Bakers Studio, LLC

I have seen the impact Nick Papachristou can make, it is a difference maker

The inaugural Bakers Studio "Studio Hours" event was fantastic. We had a great turnout at Noble Funk Brewing to reconnect, relax, and talk about ways to help businesses move "beyond the plateau". Our own Summer Dixon Goldman shared her experience with helping her clients navigate the critical decisions that can facilitate or impede growth and the importance of leadership and process in making it happen. We're looking forward to the next event later this summer and hope you can join us! #beyondtheplateau #studiohours #consulting #louisvillebusiness

Bakers Studio partner Summer Dixon Goldman is best-in-class, and we couldn't be more thrilled for her Vistage group launch! #smallbusiness #consulting #louisville #businesscoach #beyondtheplateau

THE WORLD KEEPS ADVANCING WITH OR WITHOUT YOU. In order to stay relevant and thriving, business owners should keep an eye out for several key innovations and innovation evolutions that are reshaping industries. They are here to stay, and are dismissed with great risk. ❇ Artificial Intelligence (AI) and Machine Learning: AI-driven automation is becoming increasingly sophisticated, offering opportunities for businesses to streamline processes, personalize customer experiences, and make data-driven decisions more efficiently. ❇ Augmented Reality (AR) and Virtual Reality (VR): AR and VR technologies are revolutionizing industries such as retail, healthcare, and entertainment by creating immersive experiences for customers. Businesses can leverage these technologies for interactive product demonstrations, virtual tours, and enhanced training programs. ❇ Blockchain Technology: Beyond cryptocurrencies, blockchain has the potential to transform various sectors, including supply chain management, finance, and healthcare. Business owners should explore how blockchain can improve transparency, security, and efficiency within their operations. ❇ Internet of Things (IoT): The IoT ecosystem continues to expand, connecting devices and enabling data exchange on a large scale. Businesses can utilize IoT devices for real-time monitoring, predictive maintenance, and optimizing resource utilization. ❇ Sustainable Innovations: With growing concerns about climate change and environmental sustainability, businesses should prioritize eco-friendly practices and innovations. This could include renewable energy solutions, sustainable packaging, and circular economy initiatives. ❇ 5G Technology: The rollout of 5G networks offers faster speeds and lower latency, unlocking new possibilities for businesses in areas such as enhanced mobile connectivity, IoT applications, and immersive media experiences. ❇ Cybersecurity Solutions: As cyber threats become more sophisticated, businesses need robust cybersecurity measures to protect their data and systems. Investing in advanced security solutions and employee training is crucial to mitigate risks in an increasingly digital world. By staying informed about, and open to, these emerging and evolving technologies - and their potential applications - business owners can position themselves for success in 2024 and beyond. Ignore them, and they just might find they've been left behind.

Marketing Part 4: Organizational Design How you staff and resource your sales and marketing function dictates how you go to market, the efficiency of spend, impact over time, and the eventual outcome of those investments. Ultimately, your marketing organization should be a reflection of your business' strategic intent, reflecting how you choose to engage the marketplace, how you value your brand, and how you choose to engage and support your customers. Landing on the optimal design begins, as always, with focusing on the fundamentals. Context - Benchmark your business relative to industry -- evaluating how they go to market and, when possible, what their structural design looks like. Consider evaluating businesses outside of your industry that utilize a strategic approach you aspire to.  Budget - Define what you're willing and able to invest into your sales and marketing organization. Consider it as an investment, with a clear expectation for return, and not "overhead." The 'standard' for staffing and budgetary allocations ranges from <1% - 5% of gross, top-line revenue. Again, what you allocate should be considered an investment, no different than allocations for IT, Operations, etc. There should be a projected fully-loaded ROI target, footing directly with expected results, including scorecards for brand awareness, owned media performance, business development metrics - MQLs, SQLs, inbound inquiries, response rates, etc. Staffing Models - Design your staffing model based on your expectations for the group, reverse engineering what functions you need based on what you aspire to accomplish. Evaluate what positions need to be 'staff' and which can be outsourced, fractional or part-time. There is a myriad of examples of org structures available, but the best choice is always derived from what you intend to accomplish. Job Descriptions - Invest the time to develop clear and concise position descriptions, with detailed roles and responsibilities outlined and equally detailed information on resources available, key dependencies, etc. Carefully consider what skills are really needed and don't underestimate intangibles (creativity, collaboration, grit, etc.) And remember that 'industry experience' may not be a requirement. Scorecard - Most importantly, build a clear and detailed scorecard for performance. Managing expectations around investments and potential returns will mitigate 'Monday Morning Quarterback Syndrome' and provide a rubric for evaluation across the organization. Sales and marketing are interdependent , so investing the time and budget in building the right team for your business will pay dividends in the long term. ✴ Nick Papachristou is a journeyman marketer, having served in a wide range of leadership functions including product management, digital/performance marketing, customer experience, research and as CMO in both B2C and B2B businesses across the country.

We have a very special post for our #womenshistorymonth book recommendations, as it turns out we at Bakers Studio are author-adjacent to thrice-published Judith Papachristou -- mother of our very own Studio Partner Nick Papachristou. Two of Judith's books are centered on the history of women, and women's movements, in the United States -- using the combined mediums of photography and primary documents to tell their individual and collective stories. Little else is more powerful than visually experiencing history-in-the-making moments, and being able to lay eyes on the women who brought forth the reality we know today. It is an honor this March to spread the word about Judith Papachristou's "Women A History in Documents of the Women's Movement In the United States" and "Myth America: Picturing Women, 1865-1945" (both available on Amazon and other e-retailers). And if you're feeling a bit adventurous, you can also root for female protagonist Detective Aliki Notis in Papachristou's fiction publication, "Murder in the Chapel: Love & Life on a Greek Island." Here's to the women who make history, and to the women who make sure history is remembered.

