Category Archives: Packaging

Dec 16

Am I the only one who still loves NY?

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Take a guess where New York City finished in The Reputation Institute’s 2011 City Mountain-,,goat-1 RepTrak? Forty-ninth place.

I will repeat that: Manhattan finished 49th! So much for ‘I love NY’. Heck, if you believe The Reputation Institute, just about no one loves New York anymore.

In fact, the Big Apple barely finished in the top half of a group of cities the Institute ranked on overall trust, esteem, admiration and good feelings as well as such other attributes as the local economy, administration and general appeal.

London topped the list (and, since I’m an Anglophile and absolutely adore Londontown, I have no problem with that at all). But London was followed by, get this, Geneva, Switzerland… Geneva Bloody Switzerland!

I just visited Geneva and, if pressed to describe it in one word, I’d opt for ‘boring’ with a capital B, and that rhymes with G, which stands for: ‘Gee, what was The Reputation Institute thinking?’

According to The Reputation Institute (a former Peppercom client, BTW), there’s “…a direct link between cities’ reputation and people’s willingness to visit them or do business in them.” Oh.
Kasper Nielsen (a good guy, BTW) says, ‘”…people are almost three times more likely to visit cities ranked in the top 10 compared with those ranked in the bottom 10 of the reputation ranking.” To which I respond: balderdash!

There’s no way tourists are selecting Geneva, Switzerland, over Manhattan. No way.
Could you imagine a happily married couple evaluating the relative charms of each venue for their upcoming vacation?

Lars: “Look at this, Helga. In New York, we can choose from the new 9/11 Memorial, the Statue of Liberty, Rockefeller Center, the Empire State Building, the Broadway theatre, the U.N., Times Square and, of course, the Circle Line cruise.”
Helga: “Not so fast, Lars. Geneva has that water spout in the middle of Lake Geneva. The children love water spouts.”
Lars: “Ach. It is a dilemma. How will we ever decide?”

Sometimes, people take data too literally. And, while a city such as Geneva may poll dramatically higher than either New York or Hong Kong in certain categories, I simply do not believe that, when push comes to shove, the city by the lake is going to take tourism dollars or convention business away from its far bigger, far cooler competitors.

I hate to say this, but I’m questioning the reputation of the Reputation Institute’s City RepTrak.

What’s next? A Reputation Institute survey that reveals Americans have selected Fargo, SD over Camden, NJ, as the nation’s most livable crime capital? I wouldn’t buy it for a second. Not with the likes of Oakland, Houston and Miami in the wings.
As one of Jim Bouton’s ‘Ball Four’ baseball managers once said of his mathematical stats showing his improvement from one year to the next, ‘Tell your statistics to shut up!” Someone needs to say the same thing to The Reputation Institute.”

 

Nov 16

You get what you pay for

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Banksy_Because_I_039_m_Worthless_Graffiti_street_art__1301348475_07Not too long ago, we received a cover note entitled, 'Motivated ABC College Grad will intern for free!'

Sadly, the subject line killed the applicant's chances from the get go. Here's why:

– We value our services and would NEVER offer to give away our time (unless it involved a charity or, as is often the case, we're Beta testing a new service offering). If you want Peppercom's brain power, you'll have to pay for it.

– Telling me you'll work for free immediately makes you a commodity in my mind. If you're as motivated as your subject line would indicate, you would place a monetary value on your intellect, energy and credentials.

– Finally, the exclamation point you added after the word 'free' makes me envision a going-out-of-business sign that reads: 'Closing immediately. All items MUST go!' In other words, you sound desperate.

Crafting a cover note to a prospective employer is no easy task. And, I sympathize with this particular graduate's dilemma. He's doing everything possible to differentiate himself from the tens of thousands of other applicants applying for the few available jobs.

But, I'm a firm believer in the expression, 'You get what you pay for'. We've experienced this truism in the past whenever we paid a lower rate for a particular individual, vendor or partner. The quality simply wasn't what a higher-priced competitor would have provided.

One other note on this note. The applicant's subsequent text reinforced my first impression. He used such phrases as:

– 'I have exceptional analytical and listening skills, and an eidetic memory, allowing me (to) think quickly, learn quicker and always get it right the first time.' (Note: is an eidetic memory contagious? It sounds scary).
– 'My previous successes were only achieved because I see opportunities in all impossibilities.' (Note: Do you think George W. Bush was his ghost writer?).

