PRICING YOURSELF OUT OF THE MARKET
The price elasticity of demand is an economist’s way of describing what everybody who has ever had a business already knows: Generally, your price is determined by the market. Wouldn’t it be nice to raise your prices and see no decrease in demand? You’d be rich! But...read more
GETTING TO FIRST BASE!
In our many years in business and working as advisors to Startups, Buildups, and Buildout companies, we’ve heard hundreds of sales pitches. Most of them strike out before they ever get to first base. The ones that hit the ball squarely all have three things in common....read more
FROM ALL SIDES!
It’s hard enough to make a buck these days. You’re going to need a whole lot more than a good idea. In fact, as we found out, you’ll need to take several adversarial forces into consideration. It’s like fighting a battle on many fronts at the same time. You’re...read more
LEARNING HOW TO DANCE
Our friends were surprised to see us still in business after two years. They knew we were undercapitalized. They would say sarcastically, “I didn’t know you knew you could dance!” alluding to all the fancy foot work it took to pay our bills. We responded, “We didn’t...read more
“GOT IT!” – NOT!
There's No Such Thing as "Just The One Thing" We recently fielded a question from a young member of our audience. She asked us, “Just tell me the one thing that made your wine brand such a huge success.” We had to laugh, knowing that there was a lot more she needed to...read more
DISTRIBUTION BUILDS BRAND AWARENESS
The more we see something, the more familiar we are with it. Even if we don’t engage, just the reoccurring exposure to it builds our awareness. The same thing happens with CPG brands. In other words, there is a direct relationship between branded product distribution...read more
YOU CAN HOLD IT IN YOUR HAND!
What is a CPG? It’s a consumer packaged goods product. They are usually branded. Also known as fast moving consumer goods or FMCG, they are distinguished from the less often purchased, slower moving, and higher priced items (like houses, refrigerators, cars, or even...read more
USE ONLY AS DIRECTED!
A wise old entrepreneur once told us, “The second person you hire will be your HR Director!” When we said, “Why is that?” he said, “By that time, the first one will have personnel problems!” Although he was being facetious, his point was well taken. The company...read more