Lean Start-ups are used for developing products and businesses based on ‘validated learning’, getting customer feedback quickly and often. It was introduced by Eric Ries during 2011 (1) with the objective to eliminate uncertainty in the product development process. Since then, this practice has transformed the way companies are developed (Natasha Hussein, Entrepreneur).
Most astonishingly was the news that Lean start-ups have made business plans redundant. Indeed, a whole industry has grown up around the idea that business plans are now no longer necessary, says David Ehrenberg, Young Entrepreneur Council in the Chicago Tribune.
Continue reading Lean Start-ups and Business Plans
FM radio, a broadcast channel coming from an analogue era, has thus far shown resilience to the intense onslaught of digital media. Contrast that with the fate of analogue television and print which have succumbed spectacularly to the digital beast.
After all, traditional TV viewers have now become multichannel media users. As a result, cable and satellite TV are the big losers. In fact, results from a recent US study indicated that 61 percent of young adults rank online streaming services as the main way they watch TV (Christiane Cordero, CBS Minnesota).
At the same time, the print media has also been heavily disrupted by digital media. In fact, news has now gone primarily online. For that reason most major media companies have changed their business models to accommodate consumer preference for digital content (Forbes Communications Council).
For traditional television and print media the battle against digital media has largely been lost.
But what is it about FM radio? Surely, as radio made its first broadcast in 1906, the sequence of disruptive technology should have made it absolute a long time ago? But not so – here’s why…
Continue reading FM Radio in a Digitized World
Invention, it must be humbly admitted, does not consist in creating out of void, but out of chaos. Mary Shelley
A chaotic era we live in, indeed. Here, right now, in the middle of the 4th industrial revolution we must try to cope with the digital disruption, Donald Trump, Brexit and climate change. And that’s just a handful of (chaotic) variables that confront our businesses every day.
So how on earth (maybe shortly Mars – even more chaotic!) should we approach these extraordinary onslaughts? I don’t know, but let’s ponder on it…
Maybe it’s best to start when everything seemed simple and made sense. A couple of decades ago…
Continue reading Managing a Business in this Chaotic Era
Micro Marketing surpassed mass marketing ‘big time’ as the preferred and most effective way for businesses to interact with their customers. Indeed, marketers that use micro-blogging and micro messaging achieve amazing results. In fact, micro-marketing through its content and socialization, has already moved the industry into a new marketing model; micro marketing 1.
The goal of micro marketing is regarded as matching a firm’s small segment of supply with a household’s small segment of demand in a market transaction 2. That’s in stark contrast with the goal of the macro-marketing system, which is to match aggregate supply with aggregate demand.
Continue reading Achieve Mega Results with Micro Marketing
Two months into your online business and something is terribly wrong. You haven’t made one sale thus far. What could be wrong? After all, you’ve got the best eCommerce platform, with stunning graphics and detailed product catalogs. Even more, every product your site has a picture with a price and a description about its features and attributes. And yet, no sales. The thing that is wrong is that you haven’t done startup marketing.
No wonder nobody finds your website or talk about your business in the social media channels. Without a marketing strategy in your startup plan, your website will eventually be doomed to the darkest corners of the internet.
Continue reading Get your Business Going with Startup Marketing
Online retail success factors are those issues that every online retailer needs to pay attention to in order to survive and grow their businesses in the online channel. Although it is relatively easy to open an online shop and start trading, the fundamentals of strategic business management remains the same, albeit in a different channel.
After all, you’ll still need to ask the following questions and get the answers about the future of your business:
- Where are we now?
- Where do we want to be?
- How are we going to get there?
Continue reading Online Retail Success Factors
Sensory marketing is a form of marketing that appeals to consumers through all five senses. Indeed, we use our five senses: touching, smelling, hearing, tasting and seeing to send information to our brains to help us perceive and understand the world around us better.
So why should you consider using sensory marketing? Simply because sensory marketing can give brands a competitive advantage. In fact, sensory triggers can stimulate positive brand associations and activate subconscious purchase drivers (WARC Best Practice).
Continue reading Making Sense of Sensory Marketing
You need a business idea if you want to start a business. However, just by having a good business idea won’t necessarily guarantee instant business success. Here’re some misconceptions that people have about business ideas:
Taking risks is common behavior. Indeed, taking risks is for many of us a means to an end. In fact, without taking risks, neither your business nor you will ever know your true potential, says John Benjamin in the Tribune. But why is taking a risk so easy for some and, on the other hand, so difficult for other? It has a lot to do about who we are, and the environment we are operating in.
What does taking risks mean?
According to the Collins Dictionary, risk-taking means taking actions which might have unpleasant or undesirable results. So it is something you do as a result of a decision you’ve made. And most of the time something or someone has triggered you to make a decision 1.
Continue reading The Business of Taking Risks
Digital transformation is for most small businesses the only way to survive the digital disruptions of the 4th Industrial Revolution. The digital disruptions are fueled by technology innovations that resulted in the “3rd Platform” which is built on a foundation of cloud, mobile, social, and Big Data technologies 1.
Many businesses reacted badly when the digital disruptions started to impact on their decision-making processes, operations, product roll-outs, and promotions. More importantly, they’d started to have problems engaging with their customers 1. Indeed, some big brand businesses that failed to embrace the 4th Industrial Revolution, has closed down.
Continue reading Digital Transformation in a Small Business