance sheet purposes; a good reputation can be seen as a asset to corporations.” The full report can be read at: http://www.cimaglobal.com/Thought-leadership/Research-topics/Enterprise-governance-restoring-boardroom-leadership/Corporate-reputation/
Simply put, while a company’s reputation is nearly impossible to value by an exact number, it’s a major reason why some companies prosper in both the short and long term.
Companies that build good reputations and brands by delivering great products, telling positive stories on how their product/program helped others and by communicating honestly and accurately with their stakeholders and customers, frequently find long-term success because they are able to develop a strong base of loyal, long-term customers who tell everyone they know about the positive experience they had with a company.
How exactly can you develop public relations/marketing initiatives that provide both tangible bottom line results and more importantly the intangible ones that will help your company to enhance its reputation amongst its customer base?
The Intangible
Public relations activities that can help your company to create or enhance its reputation are virtually endless, from getting a customer to write a favorable post on Facebook or positive review on Amazon.com or write a letter to their local newspaper about their experience.
And there’s a lot that your public relations firm or internal marketing staff can do to promote these positive customer stories to potential customers. You can promote these positive stories through:
• Press releases to the news media.
• Posting the stories and positive customer testimonials on your website.
• Posting a video on YouTube or various other Internet video websites.
• Get your third party stakeholders to recommend your company to their friends through word of mouth, sharing of your Fan Page on Facebook or Retweeting your company’s daily updates/news to their Twitter followers.
As I mentioned previously, some of these tactics can be highly successful in creating a good reputation for your company and spreading word on the street about your brand. These activities through are very difficult to measure success for; unless you’re planning talk to the millions of people who may have heard about your company on the local news, or read about it on Facebook, or saw a newspaper story on a positive experience that one of your customers had.
The Tangible
There are a great range of public relations and marketing activities that a company can undertake to take advantage of the latest technologies as well as some tried and true public relations and marketing/advertising techniques.
The emergence of social media, the Internet, Google Analytics and other Internet measurement tools has made it much easier in recent years to gauge the success and tangible results of public relations and marketing campaigns. As a result, a company is able to see in definite numbers how many unique users are clicking on their web pages, how many search for their company name and keywords that can lead to your company’s website, and how many people click on an advertising banner on a business website and it leads to them signing up for your product or program..
For the tried and true public relations and marketing/advertising techniques, you could create unique phone numbers for your company and its programs and cite them on advertisements that promote your program or alert your administrative staff to the latest public relations program to ask incoming callers where they heard about your company’s program.
These are just a few of the many public relations/marketing techniques that can help your company to increase and enhance your reputation and positively impact your company’s bottom line.
The latter will certainly keep the bean counters happy.