Showing posts with label commodity market. Show all posts
Showing posts with label commodity market. Show all posts

Thursday, 6 December 2012

Marketing Differentiation eBook The Goose Bump Effect

"I am Jason's brother and run an opticians shop in Manchester. I tried the eBook without any prompts from Jason, and it works. Now my shop, products, the look, and feel are different from the high street chains. In fact, one day a passer by noticed a pair of frames through my shop window, came in and said he bought them on impulse. It's never happened like that before. My shop is Lindop Opticians. Come in and see for yourself if the book works."




Marketing Differentiation: Buy the eBook now on Amazon!





The Goose Bump Effect



The Goose Bump Effect [Kindle Edition]

Jason Li

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    A Practical Beginner's Guide To Marketing Differentiation And Value Creation.

    The Goose Bump Effect

    If you need more sales... now you can help customers choose you by creating meaningful differences that allows them to justify using your products and services in a competitive market, defeat strong competitors and overcome buying objections.





    Foreword: by Jason Li

    “Imagine a beauty contest and there can only be one winner – where choice is unlimited, how do you entice a buyer to choose you in a world of very similar choices?

    This is ‘Beauty Pageant Blindness.’ Most businesses lose business because they struggle with ‘Beauty Pageant Blindness’. Everything offered in front of them by you and competitors are interesting and have a similar beautiful quality in the eyes of the buyer. And your offer just does not stand out enough to entice the buyer to choose you without hesitation and without regret – no matter how much promotional spend to market a product or personal selling has been involved.

    How will the buyer know when they come across the right choice? It’s when they feel the ‘Goose Bump Effect.’ The emotional chemicals fill the brain and the gut telling them the right choice is right in front of them. By using this how to guide, you will learn a number of ways to differentiate your offer to meet the wants, desires and needs of your buyer so that YOU STAND OUT as the right offer amongst your competitors. And they’ll know they won’t regret choosing your offer.”





    The information contained in this guide is for informational purposes only.

    I am not a lawyer or an accountant. Any legal, marketing or financial advice that I give is my opinion based on my own experience. You should always seek the advice of a professional before acting on something that I have published or recommended.

    The material in this guide may include information, products or services by third parties. Third Party Materials comprise of the products and opinions expressed by their owners. As such, I do not assume responsibility or liability for any Third Party material or opinions.

    The publication of such Third Party Materials does not constitute my guarantee of any information, instruction, opinion, products or services contained within the Third Party Material. The use of recommended Third Party Material does not guarantee any success and or earnings related to you or your business. Publication of such Third Party Material is simply a recommendation and an expression of my own opinion of that material.

    No part of this publication shall be reproduced, transmitted, or sold in whole or in part in any form, without the prior written consent of the author. All trademarks and registered trademarks appearing in this guide are the property of their respective owners.

    Users of this guide are advised to do their own due diligence when it comes to making business decisions and all information, products, or services that have been provided should be independently verified by your own qualified professionals.

    By reading this guide, you agree that myself or any business I am affiliated with are not responsible for the success or failure of your business decisions relating to any information presented in this guide.

    ©2012 Jason Li,(M.A.) All RIghts Reserved.


     
    At last, now you can smash business issues such as:



    • ·         Your prospects says rival competitors do the same as you but cheaper – not anymore

    • ·         Objections about how your nemesis competitors say and prove they’ve offered great service for many years – learn ways to turnaround prospects who can’t see how your good service will make a difference using the value chain method

    • ·         Your prospect says they’ve had the same supplier for years and there’s “No way they will change!” – until they see, hear, and feel your product is better quality in different ways

    • ·         Prospective customers prefer recognised proven brands and don’t know who you are – not anymore when you apply credibility marketing tactics used by multi-million businesses.


    How do businesses get around this?

    Firstly, by being brilliant at understanding your target market... and then secondly, creating an offer that is different and much better than competitors. Thirdly, communicate differences very well.

    Differentiation will emotionally and logically justify prospects wants to naturally choose your offer.

    If this is what you really want – you have just experienced the Goose Bump Effect.

    Inside includes:

    • ·         Why marketing differentiation beats many price issues, helps prospects find objections with other competitors products, and builds more trust in your offer (secrets of how to be seen as the superior product and service in your industry using methods just like Apple did on route to taking over the market leaders Nokia, and Facebook overtaking Myspace)

    • ·         Learn at least 29 ways to differentiate your offer from other commodities (prospects will be salivating at your irresistibly better added value packed offers)

    • ·         How to know what your prospects really want (marketing research techniques that lead to an empire building competitive advantage – your target market will give you the exact information on what you have to offer for them to open their wallets)

    • ·         Create intellectual property that makes your business stand out (one powerful example includes creating eye-catching unique processes that competitors cannot copy or compete with which absolutely cement buyers trust – you will be the obvious risk free choice)

    This book is not meant to replace a full marketing course. Jason spent nearly £8,000 studying on one of the world’s best Marketing Communications Master’s Degree courses at the University of Westminster which was also attended by an advertising exec who took a year out from Saatchi and Saatchi; and other execs from large well known brands from around the world; plus enjoyed many stories from a lecturer who created hundreds of market research tests for Johnson & Johnson’s products.

