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Michelle Anton asked me to
ask you all to leave comments there, if you know
me personally or know my work - there's a place in the comment field for
you to put your web site link, which isn't a bad thing to have a link to your
site from Entrepreneur.com!
Penny Haynes
P.S. Remember, the new Brain Storm Business Podcast feed is http://feeds.feedburner.com/BrainStormBusinessPodcast
Posted on 10/14/08 at 17:46:56 by Penny Haynes
Category: Business Success Stories
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Congratulations on the writeup, Penny.
One thing you need to check on the CCC: the podcasts are coming in without ID3 tags. I'm a non-iTunes user, so ID3 tags have to be in the actual MP3 file as well as the feed in order to work.
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In today's business podcast, we will study the business strategy of the Software Companies in the Inc 500 list. Web service software is big business, as we would think, but a great strategy emerges among the software winners, namely, taking an already popular product and either picking up where it leaves off, or creating peripherals for it. I don't think there is any shame in jumping onto the coattails of a successful software product and making a good thing even better - do you? <smile> I want to invite you to a free online Podcasting Seminar and Networking event on Tuesday, May 16th, at 9pm EST. Eric Olsen from FeedBurner and Andrew Schlichting from PRWeb will both be presenting seminars on their various services. Following that, all attendees will have an opportunity to network live, via audio and text chat. The technology is cross-platform, so come and join us! The link to the Audio Conference room is: http://67.19.231.218/ivocalize/login2.asp?r=78f5553d. Be there or be....well, not there. <smile> Have a great week! Penny Haynes, 1st Podcast Publishing and International Podcasting Expo
Posted on 05/12/06 at 13:27:19 by Penny Haynes
Category: Business Success Stories
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bitte eine passwort
und einer room free für 15 person
free room mit passwort und nae bitte
für music bitte bitte
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In today's business podcast, we will conclude the second half of our live business brainstorming session from the online Spring International Podcasting Expo.
We continue to discuss retail business success stories, starting with a customized products company. This offers personalization and customer control, while "outsourcing" some of the work to the client.
We also talk more about selling more to one person instead of one thing to many people.
From selling bulk coaching hours, to offering a home study course series and contractual technical support, we brainstorm about different ways of pricing and offering our products and services. Retainers and flat fees seem to appear very advantageous to purchasers.
The first 3 people to tell me which holiday is the 2nd most celebrated (70% of Americans celebrate it), and 2 of the products we brainstormed about for that holiday, will receive a free CD of all of the Seminar Recordings from the International Podcasting Expo!
I also want to let you know that we are having
an online information meeting about the upcoming Expo at 9pm EST, Tuesday, May 9th.
Then we are having our first free monthly online Seminar and Networking event on Tuesday, May 16th, at 9pm EST.
Then we will be having the Women's Podcasting Expo on July 14-16, 2006.
Get more information at http://www.InternationalPodcastingExpo.com, as well as a Media Package with 2 FREE recorded seminars!
Until next week...
Penny Haynes, 1st Podcast Publishing
In today's business podcast, I am joined by a great group of entrepreneurs from the International Podcasting Expo who brainstorm with me.
We start by discussing the Inc 500 Retailers, but spend a lot of time talking about the challenges of selling online. One retailer solved his challenge of trust and risk by offering a 356 day return policy and free shipping. We also discuss educating potential purchasers about the safest ways to buy things online to remove any worries that prevent them from following through.
This is the first part of a two-part brainstorming session, so make sure you come back next week for the conclusion. There are a lot of practical solutions for the obstacles that every type of business faces. If you would like to join us online for a live brainstorming session, leave me a comment on the http://www.BrainStormPodcast.com site, or message me with the QMTP message box, or call me at 727-565-1POD (1763).
The Expo was so successful that participants asked that we not wait an entire year to hold one again,so we are having an online Women's Podcasting Expo July 14-16, 2006, and another online International Podcasting Expo on October 20-22, 2006. Then in January, we will have an online Business Podcasting Expo. Make your plans to join us then.
Until next week...
