Review of Chapter 1 of The Compound Effect

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I was intending to review The Compound Effect by Darren Hardy, as a whole, but my friend, Chad Eaves of ChadEaves.com, convinced me to review it one chapter at a time as that may make for better blogging.  Let’s see if it works.

The thesis of the book is stated as the lone entry on the first page:

“No matter what you learn, what strategy or tactic you employ, success comes a result of the Compound Effect.”

The Compound Effect proposes that “Small, Smart Choices + Consistency + Time = RADICAL DIFFERENCE”.  In other words, if you make a few simple, intelligent changes in your life and stick to those changes, over time, the result of those changes will be dramatic.  It sounds simple enough and Mr. Hardy tells us a few stories to help illustrate the concept.  The stories may seem simplistic, but don’t let that deter you as they are written to be understood by as wide an audience as possible.  The goal here is to spread his message and sell books, not to stretch the bounds of sentence structure and vocabulary.

Even though Mr. Hardy presents his method as a simple exercise that is easy to do, he reminds us that the path to success is not a short, easy road to tread.  The chapter begins with him exclaiming that he is the tortoise in the race with the hare.  Slow and steady wins the race, he says.  Mr. Hardy then tells the story of his childhood, where his football coach dad raised him in an environment of “No Pain, No Gain”.  The secret here is to work intelligently and diligently over time to achieve success.  Do not let petty excuses derail your long term efforts.  The example from Mr. Hardy’s childhood is to not quit unless you’re “showing bone”.  The term originally applied to football players not leaving a game unless they had a compound fracture, but applied here means not letting small excuses prevent you from succeeding.

Another point that Mr. Hardy stresses is the importance of saying “No”.  Not being side-tracked is an important part of long term success.  The main point of the Compound Effect is that small, positive changes, applied consistently, produce great results.  If small, positive changes can produce great results, then preventing those changes from being consistently applied can have the opposite effect.

This chapter, and all chapters, ends with several exercises designed to emphasize and put into effect concepts and suggestions in the chapter.  There are also more resources available at http://www.thecompoundeffect.com.  This is a nice touch and provides pdf versions of the worksheets in the book.  Be prepared, however, that the “Free Resources” are surrounded by advertisements for more products by Mr. Hardy.

Chapter 2 is “Choices” and I’ll be discussing it next week.

Review of “The Future is Online”

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Article Reviewed:  “The Future is Online” by Jim and John Motavalli

 

This article is a profile of Barry Diller, the current Chairman of InterActive Corporation, and begins by explaining the immensity of his fortune.  HIs fortune is big.  Very big.  After the authors thoroughly explain how much richer Mr. Diller is than the readers, they proceed to document his history as a media mogul.

While the article is heavy on detailing his accomplishments, there were only a few items I found interesting.  The first is his jump from traditional media to the internet in the mid 1990s.  This showed forethought and imagination that many technology and broadcast companies did not have at the time.  It took quite a bit of courage to leave the cash cow of the Fox Network and put his efforts into what became the internet goliath, InterActive Corporation.

The second items I found interesting were two quotes from Mr. Diller.  The first I will mention deals with emotions every entrepreneur feels, passion:

“The only thing anyone should pay attention to, entrepreneur or not, is what intrigues them, what they’re passionate about.  That will lead them to something interesting, at least to yourself, maybe not to anyone else.  But that’s the first stage of any kind of value-added development.” – Barry Diller – Success Magazine, Jan 2012, p 63.

This is the secret of Mr. Diller’s success.  He passionately wanted to work in the world of entertainment.  He quit college and started working in a mail room at William Morris Agency.  Even though he started small, he never lost sight of what he wanted most to do.  He took his passion for entertainment and media from the mailroom to one of the largest collection of internet companies in the world.

The second quote is really a continuation of the first quote.  When asked about retirement, Mr. Diller said:

“Retirement?  No.  I would only retire if I no longer felt engaged.  It’s about still being curious, and that hasn’t stopped for me.  I hope it won’t.” – Barry Diller – Success Magazine, Jan 2012, p 62.

Again his passion is the central cause of his success.  If he did not feel curious and want passionately to satisfy his curiosity, he would not bother to continue to build his internet empire.

When reading a profile piece in magazines like Success, the reader has to look past the information that can be easily found on Wikipedia and look for real substance.  So often there is none.  In this profile, however, Misters Jim and John Motavalli included a few nuggets of information that is actually useful to those of us interested in finding out what made Barry Diller successful.

 

This review also appears on the Success Reviewed Blog.

What are the benefits of social media?

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Facebook, Twitter, LinkedIn, Youtube, Yelp, Foursquare…you may have heard these names before and maybe even have accounts with them, but what can they do for you?  What are the benefits of using their services?

The main benefit of utilizing social media is cost.  A social media campaign can cost much less than a traditional print, radio, or television campaign.  Even one newspaper ad can cost you several hundred, if not thousands of dollars.  Social media, in comparison, costs a fraction for a much more effective solution.

Social media provides your company two way communications with your clients.  Traditional advertisements are broadcast to potential clients and the business owner has to sit back and wait for the response.  Questions clients have may be difficult to answer because they never make it back to the business.  Social media is a much more interactive medium.  With it, businesses can receive instant feedback from their clients and be able to converse with them.  This gives your business a very public way to show the costumers they are valued.  Even if public feedback is negative, the attempt by your business to respond to and address the issue can turn the negative into a positive.

People prefer to do business with other people rather than with a faceless corporation. Social media allows you to communicate with your clientele in a more personal way.  In social media, your clients are also your “friends”.

The more information potential clients can find out about your company, the more rapidly they will feel comfortable doing business with you.  The information can be in the format of website home pages that contain timely information, recent and frequent blog posts, recent client reviews on Yelp or other review sites, recent recommendations on Facebook or LinkedIn, current product catalogs on Pintrest, or any other information that shows recent company activity.  The greater the breadth and depth of information online about your company, the more comfortable in doing business with you a client will be.  In addition, having current information about your company on various sites along with a history of consistent updates will increase your company’s rank on search engines much more effectively than using SEO (Search Engine Optimization) tricks.

Social media provides business owners with accurate and up to date reporting.  Search result success, impressions, and click throughs can be tracked and reports generated so businesses can assess the effectiveness of the campaign at any time, allowing a social media campaign to be adapted on the fly to suit client feedback or emerging trends.

In this article, I have shown the benefits of utilizing social media as part of an advertising campaign.  In my next one, I will illustrate the pitfalls of ineffective social media use.

George Kostopoulos
Co-Founder
Orion Social Marketing