    (Jason recommends that if you want to fully know about marketing then you should consider a full marketing course. Or if you like short courses, then reputable associations such as the Market Research Society put on courses from £50 to £500 for a day.)

    This book has condensed a lot of marketing knowledge to help you practically easily apply ways to profitably differentiate your products, services, company and offers so that you can start DOING IT immediately.

    In this practical beginners guide... in a short space of time, you can add value to your business in ways which pulls in buyers and gets prospective buyers contacting you to ask you how to place an order.

    About Jason Li: Formerly a business advisor to high growth businesses for an agency that was an offshoot of Business Link, and created a top five selling football board game that sold as a freelancer through 200 Marks and Spencer stores against games such as Deal or No Deal, The Price is Right, Count Down and The Apprentice. Jason achieved a Masters in Marketing Communications in 1999 through the University of Westminster and enjoys watching Everton FC and Chinese food.


    Contents

    Introduction: We begin with an example to highlight how prospective buyers view how similar our competitor’s and our offers are. Many of us fall in love with our product, service and business, but don’t realise that the prospect sees the same everywhere. Search for unique graphic designers, SEO consultants, physiotherapists, accounting software, resellers of technology products, it’s pretty difficult as everyone is pretty similar. In fact, you might just get fed up after looking at thirty or more similar businesses or products that provide ‘pretty much the same thing.’

    Why Marketing Differentiation is applied to help your business: How differentiation helps.  A look at different ways differentiation slays business problems such as price objections, high promotional campaign budgets with little return, conversion rates and trust.

    Strategic Demand Marketing: Marketing Strategy. A quick practical guide to understanding your customer’s needs and wants, practical market research techniques to constantly be where the demand is, a guide to creating value, aligning with customer demand, which are the most profitable customers for you to spend time attracting and servicing, USPs, positioning and differentiation.

    Marketing Differentiation: Over 100 ways to differentiate your product, service, company, brand and offer according to your target market’s wants and needs that will satisfy your prospective customers.

    Testing Testing: Various ways to test if the differentiation tactics chosen are the right ones and making improvements.

    Case Studies of Differentiation in competitive industries: Case studies of businesses that have differentiated themselves. Each one is broken down to allow you to see which tactics have been used to meet their target market needs.



    ‘In the land of the blind, the one-eyed man is king!’
    (Quote by Desiderius Erasmus - Dutch Author, philosopher & Scholar: 1466 – 1536)



    Introduction

    Can differentiation help my business increase profits and market share - really?

    We’ve all seen various methods employed to gain customers out there in the business world...

    Better marketing promotional tactics like websites, email marketing, direct mail, sales promotions (like buy one get one free)...

    Sales tactics like solution selling, relationship selling, hard selling, and Socratic selling and so on...

    But how is it that businesses employ many of these methods and more, and yet still struggle?

    This has been on my mind for many years even as a child. How do you create a business that is profitable and can gain market share? We’ve all done it, we watch and analyse successful companies, read biographies and ask business people for tips. But there seems to be no one simple answer.

    Anyone who promises a magic formula I think after seeing so many gurus are in reality doing just that: promising magic. I hope you are with me in that spending thousands of pounds on a magic formula is basically making a guru get rich quick: which I suppose is magic for them!

    I’m sorry to disappoint people, but there is no magic formula to creating a successful business: just good old hard work, persistence, doing the basics right like good marketing strategy, and a keen will to be continuously better will help your business be better than 90 per cent of your competitors in your market.

    HAVING SAID THAT...there is one method that can be applied to almost all businesses that can help you increase profits and market share. So I’m not saying this is the only method to use in your business and ignore other ideas and processes; absolutely not. But being better at differentiation will give you a competitive advantage in your competitive market space. No doubt about it.

    This is not as easy as pressing a magic button. It’s as hard as putting much effort in working on a method that requires time commitment, thinking, creativity and testing until you have an offer that beats all your competitors.

     

    The truth about what customers think

    Here is a story to show you how undifferentiated offers struggle, and you can judge for yourself:

    So it’s Saturday afternoon and you go to the cinema with a friend. It’s an eight screen multiplex and you are definitely interested in watching something right now. (This is not one of those tricky puzzles if you are wondering.) In the foyer there are eight film posters, with one bigger one in the centre. Each poster has the following information on it:

    2 actors
    Film time: 1 hour 30 minutes
    Story: Kung fu or cop comedy or romance in New York or global disaster movie and so on

    So at this point, how do you choose?

