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Price isn’t everything when it comes to customer loyalty. Here’s how to avoid a price war and connect with customers. Evidence shows that when companies engage in a price war, it can be bad for customers, companies, and eventually, the entire industry. Experts from Harvard Business Review argue that in a price war, there are no winners. The airline industry is a perfect example: In an effort to compete in the early 90s, airlines slashed prices, which led to record volumes of air travel—and record losses. Air travel continues to rank among the worst-rated customer experiences today.
Establishing a brand strategy helps small businesses reach their goals. Building a successful brand strategy takes time, consideration, and deep knowledge of the marketplace. However, first-time entrepreneurs may have difficulty getting started. Here are five vital steps for building a successful brand strategy. Explore your target customers’ preferences. A...
Keep these important considerations in mind when choosing a retirement plan for your small business. Many businesses may think they are too small to offer a retirement plan or that they won't be able to afford it. However, most employees nowadays expect retirement plans as part of their benefits packages.
Everyone needs help at some point in their professional careers. Here’s how to ask for help — and get it. At some point, every business owner confronts a challenge that they don’t know how to handle on their own. Whether you’re starting a new venture, expanding into a new market, or hiring your first manager, there will be a moment when you need to ask for help. Even Steve Jobs had a leg up when he first started his career.
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A systematic approach to taking a risk as an entrepreneur can lead to big payoffs. Here's how a bit of cautious optimism can help you succeed. Starting a new business, changing your marketing strategy, and hiring employees all have potential risks. Merely becoming an entrepreneur is a gamble, although the level taken among business owners varies. Some studies even suggest that risk-taking is an entrepreneurial trait. However, avoiding all risks can hinder your growth, and placing the wrong bets can result in catastrophic failures.
Family, friends, and other loved ones can be a lifeline of support for entrepreneurs, especially during uncertain times. Family and friends are our single biggest support network in life and, sometimes, in business. Community and family support often help business owners maintain their excitement and passion for the future amidst an uncertain economy and business environment.
Perform a competitive analysis to understand not only where your business stands, but where the market is headed next. At times when consumers are keeping a close eye on their discretionary spending, it’s useful to do a competitive analysis to see how you stack up in the market. A competitive analysis can help you refine your marketing, confirm your product pricing, and build brand loyalty with your customers. Here’s how to perform a competitive analysis to see how your business stacks up.
Workplaces, roles, and customer expectations are evolving. Here’s what to expect in 2023. It’s never too soon to start thinking about what’s coming next. The way we work has changed radically over the last few years, and in ways few could have predicted. Are these changes here to stay, or will we see some new work and business trends crop up in 2023? Here are some predictions some experts are making for next year.
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Leaders share their best practices for creating an effective diversity strategy. Three strategies critical to crafting a diversity strategy that drives real results:. “Build a knowledge base about employees’ concerns so you know where to make improvements,” said Sheri Crosby Wheeler, Global Vice President of Diversity, Equity, and Inclusion at design company Fossil Group.
Are you looking for ways to retain your employees but can’t afford to give them a pay raise? Here are five other benefits you can consider. As a small business owner, you want to find ways to keep your employees happy but may not be in a financial position to give them raises. Fortunately, there are other ways to keep your employees engaged. Here are five ideas to try.
Executives from major brands share their best advice and the moves they’ve found foundational to success. Three tips for entrepreneurs on moves that foster success:. Know that cultivating business contacts early in one’s career can turn out to be helpful down the road — even if they may not appear so at first.
Want to oversee operations without being stuck behind a desk? Discover technologies that turn any internet-enabled device into a mobile office. Technology enables entrepreneurs to oversee day-to-day operations and communicate from anywhere with an internet connection. Indeed, “93% of small businesses are using at least one technology platform,” according to the Chamber Technology Engagement Center (C_TEC). With cloud computing, you don’t have to wait until you get back to the office to handle an issue or double-check the numbers. Instead, you can access business-critical information on the spot.
Illustrator-turned-entrepreneur Nicole Alesi shares how she founded Nicole Marie Paperie and the lessons she’s learned from entrepreneurship. Aspiring entrepreneurs may hesitate to start their businesses for many reasons, including a perceived lack of capital. Though entrepreneurship is an investment, it doesn’t have to be a significant financial output up front, according to illustrator and business owner Nicole Alesi.
Choosing the wrong business name can limit your growth and prevent you from connecting with your customers. Learn the eight traits of a great business name. When you’re starting a business, your company’s name is one of the foundational elements. A great business name will stand out to potential customers and help you build a strong brand identity. Here are eight traits to keep in mind if you’re trying to name your business.
Nespresso Is Delving Into Digital Technology to Find Out — and Deliver — What Its Best Customers Want
The coffee brand’s VP of Marketing for its U.S. business explains how data intelligence is revealing what its devotees care most about. Three ways the pandemic changed how Nespresso targets consumers in its biggest growth market — the U.S.:. For consumer brands, the pandemic accentuated the importance of...
The number of women-owned businesses continues to grow. Here are some of the best-known names in female-founded companies. According to the National Association of Women Business Owners, more than 11.6 million firms are owned by women and employ nearly 9 million people in the United States. These numbers are no small feat when you consider that just 50 years ago, there were only around 400,000 women-owned businesses in the country.
Want to exchange ideas with small business owners or accelerate your startup with expert advice? Join a networking group on LinkedIn. You're constantly evolving as an entrepreneur, learning new ways to improve your business and grow. Much of this is a solo journey unless you have a mentor or business partner, but LinkedIn groups can connect you to other entrepreneurs and experts. These communities invite members to ask questions, give tips, and interact with others.
Score your competitors by stepping into a customer’s shoes to get an objective look at their products, positioning, pricing, and more. When you conduct a competitive analysis, you’ll need to spend time identifying your competitor’s strengths and weaknesses. On the surface, this seems like a relatively straightforward task. However, there are many facets of each merchant that you could evaluate. How do you approach assessing your competitors’ strengths and weaknesses?
Avoid using corporate speak and focus on the audience to present your next pitch like a pro. As an entrepreneur, you’ve probably put a lot of time and effort into honing your idea, building a business plan, and working on an elevator pitch. When the time comes to approach investors, you’ve thought of every detail. The last piece of the puzzle is your delivery. Can you convey the excitement, passion, and energy you’ve put into this idea?
A well designed survey can only take you so far. It’s getting your customers to complete the survey that’s often the real challenge. It’s important to occasionally check the pulse of your customer satisfaction rating. Regularly taking stock of ways your business can improve, as well as the things your loyal customers love about your business, can boost morale and help you stay competitive. And, if you don’t ask your customers for feedback privately, you could risk someone posting their complaints publicly.