Archive for July 19th, 2008

Top 10 Ways Of Thinking Like a Billionaire–According to Donald Trump’s Best Selling “Think Like a Billionaire–Everything You Need To Know About Success, Real Estate, and Life”

Posted on July 19, 2008. Filed under: -- Book Summaries, -- Building Wealth, -- Money Help (in simple terms), -- Top 10..., -- Uncategorized | Tags: , , , , |


I have been reading a lot about Donald Trump recently, and find him and his hair to be very intriguing.  Did you know he was once $8 billion in the hole? Yep. That’s ridiculous. He turned that around to be up 6 billion. That’s one fact I learned from the Trump Seminar I attended the other day.

Oh, and guess how many lucky billioanires are out there as per the realease date of this book? 587.

I believe in personally having a millionaire mindset, and continuously read books and take classes about becoming rich to keep be on track with things. I also surround myself with others that are smarter and that I can learn from.

Recently after the Trump Seminar I attended at the Marriott, we were all handed a copy of Donald’s newest book “Think Like a Billionaire–Everything You Need To Know About Success, Real Estate, and Life.”  I decided to take some time and get started reading it.

I’ll blog more about my notes later in case you too are interested in learning how to think like a billionaire.  But first though, I wanted to share with you what Trump considers the Top 10 Ways Of Thinking Like a Billionaire:

1. Don’t Take a Vacation.    He says “what’s the point? If you don’t like your work, you’re in the wrong business.”

2. Have a short attention span.  He says that the most successful people have very short attention spans, and that it has to do with imaginiation.

3. Don’t sleep any more than you have to. Trump says he goes to bed at 1AM and by 5AM he is reading the newspaper.  Helps him have a competitive edge.

4. Don’t depend on technology. He says that if you have something to say, look the person in the eye and say it. He adds that if you can’t do that, give the person a call and make sure they hear the sincerity in your voice. Email is for wimps he says.

5. Think of yourself as a one-man army.  He says that not only are you the commander in chief, you are the soldier as well, adding the fact that you must plan and execute your plan alone.

6. It’s often to your advantage to underestimate. 

7. Success breeds success.  Trump says that the best way to impress people is through results. He adds that you have to create success to impress people in the world of business.

8. Friends are good, but family is better.

9. Treat each decision like a lover. He says that if you treat each decision like a lover–faithfully, respectfully, and appropriately.

10. Be curious.  The Don says that a successful people are always going to be curious. He continues by saying that you have to be alive to your surroundings and hungry to understand your immediate world. Otherwise, you’ll lack the perspective to see beyond yourself.

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Next Up…The O.P.E.N. Imperative : Battling the iCitizen Head On

Posted on July 19, 2008. Filed under: -- On MY Calendar | Tags: , |


As a member of the Austin Interactive Marketing Assoc, I wanted to pass this along in case you were interested….maybe I’ll see you there! Thanks for reading my blog =)

The O.P.E.N. Imperative : Battling the iCitizen Head On

Strategies for Opening Your Brand

Many of today’s best brands are powered by the technologies, traits and trends of the digital channel. Old mass-marketing push tactics are being superseded by the pull of an online population prolifically creating, sharing and influencing each other. The potent pairing of digital notoriety and network effects has given rise to a new cultural authority and demanding consumer: the iCitizen.

Join futurist author Nita Rollins as she explores how radical business imperative emerges from these forces and how you and your business have to open up to consumer involvement in your brand’s messages and offerings. Learn about both the risk and immense rewards of doing so, and how to set a framework to become O.P.E.N. – On-demand, Personal, Engaging and Networked.

Key Take Aways:

· Learn how to frame your brand to be O.P.E.N.
· Become engaged with the new authoritative consumer
· Understand the importance of communities and changing from push to pull marketing for a web-made world

When
Wednesday, August 6th
6:30 – 8:15 p.m.
(Panel begins at 7 p.m.)

