Marketing: Share Of Mind, Share Of Market | William Nozak, MBA | Harper’s Hut Shaved Ice

Marketing: Share Of Mind, Share Of Market | William Nozak, MBA | Harper’s Hut Shaved Ice

Forget boom, recession, recovery. Checks pay for payroll, product, and marketing; rinse and repeat. Right? I mean throw in the bills and other costs of doing business but this seems to be the business cycle. If you had to choose, what was paid it would be payroll, product, and of course marketing. So how do you know which marketing pieces are the best investment when you are as flat as possible? Business is seasonal, streaky, and under increased pressure, requiring financial acumen and marketing genius. Not many things are worst then wasting money on a marketing piece that needed to have a Return on Investment (ROI) but did not procure one client. The first key, understand the difference between Share of Market and Share of Mind.

Share of Market

Typical share of market pieces include shared mail (RSVP, Money Mailer, Valpak, Groupon, Living Social, Amazon), direct mailers, Magazines, newspaper ads, email campaigns, and sales teams. Marketing is rarely either/or but a continuum, most often functioning as both share of market and share of mind. One certain way to decipher where on this continuum the piece sits is to include a marketing code. Always use a marketing code on your marketing pieces. For instance,I purchase a marketing piece in April of 2015 with RSVP I put on the bottom corner of the coupon 0415RSVP. Then in a program or spreadsheet I enter the price and then track how many dollars the marketing piece generates, typically ballooning over the next three months. I then run a return on investment. Say I spent $1 dollar and made four, then my ROI is 4 to 1. This is a great return for marketing pieces, but some can get as high as 20-30-40 and others can still be profitable as low as 1.2. If you do not track the cost of the marketing piece and the dollars generated from that piece, all though in reality it may be share of market, we can only consider it share of mind. Which is much harder to track and less measurable.

Share of Mind

Typical share of mind marketing pieces are billboards, radio, television, P.R., and social media. These pieces might not get the phone to instantly ring. The reason is they are not targeted marketing. In reality, the whole population is not your potential client base, but those that are might watch or hear and be compelled to purchase. These pieces put you in front of clients and non-clients, capturing mind share versus a share of the market. Catching customers closer to when they are purchasing can increase the return on share of mind marketing. Both are very important. The key is to use them wisely.

If you do not play darts, you never hit the bulls’ eye. Marketing is testing, iterating, testing, and iterating. A Go-To-Market Strategy is clear in rear-view or when following an innovator. It takes years to develop a market strategy, a marketing tailwind, analytics, trends and pattern recognition. Marketing is the tree that needs to be pruned, just make sure you know the difference between the trees.

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The Multiplier: Teamwork | William Nozak | Harper’s Hut Shaved Ice

The Multiplier
William Nozak CEO of Harper’s Hut Shaved Ice

Feel the rhythm, feel the rhyme, get on up, it’s bobsled time.” – Cool Runnings (1993).

The power of team cannot be overemphasized in a culture where autonomy is celebrated and community is criticized. Eighteen hundred years ago, Aristotle said “The whole is greater than the sum of its parts” and the Bible eludes to this mystery with “How could one man chase a thousand, or two put ten thousand to flight…” and “Though one may be overpowered, two can defend themselves. A cord of three strands is not quickly broken.” Gandhi recognized the power of team saying, “A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history.” So what is with this teamwork thing?

Just like parents, leaders, managers, teachers, and preachers, some diminish and others multiply. We will consider only when a team is functioning as a multiplier and view teamwork through the lenses of synergy. Google defines synergy as “The interaction or cooperation of two or more organizations, substances, or other agents to produce a combined effect greater than the sum of their separate effects.” Not very different from what Aristotle said in 300 B.C. Although culture occasionally reminds us of the power of teamwork, it is more so the exception. Where Simon and Garfunkel gave us, “I Am A rock I am an island” Tenth Avenue North reminds us “No man is an island.” Where professional musicians and television largely teach me, my, and mine, professional sports teams remind us winning and teamwork are never mutually exclusive AKA 2015 New York Nicks. When the business community glorifies the king-type entrepreneur, President Obama weighs in on the theory of a self-made man reminding us that none exists. Beside a few voices in the wilderness, classroom projects, and team sports, who is championing “Team?” You must champion team.

All I want is a successful small business; I do not need a team I need employees.
So you did not graduate from Stanford, major in social science, and do not plan to move to Silicon Valley with your billion-dollar-idea web application requiring hundreds of brilliant programmers, venture capital, and then an IPO? Well, that is the majority of entrepreneurs. It’s different in the Midwest the verticals are oil, oil, or oil. Where have all the cowboys gone? If you are not moving to California, joining the oil racket, or the billion dollar vertical in another state, what do you do?

I cannot tell you but you will need a team. No matter if you take every class at your Alma mater or pull a Kobe Bryant and go straight out of high school to your chosen field you will need supportive friends and family. You may need co-founders or investors. You need mentors, colleagues, a professional network, peers, and support in general. Every successful person has non-paid team members. I use the term team members loosely as anyone that imparts something of value. You will not have team members if you first are not friendly. Sure people can be successful with very little teamwork. Entrepreneurs do not get this luxury. In the CASHFLOW Quadrant by Robert Kiyosaki author of Rich Dad Poor Dad, he reminded us to live on the right side of the quadrant. Build a system so that people can work for you and/or make investments where your money works for you.

How do I become a better team player?
Start by practicing friendliness and giving of your time to others dreams and projects. Be mindful when your actions diminish others and multiply self. Read Winning Friends and Influencing People by Dale Carnegie, read The 5 Love Languages by Gary Chapman. Expend energy in the pursuit of knowledge about communication, body language, and interpersonal skills. See where this is going? Learn how to energize those around you, become a multiplier, reduce your diminishing actions, practice at it, be vulnerable to the team, set goals larger than you set for yourself, and never stop growing. Before you know it, a spark of teammate will grow inside of you and smart people will gravitate toward you, doors will swing open in front of you, projects will appear tailored for you, and at those moments, you will have the skills to find the team to make the dream work. Even Michael Jordan needed a team to win six NBA championships. Teamwork is the multiplier. For more business articles by this author visit www.harpershutshavedice.me or Harper’s Hut Blog.