Horizons - Mezzanine Consulting

Cheque Please!

Abena Rodwell-Simon — Sat, 14 Mar 2009 02:54:13 +0000

Last night I killed a cockroach at the dinner table. No it wasn’t at my house, it was at the Japanese restaurant close to work. After the deed was done - my appetite was gone and I left the remaining half of my beef teriyaki uneaten. Our waitress offered us a measly 10% off a $35 meal and then balked at the notion of giving us any further compensation. My colleague, who had selected the restaurant, spends about $125 per month, $1500 annually, on meals for clients or networking meetings. And our waitress totally missed the point. Last night I killed a cockroach at the dinner table. Last night she killed any opportunity for us to give them another chance.

No More Awkward Silences when asked, Do You Help Us Implement?

Lisa Shepherd — Fri, 13 Mar 2009 11:57:59 +0000

For years Mezzanine has done market assessments and marketing plans for small and mid-sized businesses (especially in the $2M - $10M revenue size). We love working with these companies - they’re diverse and exciting and ambitious. But they always have a hard time executing the marketing plans. Surprise - executing a marketing plan is harder than it sounds. Why? Many reasons - there are lots of people and tasks to manage, it’s a recipe of art and science where creative differences arise, and it’s evolving very fast with many new ways to market (read: online). So after years of being asked that classic question that clients ask consultants, ‘Do you implement?’, we’ve decided to take the plunge: Mezzanine now has an outsourced marketing management arm. From now on, we not only help clients understand their market opportunities and determine how best to pursue those opportunities, but we help them Get It Done. We might just have to change our name – people won’t believe that we ‘consultants’ actually implement, not just tell others what to do. What are your thoughts on our taking this plunge?

The Challenge of Big Company Dreams

Lisa Shepherd — Wed, 11 Mar 2009 16:26:19 +0000

We’re working with an interesting client right now. They’re a few years old, so almost a ‘start-up’ and have passionate leaders, a team of experts, and big, big dreams. And that might be their biggest challenge.

When you’re a start up (and not funded by venture capital or other significant investor), you have to dream big, and act very - well - realistically (‘small’ seems unfair to say). Building a company is like climbing a set of stairs. You can see the top of the staircase and know you want to get there and how it will feel to be there, but you have to climb the stairs one at a time. Once in a while you can skip a step if you expend enough energy and have good enough balance, but mostly you have to take the first step, then the second, then the third. If you take the first and then try to get to the fourth, you’re going to fall.

That’s the practical reality of building a company. So keep those big dreams, but act with your feet on the ground.

Why you need marketing in your sales-oriented company

Lisa Shepherd — Tue, 23 Dec 2008 23:51:14 +0000

When I talk to CEOs of small B2B companies, I often hear, “We don’t need marketing, we’re very sales-oriented”. I’ve heard it dozens of times. Here’s why I think it’s wrong, but why I understand where those CEOs are coming from.

When Mezzanine was in its early days, we were very sales driven too, and a lot of our success came from that orientation. But something happens when a company grows -or tries to grow - beyond the size of what the CEO him or herself alone can sell. It becomes very difficult to attract and retain business development people who can also do what the CEO does, because they rarely have the same expertise or industry knowledge. And that’s when marketing is absolutely critical.

If the company doesn’t invest in marketing to build the reputation of the company, increase awareness and generate leads, the new sales people that the company attracts are going to have a very hard time being successful. I’ve seen it cause hundreds of thousands of wasted dollars in recruiting, training and compensating business development people who end up failing in their role and leaving the company within a year.

And that’s why you need marketing in your sales-oriented company!

Laughter is the Best Medicine - and Marketing

Lisa Shepherd — Fri, 19 Dec 2008 18:53:22 +0000

Lots of companies are asking us what they should do about marketing themselves effectively in these tough times. I heard a fantastic no-cost example of great marketing yesterday. John Ulcar of Crosslink Technology (www.crosslinktech.com) was telling me about a product his company makes for utilities and telephone companies that helps them deal with holes created by woodpeckers in utility poles. It’s a problem that costs utilities millions in pole replacement costs annually.

And Crosslink has the solution – it’s a compound that, when cured, mimics the flexibility and hardness of wood, so it can be poured into the holes and repair the poles at a much lower cost than replacing them.

And how did Crosslink market this product? Very simply, and very humorously. Rather than giving the product a boring name like wc-6361, they came up with something funny and provocative. Pecker Patch™. That gets a laugh, and the attention, of customers. Add to that the obvious cost-saving and quality benefits of the product, and you have great, cost-effective marketing.

You can read about Pecker Patch™ at http://www.crosslinktech.com/Pecker%20Patch/Pole%20Repair%20Brochure%20EnglishRev4.pdf

The lesson: have some fun with your marketing. In times like these, we could all use a laugh.

