Business and the Writing on the Wall

What does what you say about your business say to your customers? Can they read the writing on the wall?  If customers can’t quickly understand just what you are offering them, it’s likely you may never get the chance. No matter what your business  is or how big or how small, the way you tell your story is  key to success.

 

See more Other Cartoons

 

We have many ways to share our message.

As business owners, entrepreneurs, leaders and marketers, we have more tools at our disposal than ever before.  Social media, the web, email, print, TV and radio all come together to extend our message to a wider and wider audience.  The question is, when we reach our target audience, is our message clear… or cryptic?

The RIGHT message answers 5 basic questions – Who, What, When, Why, and How.

• Who are you and what do you stand for.  This is the primary reason we have core values and brand messages.  Make sure that yours is clearly stated and repeated often.
• What are you offering.  It is amazing how often I see an ad or message and there is no clear value statement.  If I do not know what you have to offer me then how will I know if I want it?
• “When” comes next.  Your when is a call to action.  Is this a limited offer?  Is there an incentive for acting now?  Develop a sense of urgency so I, as your customer, can take you up on your offer.  Mediums like electronic retail (the QVC/ShopNBC/HSN networks) and Direct Response (the infomercial crowd) have this down to an art.  They clearly state the “who” and the “what”  with a compelling ACT NOW messaging strategy.  This is  the art of timing.  Just remember, when you call your customers to action, be sure you are ready to deliver.  Otherwise, you just frustrate of confuse them and they will not be listening when you reach out again.
• The why is a two part process.  First communicate WHY you have the right product or service for your customer.  This is not about you, it is ALL about them.  Why is your product better for them?  Why is your product  different or better than their other alternatives?   Why do they want to buy from you right now?  Secondly – be sure to keep the promises you made in your Who, What and Why statements.  The first customer experience may be a result of your marketing prowess, but customer experience will be WHY they come back to buy from you again.
• This leads us to the How.  When you put the writing up on the wall, be sure that you clearly state… How to reach you. How to buy from you. How customer’s can use your product or service to the customer’s advantage after the sale.  If there is no evidence of a how, I may not buy.  If there is no results from your “how” after the sale, I definitely won’t be buying again.

So get your message out there and make it easy for me to understand. 

I just might have a need for what YOU want to offer.  Just keep in mind that customers like me are busy and you are not my highest  priority…yet.  Creative marketing campaigns or messages may capture my attention but if you do not clearly communicate the Who, What, When, Why and How you may have succeeded in entertaining me, but you have failed in your primary goal…engaging me as a customer today and tomorrow.

Thanks for stopping by.  Stay tuned…

Joan Koerber-Walker

 

Joan Koerber-Walker is a two time Stevie Award National Finalist and Chairman of the Board of CorePurpose, Inc. and the Opportunity Through Entrepreneurship Foundation.  She also serves as Executive in Residence for Callaman Ventures and on the boards of for profit and nonprofit organizations.  As the former CEO of the Arizona Small Business Association and a past member of the Board of Trustees of the National Small Business Association she has worked with hundreds of  businesses and on behalf of thousands.  She believes that when you combine leadership with innovative products and services you get results.  With the support of a great  team at CorePurpose she helps client companies of all sizes do just that.  Chat with her on Twitter as @joankw, @JKWgrowth, @JKWinnovation, @JKWleadership and@CorePurpose , at her blog at www.JoanKoerber-Walker.com or by email by clicking here.

Success Tip: Check out the BIG Game

Today is the big day, Super Bowl XLV.  Folks will be donning green and gold or gold and black.  Friends will gather around TV sets across the country gobbling up things they know that should not eat and for this one day of the year the DVR is set not to skip the commercials, but to catch them for instant replay.

Teams have sweated and toiled.  Investing  millions for their time in the global spotlight.

Closed door meetings, strategy sessions, the big chase, and surprising twists… all come together on Super Bowl Sunday.

 

Chevy provides a behind the scenes look at the drama and strategy of creating a 2011 Super Bowl commercial.

Oh yeah, there is a football game too.

In business, every day is Game Day.

Most of us will never field a team in the world’s most  famous grid iron match up or take the leap to bet around $3 million for a 30 second spot in its commercials although GoDaddy’s Bob Parsons will gleefully tell you what they have done for his team’s business.

It’s not a bet if you know the outcome ~ Bob Parsons

As entrepreneurs, investors, leaders or teammates, success in the BIG game means that every day is game day.  Here are a few things to keep in mind as you watch from the stands or from the couch…

It starts with a coin toss – it does not end there.

