Archives For business

Popular culture celebrates the strong man who never gives up; The man that takes a beating and dies for honour. I’ve explained my views on this before (read – Those Who Refuse To Surrender Are Stupid) but I want to explore them further here in regards to ideas.

Whilst exploring the Christmas shop displays of London, I paused for a coffee and joined the table of another. Conversation quickly struck up and I learnt he had a startup.

Fantastic! I thought. Then I listened to how his startup has been ‘starting’ for the last twelve years, how he sold his house to fund it, lost his job and longterm girlfriend to it and still received no investment prospects.

Unfortunately, this is the ugly side to many startup stories. The side that gets shunned and tucked away. No one remembers the dozens of social networks before Facebook.

Whether or not this man’s idea was good doesn’t matter. When it’s been twelve years and you have only losses to show, it is not, as he said, “…all about how much Grit you have, right?”.

No. ‘Grit’ isn’t always good. If no one else can see the profit in your idea, if no one is willing to stick up their hands and say “hey! If you make it, I’ll buy it!” then something’s wrong and I think it’s time to give up. Especially if it’s been t.w.e.l.v.e. y.e.a.r.s.

Plenty of successul entrepreneurs shout that it’s all about determination and hanging-on in there. Which is true for a lot of the time, but it isn’t a rule that you should follow all the time, just as you wouldn’t take all the must-have vitamins and supplements advertised on TV.

When you should give up and move on is a delicate question to answer. There are many variables depending on the industry you’re in, but by and large if people can’t see the problem you’re trying to solve, it probably doesn’t exist or isn’t big enough (yet).

Now, it is true that you can create a need/problem through advertising (quad-ply toilet roll with flower-embedded sheets, anyone?) and other methods, but it will cost you an arm and a leg – as the man in the coffee shop learnt the hard way.

In answer to his remark, that it’s all about how much Grit you have, I could only muster the balls to crack a joke rather than tell him what I really thought, “If only you were in the de-icing business”.

THE PIX-JOCKEY (self-portrait)

A journalist, by Roberto Rizzato

You’ve got a new product or some news you want to get out there. How do you find the right journalist?

Step 1: Read the papers

Read the papers. Every day for a week, go to your local coffee shop for one hour and read all the papers they have back-to-back. Note down the names of journalists who wrote something relevant. It doesn’t have to be about a product exactly the same, even if they just wrote about your industry or have a section that your product would fit into, that’s fine.

Step 2: Research the journalists

Write down their names and then research them online. Read through everything they’ve written and see whether they fit. Things to look out for are whether they write positively about things, or just slag everything off. Are they sarcastic and critical, or nice and optimistic? Try and find as many as possible that fit your match.

Step 3: Tailor your news to their publication

Now it’s time to get your news in shape. If you have the time, it pays to tailor your news to each individual publication. For example, The Sun uses massive words in bold and blasts the message out there (see an example I worked on). The Guardian, by contrast, tends to discuss things more tentatively with facts. Blogs and online news sites love to talk about rumours (as it means they get the story first) so perhaps you could offer them an exclusive into what’s coming up, or a behind the scenes video. Either way, always write the article in the body of an email, never in an attached word document.

Step 4: Call the journalists

For a major publication, magazine or online news outlet, you must call the journalist. If you send them an email without a telephone call, you can forget it. You must call them in the morning, before 9.45am. What’s going in the papers is decided at about 10.30am, so you have to get in before. If you can call them between 8.30 – 9.30 they are much more receptive.

To get through to them, call the publication’s News Desk. I wrote a blog post here which contains links to the contact information of every single major news desk in the UK. Make sure you call ALL the journalists on the same day. They will NOT publish your story if they’ve seen it somewhere else the day or week before.

Phone Script

Newsdesk: “Hello, Weekday Times newsdesk.”

You: “Hi, please can I speak to Joe Bloggs? I’m calling with some relevant news for them.”

Newsdesk: “Please hold…”

Joe Bloggs: “Hello, Joe Bloggs speaking”

You: “Hi Joe, I read your article yesterday about stereotypical names used in examples and how people with that name get really upset. I happen to be an author of a book about stereotypical names and I’ve got some news. Do you have a second?

Joe Bloggs: “Go on”

You: “Thank you. [Give a very brief 20 second summary of your news], can I send you a news release to look at?”

Joe Bloggs: “OK”

You: “Great. What’s your email address Joe?”

Step 5: Send them the email

Now you’ve got their email address, you can send them the pre-written story. Make sure you send the email within 5 minutes of talking to them on the phone. Any longer and they’ve already had a few other phone calls and forgotten about you.

Send them the email, and make sure it’s crystal clear, includes all the relevant information including where they can go to learn more, and how to contact you. Don’t ask them any questions, and don’t expect a reply.

Step 6: Follow them up with another call

At 3pm, give them another call. “Hey Joe, it’s You from this morning. I spoke to you about my book of stereotypical names? Yes. Just wondering if you got the release and had any questions? Great. Do you know whether it’s going to make it into the paper/magazine?”

This follow up call is almost as crucial as the first one. All experience PRs know that a follow up call increases the chances of getting published ten-fold. If you’re not doing it, someone else is. You may even have to do a few follow-ups. I remember that to get my first ever piece of coverage in a regional paper called the Stirling Observer based in Scotland, I chased them four times. In the end I got a full article on page three.

Step 7: Check to see if you got in

Journalists often don’t know whether or not your story will get published. Even if they write something, that doesn’t mean it will. The editor decides what goes in, and the only way for you to check is to buy the paper or magazine and go through it. Don’t rely on Google Alerts (it misses a lot) or any other kind of online tool for digital versions of printed press.

