On the Move with Relocation Insurance Group

Scaring Away Tenants

2011-04-13T15:28:00.002-04:00

In case you missed it, the April 6th edition of Studio City edition of Patch.com had an interesting industry-related article. Patrick Hasson, an award-winning film director, started filming an independent horror film based on the contents and happenings at a self-storage facility.

The film, entitled “Blood Shed,” plays on people’s fear of the unknown, including dark and confined spaces. “What Jaws did for people going into the water, “Blood Shed” will do for anyone having to visit that long-lost storage unit,” said Hasson.

The story is based on the director’s own experiences of living in his self-storage unit, years ago. In the article, he talks about encounters with drug addicts, the homeless, and families living alongside him in the units.

Funding for the film is not financed through movie studios, but rather through “crowd surfing.” The concept is similar to nonprofit; individuals and corporations donate various amounts to the movie project. In exchange for their donation, donors will receive an acknowledgement in the closing credits, movie props, or private screenings of the film.

Storage Insurance Question Of The Month

2011-04-13T15:26:00.000-04:00

The number of reality TV shows based on self-storage facilities auctions continues to increase in both number and popularity. Is your facility seeing an increase in bidders at auctions? Is the average amount per bid more than it has been in the past? Are the auctions becoming a money maker or a hassle for your facility?

Moving and Reality TV

2011-03-29T18:02:00.000-04:00

The moving industry has finally made its debut on the reality TV circuit. It was only a matter of time before we saw a show about the trials and tribulations of working at a moving company. Death Wish Movers made its prime-time debut on March 16th on the Travel Channel.

The show features Greg Keane and his crew as they “accomplish moves no other mover can” in Boston. In a city with narrow streets, row houses, unpredictable weather, and plenty of historical architecture, the team is up for any type of challenge.

In the season opener, we see a piano suspended from a crane over a Boston street, as the movers and the clients hold their breath. It should be interesting to see how the moving industry is portrayed in the upcoming episodes. Check out clips from the show and upcoming episodes here.

In case you missed it, Rick McClure, the president and CEO of United Van Lines, was featured on the CBS show Undercover Boss. The program features a CEO as he goes undercover in his own company to meet the people and participate in the daily activities that make the company tick.

McClure’s first job is a household move. He is given the task of both wrapping and moving furniture items, a job he struggles with a bit. The second job involves the logistics side of the business: stacking and moving boxes.

We also see him working with the highest rated packing team. The show finishes with revealing McClure’s true identity and meeting his four “co-workers,” the majority of whom are rewarded with additional training for advancement, education funds for their children, travel, and other monetary gifts.

To see the show in its entirety click here.

The Relocation Insurance Boss?

2011-03-29T18:01:00.000-04:00

With so much interest in reality TV these days, I have been expecting my phone to start ringing with offers for me to star in a show based on the operations of a relocation insurance agency. As much as I get excited about this business, the producers probably don’t agree that paperwork and customer service make for an exciting program.

As the weather gets warmer and we turn another calendar page, I am looking forward to another busy summer season. Unlike some seasonal businesses,our industry does not have the option to close during the slower months. As a small business owner, I must manage our cash flow to sustain the company during the slower months. It is a science to manage a business with large peaks and valleys; employees have to learn to be creative, as well as resourceful.

I just read an article from Entrepreneur’s online site about the different tactics other seasonal business owners use to not only sustain themselves during the slow times, but to prepare for when business is in full swing.

It was interesting to read how small businesses in different industries are able to manage their cash flows and get creative in order to bring in revenue during the off-peak seasons. A pool club is selling memberships in October for the next season to increase revenue and help plan their staffing needs. Other businesses have found complementary services or merchandise to offset seasonal losses.

This month and next are critical for decision-making staffing and operations. We use the slower months of February and March to determine how many people will be needed, to make sure we provide a superior level of customer service to our affiliates and customers. In which areas do we need to place extra employees? What channels can we use to find new talent?

In terms of operations, we must make sure we have the correct policies, procedures, and plans in place. Last year, we worked as a team to develop our company vision and strategy. It is imperative that our plans stay on track with where we want to be as company.

It is time for me to get back to preparations, as it is already the end of March and the summer sun will be shining down before we know it.

What preparations do you make to get ready for the busy season? How far in advance do you start preparing? What trends have you seen this year? Tell us about it.

Find Self-Storage Auctions

2011-03-22T17:48:00.000-04:00

Tennessee Self Storage Association Partners with findselfstorageauctions.com as the Official Listing Source for Self Storage Auctions in the State of Tennessee

The Tennessee Self Storage Association (TNSSA / www.tnssa.net) is proud to be the first state to partner with Find Self Storage Auctions; bringing Tennessee one step closer to aggregating their state’s auction listings into a single, official database. Find Self Storage Auctions (http://www.findselfstorageauctions.com) is a Self Storage Auction Listing Directory showcasing up-coming Self Storage Auctions in All 50 States; Visitors can find Storage Lien Auctions in any city across the country.

Find Self Storage Auctions is a next-generation, dynamic, online Self Storage Auction listing directory developed by Self Storage industry insiders. Used as a tool by self-storage associations, it becomes a tangible benefit to their membership and a service to the public. By creating the official source of storage auctions in the state, free to the public to search, it helps to guarantee the accuracy and integrity of the listed information. By using this listing directory as the primary source, the amount of time it takes the public to find a storage auction is significantly reduced, as well as the need to search multiple websites or advertising mediums to find listings.

Dee Sharp (William Knight Insurance Agency), the Tennessee Self Storage Association 2010 and 2011 Board President, commented:

“Our Board immediately saw the value of this partnership and the benefits it would bring to our members. Find Self Storage Auctions provides our owners an additional, and very affordable, venue to advertise their lien sales. This partnership will allow the association to be the ‘official’ source of auction listings in Tennessee. It is important that the public know where to get trusted information.”

The process of taking a self-storage unit to auction requires a tremendous amount of time and financial resources, and almost never results in the recovery of the facility’s investment in either. The auction process is cumbersome enough without advertising limitations. In an information-driven world, the key to the Self Storage Auction process is in helping the public find accurate listings.