Penny Haynes, 1st Podcast Publishing
In today's business podcast, we will study more IT companies in the Inc 500 list to analyze successful business strategies. We'll study 2 sets of brothers from the same college who went into the same business, but for different reasons with different goals. One set had an exit strategy in mind from the beginning (and did sell the company this year), while the other set built their business for the long run. We'll discuss which set of brothers your business practice emulates. Where did 10-10-220 go? I once heard that without advertising, even McDonalds' would go under. Now, I am starting to believe it's true. Do you remember 10-10-220 and all of those commercials they did. They got my household to use them, and we even put a sticker on the telephone for it. "Out of sight (and hearing), out of mind" is true. Well, I had forgotten all about 10-10-220 until I had to make a long distance call from my land line, and then saw the sticker on the phone. I wonder if anyone uses them anymore. My point is that advertising, internet marketing and investing in your company when others are cutting back can sometimes be the wisest business strategy there is, as one of today's business success stories tells us. Otherwise, you could become like the phantom 10-10-220. Come learn about podcasting this week! The International Podcasting Expo is coming up next week, April 21-23, 2006. I would like to do a live Brain Storm! session with you guys, so if you are interested, let me know and I'll get you some comp tickets. There are some excellent seminars on how to podcast, how to increase your podcast listeners and monetize your podcast. View a short 6 minute online video tour of the International Podcasting Expo. I hope you will join us and find out more about this wonderful social media called Podcasting! Penny Haynes, 1st Podcast Publishing
In this business podcast, we will learn from IT Companies whose success landed them on the Inc 500 list.
Just another reminder about the online International Podcasting Expo, April 21 - 23, 2006. - Tickets are only $11, and include:
- Booths are only $50, and
- Exhibitors can sell tickets and keep $5 for each one sold.
- If they bring another Exhibitor into the show, they retain $10, and if they bring in a sponsor, they retain 50% ($500!).
- Sponsorships are only $1000, and are limited to only one sponsor per niche Expo Hall.
For more information, go to http://www.InternationalPodcastingExpo.com and download the pdf brochure to see what an online Virtual Expo Center looks like!
If you remember, I was surprised to find out that the IT Companies did not represent the majority of the money in the Inc 500 list, but instead found that Energy did. That was due to there being fewer companies, and if one makes it big, it swallows other companies whole and expands! However, IT Companies are many, so the money is spread out a little more evenly, and competition for market share is much tougher. We will learn the power of niche marketing (and even CREATING an underserved market), the importance of referrals, and even how to scare people into giving you business, as one company does...(I'm serious!) Entrepreneurs are focusing on what they consider to be underserved markets. That can mean market segments that don't have enough money to hire expensive firms, or that could mean that there are sophisticated businesses in smaller cities that CAN afford and WANT to work with higher-end service providers. Outsourcing is a big cause of success for some companies, but not for those that want government work... The number 2 company on the list keeps their business in the US, and therefore retains a lot of government contracts. Being a minority and woman-owned business doesn't hurt, either, I'm sure! We will also discuss Section 8(a) businesses - they prospered as well - and we'll tell you what it is and how you can pursue that qualification. Remember, if you want to be a part of the live podcast of Brain Storm! at the International Podcasting Expo, April 21 - 23, 2006, I have 10 complimentary tickets to give away! First 10 who contact me get them! Penny Haynes, 1st Podcast Publishing
In this business podcast, we will learn more about how people are creating business ideas stemming from the aging Baby Boomer market. Insurance companies and peripherally related businesses are scarce on the Inc 500 list (not even 1 whole page), but those that have made it have come up with some innovative business ideas. Don't want to pay insurance premiums anymore?Then sell it to someone for more than it's face value but less than it's payout! That's what one company is offering Baby Boomers. Other business lessons include using technology to streamline business and costs and pass that savings onto the customer. This allows businesses to serve previously untapped markets. Without the advantage of technology reducing the cost, some segments of the market wouldn't even have access to certain supplies and services. We looked at one IT Company in preparation for the massive group of them we will study next week. There we find that re-inventing the wheel doesn't pay, and that working with others can propel you far ahead of the rest of the pack. Adding sales staff can also make a huge difference. Can you say "70 million dollar difference - in one year"?
