Tim Bursch

Have you noticed the recent celebrity rush into investing in startups? Ashton, Leo, Biebs. Are startups selling out? Or are celebrities renting their name? I think it’s something in the middle.

If I was a startup today and I needed to raise money (that debate is another blog post), I could try to borrow from a bank or seek investors. Now, if I was really connected and venture capital made the most sense, funding from a well known celebrity would have a huge added benefit: recognition and advocacy from a pop culture name.

But is that selling out? Maybe it’s hacking the system. Most startups don’t make it for a lot of reasons. You would certainly increase your odds of survival by jumping on a celebrity coattail.

So, what about the celebrity? Are they just selling their name by investing in companies?

Picture this: you starred in some movies or hit it big in music and now have more money than you know what to do with. Perhaps you think about doing something smart with your resources. Do you invest in the stock market? Probably. Real estate? Sure. Those are basic building blocks in your massive portfolio. Now you have some speculative funds. Why wouldn’t you try venture capital?

In all seriousness, I think high net-worth investors are looking for non-traditional opportunities and see the attractive potential returns of venture investment. The reality is some businesses need funding and investors, even rockstars, want some of their money in alternative investments. But you better have a good product, because even Bieber can’t turn your idea into gold.

Image credit: covilha

Tags: investing, startup, venture capital.

I met with two colleagues managing social media marketing at large companies. They were the only person responsible for the strategy, content, engagement, measurement, and more. Both have a huge task of proving a new marketing (and sometimes customer service) channel, all by themselves.

They are Lone Rangers in the wild marketplace of business trying to make an impact with little resources and understanding from their leadership. How will they survive?

Here are a few ideas that might help my friends:

• Build a network for Lone Ranger practitioners. Think Social Media Council for mid-sized businesses.
• Create bite-sized education for leadership and staff. The format could be one page handouts on some of the major concepts or lunch-and-learn sessions. Help increase the social IQ across the organization.
• Talk in more traditional business language. Instead of a buzzword like engagement, talk about the CRM aspects of Facebook.

How would you help a Social Media Lone Ranger? What tools would you share?

.

My big bank sent me a new check card recently. Except, I did not ask for one. It came with lots of confusing notices about security, blah, blah, blah. I left it on my desk because my existing card was working fine.

So, I start getting ominous messages from the bank about being at risk if I don’t activate my new card. What? I did not ask for one and did not need one. I break down and call the big bank.

Here’s their explanation paraphrased:

Big Bank: Mr. Bursch we noticed that your current check card might be one of many of our customers that is at risk for fraud. [Huh?] We proactively sent you a new card. You need to activate the new one by X date because the old one will no longer be valid.

Me: Security? Fraud? My old card was working just fine and I had no problems. So, why do I need this one?

Big Bank: This a process to help protect our customers.

Me: Uh, I thought I was already protected or that your were looking out for me. So, I have to upgrade to the new card?

Big Bank: Yes sir.

Me: So, now I have to take time to update all of my online business and information online?

Big Bank: I’m sorry sir, this update is mandatory.

Me: So let me get this straight, I have to do something I did not need because of your policy AND spend hours of my time to fix something that was not broken. Hmmm.

Big Bank: I apologize for the inconvenience…

You get the picture? The Big Bank customer service agent was fed all the lines and it wasn’t their fault, just their job. Was this new care really about security? It would actually be refreshing if they just told me: Sir, we are making changes in our business and will probably be charging you more in the future. In order to do this, we need to give all our customers new cards and new numbers. Sorry for the inconvenience.

But then that’s another blog post.

So, I asked people on Twitter about their experience with banks and got several responses. Here’s a story from Vasco Vasconcelos in Portugal about policy over service:

Some years ago, way before home banking got to Portugal, I went to the local agency of my bank to request a money transfer to Belgium, in order to pay for one of my father’s horses life insurance.

Naturally, I took with me the destination account’s IBAN (International  Bank Account Number). After giving it to the bank clerk…she said she couldn’t order the transfer without having another code: the SWIFT code. It wasn’t my first time ordering such a transfer, so I said I knew it could be done without that code. Even thought it was always preferable to have it, I had to do the transfer that very same day because the horse was going on a show the next day and I needed the receipt of the transfer as proof of pay in case (God forbid) something happened, and had no possibility of getting the SWIFT code in due time.

She insisted she couldn’t do it and that I was wrong, so I asked her to call her superior; her answer was absolutely outrageous: “I’m not disturbing my superior with such a meaningless thing” and “sure the horse will be OK” (imagine mocking voice) I got furious. I had been a client on that bank for several years (my dad opened my first bank account there on my 14th b’day). After insisting a couple of times, with no reaction whatsoever from the clerk, I headed straight to the manager’s office on my own. Needless to say, she followed me. All the fuzz caught the attention of the manager. After explaining what had happened, he authorised the transfer, confirmed that, although preferable, the SWIFT code was not a “sine qua non” condition on the transfer and apologised. I was a heartbeat away from closing my account, had not the manager been so nice to me. Don’t know what happened to the clerk, but never saw her there since. Word is she got transferred. God bless home banking

Who does your company serve? Your customers or your stakeholders and policies?