Lien law modernization is sweeping through state associations, subsidized in part by the national Self Storage Association via a legislative matching funds initiative. With lien law changes comes an opportunity to modernize the entire listing process, and expand upon the boundless value the internet provides. By using Find Self Storage Auction's search engine friendly dynamic database, facilities can maximize online exposure, and update auction listings as they see fit. Furthermore, there isn’t a time limit imposed on a listing. Operators are free to list as far in advance as they see fit; the longer the better from an internet search perspective.

Due in part to the popularity of the recent storage auction reality shows, it is critical that accurate information be available to the searching public. Find Self Storage Auctions assists members in reaching auction attendees by making State, City, Facility, # of Units, Contents of Units, and even Auctioneer, searchable.

Tennessee's Association President, Dee Sharp, further commented,

“While any Tennessee self-storage facility may list an auction on the site, association members will receive a substantial discount in the listing price. The Board of Directors views its partnership with Find Self Storage Auctions as an additional member benefit. We anticipate the TNSSA conversion to be complete no later than March 4th, 2011.”

FindSelfStorageAuctions.com was created in 2009 by Richard Marmor, member of the board of directors of the Arizona Self Storage Association and noted self-storage lien law author, and James Appleton, Technology & Communications Chair of the Arizona Association, and technical expert in website design/development and search engine optimization (SEO).

Spare Foot

2011-03-22T17:47:00.001-04:00

Sparefoot.com a start-up website connecting tenants with storage facilities reached an additional $1.5 million in series B funding this week. The company was founded in 2008 by Chuck Gordon and is based in Austin, Texas.

The site allows potential tenants to comparison shop by price, unit size, and other amenities for more than 5000 storage facilities nationwide. The service is free for consumers to search and make reservations. Facilities gain new tenants through a pay for performance revenue model, based on a referral fee for every customers sent to their business.

The parent company Classified Ventures, Inc. also operates the websites apartments.com and selfstorage.com. Since the addition of Sparefoot.com, the company is now the largest advertising network for self-storage in the United States.

Elephant Art

2011-03-22T17:43:00.002-04:00

How much would you bid for a one of a kind electric guitar hand painted by an African elephant? Wendy Dio, the widow of Black Sabbath guitarist and front man of Dio Ronnie James Dio hopes you will open your heart and your pocketbook. She is working in collaboration with the foundation set-up in her husband’s honor Stand Up and Shout Cancer fund and the Asian Elephant conservation project to raise funding and awareness.

Three trunk painted guitars and 100 other celebrity signed instruments will be sold in an auction this fall. See more of the elephant artwork on The Asian Elephant Art and Conservation Project website

Painted Rocks

2011-03-22T17:42:00.001-04:00

Gracie Zenz an artful 10 year old was inspired to create her own version of street art after watching the quasi Banksy documentary “Exit Through The Gift Shop”.

She wanted to create something that was artsy, stealthy and public but not damage public or private property.

The idea of painting rocks bright colors, with funny faces was born.

The artist enlisted the help of her dad, a children’s book author and her siblings to paint and decorate the stones. A total of 48 stones were placed in fun places around town.

See more pictures of where the stones ended up on the family’s blog Chicken Nugget Lemon Tooty.

Watching Our Figures

2011-02-24T15:43:00.000-05:00

Relocation Insurance Group's innovative online reporting system has compiled a year-end report of market trends and statistics for our moving insurance program. We are excited to share with you our first annual Relocation Insurance Group Facts and Figures Newsletter.
Did you know we insured 11 urns last year? I guess people are dying to get moving insurance. Enough with the bad jokes, lets talk statistics.
It may come as surprise (or maybe not) that customers wait until the last minute to purchase coverage; the average is four days prior to the move.
The majority of our monthly policies (39%) are purchased at the end of the month between the dates of 22-31, while only 18% are purchased at the beginning of the month, from 1-7.
The beginning of the week is our busiest time to purchase moving insurance. The majority of customers purchase coverage on Monday and Tuesday. Our customers take the weekends off too, Saturday and Sunday are the slowest times of the week for purchasing policies.
Relocation Insurance Group's customers are not early birds, as only 1% purchase coverage between 4am - 6am EST. Most policies are purchased in the afternoon between 12pm - 2pm.
On an interesting note, Relocation Insurance Group insured 7 vinyl records, 6 Victrolas, 4 banjos and 3 doll houses in 2010 and 700% more Christmas china, 80% more tuxedos and 60% more cuckoo clocks than in 2009.

What are the most interesting items you have moved? How many days in advance do your customers schedule a move? Share your thoughts on our blog.

2010 Facts and Figures

2011-02-24T15:42:00.002-05:00

If you read our CEO's "Word From" column, you know that Relocation Insurance Group insures just about everything--even urns. Welcome to our first annual Relocation Insurance Group Facts & Figures Newsletter. The statistical information is based on our Moving Insurance program.

Our Customers

On average, 53% of customers are male and 47% are female. Thirty-three percent have an average household income of $60-100K per year, while 29% have an average income above 100k per year. Did you know 41% of our customers have a college education and an estimated 28% attended graduate school?

Coming and Going

Where are insured moves coming from and going to? Thirty-six percent of moves we insure originate in New York.Other popular origin states include California, 21%, and Florida, 9%; both Illinois and New Jersey account for 6%.

To which states are our insured customers moving? California is a popular destination, with 22%, and not far behind is our company’s headquarter state of New Jersey. Other customers are seeking the warmth of Florida, 9%, and Texas, 7%.

The origination zip code with the highest declared value and the most insurance certificates purchased is on the Upper West Side of Manhattan near Central Park, with 4% of total certificates purchased. As an origination zip code, Martinsburg, West Virginia, ranks as the lowest in certificates with the lowest declared value, and the least number of certificates sold, with 0.05%.

Our destination with the highest number of insurance certificates sold and declared value is also the Upper West Side of Manhattan. It appears our customers love the “Big Apple” as much as we do.

Jackson, Wyoming, is the least popular destination of our insured customers, with only 0.04% of our customers insuring goods to that state.

What are customers insuring?

The most popular items customers insure are big screen TVs, mirrors, dining room tables, coffee/end tables, and queen-size beds (we thought it would be king, too).

Relocation Insurance Group can insure any type of item with any value. Our customers insure all types of items from the high-end to the low-cost. In 2010, the item we insured with the highest value was a book binding machine. We also insured napkin rings with a declared value of under $5.

Did you know our customers insured 9 surfboards, 26 umbrellas, 5 waffle makers, and 10 violins in 2010?