Frugal Marketing

SSingh — Mon, 01 Dec 2008 14:12:57 +0000

As times get harder and the economy slows, marketing remains necessary to bring in revenues. Many businesses tend to forget that the downturn of the economy impacts consumers as much (if not more) than businesses. During these times, consumer needs change. It is important to try and understand how they’ve changed so that your product or service offerings can be customized to make them feel continue to feel at ease with their purchases. It isn’t about bombarding them with sales calls, catalogues or e-mails; it’s about changing and strengthening the dynamic of your relationships with customers.

The good news is that strengthening your relationship with customers doesn’t have to cost a fortune. There are many cost efficient ways to approach marketing when times are tough and budgets are shrinking. Here are just a few questions to get the frugal marketing juices going: When was the last time you engaged your customer community to find out what they really want in these changing times? Are there people in your network who might be able to piggyback services with you?

Remember, it isn’t always about the amount of money that you spend, it’s about knowing who you want to talk with and then, being creative with your marketing techniques. For some other frugal marketing tips check out:

5 Free marketing ideas

3 Ways to drive a stronger bond with customers

5 tips for marketing in a recession

Marketing in a Recession

Let’s Talk Facebook. The Economy bores me.

ALown — Fri, 28 Nov 2008 19:43:06 +0000

I’ve promised myself I’m not going to write about “these economic times”. Because, quite frankly, I’m really sick of hearing about it. However, as I start to think of another topic to write about, I find myself wondering who masterminded this incredible viral marketing campaign?

Whoever you are, let me be the first to say, you’ve done a great job. You’ve managed to get people from all walks of life - some of whom know very little about economic forces - spreading the word (read: fear) as if they are experts on the subject to all of their family, friends, co-workers and pets.

I’d also like to thank whoever you are for helping to draw the attention of our budget concious small/medium business clients to relatively low cost and trackable marketing tactics such as social media, viral marketing and on-line advertising. Lately, we’ve been receiving more and more questions from our network about marketing tactics that require lower media spends, while capitalizing on existing customers to produce tangible results.

To start, we’ll address the ”Business + Facebook?” question. Stay tuned for more on other social networks, viral marketing and other forms of digital media.

Should My Business Be on Facebook?

Maybe. It depends on your target market and how you think you can engage them in this medium. Before you dive in, consider the return on invesment (ROI). While it’s free to create a facebook page, group or event, someone has to allocate time to manage your facebook presence, and to keep it up to date. And although Facebook allows you to reach large networks of people in a venue that is designed to virally spread news, affiliations and content, it also opens you up to the good and bad that can be said about your business. If you’d like someone elses opinion, Mari Smith shares her 10 Reasons to Use Facebook for Business.

Who’s on Facebook?

The make up of facebook users is changing rapidly. I can’t tell you the number of status updates I see lamenting “I can’t believe my Mom is on Facebook!”. Better get used to it kids. My 61 year old Mom and three of her four sisters are all on Facebook. In 2007, Forrester put out a presentation Big Brands & Facebook: Demographics, Case Studies & Best Practices. You may be surprised at the statistics. I’m willing to be they have certainly continued to move in the same direction over the last year.

I have a facebook profile and several friends, how can I leverage my profile for business?

Facebook has come out with some Business oriented features and third party applications that make it easier to connect your professional and social personas. Duct Tape Marketing suggests Top 10 Business Applications for Facebook. We recommend adding a LinkedIn badge to your facebook profile, and implementing a business card in your profile to alert business associates to your professional qualifications and network.

How Can I Advertise on Facebook?

There are a variety of ways to advertise on Facebook including text/display ads, creating a page or group, and running a poll. You can also create your own applications and use Facebook Connect with your own site, although you will need the help of a web developer. Facebook is always creating new ways of integrating self serve advertisements “quietly into the fabric of its community, rather than trying to interrupt or distract users” says Saul Hansell in his blog article “Why Facebook Likes Small Ads, Despite the Small Dollars”.

This gives a small taste of what we’d suggest you think about when tackling the “Business + Facebook?” question. If you want more, check out the links below….

Facebook Marketing Bible

Facebook for Business: Opportunties and Limitations

Facebook Platform: 30+ Awesome Applications for Facebook

E-waste. What a Pain in the Asset!

HFleiman — Fri, 28 Nov 2008 18:40:05 +0000

As society increasingly views environmental sustainability as a mainstream concern, going green is no longer just a trend but a core business issue for many companies. A firm’s sustainability performance is beginning to dictate its business development with ninety two percent of Canadians believing that the more socially responsible a company is, the more likely consumers are to purchase their products or services. Beyond that, with the looming war for talent, corporate social responsibility (CSR) becomes an even more prominent issue as workers look for companies whose values are similar to their own.

