Startup Professionals Musings

JANUARY 18, 2023

Customer service has traditionally been focused on the resolution of complaints , primarily after a transaction. In this context, even “satisfied” is only a “meets-minimum,” and does not put you ahead of your competition. Treat every customer exceptionally before they complain. Even the best marketing doesn’t do it.

Competition 109

Competition Services Custom Customer 109

Berkonomics

MARCH 25, 2021

We know that one of the ways we hold onto our customers is if there are high switching costs to move away to a competitor. Do you have an estimate of the cost for a potential customer to switch to your side? Offer incentives to existing customers to stay, and for competitor’s customers to switch.

Competition 156

Competition Custom Customer Email 156

Startup Professionals Musings

SEPTEMBER 1, 2023

Having the best solution is a good start these days, but a solution alone is no longer enough to keep customer attention and loyalty. The most memorable businesses, like Starbucks and Apple, no longer sell products, they sell ‘experiences’ with a product at the center. Tie customer experience to all compensation and recognition.

Customer 106

Customer Custom Startup Competition 106

Startup Professionals Musings

SEPTEMBER 9, 2023

Today’s customers demand more than a good product; they expect a great customer experience. A few companies are leading the way, including Apple with their iPad and iPhone, offering irresistible stores with friendly experts, elegant packaging, and customer service that never ends.

Design 105

Design Customer Custom Product 105

Startup Professionals Musings

JULY 14, 2023

Porter proposed his Five Forces framework for analyzing the competitive environment which I think makes even more sense today. Every existing business, as well as every startup, needs to reassess their product or service in the context of these five forces: Intensity of competitive rivalry. Bargaining power of customers.

Competition 88

Competition Startup Framework Pricing 88

Startup Professionals Musings

MAY 26, 2023

Every one of you business owners I know periodically introduces new products and services to sustain growth, fight off competitors, or take advantage of new technologies. Customers won’t buy what they can’t find or don’t understand. Customers need supporting approvals to fully benefit.

Product 141

Product Services Technical Review Artificial Inteligence 141

Startup Professionals Musings

NOVEMBER 20, 2022

As a startup advisor, I see too many entrepreneurs get distracted by technology or their favorite cause, and then wonder why they can’t find an investor, attract customers, or build a long-term business. These principles include the following: Free and ultra-low cost may no longer be competitive.

Customer 103

Customer Custom Competition Netflix 103

Berkonomics

JULY 27, 2017

Your customers know what they want more than you do. This week’s insight came from personal experience and from a good friend who advanced the notion of the “teacher-customer” years ago. The customer would be the first to receive the new functionality in a new release. Find one to teach you.

Custom 243

Custom Customer Design Conference 243

Startup Professionals Musings

JUNE 2, 2021

In case you hadn’t noticed, the key elements of a competitive advantage for your business have changed as businesses move online, and your domain is instantly global. As a business advisor, I have to recommend even to established companies that they review and revamp their competitive strategy now, even if it appears to be working today.

Competition 142

Competition Software Review Social Media Custom 142

Berkonomics

AUGUST 2, 2018

There can be nothing more important in your business planning that selecting the proper pricing niche, making your story clear using that niche, and the defending your position against the competition. Assume that you are not an Internet retailer with many competing products to sell. What competition would you face?

Pricing 226

Pricing Competition Examples Class 226

Startup Professionals Musings

DECEMBER 23, 2020

Today’s customers demand more than a good product; they expect a great customer experience. A few companies are leading the way, including Apple with their iPad and iPhone, offering irresistible stores with friendly experts, elegant packaging, and customer service that never ends.

Customer 150

Customer Custom Design Product 150

Startup Professionals Musings

OCTOBER 24, 2020

Porter proposed his Five Forces framework for analyzing the competitive environment which I think makes even more sense today. Every existing business, as well as every startup, needs to reassess their product or service in the context of these five forces: Intensity of competitive rivalry. Bargaining power of customers.

Competition 151

Competition Startup Framework Pricing 151

Startup Professionals Musings

AUGUST 14, 2021

With the advent of the Internet, social media, and instant communication via texting, customer expectations for service, as part of their entire customer experience, have changed. They expect you to be there, to know their history as a customer, and to treat them with priority and respect.