Art And Football

2011-02-17T09:12:00.002-05:00

News

The Bet

When it came down to the final touchdown, even art galleries got into the friendly rivalry of Super Bowl betting. The Carnegie Museum of Art in Pittsburgh proposed an art wager to The Milwaukee Art Museum.

If the Green Bay Packers won the Renoir painting of Bathers With Crab, would it make its way to Wisconsin? If the Pittsburgh Steelers prevailed over the Packers, would a rare Caillebotte make its way to Pennsylvania?

The 31-25 victory over the Steelers means that the population of Wisconsin and Packers fans will be able to enjoy a new piece of artwork at least for a few months.

Home of the Cowboys and Art

Dallas Cowboys owners Gene and Jerry Jones, along with their family, started the Dallas Cowboys Art Program, an ongoing initiative to commission contemporary artists to create monumental, site-specific installations for Cowboys Stadium.

“Cowboys Stadium isn’t just a place to go and see a game or a concert; it’s an experience you share with your family and your community,” stated Jerry Jones. “That will include things that a lot of people wouldn’t anticipate seeing at a stadium—like contemporary art. Football is full of the unexpected and the spontaneous—it can make two strangers into friends. Art has the power to do that too, to get people talking, and looking, and interacting. It’s not just about what you see on the field or on the wall, it’s about creating exciting experiences.”

Gene Jones, Jones’s wife, added, “We’re breathing new life into a tradition that extends back to the Greeks and Romans, who integrated the art of their time in stadiums where the best athletes gathered to compete. The Art Program at Cowboys Stadium brings this dialogue between art and sport into the modern day. We’re making it possible for some of the world’s leading contemporary artists to create work on a scale unimaginable anywhere else and we’re connecting new audiences with their work.”

The commissions are installed in locations with the highest pedestrian traffic, including four of the principal entries, the two monumental staircases, and two pedestrian ramps that connect the seating decks (22 x 70 feet and 39 x 32 feet), and on huge walls above the main concourse concessions areas (15 x 114 feet). A number of the commissions wrap around stadium walls. Others are located in entryways and will be visible to fans seated in the stadium.

As part of the Art Program at the stadium, the Cowboys are creating an art education program, which includes art tours as well as educational initiatives for all members of the community.

About Us

Relocation Insurance Group is the parent company of FineArtMovingInsurance.com. We specialize in the unique insurance requirements of high-end relocation of fine art and antiques. We have the extensive experience, compassion, and attention to detail needed to insure irreplaceable items for museums, galleries, auction houses, interior decorators, and private collectors. Our team is dedicated to ensuring that your artwork and antiques are protected against damage from handling and shipping.

Click here to find out more about Relocation Insurance Group.

An Angry Customer Tells How Many?

2011-02-17T09:11:00.000-05:00

Business owners build businesses based on providing valued and personalized customer service. If you have been in business very long, you know that, despite your best intentions, a bad situation with a customer can sometimes occur. When that happens, your employees can handle the situation in ways that actually help build customer loyalty. Here's how:

1. Don’t stonewall. Tell your customer exactly what happened and why. If you believe that the less said, the better, you're wrong. Customers have a keen sensitivity for being brushed off or mishandled. They won't respond to whitewashing a situation or stonewalling, but they will respond to explanations and details that are provided as soon as you have them. If you don't yet know what's going to happen, let them know. Tell your customers what you're doing to find out, and then alert them to what's happening just as quickly as you find out. Personalize the situation and help keep the lines of communication open. This practice is contrary to what many businesses do, and it gives your business a distinct advantage.

2. Don't assume that details of what is going on are too small or not worthy to share. Sharing details helps customers feel a connection. They feel held by you rather than dropped. Even if you are busy, take the time to share the information with them.

3. Assure your customers that you're working actively on preventing this situation from happening again, either to them or to other customers. Make sure they understand that what happened isn't acceptable to you. This is an opportunity to prove how much you attend to your customers and how often you are willing to change your systems to prevent problems from occurring.

4. Most of all, apologize. Make sure anyone in your business who is involved with that customer apologizes. In situations that cause customers discomfort, you cannot apologize too much.

In today’s world of customer reviews and social media, it is easy for customers to share their experience, both positive and negative. Don’t forget, great service builds loyalty. Great service, even when there is a bad situation, builds even more customer loyalty.

Share your ideas with how to increase customer satisfaction on our blog. Also, for more tips on how to improve customer service check out Tell 3000.

More Than Just A Logo

2011-01-25T10:29:00.002-05:00

Your brand means so much more than that cool little swoosh logo the graphic designer developed for you. Remember the dot com boom? Every new company seemed to have some variation of a little ellipse logo and a bold font; it became very difficult to tell them apart.

This was a result of rushing the market. There was so much insanity surrounding any company that could put a ".com" at the end of their name, that companies rushed to take advantage of the investment market. The logos were simply byproducts of incomplete branding. Your brand is more than the symbol you put on paper. Your brand is a larger, more compelling idea that is communicated in many ways.

If your company were a person, its brand would be its personality. Your company's personality, just like that of an individual, can be a complex set of beliefs and tendencies. It's the things we do, the things we want, and the things we stand for, that all make up our personality. It is no different for your brand.

Successful branding leverages those things about your company's "personality" that are unique, motivating, and memorable. The brand should communicate the differences in your company and how they translate into benefits for your customers.

A well-managed brand is a very powerful asset that helps to focus your company's internal thinking, aligns communication efforts, and builds customer loyalty.

It's A Presentation Not A Mystery Novel

2011-01-25T10:28:00.000-05:00

In March 2002, the comic strip Beetle Bailey contained a valuable lesson for business presenters. As General Halftrack walked into his office, his secretary asked, "How was Lt. Fuzz's presentation?"

The General replied, "Like the Washington Monument." Puzzled, the secretary asked, "The Washington Monument?” General Halftrack responded, "Yeah, it took a long time to get to the point."

How often have you felt the General Halftrack’s frustration because the speaker didn't "get to the point?" Worse, have the people listening to your presentations become exasperated because they didn't know where you were taking them or the point you were making?

An audience, whether it be one person or many, wants speakers to provide maximum relevant information, delivered in the minimum amount of time, and in the clearest possible terms.

