In my frequent travels, I find myself in need of transportation. I wonder why I’ll go on my phone and order an Uber or Lyft, instead of choosing a cab when there are often cabs right at the airport or hotel? For me, it’s the convenience—and certainty—of knowing that I have a ride and when it will arrive. It’s also the convenience of having the charge go right to my credit or debit card, without having to make that physical transaction.
HOW DID THEY DO IT?
What have they done to make Uber and Lyft my preference for ground transportation? They disrupted established players (taxis, limos, and car services) by making it easier to do business with them and by providing information and transparency. Being able to watch the car icon moving along the map towards me doesn’t get the car there sooner, but it makes me feel better, because I can see the process. In one click, I can call or message the driver. Whether I ever use that feature isn’t important; the fact that I can is the bigger benefit. Years ago, when toll-free phone numbers were expensive, a large consumer products company put one on their packaging, with wording that encouraged their customers to call, toll-free with questions. They didn’t get many calls, but the perception of the company, went up noticeably. Read More
Understanding and measuring the Return On your Investment will help you understand your business and take it to the next level.
If you’re like many wedding and event pros, it was your creativity that brought you into the industry, not your business acumen. To be successful, you need both. Once you decide to sell products or services, you need to develop your business skills and an understanding of the many ways to measure your success.
HOW DO YOU MEASURE SUCCESS?
Any good financial advisor or consultant will tell you that it’s not what you make, it’s what you keep that matters. In the early years of your business, you should plow back much of your profits (if you have any) into growing your business. A growing business should invest 10%-15% of its anticipated sales into marketing and advertising—not 10%-15% of their actual sales; the higher sales number that they’re trying to achieve. Then, once you’ve gotten there, you can lower that percentage to maintain your sales. Read More