8 Principles to Improve Your Life and Business

8 Principles to Improve Your Life and Business

A couple of weeks ago, I was reading an article on Medium.com titled: 8 Pillars of a Satisfied and Happy Life.  Here’s a link to it: https://medium.com/mind-cafe/8-pillars-of-a-satisfied-and-happy-life-847d98707e81

It was a beautiful Sunday afternoon as I read it and decided that I wanted to add my spin on the 8 Pillars with both insights on how to apply this to you business and also reflections on how I do it personally.

On the business side of my life, I am the General Sales Manager of WOWO Radio, in Fort Wayne, Indiana.  I lead and coach 6 full time advertising sales people on our Local Sales Team.  I moved into this position at the beginning of 2020, a few weeks before Indiana went into lock-down due to the pandemic.  This is my 8th year with WOWO and I’ve been in the media and marketing world most of my life, although I do know how to drive a forklift and run a thermoformer too.

On the personal side, my wife and I have been married for over two decades and our 5 kids from our 1st marriages of made us grandparents multiple times.  The people on my Local Sales Team at WOWO range in age from my age to my kids age and so I know most of what they go through both personally and professionally.  The term, “Been There, Done That”, applies however the world has changed since I was a new Dad, some for the better, other changes not so much.

Pillar Number One from the Medium story:

1. Allow Yourself To Be Happy Before You “Succeed”

Absolutely.  As you grow, you need to learn to enjoy the journey.  Starting a new business is challenging all the time, not just in extreme circumstances.  Give yourself credit for doing the work.  One of the ways I measure the activity of the sales team I work with is the types of activity they are doing and how much they are doing.  I know that if they do certain benchmarks, success will follow.

Similarly, my wife likes gardening and it makes her happy.  It is hard work and the rewards take time to grow, but in the meantime, she is happy doing the work.   How about you? Do you have benchmarks in your business or life that you use to measure success before the financial success comes in?

2. Have A Clear Vision

Goals need to be both short and long term.  My team has a big picture goal that I shared at the beginning of the year, and then each month I break it down into smaller chunks for each person.  Together I work with each of them to help guide them to achieve those smaller goals which will add up to the original long term goal for our team.

I’ve worked for others who had no vision or they were continually changing course which creates frustration and confusion.  As a business owner, make sure your team understands the vision for your company too. When my wife and  I plan a trip either for ourselves or to visit family, we agree on the important elements and then also plan the details.  I learned several years ago how we best travel together and perhaps you and your spouse have learned what works best for you too.

3. Devote Yourself To Something Meaningful

I really dislike most advertising salespeople.  At least the way they do business, too many are focused on themselves, not on their clients success.  That has been the secret to my success.  To help others succeed, using the wisdom, knowledge and experience I’ve learned.  That’s one way I devote myself to something meaningful.  I also am involved serving on a non-profit organizations board to give back to the community.  How do you and your employees give of yourselves?

4. Become a Lifelong Learner

The day I stop learning is the day I stop living.  My formal education is not documented with college degrees but I keep getting invited to speak at numerous higher education colleges and universities.  Be curious.  Learn from others, listen and ask questions and figure out how to apply it to your life, your business or the people around you.

5. Do Not Settle For Less

I’ve done this a couple of times.  I’ve walked away from the world of advertising and took a break, but then I returned.  Some people decide not to return to their dreams and by doing that they never know if they could accomplish what they once sought.  On the personal side of life, this is very personal.  On the business side, you are going to have to decide what is important and what isn’t.  I used to work with an auto repair shop that was going to be open 24 hours a day.  Then when the owner discovered that it wasn’t a sustainable way to run his shop, he settled for less hours.  He also discovered how to merge what his customers really wanted with his vision and came up with a business plan that was unique, and he’s doing great now.

6. Remember To Have Fun

I took my WOWO Local Advertising Sales Team out for a morning of golf and lunch last month.  It was a team building event but it was more than that.  It was a time to set aside time to just have fun.  It wasn’t a reward for hitting a certain goal, it wasn’t earned based on performance, it was simply a guilt free way to hang out on a day when others were working and have fun.

At work, at home, having fun is something we all need to include in our lives regularly, not just special events.  How do you accomplish this?