Success always has en element of luck to it. Good luck may move you forward faster just as bad luck might slow you down.  But being lucky early does not ensure success. Here is a bit of Super Bowl Trivia:

The team that has won the coin toss is 19-22 all time in the Super Bowl and has lost the past 4 straight and 9 of the last 11. (source)

To win in the big game you need a great team

Don’t kid yourself.  The team with strong players, that plays well together has a definite advantage.  Great teams are balanced.  In football you can have a great quarterback, but if you have no offensive line it is unlikely that you will spend a lot of time in the end  zone and if your defense is weak, the other team will.  Successful teams have the right mix to do the whole job, not just one or two super stars intent on carrying the day.

Give the fans something to talk about.

Winning the big game is about the experience.  In football it is the thrill of the win, the roar of the  crowd and the play that fans will talk about for years to come.  In business it is the achievement of goals inside your company, the praise of customers when you deliver on your promises, and the great results  you deliver to your employees, customers, investors, and partners that keep you ahead in the game.

Innovation = Improvement

Don’t confuse flash and showmanship with innovation.  The victory dance in the end zone is not nearly as important as the fact that you got there and need to get there again to win.  Commercials are entertaining at the break, but the real win will be measured when customers walk through your door or visit your website to buy your products and services.  A bit of flash may bring them in once, but products and services that are new, different, and create value for the  customer are what will bring them back again and again.

Success is not built on just one game.

The Pittsburgh Steelers and the Green Bay Packers are playing in Super Bowl XLV because they won a series of games and more importantly they won when it counted.  Winning at the right time matters, just ask the Jets and the Bears. 

Football is more that a game, it’s a big business. And winning in the world of business is a game where the points are measured in value created.  Take a look at this ranking by Forbes of the most valuable NFL Teams.  You’ll need to keep searching all the way down to #14 for Green Bay and #17 to find  the stats for the Steelers.   Sustained value is a combination of smart investments, the right resources plus  a strong team in the front office, on the bench and on the field that creates long-term, sustainable value together.  Interestingly, the Redskins have one of the best track records for value creation in recent years yet they have LOST 55% of the games they played on the field. It’s not just about winning under the lights, everything matters.

So sit back and enjoy the game…

The Super Bowl is an American tradition.  You may watch it for the game, for the commercials,  or simply as a way to spend time  with family and friends.  But as you dig into that pile of chicken wings, tray of nachos or bowl of chili, keep a look out for the big game changers.  You might have something new to talk about at the office come Monday morning when all the “quarterbacks” come out.

So place your bets, rally your team, and enjoy the game.  It’s almost time for the coin toss whether the Big Game starts at 6:30pm ET on FOX or come Monday morning when you and your team take the field once again.

Thanks for stopping by.  Stay tuned…

Joan Koerber-Walker

Success Tip: Know what you want to be…and why

Whether you are charting the course for your personal career or the path your company will follow, there are two questions that have a significant impact on future success:

• What do you want to be?
• Why you want to?

Andertoons Family Cartoons

Mark Anderson’s cartoon may make us smile at the perspective of children on a playground – but the bigger question is one that as adults many of us struggle to answer or even are afraid to when we honestly assess career or company.

Let’s look at it from the personal and business perspective:

In your career:

Is your primary goal focused on money or personal satisfaction?

When you tell people what you do, are you proud of it?

If you could do ANYTHING, would you be doing what you do today?

If you were asked WHY you do what you do – would you be happy with the answer?

Would you want your children to follow in your footsteps?

These questions may sound basic, but when you consider that we spend 5 out of 7 days …or more in our chosen careers, it’s worth giving some real thought.

In your business:

Is your primary goal focused on the bottom line or a broader mission?

If an outsider was asked what your company is all about, would it match what you  say internally?

Management jargon aside – what business are you REALLY in.

Do you and your team have what they need to achieve your mission?

Are you a leader in your industry or space?  Do you even want to be?

Is your goal to innovate and push the boundaries of your industry or are you better positioned to follow trends.  (There are draw backs and benefits to both.)

If you could only invest in one company in the whole world – is this the one you would choose – and why?

If you asked  a random 10% of your employees these same questions, what do you think their answers would sound like?

What do you want to be… and why?

Here’s how I answer these questions:

For myself, I am what I want to be… a business builder.  The title does not matter as much as the work.  Seeing a company or organization that has  great potential and can lead in its field and helping it get there makes the hard work and risk worth while.  Some might call this entrepreneurial, others call it corporate leadership. To me, the process of identifying opportunity, creating the structure and delivering value for customers, employees, investors and partners in a way where everyone benefits excites me.  It’s who I am and what I do well. 

Why do I do it?  I cannot imagine doing anything else. 

At CorePurpose, we do the same things.  By providing services and solutions that build businesses and working with others to help find the answers to THEIR questions, we help them create value for their customers, employees, investors, and partners and create value for ours too.  