Time is the defining aspect of any presentation. Few audiences have the time for a full explanation of a subject. Presenters must reduce and translate the salient data into an easily and quickly understood message.
The 3-1-2 Method, enables presenters to organize their thoughts in the optimum manner, in order to implant their message in the collective mind of the audience, and to “get to the point.“

Most people prepare their presentations by using the 1-2-3 Method: (1) Opening, (2) Body and (3) Conclusion. This is the method that we have been taught and have used since elementary school.
Unfortunately, this system most often leads to various false starts, as the presenter attempts to place the ten gallons of his/her knowledge on the subject into the eight-ounce glass of the presentation.

The traditional system is definitely not flexible, and forces the presenter to make changes on the fly. This results in time-pressed presentations that lack coherence. The old system of organizing our thoughts is simply not geared to 21st century presentations.

Let's see how the 3-1-2 Method can help you "get to the point."
Place your 30-60-second objective on a 3x5 card. Mark it with a #3. This phrase should be at the core of the of the audience's needs. .

Insert in front of this phrase the words that signal the close of your presentation, such as: "So, in conclusion" or "Let me leave you with this thought." You can now close with "punch."
This is your closing argument, to borrow a trial lawyer's technique. This phrase can also provide you with a mini-presentation, if you find that the allotted time for your presentation has been sharply reduced at the last minute.

Next, take another 3x5 card and mark it with a #1. Write an opening phrase that will make the audience listen, because you have hit a psychological "hot button" that sends the signal, "This will benefit you," or "This will keep you out of trouble." A startling statistic or an apt quotation from a well-known (to the audience) figure could also be included in this opening as an attention-grabber.
You might also wish to include your "#3 card" conclusion in your opening statement, and then inform the audience that you will now proceed to prove the validity of your conclusion.
The audience now knows where you are going, and can, in effect, open "files" on their mental desktops in order to absorb this information. Audience members will know on the outset just what your point is; they won't have to wait.

Remember, a business presentation is not a mystery novel. You want your audience to know right away "who shot John.", You can then proceed to show them the evidence. Above all, you want your audience to be alerted to the fact that you know what their material or psychological needs/problems are, and are prepared to provide information that addresses these concerns.

Relocation Insurance Group is currently providing webinars to train our affiliates on the benefits of our products, how to get the most from our online system, and how to minimize your risk. If you or members of your staff are interested in attending a webinar, click here.

New Year, New Storage Insurance Customers

2011-01-14T16:25:00.000-05:00

Let’s welcome in 2011, the year we finally keep to our New Year’s resolutions. As we begin the new year, a top priority for many of us is to get organized.

The first step in the organizational process is to create more space. Mobile and self-storage facilities have a first-of-the-year marketing opportunity to offer discounted rates to those wishing to unclutter their daily lives. Consider offering your customers a month free to show them the benefits of your facility.

Doing “regular uncluttering” is an important key to stress-free living, according to minimalist-living expert Leo Babauta, who blogs at zenhabits.net. This can mean either throwing away or donating items you no longer use. Some things are worthy of storage because they are important, but are used infrequently or are purely sentimental. These items are perfect candidates for storage, where they will be kept clean, safe, and most important, out of your way until such time that you need to retrieve them.

Marketing ideas to bring in new customers

Promote the ease of use of your facility

Can a consumer reserve a specific unit online?
Advertise the time savings and ease of paperwork completion.
Is your facility open 24 hours? Encourage easy access to the customer’s belongings.

A new customer may be confused with all the options available for storage

Promote the features of your facility, setting yours apart from the competitors’.
Do you offer insurance protection at a discounted rate?
Does your facility offer new customers perks (free boxes, a discounted rate, and the use of a company truck)?

Happy New Year from all of us at Relocation Insurance Group. We look forward to working with you and your customers in 2011. Share how your company takes advantage of the New Year organization trend on our blog.

Salvador Dali Museum Opens to Florida Fanfare

2011-01-14T16:18:00.000-05:00

Economic Recovery Includes Warhol

The US has been experiencing signs of financial recovery in the past few quarters, including positive employment gains and increased consumer confidence. There is still a long way to go until full recovery, but it is encouraging news.

Another economic recovery sign can be seen in rising prices in the art world. Reuters News Service reported that the famous Andy Warhol painting of Mao Zedong, through which actor Dennis Hopper shot two bullets, sold at Christie’s on Tuesday for $302,500. The selling price was greater than ten times the original estimate.

The Warhol was included in an auction in California of Hopper’s personal effects and pieces of his art collection. The estimated value for the portrait was between $20,000 and $30,000.

Salvador Dali Museum Opens to Florida Fanfare

In other art industry recovery news, the new Salvador Dali Museum opened its doors in St. Petersburg, Florida. The $36 million building features over 100 priceless pieces by the eclectic artist.

The museum took 14 years to come together from idea to ribbon cutting. Touted as a prime new tourist attraction for the Tampa Bay area, the museum hopes to attract a diverse audience in the unique space. "We overcame the difficulty of the economic times," said former St. Petersburg Mayor Bob Ulrich. "What you see before you today is the symbol of a resolute will of this community to create a world class art museum for a world class art collection."

Making A List And Checking It Twice

2010-12-20T15:28:00.001-05:00

I'm Making a List and Checking It Twice

I read an interesting article in TIME Magazine by Joel Waldfogel, the author of Scroogenomics: Why You Shouldn't Buy Presents for the Holidays.

It is estimated that Americans spend $70 billion a year on presents most people do not want. Take, for example, all of the "As Seen On TV" gadgets, fruit cakes, and Christmas sweaters lining store shelves this time of year. These items are placed strategically in the front of the store, tempting consumers to pick one up for the hard-to-buy-for person on their shopping list.

According to Waldfogel's theory, the holidays are a $25 million loss to society. We waste our wealth on purchasing gifts for our 2nd tier family and friends, the ones we see only once in a while and for whom we have no idea what to buy. Our gift giving should pertain only to the people we know very well, our immediate family and closest friends. The money we spend on gifts people don't want could be used to support a charity, pay down consumer debt, or save a bank.

If you get time, be sure to read Waldfogel's article or visit his website to learn about how Christmas spending has actually declined since the 1920s.

I am off to finish my shopping and spread the wealth. Happy Holidays from all of us at Relocation Insurance Group!

