prudential artisan market

Archive for October, 2009

Internet Authors are like farmers, in that they plough their own furrow. They work alone, often separated from friends and family, wondering – like all writers – if the stories they are producing work will ever see the light of day. Still, they are driven on by a conviction that what they have to say is worth reading and a belief, grounded in reality, that they will be able, eventually, to communicate their writing to the wider world, through the medium of the internet. In that, they are one step up on their fellow writers who choose to remain reliant on the world of Traditional Publishing, in that Internet Authors can be assured that the books they write will be uploaded, printed and seen, and will not moulder on the desks of publishing assistants and unhelpful Editors.

Of course, farmers in Britain are having a tough time of it recently. They find themselves in thrall to the giant supermarkets and find that the size, weight and price of their products are usually dictated to them by the retail buyers. In that respect, they are no better off than the traditional authors mentioned above, who are slaves to Traditional Publishers who aren’t willing to move with the times, and assume that what was good enough for creative writers in the 1930s is still good today. Internet Authors have moved on. Similarly, progressively minded farmers have realised the trap they are being put in and have looked for other outlets for their products. In their case, it’s local shops or Farmers’ Markets. The advantage of both venues is that the farmers have a much more direct relationship with their customers. They are closer to them, and can hear from the people across the counter exactly what they are looking for. That’s the case for Internet Authors too, who use modern tools like Blogs and Forums to communicate with their customers, the readers. They get feedback and comments almost immediately, and that modifies their plans and proposals in the future. Rather than rely on a whole range of middle-men, like Literary Agents, Editors, Publishers, Promotional Assistants and Illustrators, they can devote their energies to doing what they do best, creating stories and changing the map of the world that we all carry in our heads.

Farmers who feel their way of life is being threatened have another source of support, however: the government. In Europe, and increasingly in America, the authorities step in when they see that people who till the land are not making a living. This doesn’t apply to authors, (although the Arts Council in England is being called upon to provide financial backing for literary artists as well as graphic artists these days). This kind of statutory help is rarely seen in the career of writers. Historically, respected writers have been supported by aristocratic figures, with pensions and handouts, but those working towards publication with Traditional Publishers have to make their own way and fund their own efforts. The alternative, up to now, has been the risky – and expensive – route of Self Publishing. In a way, the internet has taken that model and given it a good shake-out. Internet Authors are people who upload their books to print-on-demand publishers on-line, and then wait for surfers and web visitors to buy the book. Amazingly, the process costs nothing, which makes it clearly accessible to the majority. In that, Internet Authors are one step up on farmers. They don’t need subsidies. They are free from the threat of financial ruin. They can focus on what they do best, writing, then see their books made available at no cost to themselves. It’s a win-win situation, and a world away from the ‘majority loses’ vision of Traditional Publishing.

Every day, authors sits down at their desks and try to create new work, but only the Internet Author is in a position to know that the green shoots they are nurturing, watering and hoeing will eventually grow to maturity and bear fruit. For the traditional writer, in hock to the Traditional Publisher, life is still a gamble and their submissions are still a Lottery. Only the Internet Author can bring in the harvest, as farmers have been doing for themselves since the end of the last Ice Age. Finally, the Ice Age of Traditional Publishing has come to a whimpering and undignified end too.

A money market account (MMA) is a high interest savings account, which can be opened quickly and easily at almost any bank, like any regular savings account. MMA pays higher interest than a regular account, has higher minimum balance requirements, $1,000 to $2,500, and allows three to six withdrawals per month.  

The money deposited in a money market account is invested through the bank or credit union, which collects the return. The interest paid to the account beneficiary is left in the account, but the bank loans that money to other accounts by charging a slightly higher interest for the loan than the interest paid to the account beneficiary. Therefore, the bank makes money by selling money, but it offers the flexibility to the account beneficiary to get the money quickly and easily and without having to pay any sort of penalties. 

A certificate of deposit (CD) is issued by commercial banks and brokerage firms, with specified interest rate and maturity date. Maturity date may be from three months to five years and the funds may not be withdrawn on demand before the maturity date. At the end of the term, which is typically three months up to one year, the deposit is returned with interest.  

Certificates of deposit are relatively safe and account beneficiaries know the return they will receive before maturity date. CDs have higher returns than savings accounts and they protect the beneficiary from the fluctuations of the stock market. On the other hand, the returns are lower than other investments, including money market accounts and the money is tied up until maturity, without the option to get it out without paying a harsh penalty.  

Money market accounts provide greater liquidity than certificates of deposit since the beneficiary may withdraw the money at any time without penalty, but they tend to have lower interest rates than certificates of deposit. On the other hand, a certificate of deposit is purchased for quite long time. Investors know that penalties for early withdrawal are expensive depending on how much money is invested in the CD. Also, by withdrawing the money before maturity means that investors lose as much as 6 months of the interest that the investment has already earned. 

Conclusively, certificates of deposit offer an easy solution for risk-adverse investors, who want only to maintain their capital as they can calculate expected earnings on maturity. However, money market accounts are preferable. The reason is that brokerages firms automatically sweep the uninvested cash into money markets to earn interest between investments. This is ideal for the regular investors, who can use the funds immediately to purchase stocks, bonds, or mutual funds.

While fostering a legal marketing habit can often be a solo activity, there’s no better inspiration than enlisting the help and support of other firm members. Whether it’s other attorneys or staff, their help, encouragement and ideas are imperative to business development success. Collaboration with others can make your marketing efforts even more powerful, allowing you to keep each other on track, spark new ideas and even join forces in joint marketing efforts and strategies. A true marketing culture can’t be implemented overnight, like anything else it takes hard work, dedication and focused efforts. That being said, here are a few of our best tips for getting other members of your firm to join in your legal marketing journey.

Be a passionate leader.

If you’re going to talk the talk, you must walk the walk. If you’re not committed to marketing and business development, others won’t be either. Be vocal about your plans, your speeches, your networking events, your successes… it will inspire other attorneys and staff to join in your efforts. Enthusiasm is contagious.

Provide training and resources.

For larger firms that can mean working with firm leadership to host a seminar or workshop to kick off a marketing initiative…but it can be even simpler. Share your knowledge. Have you found a great website or blog (like inblackandwhiteblog.com!) that imparts helpful tips? Send it to colleagues. Read a great marketing or business development book? Pass it around the office. Exposure to ideas and strategies can spark action.

Create a forum for results.

Set up a monthly marketing meeting or lunch, where those participating in business development activities can get together to report on their initiatives, share leads and be held accountable for their efforts. It will encourage members to keep on track and make others wonder what they’re missing out on.

Hire extroverts.

Make marketing and business development a part of your hiring practices. Ask potential members what their thoughts on legal marketing are and how they plan to implement them. Bring in lawyers who are extroverted, flexible and able to embrace change. The same goes for support staff or anyone else who can contribute to firm marketing efforts.

Create a plan.

We’ve said it before and we’ll say it again. Having plan is crucial to marketing and business development success. Work with other firm members to create an actual marketing plan… on every level. From individual plans to practice groups to an overall firm plan, it will help define what you plan to do and understand where you want to go.

Enlisting help and support in your journey may not be easy, what with billable hours and everyday excuses, but if you can get just a few outspoken and influential members on board it can reap serious rewards for all of you. Remember, marketing culture doesn’t just happen; it’s a process that requires time, effort and most of all FOCUS.