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Why Are Internships Good for Business?

7/25/2013

by Joanna Easby, PRIME Intern, Arlington Chamber of Commerce

In the past decade, the number of students looking for internships has skyrocketed. To get a job in today’s economy, students need more than just a college degree. Employers want experience, not just time in the classroom.

Everyone knows internships are great for students. The question is, are internships also great for the companies that hire them? The answer is yes. Internships can help out a business in several ways, making the experience mutually beneficial for both the intern and the employer.

Here are three reasons why interns are good for businesses:

Improves efficiency in the work place - All companies need an extra set of hands sometimes just to get the work load done. An intern can take on some of the more tedious and lengthy tasks that all businesses have to deal with, like filing and sending emails. Just make sure to mix it in with more interactive tasks so that they get a real sense for what it is like to work there (and so they don’t get bored).
New ideas and skills - Students looking for internships get younger and younger every year. Nowadays, a lot of high schools offer internship opportunities to students as young as 15. With the younger generation looking for work experience, they can also bring new skills and ideas into the work environment. For example, no one understands social media like a teenager or college student. Although 20-somethings are the social media generation, they weren’t the ones with cell phones in elementary school and using Facebook, Twitter, and Pinterest by the time they were 14. Understanding social media and how to use it to your advantage is something that the younger generation knows well, and is necessary for businesses to use in order to grow in the future.
Possible new employees - The thing about most internships is that they are either unpaid or offer little money, but many interns work and train like a full-time employee. This gives employers an opportunity that they do not have very often; a chance to scope out a potential new employee for an extended period of time. This way, the employer can see whether they like the way this person acts and performs in the work place and if they could be a potential new employee. This would mean that you wouldn’t have to go through an interviewing process, and your new employee would already be partially or fully trained for the job.

Resources:
Harrison, Kate. "Why Interns Are Your New Best Friends." Forbes. Forbes, 11 Jul 2012. Web. 16 Jul 2013.
Loten, Angus. "Why interns are good for business." NBCNews.com. NBC, 12 Mar 2008. Web. 16 Jul 2013.
"To Hire an Intern or Not?" CareerBuilder: For Employers. CareerBuilder. Web. 16 Jul 2013.

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The Marketer's Secret to Powerful Messaging?

7/18/2013

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Remembering the Customer
By Greta Menard, Principal, Capital MarCom, Inc.

What radio station does every one of us listen to? According to my first boss and mentor, a veteran journalist and communications coach, it goes by the call letters, "WII-FM." This was her trick for remembering the mantra, "What's In It For Me?," and while her acronym seemed a bit hokey at the time, it has stuck with me for 19 years. Today, I not only remember the concept of customer "WII-FMs," I incorporate it into my own work and advise my clients to do the same—especially when it comes to marketing message development.

Identifying and playing to the WII-FMs of our customers, constituents and other stakeholders is a basic tenet of audience analysis and strategic messaging. And tuning into that WII-FM frequency is one of the best ways to avoid a common pitfall in marketing: promoting product features instead of product benefits. It's an easy error to make, because we love to talk about our own companies, products and accomplishments. But our customers don't care about what we do; they care what we do for them.

To illustrate this concept, imagine your company is the creator of the electric pencil sharpener. It might be tempting to pound your chest and promote your status as the inventor of this innovation. But remember the WII-FMs of your prospective customers. They don't care that you were the first company to create the automated pencil sharpener; they care that your product can sharpen their pencils in half the time it took them previously. Automation and first-to-market status are product features, while time savings--what really matters to the customer—is the benefit that truly resonates.

When developing marketing messaging for your own products and services, remember to put those benefits front and center. Ask yourself how your offerings help your customers make money, save money, improve efficiency, or derive some other kind of tangible benefit. Ask yourself what existing problem or need your product solves. And ask yourself what unique benefit you deliver to your customers. Then, put those answers down on paper and create a core messaging document to serve as the basis of all of your external communications. These core messages, and compelling points to support them, should inform your entire family of marketing materials—from web copy to advertising, from taglines to Tweets.

There's an old adage in marketing that goes something like this:

Customers don't buy products, they buy results;
They don't buy product features; they buy what the features promise to do for them; and
They don't care how your product or service is better than that of your competitors’ product; they care how your product or service is better for them.

In other words, remember your clients' WII-FMs. It's a strategy that maps directly to your business goals—and to measurable market success.

