Tag Archives: Thing
[unable to retrieve full-text content]They both wanted to be first. But only one of them could be.
[unable to retrieve full-text content]The 737 Max only represents a small percentage of flights in the United States. But grounding them affects a lot more.
This is a story about a smaller restaurant chain trolling McDonald’s, Burger King, and other giants of the business. And it’s kind of brilliant. Before the details, a quick explanation.
The fast food industry is a smart and fun one to follow no matter what business you’re in, and for two big reasons.
First, there’s the pure scale. Make a menu change at McDonald’s for example, and you’re upending the routines of hundreds of thousands of hungry Americans. You can learn a lot just by watching how they develop and test new products.
But second, there’s the marketing.
Think of McDonald’s, which spends $ 2 billion a year on marketing and ads. That’s half the entire value of its much smaller competitor, Wendy’s. It’s an incredible chance just to unpack what they do, and figure out why they think that various ideas will work.
Which brings us to some shoot-the-moon marketing campaigns that can actually turn the big chains’ efforts on their heads.
The only catch? You had to place the order from a McDonald’s restaurant. (Technically, just being within 600 feet was close enough to trigger the offer.)
Of course, Burger King isn’t small; just smaller than McDonald’s. But it shows how if you’re creative, you can use a competitor’s strength–in that case the fact that there are roughly twice as many McDonald’s in the U.S. than there are Burger King locations–to your advantage.
But what if you don’t have 1.7 million Twitter followers and a full time social media marketing operation, like Burger King, to get word of your deal out.?
What if you don’t even have a mobile app (or a burning desire to get people to download your app, which is what the Burger King promotion and so many others these days are all about)?
Ladies and gentlemen, I give you: Smoothie King.
Again: not exactly tiny, although very small compared to McDonald’s and Burger King. Smoothie King has close to 800 stores, heavily concentrated in warmer weather parts of the country.
It’s privately held, and even if you’ve never tried it, you might recognize the name from the $ 40 million naming deal it has for the NBA New Orleans Pelicans home arena (“Smoothie King Center“).
Now, like its bigger competitors, Smoothie King also has a rewards app, and it’s launched a contest to try to incentivize people to download and use it. (The “Change-a-Meal Challenge.”)
But what attracted me to this whole thing is how Smoothie King is kicking off its promotion: By letting you use any coupon from any other fast food restaurant — McDonald’s or Burger King included — at Smoothie King.
It’s good for only one day, New Year’s Eve, and regardless of the competitor’s coupon’s value, it gets you $ 2 off a smoothie at Smoothie King on December 31.
And in truth, I don’t know how many people would take advantage of it. But that doesn’t really matter in a way; what matters in this social media age is whether you can find a truthful, fun way to troll your competitors and turn their strengths to your advangage.
As a marketing strategy, I think it’s brilliant.
As for the Smoothies, well, I don’t know. I’m writing this from New Hampshire, and it looks like the nearest Smoothie King would be a three hour drive away. You’ll have to let me know in the comments.
If you are a business leader who believes that mindset is a critical part of your success, you probably listen to motivational lectures, attend seminars and read mindset books. While these activities contribute to cultivating a positive mindset, the one thing almost everyone overlooks in working with their mind is how they perceive their results.
The most common mistake entrepreneurs make is to only focus on what is working. They visualize an outcome and when it comes to fruition, they pat themselves on the back for a job well done. Then, when they do not get the desired result they do not know how to use that outcome to their benefit to grow.
Some dismiss the bad outcome as a fluke or bad timing and move on to work harder until they get what they want. Others beat themselves up for not doing it right and they feel they are flawed and search for some broken part of themselves to heal so they can control a positive result.
Instead of blaming yourself or moving on too quickly, stop and examine the results you are getting to understand yourself in a deeper way. There is gold in the result and here is why. Most of what drives your thinking and action is unconscious, the result reveals something very important about the intention you are putting into your business activities.
Here are some simple questions to ask yourself when you are triggered by a poor result to gain insight into what is happening in your mind and how you can turn it around.
What is the feeling that is triggered when I think of this result?
Are you feeling an intense emotion such as fear, anger, or desperation? If so, this is the energy you are unconsciously carrying as you do your business activities. You may be trying to think positive, but the true intention is to get a result to suppress deep feelings of fear or desperation. If I make this sale or get this deal, I will feel more secure. Your reaction to the result reveals your true intention — to feel secure.
Why does getting this result trigger this emotion?
Examine your thinking and listen to the stories your mind spins about the result. Many people hear stories about how they are not good enough, how they will look bad to others and realize how much emotional security is tied up in this result. Look at what you are attached to and how you take this result way too personally, when it is just business.
