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When I look for marketing ideas, I look in three directions: forward, backward, and sideways. Looking Forward. By this I mean brainstorming about what the market will want in the future. Forward thinking may be the most enjoyable form of brainstorming. It is certainly the most common. Who doesn't enjoy a conversation about "the way things are heading"? However, it is rarely productive. For many reasons (some of which are explained in Malcolm Gladwell's The Tipping Point), speculating about future opportunities is a game for amateurs. Prudent entrepreneurs do some forward planning. But they keep their projections to the near- and medium-term. They know from experience that the biggest moneymaking opportunities are those closest at hand. I enjoy longer-term speculation as much as the next guy. But I save it for the golf course. Looking Backward. By this I mean studying past marketing masters. Backward thinking is much more useful forward thinking. Yet it is often neglected by entrepreneurs. That so few marketers today know the "classics" is a pet peeve of Dan Kennedy. He sees it as a form of arrogance. He points out that the greatest marketing secrets are eternal. The best stuff is buried in those great old ads. Read them. You'll be astonished at how much you learn. Looking Sideways. By this I mean seeing what your competitors are doing -- and, maybe better, looking at industries outside your own. Sideways thinking is my preferred method for generating ideas. It is also the method most commonly used by successful entrepreneurs. Jay Abraham is a big proponent of this type of brainstorming. In Getting Everything You Can Out of All You've Got, he says: "You probably spend too little time studying the most successful, innovative, and profitable ideas people in other industries use to grow and prosper. "Yet, if you start focusing on other industries' success practices, you'll be amazed at how easily you can adapt these ideas to your own business situation. Suddenly, you'll see significantly better results from the same time, manpower, effort, activity, and capital." There is a fourth direction that master marketers look in. And that is inward, to try to understand the core emotions of their prospects. So I lied. There are four directions, not three. Sue me. Seriously, if you want a recipe for generating ideas, I'd suggest the following:
That's the recipe. Use it and prosper. Official government numbers show nearly 10 percent unemployment. But even this discouraging figure may paint too rosy a picture. As former IDE analyst Charles Delvalle pointed out recently, "The most commonly used statistic for unemployment is known as the U-3 rate. But this number is flawed. It doesn't count those who have given up looking for a job. Or those who have settled for part-time work." A more accurate statistic is the U-6 rate, which includes those "discouraged workers." That number stands at 16.8 percent today. That's worse than during the recession of the 1980s. During the Great Depression, it was 25 percent. I've said before that I believe unemployment will continue to climb. I wouldn't be surprised to see the U-6 rate hit 20 percent by December and 25 percent by the end of next year. If you want the youngsters in your life to grow up smart, make sure they are getting enough Vitamin C. Here are two good reasons: 1. Danish researchers found that guinea pigs deficient in vitamin C during the first months of life had impaired brain cell development and decreased spatial memory. 2. A joint British-Australian study found that 12 weeks of vitamin supplementation boosted the attention scores of children. According to The Food and Nutrition Board at the Institute of Medicine, here's how much vitamin C infants and young children should be getting every day:
The best way for them to get their vitamin C is from food instead of supplements. C-rich foods include citrus fruits, berries, cantaloupe, green peppers, tomatoes, sweet potatoes, and leafy greens. "Did you read the article in The Wall Street Journal about foreign debt?" That's what Johnny D asked David, an emergency room physician seated next to him at Joe's bar last night. "I don't have time to read The Journal anymore," David replied. "I get all the market news I need by watching Cramer." Jim Cramer, in case you don't know, is the obnoxious host of "Mad Money" on CNBC. With his rapid-fire delivery of investment news, analysis, and advice -- while honking horns, ringing bells, and shouting at phone-in viewers -- he's become a major influence on the market. I understand why, given the explosion of information on TV, radio, and the Internet, investors might seek relief in a speed demon like Cramer. But I don't think it's a good thing. In fact, I'm sure it's a big problem. Programs like his have decreased viewers' attention spans. Studies show people expect to see a camera change every six or seven seconds. If that doesn't happen, they grow restless. Stick too long with a single shot and a single thought and they will change the channel. And it's not just television spots that are