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Archive for Business Systems
Lifetime Customers or One Time Transactions?
Economist Gary North once mistakenly paid too much for a bottle of eye drops. He was charged $4.29 for a bottle of drops that was marked $2.99. The drugstore manager stated that the sale price had ended and refused to budge. The manager saved his company $1.30, but reduced the lifetime value of his customer [...]
The Power of Exclusivity
An episode of the TV show “South Park” demonstrates the power of exclusivity in marketing. Fourth grader Eric Cartman inherits $1 million from a relative and buys a theme park just for himself. He rides all of the rides all day and even produces a commercial bragging that no one else is allowed inside the [...]
Don’t Confuse Tools With Marketing
Small to mid-size businesses often confuse marketing tools with effective marketing, and it’s killing their business growth. Marketing tools are things like websites, social media, brochures, flyers, blogs, etc. Tools are necessary to marketing, but just because you have them does not mean you are marketing. To build a house you need an architect, builders, [...]
Hub Mentality for Commodities Versus Educational Sales
In our last newsletter we spoke of how marketing is much more than a message; it’s a process. Traditional ad agencies can write you ads, but you need a marketing infrastructure (hub) to support those ads. If you’re selling a commodity with immediately-recognizable relevance (shoes, insurance, mortgages, food), short, impactful messages are critical. Traditional advertising [...]
Is Your Business a One-Hit Wonder?
The music industry is full of one-hit wonders. You know, bands or musicians that had one big hit, and then you never heard from them again. There are also many companies that were formed around one-hit wonders. Maybe it was a product that was hot at the time or even a service that hit a [...]
Should I focus on Relationships or a Database to Influence?
For businesses to succeed in the information age they must create individual and deep relationships with their fans as well as focus on increasing the size and reach of their influence. Business is a numbers game. Every good and experienced salesperson will tell you that only a certain portion of their prospects will buy. Every [...]
PR and ROI–Two Old Acronyms with Two New Meanings
This is a tale of two acronyms and how they’ve changed. In a time where costs could be measured to the penny and big advertising budgets ruled the day, companies measured their effectiveness and success in many ways. Two of the most popular acronyms were PR and ROI. PR stood for Public Relations and ROI [...]
Have You Been Caught Stealing?
In the world of business accounting, balance sheets, and profit and loss statements it can get pretty complex at times. Having personally had businesses that have had excess and other businesses that have suffered for cash flow there is a basic rule I believe is a key to business success (it can be applied to [...]
Unzipping and Zipping Files Using 7-Zip
I’m sure there are a few of you techies out there that would appreciate some frustration I’ve had with Vista. “Steve, this by far is not an endorsement of a Mac”. Recently I’ve needed to start unzipping files quite often and Vista is “supposed” to come with some ready-made tools to make it work. Every [...]
Is Your Business a Destination?
Last week I was able to get away with my wife for a vacation with just the two of us to Cancun, Mexico. It was nice to get away from the daily routine and experience a bunch of really fun things. In the hotel zone in Cancun there aren’t a lot of options for basic [...]
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