Custom 171

Custom Customer Social Media Design 171

Startup Professionals Musings

DECEMBER 13, 2020

Having the best solution is a good start these days, but a solution alone is no longer enough to keep customer attention and loyalty. The most memorable businesses, like Starbucks and Apple, no longer sell products, they sell ‘experiences’ with a product at the center. Tie customer experience to all compensation and recognition.

Custom 168

Custom Customer Services Startup 168

Startup Professionals Musings

MAY 27, 2022

In my experience as a business advisor, most organizations, large and small, struggle to keep up with the pace of change and competitive forces today. A question I often get is how to transform that overall team into a smooth-running machine that will keep up with the pace of market change, and competition in today’s world.

Competition 136

Competition Resource Startup Organization 136

Startup Professionals Musings

DECEMBER 14, 2019

Don’t bash the competition. Every investor knows how vulnerable a new startup is to competitors, so investors always ask about your sustainable competitive advantage in the marketplace. That says you are competitive today, have a real barrier to entry, and the potential to remain ahead of the competition for a long time.

Competition 120

Competition Patents Resource Invest 120

Startup Professionals Musings

MARCH 3, 2023

Most technical entrepreneurs I know demand the discipline of a product specification or plan, and then assume that their great product will drive a great business. Serious investors, on the other hand, look for a professional business plan or summary first, and hardly ever look at the product plan.

Product 112

Product Summary Activity Customer 112

Startup Professionals Musings

JUNE 15, 2020

Most entrepreneurs spend far too much time thinking negatively about competitors, and can’t resist making derogatory statements to their own team, to investors, and even to customers. As an investor, I always listen carefully to what an entrepreneur says, and does not say, about competition.

Competition 125

Competition Entrepreneur Patents Custom 125

Startup Professionals Musings

MARCH 4, 2019

Is your marketing focus product-centric or customer-centric ? If you only sell products, it’s time to realize that times have changed. With a wealth of products now available, customers look for the most memorable experience , not just the best product. Status factors are more important than demographics.

Customer 85

Customer Custom Product Metrics 85

Both Sides of the Table

NOVEMBER 25, 2014

He wants to compete to be the lead drummer in the competitive ensemble and study under Terence, an obsessive instructor who is hell bent on winning competitions for the school. But the film has my brain buzzing all week about obsessive and competitive people. I absolutely loved the film. I loved the music. We revere musicians.

Competition 394

Competition Startup Writing Marketing 394

Berkonomics

APRIL 11, 2019

An entrepreneur pitches using a deck with no slide for competition. We have no competition.”. Your potential customers could choose “do nothing.”. It could be that a larger competitor has met with its customers, promising to extend its product line into this very niche. We investors see this all the time.

Competition 120

Competition Slides Sales Research 120

Startup Professionals Musings

OCTOBER 30, 2022

Today’s customers are much more in control of their buying decision, as they have more choices and more information than ever before. Bloom’s classic book, “ The New Experts: Win Today's Newly Empowered Customers.” This is a key moment where your customer acquisition costs go way down, and your profits go way up.

Customer 146

Customer Custom Startup Course 146

Startup Professionals Musings

MARCH 20, 2023

Instead, they need to validate a customer problem and real market need first. Don’t create solutions looking for a problem , since investors ignore these, and customers other than early adopters will be hard to find. I say again, customers buy solutions, not technology. Look for customer willingness and ability to pay.

Customer 110

Customer Custom Social Media Technology 110

Startup Professionals Musings

JUNE 23, 2021

Yet, as a business consultant, I often find minimal focus on improving employee engagement and assessing their customer-facing performance. For example, I commonly see metrics to keep track of revenue per employee, overtime, and absenteeism, but I don’t often see measures of overall customer satisfaction with individual employees.

Customer 147

Customer Custom Technical Review Metrics 147

Startup Professionals Musings

OCTOBER 4, 2021

Does your business have a visible positive strategy, or do your customers and employees still see your primary focus as closing more sales and killing competitors? Certainly that has been the strategy of many companies, and has worked in the past, but today’s customers and workers are looking for more. Market and customer positioning.

