3 Innovations That Are Changing Brand Recognition in Small BusinessMarch 6, 2017 No Comments
Featured article by Jennifer Livingston, Independent Technology Author
A lot of people wonder why Apple became so successful. Why is it that most Mom and Pop stores do not explode into Walmart? There is an underlying principle that undergirds all business success. If it can be identified, all the wasted time that most people spend in life fruitlessly pursuing money can be eliminated.
1. Buy Low, Sell High
This economic principle is more clearly enunciated by Warren Buffett in his various quotes. Buying low means that we wildly purchase things when others are scared to do so. The successful business then transforms them into something that the market is eagerly craving. An example would be Apple’s business model. While popularly thought of as a manufacturer for the ubiquitous iPhone, Apple is more of a very good marketing company. Steve Jobs saw that electronics fabrication is much cheaper in Taiwan than in the United States. He had Foxconn build the iPhone for cheap. Apple then ships it to the United States and greatly multiplies the price to reap a gigantic profit. The buying low aspect of this clever decision was finding an ethnic supplier that prejudiced competitors were ignoring. The selling high was taking the device to a market that is addicted to entertainment and media. Apple has now become one of the world’s largest companies on this shrewd application of Buffett’s law.
2. Know the Marketing Universals
Marketing universals are the things that most people strongly desire or need. Having a comprehensive list can make your business thrive when others are failing. Items on the list of market universals include entertainment, respect, popularity, food, shelter, water, clothing, comfort, and survival. If you exploit these things in your business selling, you will be selling high. Most people will like your products if they convey these qualities. The reverse is also true. If your products take away these things from people, you will find fewer buyers for it.
3. For Supplies, Buy the Reverse of Marketing Universals
This lowers expenses. Subtitle services are easier when you get them from people who charge less for it. Demanding the best in everything is going to greatly increase your expense levels. Going back to the Apple example, look for something unpopular and dangerous. Think of things that rob the company of respect initially. No inventor succeeded by refusing to fail. Many in business make the strange mistake of buying high and selling high. This gives you high revenue, but high expenses as well. Make sure that you are managing your financial situation by buying low. This cuts expenses and helps you see opportunities that your competitors are too cowardly to try. Make your own sandwiches when everyone else is demanding corporate catering. You can use the leftover money to invest in laptops for the boss.
All of this might seem overwhelming. It clashes with the prevailing cultural norm of fitting in. These tools, however, are taken out of the playbook of some of the wealthiest people on earth. Ignoring them will set you up for bankruptcy like 80% of other small businesses out there. Learning them will help you prosper in ways that your peers are astonished at. Practice getting your information from the people who really have bags of money, not the intellectuals in mainstream media and politics who are still paying off their mortgages. The quality of information usually depends on the quality of the source.
Never trust what you hear from the so-called financial “experts.” They have an interest in keeping you coming for their help. Try to establish multiple objective opinions, and you will prosper for it.
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