Tuesday, August 27, 2013

Entitlement: Epidemic of Our Era

How does entitlement present itself?
What are its causes and consequences?

How do we cure it?

Webster’s describes entitlement as “the belief that one is deserving of certain privileges.” Family Business Wiki says, “Entitlement refers to a sense of being ‘owed’ such benefits as: wealth; employment; and status without having to work to achieve these benefits. Some children who grow up in a successful family business can be inclined to a feeling of entitlement.” Entitlement is more than feeling “owed” or “deserving,” it’s about expectation as well. Indeed, usually the problem isn’t the feeling of entitlement; it is how family members act, and how such actions are perceived by others. The consequences can be dire.

Wanting their children to have all the trappings of the good life, parents help their kids buy homes and even furnish them; they set up trust funds and 529 college savings plans for their grandchildren. And in these actions, there lies an expectation -- that this might go on forever, that there’s a bottomless well

So, have the parents been the enablers? Have they unwittingly fostered the belief in their children that money will always be available? Perhaps so.
Many expected that they’ll be able to take the same luxury vacations with their children as they’ve enjoyed with their parents. For most, however, it just won’t happen. Thanks to the economy, “forever” seems to have come to a screeching halt.

As a result, many kids turn to the Family Business as a natural source of opportunity.
But is that opportunity to further entitlement?

Read the SeptemberWhite Paper and join The Network of Family Businesses for a virtual educational Webinar on Thursday, September 26th 2013 at 02:00 PM Eastern Time, with Paul and David Karofsky.

Paul Karofsky is founder/CEO of Transition Consulting Group Ltd. He was the third-generation CEO of his family’s business and is executive director emeritus of Northeastern University’s Center
for Family Business. David Karofsky is president of Transition Consulting Group Ltd. He has more than 15 years of experience coaching executives and working with companies across the globe (www.ForTCG.com).

For additional information email: steve@netfamilybusiness.com

Thursday, August 1, 2013

Marketing & the Family Business

Creating the Ideal Customer Experience
Many marketers have been taught the concept of the marketing funnel. The idea being that you bring leads into the top of the large opening in a funnel and push the ones that become customers through the small end. The problem with this approach is it turns all the focus on the chase. Bill Brelsford happens to think that real payoff in marketing comes from expanding and focusing your thinking on how to turn a lead into an advocate for your business.

When you overlay our definition of marketing – “getting someone who has a need to know, like, and trust you” with the intentional act of turning know, like and trust into try, buy, repeat, and refer you get the entire logical path for moving someone from initial awareness to advocate.

The key is to systematically develop touch points, processes and product/service offerings for each of the 7 phases of the hourglass.
            Know – Your ads, article, and referred leads
            Like – Your web site, reception, and email newsletter
            Trust – Your marketing kit, white papers, and sales presentations
            Try – Webinars, evaluations, and nurturing activities
            Buy - Fulfillment, new customer kit, delivery, and financial arrangements
            Repeat – Post customer survey, cross sell presentations, and quarterly events
            Refer – Results reviews, partner introductions, peer 2 peer webinars, and community building

Far too many businesses attempt to go from “Know” to “Buy” and wonder why it’s so hard. By creating ways to gently move someone to trust, and perhaps even creating low-cost offerings as trials, the ultimate conversion to buy gets so much easier.

Read the AugustWhite Paper and join The Network of Family Businesses for a virtual educational Webinar on Wednesday, August 21st 2013 at 11:00 AM Eastern Time, with Bill Brelsford.

Bill Brelsford is the owner of Rebar Business Builders and a Certified Duct Tape Marketing Consultant. As one of the original members of the Duct Tape Marketing Consultant Network, Bill has been helping business owners and professional service providers install the Duct Tape Marketing System since 2004.

For additional information email: steve@netfamilybusiness.com