Tell us about your holiday shopping trends on our blog. Did your budget increase this year? Have some long-distance relatives been dropped from your shopping list? What is on your wish list?

PNC Holiday Price Index

2010-12-20T15:27:00.001-05:00

True Loves Be Warned: Despite Weak Economic Picture PNC Christmas Price Index^® Jumps a Staggering 9.2%

Costs for "The Twelve Days of Christmas" Song Items Spike Due To Price Increases for Commodities, Performers and Birds

PITTSBURGH, Nov. 29, 2010 – Despite a sluggish economy and low inflation, the 2010 PNC Christmas Price Index^® surged 9.2 percent in the whimsical economic analysis by PNC Wealth Management based on the gifts in the holiday classic, "The Twelve Days of Christmas."
According to the 27^th annual survey, the price tag for the PNC CPI is $23,439 in 2010, $1,974 more than last year. This is the second highest jump ever and largest percentage increase since 2003 when the index rose 16 percent. That comes on the heels of a modest 1.8 percent increase a year ago.
"This year's jump in the PNC CPI can be attributed to rising gold commodity prices, represented by the Five Gold Rings which went up by 30 percent, in addition to higher costs for wages and benefits impacting some entertainers," said James Dunigan, managing executive of investments for PNC Wealth Management.
Although these trends affect both indexes, the PNC CPI's surge is in marked contrast to the government's CPI, which grew a mere 1.1 percent, illustrating the difference in size of the two baskets of goods and services.
Among the 12 gifts in the PNC CPI, only four items (Pear Tree, Four Calling Birds, Six Geese a–Laying and the Eight Maids-a-Milking) were the same price from last year.
The 11 Pipers Piping ($2,356) and 12 Drummers Drumming ($2,552) saw modest increases, both up 3.1 percent, however these higher costs give greater weight to the index. Lords-a-Leaping jumped 8 percent to $4,766 but the biggest dollar increase this year was for the Nine Ladies Dancing, up $820, a 15 percent boost. None of these performers received a wage increase last year, and were playing catch-up in 2010.

Birds Soar Higher

After modest increases last year, prices for the birds flew higher in this year's index, in part due to the costs of feed as well as the availability and demand for certain feathered friends that amplified several prices. The Two Turtle Doves increased 78.6 percent to $100 and the Three French hens surged 233 percent to $150.
The Partridge in a Pear Tree is up 1.3 percent to $161. But the partridge alone was up 20 percent to $12 and the pear tree is identical to a year ago at $149.
The cost of the Seven Swans-a-Swimming, which generally provide the biggest swings from year to year in the PNC CPI, rose this year by 6.7 percent to $5,600 following last year's surprising 6.5 percent drop. As the most volatile component in the index, the swans are removed to determine underlying inflation or core PNC CPI, which pushed the rate up 10 percent this year.
As part of its annual tradition, PNC Wealth Management also tabulates the "True Cost of Christmas," which is the total cost of items gifted by a True Love who repeats all of the song's verses. This holiday season, very generous True Loves have to fork over $96,824 for all 364 gifts, an even more eye-popping 10.8 percent increase compared to last year.

No Raise for the Milkmaids

As the only unskilled laborers in the PNC CPI, the cost of the eight Maids-a-Milking is represented with the minimum wage. They received no increase in pay in 2010 as the Federal minimum wage did not rise for the first time in three years. With the minimum wage flat at $7.25 per hour, hiring the maids this year cost $58.

Monetary Policy Based on PNC CPI?

Should the Federal Reserve set policy based on the PNC CPI, given its huge jump? Not so fast, said Dunigan.
"Typically we see more parallels between our index and the Federal government's," Dunigan said. "This year, we hope, is an aberration. But let's keep in mind that we are talking about a small basket of goods and services here compared to the Consumer Price Index."
The PNC CPI's sources include retailers, the National Aviary in Pittsburgh and the Philadelphia-based Pennsylvania Ballet Company.

Cyber Prices: The Cost of Convenience

For those True Loves who prefer the convenience of shopping online, PNC Wealth Management calculates the cost of "The Twelve Days of Christmas" gifts purchased on the Internet.
This year, the trends identified in the traditional index are repeated in the Internet version, with the core rates more than total rates. True Loves will pay a grand total of $34,336 to buy the items online. That is a 9.2 percent more expensive than last year and almost $11,000 more than this year's traditional index.
"In general, Internet prices are higher than their non-Internet counterparts because of shipping costs for birds and the convenience factor of shopping online," Dunigan said.

Special Present: Updated Web Site

For a historical look at PNC's index, the updated Web site can be viewed at www.pncchristmaspriceindex.com. This year's site incorporates interactivity with a pop-up book theme narrated by Dunigan, allowing visitors to enjoy and reveal the 2010 PNC CPI results at their own pace.
Each year, educators across the country use the Christmas Price Index to teach economic trends to middle and high school students. With that in mind, this year's site includes interactive activities, annual results and PNC CPI trends in a Flash presentation, MP3 download, games and much more.
Educators who visit the site will also find lesson plans on the Christmas Price Index from The Stock Market Game™ (SMG), a program of the Securities Industry and Financial Markets Association Foundation for Investor Education (www.sifma.org/foundation). The enhanced activities are specially designed to help students identify economic trends and to project their impact on this year's Index, giving them the opportunity to make predictions and check their success against actual results. SMG is America's premier educational stock market simulation. Available in all 50 states for grades 4-12, the SMG program teaches children core academic and investment skills.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.

Art Basel 2010

2010-12-14T09:32:00.000-05:00

The first week of December, marked the 9^th annual Art Basel in Miami Beach, Florida. This event is the sister event to the prestigious Switzerland Art Basel held in June. The Miami Beach art show consisted of an exclusive selection of 250 art galleries from North America, Latin America, Europe, Asia, and Africa, with works exhibited by over 2,000 artists. A record number of visitors experienced guided tours, exhibits from top galleries, and crossover events featuring live music and film.

A new feature over the past few years has been street artists demonstrating their graffiti skills on murals throughout the city. According to an article featured in The New York Times , the street artists’ murals increase the city’s property value. The freshly painted pieces have become a hot real estate commodity for restaurants, trendy boutiques, and coffee shops.

Several museums and art galleries from across the globe were in attendance to view the works of up-and-coming artists and to connect with well-known artists. It is estimated that a billion dollars exchanged hands in art acquisitions during the event.

