Business Book Summaries

The two C’s of marketing can be summed up as Customers and Competition. If you can understand these two elements of marketing, you can be on the way to harnessing the silver bullet to success.

Customers

If you were going to stand in front of an audience, you’d know your audience and you’d know what you were going to say or do to engage that audience. It is the same in business. Clearly define your products or services. It does not matter whether you sell product or services, you still need to perform this analysis—simply change the word customers to clients and you’ll have the thinking you need.

What is your product or service? Why should anyone care or want this? These are your primary product offerings (strong product and strong need). Next, list all the offshoot products that you have or might consider offering, and rank them in terms of how popular they are or might be. Systemize this process and track the results over a set time period and you will have effective customer preference data to analyze.

A market analysis can let you know the demographics of your customer – who will buy, and why? Include buying habits, interests, gender, age and ethnicity, and most importantly, geographic range. You must know whether the customer will find you locally, nationally or internationally, and what that costs you to reach the long distance vs. the short distance (local) customer. Think of it this way, sure, you could pack a pizza on dry ice and ship it around the world – but what will it cost you to do that? And is there a strong market, and therefore, reason to do it? Consider whether you can be the local supplier to a wider audience.

Note how the big guys do it. The next time you buy a book from Amazon and log on to your account to buy another, you will see what you bought last time and some suggestions for what you might like now – Customers who bought this were also interested in…

Notice how they use this to Cross-sell (the practice of suggesting related products or services to a customer who is considering buying something.) It is not only the fast food franchises that ask, do you want fries with that – the clever retailers do that too. Can you think of services or products that you can bundle and cross-sell when your clients or customers buy from you?

There is also the process of upsell. Upsell is the offering of a more expensive product or service during or after the buying. An upsell might happen naturally, after a sale, if a customer bought a product with less features or a less expensive product, was generally satisfied with the experience or product, and will now consider an upgrade. An upsell might happen during the buying process when a customer or client can be gently led or educated towards a more comprehensive or expensive product or service.

An important note to remember is that today’s consumers are highly sophisticated and therefore the cross-sell or upsell must truly reflect a customer's needs and be seen to be beneficial, or it won’t be considered, and you will have lost that important element of trust.

What are the reasons people buy? Geoff Ayling (Rapid Response Advertising), lists the top seven reasons as:

To make more money. To become more comfortable. To attract praise. To increase enjoyment. To possess things of beauty. To avoid criticism. To make their work easier.

Competition

Think about what makes your product or service different from your competitors’. Think also about how it is the same, yet why a customer or client still might buy from you. These are your differentiating factors, and it is essential for a business to know the factors and constantly retest these assumptions.

An interesting factor is that your strongest competitor might not be the guy down the street, but the customer currently doing nothing – as in None of the Above. If you can figure out a way to get this customer or client, you have a powerful marketing tool. And therefore, getting None of the Above as your client or customer is a unique platform upon which to build a marketing plan.

Understand the Two C’s of Marketing, Customers and Competition, and you will be able to harness your own silver bullet to business success.

Technorati tags: book summaries, business books, business productivity, self improvement, marketing, management

Is employee engagement the same thing as motivation?

Not quite. Motivation is one of the factors of employee engagement, but there are other factors too: trust and loyalty. It is the combination of all three factors that create engaged employees. Research shows that organizations with high levels of employee engagement have higher levels of performance, customer satisfaction and profitability, and lower levels of staff turnover than organizations with low levels of engagement.

What is employee engagement?

There are many different definitions of employee engagement. One I like describes it as "a heightened emotional connection that an employee feels for his or her organization that influences him or her to exert greater discretionary effort to his or her work" (The Conference Board, 2006).

Why does engagement matter?

Research by the Gallup organization states that at any one time

• 29% of employees are actively engaged in their jobs
• 54% are not engaged
• 17% are actively disengaged

Employees who are fully engaged are more connected to the organization and committed to quality and growth. They may often be the people we pay least attention to because they're enthusiastic and get on with doing a good job without our help. This is all very well but be careful, these employees can quickly become disengaged if they start to feel we don't care enough about them and their personal goals and aspirations. Helping them to create goals and fulfill their potential is key to keeping them engaged.