Why do we do it? Because we chose for our team people who are the best at what they do and share a belief that businesses grow when they can ask the right questions… find the right answers…and act on them.

Feel free to share the answers to yours in the comments below. 

They may sound simple, but if you really think hard …and honestly, you might be surprised by what your answers are.

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

About the Joan:

An entrepreneur, author, speaker and corporate advisor, Joan Koerber-Walker’s journey has spanned from corporate America to entrepreneurship and non-profits as well as to community leadership and into the halls of Washington D.C.   To learn more about how CorePurpose and the CoreAlliance can help you grow your business in 2011, you can contact her by clicking here.

CorePurpose  is a registered trademark of CorePurpose, Inc.  CoreAlliance is a  service mark of CorePurpose Inc.  All rights reserved

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The Success Tip: Dream then Deliver

We all dream.  Without dreams there would be no innovation, no entrepreneurs, no purpose.  From our dreams come vision, inspiration and hope.  But dreams are not enough.  To move from the world of dreams to the reality of success, you need to deliver.  Otherwise you just keep dreaming and never get to see your dreams become real.

In dreams begins responsibility. – William Butler Yeats

As entrepreneurs and as innovators we are in the dream business.  As leaders, we share our dreams and encourage others to believe in them to.  This, as Yeats shared, brings with it responsibility.  Daring to share your dreams means committing to do everything in your power to make them happen.  It also brings the obligation to be very clear in what is illusion and what is fact. When others depend on your dreams for the basis of theirs, you better be ready to deliver. There is nothing worse that having to explain yourself to a disillusioned dreamer who believed in YOU.

If you can dream it, you can do it. Always remember that this whole thing was started with a dream and a mouse. – Walt Disney

Too often I hear people quote Disney, but they only use the first part of the the quote.  It sounds so good to say and hear: “If you can dream it, you can do it.” The reality is that while Disney is arguably one of the most creative innovators of the last century, he was also gifted in the art of delivery.  The second half of this famous quote is critically important. Note that he said that it “started with a dream and a mouse.”  It did not end there.    Disney worked tirelessly to build his business, create a vision, recruit top talent to make things happen, and monitored quality of delivery every step of the way.  Disney was not just a dreamer, he was a doer.

Let go of the past and go for the future. Go confidently in the direction of your dreams. Live the life you imagined. – Henry David Thoreau

What you accomplished in the past is the basis for your experience and that’s about it.  Whether you are sharing your professional history in a resume or sharing your company strategy in a business plan, the message needs to clearly state what you can and will do.  That is what employers are hiring you for, what investors and customers put their money behind, and what employees buy into.  Dreams, imagination, and vision may get people excited, but a solid plan and clear direction lead to follow through.  Focus on how you will deliver and do it. That is what it takes to “live the life you have imagined.”  

The best way to make your dreams come true is to wake up. – Paul Valéry

We all dream.  Success comes when we wake up, get moving, and deliver.

Thanks for stopping by.  Stay tuned….

Joan Koerber-Walker

A note about the quotes you read here. 

Each of the quotes you read in this post where selected not just for their message but for their authors.  Each is linked to a bio you might want to read.  Yeats won the Nobel Prize for Literature in 1923 and was active in both the arts and the changing times of his native Ireland.  Disney turned dreams and imagination into what is today a global entertainment and media empire.  Thoreau championed ecology and environmentalism over 150 years ago. Talk about a “green” pioneer.  Valéry was a celebrated writer, champion of the arts and advocate for academia and the sciences.  At one point in his life, he took a 20 year hiatus from writing.  When he ended his ‘great silence’ and woke up, he published a work that has been lauded as one of the greatest French poems of the 20th century.

About the Joan:

An entrepreneur, author, speaker and corporate advisor, Joan Koerber-Walker’s journey has spanned from corporate America to entrepreneurship and non-profits as well as to community leadership and into the halls of Washington D.C.   To learn more about how CorePurpose and the CoreAlliance can help you grow your business in 2011, you can contact her by clicking here.

CorePurpose  is a registered trademark of CorePurpose, Inc.  CoreAlliance is a  service mark of CorePurpose Inc.  All rights reserved

 

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Free – Isn’t

There is a lot of talk about all of the things that you can get for FREE these days.  Not surprising in an era where budgets are stretched and we are all looking to get more for less.

Last week, I had the pleasure of listening to Lon Safko, co-author of the Social Media Bible speak to a group of counselors from SCORE and the SBDC as a prelude to Greater Phoenix SCORE’s Social Media Event this January 14th and 15th.

During his presentation, Lon kept emphasizing the reasons, excellent ones BTW, that businesses need to pay attention to and utilize social media.  And repeatedly he punctuated his message with a continuing theme…Oh Yes!  It’s FREE!