Competition 110

Competition Sales Custom Customer 110

Startup Professionals Musings

APRIL 4, 2021

The real solution is better productivity and less procrastination, to put you back in control of your business. Jan Yager, a recognized expert on the subject of time management, addressed this issue in the classic edition of her book, “ Work Less, Do More: The 14-Day Productivity Makeover.” Rest makes you more productive.

Product 153

Product Email Customer Custom 153

Startup Professionals Musings

AUGUST 4, 2017

Not so long ago, every business assumed that the keys to success were the highest quality product, the best value for the buck, and the best customer service. Now all we hear about is providing the best “customer experience.” You have to hear your customer’s dreams, goals, passions, and aspirations.

Customer 85

Customer Custom Product Marketing 85

Startup Professionals Musings

AUGUST 12, 2019

Most entrepreneurs are quick to assert to potential investors that their product or solution will kill the competition, but unfortunately your opinion alone is not enough to convince most experienced investors. A competitive advantage to a non-problem or tiny niche is not interesting to investors.

Competition 86

Competition Patents Startup Custom 86

Startup Professionals Musings

DECEMBER 16, 2019

Every entrepreneur believes that their product or service is memorable, and that every customer will quickly see the advantage over competitors. Yet true product differentiation in the eye of the customer is rarely achieved. Quantify the difference for your customers.

Product 124

Product Customer Custom Examples 124

Startup Professionals Musings

APRIL 20, 2022

Be sure to encompass all your constituents, especially including customers. Whole Foods , for example, has built their business with a commitment to natural and organic foods, and have a culture of loyal employees and customers, resulting in 500 stores worldwide. Foster collaboration rather than competition.

Product 109

Product Training Customer Custom 109

Startup Professionals Musings

SEPTEMBER 25, 2020

The world keeps changing, and visible business strategies that worked well in the past, including being the premium brand or low price producer, simply don’t get the customer loyalty they once did. Today, customers are looking for real relationships, a memorable shopping experience, and satisfaction of a higher purpose.

Customer 133

Customer Custom Satisfaction Examples 133

Startup Professionals Musings

DECEMBER 22, 2021

As I talk to many of you in my role as business advisor, I still often hear the concern for maximum return to the business and stakeholders, more than a passion for sustainably enriching the lives of your customers and team. This applies to your own team, as well as customers. Make every customer experience memorable.

Custom 114

Custom Customer Metrics Satisfaction 114

Berkonomics

JUNE 27, 2019

And that behavior results in leaving little time for outreach to the most critical component in your chain – your key customers. Then, what is a benchmark for customer outreach? But, do your customer know that they want? Do customers know what they want from their suppliers for future products? Find the pain.

Customer 120

Customer Custom Course Email 120

InfoChachkie

DECEMBER 16, 2013

Tracy DiNunzio, Founder and CEO of Tradesy , recently shared her insights regarding the best approach for entrepreneurs to address competition. Tracy addressed the issue of competition head on, telling the largely student audience, "As I started to think about launching Tradesy, I looked around and there was a lot of competition but.

Competition 254

Competition SaaS Santa Barbara Entrepreneur 254

Berkonomics

JANUARY 12, 2023

Management undertakes a simple exercise of calculating the increased profitability of shutting down all R&D, sales and subordinate operations, and universally notes with shock the high net profit that results – from shutting down all operations except customer service to recurring customers (as in software support operations.).

Sales 296

Sales Custom Customer SaaS 296

Startup Professionals Musings

NOVEMBER 25, 2019

The new era of highly connected and interactive technology is changing not only how business employees interact with customers, but also how they interact with each other, and with their company. I am happy to see reports that young companies are leading the way in these trends, on both the customer and the employee side.

Competition 127

Competition Case Study Platform Yahoo 127

Startup Professionals Musings

MARCH 11, 2020

Another example is Facebook , maintaining motivation with food, stock options, collaborative office space, an on-site laundry, and a competitive atmosphere that fosters personal growth and learning with great benefits. Investors have long agreed that you invest in the team, more than the product. Building morale is not a one-time task.

Product 129

Product Examples Mentor Activity 129