Lately I have spoken to more than one client that seems to have their 'head in the sand' with respect to product / service liability. As a Certified Risk Manager I have put plans together to mitigate risk and they can be quite 'ncompassing'. This short blog is simply to get people thinking about risk management and liability mitigation - to be the starting point for your own research.
A few hints to Reduce Risk:
Learn from settled and closed claims – review claims made in your industry, with your competitors.
View our industry compliance requirements as the starting point of Risk Management, not the ‘do this and we’ll be ok’.
If you are outsourcing any portion of your product or service, you still own the risk, that does not get outsourced.
Insurance is not risk management (though it has a role to play).
Manage your Sales and Marketing processes. You may be creating your own liabilities in how to sell what you sell.
Think about risk mitigation wrt product / service liability - plan properly and you will notice that the efforts not only support reducing your exposure, they will result in stronger product offering.
Monday, May 26, 2008
Saturday, May 17, 2008
Trade Shows - what to do
The other day a client asked about trade shows, commented on the high cost, lack of access to the best spots, best ad space, best deal....I spent some time explaining what we have done in the past.
Working with several small to medium size businesses, trade shows are a big part of what we help with - having a printing & promotion company in our group also makes getting involved a lot of fun. Remember the point is to get your name out, allowing clients to see the product, but most of all being part of the scene, part of the community - that's key.
Yes, shows are expensive and yes the 'choice' spots and space are often taken by repeat attendees (hint #1 - commit to the show and the show will commit to you, at a minimum it provides more leverage during negotiations). Learn to take advantage of all the show management has - listing of clients, listing of attendees, who is where, media room (big one), discounts - ask - ask - ask.
Look at your show expenses from two angles - the cost of the show and what you get for your money - by that I mean how can you dice and slice your budget for more bang for your buck - remember you are looking for exposure. (hint #2 - look outside the show for opportunities). For one show (that we helped a company with) we scouted the show venue a few months ahead of time. We noticed that across the street was a condominium being constructed - I negotiated with the construction company to hang a 40 by 100 foot banner off the 5th floor of the condo - the cost, virtually free compared to the cost of such a banner / space on the trade show floor. The condo was right across from the main entrance to the trade show - priceless. For another event, this one in Phoenix, we advertised with all the hot dog vendors that lined the pathway to the entrance - we picked up all their beverage costs for the day - again, relative to that type of exposure at the show, very inexpensive. Remember it is all about exposure, you have to create exposure any way you can and don't limit yourself to the show. One of our portfolio companies always arrives extra early and takes the best parking spots - they park their installation vans with all their logos and advertising - great FREE exposure.
These opportunities are not always available and some are just luck so you do have to concentrate on the show - I believe it is always best to go to the show the year before and see who's who. What do exhibitors do? What don't they do? It's a good idea to also go to other shows at the same venue. (Hint #3 - other industries have the same challenges, are going to shows for the same reasons - learn from them). For one of our portfolio companies it was their first show at a new venue, a month before I went to a plastics show at the venue - consumer plastics (cups / cd cases / hair combs) is far off from construction but I picked up alot. The one thing we used was a business card idea, one vendor was giving away plastic cups with their business card screened on it. We ended up giving away business cards at the construction show that were printed on sand paper - we also gave 'normal' business cards - but the sand paper ones were well received - people remembered it - got us exposure. At another show, one that was at Euro Disney (which meant that many attendees were traveling with family) we couldn't get anyone to visit our hospitality suite. We went out and gave away Mickey Mouse hands - all the kids wanted Mickey Mouse hands and they brought their parents - our clients - to our suite. The power of a child with a mission. The point is creativity is key. It's a trade show, you have to put on a show. People that are looking for your product will come, you have to attract all those others and the ones that visit your competitors.
We have done a number of other interesting and creative 'things' at shows, these are just a few that may help get you thinking for your next event.
Working with several small to medium size businesses, trade shows are a big part of what we help with - having a printing & promotion company in our group also makes getting involved a lot of fun. Remember the point is to get your name out, allowing clients to see the product, but most of all being part of the scene, part of the community - that's key.