    Let’s add some spice to this scenario. The big poster in the middle has the story as cop comedy, if this makes a difference to your decision making.

    To further add to this, each film has employed a brilliant sales closer to close you on choosing their film, and you will speak to each sales person to get their view on which to choose before deciding?

    Which film would you choose? You can’t are you thinking?

    Now, image you are now the film company and have employed the best tactics such as brilliant web designer, email marketing, direct mail or top sales closers for each individual film at the cinema. As suggested in this example there will be eight sales closers there. How will they perform on getting cinema goers to choose their film? Not very well I suppose, and you must admit that it’s not the skill of the sales people or the marketing web designer who promoted it online or the graphic designer for the poster that’s failed really. It’s because it’s just plain hard for cinema goers to move from interested to going with a definite decision to watch a particular film in this scenario.

    ‘In the world of businesses doing things either the same or very much the same thing, prospective customers find it hard to be compelled to do anything and choose their supplier. The value to the customer of the offer almost becomes a commodity. No matter how much you use marketing tactics to promote or try to use sales skills to sell a commodity you will struggle to get a good ratio of conversion. The real truth is that if you can differentiate your offer of value just enough then customers have a valid reason to choose your business offer.’

    ‘Therefore, step back and focus on a marketing strategy on knowing your buyer better than any competitor does and being better by differentiation first; and then go gung-ho on marketing promotion tactics and sales to increase profits and market share.’

    ‘If prospective customers can clearly see where you are better and different - IN THEIR EYES NOT YOUR EYES (from researching buyers needs and wants), you will have a better chance of getting an order.’

    ‘So give your prospects more reasons and information as to why you are better, different, add value to their lives, and help them achieve their dreams and goals... and you will have a better chance of winning an order. Buyers are searching for this information and it is this crucial bit that allows buyers to justify making a purchase with you rather than go elsewhere.’



    Why Marketing Differentiation is applied to improve your business
                            
    Commoditisation

    Being a commodity is one of the main reasons why a product or service struggles to attract an order from a prospect to buy. 

    You’ve heard people say it before: “What’s the difference if I buy from you?”

    In the modern world there are millions of products, services and businesses that provide almost everything you can think of. If you want a pen, there are millions or biros. If you want a small business bookkeeper, there are hundreds near to your business. Want a plumber or roofer? Hundreds are trawling the streets around your home offering the same services.

    Commodities are available everywhere, and the prospective customer has all the power because if one supplier can’t supply on their terms today, there’s always another supplier eagerly offering the same commodity who’s not too far away. And some will even offer to do what you do at a cheaper price/lower profit margin. If this sounds like your market, then you are potentially a commodity.

    In this section - and later in this book, your business NOW has the chance to see how to differentiate from other commodities and be the leader and obvious place for people to go to buy from. 

    As you further differentiate and improve your offer, commodity competitors will become less of a business threat to your daily business. 

    Some strong or even superior competitors who were a consistent thorn in your side may start to be perceived as having a weaker offer by prospects as your differentiation and value added offer improves.

    Think of it this way: if hundreds of men went into battle to fight in hand-to-hand combat and you were the only one with body armour and weapons, you will have a better chance of winning. Remember back to the films where there’s a fight scene and then one person pulls out a gun?  Everyone stops because they know the person with the gun has the ultimate upper hand. Think like Batman or Iron Man. The better your defence is, and the more weapons you have, the more chances you will have of overcoming weaker competitors who are challenging you with bare minimum offers.

    Once you have moved away from being a commodity, your prospective buyers will queue up to only buy your products, or for you to be available to service them next. Your prospective customers will be immune to the advances of competitors and substitutes because they cannot offer what you offer.

    Differentiation case study: Woolworths, Game & JJB Sports

    Did you ever visit these stores?

    You might notice that they purely re-sold products made by other another manufacturer. Usually they were big brand name products that you could buy from anywhere.

    So if they were big brand names and popular, why did they fail?

    It’s because they re-sold commodities and acted as a commodity business themselves too. If you went to Game or Woolworths to buy a certain console game, there was nothing that really was of a meaningful difference in terms of the product.

    What about the buying experience? There were a few differences. Game allowed players to try out the games and it was more a niche game store. However, apart from that, the in-store experience was just a shop with a rack of games which you can pick off-the-shelf and buy. You can still do this in any supermarket like Asda, Sainsbury’s or Tesco.

    JJB had been just as guilty. They sold racks of clothes and sports goods. They’re all re-sold commodities that you could buy in most sports shops, in the market and on the internet.

