Many of us are familiar with the concept of disruptive innovation: a new product or service enters the market and overthrows established competitors by fundamentally changing the paradigm. Common examples include the advent of the automobile, the personal computer, or direct streaming services. But, do we really need to be disruptively innovative? Continue reading “Forget Disruptive Innovation: How NON-disruptive Innovation Can Help You Expand Your Market”
Category: Business Development
Amazon Zigs When Others Zag: Meeting Consumer Needs Before They Know They Have Them
by Justin Grensing, Esq., MBA
Amazon has proven time and again to be particularly adept at figuring out what its customers want and giving it to them. Whether it’s shopping suggestions based on previous orders, on-demand media content or same-day delivery, the retail giant answers the demands of the people whose purchases are lining its pockets.
The latest example of this as-you-wish mentality was recently announced and reported in an article for CNN by Taylor Nicole Rogers titled “Amazon’s new waste-reduction strategy: Delivery only once a week.” Continue reading “Amazon Zigs When Others Zag: Meeting Consumer Needs Before They Know They Have Them”
What is Customer Communications Management?
Customer communications management—or CCM—is a term that has been making its way into marketing and customer relations circles and conversations lately. But, is it something new, or just a repositioning of the same, classic approach to communication management that marketers have been using for years? Is this a term just used to apply to what is also known as digital marketing, or does it have an analog component as well? Continue reading “What is Customer Communications Management?”
Brilliance is not enough – you need to build relationships!
Maybe it’s because I grew up in a family-owned business. Maybe it’s because I grew up a bit “socially awkward.” Maybe it’s because I spent 20+ years in corporate communications. Whatever it is, I grew up with a very strong sense of inclusiveness when it comes to interacting with people. The concept that you “can’t judge a book by its cover” has always been meaningful to me; I’ve always enjoyed interacting with and learning from a broad range of people–trying hard not to pre-judge those I come into contact with. That has served me well. Continue reading “Brilliance is not enough – you need to build relationships!”
How Becoming a Trusted SME Can Boost Your Sales Ability
Many people are somewhat wary of having something sold to them. Even with professional salespeople, and even when we’ve actively sought out the product or service a salesperson is offering, there is a tendency to be skeptical of what they’re telling us. After all, they are trying to get money from us. That’s why anything that can be done to boost the credibility of a salesperson is a big boon. Continue reading “How Becoming a Trusted SME Can Boost Your Sales Ability”
Leveraging Big Benefits From Loss Leader Pricing
by Justin Grensing, Esq., MBA
At first glance, it might seem like a ridiculous strategy to price a product below its cost. Wouldn’t you just be losing money? While this is true, many companies do just that, and they do lose money. On that specific offering. This is part of a strategy known as loss leader pricing. As defined by Inc., “loss leader pricing is an aggressive pricing strategy in which a store sells selected goods below cost in order to attract customers who will, according to the loss leader philosophy, make up for the losses on highlighted products with additional purchases of profitable goods.”
A great example of a loss leader is razors. Continue reading “Leveraging Big Benefits From Loss Leader Pricing”
Can You Get Ahead Of Disruptive Innovation?
by Justin Grensing, Esq., MBA
Disruptive innovation refers to new advances within an industry that fundamentally reshape or even completely replace an industry. Consider, for example, the impact of the personal computer on the typewriter industry, or the impact of the automobile on the horse-drawn carriage industry. Disruptive innovation is a boon to consumers and society in general, because new products, new services and new ways of serving customers add value to individuals and the economy as a whole. At the same time, disruptive innovation can be devastating to companies that are too slow to recognize the impending impact of disruptive innovation or too slow to react once they have recognized that potential impact.
In a post for Vertafore, Ben Deda, VP of Marketing, lists several examples of companies that failed to adapt to disruptive innovation. You’ve likely heard of them: Continue reading “Can You Get Ahead Of Disruptive Innovation?”
How to Tap Into Crowdfunding to Fuel Your Business Startup
by Justin Grensing, Esq., MBA
One of the most difficult aspects of starting a new business is raising some start-up capital. It’s great if you have sufficient savings built up to keep you going for a few years – yes, it often takes at least that long to start turning a profit – but that isn’t the reality for many entrepreneurs. In addition to the costs of running the business itself – which could include rent, marketing, utilities, raw materials, staff wages, etc. – entrepreneurs are often leaving an existing job, foregoing a steady paycheck.
Traditionally, start-ups are frequently funded by one or more of the “3Fs”: family, friends and fools. Continue reading “How to Tap Into Crowdfunding to Fuel Your Business Startup”
Leveraging Big Benefits From Micro-Influencers
Marketing is key to not only getting the word out about your products and services but also for convincing potential consumers that your offerings provide the best quality, best value, are the trendiest, etc. Influencers can be a huge benefit in this respect. Influencers are individuals or organizations that have the ability to influence the beliefs, attitudes and actions of others. An influencer might be a popular professional athlete who touts the efficacy of a particular shoe, supplement or clothing brand. Or it could be a celebrity who shows up on the red carpet wearing a particular fashion brand—one that carries your label.
These are examples of large-scale influencers. Small businesses typically don’t have access to such individuals unless by pure good fortune. But in an article for Forbes, Dinah Wisenberg Brin writes that some businesses have found success using “micro-influencers” to achieve similar effects, albeit on a smaller scale. Continue reading “Leveraging Big Benefits From Micro-Influencers”
Is It Time For You to Move Away From Your Company?
by Justin Grensing, Esq., MBA
Entrepreneurs are typically very passionate about the companies they found. Some even take on a quasi-parental mentality. This is understandable. After all, many of these entrepreneurs pour their life savings and countless hours of work into getting their businesses off the ground.
But the skills that make a good entrepreneur are not always the same skills that help guide an established company. Continue reading “Is It Time For You to Move Away From Your Company?”