So, college grads, DO NOT cheapen what you bring to the plate. Value it. And, don't work for any organization that won't pay you. You're better than that. And, trust me, if you're as good as you think you are, you WILL find a great, paying gig. My eidetic memory tells me so.

This post can also be found on PRiscope, Peppercom’s blog geared towards the next generation of public relations professionals.

Jun 17

Sorry, Sam, but based upon your skill set, strengths and weaknesses, your new title will be ‘Connector.’

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Let me begin by applauding GolinHarris's attempt to re-engineer its infrastructure and become  more client-centric . Anytime an aircraft-sized, holding company-owned firm does anything novel, it's nothing short of breathtaking. I can only imagine the red tape and approval process that such a Herculean effort required before ever seeing the light of day.

Slide1The sizzle in what is an otherwise purely cosmetic change is “…to transition employees from working as generalists to being designated as one of four types of specialists… strategists, creators, connectors and catalysts.” Titles such as VP, SVP and EVP are being abolished and replaced by titles like director and executive director. Be still, my heart.

New, and bizarre, titles are nothing new. Dotcom firms were notorious for them. We once worked for a dotcom called Bigfoot. The CEO called himself  Mr. Big and the head of PR chose the most unfortunate title of minister of propaganda. Ouch.

Years ago, most small and medium-sized firms tore down the walls and silos that GH is just now addressing. But, few if any, of us, chose such bizarre and silo-creating titles as 'connector.' In attempting to fix what's broken, GH will find itself with all sorts of new human resources challenges. To wit:

– Jenny, a high flying account supervisor, is suddenly stripped of her title and responsibilities and told she's now a connector. Talk about pigeon-holing a fast tracker. “Hey dad. Guess what? I'm a connector!”

– Stein, another rising star, sees himself as a creator but is tossed, instead, into the strategist bucket. Say sayonara to Stein.

– And, tell me what client would want a connector or catalyst as the lead on her team? If I'm paying serious, holding company-type retainer fees, I want nothing but strategists and creators on my team. The others be damned.

Last, but certainly not least, is the holding company billing model. Having worked at two holding companies, I can tell you that each and every office has a separate P&L, and will fight like sharks for a scrap of meat when it comes to divvying up the client dollars. I distinctly recall winning a large piece of P&G business back in the '80s while with Hill & Knowlton. As soon as we announced the win, a more powerful executive in a different office simply snatched it away. And, the client didn't care because, in those days, “no one ever got fired for hiring H&K.”  So, how does one organize the P&L here? Will strategists fight with connectors over who gets what share of the client budget? It hurts just to think about the complexities.

I wish GH well with its re-org. To CEO Fred Cook's credit, he called it “…the beginning of a journey.” I only wish Stuart Elliott (and more chief communications officers) knew two things about the seemingly seismic change:

– Smaller, more nimble firms have been doing this for years (but, because they aren't owned by a publicly-traded holding company, simply aren't Timesworthy)
– People don't want to be placed in artificial buckets with ersatz names. That connector title is a one-way ticket to Palookaville.

As for me, in addition to being co-founder and managing partner of Peppercom, I long ago added the title of 'fomenter-in-chief'. I see it as my job to keep pushing our firm to think fresh thoughts and try new approaches. But:

a) I'd never publicize it
b) I'd never try to convince the marketing world that my firm is dramatically different because we no longer have executives carrying the title of vice president.

And, now I have to run. My business partner, Ed, our invoicer-in-chief, needs to talk.

NOTE: PRWeek is conducting a poll regarding what readers think of this move by GH. To take the survey (or view the real-time results click on this link:

http://www.prweekus.com/online-polls/section/990/

May 23

Judgment Day is every marketer’s dream

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HeaderI don't know about you, but I had a blast in the minutes, hours, days and weeks leading up to  6pm, Saturday May 21, 2011 (AKA Judgment Day). Sure, nothing happened. But, so what? There were so many great tweets, blogs, status updates, videos and new comedy bits that it made the whole non-event a mega happening.

That's why I think President Obama should declare May 21st Judgment Day. And, it should be treated as an annual national holiday. I know marketers would absolutely love it. Retailers, for example, could own Judgment Day Eve. Just imagine the TV commercials:

– “Special end of the world prices like you've never seen! You'll agree Best Buy is positively otherworldly!”

