Author Archive for Adam Foldenauer

Ad Agency Insights

Published by Adam Foldenauer on November 2, 2009 in General. 0 Comments

John B. Adams, CEO of The Martin Agency, spoke at a recent business school breakfast. He shared some powerful insights on new realities for marketers. Here are three themes:

1. Integrated marketing must evolve into unified marketing. At first, this sounded like merely a fresher buzzword, but the point is that agency functions should become more collaborative, just as marketing messages are blending more closely with the media that contain them.

2. All advertising is becoming direct-response advertising. Consumers are researching and making decisions in less predictable processes, due in large part to interactive media. For example, a consumer may consult friends’ opinions, and several user-generated reviews online. He may be ready to make a purchase decision before engaging with a single ad. This means that image advertising is less valued, and every marketing communication needs a behavior-changing call to action.

3. The nature of storytelling is changing – from a single story for a brand to multiple stories.

My overall takeaway: Interactive media gives consumers abundant choice for how they consume marketing communications, and for how they select products and services. It’s all done on the consumers’ terms.

The challenge for marketers – or any provider of a product or service – is to gain deep insight into the target consumer, offer truly helpful, relevant products, and tell compelling, helpful stories that amplify the product.

Wait a second…shouldn’t that have been the challenge all along?

Mine - Time Inc. Tests a Personalized Magazine

Published by Adam Foldenauer on May 3, 2009 in General. 2 Comments

Considering the struggles of the nation’s daily newspapers, it’s worthwhile to highlight any print publication making strides toward providing a personalized product.  Mine, a venture from Time Inc., promises to be “my magazine, my way.” Consumers create an account online and select five magazines from Time’s stable of publications, and Mine becomes five magazines in one – the best of content from all of your favorite subjects, delivered to you each month.  

And, it’s free for five test issues. Sounds revolutionary, right?  

Not so fast. I recently received my first issue, and it didn’t live up to my expectations. After perusing it, I’m unclear if Time’s endgame is to get me to subscribe to Mine, or to the publications from which I selected content. The publication reads more like a teaser or sampler. The content is light and quick, with only an article or two from each publication I selected. There’s no depth or flow to draw me in like a good magazine does; in fact, Mine is only 35 pages. There is little compelling photography. 

It’s more likely that the purpose of Mine is to provide advertisers a platform to deliver personalized ad content. Mine is peppered with personalized advertising from Lexus, the issue’s sponsor. For example, the ad copy tells me that “Adam Foldenauer, when you’re driving from Midlothian to Virginia Beach, you can use more cargo space…” Seeing my name is 50-point ad copy grabbed my attention, but it struck me as gimmicky.

And here’s another gripe: Shortly after I received my first issue, I received an email apologizing that my first Mine may be inaccurate due to a technology glitch. No one said mass customization was without its challenges. And they were right about the mixup: I signed up for Sports Illustrated, but there were no sports. Instead, I got an article from InStyle about how to buy the perfect jeans (which my wife, Christy, enjoyed).  

If you have a variety of compelling content like Time Inc. does, this concept could work nicely with some retooling. Assuming Time has developed a cost-effective short-run printing solution, Mine should offer more customization within topics, and then actually deliver engaging content. Here’s an exaggerated example: Allow me to build a magazine that has only SI’s NBA coverage, Golf Magazine’s tips on short game improvement, any Travel & Leisure piece on Hawaii, and any Food & Wine article on grilling recipes.  

And as for the ads, how about matching products and services with my preferences and interests that I disclosed when I signed up? 

Now that sounds like a mass-customized magazine consumers would make theirs. 

Sign up for Mine here - looks like only the online version is available now.

When Soft is Hard

Published by Adam Foldenauer on December 31, 2008 in Student Experience. 1 Comment

I recently wrapped up a course that will probably be unlike any other that I take during my graduate studies: Organizational Behavior. In an MBA program that is focused on business strategy and quantitative analysis, at first blush this course had neither.  

I rethought my initial assessment after engaging in the lectures and assignments. After all, a critical element of any strategic plan is building a high-performing team and establishing systems and structures that enable effective, collaborative relationships. Also, we applied several tools that converted softer subjects such as personality and emotional intelligence into objective performance data.  

