Navigating The Economy & Making Money

Navigating The Economy & Making Money

by | Jun 28, 2022 | Marketing and Advertising Insights, The Not-So-Secret Writings of ScLoHo, WOWO Fort Wayne Radio Advertising with Scott Howard

If you are listening to, watching, or reading all the doom and gloom stories in the news right now…

Stop It.

My friends, instead of getting swallowed up in the bad news of rising prices, staffing and supply chain shortages and whatever else we have going on in the political world, take a look around.

People are still buying stuff.  It’s one of the reasons prices are going up. Not the only reason, but it’s the universal law of supply and demand.

I work in the media. Specifically as the General Sales Manager of the leading conservative talk radio station, I know our conservative talk show hosts point out how bad the liberals are and on TV at home I see the liberals talking about how bad the conservatives are.  It’s the nature of what political commentators do… point out the bad stuff the other side is doing and ignore the good anyone is doing.

However people are still spending money and your job is to adapt your business model to help them buy from you.

We did it a couple years ago in 2020 when we were told to shelter in place and stay home to stop the spread of Covid. Our country has lived thru other challenging times and come out stronger on the other side.  Wars, inflation, recessions, you name it, we’ve been thru it and those that adapt usually make it.

Here’s what I’m telling my advertising sales team to tell the businesses they work with…

You need to invite people to your business to spend money with you instead of pulling back and letting your competition scoop up all the customers.

Let’s put together an ad campaign and invite our listeners to spend with you.

It’s that simple.

 

You Can Only Coast Downhill

You Can Only Coast Downhill

by | Jun 14, 2022 | Marketing and Advertising Insights, The Not-So-Secret Writings of ScLoHo, WOWO Fort Wayne Radio Advertising with Scott Howard

What are you doing to build your business right now?

It’s a question I ask when I am in front of a business owner.

Sadly, many don’t have a plan.

Or some are afraid of what the future might hold and they are behaving very cautiously.

Too cautious I dare to say.

“Oh, we’re going to take a few months off from advertising and see what happens”, is something I hear by many. 

Good luck with that I say.  Sometimes I say it to their face.  Sometimes I say it to myself and write them off.

We are going thru a time of uncertainty that some of you are experiencing for the very first time.  However there is plenty of history in the recent past that points to a positive outcome for those who are willing to step out instead of retreat.

About 14 years ago, in 2008 our economy was seeing economic collapse that created panic and downturns that were just as scary to the casual observer.  For years, lenders were taking us down a path that was going to create a crash, and basically in 2008, it all came crumbling down.  In a nutshell, lenders had been told to make it easier for people to buy a house.  Sub-prime loans were a part of this along with no-doc mortgages.

I saw first hand how the no-doc mortgage loan was abused.  I had a client that was running a mortgage company and we were supposed to meet about 1 o’clock one afternoon in 2008.  I got to his office before he returned from lunch and overheard one of his mortgage guys reviewing an application with a client over the phone.  As their customer told them their monthly income, the mortgage guy said, we’re going to bump that up so we can get you a lower interest rate. 

Afterward, I spoke to the owner of the mortgage company about what I heard and he told me that was common practice now since they didn’t need to provide any documentation to back up the figures they were putting on the loan applications.  Also they could get people into bigger, more expensive homes this way and the mortgage lender would make more money without risk because they were just a broker and these questionable loans were sold off and he had no liability as the mortgage broker.

I decided not to renew his advertising contract when it expired a few weeks later because I had a gut feeling that this was not right and I didn’t want my radio listeners to be taken advantage off by this company that was putting people’s finances in jeopardy in this manner.

When things took a crash in 2009, this guy’s mortgage company went out of business. That was a good thing.

There were other companies that went under back then but it wasn’t because they were crooked.  Many of them did what I see going on right now and they decided to be conservative and act like a scared turtle and hide in their shell, waiting for things to get better.

They decided to coast for awhile.

Problem is, you can only coast downhill.

Sure if you have enough momentum you will continue to be fine for a bit.

But if you stop inviting people to do business with you, eventually they will stop doing business with you.

And that’s all that advertising really is… a paid invitation from you and your company to potential customers to consider you when they are going to buy.