– “You want some rapture? Check out our Judgment Day Eve prices at The Gap!”

– “Radio Shack's prices are the absolute lowest you'll find in this life.” 

Sales on Judgment Day Eve would totally eclipse Thanksgiving's Black Friday (and, give a whole new meaning to the color black as well, thank you very much). As a matter of fact, Valspar, Dutch Boy or some other paint brand should create a special 'Grim Reaper Black' shade for the occasion).

Turning to sporting events, I envision:

– Judgment Day doubleheaders at baseball stadiums (the Anaheim Angels would, of course, be featured on the national game of the week)
– 'End of the world' World Cup soccer matches (India vs. Pakistan would make for a neat opening match)
– And, how about a special pre-season college football game pitting the University of Notre Dame against Brigham Young University? I'll bet even He would tune in for that contest. And, I guarantee a mega sponsor would snap up the rights faster than you could say Adam and Eve. I can see it now: 'Ladies and gentlemen, and viewers around the world, welcome to the 2012 Quiznos Judgment Day Bowl.' And, just imagine if the Fighting Irish and Cougars end up tied at the end of regulation? Talk about sudden death overtime. Wow. The Batesville Casket Company should think about that particular branding opportunity.

But, wait, there's so much more marketers could do on Judgment Day. K-Mart, Wal-Mart or one of the other big box chains should copy Macy's and sponsor a parade. Harold Camping could be named honorary marshall in perpetuity. Cities could compete for hosting honors (a la the Olympics). And the winning city would earn the right to rename itself Sodom or Gomorrah for the day. The sponsor could hold an online contest to select Lot and his wife (and, wouldn't the latter search be a superb branding opportunity for Morton's Salt?).

Judgment Day could be the new crystal meth for marketers. Like eternity itself, it has limitless possibilities.

It's the mother of all days, and deserves to be repeated year after year after year until, god forbid, it actually becomes the REAL Judgment Day. Until then, I'd like to hear from each and every member of my flock. What branding opportunities am I missing?

Apr 08

Ask not what your cable programmer can do for you; ask what you can do with your remote control

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'The Kennedys', a new mini-series on ReelZChannel, is to cable programming what the Bay of Pigs  was to JFK's administration: an unmitigated disaster.Kennedy cigar bay of pigs

While it may provide a momentary ratings hiccup for the totally anonymous network, the series itself is abysmal. The plot's predictable, sophomoric and hackneyed. The acting is stilted and the sets are positively amateurish. Indeed, the fabled Hyannis Port Compound looks more like the dilapidated bungalow from 'Jersey Shore'. I half expected to see Snooki leap into Jack's arms.

ReelZChannel rolled the dice with The Kennedys after The History Channel exercised its pocket veto and wisely decided to pass on the poorly-told tale.

I understand the logic behind ReelZChannel's move. They hoped, like AMC did with 'Mad Men', to catch lightning in a bottle with The Kennedys and leapfrog into the A level of cable programmers. That decision may qualify as a profile in courage, but it makes as much sense as JFK's alleged dalliance with Mafia moll Judith Campbell in the early 1960s.

Mad Men was an original drama with a first class ensemble of actors who beautifully captured a bygone era. The Kennedys, on the other hand, is a hastily pulled together mish mash of well-known family stories mixed in with salacious gossip (and endless commercial interruptions).

Family patriarch Joseph P. Kennedy is portrayed by the grossly over-exposed Tom Wilkinson (who seems to be Britain's answer to Dustin Hoffman and Robert DeNiro; once distinguished actors who continue to prostitute their craft with highly-paid gigs in terribly scripted movies).

Greg Kinnear plays Mr. President and does, in fact, look a lot like Jack. But, he can't pull off JFK's gravitas or charisma. And, Katie Holmes is Jackie Kennedy. I think that speaks for itself.

The ReelZChannel took a major image and reputation risk that, I believe, will end badly. I think the me-too network will enjoy a temporary buzz and then sink permanently beneath the waves.

And, so my fellow Repman readers, ask not what your cable programmer can do for you. Ask what you can do with your remote control. And, if you happen to land on a ReelZChannel replay of The Kennedys anytime soon I suggest you, er, ah, channel surf faster than an ICBM headed for er, ah, Cuba.