getting briefer. Internet and radio news have been truncated. So, too, have essays in newspapers and magazines. Rarely will you see an editorial piece longer than a single page. These days, we like everything in little bits -- even our financial news, analysis, and advice. The modern mania for meaningful morsels has transformed us into a bite-sized culture. The public wants short and pithy. But it seems to me that you can't make money in the market without doing lots of serious research. You have to know the details. You have to know the timing. And you have to know what the media are saying if you want to beat the averages. Reportage today is not so much about what is true as it is about what is appealing to the masses. And what is appealing to the masses is usually wrong. Here's a conjecture you can take to the bank: The reliability of good advice decreases in direct proportion to the number of people who become interested in it. If you agree with me, you will arrive at the following two conclusions:
I am a businessman not a professional investor. But as a result of the hundreds of business and real estate investments I've made over the years, I know this: Specialists (aka industry insiders) have a much better track record than generalists (aka media gurus). And it's because they really know what they are talking about. That brings me to one of the things being done by Investor's Daily Edge to increase value to subscribers. Instead of trying to focus on every investment opportunity in the marketplace, they are zeroing in on certain sectors. That way, they can target their research to specific market niches -- and truly claim to be better informed than their competition. To that end, they are completely revamping their "Sound Profits" newsletter. It will continue to carry Steve McDonald's portfolio of cash-rich, recession-proof businesses and discounted investment grade corporate bonds. But it will also bring you Andy Gordon's top international recommendations and companies that have a long history of raising dividends. Ted Peroulakis will issue options recommendations to hedge against market risk. And Dr. Rusty McDougal will offer his best ideas to profit from the ongoing bull market in precious metals and commodities. And you'll get all these profitable ideas, month after month, for less than the cost of a dinner for two at a decent restaurant. Go here to sign up for updates on the revamping of "Sound Profits" -- and to be notified when the first "new" issue is released. If you are lucky enough to work in a creative business with smart people, you will probably note that innovation is highly praised. The biggest kudos generally go to people who come up with the breakthrough ideas -- revolutionary concepts or strategies that change the way things are done. That is certainly true of many of the businesses I work with. It's especially true when it comes to marketing. The advertising campaigns most praised are daring -- noticeably different from anything that had been done. Invention is a good and necessary part of business. But when I think about what's involved in the growth and profitability of the businesses I've known, it wouldn't be at the top of the list. Most day-to-day progress comes from imitating previous successes. Creative imitation, innovation's ugly stepsister, is the most important factor in business success. That's why I teach my proteges the art of knocking off the good stuff. It's why I insist that the marketers I work with study all successful current advertising campaigns. It's also why American Writers & Artists Inc. (AWAI) has its copywriting students memorize passages of the best sales letters ever written. In 1966, Professor Theodore Levitt made a compelling case for this approach in the pages of the Harvard Business Review. He warned that the business world was in danger of idolizing innovation just as the Indians idolized the sun. Both promise renewal and life, he said, but neither is scientific. Levitt also warned of the danger in favoring the innovator over the imitator: "The most unhappily negative effect may be the creation of an environment in which people who frequently suggest imitative practices get viewed as being somehow inferior or less worthy. Taking their cues from the system of rewards, people may then systematically refrain from championing the imitative strategies upon whose early implementation the continued success of their companies depend." Think about yourself and your work group. Are you prejudiced in favor of innovation? Do you find that you give the greatest praise to the rare breakthroughs? Do you tend to dismiss the more common successes that come from staying closer to proven models? What are you doing to encourage creative imitation? Are you and your people studying the marketplace? Looking for winners? Do you encourage your best and smartest people to adapt proven ideas in a fresh way? If you want your business to grow steadily and surely and not be dependent on the amazing idea that comes along every three or four years, you ought to start practicing the art of creative imitation. ETR reader Chris Jackson