Wear your heart on your sleeve. Emphasize with customers’ deep-seated concerns by moving from passion to compassion in marketing, suggests John Gerzema of Young & Rubicam. Example: In January, Hyundai said that for 12 months, it would allow car buyers to return their vehicles without penalty if they lost their jobs. In March, Ford and General Motors announced a similar program.
— Adapted from “From buy, buy to bye-bye,” The Economist.
Can you predict whether a career will careen off track? A recent Center for Creative study found that career derailment is more likely if an executive is less trusting; is more conceptual and abstract; and tends to reveal personal information about himself.
Educate managers with faster, more specific training. The trend is to pick up tailored programs offered by consultancies, which can cost 50% less than business school programs. Employees need applicable skills that will help them navigate the downturn, says one chief learning officer. That’s something private education firms provide.
Move beyond traditional risk- to lead your company through faster times. Businesses around the world have become increasingly interdependent, which brings benefits and risks. The new way to manage risk requires going beyond known issues to look at those interdependencies. Call it Risk Management 2.0. Form a team to look beyond traditional boundaries and come up with two or three major links that the company has not thought about.
— Re-thinking Risk Management: Why the Mindset Matters More Than the Model, Knowledge@Wharton.
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