For people who are unfamiliar with Metrostudy, can you give us a brief overview of your company and what you do? Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nation-wide. What that means is we drive through every new home development every quarter and research new home activity, occupied homes, etc. I’m personally responsible for the Triangle & Triad markets and ensuring that we collect valid and accurate data every quarter. I’m also responsible for analysis and communication to the new home industry both locally and regionally.

People often say that as the housing market goes, so goes the economy. Can you explain why that’s true?

The housing market creates a tremendous amount of economic activity. Every home that is constructed creates three jobs. Additionally there are incremental jobs created from suppliers to our industry. And of course, when people are willing to make this large of a purchase it is a good indicator of the health of the consumer, i.e. the market.

How is Triangle market doing compared to 2012 so far? How is the Triangle doing when you look at historical numbers?

It’s a little early to tell so far in 2013. Historically we are doing well, although there is no precedent for the downturn we experienced.  Given the 2012 results, we are on a solid path to recovery.

Metrostudy recently reported in their quarterly update that the Triangle added more than 9,300 jobs since 12/08

What trends have you noticed in development?

We are developing more than in the recent past. It remains mostly with the large, national builders. Lately we are seeing more interest in development from 3^rd party avenues like master-plan developers.

What trends have you noticed in housing?

Inventory levels are more closely monitored than in earlier years. Pricing has been going up lately. Despite the national trend, size of the homes did not decrease during the downturn in our area.

What is Metrostudy’s outlook on 2013?

We are going to continue to grow, much like today. Builder development will remain subdued but higher than in 2012. Prices will continue to increase.  The scope of development will spread out from the center of Raleigh to surrounding cities/counties.

Do you think now is the right time to buy or sell your home?

Yes, absolutely. I am personally going to purchase my first home this year.

Thanks Jay!

So now you know a little bit more about the housing market, its performance here in the Triangle and why the overall health of this category is so important to other businesses. MetroStudy is reporting year over year increases in sales in housing. How about your business, have you seen an increase in sales?

Once we began my dad and my brother, in typical male competition, begin to quickly lug the large rocks across the street. This was a valid strategy, as the faster they worked, the quicker they would be clear of the “problem rocks” and they could move on to the next phase of the project. I on the other hand developed a different strategy. I slooowly lugged the largest rock I could find, stopping every few feet to drop the rock and dust off my hands only to pick the rock back up and go a few more feet and repeat the process. You get the picture.

Understandably, this strategy was infuriating to my father. “Kristy, you need to move faster or we’ll be here all day”. Of course I reasoned that the longer I took with my one rock, the fewer rocks I’d have to actually carry across the street. Back then, my dad and I had different strategies for tackling challenging tasks. He liked to move quickly, make a decision and address the next issue.  I preferred to spend more time on my challenging tasks.

Today I deal with challenges much differently than I did when I was helping dad move those rocks. Here are three tips I’ve found helpful in dealing with challenging decisions.

• Gather facts – Seek opinions and information from your senior team members. Press them on details, are they making assertions or do they have facts to back up their opinions? Make sure you are able to review them yourself if possible.
• Allow time for debate – After gathering facts make sure you allow time for a lively discussion with your trusted team members. Encourage debate and ask people to argue the opposite side of the issue. This helps everyone to clearly identify the problem and the solutions and can increase buy-in from your team.
• Get moving – Sometimes the right thing to do is clear but for relational reasons you put off making a hard decisions. This rarely ends well and can cost you in sales and therefore revenue. If you have gone through the first two steps, go ahead and “Rip off the Band-Aid”, it will be better for you and your team.

When you are faced with a touch decision or challenge in business, which method do you use? Do you attack them quickly so that you can move forward and address the next issue? Or do you linger over your “problem” and how you should deal with it?

Well that depends.

Why are you doing it and what do you hope to get out of it?

In today’s market place with consumers bombarded with advertising and competitors in no short supply, some companies have turned to philanthropy to help them stand out. According to research, many consumers view brands that support charity in a positive light. In our post earlier this month we shared that  “46% of Millennials agree that they’re more like to buy a brand that they know supports a charity”.

And according to Boulstridge, Emma and Carrigan, Marylyn (2000). In their paper, “Do consumers really care about corporate responsibility?”