Also, another friendly reminder for you to join us at the International Podcasting Expo, April 21 - 23, 2006. If you have an internet connection, you can attend! We have lined up some great speakers and trainers, starting with the very successful Dr. Tony Marino of Podcast Radio Show, America Web Works and Podcast Media Services. Want to know if he knows what he's talking about? Try Googling the words 'podcast marketing', and see who you find there! ***SPECIAL NEWS: I want to do a live version of Brain Storm! during the Podcasting Marathon, and to give you all some incentive to participate, the first 10 people to go to the http://www.BrainStormPodcast.com site and tell me they will participate (and actually do!) in a live Brain Storm! Podcast will get comp tickets to the entire event! Go to http://www.InternationalPodcastingExpo.com and get your Exhibitor Booth, Sponsorship or Tickets. Penny Haynes, 1st Podcast Publishing
In this Business Podcast, we will discuss lessons learned from the Human Resources companies on the Inc 500 list. Human Resources services never go out of style. Good economy or bad, people are hiring temps. These companies have made the business decisions that have put them at the top of the heap. Niche marketing toward smaller businesses is working for some of these companies. 2 of those companies featured in this business podcast were focusing on companies with less than 100 employees. They handle benefits, flexible benefits, payroll. Obviously, there is something profitable about that segment of the market. Convenience and value added services are another cause of success. Being niche oriented in your scope of target market doesn't mean you can't treat your clients in a holistic manner. Remembering that business clients are people, too, can help you think about what would make their lives easier, even it if has nothing to do with your business. There's a lesson here for all of us. We even talk about security issues since 9/11. Background checks are up 60% since 2000, and one company is making a bundle on that. In addition, we will also discuss the difference between pricing your services or products according to your bottom line versus according to their perceived value. Sorry about the problem with the links for the past several weeks. One listener, Joe, has (very appropriately), put me through the ringer on this. He is so right - I need to double-check my feeds on other software! So, thanks to Joe, I'm checking everything nowadays - TWICE! <smile>
Just a reminder to invite you to join me at the International Podcasting Expo, April 21-23, 2006. This online event will be easy for anyone to attend! There will be business podcasters there, so come and learn from everyone! Penny Haynes, 1st Podcast Publishing
In this business podcast, we will discuss how the health industry is topping the Inc 500 list.
I would have thought that actual medical companies, hospitals and pharmaceutical companies would top the list, but not so. I was surprised again to see the peripheral industries making money OFF OF the health industry.
Some people will pay even MORE money for medical services - WILLINGLY!
We will learn about medical "boutique" practices, where people will pay a premium to get same-day service (as if people weren't paying enough for medical care!) But it will bring up some great points, not only on the huge market of aging baby boomers, but also on the very concept of what makes people willing to pay more money than normal. One word: Convenience!
If you like these podcasts, then I invite you to come and find other podcasts you will like just as much, at the International Podcasting Expo, an ONLINE event that ANYONE can attend, as long as they have an internet connection!
You can meet your favorite podcasters, attend seminars and conferences about podcasting, participate in our live 48 hour Podcasting Marathon, and also network in our 7-Minute Speed Networking sessions in our audio conference room.
For more information, please go to http://www.InternationalPodcastingExpo.com. Booths are only $50, and Exhibitors get to sell tickets and keep about half of the sales price. And tickets are only $11, so anyone can afford to come! We are hoping to have a full, international contingency on board, so we can network around the clock. Come and get involved!
Penny Haynes, 1st Podcast Publishing
In today's business podcast, we have some VERY exciting announcements:- International Podcasting Expo is coming! April 21 - 23, 2006...
around the clock Podcasting Marathon (not just for business), Seminars,
Conferences, Exhibitors, Sponsors, Freebies - something for EVERYONE!
- 3-Day Online Podcasting Conferences - for people who want to learn podcasting FAST!
- Sample
Fruit and Herb Teas...hehehehe...well, that's not really very exciting,
but I made the offer to my listeners anyway...<smile>
Today's
business podcast discusses the winners in the food and beverage
industry, according to the Inc 500 List for Private Businesses. Listen
in for some more interesting (and some silly) insights about these
companies. For some reason, alcohol tends to predominate my thoughts
throughout these ramblings (no, I'm not a lush - there is actually
alcoholic beverages to be discussed in there! Get your mind out of the
gutter and back into brainstorming! <smile>) We will
discuss Moe's, a franchise out of my hometown here, Atlanta, an ice
cream cone maker, an insulated cup company, and more. We'll find
out how they all flew by the competition - personally, I don't think
Moe's fought fair (you'll have to listen to find out why), but it did
give me the giggles to think about other fast food restaurants doing
the same thing. We'll also talk about a company that gives their
employees a case of beer with every paycheck! I just hope they only get
paid once a month, because any company whose employees drink a case of
beer each week makes me nervous about the quality of their product!
