Monday, April 27, 2009

The Rypple Effect

The Rypple effect
Dec 30th 2008 SAN FRANCISCO From The Economist print edition



A novel way to satisfy feedback junkies

ONE defining characteristic of the Net Generation is that it thrives on feedback. Just as they are used to checking their progress on leader boards when playing video games, so Net Geners want to keep close tabs on their performance at work, too. This can be a problem for managers who may be badgered weekly—even daily—for appraisal by eager young members of staff.

The creators of a new, web-based service called Rypple claim that it can satisfy Net Geners’ desire for frequent assessments while easing the burden on their supervisors. The service requires employees to establish a network of trusted peers, mentors and managers whose opinions they value. They can then send out short questions, such as “What did you think of my presentation today?”, to which their network’s members can respond online. The responses are kept anonymous so that, at least in theory, employees cannot tell who has made them.


Among other things, Rypple lets users ask members of their networks to measure their performance against a scale, so they can track how they are doing over time. It also lets employers see what “tags”, or overarching themes, are being used most often in questions. If, say, creativity is key to a firm’s success but there are few requests for feedback on employees’ creativity, then bosses can tell they have not done enough to communicate their priorities.


Daniel Debow, one of Rypple’s co-founders, says the system “reverses the onus on the demand for more feedback” by getting employees to build and manage their own coaching networks. Perhaps, but by making it easier for users to solicit assessments, managers could end up spending even more time fielding requests. And to older workers, Rypple may look like a Big

Brotherish way to track what is going on in the workplace.


But firms that have road-tested Rypple claim that such concerns evaporate once it is up and running. (The basic service is free, but a premium version costs $2-5 per user per month.) Tony Chapman, the boss of Capital C, a Canadian marketing agency, says both young and older workers at his company have embraced the system eagerly. He is even using it to solicit feedback from clients.


Rypple may not be perfect, but it is certainly better than antediluvian annual or semi-annual performance reviews. At a time when results are under pressure almost everywhere, anything that helps improve employees’ performance quickly can be a source of useful competitive advantage. Thanks to the rise of the Net Generation, services such as Rypple may well make a splash in the workplace.





Share/Save/Bookmark

Sunday, April 19, 2009

Hanging Tough

Hanging Tough
by James Surowiecki
The New Yorker, April 20, 2009

In the late nineteen-twenties, two companies—Kellogg and Post—dominated the market for packaged cereal. It was still a relatively new market: ready-to-eat cereal had been around for decades, but Americans didn’t see it as a real alternative to oatmeal or cream of wheat until the twenties. So, when the Depression hit, no one knew what would happen to consumer demand. Post did the predictable thing: it reined in expenses and cut back on advertising. But Kellogg doubled its ad budget, moved aggressively into radio advertising, and heavily pushed its new cereal, Rice Krispies. (Snap, Crackle, and Pop first appeared in the thirties.) By 1933, even as the economy cratered, Kellogg’s profits had risen almost thirty per cent and it had become what it remains today: the industry’s dominant player.

You’d think that everyone would want to emulate Kellogg’s success, but, when hard times hit, most companies end up behaving more like Post. They hunker down, cut spending, and wait for good times to return. They make fewer acquisitions, even though prices are cheaper. They cut advertising budgets. And often they invest less in research and development. They do all this to preserve what they have. But there’s a trade-off: numerous studies have shown that companies that keep spending on acquisition, advertising, and R. & D. during recessions do significantly better than those which make big cuts. In 1927, the economist Roland Vaile found that firms that kept ad spending stable or increased it during the recession of 1921-22 saw their sales hold up significantly better than those which didn’t. A study of advertising during the 1981-82 recession found that sales at firms that increased advertising or held steady grew precipitously in the next three years, compared with only slight increases at firms that had slashed their budgets. And a McKinsey study of the 1990-91 recession found that companies that remained market leaders or became serious challengers during the downturn had increased their acquisition, R. & D., and ad budgets, while companies at the bottom of the pile had reduced them.

One way to read these studies is simply that recessions make the strong stronger and the weak weaker... Read the rest of this article

-------------------
The lesson seems to be - are you focused on the long term gain or short term avoidance of loss.

Where do you want to be in 10 or 20 years?


George Torok

Business Speaker

Host of Business in Motion


Share/Save/Bookmark

Thursday, April 16, 2009

Stimulate Your Business

Stimulate Your Business
and Prosper in a Brutal Market



Are you a business owner losing sleep over these turbulent times?

Are you a sales professional tearing your hair over vanishing sales?

Are you a team manager frustrated at the growing losing streak?


Have you noticed that tough times bring the worst out in some people and best out in others? Recessions do the same thing to business. What determines the difference? It seems to be a combination of character, decision making and constantly investing in yourself and your business.


Are some of these things happening in your business?

Running your business is more difficult
You are giving away too much money just to close deals
You find it more difficult to get your act into gear
You are fed up with hearing tales of gloom and doom
It feels like you are losing control
It is more difficult to make informed business decisions
The recession is clouding too many of your thoughts


Stop suffering and start celebrating.
Yes, celebrate because winners always celebrate. You can win in this recession.


It's Not your fault

The recession is not your fault. You can’t be expected to see what will happen tomorrow. It’s normal to feel anxious about the uncertainty. You can be forgiven if you don’t have all the answers.

But, you won’t forgive yourself if you don’t do something about it soon.


There will be winners and losers

You’ve heard about the massive job cuts at the big corporations. Smaller businesses like yours don’t make the news when they close. They just disappear.


Winners

Two types of business will prosper in the months ahead. The first are those recession vultures that feed on the mistakes, troubles and fears of the majority. That includes the repo man, collection agencies and bankruptcy firms.

The other winners in this recession are those visionary leaders, who recognize the opportunities, adapt for the changing currents and invest in the tools to weather and triumph in the storm.

You can take control by acquiring and using the right recession busting tools. When you do you will win more and find yourself celebrating.

Learn more about this special program.

Register for this summit in Burlington, Ontario.



Share/Save/Bookmark

Friday, April 03, 2009

James Burchill on Business in Motion

James Burchill - Social Media Stategist - Today's guest on Business in Motion

------------------
Today (Friday April 3rd, 2009) I was the guest of George Torok noted author, marketing expert and host of the Business In Motion radio show on CFMU 93.3. And a few hours ago, George interviewed me about Social Media and Internet marketing. I had a great time and this short video journals the fun I had ... even with the rain and crazy driving.

More importantly, I thought you'd like to know that the content within the interview has direct relevance to your business. If you didn't hear it, don't worry - I'm getting the recording and will blog it soon.

During the information packed interview I explain WHY every business needs to embrace SOCIAL MEDIA and WHAT Social Media is. And if you think video is a gimmick, think again. Today was a perfect example of multi-modal marketing messages at work: Email, Social Media - Twitter, Blogging, Radio - Traditional Broadcast Media, and Video - YouTube

I'll be making the radio show recording available on my blog as soon as I download it, in the mean time if you'd like to watch a short 3 minutes video journalling my interview (or if you haven't seen George in a while) - click the video to watch.
----------------



George Torok
Host of Business in Motion


Share/Save/Bookmark