75% of consumers . . .  claim they would switch brands and retailers to support a good cause linked to a product. The Cone and Roper study cited in Simon (1995) found that 85% of respondents had a more positive image of a company that supported something they cared about, with 51% saying they would be more likely to pay more for a product or service associated with a cause important to them.

So it would appear to be a good strategy from a business perspective, however, it is important that the charity and company’s visions be closely aligned.

For a good example, take a look at the partnership between The Food Network & No Kid Hungry. In 2007 The Food Network selected No Kid Hungry as its exclusive charity of choice. The Food Network’s day time programming is instructional cooking programs and its nighttime programs are food related entertainment. This platform provides many opportunities to raise awareness and funds for their charity. Additionally, there is a natural tie between what the chefs do, their vendors and supply chain and the needs of the charity. It is a natural fit between the vision of Food Network and No Kid Hungry.

If you decide to partner with a charity here are some questions you should ask yourself:

• Does the vision of the charity align with the vision of your company? – Is there a natural fit between your service/product and the charity?
• Is the charity reputable? – You will want to product your brand by ensuring that the charity you choose has a good reputation.
• Is this a cause you and your customers can be passionate about? – Of course you will be partnering with the charity because you believe in their work. However, you should not feel ashamed for wanting your activities to be relevant to your customers and employees.
• How much time/resources are you willing to donate? – How deep will your involvement be? Will you want to sit on their board, have your employees donate time, create an annual giving campaign? Ensure that you have accounted for the resources you are prepared to donate.

Once you’ve answered these questions you should sit down with your charity and discuss their biggest need and determine how your business can best help them to succeed. The best partnerships are ones that are tightly linked together. You should share information about your charity in prominent places in your store, on your website and in your collateral materials. Include seasonal campaigns or event marketing programs to support the charity, raise awareness and excite your employees and customers.

Businesses can play an important role in supporting charities and the work they do in communities.  And if thoughtfully developed, it can have a positive impact on your bottom line to boot!

What do you think? Does your business currently partner with a charity? What have been some of the results you’ve seen?

Here is the Wikepedia definition of an infographic:   A graphic visual representation of information, data or knowledge intended to present complex information quickly and clearly.  They can improve cognition by utilizing graphics to enhance the human visual system’s ability to see patterns and trends.  The process of creating infographics can be referred to as data visualization, information design, or information architecture.

The infographic should tell a story and then give a a unique insight on the facts, thus sparking an “aha moment” that awakens the reader and compells them to act.

Here are 3 reason why infographics are an effective way to communicate, educate, compell and then potentially go viral.

1)  Infographics are Attention Grabbers.  In an era of information overload, people are inundated with data.  Americans are also juggling busier schedule than ever in history.  For these reasons, people have short attention spans and will decide to stay or leave a site or a post in just 2-4 seconds.  A compelling graphic will grab their attention.

2) Infographics are Easy to Understand and Remember  Humans are visual creatures who are able to interpret visual information far faster than written information.  Because of the fast paced information overload culture we live in, attention spans and retention rates are lower than ever.  Well developed, compelling visual representations of complex data make data easier to understand and easier to remember.

3) Infographics go Viral!  People love to share them!

Three items caught my eye.

First, Millennials are very into technology and shopping online. What does this mean for your business? You need to be where they are. Can you afford a small Facebook ad campaign or a social media based contest? If you have a slightly larger budget you will definitely want to include search campaigns and possibly text campaigns in your marketing program.

Second, Millennials like products with a green focus. Does your business have a sustainable practice that you can promote to this audience? Are you a local business? Find ways to take credit for business practices you are already incorporating into your communications with this buyer group. Of course, make sure that you are promoting a true practice and that you cannot be accused of “Green washing“!

Third, giving back is key! “46% of Millennials agree that they’re more like to buy a brand that they know supports a charity”. Find a local charity that aligns with your business goals and vision and figure out ways to support them. You could partner with them for events, assign a specific day or month to raise awareness and donate a percentage of revenue to them.

OMG: Getting Inside the Millennial Mind infographic by threestepsahead.

The Millennial buyer currently makes up 20% of the population and courting them early can help ensure that they become longtime, loyal customers for you and your business.

These are just some of my thoughts on how to engage this buyer group. If your business relies heavily on Millennials, what strategies have you found helpful in attracting and keeping this buyer group?