    So what could some of the stores have done differently? One idea at their peak could have been to buy one of the most profitable smaller manufacturers like Sports Direct do. That way certain products and brands can only be exclusively bought in their stores. As the product and brand owner, you have the option to offer the products at a high cost to other re-sellers. If you own the right to products and a brand, you can dictate the market.

    Later in this eBook training guide you will see simple ways to create unique intellectual property that helps you combat commoditisation.


    Control

    Differentiation attracts customers: they lean in not back away

    Ever come across a product, or service or website that really gets you intrigued. It’s because it was different. But not just different for the sake of being different; I’m pretty sure it was done strategically in a way to get your attention and be of value to you too. 

    That’s one of the great things about being good at differentiation; customers lean in. It’s like dangling a carrot. I can remember the first lap top I bought to replace my PC. I got it straight away that I did not have to keep plugging in different wires to connect parts and loads of plugs, it was all-in-one, and there is no going back to buying a PC anymore.

    Have you ever seen a leaflet drop through you door pushing business services that just looked like any other but with a different business name? Yes you have. What do you do? You just throw it away. Do you know how much time and money is spent by owners to get this leaflet created from an idea to being made, to being distributed? A lot. Yet, no one cares. It just gets thrown away, or readers may just glance at the leaflet and throw it - if that counts as a minor win. People call it junk mail. Your prospective customer has backed away. They didn’t see the value and what difference it made for them.

    Differentiation gives you control of the customer by controlling the make-up of the carrot. It’s not like any old carrot you get from the shop. No, this is your carrot. It’s a bespoke carrot that you develop exactly to the spec you need to attract your customers. A plain carrot won’t do anything. Differentiation gives you control and because of this you can have the best carrot to dangle.

    Differentiation is like the law of gravity

    We are all pretty much aware of the laws of physics. These include laws such as; things are made up of atoms and you have positive and negative electrons.

    In business you have pretty much similar laws; such as: most businesses need to be good at marketing and sales to survive. In most cases it is impossible for a business to compete in this world without having both of these activities.

    Take away the marketing part of a business and many will lose precious filtered leads being generated; you might have no website developed, no business brand name or logo, no email signature, no identity and so on. Take away the sales team, then when your marketing attracts new prospective customers you’ll have no-one to turn prospects into paying customers.

    But just like the law of gravity on our earth where all physical things with a heavier mass than air will fall to earth, a business law is that all businesses without enough differentiation will suffer commoditisation. And when products and services are commoditised, the law is that you will face much competition and have to use enormous efforts to attract and convert prospects into customers.

    In fact, just like Einstein’s Theory of Relativity, this is the theory of differentiation. Differentiation is correlated to your businesses chance of converting prospects to customers.

    ‘All businesses without enough differentiation will suffer commoditisation.’


    If you can control how much differentiation is possible, you can control your future 

    Differentiation is like your control dashboard. Think of a sound engineer with their mixing kit with lots of levers, volume controls and mixers. A sound engineer in music tweaks the sounds. If a piano melody is added the engineer can alter how it sounds and determine whether it’s the main sound or in the background. For drums the sound engineer can change the types of beats, the speed of the tempo, and beat sounds.

    With your products and services, you can also adjust the way you want it to look, feel, sound, smell, function, service and deliver. You have total control. Differentiation makes you the master. If you are good at differentiation, you have more creativity and control than your competitors. 

    Differentiation will allow you to create the best value, the best piece of art that customers can get – in the prospect’s eyes they will see irresistible gold. Like offering Martini shaken-not-stirred to James Bond, you can customise and control the type of offer to suit your prospective customer – while everyone else is just offering the standard Martini poured straight onto ice – how drab.

    If you control differentiation, you control the attractiveness of your offer to prospective customers in comparison to competitors. The future is waiting for your creation.

    Differentiation Case Study: WH Smiths

    WH Smiths’ shop locations are in very busy areas such as high streets, train stations and airports. Where there is high traffic, WH Smiths will likely be there. No other news or print chain monopolises the commuter locations like WH Smiths in the UK.

    In an era of eMagazines, eBooks and websites, WH Smiths is thriving as a retailer of paper and print products. Of course, they have an online offering, but it is one of the few print retailers that is bucking the trend.

    It’s no secret magazine and newspaper readership is on the decline. Hence the reason anyone in-and-related to the industry has suffered (such as Woolworths). But if you visit any WH Smith’s outlet, you will see patrons have not given up on going there.

    Part of the clever strategy is that they only locate in very busy places where footfall or commuters frequent. Their outlets are designed to suit heavy traffic too. The doors are always wide open as you walk in. The layout of the racks and how you are guided to the tills is pretty similar to the way large supermarkets take you on a tour – except this is done in the most efficient way.

