Cafe Blog Reviews

I am in the process of reading Alice Schroeder’s book entitled The Snowball: Warren Buffett and the Business of Life. The book is a massive source of information about the life of Warren Buffett. Needless to say the book is unbelievable! I love to read about the life of people who, in my opinion, have lived a valuable and influential life. At the beginning of the book Alice recounts an event from the Sun Valley Conference in Hailey, Idaho . Allen & Company , a boutique investment firm in Hollywood handles the event inviting such notables as Bill Gates, Oprah Winfrey, and Rupert Murdoch. In 1999 Warren Buffett was asked to be the keynote speaker to end the conference. This was a special year because the conference was filled with Internet tycoons ready to embark on billion dollar ventures in the new year. They were invited and were making the most of rubbing shoulders with the richest individuals around the world. The Internet tycoons walked into the conference room that day hoping for a glowing reception and the blessings from one of the greatest investors of our time. What they received was quite the opposite. Warren Buffett practically dismantled the belief in the new Internet startup companies. He likens the Internet Boom to that of the airline industry: “…So I submit to you: I really like to think that if I had been down there at Kitty Hawk, I would have been farsighted enough and public-spirited enough to have shot Orville down, I owed it to future capitalists.” “It’s wonderful to promote new industries, because they are very promotable. It’s very hard to promote investment in a mundane product. It’s much easier to promote an esoteric product, even particularly one with loses, because there’s no quantitative guideline.” Warren Buffett, pg 19. Most of the venture capitalists and entrepreneurs left the meeting slightly chuckling at “old Warren’s mistake.” They found out later that he was exactly right. Web 2.0 companies should listen to Warren Buffett. He has always cautioned the vamping of over-promoted companies and increasing investment in techonolgy companies with no substance. “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” -Warren Buffett, page 21 I have always been a skeptic of increasing investment in social media and web 2.0. I do love the sites and I love the fact that they are free. I have a problem with the valuation of multiple billions of dollars for the site like Twitter. This is a dangerous game we are playing when it comes to the multitude of millions of dollars invested in Internet startups. I am afraid we never learned to begin with. Related articles by Zemanta The ideal startup career path (cdixon.org) Closely Watched Buffett Recalculating His Bets (nytimes.com) Buffett’s Firm Berkshire Hathaway Sees Profits Triple (huffingtonpost.com) Creating Social Capital in India (online.wsj.com)

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Twitter Should Listen to Warren Buffett. He Was Right in 1999.

Go. Go. Go. Go. Faster… Stronger… Better I have to get it out… if I don’t… I will not be heard! I can’t let it go… I have to get out there! Go. Go. Go. Go. It is exhausting…. and yet somewhat fulfilling. Every business owner can relate to this exhausting form of competitive spirit that overlaps everything from social media marketing to traditional marketing. You have to be first… You have to be the best… You have to be ahead. I was scanning my Twitter feed this morning and Roger Byrne of Social Media Fish had a great post: In your search to be the fastest and most comprehensive news provider on Twitter take a breath and be human (@imrogb) It wasn’t a connection for me in terms of being the “fastest and most comprehensive news provider on Twitter.” I could really care less on how fast a tweet is sent out or how many “lists” I am on. I don’t know about you…. but sometimes I forget about the concept of taking a breath and being human. You get caught up in the race… in the push to be better… you forget about the fundamentals of running a business and your life. Related articles by Zemanta Tips to start your Social Media campaign (opencircle.co.za) “Blogs & Social Media in Business” Workshop: 19th Nov in London (thatcanadiangirl.co.uk) The Questions I Think We Should Ask (chrisbrogan.com) Your Customers STILL Don’t Care About Your Social Media Strategy – But They Do Love a Bargain (siliconangle.net)

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Take A Breath and Be Human

This is my last post on the Razorfish FEED 09 Brand Experience Report . One thing I have learned while reading and studying the social media report is that marketing and advertising is not dieing… it is merely adapting. This may be old news to many of you but (in the social media world) the cry of the DEATH OF ADVERTISING… is constant… loud and clear. I have even taken up the battle-axe and screamed to the heavens about the slow death of the ad world. Truth is… advertising will never be dead. The cycle of product promotion will always be a staple in the world of entertainment and communication. It is changing and adjusting with the fast changing world of online communication! The digital experience of the consumer is changing the way we communicate as brands… as companies. From Razorfish: “According to our research, the overwhelming majority of consumers who actively engage with a brand digitally–whether by entering a contest, “friending” a brand on Facebook, or even watching an advert on YouTube–show dramatic upticks across the entire marketing funnel. Simply put, digital brand experience create customers.” (pg 4) This change is not only happening in the world of social media but beyond… Consumers are engaging with brands on a completely different level. Through digital marketing and brand experiences consumers now have the CHOICE to communicate with a brand. So what does this mean to us… the business owner, marketing executive, and sales person? Shifting your marketing… adapting and changing with your environment is only the beginning. The world is changing and the business landscape will shift with it. Are you positioning yourself to take advantage of the future? Related articles by Zemanta What is viral marketing? (va4growth.com) Facebook is for brands – the careful ones (nevillehobson.com) Why marketers need to create social media guidelines (superhypeblog.com) Integrate Social Media into Your Marketing Strategy (kylelacy.com)

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News Flash. Advertising Isn’t Dying. It’s Adapting.

