The One Competition You Can't Afford to Lose

Sometimes we fear the competition, sometimes we hate them and sometimes we may forget they are even there. But one thing is for sure: just as iron sharpens iron, competition forces us to do more, to do more with less, to do more and do it better than before, sometimes better than we’d even thought possible.

Whether you’re on the top, the bottom or somewhere in the middle, analyzing the competition must factor in to any successful business plan. In most cases, you don’t want to go head to head with competitors in their areas of strength, instead, you want to identify areas where you have a unique advantage, and work to increase the gap.

But there is one area where you can’t afford not to compete, and this one area can help set you apart more than just about any other.

The competition you can’t afford to lose and can’t afford not to engage in is the competition your business is in with itself. Every day and every customer interaction is a new opportunity for you to do better than before.

Lessen the gap between ‘where you are’ and where you ideally want your business to be by pursuing strategic education and training and by building a culture of excellence where staff members are encouraged not only to do their best, but to do even better than that.

Failure is not the enemy of success, complacency is. By continually challenging yourself and every member of your team to best themselves tomorrow, next week, next month and next year, you can create a climate of continual improvement, purposeful change and innovation.

In the coming week or at your next staff meeting, take an honest look at the current benchmarks in your business – where your business is right now. Then talk about what would be different in your business in terms of ideals in each of these areas. Set goals and challenge employees to strive for mastery in their areas of responsibility, excellence in how they deliver each client experience and in their own personal and professional growth and development.

It’s the one competition you can’t afford to lose, and the one that can bring you the most success. It’s going to be a great year!



Elizabeth Kraus – 12monthsofmarketing.com
365 Days of Marketing is available on amazon.com in book and digital formats.

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Early Look: European Banks Get Liquidity Boost

The markets are in rally mode in early trading after some good news out of Europe. The ECB has coordinated efforts with the Fed, Bank of England, Bank of Japan, and Swiss Natl Bank to offer European banks dollar loans. This liquidity injection has improved sentiment on the continent, and Europe's markets are higher this morning. Asian markets were also higher overnight.

The dollar is lower on the news, while most commodities are mixed. Oil prices are higher near $89.60, while gold prices are down again, falling back to $1782 currently.

Economic news was mixed this morning, with the CPI coming in higher than expected, and a slight improvement in the Philly Fed Survey to -17.5 from -30.7 last month.

Financials and industrials are leading the early action, while defensive issues like healthcare and consumer staples are lagging.

The 10-year yield is getting a nice boost, trading at 2.07%. And the VIX is down another 4% currently to 33.18.

Trading comment: Yesterday's rally felt like mostly short-covering, as it was led by low quality stocks and overall volume was below average. But that is how a lot of rallies start. I think performance anxiety is playing a factor, with most managers underweight and underperforming as quarter-end approaches. Not to mention this week's options expiration, which often leads to pronounced moves. If the SPX can get back above 1220, we could be back in rally mode.

long SH

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Wall Street All-Stars

I am writing for a brand new website called Wall Street All-Stars. The site was co-founded by Cody Willard and Scott Rothbort. Both of these guys are talented writers and market thinkers, and both are former colleagues from RealMoney.com.

The site is still putting together a talented roster of contributors. So please check it out, and feel free to provide any comments you have about the new site.

Thanks,
Jordan

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Early Look: Geithner Says 'No More Lehmans'

The markets are choppy in early trading, after opening on a higher note. Early this morning Europe's markets were trading higher which help improve the tone of U.S. markets at the open. But after a brief bounce to SPX 1180 after the open, the markets have slipped back into negative territory. That said, it is still early in the session.

The improved tone in Europe today flies in the face of the downgrades of some of France's big financial institutions, but it is likely because that was already priced into stocks at this point.

The other news item that helped the markets bounce were comments from Secretary Geithner at a conference in NY where he said that there would be "no more Lehmans" in Europe, and that officials over there were committed to preventing a big institution from failing. Despite his comments, the markets want to see more concrete evidence in the form of a bigger EFSF of some other solution before they take Geithners words to heart.

The euro is bouncing at the expense of the dollar. But this isn't helping most commodities. Oil prices are lower near $89, and gold prices have pulled back to $1281.

In economic news, August retail sales were flat, and up 0.1% ex-autos. Both figures are below consensus estimates.

The 10-year yield is still struggling below the 2.00% level; and the VIX is slightly higher in early trading near the 37.25 level.

Trading comment: Still no change to my recent trading mantra that I prefer staying defensive at this juncture. We used yesterday's bounce to add a little bit to our index hedges. We are still net long in the equity portion of our balanced accounts, but have been decreasing our exposure at the margin.

long SH

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Niche Marketing Ideas that Should Be Music to Your Ears!

September is Classical Music Month and National Piano Month
365 Days of Marketing by Elizabeth Kraus

If you think about it, our community is made up of many hundreds (if not thousands) of mini-communities. These groups are comprised of people connected by family, friends, common interests, hobbies, entertainment, sports and many other circumstantial means, including music. As someone lucky enough to have been a pianist and vocalist, I’ve had the opportunity to mix and mingle with these music sub-communities throughout my life. And since this is a niche that I especially love, I want to suggest that there are actions you can take to support the music arts community that will also help build your business.

And if you’ll forgive the pun, these ideas should be music to your ears!

