Can Ethics Bring Your Business More Profit?

We are not talking about Corporate Social Responsibility or CSR based on external pressures. Rather, ethics and value are at the core of your very business model, such that they bring you more profit than if you were to remove them from your business model. In fact, your business cannot function without ethics and values.

This is  the basis of CSV or Creating Shared Value. One company which has taken the lead in this new way to do business is TOMS shoes, which gives a pair of shoes to those in need for every pair you buy.

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Doing this of course to an existing model is not easy, and may require many changes. Starting fresh with a new model and brand altogether may be easier.

Can your business use ethics and values to genuinely give you more profit? Share your comments.

Steve Jobs on Marketing and Apple

When lost, it’s time to go back to the roots.

Apple no longer wows us with new innovative products that change the world, which makes this video all the more important and strangely relevant. Let’s go back to that moment when Steve Jobs changed Apple, and marketing itself.

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Managed to catch the key ideas? Share your comments below.

Customer Segmentation by Profit

Besides segmenting your customers by demographics and psychographics, another way to profile your customers is by the amount of profit they make to your business.

Combined with the pareto principle where in general, 20% of your customers account for 80% of the profits, this profit segmentation would instantly generate for you a list of high net worth customers which you must have a retention program for. Simply put it, if you needed to design any kind of retention program, this would be the list to start with.

Take care of your high net worth customers, and they will continue to take care of you.

Retention programs for high net worth customers can be tricky, where the usual discounts, offers and gifts don’t usually work for this group who are more thoughtful in their decision processes. Share your thoughts in the comments below.

Difference Between Mass Marketing and 1:1 Marketing

In their book The One to One Future, marketing gurus Don Peppers and Martha Rogers emphasized that the future of marketing will shift from mass marketing to 1:1 marketing, aided by technology.

Here is a table from the book which summarizes the key differences well:

Mass Marketing vs 1:1 Marketing

Mass Marketing
1:1 Marketing
It requires product managers who sell one product at a time to as many customers as possible.It requires customer managers who sell as many products as possible to one customer at a time.
Marketers try to differentiate their products.Marketers seek to differentiate their customers.
Marketers try to acquire a constant stream of new customers.They also seek new business from current customers.
Marketers concentrate on economies of scale.Marketers focus on economies of scope.

1:1 marketing is especially relevant with social media, when your strategy should be to offer personalized service and scale this, rather than do mass marketing. Share your thoughts in the comments below.

There is No Such Thing As More Unique

The word “unique” is unique. Simply because grammatically in English it’s an absolute term.

This means that you cannot put the word “more” or “less” to the word because grammatically it would be wrong. So you can say something is unique or not unique, but you cannot say less unique, more unique, and god forbid unique-er.

This relates to your product in marketing, and what your unique value proposition is. If your product is more unique than your competitors, it simply means it’s not unique at all. Your product or service needs to stand out so much that there is nothing that can even compare to it. You beat the competition because there is none.

In other words, you, are unique.

Was this article unique? Share your thoughts in the comments below.

4 Marketing Principles by Brian Tracy (Top YouTube Video)

Type the word “marketing” in YouTube’s search and this is the first video that ranks.

In this video, renowned speaker and coach Brian Tracy shares 4 golden nuggets in marketing for achieving superior marketing performance:

Found something useful? Share your thoughts in the comments below.

Timing and Marketing

People’s attention spans are limited.

It is even more limited when there is some other breaking news which they are busy focusing on.

If you are in the business of marketing your products and services, pay attention to when you promote them. Timing is essential. Promote at the wrong time and very few will take notice of your product or service. Promote at the right time and you increase your chances of conversion from strangers to loyal fans.

Time. It’s everyone’s shared resource. If respected, it can be your greatest asset too.

When do you usually market your products and services? Share your insights in the comments below.

Amazon Prime Air – Package Delivery Using Drones

If all goes well, this is how Amazon plans to deliver your package in 30 minutes, in 2015. Named Amazon Prime Air, the service plans to use drones to deliver orders to the customer’s doorstep after the customer hits the buy button on Amazon.

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What do you think of drone delivery via Amazon Prime Air? Share your thoughts in the comments below.

The Phoneless Landlady

Editor’s note: This is a guest post by Ridjal Noor, an entrepreneur who started a design business from his bedroom in 2007 and has grown it since into a multi-million dollar company. He is also an author and business coach..

Just had an interesting meeting with my landlady. Nice elderly lady who doesn’t bother me at all in the past 3 years. She came over to the office so we could negotiate for extension of lease for next 2 years.

I’m pleased to meet people like her in Singapore. She lives a simple life, speaks basic English but conversant mainly in Mandarin, gets around by bus and train, has no handphone but she owns close to 20 freehold commercial properties.

I asked her how she started and got to this stage. Her reply: ‘The most important thing is to get started. Is to take the jump and just buy the first property, and keep learning and growing as you go.’

The answer, to me, is always the same. The first step is the hardest. But once you go, you are there. And as long as you procrastinate, you’re not even in the game.

You must have knowledge. And you must take action.