When fleshing out your business model canvas, you need to define your customer segment and value proposition. However, it is sometimes necessary to consider both the economic buyer and the end user when defining your customer segments. For example, the other day I took my grandson to a Chuck-e-Cheese. The end user was my grandson […]
Serving Economic and End User Customer Segments Read More »
The other day I was in the hospital with my mother who had a pacemaker implanted. A very nice elderly woman came into the room and explained that she was a volunteer with the hospital. She wanted to offer my mom a small gift of a butterfly attached to a card with a simple saying.
The Gift of Cooperation Read More »
The other day I was reading an article about a rise in STDs in teens. The source of the STD problem was rooted in the fact that teenagers were not buying the proper size of condoms. After all, who would want to go to a checkout counter with condoms – size small? Status and saving
Is Your Condom Too Big? Read More »
Each year businesses go through a budgeting cycle to plan expenditures for the upcoming year. If you have a new product or service which you sell to businesses, you would be wise to keep the customer’s budget year in mind. When you hit up a business in the middle of their budget year you may
Market to Budget Cycle Read More »
Why do we think in terms of Miles Per Gallon (MPG) when we buy a new vehicle? MPG is an abstract measurement that requires the consumer to perform calculations in his head to determine the real impact of his purchase. The cost of filling up your vehicle and driving it for a specific period of
Do you know what your customer wants? I believe that pretty much every customer wants the same 9 things, although they may look slightly different depending on the industry. They want: If you can satisfy one or all of your customers’ wants better than the other guy, you have a recipe for success. Are you
9 Things Every Business Customer Wants Read More »
We know that people are motivated by status and not money, and often buy high-status luxury items like cars, watches, or electronics to flaunt their status. However, studies have also shown that people buy pricey goods when they are experiencing a bout of low self-esteem in an effort to make themselves feel better and relieve
Feeling Blue? – Buy Something Read More »
If you were within the top one percent of academic achievers when you attended school, you were likely highly motivated to be that the top achiever. You would do almost anything to be in the coveted position of “Top Student”. Similarly, if you were on the cusp of flunking out, you likely were highly motivated
Extremes and The Effect on Motivation Read More »
Regardless of whether you are selling a product or selling your business it is important to make sure you understand what the customer is buying. An early mentor of mine by the name of Ron Muns had a business that developed software to track a company’s assets. After sales began to ramp up to unexpected
Know What The Customer is Buying Read More »
A business associate of mine once used to charge $5,000 per day for his consulting services. I asked him once how he came to that rate and he said he heard someone was charging $4,000 per day and he wanted to be sure he was the most expensive option available. At the time he billed
Harness the Power of Expectations and Price Read More »