But is it?

While access to these new social media platforms is free or in the case of some emerging premium products relatively inexpensive, let’s look at some of the costs.

FUNDING and Economic costs

Based on reports from Tech Crunch, the four most prominent platforms in their categories (Twitter, Facebook, LinkedIn, and Google) raised over $1 Billion in equity funding to get to where they are today.

• Twitter is free – $160M in funding to date according to this time line from TechCrunch
• Facebook is free – $716M in in funding to date according to this time line from TechCrunch.  With over 350 MILLION active users worldwide (if you are a demographer an interesting side note is that if Facebook users were a nation, they would now have exceeded the population of the United States of America making the Facebook Nation the 3rd largest country in the world!) 
• LinkedIn is free (although new premium features carry a price)  – $103M in funding to date according to this time line from Tech Crunch. With more than 45 million users representing 150 industries around the world, LinkedIn is a fast-growing professional networking site that allows members to create business contacts, search for jobs, and find potential clients.
• Google Search and many applications are free.  The search engine activity has been estimated at over 2 Billion searches each day with a related estimate of 300 Million unique users daily.  Google received $25.1M in funding according to this time line from TechCrunch

And that does not take into account that these are simply mediums across which information is shared.  The platforms have no value without content creation – think people sharing information -  and that takes time.  If we estimate that a combined 1 Billion visitors spent just 1 hour on the platforms entering/sharing their content each year at MINIMUM wage of $7.25/hour – content creation across the platforms would cost $7.25 Billion dollars – and that is for only 1 hour per year at minimum wage!  Now think about what your time is worth?  How many hours have you actually spent?

There is no such thing as a free lunch.

We’ve all heard it.  Heaven knows who said first.  “There is no such thing as a free lunch.”  I’ll attribute this one to my Grandma, she may not have been the first to say it – but she was the first to say it to me.   Everything has a cost, whether in time, money, or the opportunity cost (what you could have gotten if you used your time and money in a different way.)   Until you truly understand costs, you can never calculate value since cost is a key component of the value equation.

Value = Benefit – Cost

The concept of a wanting a free lunch is pervasive today across our entrepreneurial and business communities – not to mention our society as a whole.  Whether the benefit is accurate information provided by media outlets, advice from thought leaders, time with business advisors, or creative content like books, films and movies – there is a growing perception that in the new information age, knowledge and content is free.  But if we continue along this line of thinking, we may begin to find it is just the opposite.

No need to buy the cow if you already have the milk.

This was another favorite “Grandma Quote.”  For those of you who are smirking, no this post is not going down THAT avenue.  This maxim took on an entirely new meaning when I moved from a salaried position in corporate America to the role of an entrepreneur whose livelihood and business was based on providing valuable information for a fee.

In the early years of my business, I was actively networking and sharing ideas.  Soon my calendar was filled with invitations for FREE coffee, FREE Lunches, FREE dinners where a new business friend wanted to ‘pick my brain’ or ‘share’ an idea.  But more often than not, all that came out of the exchange was a few more inches around my waistline.  Over those meet ups, I would answer their questions, offer contacts, help create solutions.  And more often that not, my potential new business evaporated.  They had gotten what they needed from me over lunch while all I got was a hamburger and a diet coke!

Then Grandpa, an attorney, came to my rescue with some simple advice.  “The first exploratory hour is FREE, after that you go on the clock. Your time and knowledge IS your business.  If you do not value it, no one else will either.”

I’ve gotten better over the years.  (Although, I have to admit that I still give away “gallons of milk” because I often share a lot of ideas in that first hour and enjoy connecting with new people or volunteering within organizations that help entrepreneurs.) But now, when someone asks to come back to the table for second, third or fourth helpings, I am a bit wiser about knowing when to graciously decline those invitations to just get together and ‘chat’ over lunch.

For as Grandpa helped me understand… if you can’t find a way to run a profitable business, the business won’t be around to help others profit.

Google has figured this out and is making money.  Eventually, the other social media giants will too.  Old media will need to learn to monetize their ventures in new ways and the new cadre of consultants emerging from the rolls of corporate layoffs will learn the same lessons I have.  There is no free lunch – especially when you are the one serving up all the free information.

Well enough of all this for now. I need to get to work.  Understanding how to use Google Apps for a new project is the next item on my To Do List today.  To quote my friend Lon… “and did I mention that – it’s free?”  Well except that it will probably take all my ‘free’ time for the rest of the week to figure it all out.

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

Technorati Tags: Joan Koerber-Walker,CorePurpose,Entrepreneurs,Consultants,Information Age,Knowledge Economy,Social Media,Twitter,Facebook,Google,Google Apps,LinkedIn for Business,New Media,Free Lunch,No Free Lunch,Greater Phoenix SCORE,SBDC,SCORE,Lon Safko,Social Media Bible

Entrepreneurs, What Would YOU Risk?

