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The answer to the question, "how are you going to pay for this project?" is turning out to be sponsorship more and more often. If you don't know why organizations want to sponsor things, though, it's likely a long, hard road to find the sponsorship you seek.
As the number of media options continue to explode (blogs, books, conferences, tattoos, speaking engagements, film festivals, stadiums, entire websites...) it's worth thinking a little bit about why organizations buy sponsorships.
1. It might be a substitute for advertising. How many people see it? How much does it cost per person? (this is the cpm, but instead of cost per thousand page views or magazine readers, it's cost per thousand impressions, which come in a myriad of ways). I think this is the film festival/book fair model. It's a reasonable way to reach a hard to reach, high value group.
2. It might be a bragging rights thing. This means that the sponsor isn't focused on tonnage, but instead wants the affiliation that they can mention to others. Sort of a reverse endorsement. The thing being sponsored isn't a media outlet, then, but a license by affiliation. An example of this might be sponsoring a speaker coming to town. Clearly, the 500 people in the audience don't constitute a useful CPM, but the fact that you did it gains you authority with those that notice what you did.
3. It might be a chance to influence the organization being sponsored. This would explain why big corporations are willing to sponsor political conventions.
4. It might be a useful way to inspire and focus your internal organization. When the people who work for you see you sponsoring a worthy charity or a thoughtful opinion leader, it changes how they do their job or how they focus their efforts.
5. It makes the CEO happy and earns the organization a seat at certain sorts of tables. I think this is the model for sponsoring a sports stadium, an act that has never been shown to have any value at all as a mass media choice.
Because there are so many ways to come at this, valuing a sponsorship is difficult indeed. If you're a bank sponsoring a bike sharing service, how do you compare that to five-hundred full page newspaper ads (about the same price over a certain period of time). Of course, you don't. You can't. Instead, you must be really clear internally about what it's for.
In general, if you're clear about which of these five things you're shooting for, most sponsorships are a screaming bargain compared to traditional media buys, particularly if you're trying to reach an elite or elusive demographic.
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Mish's Global Economic Trend Analysis |
Money as Communication: A Purposely "Non-Educational" Fallacious Video by the Atlanta Fed Posted: 09 Jan 2014 11:54 PM PST The "macroblog" by the Atlanta Fed is promoting the concept of Money as Communication. Let's take a look. A textbook description of money is usually just a recitation of its functions—it acts as a store of value, a medium of exchange, and a unit of account. This definition of money is a rather hollow one (as Minneapolis Fed President Narayana Kocherlakota noted back in his academic days) because it tells us only what money does but doesn't speak to the core issue—what is the problem that money solves?4-Minute Video link if video does not play: Fed Explains Good versus Bad Standards Right at the one minute mark, the video proclaims "In the United States, the standard measurement for value is the dollar." At that point I broke out laughing. But it gets even worse. The massive propaganda campaign begins at the 2:15 mark: "Was the gold standard a good way to measure value? As it turns out, not really". At the 3:24 mark comes pure silliness regarding "price stability". The video proclaims "The Fed is in charge of keeping the purchasing power of the dollar stable." Fairness in Reporting In the interest of fairness and accurate reporting, Mike Bryan ought to have shown theory vs. reality. In particular, Bryan ought to have mentioned the housing bubble and collapse, bank bailouts, the dotcom bubble, and the current Fed-sponsored equity and bond market bubbles. But if he did that, he would have been fired. So instead he writes a bunch of nonsense to make Bernanke and the Fed look good. This is the way the system works, and it explains much of the self-congratulatory hype we see today from academia. Want a job in the research department at the Fed? Well the first prerequisite is you have to be a monetarist fool who agrees with the Fed's inflationist stance. Five Things Bryan Doesn't Understand