Yes, shows are expensive and yes the 'choice' spots and space are often taken by repeat attendees (hint #1 - commit to the show and the show will commit to you, at a minimum it provides more leverage during negotiations). Learn to take advantage of all the show management has - listing of clients, listing of attendees, who is where, media room (big one), discounts - ask - ask - ask.
Look at your show expenses from two angles - the cost of the show and what you get for your money - by that I mean how can you dice and slice your budget for more bang for your buck - remember you are looking for exposure. (hint #2 - look outside the show for opportunities). For one show (that we helped a company with) we scouted the show venue a few months ahead of time. We noticed that across the street was a condominium being constructed - I negotiated with the construction company to hang a 40 by 100 foot banner off the 5th floor of the condo - the cost, virtually free compared to the cost of such a banner / space on the trade show floor. The condo was right across from the main entrance to the trade show - priceless. For another event, this one in Phoenix, we advertised with all the hot dog vendors that lined the pathway to the entrance - we picked up all their beverage costs for the day - again, relative to that type of exposure at the show, very inexpensive. Remember it is all about exposure, you have to create exposure any way you can and don't limit yourself to the show. One of our portfolio companies always arrives extra early and takes the best parking spots - they park their installation vans with all their logos and advertising - great FREE exposure.
These opportunities are not always available and some are just luck so you do have to concentrate on the show - I believe it is always best to go to the show the year before and see who's who. What do exhibitors do? What don't they do? It's a good idea to also go to other shows at the same venue. (Hint #3 - other industries have the same challenges, are going to shows for the same reasons - learn from them). For one of our portfolio companies it was their first show at a new venue, a month before I went to a plastics show at the venue - consumer plastics (cups / cd cases / hair combs) is far off from construction but I picked up alot. The one thing we used was a business card idea, one vendor was giving away plastic cups with their business card screened on it. We ended up giving away business cards at the construction show that were printed on sand paper - we also gave 'normal' business cards - but the sand paper ones were well received - people remembered it - got us exposure. At another show, one that was at Euro Disney (which meant that many attendees were traveling with family) we couldn't get anyone to visit our hospitality suite. We went out and gave away Mickey Mouse hands - all the kids wanted Mickey Mouse hands and they brought their parents - our clients - to our suite. The power of a child with a mission. The point is creativity is key. It's a trade show, you have to put on a show. People that are looking for your product will come, you have to attract all those others and the ones that visit your competitors.
We have done a number of other interesting and creative 'things' at shows, these are just a few that may help get you thinking for your next event.
Tuesday, May 13, 2008
Free Resources, People Power, Ideas
Having 'extra' staff resources has many advantages, staffing definitely allows you to execute but it also allows you to fill the hopper with great ideas.
So, if you are limited in staffing resources, and perhaps talent, if you are small or medium size company that does not have access to big thinkers, how can you achieve the same results?
How can you double or triple your talent pool, generate great ideas and execute almost overnight?
Try a Tear-Down Analysis.
I have done a number of Tear-Downs with many companies and the results have always been worthwhile.
A tear-down is simply an exercise where you tear apart product. Take your product, take a competitors product and side by side dismantle the products.
Look for how you do things, how they do things.
Look at what materials you use, what materials they use.
Look at how you hold your product together, how they hold their product together.
Look at your subcomponents, look at their subcomponents.
Look at the technologies you are using, look at the technologies they are using.
Look at where you add cost, where they cut cost.
Your competitor has spent hundreds of thousands of dollars, countless hours and taken advantage of people power to develop their product; it is yours for the taking at pennies on the dollar.
The key to success:
Attention to detail.
Look at everything. Every nut and bolt, every screw, piece of double sided tape. Paints and coatings. Plastic vs metal. Product, labels, printed materials, packaging.
Look at it from different points of view: manufacturing, cost savings, marketing, assembly. Have key member of your team participate, have designer, product managers, assembly people all get involved.
Document; photos, video, notes.
It's a great tool, well worth the effort and extremely cost effective.
Give it a try.
