Three ways to provide value to your customers besides competitive pricing

You do a disservice to both your customers and yourself when you restrict your value proposition to price alone. Price is a critical aspect of value, of course. The customer will always think about price, and they should. Your job is to help see them see value as something more than price. To do that, you need to actually provide …

Buying a business

Measuring your most valuable sales

What makes a particular sale or customer more valuable than others? Obviously, the number one thing to consider is profit. The best customers are the ones who are eager to buy, and to spend a lot with you— particularly on your most profitable products/services. Even better, they’re loyal to you and they keep coming back, with very little coaxing. Identifying …

KPI crash course: Cost-per-sale

Previously, we talked about the value of the cost-per-lead metric. In fact, we’ve mentioned the value of it in marketing, as well as in quantifying the market value of your business. Potential buyers love hard numbers. And with the cost-per-sale metric, you can demonstrate 1) profitability, and 2) that you speak their language. So how much does it cost you, …

KPI crash course: Cost Per Lead

Why should you care about Cost Per Lead? Among other things, its an effective metric for quantifying cost vs effectiveness of marketing. Your CPL needs to be lower than your Cost Per Sale, and obviously much lower than your average ticket total. There are a few key insights we can get from tracking CPL, and from comparing it to other …

Intro to Physical Prototyping

The first thing to understand about prototyping is what, exactly, the goal of it is. Prototyping allows you to learn more about an idea or product at relatively low cost. There is a traditional three-step process that design professionals use to do this: Concept drawing Visual modeling Show ready modeling Every step of this process is meant to learn as …

Improve your business by focusing on process rather than product

The product you create is the result of your processes. So it can be said that where you really make your money is in the process. That’s where you do things differently than your competitors, and that’s where you can find extra value to provide to your customers. The process is ultimately what you’re creating — a system or machine …

Building Digital Products Conceptualization, Prototyping, Development

What goes into building a digital product, like an app or website? What does it cost? How does the process go? Who will you need to work with? An overview of the process will help you understand how to establish the efficacy, scope and development costs of turning your idea into a product. This will help you determine if the …

Increasing the value of your business with intellectual property

Trademarks, patents and copyrights help protect your ability to profit from your own branding, physical inventions, ideas and creative work. Essentially, what you end up with is an exclusive, and protected, advantage in the market place. When it comes to understanding what makes a business valuable, its important to look at it from the perspective of a potential buyer/investor. The …

Offshoring: Costs vs benefits Exploring the often overlooked costs of offshoring

The rise of offshoring has made it hard to compete on cost without taking advantage of the cheap labor and low operating costs that some foreign countries offer. This extends beyond manufacturing. Foreign countries are trying to increase their toe hold in the global economy by offering cheaper alternatives to everything from tech support to engineering. The decision to offshore …

The importance of defining your exit strategy

The reasons for running your own business tend to get lost in the everyday blur that is the life of a business owner. Keeping these reasons in focus is a valuable edge that will help you what you want out of your business — in both the immediate term, and the long run. You need to be sure that this …