    Newspapers and today’s news entices you in at the front, then the magazines sit further in the shop, and at the back or the side of the shop are the books for browsers. Get-in-get-out types can get their paper or magazine and pay at the till while in a rush in a matter of seconds; while the book browsers with more time on their hands can read at their leisure at the back. Two types of customers serviced in one place.

    The location strategy and scientific layout for two customer types is a very differentiated offer that shop visitors don’t even notice; but it works really well. No other retailer in commuter zones does it as good.

    There are ways to differentiate your business based on location and process. More examples later in the eBook.

    Sales

    Differentiation handles and overcomes objections better than slick sales answers

    Most prospects put up objections before they buy. In many ways, in sales training it is known that an objection happens because the prospect needs more information to make a decision.

    So why does a prospect need more information?

    Firstly, because the prospect is not sure that the product or service offered is of value, or enough value. Even by using excessive hours on selling and spending on marketing promotion tactics, this might not be enough to persuade a prospect if they cannot see enough value.

    Secondly, because there are other competitors doing virtually the same as what you do. You might know the differences, but the little differences here and there are too small for the prospect to know they are of meaningful differences in value.

    Once you differentiate your offer, prospects know straight away that your offer is of better value. Hence, differentiation reduces sales objections. Time to park the slick sales answers, and watch your competitors squirm when they see your new and improved offer to prospective customers. 

    Exit slick hot air sales schpeeeeeeel with no substance!

    Differentiation is professional – shows you care about the customer, not desperately selling what you have

    Businesses that are good at differentiation have taken the time to understand customer’s needs, problems, and aspirations. This also involves constant research, feedback and tweaking of your offer to customers so that your offer is closer to the customers ideal product and service.

    Prospective customers don’t know you from any other competitor really until they use it. Only at this point can they really know what you are about. But if they see what you offer upfront has totally matched their needs in every way then your conversion is going to be higher.

    On the flip side, your competitors might not bother with differentiation. They’re just going to concentrate on selling what they have. Their attitude is: no point fixing what’s not broken. If the market changes, they’ll just use slick sales skills to onboard customers...until the day that the competitor has created a product and service that is so good that no slick sales speak will save the day.

    Don’t believe it, why not do some research. Check out which other computer companies were market leaders before Dell, HP and Apple were the dominant market leaders. (BBC, Spectrum, Time Computers and Tiny Computers will give you a start in your research – and yes they had slick IT sales people and a big marketing spend.)

    Differentiation builds trust – the consumer just doesn’t trust sales people or products anymore
    How can this be? Isn’t differentiation just about making your product or service different; what do you mean differentiation builds trust.

    Well differentiation is more than just making what your product or service different. Differentiation is not just the product or service; it’s all the other little bits that make a difference which improves the overall whole business offer and value.

    Remember once-upon-a-time when you’ve been sold to and then found afterwards that what you bought did not give you anywhere near the satisfaction for what you paid for. Well now you can differentiate to make sure people know that your business does ‘What it says on the tin.’

    There is a great problem for sales people these days: you have good honest consultative sales people on one end of the scale and at the other end there are the exaggerating hard-sell sales people. But in the middle, you have exaggerating consultative sales people who can get prospective customers on-side but elaborate scare stories or the solution on offer. In an industry where the owner gets to speak to a few sales people, buyers will tend not to trust sales people after interviewing a few sales people due to the mix of truth and exaggeration.

    This can also go on for marketing communications too. Marketing people have also been known to exaggerated problems with scare stories and solutions. Take the beauty care industry. For every person who buys expensive face cream, there will be a savvy person who knows a bit about biology or chemistry and can point out the exaggerations in the marketing communication claims, and the potency of the ingredients in the product and the value it offers.

    Or remember the last time you booked a holiday or a budget air flight. We’re all well aware of the large amount of people who have had to pay extra for budget air flights on the day or faced delays for a ‘scheduled’ flight. Or the number of people complaining about the noise or food in their hotels when the brochure portrayed an idyllic peaceful experience as pretty much a standard norm.

    In our world of businesses desperately trying to increase revenue due to increasing targets, increasing demands and pure greed, good businesses have been tainted by exaggeration.

    Now you can control the level of trust in your business with differentiation so that you do not need to rely on exaggeration and gimmicks to deceive customers anymore. In fact, you might think there isn’t any reason why people do not trust your business, and if your business is genuine then I applaud you.

    But if you have ever come across a product like say a super-six-pack-abs gut-buster product and thought it was unrealistic in what it claims to do, then worry because it’s likely someone out there thinks like that about your product or service too; even if your claims are a lot more realistic.