It was 30 years ago, that Summer between my Junior and Senior years of college.  I was living with my parents in Danbury, Connecticut and had started dating the boy across the cul-de-sac.  One Sunday afternoon,  we went out on our boat – Me and my Dad – and that boy and his Dad.  We were cruising around Candlewood Lake and anchored across from  “Chicken Rock”.  

“So, who’s ready to risk it?” – my Dad joked. 

Everyone was laughing but I was game.  I dove off the bow, swam to shore and started to climb.  I was game – but not crazy. I climbed to the mid point – about 15 feet up – and jumped into the lake.  As I was swimming back to the boat, my Dad started yelling and pointing at the rock.  I looked back just in time to see that boy.  He had climbed to the highest point – and dove in head first.  Dad even caught it with his camera.

Ya gotta love a guy that’s willing to risk it all.

I did. Five years later, I married him.

What, you may be asking, does this have to do with entrepreneurship?  Well, it’s not that different.  Many will tell you, at one point or another – you have to calculate the risk and take that leap.

Entrepreneurs are a rare breed.  We…

• assess risk
• weigh outcomes
• institute a plan
• execute it

And when we do it well – we reap the reward.

Sometimes when you take that risk – you end up building a really great business…

and sometimes when you take the leap – you get the girl.  :0)

Thanks for stopping by. Stay Tuned…

Joan Koerber-Walker

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The Generous Nature of Entrepreneurs

Entrepreneurs are dreamers, creators, innovators, and builders.  They come in all shapes and sizes, and have businesses that run the gamut from global ventures and high technology to localized products and services.   But if there is one thing that entrepreneurs have in common, it is their generosity and willingness to help others.  It’s probably because entrepreneurs understand what it means to strive, to struggle, and to work towards a dream.

Every year for the past 5 years as Chairman of OTEF ,  I have watched as entrepreneurs from Arizona and across North America gather at the Arizona Entrepreneurship Conferences to learn from each other AND to help OTEF, the Opportunity Through Entrepreneurship Foundation, raise the money need to fund programs that help at risk populations realize economic self sufficiency through entrepreneurship with classes, mentoring, and other resources.  To learn more about OTEF and it’s programs – click here .

But even after the ‘show’ is over, the continuous challenge of funding these activities continues. 

This week, we got yet another example of the generosity of entrepreneurs when the team at  Pillsbury Wine Company, reached out with a wonderful offer to help in furthering our mission.

Pillsbury Wine Company is the brainchild of Sam Pillsbury, award-winning New Zealand  and American film-maker (The Quiet Earth, Free Willy 3, Endless Bummer) and former co-owner of Dos Cabezas winery in Southeastern Arizona. Wine is his passion and Sam has done it all- from planting vines to serving Dos Cabezas wines at the White House. Dos Cabezas wines have received stellar reviews over the years and Sam is now ready to take his skills and experience in a new direction.

Sam is joined in the project by winemaker Eric Glomski, formerly with David Bruce and Caymus wineries in California and by Rob Dunaway, attorney/businessman, voted one of Phoenix’s top 12 business advisors in the New Times 2001 Readers Poll.Rob, also a founding member of OTEF’s board of directors, brought us a special opportunity and now I am sharing it with you.

Your Opportunity

It is the opportunity to support  the Opportunity Through Entrepreneurship Foundation this holiday season with a gift of wine to yourself, to a loved one, or for a valued business associate. In return, PILLSBURY WINE COMPANY, the hot Arizona Wine Company that critics are raving about, is donating 12% of the wine sales to OTEF.It’s really easy – just email LindseyHigginson@aol.com and let her know which and how many of the AWARD WINNING, FOOD ENHANCING RHONE VALLEY STYLE WINES  Pillsbury has to offer you would like to order plus  your contact information so Lindsey can get back to you and “This is for OTEF” to trigger the donation!Bottles signed by Sam Pillsbury can also be arranged.See this really is a great opportunity.  In one fell swoop, you get to help OTEF teach entrepreneurship skills to at risk groups as well as present great programs like AZEC09, plus you get access to wonderful, award winning wines, AND if you have not finished your holiday shopping – here’s your chance. 