That's one hell of a lot of things to be wrong about, especially for someone "big on getting our communications right". But "right" for whom? There is one more possibility: Bryan does understand some of those things, but instead creates nonsensical videos to keep his job or get bonuses. It's a tough call, but all in all, I strongly suspect he was hired for his role precisely because he is a brainwashed believer in academic nonsense. Let's step back for a second and ask a very basic question. What is Money? Please consider a few re-ordered sentences starting at the bottom of page 15 of Murray Rothbard's classic text What Has Government Done to Our Money? Money is a commodity used as a medium of exchange.Money Does Not Measure Values In a footnote at the bottom of page 17, Rothbard explains "Money does not measure prices or values; it is the common denominator for their expression. In short, prices are expressed in money; they are not measured by it." Indeed! And that sentence alone says how ridiculous the video is. What Is The Proper Supply Of Money? Continuing from the book on page 25. Now we may ask: what is the supply of money in society and how is that supply used? In particular, we may raise the perennial question, how much money "do we need"?Bryan, as well as Paul Krugman and all Keynesian and Monetarist economists desperately need to read and understand the book. Please read the eBook! It's a great read, only112 pages, explained well, and easy to follow even for a relative economic beginner. Price Stability Let's explore the concept of price stability in regards to housing. About a year ago I tackled the subject in Dissecting the Fed-Sponsored Housing Bubble; HPI-CPI Revisited; Real Housing Prices; Price Inflation Higher than Fed Admits The article starts with a look at the rate of increase in home prices as measured by HPI (Home Price Index) vs. the rate of increases in OER (Owner's Equivalent Rent). Comparative Growth in HPI vs. OERThat look like stability to you? It's pretty easy to ignore price instability, when your job depends on it! How well did the Fed do at setting interest rates? Another chart from the same post explains nicely. Variance Between the CPI and HPI-CPI The above chart shows the difference between the CPI and HPI-CPI. Note that the largest negative discrepancy marked the exact top of the housing market in summer of 2005. The Fed purposely held interest rates too low, too long, fostering an enormous housing bubble. Did the Fed ever admit that? Of course not! And Bryan would be fired if he did. In the video, Bryan complained about price stability under gold. Let's take a look at actual price stability with a chart from Monetary Tectonics. Hmmm. It seems we have had price stability on a gold standard but have had anything but price stability since. Well, when your job depends on it, you ignore such things. For more Monetary Tectonics discussion, please see Monetary Tectonics: 50 Slides Illustrate Tug of War Between Inflation and Deflation Exponential Math Does Bryan understand exponential math? Does anyone at the Fed? I rather doubt it. If they do, they certainly are light-years away in comprehension as to what it really means. For example, Bernanke is a huge proponent of 2% inflation targeting. Know what that looks like? I do, because I have posted the chart before. Inflation Targeting at 2% a Year Some Keynesian and Monetarist nutcases propose 4% inflation targeting. What if wages don't keep up? Real Disposable Income Per Capita As you can see, real disposable income per capita is not an exponential function, but rather a linear one. And even on linear basis, income did not keep up. So, what happens when wages don't keep up? You have workers at McDonalds demanding $15 and hour (see Battle for $15 minimum Wage; Should Companies Pay Workers More? Wal-Mart a Savior or a Pariah?) And how does the Fed respond? By cutting interest rates. The result is more asset bubbles that the Fed still cannot see. Interest rates are so suppressed that it is convenient for companies to buy hardware and software robots instead of hiring workers to do jobs. Robots Don't Complain Robots don't complain about working conditions or pay, but Fed consultants never noticed. Nor do Fed consultants investigate why the Fed's inflation policy is not working as expected. Then again, their job depends on not noticing and not investigating. Bryan says "Give it a view and let us know what you think. We're big on getting our communications right." OK Let's rate the video. Rating the Video
In conclusion, Mike Bryan did his job to perfection. Congratulations! Mike, please tell your boss you deserve a raise. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
Deflationary Anecdotes From the Front Line; Simple Advice for Businesses Posted: 09 Jan 2014 06:35 PM PST In response to Monetary Tectonics: 50 Slides Illustrate Tug of War Between Inflation and Deflation I received an interesting email from reader "David" entitled "Deflationary Anecdotes From the Front Line" Hello MishThere are a couple morals to this story.
