In Business, It Doesn’t Pay To Be Subtle.

Posted by John Park on Jan 4th, 2011
2011
Jan 4




What do you do?  By looking at your logo, slogan, business card and your web site; I don’t have a clue.
 
Sure, I could spend more of my valuable time and engage my short Internet-driven attention span to dig further and ask more questions.  I just don’t feel like doing that today because there are others just like you within a mouse-click away.
 
You’re not a brand I recognize like Coca Cola, Microsoft or Toyota.  Oh yeah… you probably didn’t spend the millions they’ve spent to make sure I recognize their brand.
 
I have never heard of you but for some reason I have come across your business.
 
Why build a blank billboard?  Why be subtle?  Tell me what you do and tell me fast!



2011
Jan 3

With the start of a new year, many businesses will decide to raise their prices. Sometimes, this significant step may be taken without any real logic or research behind the decision. This scenario is fueled by the fact that many are expecting the economic recovery to start in 2011. I caution businesses from doing this.

Optimism or a gut feeling doesn’t create demand. Price considerations should closely match actual demand for your products and services. In addition, significant competitive analysis should take place before implementing price increases.

Here are some reasons why raising prices at the beginning of the year is risky.

1) Many businesses are in the shopping mode in January because they are hoping to implement new initiatives. Don’t force them to add your products or services on the shopping list due to a price increase.

2) Raising prices is a great way to alienate your existing customers. Remember, these are the same customers that have helped you ride out the last few turbulent years.

3) The practiced logic of raising prices on the calender year is ridiculous. This action does not serve anyone except the accountants who wish to keep things in neat order.


Don’t over step your own confidence about your business, the industry and the marketplace by raising prices abruptly. When it comes to raising prices, the cart does not come before the horse.

Let’s Get CRAZY in 2011!

Posted by John Park on Jan 1st, 2011
2011
Jan 1

Happy New Year Everyone!

Planning for the new year can be daunting. This is especially true when we’ve just completed another tough business year. Like you, I am hoping for the so called recovery to commence in 2011.

From my point of view, I hope we can all harness enough inner strength to incorporate a little bit of “crazy” in to our respective businesses this year. At what point, does a business owner lose the power or the ability to throw it all on the line? The more we gain, the more we become afraid to lose what has been gained thus far. Conservatism to a fault creeps in to our daily existence and business decision making. Soon, the belief that anything is possible or any obstacle can be overcome slowly takes a back seat to moderation and the status quo.

Thinking BIG isn’t just a product of youth. Don’t dismiss it so easily and don’t deny its importance.

Here’s to wishing you a little craziness in 2011!




Have you identified who your customers are?

Posted by John Park on Dec 1st, 2010
2010
Dec 1

 

When I meet for the first time with a prospective client, one of the first questions I ask is…

Who is your customer?

It’s a simple question really because in order for us to help them locate more customers, we need to define who these ideal prospects are.  Unfortunately, most of the answers I get are very general or in some cases, the question outright stumps them. Here are some example answers.

“Everyone!”

“Any woman!”

“Teenagers!”

“Any business.”


Okay… but who exactly are they?  Anyone who has experienced high school or 3rd grade for that matter knows how different people can be regardless of their obvious and mostly generalized similarities.  As you plan for 2011 and as you attach numbers to your marketing and advertising budgets, defining exactly who your customers are and challenging yourself as well as your staff to be as specific and detailed as possible should be a worthwhile exercise.

Only after you’ve truly defined your customer can you benefit from where you have been and determine where you are going.  When defining your customers, here are some things you should take in to consideration.


1)  Make a list of your 10 favorite existing customers.  Who are they?  What do they have in common?  They are your favorites because they value your products or services the most.  And they value it the most because they see value in what they are receiving from your products and services.
 
2)  Make a list of what you do or sell REALLY well.  Be honest.  You can’t be everything to everyone.
 
3)  A gender is not an identified customer.
 
4)  Everyone or every business is not an identified customer.
 
5)  When attaching an age range, don’t use a span greater than 10 years.
 
6)  An income range is not generally an identified customer unless further defined by buying habits and lifestyle.
 
7)  An identified customer is often in a “situation”.  When we are in a “situation”, we generally need something or someone.
 
8)  The chances are who you think or want to be your customers are not your customers.  This is not an exercise in who you want as your customers.  Instead, it’s about identifying who your customers are TODAY.
 
 
Define your customers first before deciding where to spend your ad and marketing dollars.

Once they are defined, GO AFTER THEM!
 
 
 


Until Next Time…



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2010
Oct 29

So, the T-Mobile press team just sent me this video.  It’s a fun one for a Friday.  Social Media is here to stay.  Enjoy!




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