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?
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…)
Customer relations is a crucial aspect of any business strategy. And for good reason. Amy Gallo of Harvard Business Review writes, “Depending on which study you believe, and what industry you’re in, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.” The importance of customer relations is especially true in the B2B context. Typically, B2B companies are working with a smaller pool of customers than B2C companies, and each customer, therefore, makes up a larger share of revenue.
McDonald’s doesn’t want to lose customers, but it’s a lot less painful for McDonald’s to lose a customer than for Boeing to lose one. Similarly, many businesses serve both consumers and businesses. Consider a rental car or hotel company. They obviously have many individual consumer customers, but they also serve large organizations, such as corporations with staff who travel regularly.
So how do you maintain those crucial strong relationships with B2B customers? Here are some tips. (more…)
A frequently quoted “formula” in the field of customer relations tells us: “expectations – reality = disappointment.” While this may seem simplistic, don’t relegate it to the ranks of witty sayings or bumper sticker slogans. There is a great deal of truth in this straightforward equation. Most business owners, managers and customer-facing employees have dealt with unhappy customers. It’s part of the job. But all too often, that customer frustration or disappointment can be avoided by properly managing expectations. (more…)
It simply can’t be overstated just how important networking is for business professionals. But, in an increasingly online world, the game has changed significantly from the days of handing out business cards at cocktail parties. Here we explore the concept of online business marketing. (more…)
We talk a lot about the value of online marketing and analytics for growing your business. These are crucial tools; however, it’s also important to keep in mind that business is also very personal. While outreach through the internet is certainly a must, knowing how to effectively network on a more personal level is critical. This is especially true for larger customers, business-to-business relationships and engaging with key influencers. The same is true for executives in larger organizations. As reported in Fast Company, “A recent study of 6,000 executives at 3,000 companies in the U.S. and Europe found that executives with 50% more professional contacts above the average, had a salary 3.5% or $15,000 higher than their less gregarious/friendly/sociable colleagues.”
So how can you network online, and off, in a way that’s designed to build value—and relationships? (more…)
By Linda Pophal
Have you ever turned down new business or said “no” to a potential new client? It may seem hard to believe (especially for very new businesses), but there are definitely times when saying “no” is the best thing to do. Doing so effectively, though, is a bit of an art, and it may take a while for you to determine the types of clients and projects that make the most sense for you to tackle—and those that simply don’t make sense. (more…)
Short answer: Yes!
Today’s media environment is far more complex, offering both benefits and challenges for marketers. The benefits are that they have many more options to choose from to allow them to more specifically, and narrowly, connect with their target audiences. That is, however, also the challenge. (more…)
I responded to a reporter’s inquiry recently about the traits of successful entrepreneurs. I love responding to questions like this because they cause me to be introspective and think about things that I believe have contributed to my own success–and that may be, potentially, helpful to others. As I look back on my career, and the launch of my business in 2008 (still going strong almost seven years later!), there are a few key points that come to mind. (more…)
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