A candidate running for Governor of the state of Oregon asked me what could be done to make the state more small business friendly? And what could be the catalyst for economic recovery in our great state? My answer is “grow the dot.com industry, starting right here in Portland…”
1. We are a scalable start up. Portland needs a business like ours to flourish because we are planning multiple stages (phases) of growth in mobile and socialized shopping, non-profit and urban projects, and develop a completely virtual experience. As an Internet retailer (and global online marketspace), our ability to capture 1% of the known eCommerce market makes us a Billion dollar investment opportunity and a healthy Oregon taxpayer.
2. We are a dot.com company (for lack of more sophisticated explanation) in a sea of empty manufacturing buildings. Portland needs a flagship dot.com company that is workforce relevant and could employ 50+ creative people (educated + employed in an income tax state) and create work for a number of local marketing agencies; the Columbia River is already powering the largest dot.coms not headquartered in OR (why not ours); introduce a new industry in Portland besides China facilitated manufacturing, microchips and lost sustainability companies; and show a small business friendly commitment by complimenting our willingness to give back to our vendor community.
3. We are in a epicenter of the farmers market + handmade products + neighborhood services. With an unemployment rate of closer to 18 – 20% (lost benefits, self employed without benefits), Portlanders have embraced entrepreneurship. People can start a service business with online marketing tomorrow! Handmade artisans represent the state’s new manufacturing base. We can help “inventors | artists | designers | carpenters…” become the next big idea, and subsequently growing Oregon small businesses into recognizable brands!
Our “Think Global + Shop Local” vision is social shopping for small business products anywhere in the world, and sharing the best local services in your neighborhood. And as CEO and co-founder of Public Marketspace, I welcome your comments and your help sharing this message.
Casual Thought Friday… in a social media world, it is not enough just to be something—your web presence should be something to do.
If Facebook and Twitter have taught me anything, its that people are looking for something to do online. People want to shop, share and socialize. And they need a reason to come back every week… or every day.
Amazon is great if you are researching products offline and then buying them online, but who goes to Amazon or eBay just because they are bored? These sites lack in ‘the draw’ what was so cool about shopping malls in the 80s—sometimes browsing, just being seen and interacting with others is the reason for being there.
The next big thing will be an online public market that is a relevant shopping destination and a compelling user experience.
Be on the lookout for PublicMarketspace.com They have some ideas on how to create something to do.
Over the past few months I’ve learned a few things while starting a global online business.
One insight is that the story of the “Three Little Pigs” rings true when crafting a business plan. And emerging entrepreneurs should consider this when pitching their idea to investors.
A good start up needs a prototype of straw, and a plan built of sticks. Something flexible, but sturdy enough to withstand the first wolves at the door. However, in the launch phase the business better have a brick foundation to generate revenue… or else market irrelevance will blow you down.
Keep dreaming about creating a business, and don’t stop building your vision into something worthwhile. But never underestimate how your business idea needs to stand up to the time tested measure of durability against adversity.
And don’t worry… if you’re an entrepreneur at heart, you already have a four letter word going for you. NEXT
It’s been an incredibly interesting year, if the word interesting is a substitute for dreadful. The universal relevance of the new century recession was that it somehow touched us all—lost jobs, mortgages and icons (Michael Jackson). And when the going get’s tough, the tough rely on their strengths and prioritize their decisions.
This holiday season I think we all remembered what is really important, and that is a reason to celebrate.
Books I’ll be reading this year:
“Living the Dream… the secret to being jolly is working one day a year” an autobiography by S. Claus.
“You could even say it Glows… learn how to stand out in a crowd” a self help book by Rudolph R. Nose.
“Catch Me if You Can… tips from a global environmentalist and talking snowman” by Frosty.
The common theme in these selections is do what you’re good at and aspire to do what you love. An ongoing professional development plan to create a brighter future.
If 2009 was the year of the RESET BUTTON, then let’s wrap it up, stick it under the tree and dream of possibilities coming this new year. It’s not world peace, but it’s a start.
Though it’s been said many times, many ways… Merry Christmas.
Give credit when credit is due. Some brick-n-mortar retailers will be relevant and smiling this December.
The brand recognition goes to Bass Pro Shop. When it would be easy to be slashing prices and touting sales, the Bass Pro ads suggest something more meaningful; that Christmas (and Christmas shopping) is an experience worth remembering.
They show vintage video that warms and reminds us of a time before the marketing + media blitz. And kids… come in and create a handmade ornament for Mom, the perfect gift. See a snowy village electric train and get a free photo with Santa.
What really makes it special? Instead of competing on price or trying to convince us that the perfect gift is waiting to be discovered in the aisles, the welcome surprise was that Bass Pro didn’t mention a single product.
