MarketingBeyond

Affiliate Marketing & Your Time: Want to Work for $4 Per Hour?

As I continue watching Internet product launches,  I'm becoming increasingly concerned. Many promises are made, some are kept. A few IM niche marketers make lots of money. Most don't.

You've all seen the acronym "ROI" (return on investment). I've just invented a new measurement, related to ROI and more important: "ROT."

ROT stands for "return on time" and has two components: the AMOUNT of time you invest in anything (attending school, working at a job, learning an Internet marketing course) and the monetary VALUE of your time, broken down in hours.

Before choosing an Internet training program, before checking out the PRICE ($47, $97), estimate how many available HOURS you can set aside to complete the course.

Let's say you estimate 100 hours. Ask yourself first if you have 100 hours available. If you do, you must COMMIT yourself to allocating 100 hours of your time to complete the course. If you don't have 100 hours, you shouldn't purchase because the ROT (return on time) will be nil.

Then, estimate what your time earns. If you spend 100 hours of your time to generate $100 per week in month two, you initially earn $4 per hour ($100 per week X four divided by 100 hours).

If your time investment results in earning $200 per week in month three ($800 per month), then you've earned $10 per hour ($400 to get going in month two; $800 in month three for a total of $1,000, divided by 100 hours).

If your time investment continues growing, you ROT rises; if it diminishes, your ROT goes down.

Now, subtract your monetary investment and the value of time spent maintaining your investment (PPC advertising, cost of product, joint partner ayments, etc.). Let's say it's $500.

Your return on time generated $1,000, but your costs reduced that by $500. So by month three, your net gain is $500. You've earned $5 per hour ($500/100 hours). Is the investment worth your time?

Both quality and poor Internet marketing courses take time, your most precious resource. Some Internet marketers are honest and up-front about earnings, like Affilorama's, but many are not. The latter usually have promotional names such as "how to make $10,000 on Twitter in one week" or "Blogging to the Bank" and such.

Some Internet marketers play off people's general reluctance to spend time and consider their ROT. That's why so many newbies and others continue buying new courses, because the previous ones were time-consuming and ineffective.

You have to decide whether the promise of riches is realistic and the amount of time it will take to achieve a profit rather than just making money. (The two are different.)

"Free" bonuses are not really free because they require your TIME and lower your ROT. The best rule of thumb is to take on only ONE course at a time, put all your time and effort into learning, then decide if you want to move on to the next one.

But before choosing any program, calculate your RETURN ON TIME. To avoid considering ROT will cause you a lot of pain and no gain.

Deepak Chopra, Economic Uncertainty and Infinite Possibilities

I recently have been reading Deepak Chopra's thought-provoking books on Universal principles and believe everyone--economists, in particular--have much to learn from him about our economic doldrums.

Tom Lauricella, writing in today's Wall Street Journal ("Foundation of New World Order is Uncertainty), comments that "...investors find themselves in a new world where vast swaths of territory are marked 'unknown.'" Lauricella argues that availability of capital "...can no longer be taken for granted...[In the past] If one wave of money pulled out, it seemed that another was always coming in to fill the void...For now, any predictions are little more than guesses."

But when was it otherwise? If the great economic minds from history were sitting around a table in the White House today, what would they say? I would hope, at least, they would consider their predictions slightly above the level of guesses.

Economists, as many argue, are a strange lot--praised when their predictions materialize, scorned when wrong. I found this diddy online from JokeEC to humor you:

------------

A mathematician, an accountant and an economist apply for the same job. 

The interviewer calls in the mathematician and asks "What do two plus two equal?" The mathematician replies "Four." The interviewer asks "Four, exactly?" The mathematician looks at the interviewer incredulously and says "Yes, four, exactly."

Then the interviewer calls in the accountant and asks the same question "What do two plus two equal?" The accountant says "On average, four - give or take ten percent, but on average, four."

Then the interviewer calls in the economist and poses the same question "What do two plus two equal?" The economist gets up, locks the door, closes the shade, sits down next to the interviewer and says "What do you want it to equal?" 
-----------------------

Lauricella in his WSJ article quotes an economic researcher who both posed and answered his own question: "'What happens when an irresistible force'--the Fed's actions--'hits an immovable object'--the paralyzed global economy?'...'The correct answer is there is no answer." I always find it amusing when people (especially economists) pose questions that have no answers.

Lauricella quotes more economic gobbledygook from a chief investment strategist: "'The credit-creation machine is semi-permanently impaired.'" This is similar to your doctor's assessment of a broken leg or why a formerly successful quarterback isn't playing in the NFL next year.

