Fishing the Global Market for Higher Returns

Pools of motivated customers exist in the market and companies that can find them are able to tap their customer pools to create higher returns on marketing investment. Access to new customers rests in market research and treaties that open these markets for revenue generation.

Market research allows a company to determine who is most likely interested in their product and where they can find them. A thorough research approach should also include the types of media needed to reach your target market. In the international environment this can take significant time but can improve performance. 

Certain customers will be interested in your products/services more than others. Knowing who they are makes the entire sales process easier as they come to the company “hot”. An organizational will then need to know how to reach them and the marketing mediums that have the highest rates of return. 

Treaties help ensure that trade can actually be conducted. If there is no treaty it may be unlawful or expensive to conduct business in certain countries. Solidly designed treaties provide American companies’ access to new customers but also protect the products/services companies offer. 

Fishing the global market requires a willing partner in government along with intensive market research. Business pushes for expansion of reach and government opens the door. Knowing where the hungriest fish are and having the boat to get there is great but then using the right bait and hook can lure them into biting.  Fishing trips should start with a little research.

Two Benefits of Hosting Comic-Con in San Diego

Over a hundred and thirty thousand people attended this year’s Comic-Con convention in their enthusiasm to submerge themselves in the spirit of “geekhood”. Comic enthusiast contributed $203 million and booked over 378,000 rooms in the area over the past three years (1). This means big windfalls for hotels, restaurants and other businesses in the area. 

There are two benefits from Comic-Con that helped to steer a course for San Diego. The first is the immediate benefits to local businesses and the second is the long-tail of marketing of San Diego to the world. Businesses may see a short burst of revenue but also may find their environment improving over the long-run. 

Sometimes people need an excuse to see the beauty of San Diego. Conventions such as Comic-Con give young people a reason to visit San Diego who might have otherwise have optioned for another place. Some of those people will be impressed by the area and may come back for a vacation or another time when a large event is being held. 

Just in the same way as Comic-Con grew from a small event in the 70’s, to the powerhouse draw of celebrities today, areas also grow in appeal. Because we are creatures of habit, visiting once often perks our interest into visiting again. The same mental processes occur in consumer choices in events or any other buying behavior. 

Some businesses will receive enough revenue during this period that it makes a difference between hiring another employee and laying off another employee during the year. Small businesses need this revenue to increase their profit margins and make small changes in their expansion. Hotels, restaurants, bars, retail, and other associated establishments should have seen a spike in revenue. 

Comic-Con offers value for the area and should be encouraged. Whether we are concerned about marketing the area to the rest of the world or getting a little extra cash into the hands of local businesses owners the value of similar events cannot be underestimated. With San Diego’s vacation weather it should be a popular option for future events.

Managing for Others or Managing for Yourself

Managing is an art form that relied heavily on critical thinking and communication skills to keep large groups of people working toward the same goals. Stronger managers focus on the development of their teams to meet market needs. People who can manage for others versus themselves is a great asset any organization. Managers who can meet performance goals and do so in a way that creates a better department should be in high demand. 

It is in our natural best interest to manage for ourselves and this can make it a difficult competing ideology against managing for others. When someone becomes aware they should manager for others they have done so against the backdrop of years of learning, insight and reflection.  People who create these conclusions have thought about what is important.

They must also be able to step above their biological and emotional needs to take a higher road in workplace decisions. When choices are required they look to promote the group over themselves. This can be difficult if someone is still struggling with unresolved issues.  We see this over and over again among people in leadership positions making self-interested decisions. 

Consider how one manager will take the credit for work by their subordinates while another will give credit where credit is due. The first still has overpowering needs to feel important, competent, secure and liked. They are willing to break social norms and trust in order to get the next promotion or raise.  The latter person has resolved their issues and can step above them to create greater trust with their team.

Hiring managers is more than meeting metrics. Even though meeting is important it is also necessary to continue to meet them over and over in a sustainable way. If a manager brings his/her team to a higher level of performance and solidifies their trust they can keep the performance at a higher level for longer periods. Poor managers will only hit the target for a short period of time until subordinate’s motivation decreases.  Building a team, keeping people engaged and motivating them to a purpose is the ultimate purposes of “management”.

Balancing Your Budget and Developing Long-Term Savings

There are many things to buy and in today’s consumer culture it is more difficult than ever to say “NO”. Learning to live within your means and save for the future is a discipline you can learn over time to create financial security. Putting effort into changing habits makes a big difference in how successful you will be in creating a savings plan.

Balancing your budget is as much about habit as it is about planning. Learning where to find deals on products, understanding value, and making better choices takes time to ingrain as a way of thinking. Start small and slowly move toward higher levels of spending discipline.  You can still get what you want but should learn the best use of your money.

You will have to give up the idea of spending as a type of wealth. If you are truly wealthy you can spend on lots of things you enjoy; but they do it with cash. Wealthy people don’t normally just waste money and have a keen sense of value. Spending all your disposable income and maxing out your credit cards has nothing to do with wealth.

Make a differentiation between what you need and what you want. There are differences as paying for your needs food, shelter, clothing, car, etc. are your baseline. This is where you can live a reasonable life without extras. What you want is everything else you spend on top of your baseline.

Spending choices are an extension of how you see yourself. If your self-perception is trendy you will buy the latest and greatest products that are popular on t.v. or you may gravitate toward sports and sport products. Getting your ego under control can go a long way in helping you save money. Ask yourself if this is really something you need?

There are two hurdles to saving money that include your habits and your self-perception. Changing both can lead to better fiscal choices and higher levels of financial security. Start small and make little changes until you start creating a cushion in monthly income.  Make a habit of putting that money away for long-term savings so that market rates can help you to your goals. Over time these choices will add up to serious cash in your bank account.

Will San Diego’s Increasing Exports Lead to New Employment Opportunities?

San Diego’s economy is picking up speed in ways that may lead to greater employment opportunities. According to the U.S. Department of Commerce, San Diego realized $18.6 billion worth of goods which is a substantial increase of over $700 million from 2013 (1). Should the city expect increasing employment opportunities in the near future?

The majority of exports was in computers and electronics, transportation, machinery, plastics and rubber, metal, and processed food. In these sectors greater sales often lead to greater profits and expansion of buyer networks that often leads to production expansion for companies. 

Corporations expand production to sell more items while seeking to increase their returns from economies of scale. Expanded production sometimes leads to more efficient operations which in turn impacts profit margins. Profit margins stoke the fire of expansion as firms have healthy returns and seek to maximize those returns through additional investments. 

It is those investments in capacity that eventually leads to increasing employment.  Highly skilled and educated employees are likely to find higher wages than employees that have not learned market relevant skills. 

The economic system relies on exports and sales. Only through pro-growth strategies that encourage alignment of the local hubs to international needs can long-term employment stability be found. When market adjustment doesn’t happen, or employment is artificially inflated through excessive legislation, there will be long-term economic consequences.

San Diego should expect increasing employment opportunities in those sectors that have long-term relationships/contracts with international companies and fit within current growing market trends. A boom in growth in 2014 often results in increased hiring in 2015. There are many other factors that can impact this but if the invisible free market hand takes precedence we should see new hiring.