7. Take Care Of Yourself

At the end of 2020, I decided to improve my health by dropping a few pounds and lost 20 pounds in about 6 months. I’ve maintained that and am slowing dropping a few more this year.  Stress is the silent killer for everyone it seems.  99 out of 100 people you see this month have something stressful going on in their lives that you may never know about.  You need to take care of your health, and encourage those who work for you to do the same.  Physical, Mental, Emotional and Spiritual health are all needing our attention. The H. R. Department  at WOWO’s parent company, Federated Media sends out reminders about this and also provides resources that members of my team have made use of.

8. Cherish Those You Love

This is the last pillar from the Medium.com article, but it’s not the least important.  I’m blessed to have loving relationships with my family and we work at making sure we stay in touch and express that love.

While the dynamics are usually different in a business setting, how would the culture improve if you really told your staff individually what you appreciated about them?

They need to know that they are appreciated and why.  The companies that have problems retaining employees are the ones that have the worst company cultures.  As a business owner or manager, you set the example.  A genuinely positive work environment is also appreciated by your customers and clients too.

I hope you’ve learned a few things today, and perhaps go back and answer those questions I mentioned to see how 2021 can be even better for you and those around you.

 

The Value of a Single Customer

The Value of a Single Customer

When a person walks through the doors of your business, in-person or online, and purchases something from you for the first time, at that moment, they become your customer, your patient, or your client.

The question is, what is the value of that individual to your business or practice?  Is it the amount of profit from this one-time purchase or, is it the potential lifetime value they create?

Most experts will tell you that the cost to acquire a new customer is ten times more than what it costs to keep them.

With that said, most successful business owners have a well thought out advertising plan, or at minimum, an advertising budget intended to acquire and attract “new” customers, but very few have a plan to keep their “current” customers, patients, or clients.

Since we agree that keeping them is far less expensive than acquiring them, understanding the true Lifetime Customer Value should be enough to persuade you to at least consider implementing a plan to keep them.

There are 4 factors we need to consider when calculating a “Lifetime Customer Value”:

1) Average profit per individual sale including upsells and add-ons

2) # of purchases per year

3) # of years they will remain a customer

4) Word-of-Mouth – average # of people they persuade to do business with you

Paid media advertising is the best way to acquire new customers. Word-of-Mouth advertising is the best way to multiply your customers, and over-the-top customer service is the best way to ensure your customers become repeat customers.

Understanding the “Lifetime Value” of your customers will inspire you to create a strategic plan to serve each customer with more passion.

Click here to get our Lifetime Customer Value Worksheet to help you calculate the LCV of your customers.
 
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Friendly Competition

Friendly Competition

“Keep your friends close and your enemies closer” is a sometimes quoted and often misquoted saying that is credited to the book The Art of War from over 4000 years ago and the Godfather Part 2 movie a mere 40 years ago.

While much has been said about that quote, today I’m going to share another personal story about a friend of mine who just passed away this past month unexpectedly and how that quote started off a friendly competition that became a true friendship and mentorship for nearly two decades.

I’ll conclude with some lessons and wisdom for you to apply to your life and business.

This friend of mine is Ron Latham.

I thought I first met Ron in 2003.  I’ll explain more about that in a moment.

In 2003, I was returning to the world of media and marketing to join a group of radio stations in Fort Wayne, Indiana.  Travis Broadcasting was their company name which a year later became the Summit City Radio Group.  Ron was one of the older salespeople in his early 60’s and I was in my early 40’s.  Ron was very competitive and instead of just being boastful, he went out and beat his competitors.

As one of 6 new salespeople that started in early 2003, he didn’t really pay attention to me or the rest of us, he just went out and did his thing while we did ours but I later learned, he took pride in being the best each month.

About a year after I started, management held a sales meeting and announced new goals and budgets for each of us.  When the meeting adjourned, as we were all walking back to our offices, most of my coworkers were unhappy, including Ron.  I asked him, what’s wrong and he told me over his shoulder, “I don’t care about their stupid goals, I have my own that are higher than those.”   I responded, “I just have one goal.”

Ron stopped walking and turned around and said with a little snarl, “Yeah, what’s that?”

I told him, “To beat you.”

That lit up his eyes with a competitive spirit that said, “Game On.”  We made a little side wager, loser would have to buy lunch at the end of each month.