I would hope that most of us learned in 2008 that the old belief ("I win, you lose") doesn't work. Last year, for most of us, was a case of "I lose, you lose," a phrase that Hallmark will probably not consider in forthcoming birthday cards.

An alternative, which swept Obama into offiice, is "I win, you win." Convincing the American public, Wall Street and Congress about this radical philosophy is Obama's main leadership challenge as he takes office.

Deepak Chopra, a well-known author and M.D., provides some enlightening answers and observations about our current plight. He first says that belief is based on what's known and everything in the future is unknown--not something that would keep many economists gainfully employed.

But Chopra goes further. Quoting several physicists, Chopra explains the "discontinuity" theory about the Universe. Simply put, the entire Universe--including human consciousness--is a process consisting of sub-atomic particles or vibratiions that continuously turn on and off, appearing then disappearing.

When off, discontinuity occurs. Everything is empty. Physicists claim that in the off state nothing exists--no information or content. When questioned further, however, physicists say that in a state of discontinuity, the Universe offers infinite possibilities, infinite creativity--a condition where anything is possible.

For most of us, the sub-atomic world is not our daily reality. But imagine if we could glimpse it, if only for a few seconds? How would our lives change? If discontinuity provides infinite possibilities and unbounded creativity, leading to a reduction of fear and discord in our lives, miracles would become reality. Worry and strife about our economy, ourselves and others would greatly diminish. Our perceptions of the world would radically change.

Back to Lauricella and the Wall Street Journal article.

He asks a series of close-ended questions (only answerable as "yes" or "no"). Here are a few, followed by my re-phrasing creating open-ended questions:

"Might a cash-starved world mean a prolonged period when interest rates for corporate borrowers stay well above historic levels?" ("What can we do to increase credit for corporate borrowers?")

"Will there be a protracted retrenchment among heavily indebted consumers who carry mortgages bigger than the value of homes?" ("How can we improve the housing market and help consumers reduce debt to pay their mortgage payments?")

"What kind of a premium will investors pay for stocks that reliably churn out scarce cash in the form of dividends?" ("What steps can we take to boost corporate profitability resulting in increased dividends for stockholders?")

As Chopra would say, re-phrase the questions. Re-orient our thinking. Be mindful. Think creatively about the problems we face. There are infinite possibilities in the Universe.

Credit Card Theft Goes High Tech: Banking's Next Challenge

Before the debacle of sub-prime mortgages...before the creation of CDO's and CDS'...before the near collapse of the banking system...before George Bush entered the White House...and after God created the Earth in seven days...credit card theft reigned supreme.

Today, the Wall Street Journal reported that Target customers, who accepted the enticing offer of a free Target credit card, are in default to the tune of over $300M. CitiBank, which announced the elimination of 20% of its workforce yesterday, American Express and other major banks are also losing billions in their credit card operations. And the good news keeps dribbling in.

Just to add to your list of worries, however, the Department of Justice recently announced a masssive credit/debit card theft, CBS News reported a case where 11 people stole information off 40 million credit cards wirelessly by driving past retail outlets, then transmitting the stolen data overseas. And CrediMom, a blogger, wrote a post describing how credit card thieves clone and skim your private information off the metallic strips on the back of your cards.

Let me tell you a personal eCommerce story that should keep you awake at nights...a secret that few people know about credit card transaction processing in the U.S.

I spent three hours on the telephone today speaking with my former merchant account company (merchant account companies work in tandem with Authorize.Net and banks to approve credit card transactions). I also chatted with a police officer in West Virginia about a $2,500 loss I recently experienced in my business due to credit card fraud.

What I discovered is startling. Do you know that if someone has your credit card number, the three or four digit CVS security code printed on the front or back of your card, your zip code and numeric street address, a credit card transaction can be approved?

If it's an online transaction, the thieves don't even need your NAME. That's right. If the card is valid and the charge is within the credit limit, an online purchase can be approved even if the purchaser writes "Donald Duck" in the bill-to area of the shopping cart screen.

No one at my merchant account company, Authorize.net, a "gateway" company that coordinates CC transactions and the bank that processes approvals could tell me why credit card holder NAMES are not part of the authorization requirements. The answer from everyone with whom I spoke: "That's just the way it is."

Fraudulent credit card transactions--now estimated in the billions each year--are either charged back to online merchants, who have insuffiicent proof-of-delivery, or written off by the issuing bank. The owner of the credit card disputes the charge and that's it.

