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Posts with equity tag.
Success: A Four-Letter Word? Not Today

It used to be, by common knowledge, that success was defined by work (and how much you did). Now days it seems success is defined by smaller multi-million dollar losses, one more gizmo sold than the competition, not spending anything compared to what you did last year and more or the like.

I'm not the first to remind everyone not to lower the bar too far or get to the point where goal setting is replaced by complacency. But I may be one of the first to say: just remember why you got into business in the first place! Now, you may have been fortunate to fall into a highly profitable business/niche just because you had the money to get in. Good job (not great, though).

If you have built your name, presence and equity with a solid foundation, it's time to kick yourself into high gear. Maintain your business plan, don't create a new one for hard times. Adjust, don't start over. Keep your edge and aim to do better than 'just maintain'.

Right now it's more important than ever to:
1. Talk with EVERY prospect and client (don't talk at them)
2. Validate EVERY opportunity you have (people do things for their reasons, not yours)
3. Set goals and write EVERY one down (you can't hit what you can 't see)
4. Follow up with EVERYONE (the ones you don't stay in touch with become someone else's best client)
5. Support EVERY aspect of your business (not just what you're most comfortable with)

Hard work is more important than ever, just remember why you're doing it and what kind of results you're looking for. If you're determined to succeed, have all of your employees, vendors and clients supporting you, continually deliver products/services and great value on time and per your commitments, chances are you'll win.

What ever you decide to do, do it well and do it every time. Here's to success!!

Best Practices: Professional Insight, Power Results

March 20, 2009 by Gary May 0
Branding 101?…Not Until You Understand And Have A Brand

What is a brand? If reputation is a brand, a visit to a dealer ranks below one to the dentist. If awareness is a brand, most portals slaughter dealers in search where roughly 90% of automotive shopping takes place. If trust is a brand…well let's not go there. What is your brand and how do you build a brand today?

Recently my most engaged response to someone describing a brand was after spending some time on Dave Armano's blog http://darmano.typepad.com/ (click on the video on the right side about personal branding). You see, 'brand' has nothing do to with your inventory, your facility or your finely made espresso. Brand has everything do to with the experience your provide, your customers' beliefs in you, your handshake, your smiling staff and your ability to invite people back like they're coming some place special.

At the end of the day, your brand is all you have. Yes folks, 'what have you done for me lately' is in lockstep with 'will I ever return here'. While there are some great companies out there that will take your money and promote you online, offline, inline and out of line…what in the heck will they promote?

Sitting down with dealer principals and general managers, their responses to identifying their own brands are as canned as the marketing emails that every dealer in the same DMA sends out (yes, I've mentioned that lately and will again until dealers stop doing it). Everyone knows that a Lexus dealer will treat you like a guest in their own home, it's part of the covenant. Frankly Scarlet, we want to give a damn about something else.

With dealers (and other businesses) unfortunately in a position to provide much less to their communities as of late, the real brand and equity test is soon to come. If you do one thing this year well, build a brand. While there is no guarantee of eminent success, chances are your positive results will follow. Nobody asks for facial tissue, they ask for Kleenex. Nobody makes a photocopy, they make a Xerox. Unless you're from the Midwest, you ask for a Coke (but asking for a 'pop' just has a certain ring to it!) and not a soda.

Do everything you can to become a brand and more. There are those of you that do, don't get this message wrong. It's just that for most of the car dealers out there, your brand ends where the driveway meets the street. There is more you can and must do.

Start with your entire staff. Get them together. Ask what they believe your brand is. If the meeting lacks consensus, you have your work cut out for you. If you have one, get your customers to help. Want to get really 'techno-dealer'? Set up Facebook, Twitter and other networks that will work for you. Get reciprocal links from local businesses that are your clients and partners. Get influential people in your local area into your store, take care of them and they'll blog or contribute to forums about your business!

OK, enough for today. But Just Do It…and do it now…(you recognize that brand, don't you?)

Best practices: Professional Insight, Powerful Results

January 11, 2009 by Gary May 0