The Small Business Optimism Index

 

 

Marketing sells hope.  The business hopes their product is something prospects want, and marketers have the skills to get the hope out there.  I always tell prospects, "I can't promise to solve your marketing problems, but when it comes to getting the music on hold message out to people who are calling you - you're not going to find anyone better!" It's a good system!

 

Most of my customers are small business owners, and if their hope sags with the economy, then my business hurts too.  While working on my M.B.A. from which Hold Time Music was created, I developed a real appreciation for graphs... particularly, economic indicators.  In the past, I've written about Google's search index by industry (sample keyword: phone systems) as a rough approximation of consumer interest over time. 

 

But today I found a better one that ties in the sentiment of small business owners, and seems to exactly match my fortunes in the B2B music on hold industry.  Check this out:

 

Do you see your sales growth here?

f you spend a lot of time marketing to small business owners, this graph may look familiar.  It's your sales growth... at least it's mine, anyway.

 

The good news of the NFIB Small Business Optimism Indexis things are moving up, and they're about ½ way back to pre-recession levels.  I would say the hope is spreading, and that's good for sales.

 

That optimism is weaker in Oregon.  Inside the Portland metro area, small business are weaker than their rural cousins.  Large rural business +100 employees have suffered the most as shown here:

  

Metro small business squeezed hard

 

Schulhoff Veterinary Service 03-2012

 What they do:

 Schulhoff Animal Hospital serves an affluent community of pet lovers in Connecticut from remodeled mansion that was used (briefly) as General Sherman’s headquarters in the Civil War.  It’s a family-run business, that really took the time to communicate the feel of their pet hospital; And so, our writing on this project achieved the best type of on-hold messaging content: stories!

 

 Schulhoff Veterinary Service serves an affluent community in Conn UNUSUAL CASE, BOA CONSTRICTOR, PT.1

DOCTOR BENYEI TELLS AN AMUSING STORY ABOUT WHEN HE WAS FIRST STARTING OUT AS A YOUNG VET, WILLING TO TACKLE ANYTHING THAT CAME ALONG.  ONE SATURDAY MORNING THE EXAM ROOM WAS FULL OF LITTLE SICK POODLES AND CATS.  A FEW MINUTES LATER DOCTOR BENYEI LOOKED UP AND THE ROOM WAS EMPTY, EXCEPT FOR A TWELVE-YEAR-OLD BOY SITTING THERE WITH A PAPER SHOPPING BAG.  THE REST OF THE STORY, IN TEN SECONDS…

 UNUSUAL CASE, BOA CONSTRICTOR, PT. 2

AS DOCTOR BENYEI WAS STARING WITH CURIOSITY AT THE SHOPPING BAG, OUT POKED A HEAD AND PEERED AROUND LIKE A PERISCOPE ON A SUBMARINE.  IT WAS A SIX-FOOT BOA CONSTRICTOR WITH AN UPSET STOMACH!  WELL, OF COURSE DOCTOR B. TOOK CARE OF THAT POOR SNAKE!  WHATEVER’S AILING YOUR PET, BRING IT IN AND WE’LL MAKE IT ALL BETTER!  TELL US ABOUT IT, WHEN WE RETURN TO THE LINE.

  Marketing Challenge:

Every veterinary clinic wants their customers to do two things 1) come back for regular checkups, and 2) Use them for the scope of services that they provide.  Schulhoff Veterinary Hospital has a dog and cat boarding service which is the best in the area.  Cats can freely roam around on furniture in a dedicated room, and watch the action outside through an antique picture window as the sun streams through. Sounds like the perfect cat holiday for me! 

 Equipment:

Veterinary service has a strong seasonal aspect: Summer for vaccines and outdoor issues, Holiday for “keep your pets away from…”, and Winter for cold-weather issues.  So, Schulhoff needed to update their production seasonally.  Hold Time installed a player that automatically updates their productions over the internet within two hours of it being completed in our studio.  Best of all, Schulhoff’s doesn’t have to do anything but approve the production… Hold Time handles the rest!

 Schulhoff was referred to us through our website, www.holdtimestudios.com, but not to the home page, they told me.  Curiously, the keywords “music on hold Avaya” takes the search engines to the Installation Page ( see hyper link here ), which lists instructions for many types of phone systems.  

One day on hold in Portland, Oregon

All in one week.