'Not-engaged' employees may be hard to recognize. They do their work every day, but the difference between them and engaged employees is that they focus on tasks rather than on outputs. They are quite happy to be given tasks and will get on and do them. They are present and they do their job but the emotional attachment isn't there. They often feel that their contributions are not valued as they should be or that their potential is not being tapped. They often feel that they do not have close relationships with their manager or their colleagues. Hence their commitment is lowered as they don't feel that anyone cares. These employees can become engaged if we spend time developing a relationship with them, helping them to understand the importance of their contribution, their talents and strengths and where they can make a difference to the organization.

Actively disengaged employees are the most damaging to any organization or team. They are not only unhappy at work; they are actively negative and vocal about their disenchantment or even animosity towards the organization or team. In some cases it is possible to change their ideas and reinstate a sense of belonging and commitment but in many cases these employees have already closed the door emotionally on the organization and leaving the organization may be the best option for everyone involved.

People want to be treated as individuals. Not the most ground-breaking news perhaps, but you would be surprised how many people I talk to who tell me they feel that they are just another number at work. Engaging our employees requires us to develop emotional bonds with them by creating a sense of meaning and purpose – connecting them to the vision and purpose of the organization.

Importantly, and equally challenging, is the fact that you can't please all of the people all of the time. You are dealing with individuals and their needs will be different. Taking a blanket approach to your employees' development or management is unlikely to help them feel individual.

Top tips to engage your team

Most studies agree that the strongest influencing factors on employee engagement is the relationship between an individual and their direct manager. Simple things like regular dialogue, having fun and receiving individual appreciation for their contributions can make all the difference to whether an individual is engaged or not.

The Gallup organisation have conducted large amounts of research around the topic of employee engagement and identify a number of statements – known as the Gallup 12 – that, if true, predict superior employee and team performance. The twelve statement are as follows:

1. I know what is expected of me at work.
2. I have the materials and equipment I need to do my work right.
3. At work, I have the opportunity to do what I do best every day.
4. In the last seven days, I have received recognition or praise for doing good work.
5. My supervisor, or someone at work, seems to care about me as a person.
6. There is someone at work who encourages my development.
7. At work, my opinions seem to count.
8. The mission or purpose of my company makes me feel my job is important.
9. My associates or fellow employees are committed to doing quality work.
10. I have a best friend at work.
11. In the last six months, someone at work has talked to me about my progress.
12. This last year, I have had opportunities at work to learn and grow.

If we think about those statements, there is nothing there that couldn't be remedied if found to be untrue. Some of the things you can do as a leader to make people respond positively to the twelve statements are pretty simple:

1. Provide feedback and guidance
2. Provide the resources to solve problems or to do a job well
3. Talk to people about their strengths and talents and what they most enjoy doing
4. Give real recognition and/or reward
5. Make time to discuss problems. Be flexible; help people to actively balance work and home responsibilities
6. Help people identify their development areas and make time for them to develop
7. Seek ideas and input from everyone
8. Put peoples' work in context; help them to understand where it fits into the bigger picture
9. Develop standards and implement them with your team
10. Provide opportunities for social interaction; promote fun and appropriate humor within the office
11. Schedule and keep regular dates to review progress
12. Provide opportunities for people to develop their potential

It may seem like a tough challenge, but why not challenge yourself? Maybe you decide to start now and take one step per month for the coming year to make every statement true for your team. You could survey your team now using the Gallup 12, and again in a year's time to see what progress you have made.

Engaging your team and getting the best from every individual is a never-ending pursuit but it delivers results and satisfaction for you and your team, so take on the challenge. You and your team are worth it.

If you would like to discuss how to engage your employees and improve performance in your team, or if you want to know more about how to use any of the methods mentioned in this article, please contact us.

About Author: Ann Greene is the founder of Allagi and a specialist in corporate team development. She blogs and produces a monthly newsletter offering strategies, tips and articles on developing high performing teams, and can be contacted at www.allagi.ie Technorati tags: book summaries, business books, business productivity, self improvement, management, team building

Here are 7 little tips and tricks to help you get any angry customer to back down.

