• by David L. Smith , June 7, 2002

Have a plan, not just an idea. Too many web companies were founded on a good concept. As we see now, many of them represented potential features in a bigger website, or products/categories better to be sold by a bigger website. There are still questions about some new economy or technology companies as there always will be with start-ups. But those with solid tracks towards profitability and a reason for being should have a good chance of success.

Showing up is important. Woody Allen said that 80 percent of success is showing up. That means making meetings on time, not 5 or 10 minutes afterwards because you had an email to respond to. Or not showing at all. Also, just plain doing what you said you would do. A fairly basic element in success in business, but not one practiced by many in the Internet economy. There was significant emphasis on selling the concept, but not nearly as much emphasis on validating the concept, delivering the goods, quality control, product debugging earlier rather than later, or other basic aspects of “showing up.”

Experience counts. We have been awash in data. It was once likened to taking a drink out of a firehose. But the average age of the Internet planner or buyer did not allow for the experienced managers who are cross-trained on other media to see things they have seen before and have the good judgment to know what to do. The move of more senior media people into Interactive combined with a strong group of Interactive people with 3 to 6 years experience makes a lot of difference in the quality of decision being made.

Know your customer, and theirs. As media people, we spend a lot of time studying demographics and results, so most of us think we are pretty good at this. I would suggest that we need to bond more with the planners who are doing the creative positioning. We need to know more about what they are doing, and they need to understand our knowledge base.

Velocity. This is key. It is important that you get a brand going at the right speed. If you don’t have enough velocity, there is no buzz that can be created, no matter how much you spend. Make sure that all elements are working right, not just media.

Momentum. This is the close sibling of velocity. Part of this is getting pointed the right way. Part of it is marshalling your resources so that you have enough to stay the course. You must find a way to maintain momentum once you get velocity.

Payouts and profits. Whoever first voiced the concept that these new companies did not need to pay out should be…(pick your modifier). Have a track towards payout, communicate with everyone as to what it will take to get there, and make your key goals along the way.

Constantly reevaluate the plan. This is more important now than ever. The market is changing too fast to not have alternatives based on various contingencies and be ready to execute them.

Service, Service, Service. We are in a client service business. They hire us for our strategic thinking or our buying clout or our ability to optimize their situation. In the end, they keep us because we are easy to work with and logical in our approach.

Guest columnist David L. Smith is President of Mediasmith, Inc. He can be reached at smith@mediasmithinc.com.