Why Wait? Creating Your Own Employment Opportunities

Lindsay Blackwell is a social media strategist based in Ann Arbor, MI.  She served as Marketing Manager of the Ann Arbor Symphony Orchestra and is the new Social Media Director of Ingenex Digital Marketing.  Blackwell has cultivated an online personal brand through a lifetime of experience and passion for social media.  You can find her on Facebook, Linkedin, Twitter, Tumblr and more.  She leveraged her online presence, combined with a one of a kind website and viral campaign to pursue her dream job with the University of Michigan.

Blackwell wanted to be hired as the Social Media Director for University of Michigan.  She realized that her youth and lack of paid experience could be viewed as short comings in a standard resume review process.  Blackwell decided to reach out the Lisa Rudgers, Vice President of Communications for U of M, with a website www.DearLisaRudgers.com.  Blackwell spent the weekend building the site, which included a Flash video and buttons leading to such topics as Why I Want This, Why You Want Me and What Is This.  Her objective was to show, not tell, her experience and qualifications. 

Blackwell knew the site had to connect with friends and colleagues in order for them to share and like it.  The site gained so much attention, she was contacted by Lisa Rudgers to schedule an interview within 12 hours of the site going live.  Blackwell also gained significant media attention and the campaign helped her build her web presence and personal brand exponentially.  She also established connections in the industry across the globe.  While the interview with Rudgers didn’t result in a job offer, the social media campaign drew the attention of Derek Mehraban, CEO of Ingenex Digital Marketing.  “We wanted to hire Lindsay Blackwell because we wanted someone who could bring that knowledge to create successful social media campaigns for our clients,” Mehraban said.

Blackwell concluded by saying in today’s job market it’s important to “be honest, be innovative, be human.”  She said a resume and cover letter aren’t unique.  “Do something creative to get noticed and demonstrate who you are,” she emphasized.  Blackwell  said “Operate in a listening framework, don’t just push content, create conversations,” by listening to what the employer wants, getting advice from people in the field to become a stronger candidate.  Blackwell can be contacted at lindsay.m.blackwell@gmail.com.

Customer Incentives: Tired Tactics or Strategic Tool

Anyone in business today, knows that the business climate has changed significantly over the last 5 years.  Everyone is looking for a deal, no one wants to pay full price.  Customers are looking for incentives to purchase products and spend on services.  Gary Yost spent 30 years is sales and marketing with consumer products companies Bristol-Myers, Reckitt Benckiser and media giant Valassis.  At Valassis, he served as VP, Marketing, CMO and General Manager of one to one products, and finally as President, International Media Properties.  His experience with those companies centered on motivating customers to make purchases and part with their money. 

Yost began by describing the current business climate as the “new frugality.”  He said, “Incentives are the way of the world.”  Yost explained that customers want and demand incentives.  Product based businesses grow through attracting new customers, current and new customer product usage and customers stocking up (pantry load).  He pointed out, that incentives attract new customers and encourage pantry load, but there is a cost to the producer through reduced selling price. 

Yost spelled out the four types of incentives, their advantages and disadvantages.  He first spoke about sale prices which he described as passive.  Sale prices attract some buyers, but not everyone that shops is aware of the pricing he explained.  Sales prices reward all customers with immediate gratification, but the potential liability is 100% or everyone who shops in the store. 

Cash back rebates work best for big ticket items said Yost.   Rebates require active participation by a customer and don’t offer an immediate reward he pointed out.  Yost said rebates are good tie breakers when making a large purchase, but don’t work well as a sole means of motivating buying behavior.  He described loyalty cards as both passive and active incentive tools.  Yost said loyalty cards are effective at re-enforcing a current customer base but involve a significant cost in data base maintenance. 

Yost regards cents off coupons as requiring very active participation on the part of the customer.  He said there is a high degree of involvement, it offers the customer immediate gratification and provides the store and producer good short term ROI.  He said couponing works well at attracting new customers.  Yost commented that contrary to common assumption, frequent cents off coupon users tend to be affluent households.  Redemption rates are now as high as 12% he remarked.  Yost said the ad component of coupons is effective at driving sales even without coupon redemption. 

