 |
 |
 |
 |
 |
Dear Friends,
Unprecedented times call for unprecedented measures and unprecedented responses and actions, not reactions! We need to be prepared for "the" CHANGE.
We are seeing "panic" setting in as global stock markets have fallen by over 20% in the past few weeks. Some people are reacting emotionally, not rationally, and pulling their money out of banks and stock market accounts. There is a palpable level of fear setting in as the financial problems on Wall Street have led to economic problems on Main Street.
Virtually all economists agree that we are into a global recession that will last through at least mid-2009. Growth and earnings targets are being missed by market leaders (and laggards) in virtually every industry sector, and many corporations are announcing layoffs.
And while the conversations stir about blame and "what ifs," and the dialogue continues about what is not working, we are choosing to focus on what we have control over and what IS working.
I recently attended a marketing conference with the theme "Growth in Challenging Times," and this certainly sums up the current operating environment. In times of great turmoil and instability, there are great opportunities for innovation and growth. What are your opportunities (for personal and business innovation and growth)? What should be your focus as you position your personal brand and business for success in 2009? (See our Personal Branding article and worksheet below.)
At EC, 2008 has been another year of record-setting performance, in spite of the overall tough economic climate we are all experiencing. Each of our three industry sectors (marketing services, media and financial services) has produced results that significantly exceeded 2007, as well as our 2008 forecasts.
We believe that this success is, in part, because we choose to look at times like these as opportunities and have kept our eye on the vision that we created for the year. Like thoroughbreds, we have had our blinders on and stayed focused on what is important and removed what is not. We have followed our own "coaching," and used our own process and transition plan templates. We continue to collect and be surrounded by smart and strong business principles that have been laid out by successful executives such as Andrew Robertson, CEO of BBDO Worldwide. So we share with you what he communicated in his keynote address on "Achieving Strong Growth In a Challenging Marketplace," namely:
Focus on Winning Share
Success in a down market requires increasing your market share at the expense of your direct competitors. As a result of lost consumer confidence, direct competitors of Lehman Brothers (Barclays), Wachovia (Wells Fargo) and AIG (Prudential Corporation Asia) are using the market instability to attract customers or to acquire the assets (branches, customers, people) of competitors at deeply discounted prices. Self-directed brokerage companies like Charles Schwab and Scott Trade have seen new customer account openings more than triple in the past few weeks, as disenchanted brokerage customers move their funds elsewhere after being disappointed by the performance of leading brokerage firms.
Constant Innovation
Great innovation can come in times of turmoil. This is the time to focus on consumer-driven insights, leading to new products and services that meet (and exceed) customer needs. It is often not the strongest species that survive, nor the most intelligent; it is the most responsive to change. Be like a shark—constantly seeking innovation in your company's products and services. Sharks don't sleep, but are constantly in motion. Companies like Google (which just celebrated its 10th anniversary), Apple and eBay are examples of businesses that continue to flourish in down economic time because they are "game changers." (Apple just reported a 26% increase in Q3 profits.) In financial services, Capital One and TD Bank are examples of "emerging leaders" that are changing the game in their sectors.
Win the Talent War
This unstable and uncertain economic market is the time to "top grade" your talent in order to gain a "disproportionate share" of exceptional talent, from top to bottom in your organization. While Barclay's did not acquire the bad debts of Lehman, they acquired long-coveted broker operations in the United States to give them a foothold in an important global market. Insurance competitors are doing the same picking over the assets of AIG, which are all "for sale" currently (i.e., Prudential Corporation plc of the U.K. is reported close to a $15 billion deal to acquire all of AIG's life insurance business in the Asia region). Wells Fargo picked up Wachovia's retail branch footprint, which compliments and extends their nationwide retail distribution assets. Our firm has been very busy, despite the economic downturn, because our top clients recognize this is a time to acquire top executive talent from the vulnerable firms. And top "star" performers are looking for where they should take their personal brands next, if they are with a previous market leader that has lost its credibility.
Focus on Providing Value
This is clearly a time for auditing and evaluating your relationship with each of your clients/customers to understand how and where you are adding value. In 2002, we began offering six months of transition support coaching to every candidate we placed with every one of our clients. Over time, our clients (and candidates) have seen this as an important "value add." More importantly, it is our statement that we intend to stay engaged (for the long-term) and do everything in our power to make sure each and every one of our placements meets and exceeds expectations.
Attack/Reduce Your Cost(s)
This is a time to attack/reduce your cost structure, outsource non-core services, increase the productivity of every part of your business model and focus on measurement and accountability. Starting six years ago, we shifted to a low overhead model, eliminating the fixed overhead of a NYC office and creating a "virtual" business model in which every staff member is a "just-in-time" contractor. This has enabled us to "live below our means," which creates greater staying power during economic recession. It also enabled us (and can enable you) to accumulate resources for investment in the next cycle of growth opportunities.
This month's article is Part 1 of a three-part series on "Managing Your Personal Brand." It's about "CREATING the Vision" for your future success. In coaching, whether sports or business, much has been written about the power of visualizing a successful outcome before you begin. We are succeeding at EC because we have a vision that we update each year during the 4th quarter, setting new goals and specific, measurable results that we expect to achieve in the following year. In this three-part series (October, November and December), we intend to provide you with a few tools and resources you will need to do the same for your personal brand and business in 2009.