<smile> I'm up to 4 participants in the business round table - last call!I've
got an entrepreneur, a brainstormer, a process consultant, and a small
business & life coach - plus myself, whatever I am! There's still
room for more, so come on in - the water's fine! Well, enjoy my stuffed-up nose podcast - hopefully
I'll sound better soon. And I apologize for the late delivery of this,
but I've been sick in bed since Wednesday. I'm just now returning to
the land of the podcasting...<smile>
Lastly, about that International Podcasting Expo and the 3-Day Podcasting Conferences...
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In today's business podcast, we will discover why certain entrepreneurs fly by the competition.This was truly interesting to me - I learned so much I had never known. I always knew that personality affected your business style. However, I didn't realize that there was a definite, identifiable and quantifiable pattern to super successful CEOs. Find out what elite military personnel, athletes and Inc 500 CEOS have in common...The results of the studies were fascinating. The most "obvious" answers weren't the right answers at all. Some behaviors and attitudes seem to be learned, but others seem to be qualities and characteristics these CEOs receive at birth. I am still looking for entrepreneurs who would like to be a part of a business round table discussion.
I would like to be able to address the question of how do you start a part-time business (especially when you are already working full-time!). One listener has shared the chapters of his book on starting a business to be used as a part of the outline. I just need some more input from the rest of you! Everyone who participates will be entered in a drawing for an MP3 player, so I need to hear from you this week.Otherwise, I'll have to seek help from outside the Brain Storm! family. I am surrounded by some truly talented and inspired entrepreneurs within my networks, and I can tap their expertise. However, I'd like to give you an opportunity to do so first. Looking forward to hearing from you soon, either here on the Brain Storm! channel, at the QMTP messaging system on the channel, or via email at customerservice * AT * 1stpod.com. Penny Haynes, 1st Podcast Publishing and DigBizBooks.com
This week's business podcast contains lessons from the Financial Services industry.So many businesses and lessons to learn - so little time! <smile> We've got some great examples of how investing in technology and customer service can shoot you past the competition. We also have a "wonder boy" story of someone who got their GED at 16 and started (in his parents' basement) what is now (he's 22) a 12.2 million dollar a year business. You'll think of him every time you go through a drive-thru from now on! I need your business advice!I had a listener contact me and ask me advice on how to start a part-time business, what is involved, etc. In today's podcast, I ask for volunteers who would like to be involved in a recorded round-table discussion about this. We'll create a joint outline first, then meet and cover the points with our own experiences (and horror stories). Then we'll podcast the result, which will be available for anyone to use as they see fit. Let me know what you think. And I'm finally taking my own advice...I'm putting my brainstorming ideas into play and moving into several different areas to create multiple streams of income. Once they're in place, I'll let you know what works out and what doesn't. I'm really psyched, and I'm looking forward to the day when I can hire one of my closest friends (who is an amazingly efficient business woman!) to manage all of my businesses (I think I've lost count of them by now! <smile>) 2006 is looking really, really good! Oh, and I'm investing in a brand spanking new, top-of-the line multi-media computer... to get back into video production (I used to be a television director, editor, producer) for one of my latest brainstorms. It's a really great idea to help solopreneurs have high quality video products and commercials without having to put a second mortgage on their house! I'll tell you more as it comes together... Until next week, KEEP BRAINSTORMING - but remember, DO SOMETHING ABOUT IT!Penny Haynes, 1st Podcast Publishing - Giving You A Voice
This Brain Storm! business podcast discusses Defense Contractors, Educators, Energy and Environmental Businesses on the Inc 500 List. Business success stories teach entrepreneurs so much about running a business. Even when we are dealing with corporations, the underlying business strategies are ultimately the same. So we are continuing to use the Inc 500 as a case study for entrepreneurial success. We find that Defense Contractors have found tremendous success since 2002 because of 9/11 and the ensuing increase in government spending on behalf of the military. Therefore, it's not surprising that #4 on the entire list is a company that manufactures body armor for soldiers. However, although physical safety tops the list, there are more businesses focusing on locating, entering, analyzing and delivering data than business providing supplies on this list. Information and knowledge are still king, and it never hurts to have a government contract! Education's number 1 winner was a BIG surprise to me...
