“All good businesses are personal. The best businesses are very personal.”
~ Mark Cuban
Mark Cuban (born July 31, 1958) is an American businessman and investor. He is the owner of the NBA's Dallas Mavericks, Landmark Theatres, and Magnolia Pictures, and is the chairman of the HDTV cable network AXS TV. He is also one of the main "shark" investors on the ABC reality television series, Shark Tank. In 2011, Cuban wrote an e-book, How to Win at the Sport of Business, in which he chronicles his life experiences in business and sports.
A month ago I've attended the “Austrian Media Days Conference 2016”(#oemt2016), and it kept me thinking.
On September 20th & 21st, 2016 the country's leading media, advertising and marketing experts discussed the status quo and the outlook of their industries at the University of Economics and Business in Vienna, Austria.
Of course, there was some agitated melancholia about disruption, destructive changes and threats to old fashioned business models in print and TV. And yes, I could even hear statements like
“Google and Facebook are evil.”
Invited politicians picked that up immediately. Hereupon the Secretary of State for Media, Thomas Drozda, foolishly proposed the idea of a new tax for digital advertising. Any believed positive effect of this measure is a strong misconception of course.
The said extra tax of currently 5% on paid advertising already exists for print media and goes back to 1927 (!). Originally it was supposed to be limited for a period of 5 years. Well, we are in Austria: The tax at some point rose to as high as 20% and even 30% and survived all efforts to abolish it altogether. In June 2000 the corresponding tax law was adapted and changed the last time. The Professional Association Advertising and Market Communication within the Austrian Federal Economic Chamber argues with politicians against this industry specific tax for ages. Obviously without much success so far. Now the time has come to tackle it again, and even more vigorously, because an expansion of this obsolete tax into the digital domain is not useful nor acceptable.
To have large international corporations pay higher taxes to individual nations in general is heavily debated not only in the European Union right now. However, it is a much larger issue and cannot be solved on the back of the advertising industry. The problem with tax avoiding practices is of global scope and is not limited to companies like Google, Facebook, and Apple in Silicon Valley.
As if any such tax could save individual businesses or industries that do not embrace change. Outdated business models will disappear inevitably. New generations of founders and smart business owners will embrace the digital age and seize the opportunity.
Media formats like linear TV, radio, print, and certain types of agencies that serve the advertising industry are under high pressure. They are literally forced to find alternative business models, create new offers, and operate on a more efficient and effective level than ever before. What else should they do?
International keynote speakers and successful local business owners shared what works in order to thrive in the digital era. Here is a short list in arbitrary order:
Mobile services, location based features
Anything with high entertainment and fun factor
Unique, quality content goes a long way, e.g. local content or niche content: Free medium with paid advertising or subscriptions paid by readers work in digital space, in print or in a combination of both
Connecting people with alike interests
Providing room for user generated content and user engagement
Collaborating with other participants in the market
Advertising becomes more cost-effective with programmatic advertising, ad re-targeting and cross media marketing. (Works well for publishers and for advertisers.)
And the list goes on.
Much has changed but not those economic principles:
No money is made unless a product or service has been purchased by someone.
People buy what they want from sources they trust if the provided value exceeds the perceived price.
The digital revolution has turned previously expensive goods and services into commodities of which many have become available to everyone for free altogether. It's too late for those young commodities, but there is infinite possibility for creating something new people are willing to pay for.
David Ogilvy (↑) is said to be the father of modern advertising in the early '60s who answered that exact question in an acclaimed full page house ad for his own advertising agency. Needless to say that the ad worked very well and established Ogilvy & Mather as the leading advertising agency for industrial advertising.
One of David Ogilvy's many tips for creating successful ads is: “Don’t Get Distracted from Making the Sale”
It sounds bizarre but many agencies with or without the help of their clients screw this up big time. Almost if selling were a bad thing. And whoever is ultimately held accountable for advertising that does not work in the short run has tons of logical reasons why this is actually good thing.