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The Risk of Risk Avoidance

7/11/2013

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By Jason Fuchs, Financial Advisor, Wells Fargo

When I first joined Wachovia in 2008 (you may know us as Wells Fargo), one of the first things I was told was, “Sometimes you buy stocks when they are down so you won’t get tempted to buy them when they go up.” I felt it was great advice; it tells us there are subtle risks in stocks that are just as real as the obvious ones.

Academics define risk in terms of volatility. Most of the investors I know do not worry that the stocks they own will go up too quickly--that would be a wonderful feeling! They worry that what they own will go down in price and that they will lose money--pretty normal if you ask me. Losing money is painful. It’s only right that we all want to avoid doing it. That being said, risk shouldn’t always be avoided at all costs.

Overtime, we have been shown that stocks seem to defy the rules of supply and demand. In most cases, higher prices mean less demand and lower prices mean more demand. This is not always true in the capital markets. Sometimes when an asset appreciates, there is a belief in further appreciate of that asset in those who have not participated in the rise; those who have not bought in experience remorse. The feeling can exist even more if that rising asset was avoided because of fears of losing money. In addition, an alternative asset was purchased as a result of expected lower risk when, unfortunately, little or no return was given to its holder, causing even more remorse.

It can be painful not to own stocks as they are going up. Investors feel they have “missed the boat,” which can cause one to enter the market at higher prices and set the stage for future losses. Investors should be risk averse, but they should also be aware of the bucket of risks that exist.

The future is risky by nature. One cannot avoid risk, but one can manage it. A diversified portfolio may mean that you are never entirely right, but guess what? The chances of you being entirelywrong are small. When was the last time you rode on a Ferris wheel. It would be stupid to investall of your assets in one bucket. What would be smart is to divide those assets into several buckets in that Ferris wheel. Should one bucket tip, you have others to stabilize that one bucket’s loss. 100% cash portfolio can cause almost as much trouble as one that is 100% common stocks.

There is still room for appreciation. The world is still far from perfect. The perceived risks of stock prices are still widely felt. Is the least understood risk the risk of no equity exposure at all?

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The 4th of July: Workplace Edition

7/2/2013

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By Amy Fisher, Communications Manager, Arlington Chamber of Commerce

Stuck at the office around the 4th? Even if Independence Day is a work holiday, sometimes you just can’t afford to take more work off to celebrate a long 4th of July week/weekend. This can leave you in an eerily quiet office with a handful of others in the same predicament. But don’t worry, there are still ways to celebrate America’s independence within the confines of your office, and have fun while doing it!

Four Ways to Celebrate the 4th of July at the Office:

1. Patriotic Potluck – Organize a celebration with your coworkers where everyone brings in food that is red, white or blue. This can be as simple as buying donuts or cookies with a patriotic theme, or as hands-on as making your own 4th of July food creations. You’ll end up with a colorful spread that screams “We love America!” Tip: Create a potluck sign-up sheet in the break room or send it in an email so everyone can write down what they’re bringing. This will help ensure you have a variety, and not all sweets!

2. Revolutionary Refreshments – It may not be 100% kosher to have cocktails in the office, but there are plenty of alcohol-free punches that are simple and delicious. Fruity drinks are definitely the way to go when celebrating a summer holiday, so think lemonade or fruit juice with fresh fruit. Stick with fruits that are red and blue like strawberries and blueberries to keep with the red, white and blue theme. Bring the refreshing punch to the office, then cheers to America’s independence!

3. Birthday Break – Okay, so maybe you don’t have enough people in the office for a potluck or enough time to organize one. It is still important to get out of the stuffy office and into the fresh air around others celebrating the 4th festivities. Round up your coworkers and go out for some fro-yo or enjoy lunch at a classic American restaurant. Getting out of the office to celebrate America’s birthday will help you from going stir crazy in the quiet (and possibly slow) office, as well as give you a chance for some quality time with coworkers.

4. Social Salute – Bring in some fun 4th of July decorations and dress-up the break room. Think "Happy Independence Day" banner, red, white and blue streamers, and American flag tablecloths–go all out! Group your coworkers together and decorate the break room–or office lobby, if you dare–for a break from your desks. Take some pictures while you decorate. Once it is all finished, capture a group picture by all your decorations. Then, post the photos of your “Salute to America” decorations on your business’ social media sites, like Facebook and Twitter. People will love seeing your business’ employees having fun while in the office during this holiday. Social media, after all, is about connections and being social.

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Why Are Internships Good for Business?

The Marketer's Secret to Powerful Messaging?

The Risk of﻿ Risk Avoidance

The 4th of July: Workplace Edition

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