    Differentiation creates more low hanging fruit, shorter sales cycle

    Once your product or service has achieved differentiation your offer will instantly become more attractive to prospective customers. By being more attractive, it goes without saying conversion will be easier and higher.

    Take the Sat Nav industry as an example. At one time, believe it or not (we’ve all seemed to have forgot), people just read road maps while driving vehicles to a certain point, then stop their car to look at the map, then drive on again to the next point before looking at the map. In some cases, people without maps would just rely on the road signs, even if they were in new territory like the Lake District area for directions to get to their destination.

    Imagine now that an industry with a product that is so many times more expensive than a map has single handily reduced the purchases of maps. The product is similar in some respects that both the road map and the Sat Nav holds the map. The main difference is that the Sat Nav guides you step-by-step so you can drive seamlessly without stopping to consult a map. It is this product difference that attracts people to buy a Sat Nav at such a price difference. In some cases a Sat Nav is nearly 100 times more expensive than a road map. Who says selling at a cheaper price always wins!

    Differentiation Case Study: Epcot Theme Park

    Possibly the world’s greatest theme park dedicated to human achievement and technology.

    It’s the only one-stop theme park that inspires you on the achievements of mankind.

    The land area is double the size of Disney Land with different attractions. Future Earth holds truly unique attractions such as space experiences that cannot be experienced in many other theme parks.

    The location is also in Florida where families go to visit other theme parks from all over the world. Families purposely go to Florida for this type of ‘theme park’ holiday.

    In the evening there are enormous colourful fireworks, water jet and laser displays that are professionally choreographed like a theatre play. The Reflections of Earth display tells the story of the birth of the earth in a glorious firework display.

    The quality and magnificence of the attractions at Epcot attract holiday makers who will pay a premium to travel long distances to experience something magical, family orientated, educational and different.

    The whole set-up, the location, proven satisfaction, and the slick Disney experience are important in persuading the prospective customer to visit. Competitors just cannot copy or compete if they ask the same visitors looking for this type of experience to go to their theme park instead.

    Later on in the differentiation section your business will be able to create a differentiated offer that tempts people to buy and use your products and service rather than go to competitors.



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    Sunday, 5 August 2012

    Why London Bridge is England’s worst tourist attraction

    Why London Bridge is England’s worst tourist attraction: by Jason Li 2012 ©

    DID YOU KNOW THE FIRST LONDON BRIDGE was erected around AD80 in the Southwark area?

    And London Bridge is the MOST FAMOUS bridge in the world.

    It was possibly made by the invading Romans, before the Saxons took over.

    The bridge used to be made out of wood, not concrete like today.

    Today it just looks plain, boring, and in a way it needs to be rescued... here’s why.

    History of the greatest bridge in the world: London Bridge

    In 1014, the Great Danes invaded Britain. They hurled spears and pulled the Bridge down, hence “London Bridge is falling down, falling down, falling down.”

    The next bridge was made of stone and had a road 20 feet wide with town houses on to pay the rent, 20 arches, plus a drawbridge. The bridge lasted 600 years and would possibly be the best looking bridge in the world at that point. In fact, it would still be the best looking bridge in the world today: a major tourist attraction, a world wonder.

    Picture of old London Bridge - taken from this excellent blog: http://bldgblog.blogspot.co.uk/2007/07/wed-all-be-living-in-dams.html.

    But again greed destroyed it as Queen Eleanor would not put all the money collected from tolls on the bridge into the upkeep and it fell into disrepair, leading to five arches of the bridge falling into the Thames again.

    There was a Stone Gate House on one end where heads of traitors were put on poles, including the great Oliver Cromwell in the 17th Century.

    A new London Bridge was built in 1831 when the old bridge suffered from the great freeze. It was now built out of granite. However, measurements found the bridge had sunk 12 inches so a new bridge had to be made.

    On the 17th of March 1973 Queen Elizabeth 2nd opened the new concrete bridge which still exists today.

    Information summarised from this great resource: http://oldlondonbridge.com/index.shtml


    Why did I try to stop someone seeing London Bridge?

    I was walking down Tooley Street, just at More London when a girl says: “Sorry, I’m looking for London Bridge?” in a European accent.

    So I told her it was in the opposite direction. But, I advised she could see Tower Bridge if she walked along the gap alongside Ernst and Young as it was just two minutes away.

    However she refused. She insisted on seeing London Bridge. She said she had come to London to see London Bridge.

    Now, my knowledge of history when I was at Nursery school only extended to ‘London Bridge is falling down,’ I admit I did not know of Tower Bridge as a child. But I wanted to help a tourist see something spectacular like Tower Bridge so she could go home and say England is a great place to visit. But no, she did not want to see Tower Bridge - she did not know what Tower Bridge was - she knew of London Bridge.

