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April 8, 2010

Extra Space Storage (NASDAQ: EXR) 2009 Online Annual Report Goes Live

Filed under: Clients — leasa @ 12:16 pm

I am so excited to see my first report of the season go live, Extra Space Storage (EXR), based in Salt Lake City, Utah. EXR is a fully integrated, self-administered and self-managed REIT that operates 738 self-storage properties in 33 states and Washington DC.  EXR leads the sector in performance.  EXR grew their portfolio through their “3Plus Management Program,” bringing on 40 new properties without excessive G&A commitments.  Even in the recessionary environment, they grew 10%, from 673 facilities to 738 — one smart move.

Along with growing their business, Extra Space has fortified their balance sheet.  EXR successfully closed $220 million in secured debt financing, retained $45 million by adjusting dividend, as well as advancing joint venture Harrison Street which allowed EXR to delever by $275 million. EXR made the right decisions to solidify their balance sheet and maintain financial flexibility.

Every step of the way EXR made “Smart Moves.”

Enjoy their report:  http://www.extraspace.com/annualreport/2009/

March 25, 2010

Cricket Goes National

Filed under: Clients — leasa @ 12:12 pm

Local wireless carrier, and my client, Leap, has just announced that their Cricket wireless unlimited services plans – including nationwide talk and text coverage – will be available in all 50 states, the District of Columbia and Puerto Rico, effective immediately. Cricket customers can now take advantage of unlimited calling in the top 125 cities in the U.S.

To learn more, go to:
http://www.marketwatch.com/story/cricket-launches-new-nationwide-coverage-in-all-50-states-as-part-of-enhanced-value-driven-simplified-service-plans-2010-03-23?reflink=MW_news_stmp

September 14, 2009

In real estate, location is everything. Business – not so much.

Filed under: Business, Clients, Process — john @ 12:35 pm

For years, it was critical that companies keep their vendors as close as their corner drugstore. You never knew when a layout would need to be changed or an impromptu meeting needed to be called. Being close by was essential. Then this thing called the Internet came along. It put a whole new spin on that face-to-face stuff. Together, with webcams and voice-over IP, being next door was a mere mouse-and-click away. Technology has truly made the global economy . . . well, global.

Still, the demand for finding vendors in the same zip code remains a common refrain for many companies, even today. Some feel that “down the street” affords 24/7 access. Other companies contend that proximity translates into top of mind incessantly. The ugly truth is that vendors think about their companies no more or no less due to location. In fact, we have found that our clients – even if they wanted to meet with us incessantly – have pressing time limitations. Their capacity to open up their calendars for us is a function of schedule, not of geography.

The ultimate question is that, in this era when competition is so fierce and demand for best practices has never been more pronounced, why should any company limit the universe of possible vendors due to location? Not only is it arguably foolhardy on several levels, it does the company’s stakeholders and management a disservice.

To that end, there are three relatively simple ways for companies to bridge the distance gap with their vendors:

1)  Develop a realistic schedule at the project outset that features major milestones – points at which face-to-face presentations would clearly be beneficial. All of the other schedule junctures can be handled remotely.

2)  Make sure both vendor and company is equipped with symbiotic technology. Are the webcams in sync? Has the company or vendor invested in a reliable teleconference service? Are both companies sharing the same remote desktop sharing system (GoToMeeting.com, WebEx, Microsoft Shared View, etc.)

3)  Find vendors with a history of having worked with long distance clients. Ask for references of clients who are cross-country. Once you reach the references, be prepared to ask probing questions about the nature of the relationship and inquire if there were any scheduling hiccups along the way or milestones missed. If there weren’t, you can be relatively sure that distance is a non-issue with that particular vendor.

There is a long list of criteria companies should use to screen and select vendors. However these days, location should be very low on the list, if there at all.