Overall, the event was deemed a success by local and national media, even though some attendees thought it lacked the previous year’s excitement.

Did your company experience Art Basel 2010 or have you attended a prior event? Do large events such as Art Basel increase recognition and attention for up-and-coming artists? Does your company handle any moving of artwork from large-scale events?

Storage Auction TV Shows

2010-12-07T12:16:00.002-05:00

News

It is human nature to get excited over finding a treasure or a diamond in the rough when little effort is involved. The Antiques Road Show started a trend: individuals who bring in a piece of pottery or a painting purchased at a garage sale for a quarter might discover that they own a rare antique or a Mona Lisa.

The economic downturn has brought about a new genre of TV shows incorporating the old adage, “one man’s trash is another man’s treasure.” The latest show debuting December 1st on A&E is Storage Wars. According to the A&E website, the show features four professional buyers and their teams as they bid, buy, and scour repossessed storage units in search of treasures.

Storage companies have been using auctions to recoup a portion of their losses for years, but will the TV shows increase the number of bidders? According to the forums on the A&E website, the answer is a definite yes. Auctions are attracting more bidders hoping to see an unlocked unit full of Picassos.

Are you seeing an increase in bidders for your auctions? Are the higher prices of the unit bids offsetting your losses? Do these types of TV shows glamorize storage auctions? Tell us about it.

Financial Tests For Business

2010-11-23T16:01:00.000-05:00

Last week I went for my annual physical. I am doing fine, but the doctor had me undergo a stress test. As I was briskly walking on the treadmill, I thought about the bank failures and financial stress tests. What exactly do they measure and how can a company determine their financial stability through one?

According to an article in accountingtoday.com, a bank’s stress test involves looking at its loans: determining which ones are likely to default and then figuring out if the reserves contain enough money for survival. The article went on to note that the stress test financial formula could change, depending on which regulating authority performed the test.

I found an interesting article by Michael Gunther, the president and founder of Collaboration LLC about performing stress tests on your business. The questions below will help owners and manager s to evaluate their business objectives and determine if the company is prepared to succeed and thrive.

If your sales decline by 10%, 20%, or more, what will you do to be profitable?
If you lost your top three clients, what plan does your business have in place to generate new key clients?
If you lost the ability to obtain additional credit, how would you finance your business?
If you lost your top two employees, how would you manage their roles and find their replacements?
If new competitors enter the marketplace, how will you respond?
If your competitors lower their prices in order to gain market share, how will it impact your sales and revenue?
If interest rates rise, how will you handle the increased costs on loans and credit cards?
If unemployment continues an uphill climb and consumer spending continues to decline, how will that impact your business?

Next, ask yourself the same questions in regards to positive business growth

If sales grow by 10%, 20%, or more, is your company prepared to handle the growth?
If you find three or more potential top clients, how will you entice them to purchase from your business?

The questions are meant to spark discussions and help your business be proactive in developing a plan for each scenario.

Do you have tests or measures for your business’s finances? What signs have you seen that the economy is improving or staying stagnant? Tell us about it on our blog.

I Am Going Skip The Thanksgiving Pie This Year

2010-11-18T12:04:00.000-05:00

Last week I went to the doctor for my annual physical. I am doing fine, but he had me undergo a stress test. As I was briskly walking on the treadmill, I started to think about the bank failures and financial stress tests. What exactly do they measure and how can you determine your own financial stability through one?

Since the economy is still uncertain, I wanted to perform a stress test on my own finances. Click here the complete test from the Dallas Morning News article by Pamela Yip. The critical financial stress test for your financial situation includes:

•If you lost your job, how long would it take you to replace your income through a job search? To find out, divide your current gross annual salary by $10,000 to determine how many months it would take you to replace your current income. The formula is based on an estimate that for each $10,000 you make, it will take you one month to replace your salary.

•If you were laid off, would your emergency savings last as long as it would take to replace your income? And, if not, how much of a shortfall would there be?

To find out, divide your total emergency savings by your monthly expenses to determine how many months you can get by without income. Then subtract the number of months you're covered in savings from the number of months it would take you to replace 100 percent of your income to determine any potential income shortfall.

Click here for CNN ‘s online calculator to gauge the health of your finances. My results definitely made me think twice about my financial future. I am also thinking twice about having a second piece of pie after Thanksgiving dinner after my physical stress test.

Do you have tests or measures for your business or personal finances? What signs have you seen that the economy is improving or staying stagnant? Tell us about it.

4 TipsTo Transform Leads Into Sales

2010-11-18T12:00:00.000-05:00

In last month’s newsletter, we discussed ways to increase sales without breaking the budget. We hope a few of the tips saved you money or brought in a few potential customers. This month, our tips focus on turning leads into sales, adding even more to your bottom line.

Types of Leads- “A place for everything, everything in its place” --Benjamin Franklin

Determining high priority from low priority leads will save time and result in easier conversion.

· Inbound-A potential customer comes to you and inquires about your product of service

· Outbound-A business seeks out the potential sale through marketing efforts

Obtaining Leads-Everyone is a potential sale

Communication is the key to converting leads into sales. Knowing who your audience is will determine the type and frequency.

Di Direct mail-The rising cost of postage has turned some companies away from sending bulk mailings, but a special mailing can keep you ahead of the competition. A personalized, hand- written holiday or birthday card sent to potential new customers can turn around a lost sale.

· E-Mail blasts- A monthly newsletter or regular update is a cost-effective way to keep in touch with potential new sales. Send personalized and specialized sales offers targeted to customers’ needs on an ongoing basis. Be sure they can unsubscribe easily to prevent them from receiving unwanted correspondence.

Landing Pages-Don’t make your customers fend for themselves on your website

· Social Media- A link embedded in your social media efforts (blogs, Facebook, SEO) that a potential customer can be directed to, with a simple click of a key.

· Customized-The page viewed should fit the initial clicked site. If it was clicked from a keyword pay-per-click, make sure the landing page fits exactly what the person is searching for.

Measuring Reponses- “If you can’t measure it, you can’t manage it”--Robert Kaplan, founder BSC

· Tracking-Where are your leads coming from and which ones have turned into sales? This can be done in several ways, including customer relationship management systems, a simple spreadsheet, or database. Track leads by all sources, dates, campaigns, and follow-up actions.