Now you know why credit card companies charge outrageous interest rates. Someone has to pay for credit card fraud and, guess what, it's you and me.

So, while Americans worry about losing their jobs, homes, 401k's and next year's vacations, don't forget about the plastic. Remember, the thieves are out there--and many have gone high tech.

Standing Beneath the Buttonwood Tree: A Letter to Senators Obama and McCain

Message from the American People to Senators Obama and McCain

Dear Senators:

According to the Wall Street Journal this morning, investors in the stock market have lost $2.5 trillion dollars over the past seven trading sessions and 8.4 trillion dollars since the high of last year. Trust among all players in our economic fiasco has dipped to unheard of levels: banks worldwide will not loan to each other fearing they need the cash to remain solvent; as a result, banks have slowed, if not stopped, loans to businesses of all sizes; the Fed's efforts to bail-out collapsed financial institutions are ineffective; and, most important, Americans' trust in its government and way of life is dissipating.

As you enter the New York Stock Exchange, you see an historical wall plaque, describing the humble start of the Exchange. It reads in part:

"This central market place for the purchase and sale of securities was founded in 1792 by merchants who met daily beneath a buttonwood tree that grew nearby."

When traders in the late 1700's met under the buttonwood tree, we would imagine they wheeled-and-dealed as forcefully as today's traders. The major difference: traders exchanged securities of real value, representing ownership in growing American companies--not trumped-up CDO's, credit swaps, sliced-and-diced sub-prime mortgage and other equities, invented by financiers whose self-interest is their own profits, not the betterment of society and our economy.

The nation--for that matter, the world--is suffering. Many already have lost their jobs and many more will suffer the same fate. Homes--the bastion of security and hope--are on the auction blocks. Businesses are challenged to pay their employees and obtain capital to grow.

In the remaining weeks before the public votes one of you into office, we ask--no, demand--you inspire trust in your ability to lead. Cut the criticism of each other. It falls on deaf ears and, frankly, we don't care. You may not have answers to resolve our dire situation at this time. That's fine. No one else does either. But each of you is fully capable of raising our hopes and lowering our fears.

You will only truly win the election if you do this. So nix the accusations, false claims against your opponent and blaim of others. Like John Kennedy and Martin Luther King, paint a vision of our future. Eliminate the rehearsed, trite phrases and ignore your advisers who put accusatory words in your mouth. You'll have plenty of time in office to identify the greedy fools on Wall Street and elsewhere who contributed to our financial mess.

Stand together under the buttonwood tree, speak from your heart and tell us of better times to come.

 

The Marketing of Belief and Trust: World Economic Conditions & You

 During the past few weeks, anyone who has read the papers, listened to radio, watched TV or talked to their friends has been battered with news from Wall Street and beyond about worldwide financial troubles. I debated all week long whether to blog on our financial conundrum. What could I offer that isn't already under discussion? What do I know about the financial services industry, the credit crunch, mortgage securities and the like?

The answer is "not a lot." But when I started writing MarketingBeyond last year, I promised--from a marketing perspective--to comment on the passing scene and try to avoid the trivial and tripe. And I hope my readers believe I've held to my mission.

However, as I've read about the serious financial troubles facing the U.S. and other countries, I can't help but comment on what I'll call "The Marketing of Belief and Trust." Notice I used the word "belief"and "trust"--not "hope" or other word. Marketers have the tendency to choose words common to the industries, companies and messages they seek to promote. Thus, we end up with trite phrases melted into our heads like cheese on an omelet.

In my mailbox today were the latest copies of Time and BusinessWeek. The front page story titles--the hyperbolic phrases that sell magazines--were there. "How Wall Street Sold Out America: They had a party. Now you're going to pay," proclaimed Time. "Is it Safe Yet?" in 200 point type was BusinessWeek's proclamation about the economic downturn.

But the press isn't running the country and our financial demise is not a result of the devil, a single politician, the Feds or greedy financial types. You pick your own enemies that caused our financial mess. I prefer talking about belief and trust to relieve the pain.

From a marketing perspective, belief and trust are the most important elements of any organization's growth and sustainability. (This includes belief and trust in government as well.) As long as people believe and trust in companies whose products and services they buy, consumers will "stay the course" in times of trouble and strife. Lose belief and trust, however, and you might as well close shop, as we've witnessed in the financial services industry of late.

Belief and trust were not only decimated between consumers and financial institutions. The financial institutions themselves--banks, in particular--refused to loan money back-and-forth around the globe to diminish the impact of the credit crisis. Like a snowball rolling down a hill, the largest global financial firms exasperated the situation by letting the snowball enlarge, crushing everyone in its path down a very steep hill. So much for belief and trust.

