A Leadership Ethics Lesson Courtesy of a Leeson

Although ethical behavior in business is often touted, it can be hard to attain in practice. That’s because ethical behavior has to be practiced by every individual, every day. It’s not the sort of thing that can be decided upon and implemented en masse. Leaders are often under particular pressure to be practical over ethical. The reasoning is often because hard decisions require frequent compromise, and ethics often come across as black-and-white perspectives that don’t match the reality facing a decision-maker.

A Virtue You Can’t Afford to Ignore

However, ignoring ethics can be a dangerous path. Nick Leeson provides a very vivid example of this. His name is well known in financial circles as the man who single-handedly put the Singapore financial markets into a panic and brought down one of Britain’s most famous banks.

Leeson got his start early in banking as a clerk in 1985. At first, Leeson seemed to be a success. However, he began quickly playing outside the rules, and because he was bringing in big profits, Barings Bank ignored the risks.

By 1992, trades started going bad. Leeson packed the losses into a technical account originally designed as a dummy account for accounting errors. No one noticed, so he continued on his unethical path of hiding losses repeatedly. The tipping point came in January 1995 when Leeson placed a big trade between the Singapore and Japanese markets. Not expecting a major earthquake in Japan to throw both markets into a tailspin, Leeson realized the gig was up and went into hiding. Barings Bank folded a few weeks later owing £827 million in losses, and eventually, Leeson went to prison.

Actions Speak Louder Than Words

Interestingly, following good ethics not only avoids situations like Leeson’s, but it also works as a defense for a business leader. The adage, “actions speak louder than words” is true for ethics as well. Ethical behavior not only keeps employees behaving on the right side of the law, but it also gives managers and leaders incentive to work for more than just the bottom line. Ethics can incorporate greater goodwill for the community a business operates in, safety protection of employees and customers, market protection from unscrupulous players, and far better interaction with the government and regulators. All of which, in turn, help a company see a larger bottom line.

No question, the ethical path isn’t always the easiest. However, leaders of companies and organizations need to remember that good ethics involve more than just an individual perspective; by the very nature of their role, top managers affect all of the organization and set an example for staff to follow and the community to model after. Good ethics can be far more than just a set of rules; it can be a powerful marketing/communication tool positively setting a business apart in the market from competitors and creating the long-term foundation for customer retention.

AR, VR, and Other Ways to Use Technology in a Print Campaign

From the affordable headsets that take users into another setting or world via virtual reality to games like Pokémon Go and even children’s coloring pages, technology is impacting the way we live and seek out entertainment. It may seem like virtual or augmented reality is firmly fixed in the digital world (and therefore of no interest to those who create and use printed pieces), but a surprising amount of technology can be incorporated into printed media.

Augmented Reality and Printing

Augmented reality technology provides an overly to the “real world” you can see via your phone’s camera, adding digital elements to the space around you. Pokémon GO is the best recent example of AR in action, and retailers like IKEA also use it to allow you to see what furniture pieces would look like in your own home.

Adding AR elements to your printed pieces gives people a whole new way to interact with your postcards, business cards, catalogs, and more. It also adds an element of fun and makes it more likely that the recipient of the piece will want to hang onto it and even show it off.

While not everyone will “get” AR right away, recent hits like Pokémon Go show that AR can be accepted by a wide group of ages and demographics. From including an interactive game in your materials http://adage.com/article/cmo-strategy/toys-r/301049/ (as Toys R Us did in a recent catalog) to using a playful mascot or other element, creative use of AR can help your printed piece make a splash in the real world.

QR Codes

Those little square barcodes are an ideal match for printed pieces and can bring visitors to your site. Since QR codes are designed to be read with a smartphone, you give the person holding your printed material the ability to visit your site in an instant. Use a QR code on your printed piece to link to a special offer, unlock content, or even provide additional information. QR codes are small and won’t take up much space on your printed materials, and incorporating one allows your prospects and recipients to interact with your business in a whole new way.

QR Codes and Virtual Reality

Immerse your reader in your printed materials by providing a QR code that links the viewer to a virtual reality experience or unlocks additional content. If you already have a VR showroom, game, or content, then making it easy for users to access it by simply scanning a QR code ensures you get plenty of extra traffic, without taking up space on your materials.