Some of your best customers will eventually decrease their spending or stop.  It may have nothing to do with you, just circumstances in their life.  For this reason alone, the average business will need to replace 20% of last years customers with brand new customers just to stay even.

That 20% number fluctuates greatly depending on the type of business you are in.

We have roofers advertising on my radio station that offer lifetime warranties.  That means they will never be able to sell that customer another roof until the customer moves to a new house.  Roofers like that have to replace nearly 100% of their customers every year!

Besides the business owners that say they are going to coast for awhile, there are others that are in the start-up or growth phase of their business plan and those are going to advertise.  They are going to earn the trust of your potential customers now and once a consumer buys from someone else, they are out of the market to buy from you.

I actually don’t mind the fact that some businesses are going to coast for now because it makes room for those that want to grow and those are the ones me and my team enjoy working with.

I’ll boil it down to this:

If you want to grow, contact me.

If you are considering coasting, contact me and we’ll continue this discussion.

If you have already made up your mind to pull back and coast, thank you for making it easier for your competition that I’ll be working with to take your place.

 

Happiness is an Inside Job

Happiness is an Inside Job

by | Mar 2, 2022 | Marketing and Advertising Insights, Sound ADvice

Let’s be honest, compared to years gone by and even before COVID, fewer employees bring their smiles to work on a regular basis. Depending upon which source you want to believe, 50-70% of the American workforce is disengaged and/or unhappy. 

There was a time when being positive, upbeat, and happy was a given. As an employer, offering them a job was enough. In today’s “me” world, it’s not enough! The challenging question is… is it worth the price and effort to intentionally create a happy work environment.

Here are some fascinating, yet not surprising, facts that prove having happy employees will reap great rewards. Companies with happy employees…

  • Have 50% fewer workplace accidents
  • Happy employees have 37% less absenteeism
  • Companies with happy employees outperform their competition by 21%
  • 69% of employees said they would work harder if they were better appreciated
  • Employees who like their job are 10 times more likely to deliver good service

The statistics of happy vs unhappy employees are startling.  

As owners and managers, it’s easy to zero in on those things that employees do wrong, and we take for granted the things they do right. 

Psychologists will tell you, “Behaviors that get rewarded get repeated”.  If you want your staff to exhibit more customer-friendly behaviors, you need to recognize those behaviors. 

If you aren’t intentionally creating a work environment that breeds happy employees, start doing so today. 

When it comes to creating a culture of happiness, start at the beginning. Tip #1 in the Twelve Ways to Create Happy Employees is “Hire Based on Attitude, Effort, and Honesty”.  Attitude will win over skill nearly every time. Skills can be taught; attitudes are hard to change.  Effort nearly always follows attitude one way or the other, and you can never go wrong with hiring based on honesty.

The rewards of happy employees will pay huge dividends!  

To improve morale and productivity in your company, click here and read the Twelve Ways to Create Happy Employees.  

Can You Stop For A Moment?

Can You Stop For A Moment?

by | Nov 22, 2021 | Really? The Personal ScLoHo, The Not-So-Secret Writings of ScLoHo

As the General Sales Manager of WOWO radio in Fort Wayne, Indiana, I lead a team of advertising sales people and marketing consultants and on Thursdays we gather for an hour for a Local Sales Team Meeting.

Naturally we will skip this week because Thursday is Thanksgiving and our company has added Black Friday as an additional paid holiday, giving everyone a nice long 4 day weekend.

However last week’s WOWO Sales Team Meeting had a focus on the Final 40 days of the year and what we needed to do.

40 days on the calendar in reality is more like around 20 business days this time of year.

Now if you work in retail, every day counts because it’s that traditional make-it or break-it time of the year. The origin of the term Black Friday was that was the day of the year that retailers finally stopped operating in the red financially and started making real money or being in the black.

Regarding the title of this piece, Can You Stop For A Moment?, for some of us that moment is now, for others it will be in a few weeks after Christmas, others may need to wait until the beginning of 2022.

What and why do I even ask that question?

Because we seem to be running at an incredible pace these days.  Even if things do slow down in business right now, your lives will be filled with other events like family gatherings and parties, and well, somehow we manage to fill all 24 hours of every day, don’t we?

How long is a moment?

Depends, of course.