Sales by the numbers will go to Craft, Consignment and Discount Stores. These are the stores that live somewhere between Walmart, Michaels, Nordstrom Rack and the Dollar Store. What they lack in sex appeal they make up for on unbeatable margins, and location is part of a marketing strategy.
HGTV has taught me that the companies that spend the least on holiday advertising also hold some thoughtful gems and last minute gifts that budget strapped shoppers will looking for with mid-month paychecks.
Casual Thought Friday… “Beware of any endeavor that requires new clothes.” H.D. Thoreau
As I listened to the founder of Patagonia speak about the worthless organizational value of the wordsustainability and his ongoing work to influence Walmart, the 11th largest economy in the world, it became apparent that he never wanted to be a businessman. His passion for creating a better product and asking the right questions just made him that way.
Business is relevant to what you are trying to accomplish, and it can be anything you want to inspire. It’s one thing to expect to grow 15% every year – which will eventually outgrow the market and get bailed out by the government – and another to build great products that are part of something bigger.
If you wait to respond to your customers, then you’ve already missed the opportunity. But take it from Yvon Chouinard, check your global growth expectations and build your business around making things better. Leaving more behind with less impact ensures that future generations will have their health and the resources to continue your legacy, and that’s what it’s all about.
Casual Thought Friday… how relevant is cold calling in today’s B2B Sales Strategy?
Results would indicate it is about or less effective than direct mail, which puts it around 4% effective at best. Of course there are amazing success stories, and yours truly has had more than a few. But the cold hard fact is you won’t be able to grow your business in 2010 or beyond without a marketing plan that supports dialing for dollars.
As for scripting the call, this is not the time to tell your story or cite your brochure. If there was a Biz Dev bible, it would say cold calling is about as relevant as your ability to create value (give me a reason to care) in 30 seconds or less. The person on the other end of the phone has other priorities, so out of consideration you should be able to deliver your best message in this time frame. And this also includes leaving a voicemail.
If you are lucky enough to spend more than 5 minutes on the phone, then hopefully you took advantage of the time to let them talk. The more you know the better, because you want to pitch big picture vision at the C level and sell at the influential level.
The objective of a cold call is a warmer introduction. Close the call with a “first date” invite or find out if they are attending any networking events in the near future. You don’t need a login and password to be social. The handshake may be old school, but all new business relationships begin face to face.
We are all wired differently, and we are all influenced by different media, cultures and relationships. If the premise of marketing in a 2.0 World is to have a conversation with the mass of niches, then it makes sense to have variable levels of creativity in your marketing (depending on which audience you are speaking with and why).
Just to start spark a fire, I introduced tweepoll to Twitter today. The hash is a daily question just to gauge the relevance of a topic in twitterspace. Let’s see what happens…
Casual Thought Friday… How long would you work for free to support the company?
British Airlines is asking employees to donate a month of free labor to help the company rebound from a 13% drop in bookings. British Airlines
The relevance of an airline giant asking employees to work for free is how this impacts business ethics and morale – critical elements in the travel industry. A bad situation could turn for the worse is if the gamble doesn’t pay off, or conditions continue to deteriorate due to a lack of worker vested interest.
There are many big companies making some unreasonable requests of their employees due to their business shortfalls (from salary reductions to unpaid furloughs) until things improve. But what they are not publicizing is any definitive description of what better looks like, or when better is projected to arrive?
Every company has stakeholders (customers, employees and investors), and the company mission is what brings them all together. And every stakeholder should expect a sound explanation of what is going on and demand accountability at each level.
The ability to accurately forecast sales and create fresh idea solutions to everything negatively impacting your business should be the topic of conference room conversation. Stakeholders need to see the BIG PICTURE: if your company is going down the road of extreme measures to react to these challenging times, then you should be able to communicate a clear vision of what business will look like in less than 2 years.
Having some short term answers is just as important as asking for a temporary fix, because failing to articulate the light at the end of the tunnel means there is a train wreck heading in your direction.
Casual Thoughts Friday… “No, we’re never gonna survive—unless we get a little crazy…” SEAL
During a discussion with some Pacific Northwest business leaders about when (and how) the economy will turn for the better, it occurred to me that any company that has been recently downsizing and/or asking employees to take pay cuts will be in some serious trouble in 2010.
Revenue: if your company sales revenue is down 30% in 2009, then you will have to grow 10% over each quarter next year just to get back in the black.
Assets: it will be next to impossible to hold onto your best customers (and talented people) once the economy recovers, unless it is your company taking the lead.
Business leaders will always be the trendsetters because they are always willing to take risks. The marketing strategy “leap of faith” is a willingness to try something their competitors are not doing.
How relevant is your marketing? Are you being innovative or responsive since the economy changed? What will success look like this year, or in December 2010? And what idea (that once seemed crazy) is now looking like the right pair of dice to risk rolling?
“In a world full of people there’s only some that want to fly… isn’t that crazy?”