Variable Data Printing

This type of technology won’t change the look of your printed pieces, but it can help personalize the materials you create. Your customer won’t notice anything special about the printing, but they will think you’re really in tune with what they want and need.

The ability to create on-demand pieces that match your customer’s preferences boosts the likelihood that your offer will resonate with them. Used primarily in direct mail, but adaptable to other pieces, variable data printing allows you to target the elements used in a specific piece to the intended recipient. This technology is particularly useful for targeted marketing campaigns with a personal touch.

Adding a dash of high tech to your printed materials gives you additional ways to connect with customers and helps you get the most from your printing investment. Your pieces are also more likely to start a conversation, grab attention, and even be saved by the recipient, boosting their long-term value and ensuring your brand is remembered when your prospect needs something.

Learning to Listen: The Hard Way

In the 70s, Italian aid worker Ernesto Serelli learned to listen to clients the hard way. His amusing tale of how he “helped” a village in Africa grow tomatoes, only to see the harvest consumed in a single night by the local hippos, is a powerful and popular https://www.ted.com/talksernesto_sirolli_want_to_help_someone_shut_up_and_listen TED talk. While you won’t want to miss this dynamic speaker, some key takeaways are outlined below:

Hippos and Tomatoes

Italian aid worker Ernesto Serelli tells the tale of one of his first experiences working in famine-plagued Africa in the 1970s. Bustling with good intentions and plenty of energy, he and his team arrived in the village they were to help and promptly began planting familiar varieties of vegetables in the fertile soil.

The local residents watched the process and despite efforts to engage and teach, did not take the aid workers agriculture lessons seriously or commit to growing. As the plants blossomed and bore amazing fruit, the workers celebrated the harvest and looked forward to showing the native people how much agriculture could do for them.

The night before the harvest, a herd of hippos swept ashore and ate every plant that had been so lovingly cultivated. The locals then revealed to the aid team that hippos had always eaten the crops planted in the verdant, riverside soil. When asked why they had not given the aid team this information weeks before, the answer was “No one asked us.”

By rushing ahead and putting a plan in motion that they thought would solve the villager’s problem instead of asking questions and discovering what had been tried in the past, the well-meaning aid workers totally missed the point. They also wasted weeks of time and plenty of resources that could have been dedicated elsewhere.

The Power of Listening

You may not be helping a hungry village in Africa, but the lesson of asking your prospect or clients the right questions to truly meet their needs applies to every interaction you have.  Learning to listen is an important component for anyone in business. Fail to ask the right questions, and you could face a disaster.

Take the time to remember the hippos and tomatoes next time you speak with a new client about their needs, and make sure you take the time to ask the right questions before you charge ahead.

This https://www.ted.com/talks ernesto_sirolli_want_to_help_someone_shut_up_and_listen TED Talk is an enduring favorite and an excellent reminder of why we need to stop and listen to what our clients are saying and why we need to take the time to understand what they’ve tried and what they need.

Make Customer Loyalty a Bigger Part of Your Marketing Efforts

In the early days of your business, the goal of your marketing program was essentially a singular one: you tried to get your product or service in front of as many eyes as you possibly could. Once you’ve established yourself, however, it’s time to switch gears a little. https://hbr.org/2014/10/the-value-of-keeping-the-right-customers According to most studies, it’s between five and twenty-five times more expensive to gain a new customer than it is to keep one of your existing ones. This means that if you’re not already making customer loyalty a significant part of your marketing efforts, it’s about time to get going on it.

What a Difference Customer Loyalty Makes

https://kitewheel.com/press-releases/new-independent-study-reveals-major-disconnect-brands-todays-connected-consumers/ According to a study conducted in 2014, seventy-three percent of consumers said that loyalty programs should be the way that brands show loyalty to their existing customers. Regardless of which way you choose to look at it, even instituting a modest customer loyalty program can have significant benefits across your entire organization. It can help make your marketing more appealing to new customers, as well as lead to higher levels of engagement with existing ones. That engagement breeds retention, http://currents.rosetta.com/2015/03/why-engaged-customers-are-your-best-customers-facts-figures-on-the-value-of-engagement/ which research suggests creates a situation where your average customer will be up to five times more likely to only buy from you in the future.