For years, it was critical that companies keep their vendors as close as their corner drugstore. You never knew when a layout would need to be changed or an impromptu meeting needed to be called. Being close by was essential. Then this thing called the Internet came along. It put a whole new spin on that face-to-face stuff. Together, with webcams and voice-over IP, being next door was a mere mouse-and-click away. Technology has truly made the global economy . . . well, global.
Still, the demand for finding vendors in the same zip code remains a common refrain for many companies, even today. Some feel that “down the street” affords 24/7 access. Other companies contend that proximity translates into top of mind incessantly. The ugly truth is that vendors think about their companies no more or no less due to location. In fact, we have found that our clients – even if they wanted to meet with us incessantly – have pressing time limitations. Their capacity to open up their calendars for us is a function of schedule, not of geography.
The ultimate question is that, in this era when competition is so fierce and demand for best practices has never been more pronounced, why should any company limit the universe of possible vendors due to location? Not only is it arguably foolhardy on several levels, it does the company’s stakeholders and management a disservice.
To that end, there are three relatively simple ways for companies to bridge the distance gap with their vendors:
1)  Develop a realistic schedule at the project outset that features major milestones – points at which face-to-face presentations would clearly be beneficial. All of the other schedule junctures can be handled remotely.
2)  Make sure both vendor and company is equipped with symbiotic technology. Are the webcams in sync? Has the company or vendor invested in a reliable teleconference service? Are both companies sharing the same remote desktop sharing system (GoToMeeting.com, WebEx, Microsoft Shared View, etc.)
3)  Find vendors with a history of having worked with long distance clients. Ask for references of clients who are cross-country. Once you reach the references, be prepared to ask probing questions about the nature of the relationship and inquire if there were any scheduling hiccups along the way or milestones missed. If there weren’t, you can be relatively sure that distance is a non-issue with that particular vendor.
There is a long list of criteria companies should use to screen and select vendors. However these days, location should be very low on the list, if there at all.

July 20, 2009

Customer Service – Respect your Customers

Filed under: Clients, Customer Service — audrey @ 3:32 pm
Customer Service – Respect your customers
I recently had the most unbelievable experience. I have been a 100% loyal customer to Piece of Cake bakery for over 20 years, starting w/my wedding cake. They have literally created so many cakes for our family that my kids recognize several of their birthday cakes in the store’s promotion books! On Sunday I went in to order a cake for my daughter’s Bat Mitzvah. The girl at the counter said she would leave a message for the owner Jorge to call me on Monday to see if he would accommodate a delivery since, they no longer deliver anything but, wedding cakes on Saturday and Sunday. After he didn’t call – I called and asked him if he could deliver the cake on a Saturday since, it was a formal affair. He said no he put this policy in place and his customers will just have respect his policies. I told him I have been coming there for over 20 years and can he check his schedule to see if would be possible. He asked me if I had already order the cake and I told him his staff had left him a message to call me today before I finalized the order and he said – “I DON’T CALL NO ONE – THEY WANT ME THEY CALL ME- I’M BUSY.”
That was the end of my conversation. What ever happened to customer service? As the owner of a business I was mortified that they could treat customers this way and still have a business!
I am happy to report Flour Power is able to provide me with a better cake for 25% less money and more than happy to deliver and have my business!
Regardless of what business you work in, customer service is a universal MUST, particularly in this day and age of social media and peer-to-peer communication. I promptly went to yelp.com to share my experience. The way you conduct business is as important as the business you conduct.

I recently had the most unbelievable experience. I have been a 100% loyal customer to Piece of Cake bakery for over 20 years, starting w/my wedding cake. They have literally created so many cakes for our family that my kids recognize several of their birthday cakes in the store’s promotion books! On Sunday I went in to order a cake for my daughter’s Bat Mitzvah. The girl at the counter said she would leave a message for the owner Jorge to call me on Monday to see if he would accommodate a delivery since, they no longer deliver anything but, wedding cakes on Saturday and Sunday. After he didn’t call – I called and asked him if he could deliver the cake on a Saturday since, it was a formal affair. He said no he put this policy in place and his customers will just have respect his policies. I told him I have been coming there for over 20 years and can he check his schedule to see if would be possible. He asked me if I had already order the cake and I told him his staff had left him a message to call me today before I finalized the order and he said – “I DON’T CALL NO ONE – THEY WANT ME THEY CALL ME- I’M BUSY.”

That was the end of my conversation. What ever happened to customer service? As the owner of a business I was mortified that they could treat customers this way and still have a business!

I am happy to report Flour Power is able to provide me with a better cake for 25% less money and more than happy to deliver and have my business!

Regardless of what business you work in, customer service is a universal MUST, particularly in this day and age of social media and peer-to-peer communication. I promptly went to yelp.com to share my experience. The way you conduct business is as important as the business you conduct.