1. Hang up on yourself. This is actually a fun little trick. When your customer is trying to manipulate you with anger or some other tactic, you can bring the conversation to an immediate, yet subtle, halt by hanging up on yourself. Do it this way, “So, I hear you saying you want $500 for pain and suffer—–CLICK! The customer will think the line went dead and you’ll be off the hook, at least for a couple of minutes. Use your brief interlude to regroup and to prepare a comeback strategy.

2. Make the customer justify his demand. A lot of the time, the demands customers make are just silly and they put the demands out there just to see what they can get. Handle this by calling the customer on this “ploy”. Here’s how this might look: “How did you arrive at that figure?” And sit back and listen to your customer’s explanation. A few customers will have a justifiable reason for their request. But most will squirm at your request for justification.

3. Put your foot down. I’m a big proponent of drawing the line on consumer error. Why should companies compensate customers when the problem was clearly the fault of the customer??? Here’s a great way to put your foot down: “We appreciate hearing about your experience, but we cannot compensate you in this matter because you failed to follow instructions/did not read instructions/misused the product.”

4. Say, “That sounds a little high.” When your customer makes a ridiculous demand, don’t laugh in his face. Simply say, “That sounds a little high.” And then pause like a locked up computer. Your customer will become unconformable with your silence and I guarantee they will do one of two things: (a) make a more reasonable request, or (b) attempt to justify their request. Whichever way they go, you are in control.

5. Use the “broken record” technique. If your customer is ranting, raving, or rambling and you feel you have lost control of the conversation, you can quickly regain control using the Broken Record technique. Simply repeat a sentence or phrase over and over again until your ranting customer hears you. It can be as simple as:

o “Mr. Jones, what I can do is send you coupons for three bags of potatoes chips.”

o Mr. Jones, what I can do is send you coupons for three bags of potatoes chips.”

o Mr. Jones, what I can do is send you coupons for three bags of potatoes chips.”

This example would be effective for the customer who is demanding more, but three coupons is your limit. The reason this technique works is that typically, repeating yourself, verbatim, in a non-confrontational tone, will force the upset customer to stop talking – if for no reason – than to get you to stop repeating yourself. It’s very much psychological.

6. Say nothing. When a customer tries to bait you with a raised voice, profanity, or anger, a great tactical response is to just say nothing. Don’t let the customer even hear you sigh. Your dead silence will eventually make the customer feel uncomfortable and he or she will either stop talking or shape up. You’ve got to try the “say nothing” technique the next time you’re dealing with an angry customer. It works like magic.

7. Give your “final answer” and be done with it. When you know the customer is trying to push you into a corner, don’t waste time. Just get to the point and end the conversation like this: "We've given this a great deal of thought, and it's the best we can do. Any more and this simply won’t make good business sense."

Try out these little tips and tricks the next time you feel pushed into a corner by a customer. When you do, I promise, you’ll instantly feel more in control and you will regain the upperhand!

Myra Golden is an award-winning professional speaker and principal of Myra Golden Seminars, LLC, a customer service training firm serving clients in food and beverage, banking, healthcare, hospitality, and other industries. Her client list includes McDonald’s, Johnson & Johnson, Coca-Cola, Frito-Lay, Michelin Tires, Pirelli, and Procter & Gamble, among many others. Technorati tags: book summaries, business books, business productivity, self improvement, management, customer service

Are you planning to change jobs or careers? For some the move is to find work that is more fulfilling so that you will be happier. For others it may a step toward taking more of a leadership role. Whatever your reasons for the career change, you’ll want to do some self discovery work. These ten questions will help you to sort out what kind of work you are looking for and what you offer to a potential employer.

1. What is your dream job? It doesn’t need a title or even to know it actually exists. Close your eyes and dream about what you would be doing if you could be doing anything you wanted to. Notice the tasks you gravitate to, the kind of people you work with, and the place you are working. All theses are clues for you.

2. What are your values? Each of us has values that we hold dear. Some examples of values would be: contribute, success, adventure, balance, win, freedom. When our values are not met we become upset and angry. For example if freedom is important to you and working late gets in the way of your freedom, you will become very angry.