Where
TBD (will be downtown)

Registration
Members: FREE 
Non-members: $30/attendee

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The Boomers–all 78 Million Of Them and $2.3 trillion in annual spending dollars…

Posted on July 19, 2008. Filed under: -- Uncategorized |


By Molly Greaves

I’m reading Boomer Consumer and here are some quick notes in case you’re interested in some interesting facts…

Why marketers should still focus on today’s Boomer Consumer:

ACCORDING TO THE 2006 BUREAU OF LABOR STATISTICS CONSUMER EXPENDITURE STUDY, THE 78 MILLION BOOMERS ARE AT THEIR PEAK EARNING YEARS AND SPEND MORE ANNUALLY ON CONSUMER GOODS AND SERVICES ON A PER CAPITA BASIS THAN ANY OTHER GENERATION. PLUS, THERE ARE SO MANY MORE BOOMERS THAN OTHER GENERATIONS THAT WHEN YOU MULTIPLY THE PER CAPTIA FIGURE BY 78 MILLION YOU REALIZE THAT TODAY’S BOOMERS SPEND SOME 2.3 TRILLION ANNUALLY ON CONSUMER GOODS AND SERVICES.  THAT’S SOME $400 BILLION MORE THAN ANY OTHER COHORT. pg 15

-One out of 3 adults over 21 in our country is a Baby Boomer.

-In Congress, 70% elected were boomers in 2006!

-Of the CEOs of the Fortune 500 companies, some 80% or 399 are Boomers.

-Only 24% say they’ve experienced a midlife crisis.

-Half of all grandparents alive today are Boomers.

-Already 30% say they’ve survived major illness and 32% have changed their diet due to medical conditions.

-93% of Boomers state that exercise is a primary way to manage healthy aging. Only 27% do it regularly and 21% do it infrequently. So, 53% don’t bother at all.  

-US population growth is driven by immigration; our fertility rate is at the rate of sustaining the population, not growing it.

-Boomers at 50 and older aren’t anywhere near done consuming. They will buy things marketed to them for 20 years or more.

-Boomers aren’t particularly brand loyal or set in their ways, opening the door for talented marketers to persuade them to try new products. 

-Boomers feel some 14 years younger than they are, but that doesn’t mean they should be marketed that way. They may “feel” 35-40 but they know they are not that same person.

-Boomers are driven, transformational, and “self” centered. 

6 traits of the boomer include:

1. Entitlement

2. Personal Gratification

3. Work Ethic

4. Control

5. Optimism 

6. Won’t accept the status quo. 

 

You must market to each person differently. You must figure out their Life Stage, which is critically important in determining potential behavior.   Do they have kids? How old are the kids?  Do they still live at home? Are their parents still alive? Where do the parents live and are they in good health? Does the consumer work? Retired? Obviously each Life Stage comes with it’s own needs and wants.

Same goes for their socio-economic status. Where do they live—in a home, condo, or apartment? What are their interests and activities? Do they have the means to satisfy their wants and needs? 

When marketing to Boomer Consumers, the proof is in the science. They state that compelling messages work better than just presenting just straight facts. Marketers need to present emotionally compelling reasons and not simply list facts and figures. 

Don’t forget that when you market, you need to 

1. Get somebody’s attention

2. Communicate Something

3. Persuade the viewer or reader to think, feel, or act differently. 

**The first rule is to grab their attention, then it’s very important to understand what today’s Boomer pays attention to, and what they ignore.  They ignore negative messages.

It’s been said that the first half of your one’s life is shaped by the history they experience, and the second half is when they shape the history.

Boomers aren’t really concentrating on”becoming someone” and instead focus on “being someone.” Life becomes more about the journey and less about the destination.  So, they say that the underlying motivation for consuming behavior in the 2nd half of life , from age 40 onward, is more inner-directed and less socially driven.  So, marketers must be able to tap into their hearts, minds and wallets.

It’s not about age; it’s about values and experiences.

Quotes-

Consumers over the age of 50 will buy things marketed to them. They also will not purchase from those marketing to them as “old” as they see “old age” far off into the future. 

Today’s average Boomer is 51 and that means “old age” won’t happen until 24 or so years into the future (2030 for that median-aged Boomer). This is great news for marketers since only in a few categories do consumers make brand choices early in life and stay with them. Boomers are open for change 

They aren’t about to stop consuming just because they’ve reached life’s midpoint. If anything, they are only halfway done.