From a marketing viewpoint, the adage that ‘sustainability sells’ holds more truth now than ever before. However, this adage also means that ‘greenwashing’ - deceiving consumers with false or misleading claims of environmental responsibility - is becoming more rampant in today’s marketplace. In fact, TerraChoice, an environmental marketing company, recently conducted a study which revealed that out of 1,018 “green” consumer products from big-box stores in the United States, all but one were marketed with false or misleading environmental claims. The goods news however, is that with ever increasing access to information and collaborative solutions such as the Greenwashing index, consumers are much more likely to spot ‘greenwashing’ when they see it, especially as the consequences of these actions become more severe.

To truly be a ‘green’ corporation, companies need to internalize the sustainability ethic into every aspect of their corporate culture. One often overlooked area for many organizations is the disposal of end of life electronics also known as “e-waste”. Recently, there have been a number of cases where branded end of life electronics have been shipped to developing countries to be dismantled under unsafe conditions. These cases have taken the issue of e-waste out of the trash yard and into the governance spotlight.

Most organizations do not have a formal plan to deal with this important element of environmental sustainability and may well be wasting money as well as potentially putting the company at risk. Improperly sanitized hard drives full of company data can easily be recovered to expose confidential information. Even worse, some companies dispose of their old computers with employee and customer data still intact. Such violation of privacy laws and regulations can involve hefty fines of up to $250,000.

In order to authenticate ‘green’ claims, companies must look internally to ensure that corporate practices are in line with environmental initiatives. A recent study conducted by Mezzanine identified the top 5 ways companies (big and small alike) can begin ensuring their e-waste disposal process minimizes security and environmental risks while allowing the company to maintain a green image. They include:

Vendor Take Back Program – Choose vendors with a take back provision that offers trade in value. Take back programs create an incentive to design for recycling and increase the use of recycled content.
3^rd Party Recycling Vendors – Choose recyclers that meet Department of Defence standards with their data degaussing, disk wiping and destruction procedures and should be able to remarket refurbished products to capture the highest resale value (if possible). Recyclers used should be audited to ensure they are not exporting e-waste to developing countries to be dismantled under dangerous working conditions. Visit the resources listed below to find a responsible recycling vendor.
Extending the Life of Older Equipment - Analyze the trade-off between purchasing newer more energy efficient products or extending the life of older assets.
Design for Environment - Has a ‘Life Cycle Approach’ been applied in the design of the product being purchased? Can the item be easily upgradeable in the future? Purchase products that are expandable, upgradeable and recyclable.
Eco-Labels - Look for Eco-labels that incorporate multiple environmental considerations and are certified by a qualified and independent third party such as EcoLogo, EnergyStar and GreenSeal.

In today’s environment of heightened ecological consciousness, maintaining a ‘green’ image plays a crucial role in a company’s long term competitive strategy. Electronic waste disposal has become an increasingly notorious issue and its importance in the realm of social responsibility should not be hastily overlooked. SMBs should ensure that an electronic disposal strategy is in place in order to identify potential revenue streams as well reduce the company’s exposure to risk.

Eco friendly purchasing resources:

Electronic Product Environment Assessment Tool

Purchasing Guidelines for Environmentally Preferable Computers

Finding the right recycling vendor:

E-waste: A recycling Resource

Basel Action Network (BAN)

Meeting IT Life-Cycle Challenges to Maximize Value and Minimize Risk

Ways to spot ‘greenwashing’:

The Six Sins of Greenwashing, Terra Choice

Shades of Greenwashing, Toronto Star

More information on e-waste:

Electronic Take Back Coalition

Basel Action Network

SMB Hiring Strategies

HFleiman — Fri, 28 Nov 2008 18:05:40 +0000

Although recruiting and retaining talent can be the determining factor of a company’s long term success, surprisingly - it is still not at the top of the priority list for most companies. According to a study conducted by The McKinsey Quarterly, 75% of executives surveyed said that their companies either don’t have enough talent or are chronically short of talent. However, when asked “Does your company make improving its talent pool one of its top three priorities?”, only 10% or 20% of corporate officers said yes.