3. What are your passions? What issue, group or idea energizes you? Thinking about it makes you really emotional. You have a compelling need to work on it. Your passion is connected to your mission and purpose in life. With passion anything is possible!

4. What are your interests? What about a job makes you excited and eager to get to work? What holds your attention and keeps you intrigued.

5. What special talents do you have? Is there something you do better than most people and is it something you really enjoy doing? Piano playing, grant writing, computer wiz these are talents others value. If you have a talent for something but hate doing it, keep it hidden!

6. What are your skills? Based on your previous experiences what is it that you do reasonably well and want to continue doing for another employer?

7. What are your strengths? What do others tell you that you do well? If you don’t know, ask 5 people you work with or are friends with to tell you what they see as your 5 strengths. This exercise can be very affirming.

8. What are your weaknesses? What have you been told you don’t do well? Are they worth working on or do you plan to work around them? Some weaknesses can be delegated to other workers ie a poor speller can use spell check and a proof reader.

9. What type of activities do you dislike? This list is helpful in eliminating positions or careers. You will want to avoid these if at all possible.

10. What kind of work environment is best for you? Are you looking for plush surroundings? Does the office need to be fast paced? Do you thrive when the environment is cooperative or competitive? Choosing the appropriate work environment can make a big difference in your success on the job.

About Alvah Parker: Alvah Parker is a Practice Advisor and Career Coach as well as publisher of Parker’s Points, an email tip list and Road to Success, an ezine. To subscribe send an email to join-roadtosuccess@go.netatlantic.com

Technorati tags: book summaries, business books, business productivity, self improvement, workplace & career, human resource

In today's highly competitive society, management skills are a must. With workers becoming increasingly freer to pursue careers and employers, and with corporate loyalty fast becoming obsolete, there is an urgent need for managers to be able to handle employees with skill and finesse that's unparalleled. There is a need to keep employees in the office and to keep them happy. A boss needs to become a very skilled people-manager if he aims to keep his talent pool within his business.

There are two P's that lead to becoming the best boss on the management field: Praise and Patience. These are the two things that I have seen that work best when one leads people.

I have a friend that used to be our high school's class president. We're doing our grand reunion this year, and I am the coordinator-in-fact. I was surprised when she praised me for my efforts. What reverberated in my mind was an amazement and wonder at such a regal (and yet simple) way to keep an “underling” happy. Honestly, it totally worked on me! And this is how I was able to note that true leaders really make a point to make their people feel appreciated and valued.

The next “P,” and the most important, is Patience. Patience is a virtue, as most people mouth. And honestly, it seems like it's a universal truth. Patience is what most people crave for, and it's what draws out good qualities in people.

When you, as a manager or boss, apply patience to your employees, you give them space to grow and breathe. Patience also benefits you in that you learn to let go of unnecessary stressing-out moments. This creates a net effect of smoother relationships between you and your employees, creating a healthier work environment, and thus increasing productivity.

If you want to know how to practice the two P's, here is a list of suggestions:

Exercising Praise:

– Learn to observe when your employees do excellent or exemplary work. Note and praise immediately.

– Always be on the lookout for praise-worthy and positive attitudes, traits, deeds and achievements of your employees.

– When you do note flaws in their personalities or on their jobs, practice being gentle and using constructive criticism. Instead of: “That is the most sloppy report I have ever seen!” Say, “I like the detailed way you have created the report, however, it would be more impressive if it were more organized.”

– Remember that there is no such thing as too much praise, if you do it correctly. The guidelines for praising are: praise only what you truly see. Do not attempt to praise nonexistent achievements or traits. That will only be flattery and will result in more laziness (because the employee will “rest on his laurels”), conceitedness, or other ill effects. Also, when you praise, do not do it only when you need something from your employees. Do so out of the blue (again, with basis and sincerity) once in a while, to show that you genuinely do appreciate them.

Practicing Patience:

– Whenever you're in a stressed situation, instead of yelling at your employee, count to ten, take a deep breath, and rephrase the angry words forming in your head. It's never worth satisfying your rage, if the payback is a talented employee lost.

