17. March 2009 by admin.

The Obama Administration announced yesterday, March 16, a stimulus plan for small business. Good to hear that the government is finally recognizing the 25.8 million small businesses in the U.S. and doing something to support entrepreneurs and capitalism!

The plan’s primary goal is to facilitate loans for start-ups and small businesses, namely: 1) reduce lending fees, 2) increase government guarantees on a portion of Small Business Administration loans up to 90%, 3) inject $15 billion into banks to thaw the credit market and boost lending to small businesses.

It looks like the plan is set up to eliminate borrower’s fees only until the end of the year – so don’t miss out!

I lifted a couple pertinent Q&A regarding specifics of the plan from the FAQ on Recovery Act by the U.S. Small Business Administration which I attached herein for your review. 

• Which loans are affected by the fee elimination and higher guarantees?

Beginning this week, the SBA will temporarily raise guarantees and eliminate fees for borrowers on certain of its 7(a) loans. 7(a) loans, which are partially guaranteed by the SBA, are issued by a bank to a small business to support its operations.

Additionally, the SBA has temporarily eliminated fees for borrowers and third party lenders on its 504 Certified Development Company Loans. These loans offer growing small businesses long-term, fixed-rate financing for major fixed assets, such as land, buildings and machinery and equipment.

• Is the elimination of borrower fees permanent and retroactive?

The temporary fee eliminations for 7(a) loans support an overall program level of $8.7 billion, while the temporary fee eliminations for 504 loans support an overall program level of $3.6 billion. Depending on loan volume in these programs, the SBA estimates that it will be able to eliminate these fees on loans approved through approximately December 31, 2009.

Fee eliminations will be retroactive for all eligible loans approved on or after Feb. 17, 2009. 

• Can I go to any lender in my area to take advantage of these new programs?

Only lenders who have been approved to participate in SBA lending programs can assist you with an SBA-guaranteed loan. Contact your local SBA District Office to obtain a list of approved participants in your area. Follow this link to locate the District Office nearest you: http://www.sba.gov/localresources/index.html.

Along with easing access to capital, the administration’s Small Business Plan calls for the elimination of all capital gains taxes on small and start-up businesses and for a Health Tax Credit that will provide a refundable credit of up to 50 percent on premiums paid by small businesses on behalf of their employees. 

The official release is also attached herein for your review; Obama Biden Plan for Small Business 

Posted in Marketing Discussion | 1 Comment »

12. March 2009 by admin.

Faris Yakob recently posted his “Golden Rules of the Web” in an article published by AdAge.com.  Yakob, the exec VP-chief technology strategist at McCann Erickson, offers nine aphorisms for digital communication in 2009. 

One of them caught my attention because it sums up the rules of the marketing game on Social Media  into a simple truth: “Stop thinking like a company and act like a person.” I believe if you apply this rule, you will naturally create the brand authenticity and emotional connection that is so crucial to successfully communicate with your audience on Social Media.

Below is Yakob’s Golden Rule of the Web # 5 - Be Nice or Leave:

Be nice or leave
Social media is only going to get more important. This isn’t going to go away and it is going to affect your business, whatever you do. The grammar of social media is different from the grammar of commercial media. The rules of behavior, the motivations, the etiquette are all social. So learn to be nice or leave. Stop thinking like a company and act like a person.

To view the full article and all nine golden rules, please click on this link; http://adage.com/digitalnext/article?article_id=135193

Posted in Marketing Discussion | 2 Comments »

7. March 2009 by admin.

Today was Opening Day for my 6-yr old’s baseball league. There was great fanfare; music, banners, flags and fun for all. A perfect Americana slice of life that I was greatly enjoying until a dark cloud of reality set in…

The opening day event committee invited one player’s dad who happens to be a professional motivational speaker to give a pep talk to the kids.  Mr. Motivational Speaker came running up as he was introduced among cheers and applauses. He energized the crowd by getting the kids to flex their muscles and then he proceeded to declare: “Some say ‘Perfect practice makes perfect’ but let’s face it, perfection is an awful high standard - so let us say practice makes permanence…”

I was floored—dumb-founded!!

What kind of generation are we raising when we say “perfection is too high of a standard???”  Are we OK with having our children aspire to mediocrity as permanence? It makes me angry and sad.

Is anyone with me on this one?

Posted in Casual Conversation | 1 Comment »

6. March 2009 by admin.

…children gathered around a circle to listen to the stories of the elders, stories that would teach them all the knowledge learned and accumulated by generations past. Storytelling was then the only way of communicating information in a memorable and persuasive way.

Much has changed in the way of communication since then, or has it?

Storytelling is a secret weapon of all successful marketers because it allows you to connect with your audience on an emotional and personal level. An effective marketing story will communicate the features and benefits of a product (or service) within a scenario that is relevant and significant to your target’s lifestyle and values.

One of my favorite marketing campaigns perfectly demonstrated the power of storytelling; the MasterCard Priceless campaign. I am sure you remember a “priceless” scenario that caught your attention and touched you at a deeper level-either with humor, inspiration or aspiration. Was it the one about baking lasagna from scratch?

Lasagna noodles, ground beef, sauce, cheese: $47

(picture of a box of frozen lasagna)
a backup plan: priceless

Or the one about a small business to call your own?

Business suit: none
Office cubicle: none
Corporate ladders to climb: none

A small business to call your own: priceless

People remember stories that touch them. More importantly, people love to share stories and that is where we can leverage Social Media…

Get your customers to send you the story of how they personally interact with your brand, how your service or product has improved their life or solved their problem…Engagement is the new marketing metrics, as per Forrester, it incorporates: Involvement, Interaction, Intimacy, and Influence.

Are you connecting with your customers? How are you engaging them?

Posted in Marketing Discussion | 3 Comments »

4. March 2009 by admin.

Starbucks is launching an instant coffee, Via.

Some say this move is the “ultimate act of watering down a brand” and others are raving that ”the move might actually be the smartest the company has made recently”.

The way I see it, Starbucks is going after additional sources of revenue where there is demand and alignment with their core competency–a smart business move.  

I do not believe this product line expansion into instant coffee will tarnish Starbuck’s brand in itself. However, the quality of the instant coffee, its positioning, packaging and distribution channels might be damaging if not properly executed.

As an espresso lover I personally hate instant coffee and would not give even Via a try, but Starbucks has already reached 2.5 million java aficionados to try it out!

What about you-will you give Via a try? Will Via affect your perception of the Starbucks’ brand negatively?

Posted in Marketing Discussion | 2 Comments »

4. March 2009 by admin.

A report by Forrester proposes a new marketing metric (engagement) that includes four components: Involvement, Interaction, Intimacy, and Influence.  

The authors of the study claim that “using engagement, you get a more holistic appreciation of your customers’ actions, recognizing that value comes not just from transactions but also from actions people take to influence others. Once engagement takes hold of marketing, marketing messages will become conversations, and dollars will shift from media buying to customer understanding.” 

 The way I see it, “engagement” is the new way of defining a sophisticated loyalty and referal program using new media as platforms and marcom vehicles. It is a key component of a solid and synergetic marketing strategy. We should embrace it and learn how to maximize its potential. What is your take on this? How are you using Social Media in your marketing mix and how are you measuring its success?

Posted in Marketing Discussion | 3 Comments »