wants to make a living following "his passion." He says he loves to write, and so is thinking about becoming a copywriter. But he doesn't know if it's the right decision. And he doesn't know where to start. Chris has heard that he can make a six-figure income writing advertising copy. But making "lots of dough" isn't his priority right now. "I want to have a blast doing something I love doing," he says. Chris has the perfect attitude for success. He is optimistic and ambitious but reasonable in his expectations. Too often, people who want to become professional writers have unrealistic expectations. They believe they already have the skills to start earning six figures from day one. And they are disappointed when it doesn't happen. But for Chris, a career in copywriting sounds like a smart move. He will be able to fully indulge his "passion" for writing. Plus, he'll make increasingly more money as he improves. Copywriting is an emotionally satisfying profession. I have known hundreds of copywriters in my time. And I've never known one who quit to take up another trade. Here are the four main reasons: 1. You are master of your domain. You can choose your subjects. You can choose your jobs. You can choose your clients. Very few careers offer you so much power. 2. You can work when you want, where you want, and for as long as you want. Some copywriters prefer to work for a business and get a steady paycheck. But many choose the lifestyle of a freelancer, because it allows them to work anywhere and anytime. In their bedroom in their pajamas at midnight, for example, or on the beach in their swim trunks between breakfast and lunch. 3. Copywriting makes you a more interesting person. To do a good job, you have to do research. Which means you have to learn about all sorts of things. This week, you could be researching surfing spots in Costa Rica. Next week, you could be investigating robotics or French cooking or Russian literature. 4. Copywriters get paid very well. Most successful freelancers I know make six figures. And by that I don't mean a hundred and fifty grand. I mean twice or three times that much. It doesn't happen overnight. But if you are persistent and willing to put in the hours, you can be earning great money in just a few years. Some copywriters like to focus on a single subject or market. I know about half a dozen, for example, who specialize in natural health. Others focus on business. Still others write exclusively about traveling, real estate, golfing, fishing, astrology, music, movies, theater, etc. Some copywriters write catalog and magazine copy. And they get to sell everything from private planes to yachts to cars to jewelry, perfume, and electronics. The list is endless. Then there are those who like writing for non-profits. They make a very good living by promoting such "good causes" as saving the rainforest, preventing offshore drilling, and micro-lending in Third World countries. As a copywriter, you could enjoy a lucrative career writing for politicians, too -- "selling" the social or political agenda of your choice. What I personally like about copywriting is that it gives me the pleasure of unlimited learning... and then writing about what I've learned. How should Chris get started? That's easy. He should enroll in a home-study program for beginners. There are three or four good ones out there. The one I recommend is the one I helped found: the American Writers & Artists Inc. Accelerated Program for Six-Figure Copywriting. What distinguishes it from the other good ones is that it is more comprehensive (since it incorporates the techniques of almost a dozen master copywriters, not just one). It is also extremely easy to use. I just reviewed the newly revised edition, and I was blown away by it. I give it a full and unequivocal recommendation. The Quickest Way to Lose a Friend? "Many thanks to Michael for all his wisdom. I'm so glad ETR decided to continue giving us the benefit of his experience every day. I hugely look forward to his messages, useful in so many ways. "I was particularly interested in Michael's recent reflections concerning 'lending' people money. "In my experience, granting people's requests for financial aid is the best way never to see them again! Even if we don't care whether they return the money or not, (their well-being being much more important), I have found that it's the best way to lose them! Perhaps they are embarrassed at not being able to reimburse us. After all, many of those in dire need of money continue to be so longer-term, and just can't manage to pay us back. Or perhaps they just don't care. "Whatever their motivation, most times we don't ever see them again. How sad is that! Our compassion makes us losers on both counts.... "Thanks again for ETR! Long may you continue to grace my inbox!" Clare Burdis [Ed. Note: Michael Masterson welcomes your questions and comments. Send him a message at AskMichael@ETRFeedback.com.] |
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Saturday, October 3, 2009
ETR: Where Do You Look for New Marketing Ideas?
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