I figured it would be some type of online training, which was there in the list as #2 in the industry. But #1 was educational CLOTHING! Who would have thought the market would be THAT big? But, as I point out in the podcast, I don't think they have much competition, so maybe you could give them some??? (smile) Energy's #1 surprised me, too... I thought this would be solely energy companies and technologies. However, taking first place was a financial institution that deals with energy companies! Another strange thing. Lastly, Environmental companies seem to have come into their own, thanks to natural disasters and hazard waste! This reminds me of that program "Dirty Jobs". These are some of the nastiest and most dangerous jobs - cleaning up nuclear and hazardous waste. However, one of the companies near the top has created a robotic arm to help make dealing with these things less dangerous for humans. Of course, there's much more to be said in the podcast, including comments from our listeners (and mp3 winners!)
So if you are interested in winning a free MP3 player, just leave me some comments on the http://www.BrainStorm-Podcast.com site regarding any of the things we talk about today. I WILL send them anywhere in the world, not just the US, so international comments are welcome too! Have a fantastic and prosperous week, and remember not only to Brain Storm! but also to put what you think about into action! Technorati Tags : Digital, Business, Books', Brain, Storm, Inc, 500, Part, 3, (2, free, MP3, players, left!)
Posted on 01/26/06 at 19:06:23 by Penny Haynes
Category: Business Success Stories
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Hi Penny
I am just responding to the comments about the whole defense thing. I live in Ireland and we've had terrorists/freedom fighters here for a long time. Although thank God peace is growing steadily. Terrorism does represent evil and their actions are wrong. Who can justify indiscriminate bombing, murder and mayhem? But I believe terrorism comes from people who feel that they have no other way to make their voices heard. Perhaps they have tried (as they see it) the democratic route and they were simply shot down. Also if we respond to terrorism with injustice and torture how are we any better? Evil can only ultimately be defeated by good. Of course we must defend ourselves but ultimately the war on terrorism will be won by eliminating the root causes..poverty, inequality, racism, injustice. Not by creating faster better killing devices.
Anne
Erik, what a fantastic idea! That's the type of brainstorming I love to see - getting inspiration from your surroundings! Yes, that would definitely be a money-maker. Plus, you would be making the environment better, so you (and a lot of other people) could sleep better at night (and maybe live a little longer? <smile>)
The question is what type of problems plague these buildings? Chemical? Foundational? The thing I love most about brainstorming is that sometimes you find a large problem that may have a very, very simple solution. Maybe you can find or research a chemical that can remove toxicity from older chemicals used in construction. Maybe there is a type of ultra-violet light that can make something safe again. Maybe planting certain plants within the buildings could re-process the air that the chemicals are polluting. Of course, I have no idea what these things could be, but your idea is fantastic. Now, we just need to see if another brainstormer out there has a solution!
And yes, Erik, there IS an mp3 player for you - the fifth and last one for this month. I'll call and get your address for shipping!
Penny
P.S. I'm thinking about offering one MP3 player every month. The winner will be drawn from anyone who leaves a brainstorm or response to the contents of Brain Storm that month. What do you think about that?
Dear Penny,
I just listened to your show, great show. I wanted to send you an idea or "brain storm" concerning environmental services. I work in Seattle, Washington and like many large city you have buildings that are 35+ years old that were build on the "fast track" and are not in the best shape. If a company could come up with away to turn all these buildings into green building. I know in washington they could make a lot of money. Feel free to use this for your next show. And if you have an extra mp3 player I would greatly appreciate it. I look forward to your next show, I have subscribed to you show.
Best regards,
Erik Davenny
Anne, no you're not the only one, I'm sure. I think that people are just split between hating the death and destruction of war and fearing terrorism's death and destruction on their own soil. I may be wrong, but it always seems to be the lesser of the two evils. Fight them there, or fight them here.
Economists have always showed that war does boost economy, and businesses take advantage of that fact. Whether for aggressive or defensive purposes, military will always be a necessity in our world, as it has been throughout history. Those entrepreneurs whose beliefs lead them to believe that they are benefitting a good cause by providing better intelligence tools and physical protection from enemies can, from a healthy conscious, pursue those interests and benefit economically.
