I had the good fortune to be able interview someone who is not just a marketing and public relations (PR) expert, but one who also has entrepreneurial experience. As such, Amanda Wettstein, APR, CPRC, shared some interesting insights on all three topics — marketing, PR, and entrepreneurship.
Ms. Wettstein currently serves as Director of Strategic Alliances for THAT! Company, which is a global marketing company ranked on the Inc. 500 as one of the fastest-growing private companies in the U.S. Prior to that, she was an entrepreneur, having had her own PR firm for seven years.
To gain some understanding about her current job, Ms. Wettstein still does PR for THAT! Company, but she also builds strategic alliances with traditional media agencies who might not yet be digitally proficient and with whom referrals can flow. She splits her time between both aspects and has surprises in her schedule regularly, as others in her company come to her with client needs.
Here are some highlights from our interview…
The biggest mistake that Ms. Wettstein sees entrepreneurs make is starting a business with a great idea and not having the budget for a full 12 months of marketing, advertising, and PR. She said it is analogous to building a beautiful building and not having the ability to attract people to it.
Ms. Wettstein implied that successful businesses understand that advertising and PR are critical components of marketing. They are tools that facilitate marketing, which not everyone understands. Marketing and sales are not the same thing, which some entrepreneurs fail to distinguish. Also, some don’t grasp the value of PR and building relationships with the many audiences (media, shareholders, customers, employees, etc) and how different messages impact each. This is evidenced in the lack of understanding about branding and brand voice, their importance and that it’s much more than a company logo. Branding represents a company’s culture and ideals and how it wants to reach its target customers, and considerable effort and resources are needed to establish, develop, and protect one’s brand.
Despite the proliferation of social media, the “best value” marketing tool is still direct mail. Social media can be “free” but isn’t right for everyone (e.g. a bubble wrap manufacturer with unclear social media goals) and certainly needs to be utilized properly. If a company has difficulty doing a quarterly newsletter, then providing relevant content on social media might be a huge challenge. Marketing, advertising, PR, etc should all have specific goals and objectives, even with “free” social media.
Regarding social media, the big four (Facebook, Twitter, YouTube, and LinkedIn) currently dominate, but some niche networks like Foursquare can be valuable too. Facebook is getting better and better at targeted marketing opportunities, largely from information people give freely on their profiles. Ms. Wettstein suggests that businesses shouldn’t dilute their messages and fans over too many entities, but multiple methods should be utilized because people learn differently, i.e. some greatly prefer video over other options. One new and exciting development is that videos can now be optimized with conversion ability (e.g. shopping cart technology via cinsay.com) which makes conversions more seamless.
One emerging trend in business is that PR is finally being put at the management table. PR is critical decision-making and strategy all the time and should be at the management table. Another trend is PR going digital and having more tools available. Probably the biggest emerging trend is “mobile, mobile, mobile.” Mobile-friendly websites are a must because, for example, 68% of African Americans and Latinos access the Internet, get news, shop online, and communicate using smartphones.
Regarding entrepreneurship, Ms. Wettstein said the No. 1 thing entrepreneurs need to have in order to be successful is… focus. Why? Because entrepreneurs often have many “great” ideas, but don’t remain focused on one long enough to see it to fruition.
Additionally, entrepreneurs need to be somewhat traditional with regard to having a business plan, having a pro forma, establishing budgets, etc instead of just having a great idea and being willing to take risks. Putting everything together in a way that makes business sense can be particularly difficult. Entrepreneurs need to be confident and not egoistic, and as they can afford to, surround themselves with business people who are good in the areas they’re not.
For Ms. Wettstein’s exact answers and additional insights including what she says is Google’s biggest fear (hint: think of how Facebook could threaten what Google is known for) you can listen to the entire 25:03 audio interview HERE.
Bill Miller :-)
C1-2 Quadriplegic with a 255 High Bowling Game
Co-founder of Manufacturing Genuine Thrills Inc. d/b/a MGT
Business website: http://www.ikanbowler.com
Personal website: http://www.lookmomnohands.net