Once you’re published

If you get published, celebrate like crazy. It’s a wonderful achievement and I’m sure you’ll feel the buzz. Tell your friends and followers, link them to the article and if it’s from a credible source put it on your website, As featured on… Also, send the journalist another email thanking them. Within that email, say that you’ll be sure to get in contact with more news, and perhaps give them the inside scoop or exclusive next time. This is just a way to show your appreciation and keep the relationship open for next time.

More press relations advice

If you’ve enjoyed this article, sign up to my free newsletter below to receive more. I provide communication strategies, case studies, productivity hacks and more. Give it a trial, and if you don’t like it, you can always unsubscribe.

Subscribe to Tom’s Newsletter

Surrender is a tool you can use to win; it is not the ultimate failure. Surrender buys you time. Surrender makes your enemies think you’re weak. Surrender allows you gather strength and live to fight another day.

Those who don’t surrender are stupid because they lost and can never fight again. Those who surrender are clever because they lost but are alive and can fight another day.

In business, surrender can show your investors that you’re wise and know how to pick your battles. Surrender can show good management and nobility. Surrender can gain favour with the public and swing your reputation back around. Surrender allows you to take a step-back and re-position yourselves.

Surrender exists for a reason, so use it when you need to.

Land Cruiser from Car Rentals Ghana

Car Rentals Ghana is an ingenious new company run by my friend Gerald Vanderpuye. You can guess what it does: It hires cars out in Ghana (how’s that for positioning?). But what you wouldn’t have guessed is that Gerald works full-time at another job (Rackspace). Car Rentals Ghana is his side-income. 

Continue reading “Side Income Case Study: Car Rentals Ghana” »

What should you do with clients that you can’t keep?

There are some clients that you just can’t keep. McCann, for example, won the marketing contract for the London 2012 Olympics. When that contract came to an end, they put this fun advertisement in the newspapers that turned a loss into a win.

Make your past clients work for you, use them as credibility and showcase your work to new prospects. There’s no such thing as a loss, only new wins.

Starbucks is losing its shine to Costa Coffee, and in this blog post, I’m going to explain why. Let’s start with some facts:

  • Costa was voted Britain’s favourite coffee shop two years in a row.
  • For 2010/2011, Costa grew its pre-tax sales 27.5% to £541.9 million.
  • For 2011/2012, underlying profit has grown 38% to £69.1 million
  • Costa has 1392 stores in the UK, Starbucks has 607

Read Costa’s financial report

If you want to learn how Costa Coffee has grown so big, so quickly and how it’s taking on Starbucks, keep reading.
Continue reading “Costa Coffee vs. Starbucks” »

Moosa Saghir, Media Executive of The Guardian, has kindly offerred to extend 250 words of free publicity to CITK business owners and members of London Startups.

Want to boost your credentials, reach out to new customers and other organisations? Then this is for you. Simply click one of the share buttons below and you’ll gain access to Moosa’s contact information.

See also: How to get in the press

Write your 250 words, explaining exactly what your business does within the first sentence (my recommendation, not his). And don’t be wafty, I don’t want to see any cheesy taglines like ‘Helping people grow’, make it real like ‘Growth hormone stem-cell treatments’. If you’re successful, let me know @tomchurch and I’ll tweet out a link to your piece.

Act quickly, as there’s limited space and huge demand. And just to let you know, my newsletter subscribers got this first, so if you want that advantage next time, subscribe (on the right)!

Requirements: 

  • You’re a British business
  • You’re between 0 – 2 years old

Gain access by clicking ‘like’, ‘tweet’ or ‘G+’ below:

The content will then appear beneath.

Having trouble getting the content? Watch this YouTube video. Otherwise, send me a message @tomchurch.

Numbers And Finance

Will your idea make a profit? This blog post shows how to test it. Photograph by Ken Teegardin

How to test your product for profit

Once you’ve found a business idea, you need to test whether it’ll make a profit. This is true for 90% of startups. The remaining 10% are those with extremely deep pockets who can sustain years worth of losses, hoping that profit will emerge later down the line (e.g. Digg.com).

Testing your business idea is no easy task. It depends upon what your value proposition is, who your target market are, where your target market is, your costs (including marketing) and external variables such as the seasonality of your offer.

I’ve read a lot on testing products, and have come across some serious bullshit. One blog (name and shame) said that if there’s other Google advertisements for similar goods, that means there are buyers. No it doesn’t! It means there are sellers. Not the same thing.

Keep reading to see the three detailed steps to figuring out whether your business idea is profitable or not.
Continue reading “How to test your product for profit” »

Screen Shot 2012-07-21 at 16.27.11

Make it a habit to store your profitable ideas in a sketch book and it’ll help you in the long run.

How to find a profitable idea

To find a profitable idea, you have to look around. Start by finding a problem – every time you complain, have a bad experience, get stuck or need something; these are opportunities. Write them down (use Evernote or a sketchbook). At the same time, ask what could be done better?

Continue reading “How to find a profitable idea” »

Coffee Cart Image

Starting with a coffee cart

Tucked away under the sleepy shadows of St. Giles Church in Central London is a coffee cart. Picture-perfect coffees are poured from it everyday and the company that runs it, Notes, now has two massively successful coffee shops as well.

My good friend Marcel (see pic) shared with me their incredible story, and explained how obsession can beat any market competition.

Keep reading to learn how Notes successfully squeezed into one of most competitive industries in the world, and grew from just one coffee cart to two coffee shops.

Continue reading “Coffee cart to coffee shop. A true story.” »