Archive for January, 2008

Courage, Faith, and Confidence

Wednesday, January 30th, 2008

By Dean Whittaker

Are we headed for an economic recession or merely a slowdown of our current rate of growth?  According to George Erickcek, an economist with the Upjohn Institute, it will likely be a slowdown.  George pointed out that our economic strength lies in our well educated workforce with strong engineering and manufacturing skills.

The housing sector has been extremely hard hit as the sale of new homes has hit an all time low. The ripple effect is impacting other industries, such as appliances, and home furnishings. The Commerce Department reported this week that sales of new homes dropped 26.4 percent last year to 774,000. This is the worst sales year on record, surpassing the old mark of a 23.1 percent plunge in 1980.

Business, like life, is cyclical by nature. We often think about the economy in a linear fashion, believing that current trends will continue indefinitely. If we can match our behavior to these natural cycles as closely as possible, we can accept change with equanimity.  When growth slows and the economy declines, we need to remind ourselves of the cyclical nature of business and calmly act by adapting to the change rather than fearfully react.

Courage, faith and confidence are three words missing from the media’s disaster version of economic events. Our leaders need to help us focus on the future, steering us through these economic storms when they occur. Long-term vision and understanding will help us remain calm and focus on our opportunities rather than fall prey to media-driven fear, uncertainty and doubt.  It is a time for us to come together and support each other, helping those in need. This is what we do best as a community.

The Federal Government is preparing to “stimulate” the economy in the short term by borrowing another $150 billion through the issuance of treasury bills.  These treasury bills will likely be purchased by our Chinese bankers so that we have an opportunity to buy more Chinese goods.

What if we instead set an example by spending our stimulus windfall locally, where it might have an impact in the long term?  We could invest in our educations, purchase goods and services from local merchants, or pay down our debts, freeing up more capital in the long term and investing in our own futures.  Let’s keep our “tax refund” at home and let it re-circulate in our local economy rather than spending ourselves further into debt as we send more wealth offshore.

Building Relationships: The Need for Content

Wednesday, January 30th, 2008

By Todd Smithee

Over the last several months we reviewed a number of keys to developing long-term, profitable relationships.  We discussed the importance of having well-defined processes for maintaining regular communications with potential customers.  We also reviewed the importance of utilizing technology to organize and manage communications with your prospects.  The next key is content.  What do we say to our prospects now that we have a well-organized method of communication?

As you have probably heard, relevant content is king.  Regular communication that delivers irrelevant content will not help your cause.  In fact, it will likely make you appear out of touch with your prospect, increasing the chance that they will delete your email without reading it or let your call ring to voice mail.  To address this issue, you need to identify what is important to your potential client.  You can do this by letting them to “opt-in” to future communications, allowing the prospect to tell you what information they find desirable, through a web form or by asking them during your next call.  You can also review their industry and trade associations for relevant topics.

Once you have gone through these steps you will have the ability to deliver useful information to your potential clients, increasing your “top of mind” awareness and the likelihood that they will call you the next time they could use your products or services.

Becoming Your Own Brand

Wednesday, January 30th, 2008

By Joel Burgess

According to clinical psychologist Judith Sills, Ph.D., thinking of yourself as a “Coke” or a “Wheaties” helps you take control of your future in a rapidly shifting marketplace. The idea of developing a personal brand addresses what she calls a hard professional reality. The reality is that for a successful long-term career, a person must look within to take care of themselves rather than rely on a company to take care of them.

What is a personal brand? Crafting a personal brand is about reputation and it is the professional identity you create in the minds of others.

What does it mean to brand ourselves? By branding ourselves we become distinctive and desirable to managers, clients, and/or potential employers. Personal brands may mean something different to different individuals. However, the idea essentially boils down to:

  1. Emphasizing the importance of establishing niche expertise through visibility and recognition.
  2. Sending clear signals regarding key attributes such as consistency, reliability, creativity, etc.

Why is branding ourselves important? An effective personal brand not only allows a person to successfully fill a job role, but more importantly, allows one to identify with the bigger company picture and goals. In addition, developing this brand facilitates personal marketability, an advantage in a rapidly shifting business environment.

