Juicy Ideas

Rogers State University recently participated in a national competition, sponsored by Google called 'Juicy Ideas'. Teams of students competed to add value to a throw-away item, a plastic shopping bag. I was teaching Entrepreneurship in Bartlesville at the time, so I recruited a few teams out of my class. Two other teams formed from Dr. Gray's class and Dr. Kennemer's class.

The student's had ten days to add value to a plastic shopping bag, by being environmentally responsible - while making a video of their experience. The videos were posted on You Tube for judges to review. RSU had two winning teams for the state - Hillcats won 2nd place & Mixed Fruit won 3rd place. The top three teams from Oklahoma were submitted to compete nationally.

We found out this week that Mixed Fruits ranked 5th place and Hillcats ranked 10th place nationally. Overall, 243 videos were submitted with 866 students participating nationwide. I am so proud of the RSU students involved in the competition. Out of 243 videos, RSU placed twice in the top ten. All the videos and ideas were great and RSU was represented very well! Congratulations to the following winning students: Jolene Myler, Megan Pruitt, Jason Cantrell, Bethia Davis, Terri Dubway, Cinthia Heisterberg, Elizabeth Tirado, and Adil Patel.

The videos were judged on ideas, not production quality. You can check out the videos here:

http://www.youtube.com/profile?user=InnCtr&view=favorites














Teams of students receiving awards at the Oklahoma Jazz Hall of Fame

Features vs. Benefits

Have you noticed Wal-Mart's newest tag line?

Save Money, Live Better, Shop Wal-mart.

While this isn't anything to knock your socks off, it's a great example of features and benefits. The company has stated a feature and a benefit all in just four simple words.

The feature - Save Money
The benefit - Live Better

So what's the difference between a feature and a benefit? A feature results in a benefit. Pulling from my past retail experience, let me give you some examples:

Feature: Triple action agitator
Benefit: Gets your clothes cleaner

Feature: Auto temperature control
Benefit: Keeps your clothes from shrinking in the wash

Feature: Multi-colored reversible textile throws
Benefit: Makes your house prettier

Feature: Glycerin-free anti-aging formula with Nylacil
Benefit: Softer younger looking skin

As I review clients' websites and brochures, I notice one astounding problem: they give me features, not benefits. As an intrinsically egocentric human being, I want to know how things will make my life easier, better, cleaner, happier, smoother or more amazing. Best Buy has caught on to this simple concept through their newest tagline: You, Happier.

I read a brochure recently for a home decorating company. It was full of home decor lingo that means nothing to me, such as Clipless Faux Wood Blinds with Durosheen. If they want to speak to me, the consumer, they need to give me the benefits, not the features. So they could've said: 'Cover your windows for less than you think - so the neighbors don't see you streaking to the laundry room.'

Do you remember having to reduce fractions to lowest terms in 4th grade math? The same concept applies with features and benefits. A benefit is the feature boiled down to simplest terms (that even a 4th grader can understand). Whether you're selling a product or a service, you can do this simple exercise. Take out a piece of paper and list of all the features down the left side and all the benefits down the right side. Then come up with creative ways to sell the benefits, not the features.

Business Plan Etiquette

I have written a few business plans over the years and reviewed hundreds (or so it seems). I remember the first business plan I wrote was for a start-up business. I was 19 years old and completely clueless about the business planning process. I tried to write it like a declaration, so sentences looked something like this:

In this business, I will deliver excellent customer service at the cheapest prices. I have lots of experience and will conquer the world...

Okay, so maybe not that ambitious, but you get the idea. The point here is that business plans shouldn't be written at someone, but should instead convey a message from a third person point of view. It's a business plan, not a personal plan, therefore the company is doing the planning. Using my example above, I should have said something more like this:

XYZ Corporation will provide excellent customer service and low prices. The management team at XYZ Corporation is skilled in the following areas...

Without trying to come across as a communication queen, another flaw I've noticed in business plans is switching from past to present to future tense unexpectedly. For example:

Bob Smith plans to open Petals R Us Flower Shop on the corner of Main and 1st Street. Petals R Us is the best flower shop in town for weddings, special events and holidays.

So my question is: "Bob, are you open already or aren't you?". Bob could easily fix this problem by saying 'Petals R Us will be the best flower shop in town...'.

This is something I have and will continue to struggle with, so I'm just as guilty as the next guy. However, I wish someone would've clarified this in the beginning instead of letting me write business plans that were confusing. Those poor bankers reading my first business plan...now I know why they never loaned me any money:)