Comparisons of our worsening financial crisis to the Depression in the 30's brought to mind Herbert Hoover's famous promise to the American people: "Prosperity is Around the Corner." Little did Hoover know he was in the corner rather than around it. The Depression lasted quite a few years. He might better have said: "I know we're in a pickle, but, trust me, I will do everything in my power to remedy the situation as quickly as possible." That kind of language engenders belief, and it's exactly what we need right now.

As we weather the pain of our current predicament, then, let's save the finger pointing til later. Those who may have contributed to bank failures, loss of thousands of jobs and inadequate government monitoring will face their punishment in due order.

Until then, everyone in the United States--consumers, business leaders, government decision-makers and  financial services executives--must focus all their energies on the marketing of belief and trust. Ignore this mandate at our peril.

Credit Report Marketing: The Tyranny of Experian, Trans Union & Equifax

 Have you purchased an auto recently? Applied for a credit card? How about a new job? Started a new business? Been lucky enough to re-finance a mortgage or line-of-credit? If you have done any of these, then your credit file information was released by Equifax, Experian or Trans Union, the three largest credit reporting agencies in the country. These three credit reporting agencies hold vast amounts of personal financial information about each of us, and despite FTC and other government regulation, these three companies control your financial future.

Most Americans don't think very much about the potentially damaging financial information in their credit files until something bad happens. As many Americans have experienced, I was a victim of identity theft several years ago. Someone got hold of enough personal information through CitiBank to change my address and charge about $3,000 on my card before I discovered the theft. 

Believe me, it's an experience no one welcomes. You spend countless hours on the phone and filling out paperwork to prove you are you. After the case was cleaned up, I put an eleven year freeze in my credit files to prevent anyone from obtaining credit without the creditor first calling me--a minor inconvenience for the pain and frustration of someone stealing your identity.

I had another recent experience with the credit agencies. Because of two minor errors in my Equifax file--Toyota Leasing failing to indicate they offered me a new auto lease and PayPal/GE Money Bank reporting a $5 unpaid credit card balance, Chase Bank refused to issue a business credit card to me. It only took a five minute phone call to Chase to explain the matter. Meanwhile, the information is still in my credit reports despite emailing, calling and writing all three companies.

Consumer complaints about their inability to contact the credit agencies is growing. Searching Google reveals the following:

Trans Union Complaints = 387,000
Experian Complaints =     412,000
Equifax Complaints =       295,000
Total                              1,094,000

Communicating with the credit agencies is the top complaint. See Experian. The recently settled class action lawsuit against TransUnion is also well-reported.

The incestuous marketing of credit files to creditors, combined with the credit agencies' hard-selling of their (our) financial information to consumers is profit-making at its worst. When I was on the phone with an Experian rep, after receiving my credit file, the rep insisted I purchase one of their credit filing services. The report services, starting at $14.95 per month, claim to monitor unusual activity in subscribers' credit reports among the three bureaus, and email subscribers if "suspicious" activity occurs. Like life insurance agents, Experian markets the "peace of mind" you feel knowing that your credit file is watched.

Another service, described by the Experian rep, prevents access to your credit file without your permission. Da? You want me to pay your company to freeze and un-freeze my credit information, like a water spigot, and charge me for it? That's MY credit information you're marketing--not only to creditors but to consumers. Is this, indeed, double-dipping?

The tyranny of it all is we KNOW our financial affairs are monitored. We ARE being watched. So Experian, Equifax and TransUnion feed off the fears of all Americans,  because our financial lives are dependent on a monopoly of three companies who hold the cards. They make millions selling the same information to creditors as to consumers.

A quote from Don Robert, Chief Executive Officer of Experian about the company's substantial profit increase reported last March:

“This has been a challenging year in many ways. The major disruption that took place in the financial services sector was unprecedented, but we delivered good profit and cash performances. Experian is a strong business, performing well in difficult markets. While it is still too early to call a turn in the US and the UK financial services markets, and US Credit Services continues to soften, we have taken the necessary steps to reduce costs and protect margins and we expect to continue to deliver strong performances in Experian’s other regions and key business lines. Although we face strong comparables in the first quarter of this year, when organic revenue may be flat to slightly down, we remain confident on the outlook.”

And so it goes...I spoke with a Federal Trade Commission rep, who claimed that Experian is the hardest credit reporting company to reach. If you experience difficulties with any of the three companies, file a complaint with the FTC. You may also contact the FTC by phone.