UPDATE: Apparently, SNL shares my opinion.

Jan 25

Our New Yawk office? It’s just off Toidy-toid and Toid.

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In this hyper-competitive job environment of ours, it seems that regional accents can limit one’s Dialect career aspirations.

I can’t say that I’ve ever refused to hire someone because of a thick accent, but I have taken it into consideration (especially when recruiting for a receptionist).

According to a recent BBC Radio segment, more and more ‘New Yawkers’ are turning to voice coaches to help them lose their Brooklyn, Queens or Staten Island accents. Note: please don’t confuse my Jersey accent with that of a New Yawker. My pronunciation of the word ‘youse’, for example, is slightly, but perceptibly, different. And, as for Lawn Guylanders well, don’t get me started.

Voice coaches say New Yawkers want to lose their accents in order to sound more worldly, a key consideration in a global marketplace. But, as I said, unless the position is that of a receptionist, I don’t know that I’d care about a candidate’s accent. After all, we have several Southerners holding executive positions at Peppercom. Their continual use of y’all is accepted by one and y’all. And, our very own Carl ‘Union Jack’ Foster’s British accent is positively melodious. (What is it about a British accent? And, why does it always sound so damned sophisticated?)

I’d like to think that, with one exception, I’m accent agnostic; the exception being a particularly thick Boston one. It literally drove me wild my freshman year at Northeastern University, and still creates a Pavlovian response akin to someone scratching his nails on a chalkboard.

How about you? Does the New Yawk accent bother you? How about that flat Midwestern accent? A Southern drawl? More importantly, do you think it should be factored into a job evaluation? I’d be interested in hearing your views (as long as they’re not left on my voice mail in a thick, Boston accent).

Nov 16

Killing for a Living

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How do you like global tobacco companies such as Philip Morris and British American Tobacco suing Third World governments and spending oodles of cash to lobby for smaller warning signs on their packaging? That's right, Big Tobacco is once again on the offensive to make sure it continues to maim and kill as many people as possible in the name of free enterprise. 

Cigarette I'm not surprised tobacco is targeting the Third World. That's where the growth and profits are (that said, though, an amazing 21 percent of Americans still smoke). But, to think that Philip Morris, for example, is actually suing the government of Uruguay for excessive tobacco regulations is beyond the pale. 

Could you imagine being head of marketing for one of these death merchants? Talk about making a pact with the devil. 

Peter Nixon of Philip Morris is one such merchant of death. He's quoted in the Times as saying his company '…agreed that smoking was harmful and supported reasonable regulations where none exist.' Gee, what a swell guy. 

Yes. Nixon agrees cigarette packaging should have some sort of warning (the smaller the better, I'm sure). But, he takes exception with the new, larger warnings being placed on cigarette boxes around the world. 'We thought 50 percent was reasonable,' he told the Times. 'Once you take it up to 80 percent, there's no space for trademarks to be shown. We thought that was going too far.' So, covering 80 percent of a cigarette box is going too far, but killing half a million people each and every year isn't? Methinks Mr. Nixon is smoking something other than cigarettes. 

More to the image and reputation point of this blog, though, how can someone, anyone, work for an organization that knowingly manufactures and sells a product that kills? How can PR and advertising agencies represent them? And, how can all of the above look at themselves in the mirror each and every morning?

Maybe the answer lies in another, smaller NY Times article from the November 2nd Health section. It reported that 'middle-aged smokers are far more likely than non-smokers to develop dementia later in life, and heavy smokers — those who go through more than two packs a day — are at more than double the risk.' I'll bet Mr. Nixon and his heavy smoking, middle- aged peers at Philip Morris, BAT and the other Big Tobacco players are just suffering from early onset dementia. They'd have to be certifiable to do killing for a living.

 

Aug 20

Misspelling the word ‘Manhattan’ isn’t helpful to one’s job search

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Having just finished a hilarious novel entitled, “The Pursuit of Other Interests”, my sensitivities Death-of-a-salesman-logo towards middle-aged, out-of-work job seekers is at an all-time high. The book, which profiles a 50-year-old advertising executive named Charlie, paints a bleak, if heartwarming, picture of the current landscape for middle-aged, unemployed white collar workers.

So, knowing how few employment opportunities exist as well as how thin the margin for error is, I was totally flabbergasted to receive the following note from a guy I’ll call Buck.

