September 26th 2008
If strategy is the long view of a negotiation, then tactics are its here-and-now. They are about the nitty-gritty of negotiation;they are about the actions that we take and the reactions that we have. For that reason, many of them are negotiation-specific. That is to say that they relate to the circumstances and rhythms of a particular negotiation — rather than to all negotiations. Continue Reading »
June 12th 2008
A variation of outdoor advertising would be your own signsand window displays. If you expect to attract traffic because of your store’s location, buy the biggest, boldest sign you can afford (and that the law will allow). If you have a window display, spend some real time and effort making it attractive and interesting. Don’t be afraid to make your window display a bit weird. You want to attract attention! Otherwise, why spend the extra money on that greatlocation?
Mailings. Among the least expensive ways (even in the daysof ever-increasing postal rates) of reaching your specific customer with a very specific message is the mail. You can buy lists of prospects broken out by almost any criterion you can imagine. It may seem farfetched, but you should be able to buy a list of all the single folks between the ages of twenty and forty, with above-average incomes, in the five closest zip codes to your business. Look for sellers of such lists in the Yellow Pages under “Mailing Lists.” Continue Reading »
June 12th 2008
My business plan should include how I intend to approach the complicated issue of advertising. The issues that should be addressed include:
It’s the rare business that can build beyond a meager beginning without advertising. At the very least, most businesses should have a presence in the Yellow Pages. At the other end of the spectrum, entertainment firms such as nightclubs or movie theaters have to spend a good portion of their start-up money getting out the word that they’re in town. Continue Reading »
May 26th 2008
The trade show is a method for businesses who have a common customer base to come together and share the expense of meeting those customers one-on-one in an environment controlled by the suppliers. These shows are produced by trade associations or private producers who charge businesses for space in the show.
Since this method of seeking sales is generally expensive and time consuming, it’s important that your participation generate the maximum results possible. After participating in over one hundred trade shows, I have certain well-learned lessons I’d like to share. Continue Reading »
February 12th 2008
For years, E*Trade was content with the small piece of the stock brokerage business it had carved out by being the lowest-cost trader on Wall Street, an achievement made possible by automation and the no-frills service it offered. For the most part, its sixty-five thousand customers were independent, cost-conscious people who were comfortable making their own investment decisions and pleased to be paying about $15 to $20 per trade, compared to the $65 or so charged by most brokerage houses.
But E*Trade’s complacency was shaken in the mid-nineties, when Charles Schwab launched a new division that offered trades at $29.95, encroaching dangerously on E*Trade’s bargain-basement strategy. The company responded by hiring a young, ambitious chief executive officer, Christos Cotsakos, who quickly took the company public and released a flood of advertisements designed to raise its profile. At the same time, E*Trade focused on making its Web site easy to access and, even more important, fun to navigate. Continue Reading »
January 14th 2008
Knox (2000) summarizes the potential rewards associated with successful branding.
Pickton and Broderick (2001) argue that commodity-type products such as metal tubing or screws, which in the past have been perceived as ‘non-branded‘, should be considered as branded through their packaging, labelling or logos.
Companies are creating brands through the consistent use of names, logos, a form of packaging, colours, shapes, typography, short descriptions or slogans. Branding can be provided through a variety of mechanisms, such as brand names, brand logos, trade names or trade marks.
A brand name is the part of a brand that can be spoken and which includes letters, numbers or symbols, such as Coca-Cola, VW, or Yahoo. This might be different from the legal name of the company; think, for example, of the use of initials such as AA or RAC, or numbers such as 7-Up or 3M, which have created enduring brands. Brand names can be reinforced through the use of a distinctive colour or typography. The classic example is the Coca-Cola brand name, which has a strong visual appeal and is recognized anywhere in the world through the design rather than the words. Coca-Cola is easily identifiable whether the name is written in English, Arabic, Russian or Chinese because the look is always the same. Continue Reading »