America’s largest, wealthiest and most influential generation in American history. It is also one that marketers today cannot afford to ignore. 

Baby Boomers are first to be raised in front of a TV, during the Cold War and the Vietnam War. They remember deaths of JFK, MLK, RFK, and images of Watergate , Civil Rights, Elvis, All in the Family were burned upon their collective consciousness.

Boomers have been driving the engine of the American economy since they came of age in the 1970’s. Since they made up the bulk of the 18-49 demographic group, there was a huge focus on them , and it was indeed, truly all about “them.”

In 1996 Boomers began to turn 50 years old, and things changed dramatically.

Every 7 seconds a Baby Boomer is turning 50 in America. That’s about 10,000 Boomers per day, 365.

Safe bet that Boomers have the “not dead” nor “seniors” attitude.  They are a new demographic segment, and have vast reserves to disposable income, and are anxious to spend it on new products and services.

TIPS

Don’t say retirement, rather talk about the future. They dread the “R” word.  And over the past years, “Senior Citizen” has developed to have strong negative connotations. Marketers try to avoid this by developing lists of transparent euphemisms: “mature adults,” “active adult,” “golden years,” “aging consumers,” “aging Boomers,” “third agers,” or anything they can tag with the word “silver,” or “mature.”  The problem is that although they may carry less baggage, when it comes to Boomers, non are acceptable. 

Boomers over 50 feel ignored but respond well to advertising.

You can check out http://www.boomerconsumer.com and the site can be accessed by typing “boomer” and the password of “c0nsum3r”

Dove came out with a successful ad by portraying “Pro-Aging” vs. “Anti-Aging.” You can check it out at here. The book talks about Dove often, claiming that their marketing campaign shows a “positive” understanding of today’s Boomer Consumer. 

EDUCATION IS KEY FACE TO

FACE MARKETING IS KEY TOO

 

Boomer Consumer had a survery with a series of questions they asked to over 1,400 consumers about advertising in general. They first asked consumers about a list of attributes (below) often associated with advertising.

They then asked them how important each dimension was to them personally, and they responded on a 5 point scale.  Below are the results with those selecting “VERY IMPORTANT” or “SOMEWHAT IMPORTANT” on their questionnaire.

What they found was that Boomers over 50 told them the most important attributes were the basics:

91% said “GIVE ME THE INFORMATION I NEED”

91% also said: “MAKE IT EASY FOR ME TO GET MORE INFORMATION”

91% said: “BE BELIEVABLE”

87% said: “IS EASY TO READ OR FOLLOW”

85% agreed: “BE ENJOYABLE” 

84% hope: “INCREASE MY INTEREST IN THE PRODUCT OR SERVICE”

84% said: ” GET MY ATTENTION”

82% say: “UNDERSTAND MY NEEDS”

73% said: “SHOWS PEOPLE AND LIFESTYLES I CAN RELATE TO”

73% said: “TARGETS PEOPLE MY AGE”

19% said: “TARGETS PEOPLE YOUNGER THAN ME”

Boomers tell Boomer Consumer that they want more information and that the advertisers fail.

Succeeding in marketing to Boomer’s is tough work but the payoff is huge.  But, it can be different if you remember that Boomer’s want more information, not less. Marketers and advertisers need to deliver relevant, detailed advertising that connects with today’s Boomer Consumer. 

Boomer’s want advertising that gives them information they need, make it easy to get more information, and are believable. However, Boomers blieve marketers and advertisers are failing to do this. 

Boomers feel most advertising is targeting younger people, and depicting people in lifestyles and unrelated to them. As a result, they are less interested in the product or service advertised.

If your information isn’t in your marketing materials, make sure you can find it on the web. Boomers will seek out info online and want the process to be easy and the messages to be consistent with what they’ve seen or heard via traditional media.

Make sure your advertising contains enough relevat, emotionally compelling information. Remember that more, rather than less copy is always better for your best prospects.