How can I act with non-attachment to results whether they are good or bad?
Here is some eastern wisdom that has made such a difference in how I do business. There will always be results in business, good and bad, and you cannot consciously control the results. I used to think that if I thought positive I would get better results, all I had to do is control my mind and I could always get good results. This philosophy is flawed because it keeps you on a rollercoaster of riding high when you think things are good and feeling low when you think things are bad. To top this off, there is really no way to know for sure if something is good or bad in the long run.
Put Your Intention in the Action Not the Result
Here is the key that will free your mind. Put all of your intention in the action regardless of the result. You are going to get the result anyway, but if you focus on your action – doing the things that you feel in your heart are good for the business and aligned with your mission — you will always feel successful.
When I took my golf lessons I had a habit of following the swing with my eyes and looking up to see where the ball was going. I was so concerned about the end result that I was not paying attention to my form. The instructor told me to keep my head down and focus on the to spot where the ball is even after I took my swing. When I kept my head down and trusted my body to make the right move, my golf swing improved tremendously.
In business, keeping your head down is akin to focusing on your mission. As long as you focus on doing what you love and your mission, you won’t be triggered by the ups and downs of good or bad results. Like I said earlier, the results are the gold in that they show you were your mind is caught up in fear and insecurity. They are great teachers but not an indication of your destiny.
The business of e-commerce is booming. And considering how easy it is to build a website, starting an online business has become very competitive. Right from identifying a product with the right target audience, then analyzing its potential, and making a strategic business plan, it involves making many decisions.
A recent report on e-commerce trends revealed more about the growth of e-commerce sales, and insights into the behavior of online shoppers, including:
- E-commerce is growing at a rate of 23 percent every year. Still, 46 percent of small businesses in America do not have a website
51 percent of Americans shop online, while 49 percent prefer to shop at physical stores
Online orders increased 8.9 percent in the third quarter of 2016, while the average order value increased only 0.2 percent.
Of all online shoppers, only 23 percent are swayed by social media references.
Do you notice anything here? Although online sales are increasing, there are many people who still rely on offline shopping. And of those who do shop online, very few are influenced by social media.
So what does it take to convert your website into a highly profitable e-commerce business?
There is no denying the fact that starting an e-commerce business is easy. But scaling up, and making it more profitable than your competitors can be difficult. Here’s a multiple choice question: What do you think is needed to set up a highly profitable e-commerce store?
Directing more traffic to your site,
Improving your conversion rate,
Increasing customer loyalty.
An effective growth strategy actually includes all three of these. And so, that one thing you need to build a more profitable e-commerce business is an effective growth strategy. Let’s take a closer look.
Increase traffic to your website to get noticed.
In the ever-growing space of e-commerce, it can be difficult to get noticed. But there are a number of ways organic traffic techniques that can help drive traffic to your website, including:
Search engine optimization (SEO) – increase your ranking in search engines like Google for more visibility.
Social media marketing – post on Instagram, Facebook, and Twitter, and create YouTube tutorials to reach a wider audience.
Email marketing – drive traffic to your website with email newsletters to keep your subscribers informed about new products and promotions.
Another option is paid ads, which may include:
- Buying ads on Facebook
- Marketing with influencers
- Advertising on Instagram
Improve the conversion rate of your website to increase sales.
If you’ve used the above two techniques effectively, your conversion rate will automatically improve. However, there are some other easy things that you need to take care of in order to increase your e-commerce conversion rate, like:
Make your website mobile friendly and ensuring minimal loading time.
Stop making assumptions about your customer’s needs. Instead use A/B testing to know what they actually need.
Use high quality product images to attract more and more customers to convert them.
Build a user-friendly interface which should include an easy checkout and navigation system.
Use customer retention tools to boost your customer loyalty.
Building a positive user experience isn’t enough. You also need to retain your customers. Acquiring new customers is always a priority for brands. And yes, it is important. But can you afford to lose your existing customer base? No, right?
So once you have customers who have shopped on your website, concentrate on retaining them. No matter how awesome your product or service is, it is your job to make sure your customers are happy and satisfied so that they continue to choose you over your competitors.
A few customer retention strategies that can work for your e-commerce business include:
Introduce loyalty programs and give reward points for repeated sales.
Offer support systems to resolve customer issues and handle their grievances.
Use a customer relationship management (CRM) tool to keep a track of the entire journey of your customers.
An effective growth strategy is key to building a more profitable e-commerce business. In addition to the three main components above, you should keep a track of your performance data to help you make improvements when needed.
Voice actors in the video game industry may go on strike if the union and the industry can’t negotiate new contracts.