Category: Business Development

How do you recognise the next big thing?

Can you get better at spotting the most promising opportunities? How does anyone know it when they see it?

If you’re like most people, throughout your life a few great opportunities will land on your doorstep. And again, if you’re like most people, you’ll ignore these rare opportunities because you won’t recognise them as great chances for success.

Don’t feel bad; even people in the opportunity recognition business – including prominent venture capitalists – miss out on great opportunities. Everybody misses a few, no one gets them all.

How to make more sales on your eCommerce website

According to a recent study, retailers are losing more than 45% of potential buyers due to inefficiencies in their website and operations.

Here are 10 points to consider when evaluating your current or future eCommerce website:

1. Pricing

The Internet allows shoppers to quickly compare prices. If you are in a competitive market, you need to make sure there is a good reason for your customer to visit and then stay on your website.

Adapt to changes better than your competitors

Recently, researchers asked a group of high school students how they most often use email. Their responses? “To communicate with old people.”

And therein lies one of the most daunting challenges facing today’s companies – the need to reinvent their entire business model rather than just a new product or service.

After all, there’s no point in coming out with a newer and better product/service when people no longer use it. Anyone operating an email-based business might as well get in line right behind the post office because extinction is already knocking on the door, and it won’t take “go away” for an answer.

Don’t confuse your customers by offering unnecessary choices.

Do you want to drink a venti double mocha skinny chai latte? Do you even know what that is? I don’t. We found in a customer survey that 70% of shoppers were also confused by the choices (and their obscure names) on store’s café menu.

Resisting the urge to add customer choice allows shoppers to enjoy more time savouring their coffee and less time “playing coffee Cluedo”. While there may be some customers who want the complicated drink names, (it’s not that important to them) the majority would prefer simplicity.

A recent research shows that less choice more often than not leads to a lower effort service experience. When customers are faced with outcomes for a service experience, 84% chose something other than choice, a low-effort experience.

Salespeople’s performance has a significant influence on customer satisfaction

Demanding customers, fierce competition, breathtaking technological innovation, etc. These are the realities of today’s global marketplace; realities that have changed forever the way we do business, especially the way we sell.

Gone are the days when salespeople could rely on charming small-talk and aggressive closing techniques alone to generate business.

Many traditional selling approaches regard selling as something the seller does to the buyer. They sell them something. The result of this attitude to sales is that many salespeople adapt a manipulative, almost coercive style of selling.

Consistency is one of the keys to success

The importance of consistency in business seems so basic as to not need discussion. Yet many companies, especially smaller ones, operate in a day-by-day, case-by-case fashion that is disorganised, undisciplined and certainly inefficient.

The frenetic, never-enough people/time/money reality of small business can make us feel like we’re chasing it down rather than leading it along, but if we get in front of it with consistent standards and practices (ideally working hand-in-hand with a strong set of values), every aspect of the business benefits.

The influence of packaging on consumer purchase decision process

Packaging plays an important role as a medium in the marketing mix, in promotion campaigns, as a pricing criterion, in defining the character of new products, as a setter of trends and as an instrument to create brand identity and shelf impact in all product groups.

The findings of our recent survey about this subject present new arguments and evidence confirming a central conviction held by the packaging industry: that the shopper appreciates and in fact explicitly wants to receive stimulation for the buying decision he is making when standing in front of the supermarket shelf, often even preferring this to other forms of communication. He is keen to be informed and inspired, tempted and pampered by surprising and persuasive functions, emotions and sensual impressions.

Is your slogan achieving the intended effect?

Brand names, logos, and slogans are integral parts of any company’s marketing message. All have the same aim: to make consumers react positively to a product or a business. Our research shows, however, that many slogans backfire—for example, causing consumers to spend money when they’re told they can save, or vice versa.

In five studies of several hundred undergraduates each, in which computers were used to simulate shopping behaviour, we found that consumers typically follow the prompt of a brand name or a logo.

How to make your business presentation interesting

According to a recent study, 58% of business presentations are deemed to be too long, uninteresting and lacking relevant information.

Here are 21 ways to make certain that your presentations hold your audience’s interest and help them make the decision you want them to make.

Preparation

Build a story. Presentations are boring when they present scads of information without any context or meaning. Instead, tell a story, with the audience as the main characters (and, specifically, the heroes).
Keep it relevant. Audiences only pay attention to stories and ideas that are immediately relevant. Consider what decision you want them to make, then build an appropriate case.

Is it time to rebrand your business?

Is it time to rebrand your business In today’s image-conscious society, everything is judged first by how it looks. Rebranding has become the “cure du jour” for everything from sluggish sales to increased competition and outdated products. So how well do these makeovers work?

It depends. There are times when rebranding is crucial, and times when it’s nothing short of perilous. Remember, branding should be a reflection of your company, not just a projection of what you want it to be. You must ensure that the customer experience equals the expectation, or no amount of image revamping will work, at least in the long run. Before you rebrand, there really does need to be something different about your business, product or service; unless, of course, your image never accurately reflected your company to begin with.

How to make a difference online as a small business

How to make a difference online as a small business So you want your website to make you look big. More power to you. But the business experts I talked to recently say small is cool with customers, too.

Small businesses, they say, have a personality, flavour and sensibility that big businesses can’t match. And when it comes to what you put on your website, they urge: Don’t be afraid to tout your smallness. Small businesses can have more fun with their sites. A small-business site needs to include something that reflects the creativity and personality of its owner.

Stand out from the start

These days it is rare to find a business niche that is not already over saturated, however you don’t need to come up with a new concept to be different. Little tweaks here and there can make you stand out from the crowd and give you a great chance to be successful from the first day.

Shout about your USP (unique selling point) from day one

This may sound obvious but all too often I see and hear about new businesses starting up and unless I really delve into their website I don’t actually know what makes them different, what sets them apart from the competition. Use all your PR channels to shout from the roof tops about your USP(s).