Ron hated to lose, and I did too, but I’ve been what I call “quietly competitive”.  Cool and calm on the outside, but a fighter just below the surface.  Over the next several months, this lunch wager was fun.  We compared billing and the first month I won.  Probably shocked the old guy that someone like me was able to beat him at something he’d been doing for 40 years.

“Anyone can get lucky for a month,” he said as we ate that first lunch that he paid for.  The competition continued.  Month two, he got his revenge and I bought lunch.  Month three and month four came and went and I won those two months. Then it was his turn to be on top for a month while I got a free lunch the month after that.

Within 6 months a new found respect and friendship developed out of this friendly competition and while I believe I beat him by at least one month before we stopped, everyone really won.  Ron’s billing grew to new heights, as did mine and we helped a bunch of local businesses with their advertising and marketing.

Ron decided to leave those radio stations when they did some programming changes that wiped out a big chunk of his monthly billing and income, but he was a wanted man, in a good way.  He had offers to sell advertising at other places including the monthly Hispanic newspaper.  That’s a story in itself.

The publisher of the Hispanic newspaper, Fernando met Ron and did a Spanish Language weekend radio show which expanded to 7 nights a week.  The programming changes I mentioned cancelled Fernando’s radio show, however Ron joined forces with Fernando and became the Gringo Sales Manager for the Hispanic paper.  See, Ron couldn’t speak a lick of Spanish, and didn’t want to learn.  But he saw the opportunity for mainstream businesses to advertise in the paper and invite the Hispanic community to spend their money in their stores.

After Ron turned 65, he moved to California for about a year with family but couldn’t stand it and returned to Fort Wayne.  Ron had an apartment in the same historic high rise that the Hispanic newspaper was located and the paper was Ron’s main gig.  It didn’t pay a lot he said but it was his “buttered popcorn money”. He and some of his older buddies would get tickets to the local college football games in the fall, Komets hockey in the winter and Tincaps baseball in the summer.

Ron was always a huge sports fan and basketball was his main game.  However he also took up golf and other activities to stay in shape.

In 2013 I joined WOWO radio.  I learned that the WOWO radio sales team had a tradition of taking a day off in the summer to go golfing. The only golf that I knew was miniature golf so Ron offered to teach me and once or twice a week we’d spend an evening at the golf course using some passes he traded for advertising in the Hispanic newspaper.  When the big event came that summer, I wasn’t the worst, but we quickly played “best ball” to keep the game moving.  My golf skills have only gotten worse since that first year and I never was able to beat Ron.

I did beat him bowling a few times and miniature golf too.

Remember the lunch wager I mentioned awhile ago?  When Ron returned from California, he and I started a new tradition of a weekly lunch without the wager since we worked for two totally different forms of media.

Over the nearly two decades that we were friends, I learned a lot from Ron.  He started out as a bit of a mentor to me.  We explored ideas and brainstormed.  If I had a client that I needed some extra input on, Ron was a great person to bounce my idea off of.  And it turns out, he did the same with me.

My step-daughter who is now in her 30’s was on the girls basketball team in high school and Ron’s wife at the time was the head coach for another girls team in town, one that won multiple championships.  I learned a lot about the game of basketball too from my friendship and conversations with Ron over the years.

I noticed over the past year that Ron was slowing down a little bit, as all of us were forced to live our lives differently with the onset of the Covid-19 Pandemic that shut down so many things including all the sporting events that Ron would have normally been doing.  He and I continued our nearly weekly lunches when the world began opening up, even if it meant a trip thru the drive thru and sitting in a parking lot “socially distanced” in our own cars.

March 4, 2021 was the last lunch we had together.  He turned down the opportunity I offered him to return to his beloved WOWO Radio as a part-time, “free lance” salesperson.  WOWO was where he started his advertising career 60 years earlier.

A week later, he contacted me in the middle of the night with a plea for help. It was a few days after he had contracted the shingles virus in his ear and the constant pain was making it impossible to get any rest.  I went to his home, contacted medics who took him to the hospital and the last time I saw Ron was when I visited him in the Emergency Room to deliver his phone.  The medical staff were assessing his situation and over the next two weeks discovered some other undiscovered health issues that ultimately made it impossible for him to recover.  His only son was allowed to be with him in Ron’s final day since the hospital was abiding with the strict precautionary protocols brought on by the current pandemic.  That was the only person outside of the medical team who got to see Ron after I saw him in the ER a couple weeks prior.