Yost explained a coupon marketing campaign is most effective when it is founded in basic marketing principles.  Yost said an advertiser must consider objectives, target audience, geography, competition and customer media consumption.  Yost emphasized the importance of tracking results, considering the impact on margin and offering an effective value proposition.  He noted that clarity of design can impact redemption rates.  He suggested that incentive marketing could be effective in both B2C and B2B.  Yost can be contacted at gary.yost09@gmail.com.     

Navigating Business Reputation Management

Christi Rankin of Martopia and Martopia Public Relations Group has over 25 years of executive level business experience.  Her background has included tenures in marketing and sale with Fortune 200 companies and an array of other top management positions.  Based on her first hand experience, the LA2M audience gained greater insight into the key components of business reputation management.

Rankin began by asking those attending if it is possible for a company to influence how it is perceived.  She explained that many factors influence corporate reputation, so a company must decide to make their reputation management a priority.  Rankin said in the past the reputation model Good Work=Good Reputation was a reliable method for companies to build a positive perception.  She explained, “Reputation is built by character, character is formed by integrity and fair play,” unless other factors influence that perceived reputation.

Rankin emphasized today, business reputation is decided by diverse factors and many stake holders.  Most large companies have a defined group of stake holders where business reputation is influential, she explained.  For investors; ROI, confidence in leadership and corporate future are key issues influencing their perception.  How investors feel about a company can have on impact on their investing behavior.  Employees look for stability, opportunity and positive corporate behavior.  Employee perception can lead to continuity or an unstable work force.  Communities where companies are located are interested in company growth and environmental policies.  Customers look for fair pricing and good customer service.  Missteps in either of these areas can lead to lost business.

Rankin commented that companies navigate differing views from varying stake holders.  Company communication shouldn’t be just outbound, she explained.  Social media and surveys work well for two way communication with the public.  Internal training and encouraging feedback are good tools in getting employees on board with company culture and vision.  Companies need to be transparent and accessible to avoid a communication disconnect.

Rankin pointed out that how one feels about a company is emotional, “like a relationship,” based on personal experience, the media and colleagues. The highest indicator of reputation with an individual is personal experience, she explained.  But she warned that social media makes it possible to destroy reputations in minutes, giving individuals and small groups disproportionate impact.  Rankin used the example of Domino’s Pizza and the unappetizing YouTube video posted by a then employee.  Rankin praised the response by Domino’s but noted that the video initially cause a big hit to their sales. 

Rankin stated, “The handling of a crisis can build a reputation or destroy it.”  She said people will decide about your company integrity based on how and what you communicate.  Rankin pointed out that companies and organizations have “reputation equity” based on past positive experience.  Positive “reputation equity” is valuable in helping companies bounce back from a crisis, especially if it is handled with honesty and contrition.  Rankin spelled out the value of a positive business reputation.  She said 63% of a corporation’s value is attributable to its reputation.  She added companies with good reputations outperform the Standard & Poors 500 by around 6%.  She said a corporate crisis that effects a company’s reputation can have a long term impact since “people are remarkably swayed by negative information.”

Rankin concluded by explaining that business reputation management is complex and based on many factors.  She said it’s important for the company’s vision, mission and core values to be reflected in any business initiative.  Rankin can be contacted at rankin@martopia.com.    

"Happen to" Your Future

About now most of us are trying to forget our failed New Year’s resolutions.  One of the most common resolutions has to do with improving our appearance and health through weight loss and exercise.  But let’s face it, if we all stuck to those goals we would all look like the casting call at the latest version of Bay Watch.  That just isn’t happening.  One of the reasons for resolution failure is our society’s focus on instant gratification. 

Meryl Streep summed it up by saying, “Instant gratification isn’t soon enough.” 

James Dean had a different perspective.  He said, “The gratification comes in the doing, not in the result.” 

In other words the process and the plan are important.

Thomas Edison was so focused on the process he said this, “The object of all work is production or accomplishment and to either of these ends there must be forethought, system, planning, intelligence, and honest purpose, as well as perspiration.” 

When it comes to managing money, Dave Ramsey described it this way, “Give every dollar you earn a name.” 

In other words have a handle on where your money is going and why.  Have goals for your money in the present and future.  Be intentional.  Ramsey lays out several “Components of a Healthy Financial Plan.”  Among them are saving for an emergency and debt reduction.  These are short term goals that make a lot of sense when thinking in terms of securing your financial situation. 