We truly invite you to connect with us and share what you have done and/or will do differently in the days ahead. Go ahead, give us your personal challenges and successes. We will share them in our next ezine so others can hear that, even in difficult times, people, companies and busy executives are making a difference and shifting so that when this is over, they will be prepared.
We also invite you to visit our "Ask Our Coach" website, www.askourcoach.com, where we provide the type of honest feedback you see from Jack and Suzie Welch each month in Business Week.
Best regards,
Jeff Gundersen, CEO jgundersen@executiveconnects.com
Executive Connections, LLC 941-323-8300
334 Under Mountain Road
P.O. Box 265
Salisbury CT 06068
Executive Search, Coaching & Consulting
http://www.executiveconnects.com
Managing Your Personal Brand - Create the Vision
OCTOBER - Part 1 of a 3-part Series
Don't forget to download the WORKSHEETS
The last three Executive Connections ezines of 2008 (October, November and December) will focus on the process of reflecting on and planning for your personal brand development in 2009. We're including exercises in each ezine to help you navigate this process. THE GOAL is to create by the end of the year an actionable PERSONAL BRAND PLAN that you can begin working as soon as the new year begins, so that you can jump start the process.
What is your vision for your personal brand for 2009?
Where are you going? What concrete steps/milestones can you set (and achieve) that will build your personal brand and take it to the next level?
The EC Talent Alert! service offers our select executive coaching clients in career transition the vast resources of the Executive Connections team to explore a range of new opportunities.
Rising Young Star Update
We recently connected with you and presented our "Rising Young Star," Bianca Church, who was seeking a full-time entry-level position in NYC. Our quarterly highlighted "star" was part of our ongoing pro bono service to coach, support and transition young men and women as they prepare to enter the business world.
We are pleased to announce that Bianca has accepted a position as Assistant Account Executive with MRM Worldwide. We believe Bianca's dynamic work ethic, as well as her strong organizational and operations skills, will make a positive contribution to MRM, and we are confident Bianca will excel in her new role.
The "Rising Young Star" service provided by both Jeff and Lorraine was great. Not only did they help me to solidify my goals, but they also continued to provide constant support and communication. They got me to the place I wanted to be, and I honestly could not have asked for more.
~ Bianca Church
I wanted to let you know what a fabulous idea you have in your "Rising Young Stars" program. I received your e-mail identifying Bianca Church as one of your "Stars" and was immediately drawn to her resume. We contacted her, she came in for an interview and within a week, we offered her a position with MRM on the Verizon account team and she joined us last week.
She is truly a "rising star" and has already begun to add value to our team. Thank you for your commitment to showcasing the talented young people out there in the market who may not have otherwise come to our attention. We really appreciate and value your partnership!
~ Patricia Berns, EVP-WW Account Director-Verizon, MRM Worldwide
November 3, 2008
ad:tech New York 2008
Jeff Gundersen, CEO, Executive Connections LLC, will be attending this event.
December 1, 2008
ReInventing Loyalty Conference
DMA08 is the six-day multi-channel marketing event of the year!
December 8, 2008
NCDM 2008 - Orlando, FL
Set yourself APART from the competition!
December 10, 2008
2nd Annual Customer Engagement Symposium
Please join Executive Connections CEO, Jeff Gundersen, who will be presenting together with Emilio Pardo, Chief Branding Officer at AARP.
Jeff Gundersen
CEO & President
Executive Connections, LLC
Serving Executives in
- Advertising and
marketing communications
- Direct marketing / CRM / loyalty
- Digital marketing /
e-commerce,
- Financial services
- Healthcare industries
- Private equity financed companies
 |
|
 |
|
 |
|
 |
|
 |
[forward-
]
Be Connected!
How to become
Connected
Contact us at connect@
executiveconnects
.com
and let us know how we can help you connect with what you need.
"Talk about a relevant message! I have two interviews coming up. Your "Ten Questions to Ask Yourself Before Making a Leadership Change" are right on the money. They are the probing and difficult questions that need to be asked, the ones that can make all the difference. I'll put them to good use."
--
Steve Calabrese
Healthcare Executive
"I just wanted to mention to you that I think your Executive Connections e-newsletters are extremely well written and valuable for company recruiters, job seekers or those who are not looking, but may be in the future (essentially everyone). I often read and forward an article. I also firmly believe in your concept of building and managing your personal brand. Congratulations and keep up the great work!"
--
Greg von der Lippe
Chicago, IL
"Jeff: As head of a graduate-degree program that is preparing the future leaders in our field, I applaud your article on the integrated agency model of the future. Here at New York University, we agree that this is the next stage of marketing, and we've just revised our curriculum for exactly that reason. We're now the NYU M.S. in Integrated Marketing, teaching direct, digital and brand marketing. Thanks for always being on top of everything new in our field and keeping all of us well informed.”
--Dr. Marjorie Kalter, Academic Program Director and Clinical Professor
Master of Science Program in Integrated Marketing
New York University
"I genuinely look forward to receiving the Executive Connections monthly e-zine. Your new 24/7 'Ask Our Coach' feature is especially innovative and highly relevant for busy execs in need of a trusted, 'real time' advisor. Congratulations on always managing to keep us well ahead of curve."
--Christine Donohoo,
President,
Donohoo Strategic Advisory
"Your recommendations and services have been a great help in not only organizing my job search, but also in identifying what my own priorities are and to which companies I can offer the most value. I did receive the "Year in Review" - - it is insightful to look back and see how my search has progressed."
--John Draper ,
VP, Strategic Planning and Managed Markets, CardinalHealth