Extend a special offer to independent vocal, piano and instrumental music teachers and to the employees of music stores. Why? A single music teacher likely has dozens (and may even have more than a hundred) current students. A music studio, comprised of several teachers, will have even more. And all of these students have parents, siblings, aunts, uncles, grandparents, etc. By attracting these influential people and then delivering on the experience you provide in your business, you have the potential to generate a significant amount of word of mouth marketing and referrals.

Create special offers that music teachers can pass on to their students and to the families of their students. Let them know about products or services that you provide that relate to music, practice or performance.

Make suggestions to your customers about the products or services you provide that would make great thank-you or holiday gifts for their music teachers, band and choir directors, etc.

Partner with local music teachers and music stores for a cooperative marketing event. Invite one or more local music teachers to give your patrons a demonstration or introductory group lesson (maybe even held at your business) to introduce your customers to local music instruction options or connect them with instrument sellers. Ask local teachers to donate certificates for introductory lessons that you can give away in Facebook contests or in-store drawings.

If you offer fashion, styling or makeup services or products, create a menu of services and/or offers that local students and professional musicians might want to utilize prior to recitals, performances or competitions. Add post-performance de-stressing massages, manicures, pedicures or other services to your menu.

Host or sponsor after-parties or post-performance get-togethers for the band, choir or musical cast of your local high school, for community or church choirs, for amateur or professional chorales, orchestras or other music groups.

Support local performing arts organizations like choirs, orchestras and ensembles. Attend concerts. Give concert tickets away in in-store drawings or Facebook contests. Place ads in programs. Display posters in your business and include announcements about performances on your social media pages, in your e-mail newsletter or on a local events portion of your website.

Donate to the music programs of local schools. Establish a scholarship program to subsidize the lesson cost for one or more youth in your community. Contribute toward school music program fundraisers or allow students to hold fundraisers or sell tickets or booster cards on your premises. Donate instruments, music stands, music or other needed equipment to local schools. Write press releases to help document the good that your business is doing and to encourage others to do the same.

Feeling really brave? Volunteer to help assist with local concerts in areas such as set up or take down, helping to produce programs or in other areas.

Host a forum or roundtable, inviting music teachers and leaders from your community to participate with the goal of advancing music arts in your city.

Feature live music at your business and invite local musicians of all ages to participate. Invite local church and school choirs to provide music at your business during the holidays. Give away albums of local musicians in your contests and drawings.

Engage online: Hold Facebook and other social media trivia contests or post classical music or piano-related trivia on your social media pages, in your e-mail newsletter, on your website, or on point of purchase, table-top or other in-store displays.

Hold a contest or drawing and solicit nominations from your patrons of the best local private music teachers and/or school music staff. Reward one or more of these teachers with a gift card or another special gift, such as a music-themed gift basket, iPod or other audio equipment, or gift cards for pampering salon, spa or massage services.

(By the way, contests and drawings are a great way to help build your marketing/contact database! Be sure that your entry form asks for the contact information of the person making the nomination as well as the nominee, and indicate that contact information will be added to your database, or provide an “opt out” check box for database exclusion.)



Elizabeth Kraus – 12monthsofmarketing.com
365 Days of Marketing is available on amazon.com in book and digital formats.

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Rumors In Europe Causing Short-Covering

The market was lower most of the day yesterday until late rumors surfaced that China might be willing to buy up some Italian debt. That caused the shorts to scramble, and the market rallied strong into the close. Although volume still finished below that of Friday's levels.

I doubt that China is looking to buy much sovereign debt in Europe. Maybe they would be looking to buy into strategic companies, like oil companies (Eni), electric producers, etc. Those would be strategic investments for China, not simply trying to throw the continent a lifeline.

This morning, the futures were lower until more rumors surfaced that Germany and France may be meeting to announce some support for Greece. So it seems like a lot of people are leaning short, but skittishly so as they look to cover those shorts on any perceived positive news out of Europe.

This type of volatility is one of the reasons that the VIX remains at extreme elevated levels. Despite this morning's rally, the VIX is still higher at 38.75. And Friday's options expiration will likely keep volatility elevated this week.

In corporate news, Best Buy (BBY) reported earnings that fell short of consensus. As a result, the stock is getting hit for -8% currently.

The dollar is lower today, which is boosting commodities. Oil prices have rallied back to $89, while gold prices are also higher near $1827.

The 10-year yield is trying to get back above 2.00%, but not having much luck so far. I recently added to my TBT position looking for at least a small bounce in yields.

Trading comment: The SPX has bounced a quick 30 points from yesterday's lows, and it is hard to tell which way options expiration will exert its force on the market for the rest of the week. But as I have said, until we get some actual improvement in the landscape (as opposed to rumors) I am maintaining our defensive posture and fading most rallies.

long TBT, SH

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This Isn't Just A Typo, This Is An M&S Typo.

[Click on image to enlarge.]

I'm pretty sure this isn't what M&S chief executive Marc Bolland meant when he criticised the poor signage in his stores. But it was amusing to see this on the day the media is filled with his £600 million revamp.



While the usual bewilderment regarding the number of senior executives who must have signed off on the artwork applies, it's also chastening to note that store staff said the wall displays had been in place for about three months.

Do customers not notice such things even when they're staring them in the face while standing at the check-out tills? Or do they see it and not care? Either way, M&S can never again reject a potential employee on the basis of a typo in their resume.

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