Dodo Loves Marketing

Jack Welch argues, ‘When the rate of change inside the business is exceeded by the rate of change outside the company, the end is near:

Today’s markets can evolve incredibly quickly. New ideas and structures, standards and expectations can spread in a way that was previously reserved for fads and fashions. Speed is driven by the connectivity of people through technology, the rise of non-locational communities and the constant desire of consumers to have the latest, best, coolest, smallest, fastest devices. ..more

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These structural and behavioural changes fundamentally reshape markets, making profitable ones unprofitable, requiring new ways to approach existing ones, and opening up completely new spaces to compete. Indeed, it is useful to draw an illustrative map of your extended ‘market space’, your existing and adjacent markets, adjacent in terms of both business capabilities and customer applications. ..more

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Market and technological convergence, the irrelevance of physical boundaries, the changing needs of consumers and retailers, and competitors emerging from previously unrelated markets have created complexity in every sector. ..more

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Complex markets, intense competition, expectant customers and demanding shareholders require more intelligent marketing. To see the emerging form of markets and how they can be shaped, to target the best opportunities before others, to beat competitors in smarter ways than price discounting, to innovate more radically in new directions, to build brands like nobody else, to engage with customers in ways they have never thought possible, and to deliver returns to shareholders that would make analysts jump requires a new and different approach. ..more

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If you do not have any particular talents, or you discover that your talent is not of a sufficient calibre to exploit professionally, then you may be able to use your specialist knowledge and experience in your home-based business. Do you have any specialist knowledge? If you can answer ‘yes’ to any of the following questions you could have the basis for a home-based business. ..more

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Working creatively with wrought iron could be a means to starting a lucrative home-based business in your area. Projects could include: table and chairs; fire screens; wall-mounted pot-plant holders; brackets; candlesticks; name- signs for business premises and private homes; lanterns; door knockers; gates and gardenware; wind vanes; boot scrapers; toasting forks; magazine racks, and lamps. You could also accept commissions for larger items. Designs may be simple or you could specialize in fancy scroll work. ..more

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Now to sell to a shop

Make a list of all the shops that would be likely to stock your product. Because you’ve done your market research, you should be able to accurately pin point who to go to. The range of areas you sell in can be quite wide. ..more

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If your product is easily and inexpensively produced, supplying a retail shop can be a very good option. ..more

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Ulm secret of happiness is not in doing what one likes, but in liking what one has to do.

So! You’ve decided to quit your job, or you’ve been retrenched or you’ve retired and now you’re going to work from home. ..more

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Test your range

No large manufacturer of consumer goods ever invests in a product without testing it first. You must do the same. Show it around. Compare it to products already available. Get feedback from people whose opinions you trust. ..more

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Just to whet your appetite here are a few of the vast number of craft choices and possibilities: ..more

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This differs from the weekend, outdoor, craft market in that it is an indoor shop that is basically a co-op for crafts and is open all week. These markets are becoming very popular. For crafters, it means that their work is constantly on display. Likewise, the consumer is delighted to have easy access to exclusive and unusual handmade articles. These markets are becoming increasingly popular particularly with tourists. ..more

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CEO at a subsidiary of a South American conglomerate was promoted to another position, leaving six top managers vying to succeed him. The six fell into a competition that undermined their unity as a management team. The conglomerate called in a consultant to sort out the strengths and weaknesses of the six and thus help them come to a decision. ..more

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Focus on trivial issues

Sometimes the owner becomes so engrossed in tiny details or an irrelevant issue, that important issues are ignored or glossed-over. For example, the owner may spend days reading through computer magazines simply to choose a personal computer. The problem often occurs when the business is experiencing some kind of difficulty and the owner finds it uncomfortable to think about the difficult problems and resorts to solving a few easy ones. It is a way of escaping from troubling concerns while at the same time feeling that useful work is being done. ..more

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One way to keep focused on finding things that really sell stuff is to make conversion rates one of the key measurements that you track. Retailers do this by counting how many of the people who come into the store actually buy something. The fast-food business measures incidence, or the number of high-profit side items such as fries and drinks, that it sells along with the low- profit burgers and chicken. ..more

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One big lesson that everybody should learn from Starbucks is that, even though consumers have to understand your product if you want them to buy it, sometimes consumers can understand a product too well. By that I mean, sometimes people will fix a product in their minds as being for Purpose A, and then you have to work real hard to get them to see that it can also serve Purpose B and C. But the rewards can be enormous. ..more

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When a market is in turmoil, it’s particularly important to have good, clear profit and loss statements. That’s because you are going to have to decide at some point whether the market is suffering temporary problems or if it is going into a long-term decline and that you should get out. When a market, or an economy, goes into a tailspin, the first thing you should do is resist the temptation to cut spending. Not only should you keep spending in times of turmoil in order to keep from losing customers, but you should also realize that times of turmoil are great growth opportunities. ..more

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Sure, you have to have manufacturing, distribution, and a sales force. But in the end, it really doesn’t matter how well you distribute your product, how efficiently you manufacture it, or

“You can have the most modern fleet of airplanes properly outfitted with the latest seats, but you only make money if you put butts in those seats.”

Even how good your salespeople are at cutting deals if nobody wants to buy your product. A car company can be the most efficient manufacturer of automobiles, but it will only make money when the automobiles are sold. Think about it: where are the DeLorean cars these days? ..more

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How should we reach out to the people on the committee?

Your goal in dealing with the committee is not to walk in unprepared, but rather to do the necessary work up-front to reach out to all the members of the group before your meeting. This may mean a long series of phone calls, e-mails, and even face-to-face meetings before your committee presentation. Only you can determine whether this investment of time and effort is worth it. However, in deals that carry high price tags, it is quite common for a committee to deliver the final recommendation, and it may well be worth identifying the key players and discussing their priorities ahead of time. ..more

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It is quite common for our request for a Next Step to meet with the following response: “Let me bounce this off the so- and-so committee (or: such-and-such a work group) and see what they have to say about it.”

Or:

“I’ll have to run this past the committee—they make all the decisions in this area.”

Or:

“It looks good—we just need to get approval from the committee, but don’t worry, that’s just a formality.” ..more

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