Marketing & Measurement: Did Michael Phelps Really Win?

Michael Phelps' recent Olympics' gold metal win by .01 of a second once again reveals how technology impacts human behavior. A more celestial question is: "Did Michael really win?" Because his finger or hand touched the pool's end one-hundredth of a second sooner than his competitors', should he take the gold?

20-30 years ago, we wouldn't have had the technology to determine who "won." We would probably have considered the result a draw, resulting in a shared win.

But digital cameras and measurement devices have changed all that. The two swimmers, for all practical purposes, touched the wall of the pool simultaneously. But measurement technology says "not so."

Marketers and most human beings (not an oxymoron) like to measure things. If you're responsible for a Google ad campaign, for example, you monitor and measure "impressions" and "click-through rates."

Before advertisers buy print, broadcast, billboards or online advertising, they want to know the CPM (cost per thousand) to make sure they're wisely spending their promotion budgets.

Companies engage market research companies to measure "customer satisfaction" employing surveys. Wall Street types create indexes, such as the S&P 500 and NYSE, to measure stock performance across multiple company categories. Marketers are obsessed with measurement.

In our personal lives, we constantly desire to measure events, people and objects. "My home has 500 more square feet than yours" (status measurement)." "My kid's little league team beat yours last year by 3 games (rivalry measurement)." "My digital camera's resolution is 10 megapixels" (possession measurement)."

Technology's ability to quantify things hasn't changed basic human behavior. I'm sure General Custer took a head count of the number of Indians he killed the previous day. What's changed? Instead of cutting another notch in your belt for every duck you shot, you rely on technology to measure, quantify and estimate life's changing events. Computers haven't mitigated our desire to measure everything; they've only extended our capacity to measure.

So kudos to Michael for winning another gold metal. You won fair-and-square--but only by .01 seconds. When your grand children view your stats years ahead, they'll probably ask you why the measurement difference was so poorly calculated. "Say, Grand Dad," why didn't they say you really won by .000000023 seconds? We can do that on our pocket calculators."

 

The Six Steps: Symantec Norton SystemWorks Mail-In Rebates in a 2.0 Age

To receive your $20 ($50) Visa Prepaid Card from Symantec, please follow these six steps:

1. Purchase Norton SystemWorks Premier Edition between 7/30/08 @4 a.m. and 8/1/08 @2 p.m. (We would have given you more time, but our marketing crew felt that if we did, you might buy a competitor's product, and there's no way we're sending you $50 if you do that. So, just pretend it's the Friday after Thanksgiving and you're starting your Christmas shopping. Have fun. Get up early.)

2. Read, memorize and complete this rebate request form. (Sorry about the 2 point type and having to memorize the stuff, but Symantec truly believes that if you like our products and want the money, you should put some time into this thing.  And our marcom person, who's just learning how to use Publisher,  just couldn't make the type any larger after the lawyers added the legalese. So use a magnifying glass, complete the darn thing and mail it. And please don't write us about Web 2.0 and why we should do this on the Internet and why you have to memorize our form. What, do you think we're a software company or something?)

3. Enclose the original UPC code from Norton SystemWorks Premier Edition. The UPC code is a 12 digit bar code found on the bottom of the box. If you purchased this product in a DVD case, the UPC code is located on the back of the case. Photocopies will not be accepted. (We hate to be hard-nosed about it, but every time we do these rebate campaigns, someone ends up ripping us off with fake UPC codes or tearing out only part of the UPC. So, get a pair of scissors and do it right. And the hackers? How would you like someone ripping you off?)

4. Enclose a legible copy of your dated sales receipt from Fry's Electronics or Frys.com with the purchase price of Norton SystemWorks Premier edition circled. Handwritten or altered documents will not be accepted. If you purchased this product online, your dated sales receipt is your confirmation email from your online purchase. (You wouldn't believe how many nerds mail us a blurred copy of the sales receipt each year. If they'd just replace their ink cartridges once in a while, we wouldn't have to throw so many rebate requests in the trash. Also, it never fails, some customers just can't read; they forget to CIRCLE the product name! I mean, don't they read the instructions? The handwritten/altered docs? Our processing people just laugh and shred those requests right away. Then, at our annual Christmas party, we have a bon fire. Really makes the marketing team feel great watching all that paper going up in smoke. Eh? )

5. Make a copy of your rebate submission for future reference. Originals submitted become Symantec property and will not be returned. (Sorry about being hard-nosed about it, but if you can't remember to photocopy your own rebate submission, you should probably buy that other product. Symantec only wants customers with all neurons firing upstairs, you know what I mean? Plus it's OUR form. Do you know how long it took to write this thing? Have a heart, guys.)