I found three pictures to share of Ron and myself.  The first was from 2009, when he and I were in our weekly lunch routine while working for different media companies,  I think he was scowling at me having another hot dog or something.

The middle picture was snapped in 2004 about the time we were in the middle of our friendly lunch wager competition at a basketball tournament that our radio stations were sponsoring.

And the last picture was a shocker to both Ron and myself.  When he was preparing to move to California, they were downsizing and Ron found a box of old pictures from the 1980’s.  Turns out we did NOT meet in 2003.  We actually played basketball on the WMEE Basketballer’s team. This picture from 1982 features a gangly radio disc jockey named Scott Howard whose only qualification to be on the team was I was the night time WMEE radio disc jockey, sitting next to a much better basketball player named Ron Latham who was a ringer for our team so we wouldn’t be entirely embarrassed when we went out to play in charity games.

With the passing of my friend who was 18 years my senior but we developed a friendship like brothers, I have some lessons to pass on.

  1.  Friendly Competition can be life changing.  While you may view your competition as the enemy because they are going after the same customers you are, that’s just an illusion.  You and your competition are different in ways that may not be obvious. Those differences is what is likely going to determine who the customer buys from.  Learn from each other and you’ll both be better. In the fast food world, some people prefer a flame broiled Whopper while others prefer a Big Mac.  Apply that to what you do too.
  2. Mentor One Another.  Just as I learned from Ron when he and I started working together in 2003, he was also learning from me over the years.  I recall a comment he made 10 years ago about how he could never do things my way because we just thought differently.  But we both used the other persons strengths to improve ourselves.  Today, I have 5 very different people on my advertising sales team at WOWO radio.  They are doing the things that Ron and I would do in bouncing ideas back and forth and mentoring each other.  How can you develop that in your world?
  3. Get Personal.  When you make it all about business or competition, you lose out on the human side of competition.  Do you know the names of your competitors family members?  Do you ever hang out with them?  If something were to happen to you, could you reach out to them for help?

Thanks for indulging me today with this reflection of my nearly 2 decades of friendship with my adopted older brother, Ron Latham that I disguised as some lessons for all of us in what can happen with a little Friendly Competition.

20 Years, One Day At A Time

20 Years, One Day At A Time

I’m going to get personal this week.

I’m also going to weave some lessons for your business into this story.

Today, March 17th is not only St. Patty’s Day… This is also my wedding anniversary.

Number 20 for my wife Kathy and myself.

She selected this day because of her Irish family heritage and back in 2001, this was a Saturday and it all worked out.

Kathy and I were previously married to other people with who we had our kids, so when we married we both became step-parents.

I brought 13 years of previous marriage experience to this union, she brought 17 years worth, add those numbers up and you have 30 years.  Plus the 20 years we’ve been husband and wife… it would be really weird to say we have “50 years of marriage experience”.  Or would it be 70 years?

The past doesn’t really matter so I’m sticking with 20 years.

Time to sneak in a business tip,  The Number of Combined Years of Experience Your Team Doesn’t Matter Either.  I have heard ads talking about over 100 years of combined experience.  So what?  I only care that you know how to take care of my need today.

Which brings us to another item…

How do you stay married for 20 years? One day at a time.

Some things you plan in advance.  I have a budget, okay a spreadsheet with all the due dates and all that fun stuff that I create annually and make adjustments as needed.  You need to do that kind of thing too for your business including allowing for changes and the unexpected.

Some things you decide in the moment.  Hopefully not too many big, life changing things.  Kathy and I have learned to give ourselves 24 hours or more before we decide on big stuff when possible.  Do you and your business partners have a similar plan and action steps?

We enjoy our time together.  We genuinely have made a point to set aside time that is ours. Weekly Date Nights have been a ritual and over the years, we have changed things up and actually have a few choices on where to go for dinner, etc.  But it’s more than date night once a week.  We also enjoy our conversations and doing things together.  Before I move to the next item, let me ask you about this aspect of your business.