The Wines of the Award Winning Pillsbury Wine Company

For your shopping pleasure – here is the list of wonderful Pillsbury wines…Pillsbury 2008 Rosé     $20Provençal style ‘onion skin’ pink with hints of watermelon, red cherry and strawberry on the nose, bright and refreshing in the mouth, with a clean finish. It will pair well with any light fare, especially salads, fresh fruit, and cheese and crackers. 94 Cases made. Alcohol 14%.‘Local Product of the Month’ Phoenix Magazine, August 2009.Pillsbury 2008 Pinot Gris ‘Casa Blanca’    $20We call this ‘Casa Blanca’ because the Pinot Gris made from these high altitude Arizona vines have twice been served at White House State Dinners. It has a nose of freshly chopped apple, followed by ripe peaches and apricots on the palate. It pairs well with salads, seafood or lighter chicken dishes. 230 Cases made. Alcohol 12.5%. Not yet rated.Pillsbury 2006 Roan Red    $24A blend of Grenache and Mourvedre with a small amount of Syrah and Petite Sirah, aged in neutral oak. Bone dry, unfined and unfiltered. Fragrant herbal nose with hints of lavender and honeysuckle. It has spicy ripe red-cherry fruit, with hints of vanilla and tarragon and an autumnal, forest-floor character, with a lovely long finish. Pair with pastas and lighter meat and poultry dishes. Alcohol 13.7%, 329 cases made.93 points. Mark Tarbell, AZ Republic (highest score ever given an AZ wine)Pillsbury 2007 Roan Red  $2493.2% Syrah, 6.8%Grenache. This Roan Red is different than the 2006. Our Syrah vines are an Aussie Shiraz clone we planted in the Arizona High Desert in 2000. This is an intense wine with a spicy nose, cherry/cranberry and dark berry fruit with silky tannins and hints of sweet walnut, cucumber and blood orange. Pair with lamb, pasta or robustly flavored chicken dishes. 186 cases made. Alcohol 14%. Not yet rated.Pillsbury 2007 Diva  $3664.3 % Grenache, 21.4% Petite Sirah, 14.3% Mourvedre. This blend is a Chateuneuf du Pape style blend, and once again made with our ripest fruit and matured for 15 months in neutral American and new French oak. A fragrant wine with suggestions of super-ripe wild strawberry, macadamias, tobacco and bitter-sweet chocolate with ample tannins, making it perfect for steak or barbeque and big rich casseroles. 173 cases made. Alcohol 14.5%.Gold Medal, 2009 Arizona Wine Growers Association Competition. 2006 Diva called Best Wine in AZ by San Francisco Examiner and Wine Spectator gave it 89 points.Pillsbury 2007 Petite Sirah.  $54This monster Petite Sirah was picked late at 28 brix and develops an intense, almost chewy chocolate-like quality and some real fruit complexity. We tend to avoid late-pick reds as the overripe fruit and high alcohol tends to obscure the complexity of the fruit, but Petite Sirah seems to come into its own when made like this. It is bone dry, has hints of intense black berry fruit, roasted cocoa, green apple, sweet blueberry, crème brulée and rose petal with big tannins. 30 cases made. Alcohol 15.4%.

Ya gotta love it!

Glorious wines from Generous People coming together to make life better for others. Like I started off saying – entrepreneurs are some of the most generous people I know.

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

Technorati Tags: OTEF,AZEC09,Opportunity Through Entrepreneurship Foundation,Arizona Entrepreneurship Conference,Entrepreneurs,Fine Wine,Pillsbury Wine Company,Joan Koerber-Walker,Rob Dunaway,Sam Pillsbury

Drawing a Crowd in the Cabbage Patch

I was scanning some articles online this morning when I cam across a fun one at How Stuff Works titled 23 Must-Have Toys from the 1950s and Beyond.  So I decided to check it out.  Of the 23 ‘must haves’, only Strawberry Shortcake never made it into either my or my children’s toy collection.  But it was the Cabbage Patch Kids that brought back the memory of how one innovative toy really drew a crowd.

Xavier Roberts was a teenager when he launched his Babyland General Hospital during the 1970s in Cleveland, Georgia, allowing children to adopt a “baby.” In 1983, the Coleco toy company started mass-producing these dolls as Cabbage Patch Kids. Each “kid” came with a unique name and a set of adoption papers, and stores couldn’t keep them on the shelves, selling more than three million of the dolls in the first year.

 It was just before the Christmas holidays in 1983, and my fiance Chris worked at Coleco, home of the Cabbage Patch.  EVERYONE was trying to get their hands on the little darlings – even employees.  The company had to even hold a lottery for employees to be able to purchase them.  So after months of lotteries, we had a small collection of six Cabbage Patch Kids ready for adoption. 

I really did not give it too much thought when I lined up the ‘Kids’ on the back seat of my car and left my home in South Windsor, Connecticut on a Saturday afternoon to drive down to see our families in Danbury, Connecticut.  But I got a real lesson on what it is like for an innovation to draw a crowd when I stopped at a McDonald’s along the way to get a Diet Coke.  The young girl at the drive thru window saw into my back seat, and exclaimed!