On the other hand, I believe that entrepreneurs who believe that non-military action is the answer would benefit by researching and developing technological and alternative solutions that would render military force obsolete. I'm not actually sure what this would be, or how this would look, since I believe that war starts in the hearts of men, and that those predispositioned to ignore or violate the rights of others will continue to feel and act that way unless they have a complete change of heart/mind/spirit. I don't know if technology can do that - unless we find a way to brainwash everyone to respect other people's rights and boundaries, and to treat everyone else as they would be treated themselves.
Anne, do you have any ideas about possible solutions? Sometimes I daydream about taking people who violate other people's rights and placing them all in one location, where they can do whatever they like to other people who are just like them (sort of like the movie Escape from New York...) Only people who respect other people's rights could live out in society. That's kind of like jail, only we don't pay for their lodging and meals and health. I mean have an entire colony or state or planet for these people where they have to work and support themselves, and live in their own society and have their own government and can do whatever they want, as long as they stay there. Put an impenetrable bubble over it or something...(smile)
But you and I both know that will never work, because those types of people only want what they can't have, and they would all work to get back out of the bubble so they can take advantage of other people, or just plain take them over. Just my two cents.
Penny
BTW...You are the winner of the 4th MP3 Player, Anne. Please forward me your address via the QMTP message center on the top right of the page, or via email.
Am I the only person who finds it really depressing that Defence contractors are really big winners...that we are becoming a world driven by fear, that we are applying our amazing human ingenuity to more creative ways to kill and maim each other.
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The Three "C"s: Construction, Consultants and Consumer Products Oh, what we will learn in today's business podcast! There's a definite trend in certain fields for what works and what doesn't, and we'll discuss them in this subsection of industries.
Niche Marketing and One-Stop ShopsYou can do one or both of these things, but some are better suited for different industries at this time. We've seen how niche-marketing can work well when you're the pioneer in that area. Now we'll talk about creating one-stop shops by combining services with other entrepreneurs with peripheral services and products.
I offer a couple of questions and suggestions about which I would love to know your thoughts. If you can take the time to let me know if you think the sliding scale could work, I'd love to hear from you. If any of you take the time to answer, I'd like to give you a gift - a free 128 mb mp3 player for the first 5 people who will leave a comment on the http://www.BrainStorm-Podcast.com site regarding any of the issues we brought up today. It's my way of thanking you for listening and participating. Plus, I know some of you just listen at your desk, and may not have a portable player.
Have a great and prosperous week! Penny Haynes, DigBizBooks.com
Posted on 01/19/06 at 12:14:52 by Penny Haynes
Category: Business Success Stories
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Bill, great insights! And yes, the retail world would be in sad shape if it was depending on me for revenue. However, the domain name people, fruit and herb tea suppliers, and Circuit City seem to be making up for it by successfully taking the bulk of my money! <smile> I am shameless in how I purchase without much concern for cost when it comes to technology and things for my business, and yet, if you go grocery shopping with me, I'm checking the price per ounce of EVERYTHING at the supermarket!
Anyway, in regard to my interviewing some of these companies, I have seriously considered that...I just get sidetracked by focusing on the businesses at hand. But there are a few that I think really deserve attention. I'll work on that, Bill!
Lastly, your comments made great sense. I loved the analogy about the coffee machine - describes the concept so well. You can therefore afford to lose some monies up front (as the cellular phone people SUPPOSEDLY do) in return for long-term contracts and consumable sales. Very nice.
Thanks again for taking the time to comment, Bill. You are officially the winner of the 3rd MP3 player. Who will win the last 2????
Penny Haynes, 1st Podcast Publishing
Thanks for a most informative edition of your podcast magazine “Brainstorm”. What a wealth of ideas can be contained in a half-hour programme. This really is the sort of material I’d love to listen to on an in-flight audio channel.
The piece on the construction industry was interesting because it emphasised the importance of specialising and knowing your market. This has a double or triple value, in that not only are you an expert in what you do, but you become an expert in what your customers do as well, even sometimes to the point of knowing more about their business than they do themselves. After all, you, as a company specialising in that area, will see and will know in depth a greater number of businesses within the sector than your customers will. Of course, you treat all such information gained from their competitors confidentially, but nevertheless, you build up an expertise in how a particular sector works so that you can be more valuable to your customers. The effect of trust and word of mouth recommendation can be astonishing. This ties in completely with Pacific Paving Stone’s strategy of cycling customers through a series of services, products whether provided by yourself or by affiliate companies. The point is, as was said, to be a one-stop-shop. Again, trust is a key element in building up this kind of rapport with your clients.