 

Summary ” Today’s Boomer is a moving target. How they deal today about any one topic or any one category will change and evolve just as it always has. and knowing today how they feel won’t tell you what they’ll want in 5 years. No one knows exactly how 78 million Boomers will change our lives and theirs. What we do know is that they will continue to have an impact on our society and economy.

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Austin Business Travelers Association August meeting…

Posted on July 19, 2008. Filed under: -- Uncategorized |


By Molly Greaves

I am a proud to be a part of the Austin Business Travelers Association, and recently attended an event where Kevn Maguire, Shane Downey and Scott Solombrino providing us with an overview of the NBTA PAC program and ongoing efforts at both the national and local levels. 

Kevin Maguire is the President of the National Business Travelers Association, and we are lucky to have him right here in Austin. That’s quite an accomplishment. The other two folks listed above came in from DC and New York. I’m not sure if anyone knows this, but Austin has a very active Travlers Association and we are some lucky folks to have them. They go to Congress to help implement and encourage change AND make that change happen. They are trying to make life easier for the traveling business person who inconveniently consistently gets stuck behind the 75 year old people that haven’t flown and then are the one’s screened and struggling with their shoes. 

I also think they’re a smart group of individuals too.  So smart, that they are having Alan Greenspan as their guest speaker at their convention next month in California. Pretty cool. 

Anyhoot, here what’s on their August agenda.  Yep, it’s already August. 

Thanks for checking out my blog!!

 

 

Julie Thomte, of Freescale here in Austin, will be our featured speaker, and will be providing us with an overview of the Freescale global program and the procurement practices used to manage it…including how savings are identified, measured and reported on.  Also, an explanation of the Freescale  tools, scorecard metrics and processes for identifying opportunities and translating to committed quarterly savings.  These emerging trends are great opportunities to further optimize travel programs and highlight key benefits to senior leadership and travel suppliers.

To register, click on the link below and follow the online instructions.  The event page will also have all the details on location, date and time.  If you have any questions, please reply to this email.

Hope to see you there.

 

——————–Event Details———————
Event:     Julie Thomte – – Global Programs & Procurement Practices
Start:      12 August 2008 (Tue) – 11:15am
End:       12 August 2008 (Tue) – 1:00pm
Duration: 1.8 Hours
Location: Radisson Hotel & Suites (Austin)
Notes:    
Event Link: http://www.austinbta.org/events/links/ETI3503
(click or paste the above link into your browser to access this event)
Event Code: ETI3503

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Economic Week in Review: Inflation sizzles, retail sales fizzle–week ending Friday July, 17

Posted on July 19, 2008. Filed under: -- Economic Week In Review, -- Uncategorized | Tags: |


By Molly Greaves
This week, in case you missed it, the Dow Jones dropped 120 points falling below 11,000 points for the first time since July 2006. They ended the day at 10,977.68; pretty close to the 52-week low, 10,827.71. Fortunately it re-gained some momentum ending at 11,496.57, up +49.91/+0.44% this Friday at close. 
Below is a re-cap that I received from Vanguard. I receive this each Friday, and I will continue to post them for you here.  I also recommend checking out Vanguard too of course.
Thank you for checking out my blog =)
—————————————————————-
Economic Week in Review: Inflation sizzles, retail sales fizzle
—————————————————————-
Both wholesale and retail inflation rose at a worrisome pace in June,
fed mainly by higher energy prices. And, in congressional testimony
this week, Federal Reserve Chairman Ben Bernanke said that the “upside
risks to the inflation outlook have intensified lately” because of
higher commodity prices. Indeed, energy prices have boosted the
gasoline portion of retail sales. Even so, retail sales were tepid
despite the distribution of federal economic stimulus checks. In the
financial markets, the S&P 500 Index rose 1.7% to 1,261 (for a
year-to-date total return of -13.2%). The yield of the 10-year U.S.
Treasury note rose 15 basis points to 4.11% (for a year-to-date
decrease of 7 basis points). 

 

To read Vanguard(R) Economic Week in Review in its entirety, go to:
http://www.vanguard.com/visit/econweek071808

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