· Return on investment (ROI)-Once a tracking system is in place, develop a conversion rate of leads generated, that compares customers for every campaign. An example might show clicks to your landing page for the month, compared to new customers or actual sales.

How does your company stay on top and keep customers coming back? What methods does your company use to gain leads? What lead conversion methods work best in your market? Tell us all about it.

Time to Think of A New Name

2010-11-02T14:34:00.000-04:00

In the process of looking for something to blog about this week, I found this article by Jason Fell in Folio Magazine.

A Dallas moving company being sued by a magazine over copyright infringement. It pays to do your homework and to make sure the graphic design firm you are working with does too. It was a costly lesson learned by both!

http://www.foliomag.com/2010/magazine-moving-company-lay-my-logo

"If you don't know where you are going, you might wind up someplace else"~Yogi Berra

2010-10-22T09:40:00.000-04:00

Last week my team and I met in Saint Louis, MO, to discuss our company’s vision. Sincestarting the company seven years ago, my vision for its future, including our insurance offerings and technology, have a changed along the way.

We started out by a brainstorming session. The first step was to establish what we wanted Relocation Insurance to look like in five years’ time. The team had a good idea of what we wanted to see happen for the company but no map of how to get there.

The next step was determining the critical success factors (CSFs) needed for our vision to become a reality. In discovering our CSFs, everyone had input on what was important. This created a sense of ownership in the company’s vision.

We then focused on the goals and strategies related to our CSFs. The team was able to develop clear goals, strategies, and action items to achieve our goals.

Our final step in the process will be to create a project plan for each goal and tracking our efforts. I wanted to share a section of our company vision:

Expand our line of relocation insurance programs
Ensure our employees are the most knowledgeable in their fields
Develop a robust management system allowing us to effectively manage our Relocation Insurance programs

The map and our game plan will be the essential ingredients needed for our vision to come to fruition.

Do you and your staff go through a periodic brainstorming process to update your company’s vision? Is your company’s vision in line with its current goals? How does your vision relate to ours? Similar or completely different? Please share your thoughts with us.

Easy Tips To Cut Costs and Increase Sales

2010-10-22T09:33:00.001-04:00

The slow season is here; it’s time to focus on cutting costs and finding new revenue sources. Does your company’s bottom line need a boost? Here are some cost-effective sales boosters.

Ti Tip 1: Great Customer Service Can Increase Sales: The saying goes, “A satisfied customer tells three friends; an angry customer tells 3,000.” The inception of consumer review social media sites such as Angie’s List and Kudzu make it easy for customers to tell everyone in cyberspace about their experience with the company. Don’t let a negative review hurt sales. Respond quickly to complaints and thank customers for praise.

Customer service should not end with the sales or phone representatives. Make it a companywide initiative. Empower the sales and customer service team to respond quickly and efficiently. After the sale, send a personalized “thank you” note to customers to leave a positive lasting impression.

Conducting market research with current, former, and potential customers will provide areas to focus on and improve. A well-written survey with measurable results will provide the data needed to analyze services. Sites including surveymonkey.com and constantcontact.com offer low- cost, web- based surveys.

2. Tip 2: Reduce Costs and Interact More With Your Customers: The internet has made it easy to reduce meeting and travel costs. According to Gotomeeting.com, virtual meetings with clients or webinars can reduce travel budgets by 90%. Webinars can also be recorded to share on the web for future presentations.

Vontage.com offers voiceover IP programs for phone and fax at a fraction of the cost of a normal land line. Similar internet-based phone services, including Skype, offer free calling through the internet. This can significantly reduce domestic and international phone costs.

3. Tip 3: Low Cost Brand Awareness: In today’s market every company needs an interactive digital marketing plan. Social media sites, e-mail blasts, blogs, e-check-ins and group buy- ins can increase brand recognition and customer base. Google Ad words and Facebook advertising offer a cost- effective way to target only the customers the business wants to attract. A great SEO (search engine optimization) program mixing Facebook, Bing, and Google will increase website traffic exponentially. Enfortegroup.com offers a complete digital marketing outsource solution at a low monthly rate.

4. Tip 4: Increase Sales Using Demographics: Economist Viffredo Pareto created a mathematical formula to describe the wealth in his country: 20% of the people own-- 80% of the wealth. It became famous when Dr. Joseph Juran, a quality management pioneer, used it to describe economics as “virtual few and trivial many.” Dr. Juan’s observation evolved into the principle, 20% of something is always responsible for 80% of the results.

The 80/20 rule applied to a customer base will separate customers who will actually increase the bottom line from the ones who will not. The core customer base should receive more focus and a higher level of service. The same theory can be applied to your leads.

Placing customers into demographic groups and then into psychographics will help you form a clearer picture of the types of customers to attract. The key is to determine the services or products each group is interested in and may not get from the competition. Websites including City search and the US Census Beau provide detailed breakdowns of area demographics.

New Brand, New Point of View

2010-10-08T13:52:00.000-04:00

One of the first things you learn in marketing 101, a good branding strategy goes a long way. It creates the image for your company and what you want you want your current and potential consumers to recognize and take away.

A great logo can be the image your consumers file away in their minds for future use or completely forget about after they see it. It has to be well thought out and represent what you stand for, offer to the customer and of course be aesthetically pleasing.

Gap came under fire this week for changing the tried and true three white letters on a blue back groud to something a little more hip and trendy. It has been the topic of news stories and reached the top 5 searched phrases this week. I found it interesting how a logo change could cause such an internet buzz. The brutal comments from graphic designers, marketers and shopper are making the company take a second look at the design.

We form a love and hate relationship with logos. Take for interest when Pepsi changes their logo every so many years. We are in the habit of looking for a certain color pattern and eye catcher, a change makes us have to search harder for in soda aisle.

Relocation Insurance is designing a new website to make it easier for our customers and affiliates to purchase insurance, see reports and over all create a easier site navigation. We have had the pleasure of speaking with several design firms in the decision making process and they each have a unique way of taking our ideas and putting them into a site proposal. It has also been a fun process looking at different websites and figuring out how we want ours to look.

Our new site should be fully operational by spring. We will keep you updated as we get closer.

Did you company go through a logo or website change recently? What were the results? Do you think a logo defines your company?

