Hire a media coach if you must, but keep it real
DEAR INFORMER: I’m a business owner trying to get more press attention, and I’m wondering if I should hire a media coach. Do you recommend it?
DEAR PUBLICITY-SEEKER: “Nevvverrrrrrrr!” bellowed the Informer upon first considering this would-be media darling’s question.
There’s nothing worse than a prepped CEO, spewing canned answers to questions that weren’t asked. One of the best things about small-business owners vs. corporate executives is that the former almost always act like real people, except when they’ve memorized a couple of key phrases that they repeat like automatons.
But the Informer paused and considered her bias: She wants every interview subject in Upsize to tell all, wherever and whenever they’re called upon, so that she can share it with her readers and vastly increase the reach and control of her media empire.
To get another perspective, she called media coach Gwen Chynoweth of The Maccabee Group in Minneapolis.
Chynoweth agrees that the bias journalists hold against media coaches is strong and sometimes justified. “As a former reporter, I agree with you to some extent,” she says. The classic case is the politician on the Sunday talk shows, sticking to three canned messages regardless of the discussion. “That’s being inauthentic.
“You’ve got to have your key messages, but you also have to be genuine,” Chynoweth says. “It’s important for people to keep that in mind — that it’s a conversation between you and the reporter.”
Coaching that emphasizes authenticity is valuable, Chynoweth says. “If a person is looking to get more media attention, I’d definitely recommend coaching. If you don’t know what your goal is going into an interview, how will you know if you’ve reached it?”
At the least, spend time before any interview writing and practicing your key messages. “Key messages are primarily the things that you want people to know about you, your product, your company and your culture, and then what you want them to do about it,” Chynoweth says. “It’s not naturally something that will come out of your mouth. You have to practice.”
Jot down the anecdotes that support your main messages, and gather any facts you need, “so you have the stories readily at hand and you speak with authority.” Always think about who’s doing the interviewing, for what publication or program, and for what type of story.
In a personality profile, for example, the business owner will range widely from those key messages, and that’s just fine, Chynoweth says. In a hostile interview on a sensitive subject, the business owner should not digress from the point.
Regardless of the type of story, she says, without preparation most people forget what they want to say. And most business owners get nervous when they’re interviewed.
Even when the interviewer is as nice as the Informer? Certainly not, the Informer says.
“I have seen CEOs literally sweat when I’m just doing practice interviews, and I’m the nicest person in the world,” Chynoweth says.
Gwen Chynoweth, The Maccabee Group: 612.337.0087; gwen@maccabee.com; www.maccabee.com
INTELLECTUAL PROPERTY
DEAR INFORMER: I’ve had an offer from someone who wants to buy my company’s domain name. I have no idea how to determine the value of my domain name, nor what to consider before I sell it. Who can help with this type of thing?
DEAR DOMAIN: Trademark attorneys, also known as intellectual property attorneys, know all about domain names and the sale thereof. The Informer asked Kyle Peterson for help. He’s with Patterson, Thuente, Skaar & Christensen in Minneapolis.
“Domain names can have a wide range of values,” he says, and the marketplace has been roiled again just recently with the addition of new extensions such as “.biz”.
The value can range from $1,000 to six figures, Peterson says, and the average selling price of names listed for auction is between $9,000 and $10,000.
But most people tend to hear only about the big-ticket sales. Drugs.com, for example, sold for just over $800,000, he says, “but that’s because the buyer really wanted it.”
You can check two Web sites, www.urlmerchant.com and www.greatdomains.com, which list the asking price of many names.
As for deciding whether to sell your domain name, evaluate the income streams you’re getting from it, if any, and any cost savings. Throw in whatever it cost you to register and market your current name, and what it would cost to change. (Don’t forget about things like changing business cards and company stationery.) When you do the math, it sometimes makes more sense to keep your name rather than take the amount offered, unless of course the amount is nice and tidy.
Peterson applauds this questioner for recognizing that her domain name is an intangible asset, something that many business owners and even some accountants don’t realize. “It has value, and that’s as important to a business as the equipment on the plant floor.” That fact should be recognized on your balance sheet as well, he says.
Kyle Peterson, Patterson, Thuente, Skaar & Christensen: 612.252.1554; peterson@ptslaw.com; www.ptslaw.com
FRANCHISING
DEAR INFORMER: I opened a second restaurant about a year ago, and it’s going great. I’m thinking about expanding by franchising. What should I be doing to get ready some day?
DEAR FRANCHISOR: There are three main things to do to prepare for franchising, and you can start right away, says Carolyn Herfurth, who operates The Entrepreneur’s Source locally and helps people franchise their concepts.
“He’s got to protect the name, so as soon as he can, get that trademarked,” she says. Many business owners neglect this step, so when they want to franchise they find they can’t use a brand in which they may have invested heavily.
Second, “record the business processes and systems. Make sure they’re documented,” she says. It’s easy, as the owner, to do things without realizing what they are. Make checklists so someone without knowledge of your business could run it.
This includes lists of what to do to open up in the morning and how to greet customers. “It is everything,” she says. “It’s a very lengthy document.”
Third, “prove and test that business model as a franchisee. Put yourself in the shoes of someone who buys it,” she says.
It’s not too early for this owner to start the process. In fact, all you need is one store successfully running, for at least a year or two.
Other points to consider: Evaluate whether it’s worth it to franchise. How much will it cost for franchising, and how much does the franchisor and franchisee need to get out of it? Herfurth says a rule of thumb for royalties is 3 percent to 10 percent of revenue, which is paid to the franchisor.
Work on that pilot location. “That’s the time for the company to get things right,” she says.
Examine whether your business is replicable in the first place. Is it credible? Is it unique, but not so unique that it can only work in one place? Can it be learned by an ordinary person in about three months?
“If an ordinary person can’t follow some basic steps, it’s not replicable,” Herfurth says.
Carolyn Herfurth, The Entrepreneur’s Source: 952.920.0084; carolyn@e-source-coach.com; www.theesource.com