It's amazing to me how many industries use on-hold messaging... I'm constantly walking into NW businesses and saying, "Who knew this was here?"  Just last week, I was working with:

 

#1: St. Vincent De Paul: Originally a Roman Catholic institution, this charitable organization now helps 350,000 people every year in the Portland area - and 60% of their assistance is through food.  From Milwaukie, OR their warehouse transports 1.3 million pounds a year to the hungry.

 

 

#2: Game Time: Soon to open in Tigard, OR, these guys have taken an old restaurant and upgraded it with bowling lanes, arcades, and over 35 flat screen TV's.  Ever wonder what the back end of a bowling alley looked like?

 

#3: Stopping in at the Rose Garden for telecom network event sponsored by Allworx, followed by the Portland Winterhawks.  Those are some noisy fans.

 

#4:

Logmax: From Vancouver, WA. this Swedish company distributes logging equipment - specifically, an all-in-one 7000 pound head that cut down, delimb, and stack a tree in 30 seconds.  You can see the video here, it's pretty incredible.

 

 

#5:E and A Auto Repair gets the Inspirational Award for the week: Nazier came from Sudan by way of Saudi Arabia, where he worked on the Prince's Rolls Royces.  After work, he rebuilds a Shelby GT 500 "Elanor".  He figured out a way start his own shop, and now has a very loyal customer base in NE Portland.  

 

All this in one week!  Amazing.  I love my job.

Patrick 503-740-0121

You get what you pay for: The RCA Executive Series phone system

At least once a month, someone calls me asking about the music on hold BEEP that callers get on the RCA Executive Series 25403, and 254XX systems.  

Sorry, Frank. The annoying BEEP cannot be turned off.  You've got three options:

1. Buy another small system like this one from AT&T.  We have several customers who ditched the RCA, and are very happy with this one

2. Get a professional grade phone system.  

3. Equipped with a music on hold analog adapter from Hold Time Studios, we can effectively mask the BEEP... but we can't make it go away altogether.

Every phone system has a different configuration, and Patrick knows what to do.  Email him, or talk to him right now at 800-521-5570.

 



The best Holiday on-hold paragraph ever!

The best on-hold paragarph ever
Those wrinkles!

no wrinkles for me!I'm always thinking about the best on-hold paragraph ever written at Hold Time - this one was for a medical spa.

"If you're spending time around extended family this Holiday Season, take a look around... those wrinkles will be coming to a face very near you within a few years - but they don't have to... your skin can be clear and beautiful at any age at Allure Med Spa!"

 

You can do much better than the radio by marketing to your customers with creative on-hold messaging, and decent music.  Contact us today!

The White Elephant wins again! The most popular Holiday 2011 paragraph.

Out of dozens of options, this paragraph was picked by our customers most often to be used in their Holiday 2011 production: 

 

Part 1:

 

Chances are you may be invited to a Holiday soiree over the winter season where a "white elep hant" gift exchange takes place.  Do you know where the expression "white elephant" comes from?  We'll tell you about it,in ten seconds...

A blessing and a curse.

 

Part 2:

 

Kings in southeast asia used to keep the rare white elephant as a 


sign that they reigned with justice and power.  The animals were considered sacred and were protected by law from labor, so a gift of one was both a blessing and a curse.  Eventually, any gift that was expensive to maintain, or DIFFICULT TO DISPOSE OFbecame known as a "white elephant".  We don't see too many elephants here, but this season there are customers a-

plenty!  We're on our way to your call right now! 

 

What does it sound like? Hear it here!

(download)

Great Holiday Scripting

Christmas already?  At Hold Time Music, we started two weeks ago writing, getting approval, and (soon) producing Holiday productions for our clients.   There's a lot to talk about, especially for those companies that expect an end-of-year bump in revenue, and Hold Time Music is making their customers that call in have ever opportunity to consider EVERYTHING that they do: 

Plumbing services: A slow drain is an early warning system for your plumbing - get it fixed before the guests arrive.

Dental: Look your best with a custom whitening program.

Country Clubs: Holiday parties coming up... reserve your time in our boardroom.

Heating and Refrigeration: That nice HVAC system you bought should have a service checkup by the end of the year - because the warranty requires it.

Alarm and Security: No need to leave your house abandoned while your traveling this season.  Get it protected!

Printing: It's not too late to get your Christmas cards done!

Eyecare and Optometry: Gift certificates for our high-quality sports and sun glasses.