I know that there are some parents who would long to have an hour each week that is entirely theirs with no expectations.  Some even long for 15 minutes a day.

Same is true with so many people.

As you and I wind down this year and prepare for the new year, I urge you to add something else to your schedule.

Call it what you want, but it’s basically time for YOU.  It’s a time that you give the very highest priority and spend it on YOU.

It could be daily, it could be weekly, it needs to be something that you can negotiate with your family, partners, whomever you need to, to set up for you and you alone.

Here’s a couple of examples of how I’ve seen this work.

I have a friend that is very busy trying to get things done at work and at home with a new baby coming and both parents working and, well you get the picture.  They are struggling a bit at work and what I see is a lack of focus.  I encouraged them to take a step back and stop for a moment.  Last week instead of the running around we had planned for the day, we took a few hours and started the process of planning for the new year.   A story about Abe Lincoln came to mind, that if you have say 5 hours to chop down a tree, it’s better to spend the first 4 sharpening the axe than to wack away for 5 hours with a dull blade.

My wife takes time daily for prayer in the morning and evening, and she also taught me the value of taking breaks.

I have found that by spending some time in the morning observing nature a few times every week, it keeps me centered.

The answer to the question, Can You Stop For A Moment really is Yes.  How you implement this is up to you.

Feelin’ Good

Feelin’ Good

by | Oct 13, 2021 | Marketing and Advertising Insights, Really? The Personal ScLoHo, The Not-So-Secret Writings of ScLoHo

How are the feeling right now?

Are you:

Happy?

Sad?

Excited?

Scared?

Hopeful?

Hurting?

Melancholy?

Enthused?

No matter what you said you are feeling right now, it’s okay.

I just randomly came up with 8 possible emotions that you could be feeling at this moment and if you were in a room filled with 25 other people, I’m sure you could find someone else who is experiencing the same emotion you identified with.

Some of us have days when we go thru all 8 of those emotions in just a few hours.  Others can experience the same emotion for not just hours, but days, weeks, or even longer.

Emotions are part of our human experience and even if you think you are a facts and logic person, your emotions are actually in the drivers seat of your life.  If you are a facts and logic person and you got a little miffed by what I just said, it simply proves the point.

But I’m not here to play with your emotions today.

No, instead I want to help you understand the importance of our emotional side.

Because I write and talk about media and marketing and offer tips for businesses, I’m going to focus on how our emotions work in that context.

The emotional state of the people you deal with are going to have an influencing factor on how that conversation or interaction occurs, just as your emotional state at the moment will too.

Quite frankly there is a lot of negative news out there, and some peoples emotions are rubbed raw.  I’m not even talking about the political stuff, I’m referring to the challenges we are facing as we wrap up 2021.  Prices are going up.  We have shortages of everything from computer chips to staffing shortages.  A year ago we saw empty shelves instead of toilet paper and sanitizing supplies, and in my visit to the store recently, we seem to have plenty now.

There are other reasons people are having a tough time.  In my circle of friends and acquaintances, I’ve witnessed marital discord and divorce, loss of loved ones, either permanently by death, or because of disagreements that are hopefully temporary.

If you own or run a business, realize that your team wants to be the best versions of themselves, but there are other things going on that could be preventing that, at least temporarily.

If you work for someone, what I just said also applies to your boss.

Customers and clients, they are going through the wide range of emotions too, and we just don’t know the full story of what is going on in their lives do we?

I titled this piece, Feelin’ Good, because ultimately that is what we all want.

We want to feel good about our lives, our jobs, our family and friends.

We want to feel good when we spend our money.  

My wife recently spent money on two very different experiences, one was a gift box that included some fun things she picked out to send to out of town family members.  The other was spending money on getting her car repaired.

Two very vastly different reasons to spend, and yet both times she wanted to feel good when she punched in her pin number as she paid for her purchases.

It might be easy to make someone feel good when they are buying gifts, and more challenging to make them feel good when they are spending it on a repair.  But no matter what your business, please do your best to help your customers and staff feel good.

That’s the best kind of marketing you can create, an experience for all that leaves them Feelin’ Good because of what you did for them.

One more tip and this may not be earth shattering but after living in a world where we couldn’t see peoples smiles because of being masked up, please smile purposefully.  Even behind a mask, we can see a smiling face.