June 17, 2009

Doing the Marketing Budget Mambo

Filed under: Clients, Design — admin @ 12:08 pm
The current economic climate has made the process of developing – and sticking – to a marketing budget a precarious proposition. In most circles, budget scrutiny has never been more pronounced and accountability has never been higher. The temptation is for marketing executives to throw their hands up and simply allow market forces to take over to determine budgetary levels. But this strategy comes with immense risk. Control of the process is forfeited and the buyer no longer commands the next steps. It is akin to permitting your dance partner to always be the lead regardless of the dance floor and the music. You’re just going along for the ride. (Broken toes, anyone?)
There are a number of steps you can take regain control of your budgeting protocol. While the following ideas may not be appropriate on every occasion, these approaches can help give you the confidence to handle your budget on your terms.
Determine Your “Must Have” Priorities. It is a lot easier to assign price points when you figure out what specific components of the service or product you are purchasing matters most to you. What are the things you absolutely must have in order to go forward – everything else can be relegated to Phase 2, Phase 3, etc. Perhaps you are negotiating for a new website. Are you most concerned with the back-end coding and programming or does the site design remain paramount to you? Once you make that decision, you can decide where you need and want to make the biggest financial commitment.
Invite Your Vendors to Be Part of the Process. Consider asking your vendor straight out how they would recommend pricing the service sought. Have them explain to you the myriad of costs involved and which items can be negotiated and which simply cannot. Use the vendor meeting as a chance to become fully educated about all that is entailed in your purchase. Need the impact of a full-page print ad, but don’t have the budget? Ask your agency or consultant to explore the best alternatives and report back to you. Need to make a cost benefit analysis between original and stock photography? The world of stock photography has changed markedly in the last decade. Get the skinny on the latest. By bringing the vendor to your side of the able, you establish a true partnership and put your agency’s expertise – and network of resources – to its best use.
Reverse Engineer. Many companies tend to work from the inside out when it comes to making budget decisions. What worked last year? What does our staff think we need to do? What’s the biggest complaint we hear from our sales force? While this line of question is perfectly sensible and certainly has its place, you may want to consider focusing squarely on your best customers first. What do they have in common? Similar industries or verticals? Were they all confronting a similar problem or challenge? Do they share a common business philosophy or style that makes your company attractive to them? Next, think about how you were able to entice these customers. Were they primarily blind contacts that came through your website? Were they qualified referrals from some of your other top customers? Did they respond to a targeted direct marketing campaign? It might be that you met them at a conference or a convention. In any event, by carefully profiling your top customers you can create a remarkably effective filter for making truly informed budgeting decisions.
***
These are but three of many steps you can take to establishing a viable, manageable marketing budget. Even in this seemingly unforgivable budget environment there is no reason to be a wallflower and not get on the dance floor to make it happen.

The current economic climate has made the process of developing – and sticking – to a marketing budget a precarious proposition. In most circles, budget scrutiny has never been more pronounced and accountability has never been higher. The temptation is for marketing executives to throw their hands up and simply allow market forces to take over to determine budgetary levels. But this strategy comes with immense risk. Control of the process is forfeited and the buyer no longer commands the next steps. It is akin to permitting your dance partner to always be the lead regardless of the dance floor and the music. You’re just going along for the ride. (Broken toes, anyone?)

There are a number of steps you can take regain control of your budgeting protocol. While the following ideas may not be appropriate on every occasion, these approaches can help give you the confidence to handle your budget on your terms.

Determine Your “Must Have” Priorities. It is a lot easier to assign price points when you figure out what specific components of the service or product you are purchasing matters most to you. What are the things you absolutely must have in order to go forward – everything else can be relegated to Phase 2, Phase 3, etc. Perhaps you are negotiating for a new website. Are you most concerned with the back-end coding and programming or does the site design remain paramount to you? Once you make that decision, you can decide where you need and want to make the biggest financial commitment.

Invite Your Vendors to Be Part of the Process. Consider asking your vendor straight out how they would recommend pricing the service sought. Have them explain to you the myriad of costs involved and which items can be negotiated and which simply cannot. Use the vendor meeting as a chance to become fully educated about all that is entailed in your purchase. Need the impact of a full-page print ad, but don’t have the budget? Ask your agency or consultant to explore the best alternatives and report back to you. Need to make a cost benefit analysis between original and stock photography? The world of stock photography has changed markedly in the last decade. Get the skinny on the latest. By bringing the vendor to your side of the able, you establish a true partnership and put your agency’s expertise – and network of resources – to its best use.

Reverse Engineer. Many companies tend to work from the inside out when it comes to making budget decisions. What worked last year? What does our staff think we need to do? What’s the biggest complaint we hear from our sales force? While this line of question is perfectly sensible and certainly has its place, you may want to consider focusing squarely on your best customers first. What do they have in common? Similar industries or verticals? Were they all confronting a similar problem or challenge? Do they share a common business philosophy or style that makes your company attractive to them? Next, think about how you were able to entice these customers. Were they primarily blind contacts that came through your website? Were they qualified referrals from some of your other top customers? Did they respond to a targeted direct marketing campaign? It might be that you met them at a conference or a convention. In any event, by carefully profiling your top customers you can create a remarkably effective filter for making truly informed budgeting decisions.

***

These are but three of many steps you can take to establishing a viable, manageable marketing budget. Even in this seemingly unforgivable budget environment there is no reason to be a wallflower and not get on the dance floor to make it happen.

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