The Key To Innovation And Growth Is Ignoring Fear
Today we have Matt Heinz, of Heinz Marketing, sharing some wisdom on the topic of fear. In my opinion fear is responsible for more failures than any other business obstacle you’ll face, learn to control it and you’re 90% of the way to success.
One of the most powerful obstacles to innovation and success is fear. Fear of the unknown, fear of what’s ahead, fear of failure.
It’s easy to be paralyzed by fear in any capacity, but in our work – especially for business owners – it can stifle innovation, growth and success.
Successful Entrepreneurs Have One Thing in Common
Listen to successful entrepreneurs talk (or read their writing) and you realize quickly they have little to no fear. Otherwise there’s no way they’d have attempted what they were able to do. Successful entrepreneurs get that way by doing what nobody has ever done, or by getting there on a path nobody has traveled. Taking that path not only requires a lack of fear, but it also often is paved with failure.
Look at the history of successful entrepreneurs and they’ve failed – often many times. But that didn’t deter them. Didn’t faze them. They kept going, kept innovating, knowing they were onto something and knowing they would reach success. Sometimes that fear is based in ignorance. No matter. By ignoring the fear and obstacles, they did something incredible.
The Many Faces of Fear
Fear also comes in many shapes. Fear keeps some from starting their own business in the first place – quitting a steady job, putting their family at risk, taking a gamble on something they want, something they believe in. For some, fear is enough to keep them from getting started.
For others, fear is more mundane. Fear of testing a new partnership. Fear of hiring a full-time salesperson. Fear of opening that second retail location.
Fear is What You Make of It
Not having fear does not equate recklessness. Those who work without fear still make calculated, smart choices. Research can mitigate risk which reduces fear, certainly. But giving that business or project or hire or expansion the green light is the ultimate test.
Business owners work incredibly hard, and as Branch Rickey once said luck very much is the residue of design and hard work. But that work and dedication is colored by fear.
But you know what? The thing you fear isn’t real. Yes, failure is possible. But you control that. The new sales rep might not work. But you can fix that.
To grow, you need to embrace opportunity, ignore fear, and move forward. Sure, the risks are still there. But most of the time they aren’t actually in your way.
About Matt
Matt brings more than 12 years of marketing, business development and sales experience from a variety of organizations, vertical industries and company sizes. His career has focused on delivering measurable results for his employers and clients in the way of greater sales, revenue growth, product success and customer loyalty. Read more from Matt at his blog, www.mattonmarketingblog.com. Follow Matt on Twitter at www.twitter.com/heinzmarketing.
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Four Nonnegotiable Rules of Advertising
The world of advertising is a wide open landscape. There is almost no limit to the creativity, depth and breadth your advertising mix can take – Not to mention no limit to the amount of money you can spend.
In such an environment a few set of rules can help give you a proper framework by which to operate. I consider these to be nonnegotiable if you want to stay on track and not break the bank.
1. You Must Budget For Regular, Recurrent Advertising
Set a budget up front that you will allocate to your monthly advertising. Make this a % of revenue – not a fixed $$$ amount. Stick to this budget month in and month out – but spend your ad dollars (see next point).
2. You Must Be Consistent
Consistency creates opportunity in advertising. You will never give your advertising a chance to work if you don’t remain consistent.
Don’t change it with the weather, unless you have good reason too (see rule #4), and once you set the budget think hard before cutting it.
This is why you set a monthly budget, and spend it. Month in and month out you give your advertising a chance to work, and you give yourself more data to analyze results.
Also, if your advertising comes and goes, you never give your target market a chance to internalize your message (i.e What you want them to do)
3. You Must Have a Clear Message
Are your ad messages crystal clear? Is it obvious who you are targeting and what you want them to do? Don’t waste a dime trying to be cute, clever, or catchy until you have clear and concise down pat.
Be specific, to the point, and sometimes blunt. Remember "Here’s what I got, here’s what it will do for you, here’s what I want you to do next".
4. You Must Measure, Measure, Measure
It’s amazing how many businesses fail to measure their advertising – don’t be one of them. You have to test and measure to know what is working!
Don’t be afraid to make changes, or try new things, but make those changes backed up by data – or validate their effectiveness with data.
If you have no idea as to what the effectiveness of one advertising campaign was versus another, you may as well throw money out the window. It will always be a crap shoot.
The more you measure, the more you know what works, the more you can allocate ($$$) to what works, and the more successful your advertising will be – period.
Photo Credit: ttarasiuk
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Is Your Business Rocking Like Denny’s?
Cutting edge and Denny’s are not commonly muttered in the same sentence. Unless you consider cutesy names for their heaping breakfast platters, such as "Moons Over My Hammy", as cutting edge.
But, all that may be changing as Denny’s rolls out a new strategy to attract a much different audience to their late night offerings.
Denny’s Late Night
It’s no secret the recession has hit casual dinning places like Denny’s particularly hard. So what does the 56 year old restaurant chain do to bolster slumping sales? It tries something completely different.
To bring in more late night diners, Denny’s is introducing the Allnighter program and is sponsoring alternative rock bands to come play live in the restaurant between 10 p.m. to 5 a.m., positioning itself to be THE after party spot – hip, cool, and yes cutting edge.
How’s it Working?
To date more than 30 emerging bands have taken part in the sponsorship opportunity, which gets them free meals while touring in return for playing a couple gigs as part of an after show in the Denny’s restaurant.
Denny’s has also added many cheap, late night items to it’s menu to cater to the new clientele, and is offering the late night crowd a more social experience than the one they would get at a typical late night drive through.
One can only think that by effectively building on the music and the social community, these late night attractions will not only bolster sales, but go a long way in reviving the image of the brand. Maybe you can teach an old dog new tricks?
See For Yourself
This video is party of Me Talk Pretty’s series of after parties sponsored by Denny’s and Filter Magazine.
The Verdict is Still Out
Whether or not this foray into late night will be a success, you have to applaud the chain for the effort. It has the opportunity to be a win-win for all involved. It provides the chain with a much needed brand face lift, gives fledgling bands an outlet and some national exposure through people talking about the program, and becomes an alternative hangout for the younger crowd to socialize, or at least sober up before calling it a night.
What Can Small Businesses Learn From Denny’s?
The biggest lesson in all of this may be that if what you are doing isn’t working anymore, don’t be afraid to try something new, drastically new even. Denny’s has done the same thing year in and year out for 50+ years – they saw it wasn’t working right now, and looked for an alternative.
In the face of lackluster sales, and a weak economy the businesses that put themselves out there stand the best chance of reaping the rewards. If sales are down, why not try out some new ideas? If they don’t work, you’re no worse off, right?
Also, look at what you do well and then find ways to dovetail that with what people currently want. In the case of Denny’s, they know how to do late night eats, so why not combine that with a social atmosphere that includes music, to see if they can expand their market in the late night hours with young, hungry, patrons.
Not only are they providing what people want, they are interacting with them how they want as well. You can now find Denny’s on Facebook, and Twitter, and if social media is working for them you need to at least consider what it can do for you.
All of this may not have been part of Denny’s original business model, but then again they weren’t selling as many “Moons Over My Hammy” as they used to either. Drastic times may call for drastic measures, and those measures can result in a win for everybody.
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