    What could I do? I tried to tell her to start at Tower Bridge and take the Thames path to London Bridge; it’s just two minutes away and I even pointed out how London Bridge is just a plain bridge. She was not having it. SHE CAME TO ENGLAND TO SEE LONDON BRIDGE.

    And so I pointed her the way to London Bridge, and said at least from there you can see Tower Bridge and walk back.

    What do you see at London Bridge today?

    When you get on the bridge, you see... a concrete bridge and a tarmac road, just like any bridge anywhere in the world. The bridge itself is just so plain, so not fascinating that it really is just a functional bridge. Any bridge that crosses a stream in the woods has more character.

    If there were no famous landmarks around and I did not know it was London Bridge, I would not even look twice at it. It really is that plain.

    To save London Bridge from total disappointment when you get there, the good thing is that you can see other landmarks that are fascinating.

    Even its younger sister Tower Bridge is a beauty to look at: while you are standing on London Bridge.

    You’ll find the government always decorates Tower Bridge (see the Olympic 2012 rings), and it is the bridge that cameras always focus on by television broadcasters – as they ignore plain old London Bridge.

     Tower Bridge gets the official Olympic spotlight.

    London Bridge just gets the GB colours like every other public place on the Thames.

     In fact, I once took a river boat ride and the tour guide said a few things about London Bridge as we passed under and people took pictures. But you could see the disappointment as they realised they were taking pictures of just a bridge. Then when the boat passed under London Bridge and you could see Tower Bridge, people got really excited and all the cameras were going crazy. Moreover, the boat stopped momentarily just in front of Tower Bridge for tourists to take plenty of gratuitous shots.

    I do feel sorry for London Bridge, as big brother is the most famous bridge in the world. So how can the government turn London Bridge into a world wonder, the de facto tourist spot for engineers and photographers to visit?

    The London Bridge Legacy

    Why not have a historical timeline on the wall for tourists to look at while they walk across London Bridge, with pictures and illustrations.

    On the outside of the bridge, why not decorate London Bridge so that it looks like it did when there were shops and the Stone Gate House so you can get a nostalgic feel of what it was like way back when. On the other outside wall, it could look like when it was built at another time period, say when it was just a wooden bridge 2000 years ago.

    How about putting a few replica town houses on the Bridge for tourists to look out of? They don’t have to be the full version because the pavement is only so wide. In fact, there must be a way to extend out the bridge to create more walking space and the replica town houses.

    I understand there will be security, health and safety, stepping on planners toes politics issues to consider, but hey, people say British are great innovators so the government should be able to find a solution to this.

    Do you think London Bridge could be a better tourist attraction?

    If you agree, why not share this article.

