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A Fat Lip and a Skinny Pocketbook

pocketbookOur President got a fat lip while playing basketball over the weekend. Fortunately, it was a minor injury which won’t impact the President’s ability to do his job. Although, he may talk a little funny for a while!

But it got us thinking about work and our spare time activities. For example, a hair stylist we know broke her leg while skiing. She wasn’t able to maintain her full schedule for over a month.

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So entrepreneurs need to be particularly sensitive to this issue. Of course, as we learned from President Bush, even eating a pretzel can be dangerous.

While BIGG goal-getters certainly live a full life, you have to be conscious of the risks. Just like entrepreneurs manage risk at work, think about risk when you’re at play.

Here are 4 tips to keep a fat lip from leading to a skinny pocketbook: 

1. Put safety first
Just because there is no OSHA for our activities off-the job doesn’t mean they’re any less risky! No matter what your hobby is, be smart about it.

2. Maintain your financial safety net
Build up your cash reserves so you can go for at least three months without income. Entrepreneurs who have more erratic income probably may want to bump that up to at least six months.

3. Plan for it
What if you weren’t able to work for a period of time? Who would be in charge of your company? If you’re a solo entrepreneur, who would take care of your clients?

4. Purchase disability insurance
This one’s often overlooked, but the odds of not being able to work for a period of time make it worth checking into. The link above is to an independent organization that’s a great resource to help you with this.

As the entrepreneur of your life, think about the risks you face and find ways to keep a fat lip from leading to a skinny pocketbook. It leads to BIGG success!

What do you suggest?
 

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00650-112910.mp3

(Image in today's post from plex)

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Get a Brand Over – Part 2

brandoverToday, we continue our discussion with John Tantillo, The Marketing Doctor. John is a behavioral research psychologist with over twenty years of marketing experience. He is the President of the Marketing Department of America and regularly appears on Fox News and Fox Business News. Last time, we discussed the difference between a makeover and a brand-over. Let’s get back to the conversation …

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marylynnJohn, let’s say you have a brand and it’s not working. You need a brand-over. How would you do that if you’re an existing business?

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johnThe first thing you have to do is reach out to your customers. This rebranding, or brand-over notion, comes from the marketing concept. It is not “build it and they will come” ala health care that’s being promoted. It’s find out what people want and give them what they want. For example, let’s say you have a car wash and you think hot wax is what everyone wants. But you’re not getting the number of people you want through your car wash. So you ask your customers, “Why aren’t you coming to my car wash?” They say, “It’s the hot wax. It interferes with my paint job.” Ah! What does that tell you? You shouldn’t be using hot wax, even though people in the business have told you that hot wax is great. Ask your customers. Stay in touch with them so you can give them what they want. How do you get somebody to like you? You tell them what they want to hear or give them what they want. That’s the secret.

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georgeThat’s how I got Mary-Lynn! Companies have kind of gotten this, John, although they don’t always deliver upon it. As individuals, isn’t it important to understand that a brand is a promise? We have to be careful about what we promise to be absolutely certain we can deliver it.

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johnAbsolutely. There’s nothing worse than promising a consumer something you don’t deliver. I’ll give you an example of this. Many years ago, in the New York area, there was a beer called Peel’s Beer. Their advertising was so clever that it generated a lot of initial sales. The problem was nobody liked the beer. They promised a great beer but they didn’t deliver a great beer. Not a good thing.

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george
Maybe they should have positioned it as the beer you drink after you’ve had a few?

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john
There you go! Are you sure not in marketing?

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marylynnJohn, you always offer a “Tantillo Takeaway” on your blog. I’d say our takeaway with you today is “know your target market.”

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john
That’s always the secret. Who is your target market?

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georgeYou recently had a great post about institutional communication versus individual. The example you gave is that John McCain now has more followers on Twitter than the White House. So the individual has power with new media that institutions don’t have.

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johnThat is correct. It’s driving the heck out of these Washington media types that the blogger, or the candidates themselves, can go directly to the voter. If we’ve learned anything today, it’s that the game has changed. You have to be on top of all the new social media. I’m 58 years old and I’m on Facebook with over 3,400 friends. I’m on Twitter and LinkedIn. I even went to my old high school web site and now I have a page there. The point is that you have to use every marketing tactic you can possibly use in today’s world. It’s funny. It’s the very reason President Obama became President Obama. He was sophisticated. Now, in the institution of the White House, maybe he feels that he has to move on or do things more traditionally.

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marylynn
He’s also more edited now than he was before.

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john
No question about it.

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marylynnLet’s talk about small business owners. We hear all the time that they don’t have the time to get out there and utilize these new media tools. They don’t even know how to get started. What would your suggestion be to them?

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johnYou have to do it. Enlist young people – high school students, college students home for break or friends of your own children. It doesn’t have to take a lot of time. To give you an example, I started Facebook about a year or two ago. I didn’t really do anything. Then I went down to my favorite place in the world – God’s waiting room – Miami Beach, Florida – at Christmas time. I’d picked up a book in the library, about how to market yourself on Facebook. It’s been an increasing positive function – how do you like that, George – in terms of Facebook friends ever since. I love it. And hey, if I can do it, anybody can do it. You have to make a little bit of time. It’s a good reason to go on a vacation where you don’t think about your business, but about yourself in terms of the business. It’s a little different. I’ve found it fun and exciting. You have to make it part of your day. It’s like doing cold call sales. Nobody likes to do it. But, at one point, when things aren’t moving, you just have to go and do it. You have to make time.

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Thanks so much for joining us today. Next time, we’ll wrap up our conversation about John. We’ll discuss social media marketing tips. Please join us! Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00474-090309.mp3

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