– When your employee makes a mistake, give allowance, but set limits. Do not make ultimatums (I just don't like this practice), rather, show the employee you are serious with your standards by rewarding achievements and giving sanctions to mistakes. The first mistake can always be let go. But make it clear, in certain terms, that it should not be repeated, and the learning curve excuse can only be applied up to a certain point. Make sure that you set your demands realistically and according to the job at hand.

– Practice forgiving (even just declaring your forgiveness to yourself) constantly. If you carry negativity towards your employee, you will always bear that mental image of his mistakes, and it will color your relationship. Let go constantly and remember that humans can never be perfect on this earth.

Remember the two P's in leadership. Keep your employees happy, and you'll consequently keep your clients happy. Keeping great relationships and a healthy atmosphere in the workplace is a practice that promotes productivity and reels in profits. Believe me, you'll never go wrong with Praise and Patience.

About Author: Matthew Roberts (the author of this article) has set you up with a special gift on his website.

Technorati tags: book summaries, business books, business productivity, self improvement, management, leadership

Are you planning to change jobs or careers? For some the move is to find work that is more fulfilling so that you will be happier. For others it may a step toward taking more of a leadership role. Whatever your reasons for the career change, you’ll want to do some self discovery work. These ten questions will help you to sort out what kind of work you are looking for and what you offer to a potential employer.

1. What is your dream job? It doesn’t need a title or even to know it actually exists. Close your eyes and dream about what you would be doing if you could be doing anything you wanted to. Notice the tasks you gravitate to, the kind of people you work with, and the place you are working. All theses are clues for you.

2. What are your values? Each of us has values that we hold dear. Some examples of values would be: contribute, success, adventure, balance, win, freedom. When our values are not met we become upset and angry. For example if freedom is important to you and working late gets in the way of your freedom, you will become very angry.

3. What are your passions? What issue, group or idea energizes you? Thinking about it makes you really emotional. You have a compelling need to work on it. Your passion is connected to your mission and purpose in life. With passion anything is possible!

4. What are your interests? What about a job makes you excited and eager to get to work? What holds your attention and keeps you intrigued.

5. What special talents do you have? Is there something you do better than most people and is it something you really enjoy doing? Piano playing, grant writing, computer wiz these are talents others value. If you have a talent for something but hate doing it, keep it hidden!

6. What are your skills? Based on your previous experiences what is it that you do reasonably well and want to continue doing for another employer?

7. What are your strengths? What do others tell you that you do well? If you don’t know, ask 5 people you work with or are friends with to tell you what they see as your 5 strengths. This exercise can be very affirming.

8. What are your weaknesses? What have you been told you don’t do well? Are they worth working on or do you plan to work around them? Some weaknesses can be delegated to other workers ie a poor speller can use spell check and a proof reader.

9. What type of activities do you dislike? This list is helpful in eliminating positions or careers. You will want to avoid these if at all possible.

10. What kind of work environment is best for you? Are you looking for plush surroundings? Does the office need to be fast paced? Do you thrive when the environment is cooperative or competitive? Choosing the appropriate work environment can make a big difference in your success on the job.

About Author: Alvah Parker is a Practice Advisor and Career Coach as well as publisher of Parker’s Points, an email tip list and Road to Success, an ezine. To subscribe send an email to join-roadtosuccess@go.netatlantic.com

Technorati tags: book summaries, business books, business productivity, self improvement, management, career & workplace

I have been employed by a number of different companies and have therefore had a number of different bosses. In this article I will be writing about what, in my opinion, constitutes a poor boss. I am hoping that by doing this it will actually help other people who are in management to improve.

My last boss was a quirky character. He had a real lack of care towards his employees and the staff turnover, for the department he was in charge of, was extremely high. I often wondered why people who were above him never stepped in to question this as it can not have looked good for the company as a whole. This chap on a Monday morning would ask how your weekend went but you could just tell that he was not interested at all and that he was not even listening to your response. In fact before you had a chance to complete the answer he had started to talk about work. I remember him asking how people's holiday had been, they would answer and he would always reply, oh thats good. I could tell that he had not listened to the answer and often hoped that somebody, just once, would state how bad their holiday had been. "Oh that's good!"

This guy was also very poor at decision making. Talk about in-decisive, the word was invented for this boss. As a department we needed strong and confident leadership, this was something we never had with this person in charge.