6. Mail your submission to the following address (must be postmarked within 30 days of purchase):

    Symantec Corporation
    Attn. $50 USD Norton SystemWorks premier Edition Mail-In Rebate
    Offer # 08-27323
    P.O. Box 540029
    El Paso, TX 88554-0029

(We know, yeah, you have to mail two letters for the $20 and $50 rebates, but we have separate computers and staff for each offer, they come in from all around the country, and it's just a big hassle when you include both rebates in the same envelope. So, have a heart, will you? I mean, after all, WE protect your computers against all sorts of nasty Trojan Horses, Worms, emails full of garbage. Don't you think you owe us something? So put the two stamps on two separate envelopes, write the addresses clearly, and we'll send you your money, o.k.? Just a heads-up. We're changing the return addresses next year to Anchorage. We figure that should add at least 2 to 3 more days with the Post Office--and probably a lot more letters will get lost. So....that saves us money. Hey, don't tell anyone I mentioned this. My boss asked us to hush-hush it. Enjoy the Visa card, but remember. If you don't use it withn six months, we charge you a $3 maintenance fee. Hope you like the product.)

 











 

The Marketing of the Olympics: Technology Converging With Human Minds

MB readers know I blog a lot about the effects of technology on people. And the opening night of the Olympics in Beijing is an extraordinary example of technology and human minds converging into an harmonious display of beauty and splendor. The performance of the Chinese in the stadium is the most stupendous example yet witnessed of "MarketingBeyond." Billions of advertising dollars and and decades of PR could never compete with the spectacle we witnessed last night.

Forget the months of rehearsal, the cast of thousands and whoever paid the light bill. It was the ability of the Chinese performers to mentally sync with computer, communications, display and other technologies, unrealized by billions of television viewers, that brought down the house.

While I watched the show, I kept thinking: "This can't be happening. There must be computer servers, routers and other technology gear controlling the show to achieve such perfection." The huge LCD panel on the stadium's floor, the color display surrounding the entire top of the stadium, suspension systems, wireless earphones, hydraulics lifting Sara Brightman, et al, into the stratosphere and timed fireworks displays were indeed performing behind the scenes.

But it was the performers' abilities to sync with themselves and technology that will place this television show into the annals of history. As the commentators mentioned frequently, Chinese culture and tradition focus on bringing the mind in sync with the Universe. Combine this with the explosion of high technology flowing from China and it all starts to make sense. Allow the mind to focus, let Universal forces do their wonders and miracles do happen before your eyes.

In one three hour television show, the Chinese people demonstrated to the world how technology and human beings can become ONE.

Murdoch & Wall Street Journal Announce "Wall Street Lite--The 30 Minute Read"

Press Release

April 23, 2008

Contact: Whoever Answers the Phone

Media Mogul Rupert Murdoch today announced Wall Street Lite--The 30 Minute Read, a new version of the Wall Street Journal catering to newspaper readers seeking lively information and positive content to start their day.

According to Murdoch: "News Corporation's top management believes newspaper readers today want quick summaries of world, national and financial information--not long dissertations. Wall Street Lite (WSL) is the answer. I know we've been criticized for destroying print journalism, but just like Yahoo and Microsoft, it's time to 'bite the bullet' and make the hard decisions."

Marcus Brauchli, who recently resigned as the Journal's managing editor to accept a News Corp. consulting position, commented: "Our strategy is to morph WSJ into WSL quickly over the next few months, raising readership--especially among younger readers--by 25%."

Publisher Robert Thompson outlined specific WSL changes in the paper's "look and feel":

• New Masthead: "Wall Street Lite: The 30 Minute Read"
  
• Section and Column Title Changes and Add-Ons:
  
  
  
  • "Market Place" to "Market Space" to attract MySpace members who work on Wall Street
  • "Personal Journal" becomes "Let's Get Personal," providing financial, dining and dating advice
  • Front section's "What's New" changes to "What's Hot!," a quick review of positive events around the world, the nation and in the financial markets
  • A new column on page 2 tentatively called "Yada Yada." Thompson remarked: "We think there's room in WSL for a bit of trivia and light reading to start the day. 'Yada Yada' is the new home for unusual--even absurb--content. Maybe some New Yorker cartoons. We think it should be a winner."
  • "Money and Investing" morphs to "How to Make Money!"
  • An expanded reader forum called "Let's Chat." Thompson said the idea came from Mr. Brauchli as one of his first consulting recommendations. Readers can post online or send  text messages to WSL. Brauchli refused to comment.
  • Six columns are reduced to four increasing white space for video content.
• Other Changes:
  
  
  • "YouPod," a la David Pogue of the New York Times. Murdoch remarked: "Podcasting is growing fast as newspaper readership declines. Since Pogue cut back his column podcasts, we think 'YouPod,' covering technology and other topics in a humorous vein, will generate a lot of social buzz."
    
