|
Don Rigby, Integrated MARCOM
Hollywood is brilliant with how they
tease us months in advance of releasing
a movie. Long before we can do anything
about it, they create anticipation
and demand with star-studded previews
and special TV productions on the
filming of the movie well in advance
of its debut. The lifecycle of a movie
in the theatre is short-lived so this
is their mandate. The music industry
follows similar tactics by producing
and airing videos before the CD is
commercially available.
In the next 3 editions of eMERGE,
I'm going to risk GrowthANSWERS reputation
to do something similar. We will publish
a 3-part editorial series on how this
team of experts will rebuild an emerging
company. The difference between Hollywood
and this article series is clear:
the movie and music industry already
knows their production work is a box
office hit, we don't. We have no idea
how we'll re-invent this company to
compete and win more new business
or how they'll serve their customers
better and keep them longer. This
is our mandate. We know where to begin
and how to get there, but we do not
know the outcome. We do know budget
parameters and timeline to complete
the project. And we have the confidence
of the business owner they will be
in a better place as a result.
This will be a true test of our internal
systems: to analyze and assess the
business, to innovate and create a
more compelling brand, to serve cohesively
and deliver an uplifting customer
experience and ultimately provide
a business development system to execute
on their revenue goals. To be public
about this project adds additional
pressure to a small budget and tight
timeline, but we may all learn for
this adventure. That's the objective
of this series.
The name of the business and the
business owner will be revealed in
the 3rd article, but I will openly
share the industry, their current
value-to-customer and what we've learned
of their first 3 years existence.
The owner is a charming lady with
2 young children and supportive husband.
She invested most of her professional
career in the banking industry, but
became disillusioned with the practices
of this large institution with respect
to their commercial lending operations.
With limited knowledge of running
a business, she elected to launch
a brokerage firm with a vision to
better serve commercial investors
and business owners desiring to invest
in commercial real estate.
The commercial lending industry is
often referred to as the Wild, Wild,
West. Unlike the home mortgage industry,
qualifications for commercial funding
are much higher and should be as requirements
range from under $1 million to over
$50 million. Sources of funds are
also less than traditional. Banks
are the first place you would go because
of "relationship," but they
are the last resource to embrace risk.
So a commercial mortgage lender must
manage both supply and demand forces,
packaging the borrower for the optimal
terms and conditions to a lender with
an appetite for risk/reward. If you
think this is easy, think again.
- Year 1--typical start-up phase
with a 2-prong concentration on
building lending resources and establishing
processes to serve clients with
a personal touch primarily as a
solo-entrepreneur. Deals closed:
1.
- Year 2--early stage development
with the addition of another consultant,
good growth in referrals and successful
transactions. Deals closed: 2
- Year 3--growth is elusive, but
size of deal is increasing and the
team is gaining structure to more
effectively manage detail and complexity.
Overhead increases with new office
space and additional personnel.
Deals closed: 4.
Measure of success varies with each
entrepreneur. This business owner
has every right to be discouraged.
While economic uncertainties are testing
everyone, she chooses to learn from
the past, understands strengths and
weaknesses, seek outside counsel to
fill gaps.
In December of 2008, I met this lady
at a Georgian Club networking event.
She was so proud of two successful
closings during the absolute worst
quarter in 6 decades of the financial
industry. Of course, I was intrigued
and had to find out more. After the
holidays passed, we met for breakfast
and that's all it took. I was inspired
by her character, her faith and her
conviction to get deals done for her
clients.
GrowthANSWERS provides business strategy,
tactical marketing and sales execution
services for emerging companies. For
this commercial brokerage firm, our
scope of service includes:
- Analyze and Assess (Benchmark
current state)
- Brand Strategy (to include architecture
and messaging)
- Corporate Identity (new logo and
tag-line for on-line and off-line
media)
- Website and Blog (to create on-line
community)
- Video production (Viral and Corporate)
- Search Engine Optimization (for
new qualified opportunities)
- SFA/CRM system (to manage prospect
and customer relationships)
- Alliance Partner Program for referral
network and enhance education and
ethics.
We have just 2 months to execute
on this growth plan. In the April
edition of eMERGE, I'll report on
our progress at the half way point.
In May, you'll be part of the big
reveal and you'll hear directly from
the business owner. It will be what
it will be--the good, bad and ugly
may all show up, but this article
series will be an accurate portrayal
of this story as it unfolds.
Re-Building a company for natural
organic growth begins with a look
in the rear-view mirror. It advances
through understanding of customer
desires and delivering on a brand
promise that's compelling, unique
and easy to choose. This is far more
authentic than Hollywood hype. This
is real. The outcome of this innovative
process is what makes our economy
sing.
____________________________________________
To comment on this
article, please go to our blog.
|