Business Coaching

Steve Jobs created the iPod, an mp3 player that was easy to use, and therefore, people actually wanted to use.

How did something as simple as the iPod dominate the market?

Steve Jobs, the CEO of Apple and creator of the iPod, really got back to basics, thinking about what people wanted and what there was a need for – and not overthinking it.

At the time, mp3 players were complicated to use and couldn’t hold too many songs. So Jobs decided to make one with lots of space and that was easy to use – by plugging it into the program iTunes on a computer, downloaded music syncs automatically with the iPod. In addition, the interface was easy to use and understand (anyone could pick it up and figure out how to use it), it looked really cool and had a cool name.

Why didn’t competitors do what Jobs did? All he did was think about what people wanted…and gave it to them. And even though the iPod was at a higher price point than competitors’ mp3 players, because it offered more of what they wanted, it was easier for them to part with their money.

The lesson learned here is get back to basics and figure out what people really want. By doing that, you might think of some really great ideas, whether they’re for products for your business, marketing your business or leveraging your business another way.

An important part of business from an expert, Jim Rohn.

All you need is a distinct market, an idea that’s feasible and detailed planning or a marketing strategy to pull it all off. That’s all it takes to build a small business – those three little things.

Well, they might not actually be little. They take a lot of work, but with hard work — lots of it — and possibly small business coaching, those things become three big things, which lead to a successful small business. Read the full article here.

To see how your small business fares against the competition, click here.

Coca-Cola has had roughly the same brand since its inception.

Coca-Cola has had roughly the same brand logo since its inception. The script appeared in Coke ads first in the 1900s, and although it has had some minor tweaks here and there (with a brief use of a new logo in 1985 for “new” Coke, which was scrapped for the old logo again in 1987), it’s been pretty standard through the years. That’s the same logo for about 123 years.

Meanwhile, Pepsi-Cola changed its logo about 11 times since 1898.

In Business Week’s top 100 global brands list, Coke is number one. Pepsi is 23^rd.

There are lots of things to consider when marketing your brand: is your product filling a need? Is it a quality and valued product? And is it being marketed well?

Companies want brand logos that are instantly recognizable. It may take a while to get there, but once there, the payoff – your product and company visible and known from far and wide – is great.

Think about how you market yourself and your logo. That could make all the difference when it comes to being recognized vs. not being known at all.

The CEE wants to make sure that future generations are thoroughly prepared to make responsible financial decisions.

It’s a given that young people will face economic challenges and opportunities in the coming years. Perhaps spurred by the US recession, the Council for Economic Education (CEE) is committed to “empowerment and opportunity through economic and financial literacy,” it says.

An economic way of thinking is something that’s necessary in business and especially in coaching a business; you need to be able to foresee economic conditions and what economic solutions are best in each situation.

The CEE wants to make sure, however, that future generations are thoroughly prepared to make responsible financial decisions. To do this, it is focusing on developing training programs for K-12 teachers to teach their students.

Is this too early to learn about economics, supply and demand, and how to make informed financial decisions? It might be argued that it’s never too early to learn anything.

The CEE gives K-12 teachers tools they need to teach economics and finances with confidence, even if they themselves haven’t understood the subjects easily. Either way, this way the CEE is informing and educating more people – not only K-12 children, but also their teachers – and these classes and teaching tools will hopefully benefit everyone’s futures, helping everyone to make sound financial decisions later in life.

Tide created a memorable billboard ad that sent a visible message about its product.

Any Business Coach who joins ActionCOACH goes through an intensive training session. Besides learning about how to coach a business and how to help someone overcome even daunting challenges and goals, new Business Coaches also learn how to leverage themselves and their new business and career as a Business Coach.

Advertising a business can be done in several different ways: networking, direct mail, e-mail, cold calling, magazine/newspaper ads and billboard ads. But you can’t just put up your business’ name (or, for Business Coaches, their name), a picture and list what they do. They need to put something up there that does all that AND will stick in potential customers’ heads.

This requires outside-the-box thinking, because the best ads are the ones that have never been done before. And when someone looks at an ad, not only do you want them to think your ad is cool, clever and different, you’ll want them to think that your company is better than the rest – because it came up with that ad.