I was surprised at how challenging it was to complete some of the seemingly simple assignments. Compile a 20-page personal learning journal that serves as a repository for self-discovery (groan). Identify a business relationship you need to improve, then practice and report back on the philosophy and techniques of active listening and assertiveness (double groan).  

I consider myself a student of leadership, and I walked away from the class with tons of new insights into how to be a more effective leader and how to align my passions with my work. It just took a mindset shift to get there. 

This unique class reminded me of a workplace truism: Often the “soft” stuff — working effectively with people, dynamic leadership — is the most challenging.

Admiring Two “2.0” Startups

Published by Adam Foldenauer on November 29, 2008 in General. 1 Comment

Web 2.0 applications can be novel and slick. They can also be an easy way to waste a bunch of time and money if the strategy behind your snazzy interface is misguided. That’s why I’m rooting for ChaCha and Cozi, two Internet-based firms whose services I use. They both have promising futures because they’ve used interactive technology to meet consumer needs with fun, simple solutions.

Ever have a burning question, but you’re not in front of your laptop to Google the answer? For instance, say in order to settle a debate you’re wracking your brain to remember the MVP of Super Bowl XII. ChaCha can help with its free Q&A service via SMS. Just text any random question to 242-242 and ChaCha will fire back a response – along with an ad – in minutes, using its network of subject-matter experts (called guides) and its database. The ability to submit a query on any topic sets ChaCha apart from Google’s more targeted SMS services.

(I’ll save you a text. Harvey Martin and Randy White were co-MVPs.)

Cozi is a site where families come together online and consolidate information, such as schedules, to-do lists and photos. It’s a neat solution for today’s overbooked family. Its core application is a calendar interface that can also function as a widget and sync with Outlook. Cozi can shoot any calendar or list you’ve created to your phone via SMS. Its interface is beautiful and easy.

The challenge for these startups is the same as any other fledgling company: turning a great idea into a profit. Both have solid backing; they’ll need to use that cash to build their brands and hone their business models. ChaCha was founded in 2006 as a “human-powered” search engine but has changed course since then, abandoning the browser-based search engine in favor of mobile.  This revised strategy seems more viable, because ChaCha is better positioned to compete — or even partner — with Google and its array of services in the mobile space, and because there is huge future revenue potential in targeted mobile marketing.

Hushpuppies and customer segmentation

Published by Adam Foldenauer on September 27, 2008 in Uncategorized. 1 Comment

I hurried into one of my favorite lunchtime establishments, Bill’s Barbecue. Stepping to the counter, I ordered the same combo I always do, a minced platter with hushpuppies. As I prepared to slide aside and wait the usual 3 to 5 minutes for my order to be prepared, the cashier presented my sandwich and looked at me, dumbfounded: “Here it is. They don’t usually come that quickly.”

The cook peeked from behind the counter, waved at me and winked. Apparently, on this my 107th visit, he had recognized me and prepared my “usual” while I stood in line.

I was already a loyal customer, but that experience strengthened my affinity. After all, it’s not every day you receive personalized service from a fast-food joint.

In your role as a businessperson, do you know your customer needs as well as the cook knew mine? Consider this question regardless of where your role falls within your company’s value chain, because in today’s struggling economy where consumers are spending less, now is an important time for all of us to pursue new customer insights.

So, who are your “regulars”? Finding the customers who consume your product or service at high levels – like me at Bill’s BBQ – is a volume-based segmentation. Knowing this customer segment well is critical. What can you do to strengthen their commitment to your product and brand, and what can you do to persuade them to expand their relationship with you?

To make your most important customers feel important, you first have to know their unique behaviors, motivations and needs. Then, position a product offering to meet their need, or customize their experience at the most important touchpoints.

A one-size-fits-all customer experience loses, especially when marketplace conditions are difficult. Firms who are intentional about customer targeting will increase loyalty and enjoy stable revenue streams.

P.S. Next time you’re at Bill’s, try the grape lime-aid.