How can an effective brand be developed?
Dr. Sills offers a few insights:

  1. Participate in visible events – such as speaking engagements.
  2. Make yourself known – do your homework and share what you know.
  3. Be consistent – understand what you are delivering and deliver it again and again.
  4. Update your resume annually – a current resume helps you remember your accomplishments from the previous year and allows you to focus attention more closely on the brand you are building while giving you a clearer sense of your larger goals.

What are some cautions in developing a brand?

  1. Avoid making your niche of expertise too narrow – also known as the pigeon-hole effect.
  2. Avoid appearing egotistical when making yourself known – learn when to admit that you don’t know something.
  3. Make sure the shoe fits – do not brand yourself as something you are not.

Source: January/February 2008 Psychology Today
Author: Judith Sills, Ph.D

Creating Jobs Through Green Alternatives

Wednesday, January 30th, 2008

By Jami Miedema

While many are talking about unemployment and layoffs in manufacturing work, one industry is experiencing rapid growth throughout the country.  This booming, prosperous industry is alternative energy, and it may be the answer to helping not only our environment, but our economy as well.

Throughout the U.S., there is great potential for wind energy options, especially on our coasts, in the West, and the Great Plains states.  Also, according to the Department of Energy’s website, www.doe.gov, there’s large potential for solar energy that covers a vast area of the Southwest.  Both alternative energy industries have been seeing growth in production and investment in recent years, and further expansion will increase the need for skilled workers in these industries.

Randall Swisher, executive director of American Wind Energy Association, told The Associated Press that nearly 500,000 new jobs in the wind industry would be created in the next 20 years.¹  This means that jobs related to the manufacturing, construction, and supporting operations of these sectors will be on the rise too.

Some roadblocks may hinder this expansion as tax breaks expire and training programs to educate workers with necessary skills are lacking.  Without assistance, it may not be profitable to pursue green alternatives.  Even so, many are confident that this flourishing industry will be the answer to restore lost jobs across the nation.

1.“Green collar jobs seen as prosperous.” The Associated Press.  www.msnbc.com/id/22968263/

Not Just Coffee: Starbucks’ Rise to Success

Wednesday, January 30th, 2008

By Maria O’Connell

An average of six new Starbucks cafés open in the world each day. In fifteen years, Starbucks has not only seeped into 37 countries and all 50 states, but has grown from100 stores to 13,000. The chain serves about 40 million customers each week, giving jobs to 25 million coffee farmers. Starbucks infiltrated the American landscape more quickly than any other company in history; it was rated by Interbrand as the fourth-most effective brand in the world, after Apple, Google, and Ikea.

Fascinated by Starbucks’ rise to fame, Taylor Clark, a freelance journalist from Portland, Oregon, recently released his first book–Starbucked: A Double Tall Tale of Caffeine, Commerce, and Culture. In it, he creates a detailed picture of Starbucks’ road to success, explaining how the organization integrated its way into society so effectively and so quickly.

Taylor claims that the secret behind Starbucks’ appeal is the incredible amount of control it exercises over its image. All decisions start and end with the company’s ringleader, Howard Schultz. Everything at Starbucks is planned. It is not just a Starbucks’ coffee that you get when you walk through the café doors; it is a Starbucks’ experience.

It was after careful psychological research that the company first decided to have white cups with green writing, “tall” lattes, natural materials, and round tables. Starbucks interviewed hundreds of coffee drinkers, seeking what it was that they wanted from a coffee shop. The overwhelming consensus actually had nothing to do with coffee; what consumers sought was a place of relaxation, a place of belonging. They sought an atmosphere.

The round tables in a Starbucks store were strategically created in an effort to protect self-esteem for those coffee-drinkers flying solo. After all, there are no “empty” seats at a round table. Service counters are built out of natural materials like warm woods and stone, rather than plastics and metals, to create a homier atmosphere.

Instead of ordering a “short” coffee or tea, one orders a “tall” at Starbucks.  The company intentionally formed their own coffee lingo, which by now could be recorded in a dictionary of coffee terminology. The terms “tall,” “grande,” and “venti” are the size options that Starbucks offers. The company was correct to assume that once their customers learned the lingo, other coffeehouses, where you must choose from a small, medium, or large, would make them feel uncomfortable and out of place. Starbucks’ coffee lingo gives the customer a chance to escape from American monotony and experience a charge of European sophistication.