Marketing Part 3: Communications “THE DIFFERENCE BETWEEN THE RIGHT WORD AND THE ALMOST RIGHT WORD IS THE DIFFERENCE BETWEEN LIGHTNING AND A LIGHTNING BUG” ~ MARK TWAIN Saying that communications plays an important role in business is like saying that breathing is important for longevity. However, the critical role that communications plays in driving organizational value is underemphasized and frequently overlooked. The basis for that value can be defined simply, although, as always, the devil is in the details. Culture: It's impossible to overstate the importance of culture on a business' success. It's how companies attract and retain talent, how they motivate and incentivize team members, prioritize investments and manage the long-term vision of the business. It's often the intangible quality that customers cite for their loyalty and it is the internal vocabulary that distinguishes one company from another. Unfortunately, that value is often misunderstood and investments are too often only directed towards "real business" priorities, with culture relegated to break room signage. What is missed is that without reinforcement, culture is lost, collaboration and common purpose eroded and those "real" investments are squandered, producing inferior results. Brand: Brand is the most valuable asset any business has and similar to culture, it is the reason why customers choose to do business with a business (unless you prefer to compete on price). “Successful branding ultimately depends on your ability to speak to your customers in their own language about what matters most to them." Your brand is comprised by every facet of your business' external communications - signs, buildings, websites, press releases, emails, advertisements, statements and more. Without a clear and intentional strategy, your brand, and therefore your reputation with your customers, is left to chance (not considered a "best practice). Managing your internal and external communications is an investment in productivity, efficiency, sales performance and growth. Developing a clear plan of attack and managing the message will deliver a higher, more sustainable ROI than many "sacred cow" investments. ✴ Nick Papachristou is a journeyman marketer, having served in a wide range of leadership functions including product management, digital/performance marketing, customer experience, research and as CMO in both B2C and B2B businesses across the country.

On this, the final official day of #blackhistorymonth, we are going to take a bit of a turn and focus on two *current* business development #historymakers right here in Louisville. If you have not had a chance to meet James Beckett and Johnetta Roberts, then you have at least been - or will be - impacted by their business development work in West Louisville. In his own words, Re:land Group founding partner James H. Beckett describes his passion and drive: "I build things that were not previously there. This includes 'hope.' Embarking on purpose-driven journeys to make transformational change takes conviction and courage. My passion for building transcends industries, organizational charts, job titles and international borders. Being comfortable with the uncomfortable runs in my veins and it is time to inspire my colleagues to get a bit uncomfortable for the betterment of others. I am always considering the possibilities to create a better future." Johnetta Roberts is making her own mark on business development that focuses on the needs and voices of the community, and uplifts community members as critical stakeholders in any business development project. The Founder and CEO of The 40 & 1 Company -- a real estate project and business initiatives consulting firm based in Louisville's west end -- reflects, "I grew up in a neighborhood that was rich with people but lacked financial investment and wealth building opportunities. I founded my company because I want children currently living in Louisville's west end to enjoy vibrant and safe commercial buildings full of thriving businesses in their neighborhoods." There is much, much more to come from these two local history makers, and we at Bakers Studio are thrilled to have a front-row seat to the action. #blackhistorymonth #wmbe #businessdevelopment #louisville #westlouisville #fortyandone #relandgroup #bakersstudio

Marketing Part 2: Brand Strategy - Although brand and brand strategy are often and improperly considered a “soft”, non-bottom-line contributing part of a business, it is the most valuable and strategically important asset a company has. It is the foundation for long term, sustainable growth, as non-brand driven “sales” are transactional by nature. Part of the ongoing challenge is the misperception that brand and brand-related investments can’t be effectively measured, except for the largest and most prestigious global companies. This is a fallacy. Interbrand’s annual “Best Global Brands” study quantifies the impact of branding “at scale,” but smaller companies can similarly measure their brand’s value and capitalize on its potential: 1. Define Your Audience 2. Define Your Competition 3. Estimate Market Share - A swag or rough guess is good enough to start, but a detailed market study is the best way to define brand value 4. Calculate Brand Share - Estimate how many of your “non-customers” are aware of your company, would consider doing business with your company, or prefer your company and apply these estimates to your current market share position and you have “brand share.” 5. Calculate Brand Value - Using brand share, extrapolate current revenue to market share, then estimate the potential value of raising awareness, consideration and preference to bottom line revenue. 6. Brand ROI Potential – Based on your calculated brand value, you are now able to project the ROI of increasing brand share at a basis point level. Although “the devil is in the details,” calculating your brand value provides the basis for projecting the long-term potential of your business. ✴ Nick Papachristou is a journeyman marketer, having served in a wide range of leadership functions including product management, digital/performance marketing, customer experience, research and as CMO in both B2C and B2B businesses across the country. #bakersstudio #businessadvisors #marketing #louisville

Marketing: Part 1 - Voice of the Customer One of the most critical and impactful roles for marketing is to act as the “voice of the customer." Other functional areas see the customer primarily through the lens of their functional focus; so channeling the customer’s experience, point of view, and interpretation of value is key to ensuring the customer isn’t relegated to sources of revenue, operational obstacles, technology users, etc. With a customer-voice marketing focus, you will enable a business to identify opportunities for organic and inorganic growth, increased contribution through retention and loyalty, and - most importantly - maintaining and increasing brand value. ✴ Nick Papachristou is a journeyman marketer, having served in a wide range of leadership functions including product management, digital/performance marketing, customer experience, research and as CMO in both B2C and B2B businesses across the country. #bakersstudio #marketing #consulting #louisville