We have talked about ”competitive advantage” here before, but it’s been awhile and it’s an important concept that bears repeating. Jaynie Smith is a consultant, best-selling author, and keynote speaker. She is also CEO of her company, Smart Advantage, Inc. I heard her speak about competitive advantage before a group of a dozen or so
According to Adam Smith, credited with being the Father of Modern Economics, “If you continue to operate in your own self-interest, you will do the best good for society.” That sentiment was echoed by American economist and free market champion, Milton Friedman, who said, “There is only one social responsibility of business – to use
Good marketing is probably more art than science. It’s the art of building relationships. It’s moving prospects along a continuum that begins at “Never heard of ya,” and ends at “Where do I sign?” The trick is, knowing where along that line a prospect is so that our marketing communication is both appropriate and effective.
We’ve talked here previously about change (see https://rocksolidbizdevelopment.com/ourblog/if-there-is-no-change-theres-no-need-to-manage/) . . . about the inevitability of it and about the need to adapt to it. But since our previous talk about change, guess what’s happened! Yep, everything has changed . . . our markets, our competitors, our banking relationships, our people, the technologies we use .
It’s easy to get a little lax about taking care of your car. That is, you get in, it starts right up, and then you’re zipping down the road. No worries, right? But then, warning lights start appearing on the dashboard or the brakes start to squeak, and you realize you haven’t had it serviced
It’s always been tough to differentiate ourselves in the marketplace, to give customers reasons they should do business with us instead of our competitors. And now thanks to the internet, it’s gotten even tougher. At one time, there was some mystery, some mystique about what we did and how we did it. No more. People
Let’s be clear. Doing things right is all about being efficient. Doing the right things is about being effective. So it isn’t an either/or situation, is it? We want both, don’t we? We want to do the right things and do them right. After all, why would we want to be very efficient at doing
Price is an Evil Mistress Setting our price is a conundrum, isn’t it? If we set our price too high, customers go elsewhere. If we set it too low, we leave money on the table. So it’s a tough line to walk, but we all have to walk it. Wait a minute though, is price
Last time, we talked about the importance of knowing profitability by customer, but what about the products and/or services you sell? Do you know which lines of business are the most profitable and which are the least? You may think you know where your profits are coming from, but do you really? Are you sure?
Do you know which of your customers are profitable for you and which are not? Yeah, if you look for them, you’ll probably find a few (hopefully only a few) that really aren’t contributing anything to your bottom line. So how do you identify them? And once you identify them, what can you do about