Simple Advice for Businesses Anecdotes do not constitute "data" but the above email is from a very reliable reader. Thus, I highly suspect many discounts are available for those who simply ask. So ask! Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
Monetary Tectonics: 50 Slides Illustrate Tug of War Between Inflation and Deflation Posted: 09 Jan 2014 11:36 AM PST Mark J. Valek, CAIA, Partner & Fund Manager, at Incrementum AG sent a nice email earlier today regarding the inflation-deflation debate. Mark writes .... Financial markets have become highly dependent on central bank policies. We sincerely believe that grasping the consequences of the interplay between monetary inflation and deflation is crucial for prudent investors these days. To express our views on this highly relevant topic, we have just finished our Incrementum Chartbook, explaining the dynamics of "monetary tectonics".Here is the introduction from the 50 page PDF Incrementum Chartbook # 2: Monetary Tectonics Our ConvictionHere is a generous sampling of charts from the PDF, interspersed with a few comments by me, in italics. Click on any chart for a sharper image. History of QE Light Years Away From Normal Price Inflation Where? Here! Where Did the Money Go? Price Deflation was Once Common What Are Monetary Tectonics? I added that box in red. It is very similar to my own stated thoughts, that the US would go in and out of deflation over a number of years. I view US hyperinflation calls as essentially nonsensical. Japan will be first. Comprehending Currency In a note related to the asterisk, the authors encourage the interested reader to look up what F.A.Hayek wrote about the concept of the inverted pyramid in Prices and Production. Deflating Credit vs. Inflating Monetary Base Tug of War Once again I see eye to eye with the authors, adding that a busting of the equity and bond bubbles are going to be anything but inflationary! This time the asterisk is accompanied with the footnote: * Please also refer to another outstanding speech of James Rickards on the Future of Money ** Low velocity according to the Monetarist Paradigm Total Credit Market Debt as Percent of GDP US Bank Credit Growth Money Supply Growth US and Eurozone * According to the Austrian School the concept of quantifying an exact figure for velocity is questionable, due to several issues, partly regarding the accounting of the money supply and the calculation of GDP. However the demand to hold currency is currently extremely high i.e. velocity low I concur with that comment, adding velocity is low because, not in spite of all the monetary printing. Conclusion: Inflation Or Deflation? Still Signaling Disinflation Final Mish Thoughts I appreciate Incrementum AG making these charts available. I especially appreciate the common-sense approach of including credit in their analysis. In general, hyperinflationists (as well as many self-proclaimed Austrians) ignored and continue to ignore credit, even though credit dwarfs money supply. Those screaming hyperinflation or strong inflation is at hand, missed the boat and will continue to do so for the foreseeable future. Another equity bubble bust is around the corner, and that bust will be anything but inflationary. There is much more in the PDF to see, including an analysis of gold, silver, and other commodities. Inquiring minds should peruse the entire report. Thanks again to Ronald Stoeferle & Mark Valek for their superb analysis and charts. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
Immigration Debate in Perspective; Gumball Math Posted: 08 Jan 2014 11:58 PM PST Recently I received a link from a friend that puts the immigration debate into perspective. The video is from 2010 but seems timeless. I had not seen it before. Link if video does not play: Immigration, World, Poverty, Gumballs I like the "gumball" analogy. However, I have never heard anyone say "US immigration is the key to solving world poverty". So right off the bat I am wondering if Roy Beck is attacking a straw man that does not exist. Then again, I have heard people say that we need immigration and a higher birthrate to grow the economy. We don't. Beck helps put a bit of perspective on things. But he fails to discuss why we have masses of illegal immigrants. The problem is not immigration, per se. The problem is the "free lunch society" of Medicaid, disability, schools, foods stamps, etc., etc., that makes it desirable for masses of people to want to come to the US for handouts. Beck does point out that some of the best and brightest want to come here. OK. But, isn't that a good thing for us? Yet, if it's good for us, then it must be bad for someone else (something that Beck clearly implies). Mathematically it is impossible for every country to have net "good" immigration. And here we are, with no coherent immigration policy to protect US taxpayers from "gumball math". Every state seems to have its own policies, with California being particularly lax. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific. |
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