WOW!  Where did you get all those Cabbage Patch Dolls!

That’s all it took.  Before I had even been given my cup, my car was surrounded by Moms, wallets and checkbooks in hand, asking me what it would take to sell them “Just One.”  I explained that they were gifts and that they were not for sale, but finally the manager had to come out and move the eager Mommies away – before I could put my car in gear and make my escape from the drive thru.  I learned a lesson that day…

When an innovation capture’s the public’s imagination – it draws a crowd.

Over twenty-five years have passed and I have seen many innovative new products come and go.  Some are just a passing fad, but others have real staying power.  As an investor, I look for those companies with inventions or solutions that can make life better in one way or another.  Products or services that capture the imagination and can, with the right resources, literally draw a crowd in their chosen marketplace. 

Some of these companies have been in technology – like when Bernie Vonderschmidt, the first Chairman and CEO  of Xilinx, shared his vision of the next generation in silicon technology,the FGPGA, or when Dr. Michelle Hanna of RiboMed helped me to imagine a day when we could detect and treat diseases like cancer BEFORE it was too late and our loved ones were suffering.  Others have not.  But none of the innovations I have invested in have been toys.  Perhaps because I never got over the experience of being ‘mobbed by Mommies’ at McDonalds.

Thanks for stopping by.  Stay tuned…

Joan Koerber-Walker

Technorati Tags: Joan Koerber-Walker,CorePurpose,Innovation Quotes,Innovation,Products that capture the imagination,toys,how stuff works,Time Magazine 1983,Xilinx,Ribomed,

 

Valuing a Company

From time to time, I get involved in answering a tricky question.  “What is this company worth?”  Sometimes the question comes up when speaking to a business owner or executive who is truly trying to increase the value of their organization.  At other times the question is raised from someone looking for investors or buyers.  And then most importantly – I ask it myself when the buyer or investor might be me.

Years ago, in business school, I had great professors at the W.P. Carey School of Business.  They taught me the science of financial valuation and how to look at the opportunities  and systematic business risks that lie buried behind the balance sheet.  There where times in the learning process when I might have cursed my teachers for being so exacting, but the lessons they taught combined with the insights I gained from my fellow students were worth more than a pot of gold.

Measuring a company’s value falls into 3 categories

What it has – it’s assets

Assets can be real and tangible.  We all know about these: property, plants, and equipment plus firm contracts and money in the bank.  We can see it, touch it, count it up.  Other assets are intangible.  We know that there is some level of value, but measurement is often subtle, involving an estimation of the worth.  This can be a patent, a trademark, or a customer or prospect list that in and of it self has no hard value, but when put to good use can be converted to tangible assets in the future, 

What it lacks or  owes – It’s liabilities

On the other side of the equation are the liabilities.  Some are easy to measure and take the form of debt, contractual obligations, or other factors that reduce the company’s assets.  But there are other more intangible liabilities to factor in like adverse economic conditions, holes in the team, or a lack in organizational bandwidth – you know – too much to do and not enough resources to do it with.

What It promises – Its brand as an organization

And most important of all, I look at what the company promises to its people, its customers, its partners and its investors through its brand as an organization, PLUS  its ABILITY to keep those promises.

We all make promises, and most up us do everything in our power to keep them.  The question I focus on most closely is can the company turn promise into reality with its unique combination of assets and liabilities. 

• Does it have a clear and simple plan that the team can follow to keep the promises it makes? Are there clearly defined goals, strategies, tactics? Are there clear measurement milestones along the way?
• Does it have a culture that supports its team in achieving shared objectives.  It’s sad but true.  Objectives and goals that are not shared by the team are rarely achieved.
• Does it have the resources to give to that team so that they can execute on the plan? And if not – does it have the ability to get them?
• Does it use its assets wisely?  Is it investing in its people and its product to take and hold a leadership position in its markets  in the future?
• Does it look at its customers, supply chain, and investors as collaborative partners and treat them accordingly?
• Is leadership committed to keeping the promises it makes to the team, the partners, the customers, and the investors.
• Does every member of the team share that commitment?

The Value of the COMPANY

When I am done with the measuring, I add it all up.  What I then have is a valuation of the company in a form that they rarely teach in business school.  A clearer picture of whether the company can keep its organizational promise and create value as well as what it may to make that happen, and what I can do to help along the way.

Because, at the end of the day, the true value of any company is in the promises it makes, and its ability to keep them.

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

Technorati Tags: Joan Koerber-Walker,CorePurpose,Business,Business Tips,Valuation,Entrepreneur,Entrepreneurship,Investing,Investor

The Best Marketing Strategy Ever

A business owner asked me the other day, what was the best marketing strategy ever?  I did not have to think very long.  To me, the answer is Southwest Airlines in its early days.   In a day when Southwest was competing with industry giants to launch a new airline, they broke through and succeeded by demonstrating that they were the airline you wanted to fly by doing the following things.