Communication is a big part of management and unfortunately this was another weakness of my previous boss. I would always seem to hear the latest company news from friends in other departments before hearing it from my own boss. Their managers always seemed to keep them well informed over any developments, mine liked to keep all of the information to himself.

I apologise if this article has been slightly on the negative side. I am actually hoping that its readers can learn something from it, in fact of what makes a good boss!

About the Author: Stephen Hill runs The How To Stop Stammering Centre. He has a number of websites including:

http://www.stammering-stuttering.co.uk/ http://www.adaptatech.co.uk/ http://www.coach-life-london.co.uk/

Technorati tags: book summaries, business books, business productivity, self improvement, management, leadership

How many times have I been asked this question? (The title of this article). The answer is plenty of times. I attend an interview for a position of authority and am asked, amongst other things, what constitutes a good team leader? In this article I will be writing about the way in which I would reply to this question etc.

In my career thus far, I have been a team leader for two different companies and have also been a member of many different teams, who have been run by a numerous different team leaders. This has given me, in my own opinion, quite a good understanding of what is required to be a good team leader.

Good, positive and quick decision making There is nothing worse than being in a team whose leader is quite weak, in-decisive and lacking in confidence. It sends a wave of uncertainty through the time and leaves the members of that team feeling frustrated.

Communication A team leader who is unapproachable is, in my opinion, a poor team leader. Any member of the team should feel comfortable and happy to be able to talk to his/her team leader about a variety of matters. This would include business matters of course but could also include any personal difficulties that they may be going through.

The team leader should also possess the ability to convey messages from the company to his staff, as well as communicating what he expects from them, work wise, for that particular day and week.

Motivation A good team leader will have the ability to keep his or her troops motivated throughout the day and week. They can do this by operating various challenges such as the best employee of the month receives a box of chocolates, the worst employee is not allowed to speak or be spoken to for one hour, as way of punishment. Just a bit of fun and games, which can be judged by the amount, and standard of work that each member completes. This is just one of many ways to keep the troops thinking and working.

About the Author: Stephen Hill runs The How To Stop Stammering Centre. He has a number of websites including:

http://www.stammering-stuttering.co.uk/ http://www.adaptatech.co.uk/ http://www.coach-life-london.co.uk/

Technorati tags: book summaries, business books, business productivity, self improvement, management, leadership

We live in uncertain times. All around us companies that have been considered long standing, strong and secure are down sizing, and even selling out. Companies that stay in business often cut back on their benefits such as health and retirement. The era of getting a job, moving up the corporate ladder and retiring with the gold watch is in the past. Even if your job is not in jeopardy, as your life progresses, your children grow up and move away and you find yourself in a higher tax bracket with fewer tax deductions. Many people live in fear and scarcity wondering if they are going to have to work until they die just to have the basic necessities of life. Is all lost? Of course not!

With all the uncertainty there is still hope and ways of creating security for the future. The key is finding your passion in life and investing in your self. Starting your own business is one of those ways that can create many benefits. Here are the top ten reasons to be a business owner.

1. Job Security. Business owners have job security. They never lay themselves off. As a matter of fact if business slows they have the option of doing what it takes to increase sales.

2. Maximum Pay. Business owners choose their wage. They can create more business when they need or want more money. Employees work to make the business owner rich.

3. Flexibility. Business owners can choose their work schedule. They can plan around family events such as weddings, ball games and school programs. Vacations can be incorporated into business trips.

4. Control. Business owners are free from being told what to do and when to do it. There is no supervisor to answer to, judge them or look over their shoulders.

5. Tax Benefits. Business owners have the advantage of more tax savings than employees. There are things that are deductible such as a home office which includes deducting a portion of utilities, insurance, taxes, interest and improvements. These expenses you would be paying for anyway, but if you have a business they can become tax deductible. This is just one example – there are many more.

6. Enjoyment. Business owners enjoy their work because they choose a job they like. If you choose a business that you are passionate about you will not only enjoy it but you will be successful as well.

7. Fulfilment. When you are doing a work that you enjoy and feel is important it is fulfilling. Business owners constantly set goals and reach them. They take pride in their work which leads to self esteem.