For SMBs, the issue can become more daunting as talent recruitment is often treated as an ad hoc process rather than prioritized as an essential component of an overall corporate strategy. Besides, there just never seems to be enough time. In fact, a recent report by the Canadian Federation of Independent Business (CFIB) revealed that vacancy rates for SMBs continue to grow. In 2007, 4.4 per cent of jobs in SMBs were vacant for four months or more and one third of employers were experiencing difficulties finding employees (although this may change in coming months…)

Regardless of the economic situation, SMBs sometimes feel they just can’t compete with corporate brands. However, we say, rather than looking at what you can’t offer, look at what you can! There are actually several ways SMBs can gain an edge on their large corporate rivals. Employees at SMBs have an opportunity to make a larger impact on the organization as a whole with their accomplishments being recognized much faster. SMB employees also gain more exposure to people at the top and experience faster career advancement opportunities. SMBs should focus on these benefits as well as the ability to provide a flexible work environment when recruiting new talent.

The challenge for most SMB’s is how to streamline the recruiting process, balancing time and resources while ensuring that top talent is being attained. One way to balance all of these variables is to explore innovative approaches to the recruitment process. A new recruitment method recently conducted at Mezzanine involved using group interviews to narrow down and select the most promising co-op student to be the next Mezzanine intern. Working at Mezzanine means working both independently and in closely knit groups on client projects – so it made sense for us to test candidates in both settings.

Group interviews are excellent for highlighting the interpersonal subtleties that simply don’t emerge during individual interviews. It is often these subtleties that underlie group dynamics and play a large role in determining the success or failure of projects. Consider things like:

How persuasive is the candidate at influencing others?
How effectively do they contribute in a team setting?
How do they handle feedback?

Group interviews highlight teamwork, communication, persuasion and leadership skills that are critical in determining the candidate’s contribution to the organization.

In recruiting for our intern we received overwhelming interest, and like most SMBs, time is precious for us. We needed to find the best candidates in the most efficient way. Our first step was to complete 10 minute phone interviews where we asked 1 question related to marketing and evaluated candidates against 5 criteria. We added up candidates’ scores agains those 5 criteria and selected our top 5 within each category (BCom and MBA). About a week later, we broke up our candidates among two interviewers and interviewed each candidate individually for another 10 to 15 minutes before bringing them together in a group interview. During the group interview, we completed a case study, dividing the candidates into small groups to answer our prepared questions, coming together to discuss, present and debate the answers. Our experience was that some of our top picks from the individual interviews didn’t shine in a group session and vice versa.

If group interviewing doesn’t work for you, another way to determine employee potential is to have the candidate complete an assignment in order to get a better idea of their thought processes and intellectual ability as Mark Goodman, CEO of Twist Image describes here.

Goodman also recommends the following in hiring top talent:

Have people become their own ‘Centres of Excellence’ – an area they can be the go-to person on and help educate others in the company.
Make hiring a 50/50 process – look for candidates who interview you as much as you’re interviewing them. In the end employees who really want to work for you will perform that much better.
Don’t allow the function of hiring to get passed down or handed off when things get busy – you’ll get stuck in a situation with a diluted talent pool that is hard to reverse.

When competing with large corporations to hire the best people, SMBs need to think strategically. Through the appeal of a more congenial and intimate corporate culture along with the use of innovative recruitment methods, SMBs can gain an upper hand as potential employees begin to flood the market.

For more insight on talent recruitment:

Secrets to recruiting A-level talent, Canadian Business

The ultimate guide to hiring today’s best employees: The new rules of recruiting, Canadian Business

Making Talent a Strategic Priority, The McKinsey Quarterly

The Art of the Hire, Fortune Small Business

Practice - Actually Do It

Brent Sharpless — Tue, 30 Sep 2008 16:25:11 +0000

Last Saturday I finally found the time to play a round of golf. It has been quite a while since I last played because I’ve been occupied by work and a slow home renovation project. It was great to get out, walk the course and enjoy the scenary. My actual golf game - not good.

I fancy myself a pretty good golfer - I have a solid swing, have played a lot of rounds and shot some relatively low scores in the past. But last Saturday I was terrible. It was actually quite embarassing. The problem, I realized afterwards, was very simple. I was out of practice. My mind was operating like I had been playing regularly, while my body clearly disagreed. My swing was inconsistent and sloppy. Regardless of my past experience and how much I mentally ‘willed’ myself to be better - it was clear that I hadn’t physically swung the golf club enough recently.

Apparently business insights can arise from crappy rounds of golf. Do you ‘practice’ at your office? Some call it training or personal development - but I think practice is a pretty good word too. In sales and marketing I see so many businesses that have forgotten the importance of practicing pitches and rehearsing marketing message delivery. It is crucial to stay polished and continually ‘work out the kinks’ as my good friend and golfing buddy Neil always says. This means rehearsing presentations and sales pitch opportunities consistently, staying abreast of technology changes and bringing in external folks to help you stay well oiled for your next opportunity. Having the knowledge simply isn’t enough - you need to continually refine and practice your sales and marketing skills to propel your business forward.