  • More Positive Headlines. Thompson feels newspapers are downers and WSL should put a "positive spin" in all articles. He provided a few examples:
    
    
    • "Dollar Hits New Low in Euros" to "Dollar readjusts its Value to Euros"
    • "Ford Announces Job Cuts" to "Ford Re-Positions Its Workforce for Greater Profitability"
    • "U.K. Home Prices Post Anemic Growth" to "U.K. Home Prices Rise 10% Since 2002"
    • "Wyeth's Profits Fall 4.6%" to "Wyeth Management Positive About Future Growth"
    • "Asia Shares Drop Across the Board" to "Asia Stock Market Exploring New Opportunities for Gain"
  • Story and Word Length. Thompson said: "I've just finished reviewing page-by-page the last three months of the Journal and we need to get back to basic English." Thompson proposed the following:
    
    
    • All front page stories end on the front page
    • Sentences limited to 12 or fewer words with no more than three syllables in each word
    • Adding "cool," "dude," and "awesome" to relevant articles. "Despite what the Social Networking Foundation says, we need to write like people talk these days...oh, and drop the 'Mr. this' and 'Ms. that.'"
  • Pictures and Videos. Working with WSI Online, Thompson proposes color pictures attached to each story on page one and videos, as appropriate, hosted on WSI Online. "I believe," Thompson said, "that 'Yada Yada,' in particular, is a great column for video content. Let's do it."

"To summarize," said Murdoch, "we're not going to destroy the Journal. We're reinventing it for a Web 2.0 world."

The Marketing of Me: Getting a Job in These Troubled Times

Multi-Channel Strategies for Job Hunters

Financial Week recently reported that the rise in unemployment claims is the highest since February, 2005. The news probably comes as no surprise to any American who has followed the financial crisis on Wall Street, Federal intervention in the brokerage markets and the mortgage collapse. As expected, hundreds of thousands of Americans have lost their jobs with no immediate improvement.

As Thomas Paine said in The American Crisis, a series of pamphlets about the American Revolution, aimed at raising the spirits of American patriots:

"These are the times that try men's souls: The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of his country; but he that stands it now, deserves the love and thanks of man and woman."

Another Paine line that isn't frequently heard:

"Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph."

While thinking about Paine's message and the loss of American jobs, I thought I'd share a strategy with you for obtaining employment. Last October, I recorded a podcast called "Multi-Channel Strategies for Job Hunters." Using the Web, emails, letters and telephone calls, the strategy gives you a blueprint for getting job offers and exploring career changes.

While job hunting, you can implement online strategies used by companies to market products and services. The only difference: you're the product.                            

Here’s a summary of the key steps in the podcast to implement your job strategy:

1. Write down keywords that reflect your skills and interests. Don’t concern yourself with job titles, companies and locations. That comes later.
2. Write down ten or fewer keywords that reflect your strongest skills and interests. 
3. Select a search engine (Google, Yahoo, MSN, ASK or others) and social media sites such as LinkedIn and Facebook to find professions, companies and influencers related to your keywords. Enter all keywords on the first search.
4. Review the first 10-20 hits and add new keywords to your list. Start identifying industries, trends, blogs, products and services.
5. Rate your skills and interests and choose which skills you would like to use the most.
6. Create keyword phrases as if you were purchasing online advertising and add them to your list.
7. Enter a second search using keyword phrases that expand your initial search and help zoom in closer to industries, companies, contacts, blogs, news articles and more.
8. Write or change your resume and social media profile and include your keyword phrases.
9. Create a generic letter outlining your experiences using these skills and explain why you’re interested in a certain industry and field of work. Include your keyword phrases.
10. Use websites (Monster, Hotjobs, social media) and search on these sites with your keyword phrases.
11. Identify 25-50 companies that result from your search showing the closest match to your keyword phrases.
12. Review websites and search engines for information about the companies that interest you. Try to uncover needs.
13. Once you’ve identified a need or pain, think about how you could help that company.
14. Identify within each company who’s responsible for the need or pain you’ve uncovered by calling the company, following up with a tailored letter and further phone calls. (Create a PBFA or call guide to make the calls go smoothly--and use your keyword phrases in all communications.)
15. Keep in mind that 90% of all companies have fewer than 1:00 employees. This makes it easier for you to reach managers, ask for an appointment and obtain employment.
16. In your job search, you’re going to contact influencers who can help you reach decision-makers at companies you’ve targeted.
17. Approach each selected company through multiple people.
18. Remember that companies hire people, just as they purchase products and services. The more you know about a targeted company, the more likely you’ll get appointments and job offers.

