Kim D. Snyder, our CEO, is sharing innovation and ideas in the business world that you can leverage for your small business or medium business. The topics are invest, pay and gap.
Trader Joe's is not investing online in ordering. They say it is because they can put that money that they would invest in creating a whole new platform to pay their employees instead.
Trader Joe's is a boutique grocery store. They frustrated customers that they didn't have online delivery or curbside pickup, nor did they have plans to offer those 2 options. Trader Joe's said that they would rather spend the time and money investing in their employees rather than ramping up a whole new product and spending all that money there.
What could you be spending your money on in your business?
Where is that investment going?
Panera Bread is launching "Pantries" so you can buy pantry-type items from a restaurant. So if they're gonna deliver food, which they've already been doing, now you can add additional items to that food order.
Is there something that your business can add that you're already delivering a product or a service that is a nice add-on?
I've also seen this with Massage Envy. Massage Envy just used to be massages, but now they're facials and they're products related to the body and the face.
So what could you be doing for your business?
A bit of sad news is that U.S. Post Office is struggling, they're not profitable. This will affect the small businesses, and definitely marketers of all sizes.
There's an opportunity for another company to come in if U.S. Post Office is struggling and to fill that gap.
-Is that something that Amazon might fill, they're already shipping?
-Or is it FedEx?
-Or UPS?
Should companies charge for webinars? Somebody was charging for a webinar, a small fee. It was $27, and they were taking money to go donate to a cause.
The concept is pay to pay attention.
When many folks attend free webinars or free events, people value that information less. But if you pay, you pay attention and you put more value on it and you'll follow up and take action.
What are your thoughts?
Have you guys seen free stuff, not valuable, valuable?
If you have to pay, do you pay more attention to it?
A business colleague of mine shared that he is ordering "We Are Open" signs now for his customers' business. So when they are ready to open up, they can let customers know that they are open and ready for business. And by doing it now, he is beating the rush.
What can you do right now that is one or two steps ahead that you can get your information and your supplies ready to go so that when you open up?
You relaunch?
Or have a new product?
What is that next step that you could prepare for right now and beat the rush?
There is a new company called Firstbase HQ, that sets up home employees with equipment to work remotely. And they spread the cost out monthly instead of a bigger initial investment. You can pick the option that you want and they'll spread it over a smaller monthly fee so you can get your team up and going quickly.
They have also bundled their options for easy, point, click and buy. For example, one click to purchase all the equipment that somebody might need to work remotely at home (a desk, a chair, a printer, a headset, a camera, a tripod, microphone). It's an interesting concept to quickly mobilize a remote workforce.
Is there something in your business that you could do that maybe is more productized?
That is more click and go?
That is a simple solution?
Or could you spread out some of your payment terms and make it more adjustable right now?
I'm always interested in college and universities and how they will shift. Now, because of the pandemic, they are forced to shift.
Incoming college students are considering a gap year this year. Rather than wait around for these dinosaurs to figure out their next steps for the upcoming school year, soon-to-be college students are taking matters in their own hands. They will study abroad, learn, work, travel, whatever it is they're gonna do, but they're not going to college.
And so the now the colleges are putting in place all of this online training and some of them are still struggling with this online delivery, and so are the professors for that matter. But they might not have the enrollment, the colleges might not have the enrollment that they're going to need because they were slow to move.
If we relate this back to business, are you doing something or more importantly, not doing something in your business that would cause people to not re-enroll or sign up right now?
As a business owner, you could order equipment right now that will protect your workers so that when they show up, they are protected and not have to worry?
If they need to show up next week for work or a month or in two months, are you planning to order that equipment that they're gonna need? Whether it's a full suit, whether it's a mask, whether it's gloves, whether it's a protective glass, are you preparing to make sure that your workers, your most valuable assets are protected?
Since they classify restaurants as essential, I think that's why we see more innovation and progressive ideas. A friend shared with me that there was a very popular restaurant in Florida that was so busy that they used to have a line to the door. Many to one relationship, many customers coming to one location.
Instead of staying closed or waiting for takeout customers, they have made it many to one relationship again… with a twist. They are going to locations that have many customers, large and high-rise apartments and condominiums, and they are setting up for their pickups.
Where can you take your product or service right now for this many to one relationship?
We work with small and medium business owners that want more revenue streams. If that is you, let's have a conversation to see if there is a fit. Please call 702-430-1689, or schedule a time convenient for you, https://onlinemarketinginabox.com/discover
