In this month’s show, Michael and Simon are talking about the difference between small ticket items and big-ticket items. And the difference is far more than just price
They begin by looking at whether there is a difference between SMEs and corporates in the value of the products and services they sell. And while it may be easy to conclude that small-ticket items tend to be found more among SMEs and big-ticket items are in the domain of the corporates, Simon and Michael demonstrate that that isn’t always the case. In fact, the opposite can be true.
Sales, the next topic they explore is whether companies should specialise in, for example, only selling top-end products, or whether it is better to have a range of offerings that will suit different clients. This is an important consideration, especially for smaller businesses. When what they are selling are physical products, rather than services, making a mistake can be costly in terms of outlay for stock, storage etc. But for services companies too, there is an outlay in terms of time spent developing an offering, marketing and so on.
For any business of any size, making decisions about not only what they are selling, but who their client is and how to reach them is crucial. Simon shares some insights from his own business, and from some of the many successful businesses he has worked with. He talks about how to cultivate customers and retain them, rather than having to constantly find new ones.
The duo discusses different types of business, from delivery companies to utility providers, to restaurants, and show how ideas can be taken from one place and applied somewhere else.