1. They offered an affordable and valuable service.
2. They put their employees first and let them know it.  The Employees became their marketing ambassadors on EVERY flight and at every gate.
3. They empowered their employees to do what ever it took to make the customer experience both safe and enjoyable.  The employees felt good about being part of Southwest and that spirit was contagious.
4. They got people fired up about the service they were offering and encouraged them to tell a friend.  They mastered the art of the testimonial!

Combining silly slogans by peppy flight attendants with little things like birthday cards or free drink coupons, and ads that made you smile, Southwest integrated the customer experience into every step of what they did and how they marketed.  The rest, as they say, was entrepreneurial history. One friend told another – and they told someone else.  People chose to fly the fledgling airline to see what all the buzz was about.  They liked the experience, kept on flying, and kept on telling their friends.

I’ve been thinking about this – the creating of an experience  – a lot lately for two reasons. 

One is a company that I am hoping to become much more involved with.  They have an offering that will revolutionize their category in a way similar to what Southwest did to the airline industry.  As I look at what would be needed to do just that, I start to get really excited.  (You’ll have to stay tuned to learn more about this project….it’s a developing story.)

But the other project, is one that I can tell you all about.  It’s the Fourth Annual Arizona Entrepreneurship Conference or AZEC09.  For the last 4 years, I have worked with the team at OTEF (The Opportunity Through Entrepreneurship Foundation) to provide entrepreneurial training, support, and inspiration to at risk populations here in Arizona.  Programs have included helping women, who have faced huge challenges, start over and launch a new business.   Teens got a fresh start in their own entrepreneurial venture and now, through Blue Print for Survival, displaced workers are finding a new purpose through their own businesses.  The funding raised each year at AZEC09 makes this possible!

So, how could I apply what I have learned through the  years from studying Southwest make AZEC09 better?

Valuable and Affordable -  at $99 for early registration and $150 for the regular conference rate, it is probably one of the best full day conference values you can find.  And the learning you can gain is invaluable from both the speakers and the people you meet.

Our team is first rate from our sponsors and community partners to our volunteers.  It is important that we make the experience as good for them as possible so that they will make the conference great for our guests.

We need to make sure that all of our team understands, this is not just another conference.  It is an opportunity to make a difference in our businesses AND our community all at the same time.

And it’s time to get folks fired up and to do something different to make things more fun.  So I asked out great partners at the Phoenix Business Journal for help and they came through with  the perfect gift  to give away at different times throughout the day – I love presents!  Another friend has gotten into the spirit of this and is also helping to bring other surprises.  So now, on top of great speakers, the opportunity to connect with thought leaders, and some of the top exciting entrepreneurs around we have presents to.  How cool is that!

So all I needed was a few testimonials.  I went through the conference file and asked friends for permission to share their words with you.  Here are a few…

“Dollar for dollar the 2008 Arizona Entrepreneur’s Conference was the best money and time spent on any conference.  Period!  I’m expecting even more on Nov 12th 2009!”

   Eric Keosky-Smith  CEO, Co-Founder, Shwaag ™

“… this is the best educational and networking opportunity in the state…. It’s an opportunity to network with and learn from people who have achieved entrepreneurial successes in health care, digital media, sustainability and cloud computing PLUS lots of ideas shared by CEOs on the front lines who are making things work!. “

   Pat Elliott, Western Marketing Group

See, the thing that makes testimonials from delighted customers the best marketing strategy ever is that what THEY say matters most.

So, I have a favor to ask.  If you have attended one of the last three Arizona Entrepreneurship Conferences, leave me a comment and share your experience. And if you are coming this year, tell me why so we can work on making sure you have the best experience ever!

I’ll be watching for your ideas!

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

P.S. Remember those great Sponsors and  Community Partners I mentioned.  Here is who they are:

The Business Journal Phoenix and Infusionsoft – who have generously stepped up EVERY year, as well as Mashable, Microsoft, Affordable Image, The Town of Gilbert, Metro Studios, Pour Masters, Gangplank, Stealthmode Partners, CorePurpose, Brent Spore, Chuck Reynolds, The Performance Magazine, and  The Social Media Bible.com, PLUS our great friends and community partners at The Knight Center for Digital Media, EO, TiE-Arizona, and The Arizona Technology Council, Social Media Club Phoenix, The Phoenix Innovation Foundation, PodCampAZ.

Technorati Tags: Joan Koerber-Walker,Arizona Entrepreneurship Conference,AZEC09,Southwest Arilines,Entrepreners,Entrepreneurship,business tips,marketing tips,testimonials