So, if you are limited in staffing resources, and perhaps talent, if you are small or medium size company that does not have access to big thinkers, how can you achieve the same results?
How can you double or triple your talent pool, generate great ideas and execute almost overnight?
Try a Tear-Down Analysis.
I have done a number of Tear-Downs with many companies and the results have always been worthwhile.
A tear-down is simply an exercise where you tear apart product. Take your product, take a competitors product and side by side dismantle the products.
Look for how you do things, how they do things.
Look at what materials you use, what materials they use.
Look at how you hold your product together, how they hold their product together.
Look at your subcomponents, look at their subcomponents.
Look at the technologies you are using, look at the technologies they are using.
Look at where you add cost, where they cut cost.
Your competitor has spent hundreds of thousands of dollars, countless hours and taken advantage of people power to develop their product; it is yours for the taking at pennies on the dollar.
The key to success:
Attention to detail.
Look at everything. Every nut and bolt, every screw, piece of double sided tape. Paints and coatings. Plastic vs metal. Product, labels, printed materials, packaging.
Look at it from different points of view: manufacturing, cost savings, marketing, assembly. Have key member of your team participate, have designer, product managers, assembly people all get involved.
Document; photos, video, notes.
It's a great tool, well worth the effort and extremely cost effective.
Give it a try.
Monday, May 12, 2008
Web Self Service
Web Self Service is an excellent tool for any organization - buy on-line, book on-line, check status, there are ample examples everywhere for every industry and every business.
As with everything there are pros and cons. I'm writing a few lines as one client believes that Web Self Service is the answer to all his company issues.
Some things to watch for:
Web Self Service (WSS) does not mean lower costs because you need less warm bodies. You can reduce some costs however you will always need people, their role is simply different in a Web Self Service environment.
Still need human interactions.
Still need to build the relationship with the customer.
Still need to deal with issues that arise that can not be solved with WSS.
You will have inquiries generated by WSS.
Still have to maintain loyalty and build the business.
Use WSS to add to the business, to leverage resources, to multiply what you do well. To maximize value to the customer.
WSS is only one 'tool' to use.
You will have to drive customers to your WSS site. It has to be value added, easy to use and a little 'fun' to ensure they get the best of the experience.
You will have to monitor their experiences and take action on what customers are saying.
You have to ensure the WSS is personalized, intelligent, seamless - access to phone assistance, web-chat, etc.
WSS is not an extension of what you currently offer, it is a separate offering.
WSS can be as small or as big as you want or need it to be. From simple FAQ pages to on-line ordering. If in doubt start small, monitor, get feedback and grow, it is a place to be.
Ensure that WSS is not a silo of information - it has to be current, dynamic, alive.
To succeed, remember that Web Self Service is your company interacting with customers; it can add real value or create real frustration.
As with everything there are pros and cons. I'm writing a few lines as one client believes that Web Self Service is the answer to all his company issues.
Some things to watch for:
Web Self Service (WSS) does not mean lower costs because you need less warm bodies. You can reduce some costs however you will always need people, their role is simply different in a Web Self Service environment.
Still need human interactions.
Still need to build the relationship with the customer.
Still need to deal with issues that arise that can not be solved with WSS.
You will have inquiries generated by WSS.
Still have to maintain loyalty and build the business.
Use WSS to add to the business, to leverage resources, to multiply what you do well. To maximize value to the customer.
WSS is only one 'tool' to use.
You will have to drive customers to your WSS site. It has to be value added, easy to use and a little 'fun' to ensure they get the best of the experience.
You will have to monitor their experiences and take action on what customers are saying.
You have to ensure the WSS is personalized, intelligent, seamless - access to phone assistance, web-chat, etc.
WSS is not an extension of what you currently offer, it is a separate offering.
WSS can be as small or as big as you want or need it to be. From simple FAQ pages to on-line ordering. If in doubt start small, monitor, get feedback and grow, it is a place to be.
Ensure that WSS is not a silo of information - it has to be current, dynamic, alive.
To succeed, remember that Web Self Service is your company interacting with customers; it can add real value or create real frustration.
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