Tips and stories to add value to you and your organisation
I’ve noticed that many supermarkets now offer a range of items for £1 …badged with a big ritzy sticker to shout that these bread rolls, cream cakes, yogurts and so on are such amazing value!
Who can resist the temptation of the juicy round pound? Not me! And anyway it’s not like I need much of an excuse to buy cream cakes…
What is fascinating is that a round pound feels like great value because we make the assumption that prices have been rounded down and thus we have a bargain on our hands.
Do we ever stop to wonder if prices have been rounded up? The simplicity of the £1 deal intuitively feels like good value, but sometimes the truth is we are paying more.
The supermarkets are brilliant teachers of pricing strategies and we can learn from them. Specifically we can borrow the principle of small price rises.
If we have 100 client transactions in a year and we put up our prices by £1 then we’ve increased our income by £100. Obvious, obviously, but people can forget that that’s actually £500 over 5 years and well worth having.
It’s easy money because a low price rise is easy to make happen.
The same applies in reverse and if we ask a supplier to reduce their invoice by £10 we’ve just increased our profits by £10.
Easy money doesn’t mean acting in devious or unethical ways. It means taking small steps that add to our bottom line.
Have fun this week increasing prices by £1 and remember how little amounts here and there all add up to something worth having.
The good news here is that this blog will remain free of charge! Sometimes even a round pound is too much.
Next week: Succession Planning
It is amazing to think that only 10 years ago the world didn’t have the words ‘social media’ in its vocabulary. The world didn’t need to rush home from work and log on to an app (another word to be added) in order to catch up with people and find out exactly what they had had for lunch that day. The world wasn’t posting selfies (which hadn’t been invented yet) of itself smiling in front of the Eiffel Tower or the [insert iconic and frustratingly cool landmark] …in short the world was happy and life was simpler.
However, I will admit to being an early adopter of Twitter and have been happily tweeting out for almost 10 years. I ran an online virtual sherry club, with Robert Downey Jr as our barman, caused outbreaks of hilarity with my spoof series – 50 Shades of Sherry, and caught out some people with my April Fool that the Isle of Wight was being leased to the USA due to our recession.
All good fun and I’ve laughed long and hard at the other wags who were there in the early days. Twitter was a witty ticker-tape commentary on all forms of life.
Oh and I found one of my best clients via Twitter. And sold a few hundred books via Twitter. And build up a wonderful friendship group too. So, despite the playfulness, I would say that Twitter was a useful addition to business.
It still is. As is, Facebook, LinkedIn, Instagram and so on. This blog piece was prompted by a colleague who felt that social media platforms were all so crowded that he was worried his message was being drowned out. I disagreed and said that Yellow Pages (remember when the internet was printed and updated once every six months?) was always full of people and that didn’t stop new market entrants from adding their name to the list.
Social media is maturing and so we have to mature with it. It is a route to market for our products and services and we would be wise to provide our potential customers with as many easy ways to find us as we can. I’m always amazed how many students I work with, who are looking for a job, are not listed on LinkedIn …if we want to win the race we at least need to turn up to the start line!
We don’t have to spend £1,000s on social media advertising either. The trick to success is to target the right people at the right time with a clear message and something to hook their interest. For example, I’ve found that 7am and 6pm is a great time to tweet about my books as it catches people when they are sitting down having a break from their working day.
Of course face to face networking is also important for business development, but social media can do one job very well for us – namely that it can keep our name in front of our customers and can maintain conversations with them when we are not physically with them. For me, that is the clincher and means social media remains useful and relevant, even if the timelines do appear a bit crowded some days.
This week have fun with social media and feel free to tweet me @RichardMaun …the hashtag #sherryisgreat is entirely optional!
Next week: Easy Money
Click icon for details
Click cover to view details on Amazon
Brilliant ways to increase performance, stay employed and keep the money rolling in
Published 2011 Marshall Cavendish
Secrets and skills to sell yourself effectively in the Modern Age
Published 2010 Marshall Cavendish
An insider's guide to working for yourself
Published 2007 Cyan Books and Marshall Cavendish