Also, remember that increasing customer retention (which these types of loyalty programs are great at doing) by just five percent can boost your profits anywhere from twenty-five to ninety-five percent, http://hbswk.hbs.edu/archive/1590.html according to Bain & Co. Let that sink in for a second.

Building a Customer Loyalty Program

When you begin to institute a customer loyalty program for your business, the biggest mistake you should avoid is one of perspective. Remember that what you’re trying to do is show loyalty to your customers, period. Far too many businesses make the mistake of assuming that this is a way for customers to show loyalty to a brand, which leads to the type of ill-advised thinking that generates bad customer service and only ends up with a program few people want to take advantage of.

Assuming that you’re “giving your customer the opportunity” to show loyalty to your business is how you end up in a situation where https://www.vantiv.com/vantage-point/smarter-payments/shoptalk-rewards-programs-infographic forty-three percent of consumers say that rewards programs require too much spending to reach the next level, or where points expire before they can be used, or where points are worthless because of all the restrictions they come with. Build a program that lets you say an emotional “thank you” to the people who got you where you are, NOT the other way around.

If you are going to make customer loyalty a bigger part of your marketing efforts, however, always remember the old saying that “variety is the spice of life.” http://www.collinsonlatitude.com/loyalty-commerce-in-a-digital-age/?utm_source=PR&utm_campaign=Loyalty%20in%20a%20digital%20age&utm_medium=byline In a survey conducted by Collinson Latitude, sixty-three percent of respondents said that having a wide range of rewards and offers was the single most important aspect that decided whether or not they would sign up for a loyalty program. So the occasional coupon isn’t necessarily going to cut it (pun absolutely intended).

Again, making customer loyalty a bigger part of your marketing efforts is, and will always be, about giving back to the people who helped build your brand. If you make every decision with this one simple perspective in mind, all of the other benefits – from increasing the value of each customer to engagement and long-term loyalty – will happen as a happy byproduct.

Leadership Sometimes Means Showing You’re Human

Mary Barra, the CEO of General Motors, has seen her share of tough times. She took on the CEO mantle as one of the first female company leaders in the auto industry, only to get slapped with a faulty auto ignition switch recall.

<p>Barra had already done her time in the trenches while going through the GM bankruptcy in 2009. However, when Barra faced down her first big CEO challenge with an ignition switch that was being attributed with killing consumers, she did something no one expected – she apologized.

The Road That Leads to Trust

Barra’s apology rang the auto industry like a deep bell of the apocalypse. Everyone heard it, everyone saw it on TV, and everyone was in shock. Her apology wasn’t the end of the matter, of course. She had to go through multiple congressional hearings, fire managers and engineers she had known and trusted for years, and put the reins on employees to turn the company around. But her leadership was and continues to be rooted in a basic, inherent level of decency to do the right thing. To this day, Barra’s choice to take the harder road has been remembered as well as solidified her as GM’s CEO for a good number of years to come.

Company leaders only get a few opportunities to define themselves and lead the company through a major challenge. After that the die is cast with regards to overall confidence in the leader’s capabilities. Those who succeed gain the invaluable loyalty of staff and supporters through far more challenges in the future because trust is solidified. Those who fail usually see their support begin to erode and, after a few years, have to start planning an exit unless they produce some major new revenues or get lucky.

The Humanness Factor

The success of a leader, as Barra’s example has shown, is rooted in humanness, the ability to come across as a real person. CEOs and leaders often get a bad rap for being distanced from the working floor and aloof from the problems of the average person. Their higher salaries and compensation don’t help matters either. Barra’s apology, however, shows how a CEO can cross such perception barriers and be the right person for the job when it counts. When people need to see someone take responsibility to move things in the right direction they look to a known leader commodity. If that person fails at that moment to be decisive, people then begin to fall away and worry about their personal stake. That can drive away extremely important people assets and potentially kill a company.

Granted, the first thing an attorney will advise is to admit nothing, and tow the party line. However, as Barra has shown, society does forgive serious mistakes if they can trust those in charge.

