Tag Archives: marketing

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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The Secret to Viral Product and Services

The secret sauce in creating a product or service that has the potential to go viral is by adding something that creates more value when other people in the customer's network also use or adopt it. Facebook understood this concept very well. If you are the only person in your network of friends with a Facebook account, well it is pretty [...]

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Make Client Interactions More Memorable with This Technique

My advice to small business owners making sales calls is to use some type of icebreaker and share a story to make you stand out. Several years ago, a delegation from South Korean visited our company. At the time we were working with a publicly traded company whose product, floppy disks, was being eclipse by technology. We were experimenting with a [...]

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Quality Products Don’t Matter – Marketing Does

Most people believe that it is the product or service that makes a business successful. To those people, I say they are wrong. From my prospective, it is marketing that makes a company a success. Consider this example – did Starbucks invent coffee? No. Are they the only company that says they have the best coffee? Again, no. The reason [...]

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