Tags: banking.

I know there are hundreds if not thousands of posts on networking. I’m not trying to add to the noise here, I’m writing this to remind myself.

Here’s what works for me and people I admire:

1. Set expectations. Why are you asking for a meeting? Be clear.
2. Give, don’t take. If you set up a meeting, make sure to give something away. (Knowledge, connections, empathy, ideas, etc)
3. Do your homework. Google, Linkedin, whatever it takes. Learn more about who you are meeting with and figure out how you might help them or share something with them.
4. Be early, not just on time.
5. Review the purpose for meeting. Start off by checking expectations.
6. Ask questions (open-ended) and listen more than you talk.
7. Favorite questions: What are you most excited about right now? What is your biggest challenge?
8. Take notes. Often there are follow-up actions or connections to make, write it down.
9. Follow through. Make a promise? Keep it.
10. Be grateful. Simply appreciate the other person and their generosity of time/resources/connections.

What works for you?

.

Most big brands have developed a presence on the largest social network in the world, Facebook. And most are using Facebook to connect and market to customers and prospects.

One interesting trend I’m noticing on some of the pages that I oversee:

People want customer service in the channel they are active.

It started with a simple question.

A fan asked about a specific problem. Our community manager answered. All in the public. So, now other people tried getting their problem solved. And we helped. But wait a second, I work at a marketing agency. Why are we doing customer service? Good question.

Service=Marketing

Fans and followers don’t care which channel you’re supposed to get service on, they just want help. So, maybe helping your customers, especially out in the open on networks, is marketing. It doesn’t really matter if the brand or fan fired the first shot in customer service. What matters is happy customers. That’s why you’re in business.

Are you providing customer service on Facebook or other social nets? Perhaps the question is could you?

Tags: channel, community management, Facebook, transformation.

I joined a Google Hangout last week with Chris Carfi to talk about possible scenarios for Google+. Awesome experience. Watch his blog for more details and thoughts soon.

In addition to a lot of other great takeaways from that conversation, I am convinced that Hangouts are here to stay. Hangouts allow you to stay in the network. They have a positive peer pressure effect. When you see a Hangout in your stream with interesting people, you’re drawn in. And video creates deeper connections.

Here are some possible uses for Hangouts:

1. After writing a blog post, start a Hangout to answer questions or discuss.
2. Need help thinking through a business (or fill in the blank) problem? Create a Hangout to mastermind your issue.
3. Schedule a regular time weekly. Topical discussion, guest speaker, networking, the options are endless.
4. Research.
5. Education. Imagine teachers with a whiteboard in the background interacting with people from all over the globe.
6. Real-time customer service.
7. Internal meetings.
8. A non-profit could create an ad-hoc Hangout to crowd-source ideas for response to a local crisis.
9. A recruiter could schedule a Q&A for potential candidates.
10. Musician trying out a new song for feedback, live.
11. A VC could invite people to pitch their ideas.
12. Virtual conference with multiple Hangouts.

What would you add?

Check out the full conversation on Google+ Scenario Planning.

[Shameless plug for Gage] Also, check out the summary on Google+ for Marketing Executives here.

.

I have a few favorite restaurants right now. And I tell everyone about them. I’m an advocate for brands I love. My guess is you do the same with your faves. Are brands helping their talkers? What could they do to empower their biggest fans?

Let’s take a look at one of the places that I love: Anchor Fish and Chips

Great food, mostly local and sustainable, focused, and affordable. Easy to talk about.

My wife and I have told at least a dozen people each about this place. Face to face. However, I’ve never taken any advocacy actions online. That’s a big opportunity. Imagine if I had told my networks:
Twitter - 2,000+
Facebook - 180
Each of those people have an average of 125 friends. Do the math. Granted, not all of those people are in Minneapolis, but what could Anchor do to help share the digital love?

Here are some best practices for promoting advocacy from other thriving businesses:

1. Identify your talkers.

• Ask for my email. Get me on a list, and share what’s happening. I’d like to know what’s on tap, more about the story, insider scoop.
• Ask if I would be willing to recommend. [Use the simple and effective Net Promoter Score: read more here]

2. Activate

• Give me something to share. I’ll gladly email, tweet, post about your business.
• Do something exclusive for your advocates. Share the back story. History. Make me feel like I’m part of a club.
• Ask me to help and I’ll do it because I like your brand. For free.