8. Product flexibility. An employee has to push whatever product the company says to. Business owners have the flexibility to change products and services according to the market. If a product or service becomes outdated or unpopular it is exciting to move on and keep up with the times.

9. Enthusiasm. Business owners who love the products and services they offer have enthusiasm. Enthusiasm attracts more business. Customers will always come back to a business that shows enthusiasm and a love for what they do. It is a positive energy that creates synergy and always produces success.

10. Retirement. In today's world, retirement is unsure and risky. People who have worked for the same company plan on a good retirement and then one day it is gone. Creating a business that you love can last long beyond retirement age. Business owners can train others to run their business and when they choose to retire, it can be with a good passive income.

About Author: Christopher Anderson wants to share his success as a business owner with others who desire to own their own business. He also believes that the economy is stronger with more business owners, and as a result, He is focused on helping business owners succeed. http://www.lonepeakbusiness.com

Technorati tags: book summaries, business books, business productivity, self improvement, management, small business

The billion dollar cookie is a story about the importance of brands.

How could a cookie be worth a billion dollars?

Join me on a trip to New York to learn how.

It is Tuesday morning, June 6, 1989. Picture yourself in a law firm conference room overlooking Manhattan. You are Henry Kravitz, the leader of the investment firm KKR, which recently captured massive public attention by completing a leveraged buyout of R.J.R. Nabisco, for $25 billion.

You are in New York for the sale of the Nabisco European cookie, cracker and peanut business.

You are standing in that conference room next to your counterpart from BSN, the largest food company in Europe, who is buying that business. The sun rises behind the Chrysler building. Attorneys and bankers buzz around the room finishing last minute details. A waiter wearing a tuxedo wheels in a cart of champagne. Someone cups his hand over the mouthpiece of a telephone and announces: "The money has moved." Champagne corks pop.

And then you are presented with a ceremonial check for $2.5 billion.

It's a lot of money for snack food. But that is the key. BSN already had the knowledge and means to sell those products. What BSN really wanted were the famous Nabisco brands. OREO cookies, RITZ crackers, PLANTERS peanuts.

As a business leader – entrepreneur, business owner, CEO – you have a choice. Which do you want to be? A seller of commodity products or services with little added value? Or the business with the billion dollar cookie? The difference is the value created by developing and protecting your brand.

Here are five simple, low-cost steps to start building your own valuable brand.

1. Select a strong, distinctive name. Arbitrary and coined terms make stronger brands. Think GOOGLE and EXXON, not AMERICAN, NATIONAL or UNITED.

2. Check Trademark Office records and online to avoid terms already used by others for similar goods. Avoid entering a crowded field of similar names. Try to be unique in your field. Trademark office records can be searched at http://www.uspto.gov.

3. Secure a matching domain name, especially .com domains. Check what's available at a registrars site, including http;//www.nsi.com and http://www.godaddy.com.

4. Obtain trademark registration. The benefits of U.S. trademark registration include nationwide rights effective back to the filing date. The cost is $325 to file online plus legal fees if you use outside counsel. Learn how at http://www.uspto.gov. The cost is low compared to the much higher cost of proving your rights in court without a registration.

5. Police your rights. Engage in an ongoing correspondence campaign to stop infringers early and to maintain the distinctiveness of your mark by giving notice of your rights. The cost of ongoing maintenance and enforcement is low compared to the value created and the savings obtained by avoiding expensive lawsuits after an infringer becomes established as a successful business.

What is the billion dollar cookie in your industry? Chances are it is a business with a strong brand, and a company that recognizes and protects the value of the brand. Take steps today to increase the value of your brand. Create your own billion dollar cookie. For more ideas on how, visit http://www.GuidingRights.com

About the Author: Writer, speaker and attorney Mark V.B. Partridge is an internationally recognized expert in intellectual property with over 25 years of experience helping major corporations, entrepreneurs and creative individuals protect their IP rights. As a professional speaker, he offers seminars, workshops and keynotes to help business leaders use IP to turn intellectual capital into incredible value. His book, "Guiding Rights: Trademarks, Copyright and the Internet" is available at Amazon.com and other online bookstores. For more information, visit http://www.GuidingRights.com

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