Group Coupons To Increase Your Customer Base

2010-09-28T12:07:00.000-04:00

Our affilate social media marketing company had a blog a few weeks ago about Groupon.com. I am subscribed to the daily deals for both New York City and Central New Jersey. On a typical day the deals are mainly retail or food service related but last week the deal was for a percentage discount off a self-storage unit. I was intrigued to see it used in a new way. Tell us how your business is using new technology to fill open units or find new customers.

The mob shopping mentality is catching fire in the social media realm through group buys. The Web site Groupon.com is simple...offer businesses of all sizes a way to get people through their doors.
Customer behavior theories dictate once you get a person in the habit or create a positive interaction with your product, you start to create the first phase of brand loyalty.
Groupon.com is a world-wide deal of the day coupon offering. It takes a certain number of initial buys before it becomes active. If the deal is good enough it can spread through internet in minutes.

Take for instance the Gap Groupon last month, $50 worth of product for $25. It was a nationwide coupon offered by all cites under the Groupon umbrella. It was shared through Facebook, Twitter and all over the shopping blog spectrum. By the days end Gap came out close to $11 million in the black not including the impulse buys made once you were roped into the store.

All signs indicate it will only get bigger as the buzz spreads through the social media channels. Other social media sites are looking to do the same, watch Facebook and Google for their own coupon of the day sites.
Interested in finding out how you can use social media strategies to increase your bottom line? Are you looking to attract more customers to your Web site or brick and mortar stores? Send us an e-mail carriek@enfortegroup.com and I will customize a plan to fit exactly what you are looking to do.

Do you ensure workplace saftey by enforcing break time?

2010-09-13T19:35:00.001-04:00

In order to fit more work into the day and finish quicker, employees are working through the day without taking breaks. While this sounds like a logical plan it actually hinders work more than it helps. Getting on the good side of one’s boss by appearing to work harder sounds good in theory but in practice it poses a serious risk of injury.

In a recent study, 2600 employees were surveyed and 25% of them did not take breaks periodically throughout the day. The study claimed, poor work habits -- such as not taking sufficient breaks, working in the same position for extended periods, going to work when ill or stressed, and not getting enough exercise -- pose serious health risks that can add up to huge costs for employers. Costs such as: workers comp, employees missing work and increased insurance rates due to injury are a financial burden in a time when companies are trying to save money. These can be prevented simply by encouraging good work habits.

Offering and enforcing break time is one work habit that definitely needs to be encouraged. In the study of 2600, more than a third of the survey respondents (36%) said they regularly worked through their lunch break while nearly a quarter (23%) said they took no lunch break at all. Most states require at least a 30 minute lunch break based on the number of hours worked. By allowing the body time to rest during the day you can prevent common workplace injuries.

Also noted in the survey was, approximately 54% of workers said they always or usually go to work when they feel stressed or physically unwell with 31% experiencing physical pain and 42 percent feeling stressed at least once a week. 46% of workers said their physical pains were due to working in the same position for a long time. The numbers show the potential risk employees are doing to themselves and the company. In the end it’s not just themselves they are hurting but your company as well.

Do you encourage your employees to take their full lunch and break? Comment Below.

Relocation Insurance Can Give Peace of Mind When Moving the Elderly

2010-09-07T17:04:00.000-04:00

Moving an aging loved one is never an easy task. Not only are there concerns for the care of the loved ones but their possessions as well. According to the Employee Relocation Council moving is the 3rd most stressful event in a person’s life, this follows death and divorce. While the United States Census Bureau says the average American moves approximately 12 times in their life this will likely be the last move for the elderly person or couple. Between 2010 and 2030 the United States population of people 65 and older will jump by 80%.

With the SMM profession growing it seems logical to assume the need for relocation insurance for the elderly will grow as well. Relocation insurance and storage insurance for the elderly not only gives peace of mind to the person moving but the family members as well. Moving insurance is the key to this peace of mind.

This type of insurance is common to acquire as goods get damaged mostly during moving. Relocation insurance companies will pay the amount of the respective goods in case any of the goods get damaged while in the midst of transportation. Suggesting moving insurance not only gives your customers peace of mind but you as well. Even the best of moving companies have accidents beyond their control. Relocation Insurance gives your customer something to fall back on in the event that the coverage you offer isn’t enough thus keeping complaints and unhappiness to a minimum.

Statistics show that approximately 1 in every 3.5 moves ends with a claim. This is likely due to the fact that the United States has become very litigious in the past decade. Moving insurance not only protects the customer it protects you. A customer purchasing moving insurance will be required to have professional packers pack their boxes. Not only is this financially beneficial to you but it ensures that the utmost care will be taken to pack the boxes and reduce risk of damage during the actual move.

How do you help your customers move their elderly family members or friends? Do you offer your customers Relocation Insurance? Do your customers feel more at ease knowing they are covered by Relocation Insurance (if they choose to purchase it.)? Comment below.

Technology Changes in the Insurance Industry

2010-08-30T17:05:00.002-04:00

In a recent interview with Kurt Schuhl, senior vice president and chief claims officer at PMA Cos., and Jim Walsh, vice president of claims at PMA Management Corp. by Cyril Tuohy, managing editor of Risk & Insurance discussed issues the insurance industry is or will be encountering in the near future. They state that the number one issue is “the use of technology to drive superior service and optimal claims outcomes.” They also state that the complexity of claims is growing and this will make claims harder to manage.

This is where technology comes into play. Technology allows claims professionals to gather the most up to date and relevant data for process claims more efficiently and smoothly with the best possible outcome. Another use of technology is time management. Walsh states, “timely access to relevant loss information can enable the claims service provider to promptly assign the adjuster who has the most appropriate--and effective--skill set. “ This in essence will allow the claim to again be processed properly with the best possible outcome.

When asked what companies like theirs are doing to utilize technology Schuhl responds, “PMA made a tremendous investment in a sophisticated end-to-end claims technology platform called PMA Claim Center, which was implemented in 2010.” This helps them access their data easier and more effectively. It also allows their customers to see up to date loss information. Schuhl also goes on to describe their online risk management information system, PMA CINCH. With this system clients are able to utilize real time views of loss data. Schuhl finishes by saying, “By conveying information to clients on a real-time basis, they become more aware of developing patterns and can assess their results.”

How does your company utilize new technologies? Are you using it to its full potential? Leave your answers and see others’ in the comments below.