Veterinary: Give your pet the gift of a good dental cleaning.  If you hadn't brushed your teeth in a year, how would you feel?

Retail: Have you thought of...?  and special promotions for the Holiday season.

Hold Time has options for small phone systems too.  You don' t have to have a commercial grade phone system like Avaya or NEC to get great music on hold!

 

The December Dive

Using Google the Economic Indcator's to forecast business activity

In addition to music on hold, I also spend time listening to economic and marketing podcasts, so rather than just being a talking head about on-hold messaging, here's some information you might also find useful in your business!

In the depressed B2B and mixed financial markets, finding an economic indicator that you can count on is anybody's guess, but here's one that everyone can relate to.

 Google tallied all keyword searches for  "calendar / business / salary / stapes" for US markets, putting a numerical value on casual B2B activity across many years of data.

Google analytics on keyword searches

For the full graph, and analytics on other industries like Finance, Furniture, and Banking, see here.

Hold Time has music on hold packages with unique marketing ideas.  You can learn more about us at www.holdtimestudios.com, and be sure to check out our customer testimonials...business - and callers - like us!  Want to talk to someone who's really good at music on hold?  Seriously, we do this all the time.

Your Bucket Value

What’s your Bucket Value?

 “I know I approved the on-hold script, but can you re-record this production change for me?”  I get this question every day at Hold Time, and the answer is A) $50; or B) No problem.  It depends on the “bucket value” of the company asking.   Here’s what flashes through my mind:

 How much is that customer worth over time?

 “It’s easier to keep a customer than find a new one” is true depending on the industry.   Customers move between cell phone providers all the time to get the best deal and to try to avoid fees… Don’t like AT&T today for gouging you with fees? Just wait until tomorrow when their prices are lower, or they get a cooler phone.

 So when I call Tmobile to question an additional fee, their answer depends my bucket value*… Pause, then “Thank you Mr. Bolan for being with Tmobile since 1999”, then “What fee?  I have a high bucket value with Tmobile.

 The value of an on-hold customer

 In on-hold messaging, the bucket value is typically high.  Hold Time Music was my MBA business plan at Marylhurst University, and I learned that the average on-hold customer will stay around for more than 10 years if you treat them well; And so treat them well I do! 

 I know we all have customers that make a habit of abusing the system, and experience has taught me that they are more likely to leave my service.  If you’re in sales, you get a sense for these things even from the first meeting.  Some companies take advantage of your eagerness to please as a vendor, then dump you when they’ve drained everything they can get out of you for free.  They lose, because they a) have to hassle with finding new vendors all the time; and b) lose the investment of loyalty (ie. a high bucket value). 

 What’s your bucket value?

 Patrick

 

* Some industries have bucketing down to a science.  Telecom knows exactly how the average lifetime revenue of their customers, and in the cellular industry, where 285 million Americans change their cell phones on average every 21.7 months (graph)*, it’s not unusual to find these “come over to my side” companies spending 10% of their revenue on marketing, whereas it’s just 5% for software companies.   It’s easier to ditch a cell phone plan after two years than word processing program, for example. 

 

As a general rule, higher income translates into greater mobility between competitors, so Americans change their cell phone often, but Indians – with just $3500/yr in purchasing power per person – change their cell phones every 93 months.

Music on hold equipment sales show recession's impact.

MOH Industry Buzz
Sales "spurty", says manufacturer

Hold Time uploads productions to phone systems

MOH equipment manufacturers are one of the last ones to see a recovery in the economy.  Why?  

Most on-hold vendors, Hold Time Studios, recover equipment from discontinued accounts.  If attrition and new sales remain even, they don't need order any new MOH players, as used players can be redeployed into the field.

One vendor told me: 

"I've got customers that used to order three players a month from me that haven't ordered for a year."

or,

"Sales are spurty at best... we're down, but fortunately we've got other (telecom equipment) product lines that haven't been hurt too bad."

How are MOH vendors and studios doing?  Frankly, better than the manufacturers. Since MOH is a dynamic market channel, customers opt for several discounted productions uploaded in a minimum one year term.  Not as profitable, but more recession-resistant.  HOld Time has done better than many, in part because of our excellent customer service.  We don't make the same mistakes as other companies, because we're serious about doing a good job with on-hold messaging!  Check out our blog on "doing right by customer compalints".

Learn more about on-hold messaging, and Hold Time Studios by contact our owner, Patrick, at 800-521-5570.  Thanks!