Dear Seekers of New Revenue:
I am currently seeking a full time, salary plus commission New Business Position in Manhatan. I would address these personally, but with over 2,300 names, I need to solve the challenge  quickly. I am the most dedicated, energetic, and knowledgable person in the Tri-State Area with respect to opening doors for corporate pitches.
I have been in the business for over 15 years and I work from 7 to 5 and can make at least 100 calls per day. I can very quickly develop a custom database for cold calls for your firm and set 2 pitch meetings per week.
Should my skill sets meet your requirements, I would love to speak furthur. Also, should you have a person or people in place to handle cold calling, I also work as a consultant on a per diem basis to upgrade their best practices.
Best Regards,
Buck McDesperate
(800) 555-1212 DesperateBuck@ISPProvider.com

To begin with, it was e-mail addressed to Sally Kennedy of Cossette Communications in Canada. Sally: sorry to be reading your spam. Second, Buck lets it be known that he’s an accomplished business development dude looking for a full-time salary plus commission gig in Manhatan. Yes, that’s Manhattan minus one ‘t’. Ouch. Misspelling Manhattan in the opening sentence of one’s pitch letter doesn’t augur well.

But, it gets worse. Buck lets me (or, Sally to be precise) know that he has a Rolodex with 2,300 names on it and is the most dedicated, energetic and knowledgeable person in the Tri-state Area (I wonder if that includes Toronto where, I assume, Sally is headquartered?). Buck’s been in the business world for 15 years, works from 7am to 5pm daily (he later amends it to 6am to 5pm daily), makes at least 100 calls each and every day (and that has to start hurting the fingers after awhile) and can produce “…a minimum of 2 valid pitch meetings over week.” Talk about Always Be Closing. Wow.

But, here’s the rub. If Buck is really that good and can produce a minimum of two valid pitch meetings per week, why is he blasting unsolicited e-mails to me (via Sally, of course. Sorry Sally). The sad truth about Buck, and the hundreds of thousands of other Bucks out there, is that he’s desperate. He’s probably been out of work for at least a year and has no solid prospects whatsoever. So, driven to desperation, he creates a rambling, semi-lucid, almost laughable pitch that is chock full of typos, poor grammar and inconsistencies.

Buck is not unlike the fictional character Charlie in the aforementioned Jim Kokoris book. Whiling away his time in an outplacement firm’s offices, Charlie puts together a database of former co-workers, clients, prospects and friends and blasts out a periodic e-newsletter entitled, “The Charlie Update!” Its subtitle is “Charlie B. Out on the Street.” One by one, the people on his hit list asked to be removed from the unintentionally hilarious mailings as Charlie becomes increasingly desperate and despondent.

Buck and Charlie are part of what a recent New York Times article called the 99ers. If memory serves, there are some 1.4 million unemployed, middle-aged, white collar workers who have passed the 99-week mark and no longer qualify for unemployment benefits. That’s when, driven to the brink of despair, they hit the send button and distribute embarrassingly bad missives like the one from Buck. I feel for these people and I wish I could help. But, sadly, I don’t have an answer except to suggest a dictionary and Thesaurus.


Jul 06

There are morons. Then there are cigarette smokers.

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Thomas Jefferson’s words notwithstanding, all men (and women) are not created equal. Some
No-smoking-ad are gifted athletes. Others are Nobel Prize winners. Most, though, while away their lives staring vacantly at reality TV shows. I’d place cigarette smokers in the latter group. Can there be a more clueless and moronic class of human beings than cigarette smokers? Not only are they knowingly destroying their health, they’re paying huge amounts of money to do so.

I’d leave smokers to their inevitable plight if it weren’t for a new survey I happened across in a recent Daily Dog. It shows that one-third of smokers surveyed by GlaxoSmithKline misunderstand the health impact of ‘light’ or ‘mild’ cigarettes. Almost half (44 percent) say they typically smoke light or ultra light cigarettes, with one-quarter of these nincompoops saying they do so because they mistakenly believe light cigarettes are less harmful and easier to quit than regular cigarettes. Oh baby. And, I thought that two-year-old, chain-smoking Indonesian kid was clueless. He doesn’t hold a candle (or, lighted match for that matter) to American smokers.