April Fools’ Day and the Art of Humor Marketing

<p>Did you enjoy some April Fools’ Day marketing jokes this year? Make no mistake about it: coming from a business, April Fools’ Day jokes are every bit as much an art as they are a science. It’s an opportunity to inject a breath of fresh air into your marketing efforts, as the day is one that has quickly become synonymous with pranks and practical jokes. If you do it properly, adding humor to your marketing campaigns can also be an excellent conversation starter – it’s a unique way to add new members to your audience and engage with existing ones at the same time. As with most modern day marketing, however, it’s often best to learn from example.</p>

<h3><strong>April Fools’ Day, 2017: The Good</strong></h3>

<p>The clear winner of April Fools Day 2017 has to be Netflix, who released the elaborate prank “Netflix Live.” Capitalizing on the wave of live streaming video spearheaded by services like Facebook, “Netflix Live” was supposedly a 24-hour live video feed of actor Will Arnett watching a <em>different</em> live video feed and commenting on whatever he saw, including people in an office using a microwave, an empty supply closet, and more.</p>

<p>”Netflix Live” had all the markings of a classic (and successful) April Fools’ prank. It was timely because live video online is getting more popular all the time. It also honed right in on what Netflix’s audience would find funny. “Arrested Development,” the comedy classic in which Will Arnett stars, is one of the most popular shows on the platform. </p>

<ul>
<li>Rule of Thumb: if you’re going to play around on April Fools’ Day or with humor marketing, know your audience.</li>
</ul>

<h3><strong>The Bad</strong></h3>

<p>Again: the best April Fools’ Day jokes are born from surprise. If your audience can see the joke coming a mile away, you probably shouldn’t be making it. Or at least, you should try a little harder. This is a lesson that Google just spent several thousand dollars learning by way of the <a href=”https://store.google.com/magazine/gnome”>Google Gnome</a>, an Amazon Alexa-like device you can talk to that takes the form of a lawn gnome that is connected to the internet.</p>

<p>This isn’t a particularly bad joke in that it’s offensive, but the execution leaves a lot to be desired. Not only is it immediately obvious that it’s a joke from the moment you read the title, but the accompanying video is little more than the same basic joke (“a Google Gnome would be worthless to everyone”) over and over again. It’s a lot of effort for almost no payoff, especially considering the Gnome is a product few in Google’s own audience would actually want to buy.</p>

<ul>
<li>Rule of Thumb: Remember what April Fools’ Day and humor marketing is all about. It’s not supposed to be a day of obvious jokes. Theoretically, people shouldn’t fall for your prank for at least a couple of minutes.</li>
</ul>

<p>When executed properly, humor marketing can check a few different boxes all at once. For starters, it’s fun – it’s a great opportunity to pull back the curtain of your business and put a little bit of its personality on display. A well-executed humor campaign is also the perfect way to get people talking and generate new levels of awareness at the same time. </p>

How to Take the Lessons Learned in Online Marketing and Apply Them to the World of Print

Print marketing isn’t going anywhere anytime soon. Over the last few years, people are coming to the realization that digital and print isn’t an “either/or” scenario. Many use one to supplement and compliment the other to great effect. Despite this, people still tend to think of them as two different mediums, thinking you have different rules that you use online than those that you follow in print.

Because online marketing has become so prominent, it has taught us some very valuable lessons. One of which is that those lessons aren’t reserved only for the digital market. You can apply those lessons to your print collateral and come out all the better for it.

Marketing Is About Intimacy

Perhaps the biggest lesson that various digital and online marketing channels have taught us is that at the end of the day, you’re not trying to “sell” to someone at all. You’re trying to connect with them. The best marketing reaches out to customers and prospects in an intimate way that establishes the type of bond that turns prospective customers into buyers, and buyers into loyal advocates.

On the internet, this often takes the form of various social media and related techniques – after all, what could be more intimate than contacting someone on a small device that they carry around with them all day? The key takeaway, however, is that you DO have a way to maintain this intimacy in the world of print marketing, too.

According to a study conducted by the United States Postal Service, sixty-nine percent of people who responded said that they felt direct mail was more personal than internet mail. Emails may be great and efficient, but an actual letter (or in the case of a marketer, a flyer or brochure) is something tangible. They can hold it in their hands, pin it up on the refrigerator and share it with their friends and loved ones.

Optimizing Print Campaigns Through a Digital Lens

So how do you take full advantage of this fact and build the type of intimacy and emotional connection you can online? Simple. Take the rules that the internet forced marketers to adopt and apply them back into your print campaign.