You might have heard these before: Advertising is supposed to build awareness, to establish brand identity, to create a community, …, etc. or in other words: The big sales will come sooner (or later) because of all those effects.
Of course advertising should not be treated as one dimensional exercise but making sales today ranks pretty high on my personal and on my client's lists of priorities.
In order to discuss latest trends as well as evergreen strategies I traveled to London, U.K. to the Biz Fest 2015 conference two weeks ago.
John W. Furst at Biz Fest 2015 in London, U.K.
Stay tuned for more tips about advertising that sells and related topicss. I'll be back soon. Just rearranging a lot what I am doing right now.
Welcome to the 28th edition of email marketing tips on February, 9th, 2013.
After having put to sleep for more than two years, it’s time to wake up the carnival, again. I also have done some housekeeping:
All obsolete tips, broken links, etc. in the legacy editions 1 through 27 have been taken care of and are deleted now. Only evergreen, good tips from reputable sources have survived this procedure.
Update on April 12, 2015: All old editions 1 through 27 have been cleaned up, again. This time for the last time. I have finally decided to shut down my Email Marketing Tips blog carnival forever.
Interestingly it was mostly copywriters’ tips which had to be removed. Most of them just have disappeared from the web or their sites have got in too bad a shape that I don’t want to link to them anymore.
The good news is that we had some well known experts contributing here in the past.
You’ll find expert advise in those past editions from authorities like:
Since I started this carnival in 2008 the Web and the relevance of Blogcarnival.com have changed. However, let’s see how it goes in 2013.
Here are the tips of the day.
tools and strategy
The next two tips are quite interesting because they are quite opposite to each other. At first Ioan shows us how to use your blog to send out emails for free. Then Mike suggests to re-purpose your ezine content on your blog.
Ioan Draniciar presents How to Use Your Blog to Create a Free Viral List Building System (↑) posted at Lazy Cash Making Formula (↑), saying, “If you follow my blog closely, you’ll notice a pattern. I post an article on my blog every time I learn something of real value from internet marketers I respect and follow. We all have to learn from someone and it should be from somebody who’s an authority in our niche. Brad Gosse is an awesome internet marketer, a straight shooter, honest and someone I can really trust.
I picked up this little gold nugget of information from Brad and added a little twist of my own to it in order to make it more effective. This method can help you tremendously when it comes to getting repeat visitors to your site.”
John’s comment: Indeed, you can put an email signup form from Feedburner on your site. However, you are very limited with this approach. But, hey, it’ free and it might get you started.
(On the other hand the author uses email marketing services from getresponse.com on his site. I wonder why?
John’s comment: Personally I am not a fan of pretty, content rich ezines but there are certainly plenty of use cases for them. Saying that, I find it a good idea to put those ezines online for public viewing and indexing by search engines. Thanks also for the descriptive screen shots, Mike.
John’s comment: Good examples and guidelines for a brand building type of newsletter. Also with pretty screen shots. Nishada lists and explains six important features of such a newsletter. Miss one and you diminish your ROI.
John’s comment: The article I have picked here is from 2010 but still relevant. After a short discussion Mark calls out 6 way you could send more emails to your subscribers without too much risk of annoying them.
Zach Bulygo, How to Keep Email Marketing Manageable (↑) posted at KISSmetrics - Tips, Tricks and Resources for Analytics, Marketing and Testing (↑), saying, “It could be argued that email marketing is a better and more effective form of marketing. Unlike TV, print, and internet ads, email marketing is opt-in, so people are willing and want to read your email messages. Unfortunately, many companies get overwhelmed and abandon their email marketing efforts. How can you set up an email marketing initiative that is relatively easy to undertake and maintain? Well, cover the basics first.”
John’s comment: Zach provides three ways for getting the creative juices flowing. And he discusses them in context of recent real world examples and shows why they work.