How is the culture at your business?  Do you and your team enjoy working together?  The company I work for recently addressed the culture issue and worked to improve it.  I’m not talking about hanging out with your team after hours, but that could be part of the culture you foster at your business.  I’m talking about the day to day stuff, during working hours.  Ask yourselves the tough questions so you can decide what to do to improve it.

Kathy and I also spend plenty of time apart. We both have our own interests.  Just because I’m into human relationship marketing, doesn’t mean she has to be into it too.  Her love of gardening is not mine.  We support each other’s interests that are not our own.

This “difference” actually works quite well.  If both of us were too alike, it would get boring and instead each of us has strengths that help the relationship.  Here’s an example:

Kathy dreads doing dishes, which in our house means loading and unloading the dishwasher and putting the clean dishes away.  Me… I don’t mind at all, so I will often keep an eye out for when that chore needs to be done and do it.  Some people are better at certain tasks than others and some people just don’t like to do certain items that have to be done.  In your business, I challenge you to ask everyone to name one or two things that they do in their jobs that they really don’t like to do.  Then make a list of those dreaded tasks and see if there is someone else who would like to do something on that list.

20 year ago, I was taking a break from the world of media, marketing, radio and advertising.  When I met Kathy, I was a thermoformer operator and she was wrapping up her education to become a nurse.

20 years ago we were using dial-up internet services, there were no social media platforms.  Not even MySpace was around in 2001.

I have people on my local advertising sales team that weren’t old enough to drive when Kathy and I got married 20 years ago.

As you look back at what you were doing 20 years ago, what has changed?  I’m not talking about just the past 12 months that we’ve lived thru with the changes due to COVID, I’m talking about that times 20!

3 more observations about 20 years of marriage that perhaps you can apply to your life and business:

Faith, Forgiveness and Humor.  Those three are big ones.  You need to include those in your life too, both professionally and personally.

Caring About Your Customers

Caring About Your Customers

If you want to earn a consumers business this year, you have to appeal to what matters most to them.

That statement is true if you are selling Land Rovers or if you are running a dollar store.

It’s also been a truth that has been around forever, but now I have a fresh set of data to help you navigate 2021.

It comes from a survey just released last month on MarketingCharts.com.

Do you know what tops the list?

Convenience and Safety.  I’m willing to bet that before our pandemic, those two items wouldn’t be linked together and be a the top of the list.  Sure, we’ve been steadily looking for ways to make our lives easier forever, so convenience would be pretty high on the list anytime, but coupled with the repeated and continuous warnings about our health and safety due to the virus, this is a new category of consideration that we need to keep in mind for many more months to come.

The idea of getting your groceries delivered to your doorstep was an option very few people were willing to spend the money on.  Even curbside pickup was a concept that was still in its infancy a year ago for grocery shopping.

Sure we’ve been having pizza’s delivered to our door for decades.  That concept was expanded awhile ago locally by a company called Waiter on the Way that would take your order over the phone from dozens of restaurants and deliver to you for a small charge.  Of course this concept has since expanded with national companies now providing this service.

Ordering online with delivery of nearly anything has become the mainstay of Amazon’s retail operations for years.  As consumers we knew that we could order online and buy stuff that would be delivered to our homes, or our cars, but the pandemic created the increased need perceived by consumers who were previously not even considering these conveniences, but now do it for safety’s sake.

My question to you, is what have you done this past year and what will you be doing in the months and years ahead to adapt to this trend?

Also on the list is the word Empathy. How do consumers feel about your company and the way you care about them?  How do you manage this internally and externally?  If you have a customer that leaves a less than 5 star review online, how do you respond?  Are your marketing and branding messages conveying empathy and do you live up to those expectations?   Time to clean this area of your business up because this relates to another item on the list.

Losing loyal customers.  With all the changes in buying habits and the disruptions caused by the pandemic, this has also accelerated in the past year and will continue in 2021.

Two more items on the list go hand in hand.

The acceleration of e-commerce and providing the best customer experience. The best way for a local company to compete with an online, out of town company is the customer experience angle.  We want to shop local, make it easy for us to do that because there is an alternative.  Better yet, have you added an e-commerce option for you local customers?

Looking for ideas on how to implement some of these ideas and concepts?  Contact me and we can explore some options.  Send an email to Scott@WOWO.com .