The GSK survey was timed to coincide with the government’s intention to ban such words as light, low and mild on all cigarette packaging. Well, there’s a few more million dollars down the tube. The warning won’t matter. Smokers are too dumb to get it.

I wonder if the same morons who believe the words mild or light indicate a less toxic cigarette would accept similar adjectives if placed in front of other known killers. To wit:

1.)    Al Qaeda Light (“Honey, I’ve just been recruited by a real sweetheart of a guy named Osama. Even smokes light cigarettes.”)
2.)    A new, mild 9mm from Glock (“They say they’re safer, babe. They use softer, lighter bullets!”)
3.)    Low tar BP oil (“Surf’s up, hon. Let’s do some snorkeling in Gulfport!”)
4.)    Iran Light (“So what if they start building nuclear weapons? They’ll be nuke lights.”)
5.)    Wall Street Light (“Those AIG guys are 100 percent honest. They earned every nickel. So what if it was our nickel?”)

Maybe if we just referred to the Great Recession as ‘light’ smokers would happily puff away believing their life savings haven’t gone up in smoke? Might smokers also dismiss the Catholic Church hullabaloo as much ado about nothing if the Vatican started positioning the pedophilia cases as ‘mild’?

According to the same survey, smokers also think cigarettes are safer if they’re contained in light colored packaging! Maybe the Taliban should change from black-hooded robes to teal instead? I’d have to believe the Bloods and Crips could start recruiting smokers to their ranks if they began marketing a kinder, gentler line of gang clothing. Perhaps mocha and lime? And, if those Montclair-based Russian spies were really diabolical, they would have sought out American smokers within the intelligence community, donned light-colored clothing and asked for some mild intelligence and light secrets.

I ask you: is there anyone dumber than a smoker?

Jun 15

Do I want my ashes placed in an urn with a Mets or Jets logo?

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There's a fascinating article in today's New York Times sports section about the inroads being
Casket1102 made by licensing in such sports as baseball and football.
 
For a mere $4,000, one can now choose to spend eternity in a casket emblazoned with his favorite team's logo. Logo-adorned urns, which would be my vessel of choice for traveling to the after world, cost a mere $799.

Talk about a bargain!
 
Licensing is a big business for sports leagues. (Note: in the interests of transparency, I should report that Peppercom is one of the few, if not only, PR firms with its own licensing division.) According to The Licensing Letter, Major League Baseball alone will rake in $2.75 billion in sales of licensed goods this year. That enough to fill an awful lot of cemeteries.
 
Of course, branded merchandise extends far beyond burial items, but why not go beyond just caskets and urns and create a fully-branded death and bereavement experience? I'd probably opt for a Jets afterlife experience (since they've killed my joy less often than the Mets have). So, I envision the following:
 
  – Joe Namath jerseys for those kind enough to eulogize me
  – Freeman McNeil sweat pants for mourners who will be spending the weekend at my wake and funeral. Why not provide some branded casual wear for their use during downtime?
  – I'd like the funeral home to use green and white bunting instead of the usual funeral purple
  – How about having the priest wearing throwback New York Titans vestments? Now, that would be cool.
  – I'd like Matt Snell and Emerson Boozer to be available to comfort my immediate family.
  – Fireman Ed would be on hand to lead one last cheer of “C-O-D-Y. Cody! Cody! Cody!”
  – Last, but not least, I'd like my green and white urn to contain the signatures of every player from the Super Bowl-winning 1968-69 Jets, including Ridgefield Park's very own Hatch Rosedahl.
 
Licensing types need to think large. Besides paying taxes, death is the only thing we can count on. So, why limit the afterlife merchandise to caskets and urns? The sky's the limit. Actually, since we're talking about eternity, even the sky isn't the limit.
 
I'd be open to any and all licensing suggestions: how about a green-and-white hearse emblazoned with Joe Willie's “We'll win. I guarantee it” Super Bowl III boast. Or, maybe a reunion of the fabled Sack Exchange? They could tackle someone from my life who caused me grief (i.e. a particularly heinous client or former employer, etc.). How about a grave dug to resemble the exact proportions of the new Jets-Giants Meadowlands stadium? I don't know about you, but I'd want to be laid to rest right on 50-yard-line. No nose bleed seats for this cadaver.
 
Put me in charge of afterlife licensing for major league sports and I'll make that $2.75 billion figure seem like chump change.