3. Measure

• Take surveys occasionally. Put a postcard with the check asking customers a few questions.
  How did you hear about us? [main measurement] Would you recommend us to a friend? Sign up for our email newsletter.
• Social actions (shares, comments, likes, retweets, etc.)
• Look at the bottom line before and after.

What are you doing to promote advocacy for your business?

If you are in Minneapolis, make sure to visit The Anchor Fish and Chips! [Twitter//Facebook]

Image credit: Stig Nygaard

.

One of my long-time heroes and digital mentors, Tim Sanders, just launched a new book: Today We Are Rich. He calls it the prequel to Love is the Killer App. I had the opportunity to ask Tim a few questions about the new book.

But first, a little history…

Back in 2002, I was hungry for knowledge about boosting my career. So, I picked up Love is the Killer App and devoured every word. His generous philosophy infected my work and thinking. Needless to say, Tim has made a big impact on my personal and business life.

Tim is an author, consultant, and speaker. He’s a modern day Dale Carnegie. Learn more about him here.

Read on:

1. So, what is Today We Are Rich about?

The book is about a set of confidence principles that my grandmother taught me a child. These hard to stick to principles turned my life around twice – the 2^nd time propelling me to a top executive role at Yahoo in 2002.

I consider it the prequel to Love Is The Killer App, my first book on knowledge, network and compassion sharing. In the new book, I divulge that the underlying secret to being an abundant and generous person is Total Confidence in one’s outlook. And that’s not just a matter of will, it’s the result of thoughtful and rigorous lifestyle design.

2. What made you decide to write this book?

I wrote the book in response to the fear I saw in people’s eyes in the Fall of 2008. Everywhere I went, it was like 1991 or 2001 all over again: Boom, crash, uncertainty, scarcity-think. I said to myself, “write your book on Abundance, tell Billye’s story!” Much like Napoleon Hill did in the 1930’s I felt compelled to write about how we must cultivate confidence from the inside so when things fall apart, we can be the Phoenix and not the fodder.

3. What is one thing you hope readers walk away with?

That you can own your outlook on life and success, instead of letting it own you. You can break through your Sideways years by redesigning what you feed your mind, the conversation you propel and the difference you are bold enough to make. It starts with principle one – Feed Your Mind Good Stuff. It’s free to read at http://twar.com

4. Why is this book relevant now?

People are still on tender hooks from the Great Recession of 2008. We are living one step forward and one step back, out of control when it comes to our mind diet. Because of smart phones, social media and our email addiction, we start each day out in a way that leads to depression and fear. Those that break free from this will ultimately be remembered as the Phoenix types that actually prospered in 2011 and beyond.

One other point: The book’s main star is my grandmother, a remarkably confident person who’s still alive and healthy at 96. In our BLEEP My Dad Says Culture of mean spirited humor and disrespect, I want to challenge all of us to learn from and appreciate the Great Depression winners before they are just a memory.

5. Favorite tip for connecting people?

Sure, network to give, not to prospect for future returns. You shouldn’t screen people first to see if they can be of use to you, you should screen yourself to see if you can be of use to them. Make it an obsession to always connect 3 people each week that should meet – and expect zero in return. It’s like open source, your network will grow exponentially through your investments.

Thanks Tim! Buy the book or download an excerpt here for free.

What are you feeding your mind?

Tags: books, interview, mentor, networks, Tim Sanders.

My wife and I have a budget and we try really hard to stick to it. We’ve tried a variety of systems over the years and some have worked, some have not. We were comparing notes with some friends recently about budget woes and they talked about Mint. While it appears to have some cool features, what stuck with me after the conversation was the potential solution for some of our current system challenges.

We signed up and we are trying it out. It might not be the best solution yet, we’ll see.

Here’s the deal. These kind of word-of-mouth interactions happen every day between friends. Online and Offline.

What problem are you solving?

Tweet from Tim Sanders

.

I love Apple. I know they are not perfect, but they are pretty darn close. A week ago my iPhone was heating up for no apparent reason.

My son and I went to the store, got in the queue for help and loitered. We only had about a 15 minute wait for the Genius bar. Plenty of time to browse.

Here’s the deal, no one bugged us. There were no wolves surrounding us for the attack but we weren’t ignored either. It was busy, friendly, and fun.

Of course they helped and of course they went the extra mile.

Are you letting customers browse? Offline or online. Do they get pushed into a sales pitch or pop-up box? Or can they just look around at the cool stuff.

Apple creates a good balance of help and freedom. They are confident that you will be back.

Here are some possible ways to make it easy for people to loiter online:

• Simple clear design
• Easy to find case studies or testimonials
• Images, video, examples
• Obvious contact form or place to ask for help

How about your storefront? Do you let people linger?

Images by: exquisitur and goodrob13

.