We listed six trends in the blogs in the past two months – Navigating the New Normal, Live a Little, Generation Go, the Ride of Shared Value, Food as the new Eco-Issue and Marriage Optional. At the center of several of them are the common themes of continued economic uncertainty, new technologies and the idea of shared responsibility.

8. Screened Interactions – Screens are becoming increasingly common and as they become more and more interactive, consumers are becoming more accustomed to using them to communicate with their favorite brands. For example, several major retailers  offer screens in their stores to provide further information on specific products or as a way for customers to browse their catalog while on site. Restaurants are also offering menus on screens and asking for immediate diner feedback while still sitting at their table.

9. Celebrating Aging – Because of healthier living habits and medical advances, people are living longer and therefore redefining the meaning of “old age”. Baby Boomers are providing a new and unique market of active, interested and savvy consumers with money to spend, unlike any other time in history.

10. Objectifying Objects – Increasingly, digital versions are replacing formerly tactile objects. Newspapers are being replaced by online news feeds, books are being replaced by Kindle versions and catalogs are being upstaged by Pinterest. However, physical things still have value and can accompany digital property to increase perceived value. For example, there is an app available that creates postcards from photographs so users can “post them on the refrigerator or at work”.

You can read more about these trends at the JWT report.

The Ten Trends that Will Shape the World are very diverse. How do you see these last three applying to your business?

Kristy Yule – In 2013 I resolve to focus on learning from others.

• Read, digest & apply - Each week I will set aside time to review new and relevant research/articles and apply my learning to growing business for my clients and for 10K Marketing.
• Get out of the bubble – between handling clients, prospecting, writing blogs, well you get the picture.  I am resolving to engage other small business owners this year and share with you what they’ve learned. You can look for a monthly post here on our blog.

Bev Day – There is an old saying that salespeople use that says “He who talks first loses.” It refers to the time after the salesperson states their final price, but before the customer responds. The point of the saying is to emphasize the value of listening. One of the most pleasant sound to everyone’s ears is the sound of their own voice. But the majority of the time, it’s more critical to listen, and that’s a lost skill. So my two small business New Year’s resolutions both revolve around listening.

• Connect with customers – listen to them as they discuss the challenges they face.  The more I understand my customers, the better I will be able to improve services to sell to them.
• Invest in and listen to employees. Train and retain – that’s the mantra of successful small businesses. Every time an employee leaves a company, they take with them hours of training and much more. Smart employers know their employees are one of the biggest investments they make, so grow and develop that resource thoughtfully.

Emily Barahona – My New Year’s resolutions for 2013 revolve around knowing what you believe in.  As Simon Sinek discovered, “people don’t buy what you do, they buy why you do it”, which means that the goal shouldn’t be to do business with everyone who needs what you have, the goal should be to do business with people who believe what you believe.  The sweet spot in business is when you do what you do because you are motivated and inspired by your purpose, your employees work for you because they too are behind your cause (not just the paycheck), and your customers keep coming back because they too believe in what you believe in.   So, I resolve to help my clients do the following…

• Define your “Why”.  What’s your motivation, purpose, cause, reason for existing?  Do your customers’ beliefs align with what you believe in?
• Adjust your business to be driven by your “Why”.   Adjust your branding to communicate the why that you and your customers believe in.  Determine if your current employees are also motivated by the same why, get the team behind it, and then only hire future employees who also believe in what you believe in.

We listed three trends in last month’s blog – Navigating the New Normal, Live a Little, and Generation Go. This month we’ll cover four more and the final three will be included in a January blog. At the center of several of them are the common themes of continued economic uncertainty, new technologies and the idea of shared responsibility.

• The Rise of Shared Value – Corporations have long made charitable contributons part of their public relations plans. In the future, however, the strategy will            change to include the goal of achieving some type of social progress as part of the core business strategy.  Rather than just make a monetary contribution and have corporate involvement end there, companies will continue to evolve toward a “Shared Value” strategy which says that generating profits and achieving social progress aren’t exclusive.
•  Food as the New Eco-Issue – According to Ann Mack, research shows that the environmental impact of our food choices will become a more prominent concern as awareness is raised around the issue. Consumers will begin to rethink what kind of food is sold and how it’s made. Smarter practices will become particularly relevant as more regions battle with food shortages and spiking costs.’
• Marriage Optional – A trend driven mainly by one gender – women – Marriage Optional identifies a choice that is growing in popularity. More and more women are choosing other options besides marriage, including remaining a household of one, living together rather than marrying or becoming a single mother.
• Re-engineering Randomness – Mack’s research shows that a greater emphasis will be placed on reintroducing randomness into our world as the types of content, experiences and people we are exposed to become more personalized and niche. There will be a focus on discovery and inspiration and including different points of view in our world.