Don’t just tell the story of a product or service, tell the story of your entire organization. Bring people into the fold and let them see who you are, what you’re all about, and why you do what you do. According to Millward Brown, physical materials forge a stronger connection inside the human brain than digital media ever can.

You can also take the valuable data you’re gathering about your audience from the digital world and apply that back into your print collateral. Marketing has gotten hyper-specific. By using various software, you now know precisely what type of white paper, blog post, or video to send to someone at just the right point in the customer journey to help nurture that lead and guide them through to the desired outcome. Taking that one step further, you can also use the same insights to know exactly what type of flyer someone needs to receive in the mail, or take a successful visual element from social media and transform it into your next poster.

Print media is a format that people are naturally wired to engage with. If you can provide them with materials that are worth engaging with, similar to and combined with what digital agencies have been doing over the last few years, you’re in an incredibly powerful position as a result.

It’s Okay to go Niche: How One Unusual Brand is Turning Trash into Specialty Surf Bags

Sometimes, we stumble across an answer to a problem that we did not know existed. Alec and Aric Avedissian are solving two problems at once with their business Rareform. Rareform’s customers get durable, one-of-a-kind surfbags while the company helps reroute some of the thousands of pounds of billboard material that is discarded in the U.S. every day.

The average billboard goes up for four to eight weeks, then is discarded. While there are no firm figures on how many billboards exist in the United States, the number is high. The Los Angeles area alone is host to over 6,000 boards. Since billboard material does not decompose, that is a lot of waste.
Inspiration in the Strangest Place

Avedissian stumbled on the idea of surfbags from billboard vinyl after spending time volunteering with a fishing cooperative in El Salvador. While there, he saw people using discarded billboards to make roofing. The sight was a revelation. He’d previously never considered the material and had thought that billboards were made from paper. The discovery that this durable material was being discarded every week spurred his innovative idea.

While the bags offered a durable product at a reasonable price, the company was having a hard time finding their footing. They’d had $1.1 million in sales over three years, but saw that sales were slipping. Had they reached saturation? They decided to go on <em>Shark Tank to see if they could find the funds that would bring them growth. Two out of the three judges did not bite; they were concerned not just with the falling sales, but with the complexity of the concept of Rareform’s product. However, Kevin O’Leary was not dissuaded and made an offer. And, it turned out that the best benefit for the product was appearing on the show.

Before their Shark Tank appearance, Rareform would recycle anywhere from 10,000 to 20,000 pounds of vinyl each month. With the added visibility provided by the show, they’ve increased their monthly recycling to 50,000 pounds.

When It’s Okay to Go Niche

Surfbags are already a niche item, appealing only to the approximately 23 million surfers worldwide. By adding the factor of the recycled bags and their one-of-a-kind nature, they become even more niche. However, faith in their product and a willingness to seek out new opportunities to get their wares in front of the audience worked out.

Small businesses should never shy away from a niche product as long as it has a few things going for it. The questions you should ask:

Is there an audience? Rareform built their early success with the help of dedicated hobbyists.
Do you have a platform that can get you attention? Their appearance on <em>Shark Tank was just what was needed.
Do you have reasons for making your product the way you do? Rareform’s founders said they were committed to the cause of recycling. While this was a turn-off for some investors, it is what makes their product appealing and unique.

In today’s highly connected world, there is room for every well-made product, even if your audience is small. By focusing on what you bring to the table, you can find your audience and build success for your brand.

3 Tips for More Emotional Print Marketing Collateral

Despite what you may believe, most people don’t rely on information when it comes to making a purchase. While people do love to do research in advance of parting with their hard-earned money, they rely much more heavily on emotions to guide their decisions. Therefore, it stands to reason that if you want to motivate someone to take action, you should work hard to inject as much raw emotion into your print marketing collateral as possible. Luckily, there are a few key tips you can start using today to accomplish exactly that.

It’s All About Those Colors

Even if you don’t want to fill your marketing collateral with text that drives home emotions, there are a number of subtle steps you can take to instantly provide a richer, fuller experience for your readers. Case in point: <a href=”https://smallbiztrends.com/2014/06/psychology-of-colors.html”>depending on the colors that you choose</a>, you could be saying a great deal with your marketing collateral without actually saying anything at all.

