You’ve no doubt heard the definition of insanity: “Doing the same thing over and over again, and expecting different results.”
It’s a common malady in the business world, and particularly evident these days during tough times. Companies know that the results they’re getting aren’t what they’d like to see and are not likely sustainable, yet they don’t quite know what to do about it. So they keep doing what they’ve always done in tough times – they (more…)
Does market share matter? It’s an old argument I had a number of years ago with an organization I worked for. They were very focused on market share. I didn’t think they needed to be. That focus, I felt, kept us from pursuing other marketing objectives that IMO would have been more meaningful.
Despite the fact that many large companies and brands do focus on market share, it doesn’t always matter.
A simple example will illustrate: (more…)
Group Of Multi-Ethnic People Social Networking
As content marketing has emerged as a top go-to tactic for marketers of all kinds in all industries, the challenge that many have been faced with is how to generate the massive amounts of content often required to feed the funnel. Even large organizations with internal staff dedicated to marketing and communications often find themselves turning to others for content creation.
That’s certainly a great thing for firms like ours, and we help a number of individuals and organizations create a variety of content. But there’s another great source of content that can be leveraged in big and small ways to help feed the demand for content: (more…)
I do a lot of presentations (and since the pandemic emerged, webinars) on marketing-related topics. When I do, I try to provide as much practical and useful advice as I can. I don’t worry about “giving away my secrets” for a couple of reasons:
They often need to call upon others—agencies or freelancers—to help them out. (more…)
I saw a very interesting question in an online group I monitor recently: “Is it ever a good idea to give your work away?”
In this case, the question was related to consulting services but the question could just as easily apply to companies selling tangible products. And, perhaps, it is in comparing the two ─ services and tangible products ─ that this answer can make the most sense: “Yes, there are definitely times when giving your work─or your products─away can be a good idea!”
But when?
Vinyl records. Audiotapes. Typewriters. Carbon paper. That white stuff that Mike Nesmith’s mom invented that we used to use to correct typing errors. Rotary phones. The Post Office (well, not yet…). Look back over the past 10, 20 or 50 years, and you’ll find countless examples of products and services that simply no longer exist — or that have morphed into something else. Products and services that, for whatever reasons, have become obsolete.
We tend to think primarily of obsolescence being driven by technology, and that certainly is common these days. But obsolescence can occur due to non-technology-related impacts as well. (more…)
Over the past several years, a growing number of wineries, microbreweries, and distilleries have been springing up across the Chippewa Valley where we’re based. It’s a trend that is mirrored in other states around the country, as entrepreneurs seek to address a growing market not simply for alcoholic beverages but for local destination experiences.
Consumers have long been able to buy wine, beer, or spirits at local liquor stores with no discernable lack of brand options available at varying price points. Why, then, are these relatively small players having such a big impact on the economy?
Marketers often speak of the “customer journey.” It’s a concept that describes the various decisions customer make and the interactions they have with a company from the point where they’ve identified a need until the point when they make a purchase—and beyond. A customer journey map is important because it helps marketers visually depict the customer journey and identify areas that may represent barriers or risks of loss. It provides a documented, explicit vision of how customers will interact with your company and is a good tool for sharing with employees to help them understand the journey and the role that they play in engaging and retaining customers. (more…)
It’s hard to believe that another year is drawing to an end. I can still vividly remember the countdown to Y2K and the anxiety so many were feeling as they wondered what a new century would mean in terms of digital disruption. The year 2000 came in with more of a whisper than a bang but, since that time, much has changed in terms of the ways technology continues to impact our personal and professional lives.by Justin Grensing, Esq., MBA
Where to price products and services is a key part of any business’s marketing and finance strategies. Economic theory includes multiple strategies for pricing, depending on broader business goals. For example, a company looking to maximize profit will try to set its marginal revenue—the revenue received from one additional unit of sale—equal to marginal cost (the cost associated with one additional unit of sale). A company trying to maximize sales will focus on average costs and revenue. The point where they meet is the sales maximizing point.
Of course, these are economic theories, and how these strategies play out in the real world is anything but certain.
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