Two other podcasts may help you as well:

"Referral Strategies that Work" and

"Telephone Voice Improvement"
                                                            
Good luck in your job search!

The $99 Estate Check & Bank of America: Fixing Customer Relations

 
Let me tell you a story about my Mom's $99 refund check from Kaiser Permanente, a major health care provider in the United States, and why I firmly believe poor customer service is killing off companies faster than sub-prime mortgages.

Mom, who died in April, 2007, was enrolled in Kaiser's Senior Advantage Medicare program. Her monthly premiums were automatically deducted from her Bank of America checking account each month. Mom was a Bank of America customer for over 40 years.

After Mom died, since I held Power of Attorney, Kaiser continued mailing me monthly statements showing a balance of -$99. (Yes, the computer was programmed to send out negative balance statements to dead members.) Finally, after three requests, Kaiser issued a check for $99 to my Mom's "estate." Well, her estate, just before she died, consisted of a Bank of America checking account, which was closed last October.

I gathered the paperwork--a copy of Mom's death certificate, durable power of attorney, her will and, yes, the $99 check.  Thinking that my bank would deposit the $99 check into my account, I first went there. Answer: No way. The check's made out to her estate and we can't deposit it into your account, despite the DPOA and other paperwork. Suggestion from my bank's employees: take it to Bank of America. (No suggestion, by the way, about contacting Kaiser first.)

 Today, paperwork in hand, I walked into Mom's Bank of America branch and explained the situation to a bank employee: No way. "The account has been closed for more than 90 days and it's made out to her estate." The bank employee suggested I get a judge to "reopen her estate" and assign ownership of the $99 check to me. Second suggestion: "Why don't you visit Citibank, since they issued the check?" Again, no mention about contacting Kaiser.

"Surely," I said, "I'm not going to take the time for $99 to get a court ruling on such a small amount and CitiBank is probably going to refuse the check as you did." Long pause...

Then the cosmic customer service "do not say" sentence flowed from the employee's mouth. "Well, if you had an open account with us..." I stopped her, paused briefly and said: "Don't even go there. Don't even suggest that if I were a Bank of America customer this would solve my problem, because you and I both know it won't." That's when I asked for a manager. Response by the bank employee: "Well, I can let you speak with the Assistant Manager but he's going to tell you the same thing."

I was stunned. After a quick mental "Brian, don't say what you really want to say," I looked the employee in the eye and said: "My Mom was a Bank of America customer for over 40 years. She was loyal to your bank. When she died, she was still your customer. I would like to speak to a manager, even if the answer is still 'no.'"

While the B of A employee went off to find the manager, I called Kaiser, explained and resolved the situation. Kaiser will mail me a form. I'll return the old check and they'll issue a new one in my name.

One might say I should have thought about calling Kaiser myself from the beginning. Probably true. But that isn't the point. The issue, as I walked out of Bank of America, boiled down to LACK OF EMPATHY AND CUSTOMER SERVICE SKILLS.

Questions:

• Was my problem a customer service or marketing issue? For that matter, was it only MY problem? Despite my mother's 40 years with Bank of America, would a reasonable person believe that B of A OWED my mother and me something, even if bank rules prohibited accepting the $99 check?
• Is there marketing value in EVERY employee "going the extra mile" to solve customer issues? What are the consequences of poor customer relations?
• Am I likely to do business with Bank of America in the future? We've all read the studies: "for every bad customer experience, a customer will tell 8 other people about that experience."
• How much revenue will Bank of America lose based on my experience today?
• Have we reached a point in business where improperly trained and screened employees are allowed to destroy--rather than enhance--the customer experience?
• Who's responsible for the employee's interaction with me today? Could it possibly be the supervisors and managers who monitor, train and coach their staff how to RESOLVE CUSTOMER PROBLEMS?

Oh, by the way, I forget to mention that when my Mom's account was closed in October, the balance was a negative $56.42. "No problem," said the employee, "we just wrote it off."