Do you want to create a sense of urgency, for example, to really sell how important it is that someone place an order RIGHT NOW before your inventory is gone forever? Rely heavily on the color red to do exactly that. Note that red is also a great way to encourage someone’s appetite, which is why it’s used so heavily in marketing campaigns for fast food restaurants in particular.

Do you want to leave someone feeling calm, tranquil, and powerful? Green is the perfect way to do that. Black is often associated with authority and stability, while purple is a perfect way to signify wisdom and respect. Even oranges and yellows can be a great way to promote optimism, something that would be ideal if you’re sending out marketing materials in advance of a product or service launch to build anticipation.

It’s Not About “Me.” It’s About “You.”

If you really want to convey emotion in your print marketing collateral, shift the focus of your copy to place the emphasis squarely on your consumer where it belongs. Don’t speak to a large group of people; speak directly to one person for more intimacy. Don’t write copy filled with technical specifications about the product; write directly about the experience someone gets and the problem it solves when using it.

At the end of the day, you’re conveying all of the same information; you’re just doing it in a more emotional way. It’s the difference between “this great new product has X, Y, and Z features” and “you have an important problem, which this product solves in X, Y, and Z ways.” Both are technically correct, but only one cuts right to the heart of the matter (no pun intended).

Tie Emotion Into Your Call-to-Action

http://www.marketingprofs.com/articles/2014/26405/five-tips-for-effective-emotional-branding” learn how to insert as much emotion as possible directly into your call-to-action for the best results. Don’t just say “Contact us today for more information.” Think about the emotions you’re trying to play to, first. If you want to create a sense of urgency, say “to find out how you can take advantage of this deal before it’s gone, contact us today for more information.”

Always try to leave someone with a strong feeling when they get to the end of your copy, be it happy, sad, excited, etc. Exactly what they will feel will vary depending on what you’re trying to accomplish, but if you can leave them feeling SOMETHING, they’ll be much more likely to take that next step.

Never Be Afraid to Take on the Big Boys

Something strange is happening on the yogurt shelves: the most popular yogurt is not from a big maker like Dannon or Yoplait. It’s a product from a small, 12-year-old upstart from New York. In March, <em>Bloomberg</em> wrote that Chobani had overtaken Yoplait to become the most popular yogurt in the U.S. The story of how this independent took on the big brands and won has lessons for all of us.

Distinguish Yourself From Your Competitors

Big yogurt brands had become complacent and did not anticipate how new products would catch customers’ interests. Instead of sticking with the same types of yogurt already popular in the U.S., Chobani made their name with Greek yogurt, a thicker and richer product. By the time the larger yogurt companies introduced their own versions of the product, it was too late. Consumers had become loyal to the brands that made Greek yogurt popular.

If you craft your marketing materials and your products to fill a need that your competitors are not, that gives you a competitive edge. Look for what makes your product different from a bigger player in your market and offer what they don’t. By the time they are playing catch-up, you can be the leader.

Be Willing to Make Changes Quickly

Product development at big food companies can take years. At Chobani, a product will sometimes go from concept to trial in the space of a weekend.

In your marketing, if you see an opportunity, be willing to take it before your competition does. This requires a high degree of social listening and a willingness to take chances. Smaller and leaner organizations can adapt far more quickly, allowing them to be the ones who seize an opportunity.

Be Authentic

Millennials now make up the largest consumer cohort. Their priorities are different than the priorities of previous generations. They are less likely to do business with a company that they perceive as a large and impersonal conglomerate. Chobani was founded by a Kurdish immigrant who fled political turmoil in Turkey. After spending time in Europe, he arrived in the U.S. with $3,000 and a small suitcase. In the following years, he built a company that dominates the $3.6 billion Greek yogurt industry.

Do not try to look like one of the big companies in your industry. Portray yourself as the lean, quick, and effective organization that you are. A smaller company, for instance, has staff at the highest levels who are knowledgeable about all customers. This can give your customers a far more personal degree of customer service.

Make News

Over the past couple of years, Chobani has made news for its innovative policies. When the company began seeing large successes, Chobani CEO Hamdi Ulukaya responded by giving 10% of the company’s equity to employees and putting a generous 6-week parental leave policy into place.

What does your company do that is newsworthy? Those practices can build your image and give you more effective marketing than you can buy.

A company’s dominance in an industry is never certain. By taking advantage of opportunities that you have and the bigger players don’t, you can increase your own success.