Looking at the long term Ramsey recommends health insurance, life insurance, disability insurance and retirement savings.  Each of these is a means to deal with those “rock your world” events that happen to us all.  Most authors you read or speakers you listen to who deal with goal setting, talk about spelling out specific definable steps. 

On the topic financial planning, it’s wise to include your husband or wife and a trusted advisor.  Financial planning with insurance and savings offers many options and can be complex.  Sitting down with a knowledgeable, experienced professional is valuable.  Each situation is different so the exact recommended tools and steps applied to secure your financial future are unique.  Some of the tools in a financial advisor’s toolbox; like life insurance, health insurance and retirement savings, will help you deal with those “rock your world” events. 

Leonardo da Vinci wisely said, “It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them.  They went out and happened to things.” 

“Happen to” your financial future.

Spoonful of Sugar

The IRS recently announced updates to its website intended to make it easier for tax payers to navigate.  The agency has also implemented a YouTube channel with tax payer assistance “how to” videos.  2011 saw the introduction of IRS ToGo, a free smart phone app that allows tax payers to file taxes by phone.  The IRS is doing its best to make filing and paying taxes fun and easy.  What this amounts to for most tax payers is a spoonful of sugar to help the bitter medicine of paying taxes go down. 

It’s nice to know that the IRS is using digital media to smooth the tax filing process.  But what almost everyone would like to know is “How do I pay lower taxes?”  To start at the beginning, consult a good tax adviser to see if there are any deductions you may have missed.  If you’ve taken every deduction that applies and your tax paper work is in order, the next step is to consider another way to reduce your tax liability.

You may be eligible to take advantage of the tax savings feature of a tax deductible Individual Retirement Account.  Individually you can contribute up to $5,000 if you are less than 50 years old, or up to $6,000 if you are over 50 years old.  That amount can be divided between a traditional or ROTH IRA. 

The ROTH IRA doesn’t offer the immediate tax advantages of a traditional IRA.  Contributions to a traditional IRA are made pre-tax, reducing the share of your income that is considered taxable.  Contributions to a Roth IRA are made post-tax.  The tax advantage of the Roth is realized on withdrawal of funds.  With a traditional IRA, the entire withdrawal is taxed.  If traditional IRA funds are withdrawn before age 59 ½ tax penalties are likely to apply, depending on the reason for the withdrawal.  In the case of the Roth IRA, only the gains earned on the contributions are taxable.  Tax penalties may apply before age 59 ½ to withdrawal of gains. 

To learn which type of IRA makes the most sense of you, it’s important to consult a knowledgeable financial adviser.  Most tax payers would agree that paying lower taxes is a better spoonful of sugar.  Because of tax consequences and the value of long range financial planning, its best to think of your IRA funds as locked away for the “golden years”.  Setting up an IRA with automatic contributions is easy.  Automatic deposits to an IRA can be debited from a bank account or a pay check.  Unseen money is so much easier to save.  If you don’t see it, you don’t miss it.

If the possibility of reducing your tax bill through a tax deductible IRA plan sounds appealing, contact a financial advisor you trust for more information.  They’ll help you choose the right plan for you.  A tax deductible IRA may not be suitable for all situations.   

Internship Hows and Whys?

Are you thinking about hiring an intern?  The recent presentation by Paul Jaques answered many questions an average business owner might have about internships.  Jaques (pronounced Jakes) is Internship Developer for Michigan State University’s Career Services Network.  His role in that position is to work with businesses, both large and small, to discover and meet their internship needs.

Jaques explained that MySpartanCareer.com is available for businesses to post internships and potential interns to look for positions.  Jaques recommended that businesses interested in hiring an intern contact him so he can guild them through the process and assist them with their internship opening description on the website.  The website can be accessed from a computer or mobile device app.  Jaques observed that each college at MSU has internship coordinators who work with students on finding the right internship.  For businesses, this means that potential interns are available in all career paths offered through MSU.

Jaques described some of the basic requirements for internship positions.  He said that internships can be paid, unpaid or for credit.  He pointed out that internship positions are not meant to displace other workers and must include training and practical work related to the intern’s major.  If an intern would like to receive credit for their internship, the student works with their advisor and the business provides some documentation of the student’s time at the business.  Intern students can be international, but problems may arise if it is a paid position.