This is the second post about the Razorfish FEED 2009 Report … as promised. I was reading a post from my friend Todd Muffley over at Fat Atom and it got me thinking about the future of online communication. His post is entitled, “ Is Social Media One Big Coupon Book? ” The premise of the post is captured in two sentences: “If Social Media does become one big coupon book, watch out Newspaper, Magazine, Radio, TV and Direct Mail (to name a few). The old school push model of coupon distribution may just go the way of the VCR.” The post is (of course) fueled by the Razorfish study which states that of “ those that follow a brand on Twitter, 44% say that access to deals is the main reason. The same holds true for those that added a brand on Facebook or Myspace, where 37% cite access to exclusive deals or offers as their main reason.” (pg 9) Now, the Razorfish study does not give a voice to all 200 million people using broadband Internet access but it does create a platform for discussing the main draw of social media. I would venture to say that the main reason a user FIRST joins a fanpage or follows a brand on Twitter is because of a contest or promotion. Once the individual becomes a fan the SECOND step is interacting with that fan in order to build some type of trust. Repeat customers are the best customers… nay… repeat customers with friends are the best customers. There is always a conversation buried in the depths of a relationship being built between a customer and a brand. Where that relationship starts? Who knows? The important thing to remember is to have the conversation… which eventually leads to conversion. Of those who follow a brand on Twitter, 44% say access to exclusive deals is the main reason. The same holds true for those who “friended” a brand on Facebook or MySpace, where 37% cite access to exclusive deals or offers as their main reas Related articles by Zemanta Razorfish: the empire strikes back (superhypeblog.com) 19% of Internet users use Twitter or update status site : Up nearly 100% since April (kevin.lexblog.com) Call for Speakers: Social Media Summit – Israel – 6 Dec 09 (pulverblog.pulver.com) Integrate Social Media into Your Marketing Strategy (kylelacy.com)

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Why Do People Follow Brands? Conversation or Deals?

I have been waiting to write this post. I don’t know if it is because I wanted to hear what other social media users thought… or I just didn’t care enough about another feature on Twitter. Needless to say… I have been researching Twitter lists and the inherent value of the lists. Because of that research I have come to three simple conclusions: 1. If you create Twitter lists be very sure you keep them updated and fresh. 2. It is not imperative to create lists. If you need organization… use a trusted source’s list or organize through an application like TweetDeck or Hootsuite . 3. Monitoring lists without following individuals is important to business research on Twitter. For those of you who have not discovered Twitter lists… it is pretty simple. Twitter users have the ability to organize people they are following in topical lists. The organization of users based on lists is not new to the social media world. Facebook also allows you to organize your friends based on lists. To get a better understanding of Twitter lists view this video from BitRebels : Twitter lists can be a powerful business tool as mentioned in point 3 of the “simple conclusions.” You have the ability to follow the updates of a group of people (or brands) without publicly acknowledging that you are following them. This is important for lead generation and competitive analysis. I have setup a Twitter list called Business Leads which help me keep track of individuals or companies I am interested in selling in the near future. If you decide to use a list for business leads… make sure you make them private. We wouldn’t want competition taking advantage of this new tool.. Would we? I haven’t come to a conclusion on what I think about Twitter lists. Honestly, the feature is a little green… to make any rash decisions. Try it out. Make some lists for yourself and try to find some value. If you can’t find any value… move on with your life. There will be a new feature in a month to capture your attention. For more Twitter List Resources: John Jantsch: 5 Reasons to Use Twitter Lists Red Eye: Twitter Lists Making Tweeting Better, Easier Word Sell Inc: How To Use Twitter Lists Social Media Today: The Ugly Side of Twitter Lists

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Why Should I Care About Twitter Lists?

I have been waiting with great anticipation for the delivery of my book, Twitter Marketing for Dummies. It has been a long (but awesome) process of writing, editing, and brainstorming over different concepts involved in marketing through Twitter. I couldn’t have done it without Erik Deckers, the Wiley Staff, Manny Hernandez, and the staff at Brandswag. It was a fun 7 weeks of writing and I am looking forward to what the future brings. If you have not picked up the book you can do so through Amazon.com (click the link) or through your local bookstore on November 18th. Some general things you will learn by reading the book: Using Twitter to communicate with your customers Utilize tools to maximize your Twitter prescence Build and use your network to psread your message Measure the success of your efforts It has been fun and I am looking forward to the feedback from the book!

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The Arrival of My Twitter Marketing for Dummies Book

I am currently in a sales training class at Trustpointe , a Sandler Sales Company, who I highly recommend  to anyone looking for sales training and expertise. We were talking about the idea of quality, service, and expertise not mattering when involved in marketing communications. I have been wrestling with that concept over the past 48 hours and decided… who best to ask? I have been under the assumption that it is absolutely idiotic to use “best customer service” in marketing communications. I’m still convinced that you have to be a little more creative  to gain the attention of a consumer base when using traditional marketing… even more when using social media marketing. Plain and simple… everyone has quality, service, and expertise. What makes you different from everyone in your industry? If I get hit with marketing that says “Best Quality since 1889 “… Do I really care? No. I don’t. I care about how you personally take care of your customers. I care about how you go about your daily routine. Seth Godin has always said that people have come to expect that you have quality, service, and expertise… you do not have to keep telling us… show us. Related articles by Zemanta Value Propositions Change Through The Sales Cycle (thecustomercollective.com) Social Media Time Management: Resource Allocation (altitudebranding.com) Legal Versus Social: 7 Steps To An Amicable Relationship (socialmediatoday.com) Developing a B2B Content Strategy: Start with Who (conversationagent.com)

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Quality, Service, and Expertise Do Not Matter