services

Market Assessment Series: Part 3 | Extraordinary Business

Question 3: How well do our services fit in the market? Is it possible to create a new market for our services?

 
Services fitting into market
In this third part of our market assessment series, we’ll talk about the importance of a company’s products or services “fitting” in the new market. Will Caldwell, founder and CEO Dizzle explained on Entrepreneur Magazine that it is a challenging and time consuming process that requires businesses to get a deep understanding of their target market.
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If You Aren’t Catching Anything – Perhaps You are Fishing in the Wrong Pond | Extraordinary Business

Business Development – ensuring that you are approaching the right target

wrong-customer

 

I remember going to the department store as a younger man. While walking through the appliance area, it was almost inevitable that a sales person would approach me and say, “May I help you pick out a refrigerator?” I would think to myself, “Why would a need a refrigerator? Especially the $2,000 refrigerators they would want me to purchase?” I was not their customer. Perhaps someone that looked just like me at the time, but not me.

As you know, that isn’t an uncommon scenario; many times, people in your target markets aren’t going to be ready to purchase what you are selling when you are ready to sell to them. So if we know who our customer is and how to communicate with them, the next thing we need to work on is narrowing that list down to those who will have need for our services. As opposed to those who have immediate need for our services.

Think about some of the travel companies. They know that most of the time, most people aren’t going to be ready to take a vacation right now. Yet, they offer flash sales and discounts almost all of the time. What they are actually doing, if you think about it, is solidifying in your mind that they are the company to go to when you are ready and that you will more than likely be able to find some discounts on where you are going.

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If You Aren't Catching Anything – Perhaps You are Fishing in the Wrong Pond | Extraordinary Business

Business Development – ensuring that you are approaching the right target

wrong-customer
 
I remember going to the department store as a younger man. While walking through the appliance area, it was almost inevitable that a sales person would approach me and say, “May I help you pick out a refrigerator?” I would think to myself, “Why would a need a refrigerator? Especially the $2,000 refrigerators they would want me to purchase?” I was not their customer. Perhaps someone that looked just like me at the time, but not me.
As you know, that isn’t an uncommon scenario; many times, people in your target markets aren’t going to be ready to purchase what you are selling when you are ready to sell to them. So if we know who our customer is and how to communicate with them, the next thing we need to work on is narrowing that list down to those who will have need for our services. As opposed to those who have immediate need for our services.
Think about some of the travel companies. They know that most of the time, most people aren’t going to be ready to take a vacation right now. Yet, they offer flash sales and discounts almost all of the time. What they are actually doing, if you think about it, is solidifying in your mind that they are the company to go to when you are ready and that you will more than likely be able to find some discounts on where you are going.
 [···]

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Outsourcing–Setting Expectations | Extraordinary Business

How to make sure that you are getting the value you want out of your outsourcing partner.

Successful outsourcingThe goal of outsourcing is to take have someone or some firm take over the responsibility of some activity or activities in your firm.  This could be anything from manufacturing to product design to bookkeeping, marketing, etc.. As a result of outsourcing, your firm should be able to state some gains such as:

  • Lower startup costs
  • Lower manufacturing costs
  • Greater efficiency
  • Higher quality of work
  • Greater capacity
  • etc.

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Bad Mojo | Extraordinary Business

I have had a hosting provider for a number of years (Aplus.net, now a Deluxe Company) who had been highly recommended as one of the best website hosting providers according to C|Net.com.  While the service initially was fine, over time the company was purchased and repurchased, servers were upgraded and I, of course, upgraded my website several times.  After several years, I began to notice changes – the website wasn’t as stable as it once had been, emails were not being handled correctly and technical support was slower and less capable.  Remarkably, their 99% uptime guarantee is gone from their website as well.  I began to have one of those “bad mojo” feelings about this relationship.  Incidentally, if you are reading this post on the home page of the company website, instead of the site, it has everything to do with the site not being properly set up.

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