You can read more about these trends at the JWT report.

Look for the third blog identifying the final three trends in January.  And let us know – what do you think of these four trends? Do you agree? Can you think of any other examples of the trends we’ve reviewed so far?

desi.italy

In my business, I often hear people use the terms “marketing strategy” and “marketing tactics” interchangeably. However, they are very different.

According to Webster’s Dictionary, strategy is defined as “A plan of action, especially for attaining a goal.” A tactic is “a means to attain a goal.”

When I’m explaining the difference between marketing strategy and tactics I always start with the three Ws: What, Who & Where.

A marketing strategy begins with a goal. What are you trying to achieve? More sales? More awareness? Better customer satisfaction?

You need to be able to articulate what your need is before establishing a strategy.

Once you have identified your goal, you need to make sure that you identify your target market. Is it the end user, other businesses, the media, and/or municipalities?  Understanding who you are talking to will help you determine the right method and language to communicate with them.

Once you’ve identified your audience you can begin to develop a plan to reach them. This is the Where. Where is your audience? Where do they get information? What is the best method for reaching them? The plan should include how you will talk to your audience, where you will try to reach them and goals for each medium.

Let’s look at an example.  If our goal is to increase sales by 15% over previous year’s sales, we could develop two different strategies.

Marketing Strategy: Increase awareness in marketplace

Tactics: Often advertising is the tactic used to increase awareness. Advertising options include online, print or events.

Marketing Strategy: Increase purchases from existing customers

Tactics: Efforts could be focused on e-blasts and event marketing to your customer database.

This assumes that you a) have a customer database and b) you have been able to segment your customers. (See our earlier post on the importance of customer segmentation).

Either of these strategies could help you achieve your stated goal of increasing sales by 15%. However the tactics, and possibly the amount of investment, would be very different.

Hopefully you have a better understanding of these two terms and how to use them  in your marketing plan to achieve your business goals. In an earlier post I discussed the importance of developing a marketing plan in order to achieve maximum sales. Strategy and tactics are key components to any marketing plan.  If you’d like help developing a Marketing Plan and strategy, please contact us to set up a consultation.

“Keep calm and carry on” has become a popular phrase that summarizes the British characteristic of “keeping a stiff upper lip”. And some would also say that’s also an effective way to treat employees. But is it really? Here a few blogs that provide suggestions on how to maintain good employee morale.

Seven Ways to Boost Employee Morale– Provides an excellent lesson in the importance of creating passion. The advice isn’t so much “keep calm” as “inspire, create passion and celebrate”. Feeling their work has a higher purpose is critical to building employee morale. Celebrating successes – publicly – and offering schedule flexibility also will go a long way toward keeping employee morale high. And you can even offer classes to improve morale by reviewing inspirational stories and discussing them as a team.

Nine Surefire Ways To Destroy Employee Morale – Call employees out in public? Micromanage? Set impossible goals? If any of those sound familiar, you might want to start checking with your employees about how enthusiastic they are to be working with you. This article offers some very common ways that employees can be given the message that they are not important. In this case, the “Keep calm” phrase works – for the employee. And only until they can get another job.

How to Criticize Employees – Six Rules – Believe it or not, providing criticism in a constructive and thoughtful way can be a great tool for building employee morale. Criticizing employees can be one of the most difficult responsibilities a supervisor has but there are several ways to make it easier on both sides, writes Geoffrey James in Inc. online. Providing information on performance throughout the year rather than waiting for an annual review, creating a conversation rather than a one-way communication and providing negative feedback in private are just a few of the ways to use criticism to help grow your business.

“Keep calm and carry on” might be an effective management philosophy but, in terms of creating good employee morale, you might be better served if you remember, “Enthusiasm can be contagious – especially if coupled with a nice bonus”.

What do you think? Does “Keep calm and carry on” work for you? What other ways have you found to build employee morale?