Tag Archives: Strategic management

January 9, 2014 · 11:50 am

Mom and Pops

Before we get too far into the new year I wanted to write about something I saw over the holiday.  We have several very good local news sites here and there was a piece on one of them about local merchants and how they’re having difficulty competing both the online retailers and the national chains.  What was interesting to me was how almost every one of the merchants quoted focused almost entirely on price competition.  Many also mentioned “showrooming” – looking at goods in a store but buying the online where they’re usually less expensive.

The same day I read a report on a paper issued by Silverpop.  As MediaPost wrote:

Apple, Lexus and Amazon.com have transcended prices and features to create compelling and fulfilling customer experiences, says the report. They’ve embraced the customer revolution and are raising customer expectations for every other business.  A recent study reported that 83% of consumers are willing to spend more on a product or service if they feel a personal connection to the company. And one fifth said they would pay 50% more if they felt the company put the customer first, points out the study.

The paper talks a lot about how retailers can integrate data with the in-store experience and how that can then move across from the real world into the digital world.  You can read the specific suggestions in the piece.  For example, I wonder how many of the local guys quoted routinely gather email addresses in store and communicate in a way that helps them understand and reflect the customer’s needs and preferences?  I’ve had retailers ask for my email (and physical) address but inevitably they end up sending me a catalog, not something tailored to my buying interests.

The end of the MediaPost article states it nicely:

In 2014, marketers will have two choices, says the report they can keep running marketing for marketers, delivering generic promotional messages when the company has an offer it wants to push out, and focusing solely on driving customer transactions. Or, they can start running marketing for customers, delivering content uniquely tailored to each individual’s needs and expectations.

That’s how marketing has evolved over the last decade.  The big guys are learning it and the Mom and Pop retailers must if they are to survive.  It must be for customers, not for marketers.  Do you agree?

Enhanced by Zemanta

Leave a comment

Filed under Helpful Hints

Tagged as , , , , ,

January 6, 2014 · 10:56 am

No Success Without CES

The first big event of the new year is under way in Las Vegas.

Consumer Electronics Show

(Photo credit: Wikipedia)

It’s the annual CES which used to stand for Consumer Electronics Show but I’m told that since the show has gone way beyond consumer electronics it’s just CES.  As the Wall Street Journal wrote the show

grew up around devices like television sets and stereos sold by distributors and retailers…but it has continually morphed to add new classes of products and companies that don’t fit the classic consumer-electronics description.

“Huge” doesn’t begin to describe it.  125,000 or more people attend and hour-long waits for cabs are common while reservations at most of the better Vegas restaurants are rare.  After a few days, your feet hurt from walking the more than 1.92 million net square feet of exhibit space as does your head from the non-stop loud environment.

I used to love to go despite the drawbacks.  It was at CES I saw my first e-reader and was shown the first “connected” TV in a hush-hush meeting with one of the TV manufacturers.  While both those things are common now, they were brand spanking new business opportunities at the time and got us thinking about how we could grow our business, that of our partners, and enrich our mutual customers’ lives.  The “next big things” this year are supposed to focus on wearable, drivable and mobile-controllable technologies.  We’ll see how that all plays out.

You might be wondering why I raise this.  After all, while you might have a passing interest in CES, for the most part you and your business might have nothing at all to do with curved TV screens or wired cars or toasters that can send you a text.  Fair enough.  CES was always a chance to think out of the box.  What possibilities opened up based on what I was seeing at the show?  My point is this:  the start of the new year is a perfect time to take a step out of the routine and take a look around.  Search out a show or a conference or a meeting of your industry that will let you see something new.  Use what you see to think big thoughts.  After all, much of what is at CES was someone’s pipe dream or maybe even “impossible” not very long ago.

Even though I’m not at the show this year, I’ll read the reports and maybe even watch some of the live streaming taking place.  You can’t spell “success” without using “ces”.  This inquiring mind wants to know more.  Yours?

Enhanced by Zemanta

Leave a comment

Filed under Thinking Aloud, What's Going On

Tagged as , , , ,

December 27, 2013 · 11:01 am

Most Read Posts Of The Year – Foodie Edition

It’s Foodie Friday and since we’re reviewing the most read posts of the year I’m combining the two.  I’m also cheating a little.  The most read food-related post this year wasn’t written for our Friday Foodie Fun.  It was the post about finding a thumb tack in clam chowder.  This post, originally titled Recipes And Business, was actually written just before the Giants played in the Super Bowl in 2012 and was, in fact, the most-read foodie post this year.  Nice to know it has legs and it did way better than the Giants this year!  Enjoy.

Many of you will be cooking something for Sunday’s big game and so this Foodie Friday we’ll think a little bit about what recipes to follow.  Actually, it’s more about how one follows any recipe, and what that has in common with business.

An example recipe, printed from the Wikibooks ...

Image via Wikipedia

As I think you might know, my feeling about cooking is that it’s more like jazz while baking is more Baroque music– far more structured and precise.  Given that, the way I see recipes might differ from how you see them and how that perspective carries into business.  Let’s see.

A recipe is a guide, not an edict.  I look at them as outlines of the dish, but it’s up to me as the cook to insert the flavors I want to present.  For example, if I’m making chili for Sunday’s game, I know that most of the folks who will be at the party enjoy fairly hot food so I might change the spice mix accordingly.  Cooking veal cutlets for 20 can be expensive but turkey cutlets in the same recipe can be just as tasty.  With a vegan and a vegetarian as members of the household here, I often modify recipes to accommodate their eating styles too.  I have a sense of the destination and the recipe is the map, but there are often many routes to get to where I’m trying to go.

Business is the same.  There are some basic road maps – take in more than you spend, treat customers and employees well – but every business is different.  Sticking to the recipe isn’t always possible, and sometimes the road we wish to take is closed, but with a good understanding of fundamental techniques and enough knowledge of the building blocks (ingredients), one can cope with changing market conditions and take advantage of opportunities (I was going to make snapper but look at the fresh grouper on sale!) that might arise.

So as you’re whipping up that pot of gumbo, maybe try thickening it with okra instead of your usual file powder.  If you’re not having much luck using SEM for online commerce, maybe social media can be more efficient.  It’s jazz – learn to improvise – oh, and Go Big Blue!

Enhanced by Zemanta

1 Comment

Filed under food, Helpful Hints

Tagged as , , , , , , , , ,