Risk Management and Business Growth

I recently came across this blurb by one of the executives who was involved in the release of New Coke on April 23, 1985. Sergio Zyman says that “he knew New Coke was going to be a disaster almost from the day of its launch”. In a summary of the fiasco at snopes.com the thinking seems to be that this was a genuine mistake on the part of Coca-Cola executives. There are no analyses that I could find where the risky decision to implement New Coke was put under a microscope from a business perspective, but Coca-Cola’s own description of the event shows that they were surprised by consumer reaction. Perhaps with the benefit of hindsight, my marketing mind says the whole thing was brilliant. They couldn’t lose! And in fact, they didn’t. Classic Coke was reintroduced and came back stronger than ever, subsequently leading to immense growth in the Coca-Cola company.

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When Small Business Fails to Grow – Part 2

Here’s more to the story about the small shop that had to close due to competition from “the big boys”. The shop in question sold exotic and “funky” furniture pieces, accents, and other decorative items. It had a good location in a heritage building on a main street, and an energetic, smart business owner who had experience in marketing in the fashion business. They were making good use of Facebook to post photos and other information about their products. They had received a number of excellent reviews via social media and had received some local publicity. They were listed in most of the local directories of shops and businesses. The business owner was committed to environmentally-responsible (sustainable) wood items, and he recognized the value of running the business “on the cheap”, without unnecessary expenditures. This is a great foundation for a thriving small business. In fact, this business DID have a unique selling proposition. It carried one-of-a-kind, exotic, unique, different, and unusual furnishing items. Its location positioned it to cater to an upscale customer who had money to spend. While the business may have had to pay a fair bit to import these items, the customers wouldn’t have minded the…

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Network to increase your Net Worth

Networking is one of the most powerful ways to develop profitable business relationships and increase the flow of prospects to your business. Business growth depends on continual marketing, so get out there and talk to people! How to Network for Results 1. The power of a NAME: Make sure your name and contact information are on cards and brochures you can give to those you meet. If you wear a name tag, position it high on your chest and near your left shoulder. If it’s on a string or lanyard, adjust it to hang over your breastbone rather than close to your waist. There is nothing worse at a conference than sitting down to lunch with people whose name tags are now in their laps. People want to learn your name, and use it when they talk to you. Instead of forcing them to squint, bend, or stare at your navel to figure out your name, make it easy by placing your name close to your left shoulder. Also, take the initiative to mention your name clearly and audibly. Similarly, it’s important to correctly catch the other person’s name. If you cannot hear or understand it, ask for one repetition….

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