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    Saturday, 26 May 2012

    How to increase profit by creating value

    How to increase profit by creating value: by Jason Li 2012 ©

    Many times in the past I come across businesses owners who say I just need to find a way to increase profits. This is a natural thing for all businesses, because let’s face it, who’s working 12 hours a day or more for free (unless you don’t need the money)? The thing is, most of the people saying this really do need more profit to survive. But you can’t create money without creating value.
    I have heard all sorts of ways people try to earn more profit. Here are a few snippets. Cut the cost of the materials/service/producing the product/service for customers. Many have gone down the route of reducing the quantity of expensive/quality ingredients involved in making the product/service and substituted with cheaper/lower quality. Examples include a web company using a less skilled web site designer to create the web site, or a cafe substituting good bread for cheaper low quality budget bread for customers.
    Who earns profit in your market
    In the short run, if you cut costs, then, yes you might see an increase in profit because it’s obvious - same turnover but less cost equals more profit.
    But what is the impact on profit in the long run? Usually less profits. Why is that? As the quality of your product or service declines, you become more of an undifferentiated product.
    In other words, you become a low budget low cost commodity like any other. This moves your business from the quality market to the minimal quality market. By doing this, the consumer just goes for the lowest price in the minimal quality or commodity market; and in this market, there is always someone out there willing to work for virtually no profit who will take your customers. Meanwhile, your quality competitors will also take your customers who pay for quality too.
    So we can clearly see, yes cost is important to both the business and customer. But more importantly, quality makes a difference to the customer when they choose. More quality in most cases means more customers. More customers leads to more profit in the long run.
    Business Link, Chamber of Commerce or Federation of Small Business (fsb)
    Let’s look at the three leading business advice agencies. All three offer a service for businesses. fsb is more towards the smaller end. Business Link is a free government funded services. The Chamber of Commerce is a membership service like the Federation of Small Business but caters for all size of business.
    Which is the one that your business would use regularly? The answer will likely be the only the one that provides your business the most value. In the UK, Business Link is generally free, and the biggest government business service. So why pay for business advice? The answer is that it’s likely that the other business advisory services have something of value that contributes to businesses enough that’s worth paying for.
    Creating value
    Possibly the number one way to immediately increase profit which also is lasting is by creating value. Creating value is both creating something unique, or better, and of a maximum benefit to the consumer.
    Imagine a restaurant on a street with ten other restaurants. Each is different in food styles such as Chinese, Italian, French, Indian, English. They all operate the same in that they have the usual tables, chairs, menus and a waiter. They all want more profit and insist they are doing all the right things. So how does one restaurant create maximum value for the customer to increase profit?
     Think like a customer. A customer is waiting to spend their money on a benefit. Most average restaurants will stick to the trusted formula of good food and a warm safe environment as sufficient. “But what else can you offer me to make me spend?” is what the customer is thinking. Why not pause yourself here and write somethings down on a note pad on what you would do to create more value.
    Okay, well here is an example. I went to a restaurant in London which had tables on a balcony so you can see over the restaurant floor in your own little booths. The reason for this is that every evening there is a fun performance on at night. People queue out of the door to get a table. To increase value further, the prices were only slightly more than other restaurants in the area for a three course meal.
    Now imagine one of these restaurants on the street of ten creating a new way to eat, be entertained, with possibly even prices at an extra two pounds per person for a meal. Could this restaurant make more profit? Or should it stick to the formula used by many businesses to just take the easy route by doing what everyone else does, or just do the usual cut quality and cut costs?
    Value is not budget
    Value is not budget, or own brand, like you see in the supermarkets such as Tesco’s. Supermarkets are experts at confusion marketing. Using the word value is taking the above marketing version of value and putting a slant on it to associate with cost in accounting terms, such as the value or the valuation is £10 or £1. This is not creating value.
    How to create value
    In marketing, there are tools to make your business of more value such as unique selling propositions (USP’s), differentiation, competitive advantage, value chain and more.
    Focus on value
    In order to create value, you must look at what you do without considering profit first. Yes it’s a strange thing to do, something a university professor might say to a business person. But in this case, just thinking about profit will stop you being able to create maximum value.
    You have to have a vision; a new way to do things that you can feel will make customers really take notice about what you can offer. You have to think like Steve Jobs or Richard Branson by creating a new vision that disrupts your industry. Then with your new offering which has more value, start to look at what it will be priced at for the customer – even if it is a little bit more, and how you can achieve this at whatever cost you figure. Without the vision of maximum benefit, you won’t know what customer pricing to work to, or costings to create your offering.
    As an example, let’s say you can create a part of your pub a VIP football lounge. It’s a section that has the best view of a big screen, rows of seats with leg room like a terrace, good food served in trays, bar maid/waiters on hand all the time, no big queue at the bar, copies of football magazines to read, and is by far the best place in your town for watching the big game, but the entry is £3 per person. On non football days, it’s open business as usual. I’m not saying this is the formula for pubs which works. But I have walked past enough bars where they can hold possibly 100 people and there are only about ten people in watching a big game. Then there is another bar in the area with a bit more added value which is pretty full.
    Is it the bar that’s got it wrong, or the people who have gone to the wrong bar?
    But what if people have no money
    If you are in a market that is in genuine decline, or people have no money, or you cannot add value then there are two real alternatives:
    Firstly, can you create more value and reinvent the market? If you can then there is a chance of making more profit.
    Secondly, if not then you must consider the cost/benefit of leaving the market. An example would be if you are a distributor of video tapes or video recorders. You can cut costs/quality of components, or even repackage or add value, but there is no market for this. It’s not money that’s the problem, as there’s plenty of people with a budget for watching and recording TV programmes. Sky, DVDs, online saas have created more value than video and video cannot compete.
    Examples of businesses creating value and winning
    Apple and Samsung – nice looking premium gadgets, lots of functionality, easy to use. Who lost out – Nokia, Sony Ericsson, Sagem.
    Facebook, LinkedIn – nicely organised social websites with more functionality. Who lost out – MySpace and Friends Reunited.
    Nike, Adidas and Puma – Create premium clothing, technology, products and brands which worldwide consumers enjoy using. Who lost out – Slazenger, Dunlop, British Knights.
    Not everyone wants maximum value
    Believe it or not, possibly 99% of people want better value and a better life – so they will pay more if you can offer it. But you will come across the odd customer who will take sitting outside in the rain in the cold at the restaurant next door if it saves 50p. We all have our reasons for doing things, so please don’t judge. Below is how to work out which type of customer you have with QPD.
    As mentioned above, people just looking for lowest costs will find a lower cost supplier; it is not an easy game to win. But create better value than your competitors for your customers, and they will come to you as their supplier.

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