by Justin Grensing, Esq., MBA
We keep hearing about how the growth in online retail represents the ultimate demise of the brick-and-mortar retail store. We hear how online retail giants like Amazon are killing Main Streets across the country, and we hear anecdotes of local brick-and-mortar businesses closing their doors, blaming the rise in online retail. But does that common sentiment assign blame where it belongs? (more…)
by Justin Grensing, Esq., MBA
The business world has a strong mythology around, and reverence for, the innovator – brilliant geniuses who upend the status quo and usher in a wave of change, making fortunes along the way. We often think that the first company to go down an innovative path is in an enviable position. But, in many cases, it is not the first mover who prospers, but the fast follower. (more…)
Whether you’re a startup looking to break into an existing market, or an existing business looking to branch into a new product or service line, it can be intimidating to survey the competitive environment and find yourself potentially face-to-face with behemoth multinational corporations and Fortune 500 companies. While a mega-competitor could, theoretically, direct its massive resources into forcing out an upstart competitor, there are some ways to compete by exploiting the advantages small can have over large. (more…)
What’s more important: a great idea or great execution? There’s certainly an argument to be made for the importance of ideas for entrepreneurs, and it’s easy to point to famous examples of huge fortunes and successful businesses that sprung from a great idea — Facebook, the automobile, the PC, etc.; but the idea is just the beginning. (more…)
Staying informed is key for any business or profession, and marketing is no different. As marketing consultants, we use a variety of sources of information to stay on top of current trends. Magazines (online and in print) offer both a reader-friendly format and insights on trending topics within the industry. Below are some sources we’ve found particularly worthwhile. (more…)
It’s not easy starting a small business. One of the reasons entrepreneurs are so admired by the rest of society is because of the risk involved in striking out on one’s own. Many leave the stability and certainty of a salary, health insurance and a retirement plan to bet the farm on a venture they are confident in and passionate about.
Unfortunately, many of these intrepid business people fall prey to some very avoidable pitfalls. (more…)
Pew Research recently released their State of the News Media 2015 report, which includes some interesting information on the impact of mobile. Consumers are increasingly consuming content via their mobile devices—even long-form content. Google’s ongoing algorithm changes and a growing trend toward the use of mobile have advertisers and marketers wondering whether their content will continue to resonate in smaller mobile formats.
The jury is still out, as they say, but the question is a valid—and evergreen—one these days. (more…)
By Justin Grensing, Esq., MBA
There’s a certain feeling one gets when having a light bulb moment – a great idea that is so brilliant it absolutely must be acted upon. Similarly, a polished business strategy or project plan that is the result of hours and hours of consideration and mental exertion can be like a child one has groomed for success. But when that idea or plan gets shot down because it’s too risky or too expensive, or because your managers, customers or business partners simply don’t get it, it’s certainly a bubble-bursting moment.
Just as a great product or service is useless if it can’t be sold to the marketplace, a great idea is useless if it can’t be sold to the right stakeholders. What works for one executive won’t necessarily work for another; different leaders have different motivations, fears and triggers. Identifying those cues really requires knowing what type of executive you’re dealing with. (more…)
In a previous blog post, we discussed the difference between blue oceans and red oceans. As a very brief recap, red oceans are the “what is” of the industry; it’s what is being done. Blue oceans, by contrast, are an open frontier. They are the unknown. They are the space where companies create their own new markets.
The benefits of blue oceans are apparent. There’s no competition yet. You invented the market and are in many ways a monopolist. Given the benefits of blue oceans, every business would operate in them if they could; however, it’s not that easy. (more…)
I’m a big fan of EContent, a media outlet that focuses on content related to digital publishing, media and marketing. They have a number of very influential contributors* who write about trending topics, and useful strategies and tactics to help readers succeed in the online world.
It’s one of the many media outlets that I try to read as often as I can. Recently, when browsing through the topics on their homepage, I came across a piece by Theresa Cramer, the editor of EContent: Lessons From Serial: The Myth of the Shrinking Attention Span. I found it to be a very thought-provoking piece, and I was especially struck by one particular line in the piece: (more…)
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