Not surprisingly, the white and green Starbucks’ coffee cups were deliberately designed as well. These cups were created to be a walking advertisement for the company. Evidenced by more than 2 trillion customers each year, it worked.

Starbucks also has other branding secrets. The company will never discount drinks. Schultz is all about the image. He makes the point that you would never see a “buy one, get one free” deal on a Jaguar. In an effort to create brand prestige, he refuses to allow discounts. In addition, print ads for Starbucks often thank customers for their support of specific humanitarian concerns, such as tsunami relief. Starbucks donates money to many social causes. Thus, people are not only buying coffee or enjoying a relaxing atmosphere, they are also positively contributing to society.

The creation of Starbucks is a true story of success. Its marketing techniques have and will become an example to retail stores around the world. Undoubtedly, the Starbucks brand has been imprinted into history – making it one of those companies that will never disappear.

Starbucks Fact: “Contrary to popular belief, Starbucks actually boosts sales to nearby mom-and-pop coffee shops.”

For more information, please refer to Taylor Clark’s Starbucked: A Double Tall Tale of Caffeine, Commerce, and Culture.

Twitter.com

Wednesday, January 30th, 2008

By Jim Bruckbauer

The question, “What have you been up to?” may soon find its way out of our vocabulary, if the growing popularity of twitter.com makes it the next staple of Web 2.0

Twitter is a free social networking service that allows users to send “tweets,” or text-based messages up to 140 characters long, to the Twitter website. The updates are displayed on the user’s profile page and then delivered to other users who have signed up to receive them. The updates can be sent to another user’s Twitter page, e-mail, or even mobile device. But don’t worry–users also have the option of restricting the delivery of their messages to their followers alone.

The general idea is to send an update of your current activity. For instance, I may type “meeting Sara at Coffee Joe’s”; my “followers” would then know where they can find me for the next little while. Recently, my coworker twittered about what project he was working on, so I could more efficiently plan my day. From his Twitter page, I also know what one of my customers has been going through the past few days, so the next time I see him I can act accordingly.

Twitter combines two trends that satisfy the needs of the Web 2.0 generation–information feeding and personal transparency. We are increasingly becoming a society where news and alerts are being sent to us digitally. Why not include information about what those close to us are doing? Strangely enough, even repeated digital encounters with another individual can be the basis of developing trust and friendship.

Many may argue that twittering is an unproductive use of your time, since you could get caught up in following your favorite celebrities or presidential candidates in real-time while putting aside your own important tasks.

But others strongly disagree, claiming that Twitter is a great communication tool, even in the workplace.  It can keep you on-task with co-workers and help you better communicate with clients. Some Twitterers will post questions on the site to receive immediate answers. Industry experts can post articles or other information that may be relevant to certain followers. The Los Angeles Fire Department even used Twitter to update the community about the forest fires of 2007.

More useful tools are being added to the application every day.  Twitter.com/rfm (Remember the Milk) allows users to set up a to-do list and have reminders sent to their mobile device at any future day and time. You can also Tweet What You Eat by logging your food intake into Twitter.com/twye and have the program add your daily calories.

There will always be skeptics of all the tools of Web 2.0, but I would encourage you to discover how effectively these tools can benefit you and those around you. Twitter may just work for you.

“…..just finished article about Twitter”  – 01:15 pm on January 28 by Jimbruckb

Whittaker Welcomes Vidhan S. Rana, Research Analyst

Wednesday, January 30th, 2008

By Vidhan Rana

Vidhan began working part-time at Whittaker Associates in January, 2008. His primary responsibilities include gathering and analyzing data on targeted companies to predict change and using statistical analysis to improve the lead qualification process used by the company. He is also creating a database of companies from emerging markets currently or potentially looking to expand in North America.

Vidhan is a senior at Hope College, where he is majoring in Economics and Management. Vidhan grew up in Kathmandu, Nepal, where he finished high school before moving to the United States in the fall of 2004. As a student at Hope College, Vidhan was the president of Hope’s Asian Perspective Association, a minority student group on campus, and is serving as the public relations officer of the Baker Scholars, an honors group for business students.

Vidhan is also involved with the Santi School Project, which is building a primary school in Ramche, a rural village 100 kilometers northeast of Kathmandu. The school will be operational by June 2008 and will enroll around 80 students in its first year. Most of these children have never been to a school before.