Tag Archives: marketing

Revenue Comes in 3 Flavors

Every business makes investments to create revenue for itself. All too often business owners consider cash as its only source of revenue worthy of investments. However, revenue actually comes in three flavors:

1.  Cash 2.  Attention and trust 3.  Referrals

Everyone can easily recognize cash as a source of revenue in a sales transaction; a business [...]

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How Deep Is Your Audience?

Recently, I have been exploring my analytics and revisiting my Key Performance Indicators (KPI's). What began to dawn on me as I attempted to make actionable sense of all this data was that I was falling into the same trap that most businesses owners do when looking at their social media performance. Many of my metrics and the things I [...]

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Be Controversial to Spread Your Message

What bugs me most is that most first time entrepreneurs do not want to offend anyone with their viewpoint. They think that they are avoiding creating enemies by not having a polarizing opinion. In their mind, they think this somehow gives them a better chance at success. Furthermore, they consider people with strong opinions and who are forceful in sharing [...]

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Mastering the Three Engines of Growth

When it comes to growing your business, there are three essential engines of growth:

1. Paid Engine of Growth: Most entrepreneurs consider this the only engine of growth. Often this takes the form of paid ads on websites or advertising on T.V. to attract lots of eyeballs to your product or service. The more targeted the service is to [...]

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Is It Time to Create Your Own Channel?

The easy part is building the actual product or delivering the service. If you are not convinced, just consider this – Imagine a substance that falls from the sky and springs up from the earth for free. Yet, we are willing to pay more for it than we do for gasoline. Yep, I'm talking about water. Aquafina, Dasani, Fiji, and [...]

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Using Microeconomics to Maximize Revenue

As a small business, you have to consider the concept of microeconomics when pricing your product or service to maximize revenue. By definition, microeconomics studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources (i.e., money). Contrast microeconomics with macroeconomics. Macroeconomics considers the the sum of all economic activity such as dealing with the [...]

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What Is the Market Structure

Some industries are highly consolidated and are dominated by a few key players while others have few incumbents and are considered quite fragmented. Your strategy to enter either one of these markets will be quite different based on the market structure. For example, let's consider two travel related apps: one for flights and another for hotels. Of course today most popular [...]

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What Is Your Real Market Potential?

When counseling clients or judging startup completions, one of the biggest swag figures I see is related to the size of the market they expect to hit. These numbers are often extremely large which too often causes startups to overspend pre-launch based on the overly inflated prospect of future sales. In an effort to determine your product or services real market [...]

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What I Leaned from the Food Network

The other day I was watching a cooking show with my wife, Kim, and it dawned on me that what I was watching was a teachable moment for small business owners. On the show, there are a bunch of renowned chefs showing you step by step how to make one of their signature dishes. At the end of the demonstration, they [...]

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The Art Of One-Downing the Competition to Improve Sales

I recently went T.V. shopping with my son, Josh. What never ceases to amaze me is the fact that every brand seems to be one-upping the competition. I remember when plasma T.V.'s were all the rage. That fad met hit a dead end quickly and hardly anyone even makes a Plasma T.V.'s anymore. Yet at the time, it was a hot [...]

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