Jaques said that internships can transitional to a full time position for both post graduate and undergraduate students.  He pointed out that students can accept internships in the summer and during the school year.  Each college has their own guidelines for how many hours per week a student intern may work.

Jaques noted that internships are good for trying a career before committing to that path.  He recommended that students have 3 internships in their field during their university career.  Jaques remarked that business should expect to work with students on growing their professionalism and opening their eyes to career options.

Jaques encouraged business owners who are interested in more information to contact him at jaques@msu.edu.  He can also be found at linkedin.com/in/pauljaques2 or @msuinterns.  

MEDC Plays Central Role in Michigan Redevelopment

President and CEO of Michigan Economic Development Corporation, Michael Finney, spoke to a full house at CEO Connect on Friday January 13^th.  Prior to accepting the position with MEDC, Finney served as President and CEO of Ann Arbor Spark.

The gathering began with several local business owners praising the assistance they received from MEDC in business initiation and business growth.  Finney noted that MEDC “has its challenges,” but the organization is actively looking for ways to “tear down barriers to get things done”. 

The audience listened attentively as Finney explained that MEDC has seven important facets to their central role in the redevelopment of Michigan.  Finney started with MEDC’s role in entrepreneurship. He emphasized that Michigan entrepreneurship needs to be “vibrant and robust”.  He said that MEDC offers business acceleration support by connecting start ups with talent and resources.  One tool is “pre-seed” funding to hire consultants, locate talent and identify needed technologies.  Finney explained that these steps lead to the “highest probability for success.”  He also pointed out MEDC facilitates some direct investment to businesses through loans, collateral gap funding and venture matching funds.

Finney spoke with enthusiasm regarding business growth, calling it “the guts of what MEDC does”.  He noted that business growth is 80% of the role of the agency.  He pointed out the recent change in Michigan tax law which relieves two thirds of businesses from paying the state business tax.  Finney explained that the improved tax situation for businesses is better than a tax credit because tax credit programs can be too complex and drawn out.  Finney used the expansion of Hyundai in Superior Township as an example of MEDC acting as a facilitator.  Hyundai needed improved access to electrical power for its expanding facility; MEDC funneled a portion of the state tax proceeds from Hyundai to Superior Township to fund the upgrade in the Township power grid.

Another MEDC role that Finney discussed is Pure Michigan Business Connect.  Through Business Connect, MEDC encourages Michigan businesses to work together as trade partners to buy more Michigan goods and services to create jobs in the state.

Finney said that MEDC is also focused on vibrant communities.  He explained that MEDC is hiring a new liaison between MEDC and Michigan universities and colleges.  The idea is the connect schools with businesses and job opportunities.  Finney observed that there are 78,000 jobs unfilled in the state because of a talent mismatch.  He pointed out that community colleges help develop marketable skills for current job demands.  Finney explained that when young people have the skills appropriate for current jobs, they are more likely to stay in the state and make our communities more vibrant. 

Finney noted that another key role of MEDC is improving Michigan’s image around the country and around the world.  He said that the state of Michigan is associated with industry, Detroit and Ann Arbor.  MEDC manages the Pure Michigan advertising campaign.  Finney explained that the Pure Michigan campaign is now being used to promote many aspects of the state.  He proudly pointed out that Pure Michigan is one of the top 10 brands for states.  He observed that people tend to really notice the Pure Michigan advertisements.

Finney said that MEDC is also focusing on improving access to agency services.  One of the ways the organization is working on improvement is by having 30 locations around the state working collaboratively with local economic development organizations.  This helps MEDC be more aware of local business development needs and issues.

Finney said that “economic gardening” of businesses in the state is highly important.  He pointed out that another way MEDC is growing economic development in the state is by attracting business expansions.  Finney remarked that attracting a business to relocate from another state can lead to a bidding war, but attracting an expansion helps Michigan and the growing business.  Finney said the MEDC is working on developing relationships with Michigan university alumni who may know about opportunities.  He observed that MEDC needs those relationships “to be far enough upstream” to get to the right people and information. 

He encouraged those in attendance to follow him on Twitter at @michaelafinney or find him on Facebook and Linkedin.  The website for MEDC is MichiganAdvantage.org.  Michigan Economic Development Corporation is a public-private partnership serving as Michigan’s marketing arm and lead agency for business, talent, jobs and overall economic growth.