Consumables are interesting. One thing which wasn’t mentioned is how the consumable item can be used as a mechanism to finance the capital purchase of equipment. On a small scale we see the common example of the office coffee-making machine which is given free by the coffee supplier, and is in fact of course paid for by the long-term contract to supply the coffee. It is also, of course, a means of tying your customer into using your coffee. On larger scale, we can imagine all kinds of industrial capital equipment whose purchase can be at least partly financed through the supply of the consumables materials that this equipment will use over a life of perhaps ten years.
The sliding scale of fees has been often seen in the sports world. A European soccer club recently signed a new 16-year-old player for several million dollars, which was, frankly, a bargain price for this very promising talent. But still, he was untried, and so something of a gamble. Therefore, in the contract, there was a clause which meant that the selling club would go on for several years after the transfer of the player receiving income based on his number of appearances for his new club. Sliding scale: great idea ! In the business world, it also shows a commitment to your new, and growing, smaller customers. It’s as if you’re showing faith and confidence in their ability to succeed. They’ll like that.
Finally, it’s a good thing for the business world that not everybody in the consumer world is like Penny, with no camera and only one purse ! Penny: why not try and do some interviews as a part of your podcasts with some of the key personalities from the successful companies you mention ?
Bill, UK
(Mary McDonald's response to the question: Do your sliding scale clients make up the difference later on, or do you just give them a discount early on, period? )
They qualify for a reduced fee in the beginning with the understanding that they will go to full rate. No, I don't make up the 'lost revenue' -- but these clients are the most loyal I have since I was willing to work with them when they didn't have a lot; one of those clients has turned into a rather sizeable account! I consider it my 'pay forward' as well as my 'marketing costs'.
Mary McDonald, CEO McDonald Consulting
Rolando, that's a great point - a consultant who is confident that he can help a client succeed inspires confidence in the business owner. This is because the consultant will work at somewhat of a loss unless the customer prospers, and will not recoup the additional fees if the conditions of the agreement are not met (if he doesn't help the customer as promised).
And you are the winner of the 2nd mp3 player!
Penny Haynes
If I hire a consultant who uses the sliding scale scheme with me, I will always take it that he knows what he is doing, that he is quite confident that my business will be around at least until the time he gets back the rest of his fee. I am contemplating on going the consultancy biz too and I just might use a sliding scale. Insightful pocasts by the way.
Rolando M. Asis, Jr.
Thanks for the input, Mary! You, of all people, would be a great person to ask about this, with your specialty as a Process Improvement consultant. I do want to stress, though, that I mentioned a 25% (not 75%) discount at the beginning (75% is like kamikaze suicide! (smile)). Do your sliding scale clients make up the difference later on, or do you just give them a discount early on, period? AND by the way...You are the winner of MP3 #1! Congratulations!
Penny Haynes
Sliding scales - yes, I use them already with my clients. I don't use as radical a sliding scale as you are suggesting (75% discount at the beginning) since I think that the client needs to have a bit more 'skin' in the game. I give a 30% discount for struggling companies at the beginning - and since I do process improvement consulting, they can quickly recoup their investment through less scrap, waste, and more efficient processes!
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In today's business podcast, we will continue to review and analyze business success stories.
Our story left off with a marketing company that gave away a downloading program that provides the user access to sponsored games and software. Instead of selling the program, they sell advertising space on the program, and it must be working. If you remember, they were # 7 on the Inc 500 list with Zango.
We will also address listener Don Marsh's very valid comment about last week's brainstorm. I didn't see my own discontinuity! But thanks to Don for taking the time to write and correct me. Selling to one person or company shouldn't discount you from deserving the success you have earned. You won one huge account, which is, in reality, probably harder than getting many littler accounts! Check out Don's site at www.DonMarsh.com.
There's a pattern forming as we review these businesses...
But you'll have to listen in to find out what it is! (smile). If you have any brain storms or comments, don't be shy. Just contact me here at http://www.brainstorm-podcast.com.
Penny Haynes, http://www.DigBizBooks.com
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Brain Storm! Business Podcast: News, Technology & Marketing
One thing you need to check on the CCC: the podcasts are coming in without ID3 tags. I'm a non-iTunes user, so ID3 tags have to be in the actual MP3 file as well as the feed in order to work.