Take these ads that are beyond outside the box:
-When it comes to billboards, some agencies think they should do something big, loud and eye-catching to make a statement. But Tide took a different approach and proved its point much better. On the side of a busy road, Tide put what appeared to be all white boards up, but there were cut-outs of clothing made of cotton with self-cleaner on there, too; after a few weeks, the boards got dirtier, but the clothing cut-outs stayed white, demonstrating the long-lasting whiteness of Tide detergent. This sent a powerful message to everyone driving by that Tide keeps whites white.

-Clear Wireless recently launched a campaign that saw them climb inside the box to think outside the box. As a mobile internet service provider, Clear wanted to demonstrate their wireless network will work absolutely anywhere. So they got a truck with clear sides and set up an office complete with desk, computer and lounging area with a television. Then they hired someone to sit at that desk and “work” while the driver travels the streets of major metropolitan areas. It’s a novel approach that definitely attracts attention as people wonder just what the heck that is that just pulled up next to them at the stoplight.

-Visual metaphors also project powerful messages. Morgan Stanley Dean Witter knew this, and created a print ad that demonstrated what they did as a company through a metaphorical ad: a photo of a guy bungee jumping over a vast cliff over a stream. It also had two arrows; one that read “you,” pointing to the guy, and one that read “us,” pointing to the bungee cord. The message was, loud and clear, that the company will save you during times of risk – just like the bungee cord tied to the guy’s ankles…the only thing keeping him from plunging into the water below.

These ads go to show that in marketing, if you step outside the box and think about how these techniques may be used to deliver your message, you’ll ultimately improve your bottom line.

Warren Buffet wrote a column about how the U.S. could lessen its debt.

“The United States economy is now out of the emergency room and appears to be on a slow path to recovery.”

That’s what billionaire Warren Buffet wrote in a column in the New York Times August 19. He added, “But enormous dosages of monetary medicine continue to be administered and, before long, we will need to deal with their side effects.”

Buffet is not so subtly referring to debt.

It’s tough to not incur debt, when it seems like the only answer is to borrow money. After all, when you need money, it seems like the solution – and the side effect, debt, is just something that comes later.

Money and debt are two things business owners must deal with every day. Credit is necessary and a necessary part of business. But borrowing beyond the capacity to pay is dangerous, as many large companies found out last year.

Overly leveraged, they couldn’t afford to meet their interest obligations, and many defaulted.

For those companies and individuals who have overleveraged themselves, now is the time to do something about it.

Brad Sugars, founder and CEO of ActionCOACH, says the best way to get out of debt is to not borrow excessively in the first place. However, if you do need to borrow, you need to stay on top of your numbers and make certain you can pay down your outstanding balances as quickly as possible.

These days, creditors and suppliers may be looking to extend or revise terms, because the credit markets are still tight, and everyone wants to “stay in the game” of business.

Try going to your creditors and see if you can change or revise your terms. Then get on a budget and stick with it.

“Knowing your numbers,” as Brad would say, is one key to succeeding in business and in life.

Knowing when to borrow (and when to pay down what you have borrowed) is key to long-term financial success.

Macy's, national chain, is focusing on individual stores for locally-demanded merchandise.

It’s smart to think local, especially during a recession. So smart that even national chains are thinking locally in order to succeed in their market sectors.

Macy’s is one of the biggest retail chains in America, but due to the recession, changes needed to happen. It might have seemed daunting to try to think local as a national chain, but CEO Terry Lundgren took baby steps into that change, and it looks like it’s paying off.

For starters, he replaced merchandise managers who oversaw product assortments at two dozen stores each with more local managers responsible for half that many outlets. With fewer stores to cover, each manager spent more time figuring out what was selling.

Then they made the necessary changes in certain stores’ inventory. In Chicago, Macy’s started carrying more size 11 shoes. In stores near water parks, they’re stocking more swimsuits.

Thinking locally didn’t start paying off until the fourth quarter in 2008, but it is – slowly but surely – paying off.

Macy’s isn’t the only national chain trying to think locally – Wal-Mart, Tesco and Best Buy are thinking locally in terms of its product offerings, too.

If your business, like Macy’s, is losing money due to economic conditions and resisting change rather than changing, you might want to rethink your strategy. If there’s any way your business can shift focus from national to local, it could mean better business. After all, local businesses have more support from locals for a reason – they cater to them, personally, therefore their products are locally driven and they sell what people need, thus spurring their success.

Even though Macy’s may never be a small, quaint storefront, its business model is smart, and worth a notice from other businesses.