Archive for September, 2018

Leveraging Big Benefits From Loss Leader Pricing

Thursday, September 27th, 2018

content marketing, content management, content strategy, strategic marketing, marketing strategically, strategic communicationsby 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. (more…)

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Can You Get Ahead Of Disruptive Innovation?

Monday, September 24th, 2018

8970947 - illuminated light bulb in a row of dim ones concept for creativity, innovation and solutionby 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: (more…)

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How to Tap Into Crowdfunding to Fuel Your Business Startup

Thursday, September 13th, 2018

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. (more…)

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Leveraging Big Benefits From Micro-Influencers

Tuesday, September 11th, 2018

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. (more…)

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Is It Time For You to Move Away From Your Company?

Friday, September 7th, 2018

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. (more…)

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Understanding, Managing and Communicating Consistently Across Customer Touchpoints

Wednesday, September 5th, 2018

Customer reviews, client reviews, best PR firm, public relations, content marketingIn an article for Harvard Business Review, Adam Richardson discusses the concept of customer touchpoints, which he broadly defines as “any interaction point between the customer and your brand.” If we think about this definition, it truly is quite broad, not least because it invokes the concept of the brand, which is itself extremely broad.

Does an online ad reflect on your brand? What about a discussion with a billing agent over a discrepancy on an invoice? While the answer to the first question is probably obvious, the second might seem like a stretch at first. But in truth, both are examples of touchpoints. And touchpoints have a direct impact on consumer brand perceptions. (more…)

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