People will buy products that solve their problems and/or make their life better.
That is for me the main idea on what’s an attractive value proposition and I could stop writing here. But as the basketball coach John Wooden said, “It’s the little details that are vital. Little things make big things happen.” Let’s see how the customers evaluate a value proposition, make their decisions, and why this isn’t easy for them.
Continue readingPremium means more than just good quality.
I remember going out with this girl a couple of years ago. She was really into fashion and always wore a stylish outfit. In a conversation, she was very excited to tell me that she was carrying her rare Louis Vuitton purse that day and the story behind that purchase. I know absolutely nothing about fashion, but I know these are not cheap. Sure, her purse looked good. But why was she so excited about it? Was it because of a unique design? Or extremely high-quality materials? What justifies the four-figure price tag?
Continue readingThe other day, I ordered a pack of two bottles of a health supplement I wanted to try. Two days later, I received a large cardboard box, inside of which was a smaller box between the bubble wrap. And guess what I found inside the small box? Each bottle was individually packaged in another box! It’s not like I ordered fancy crystal wine glasses; all of this packaging was protecting two small plastic bottles. I am grateful some companies are using more sustainable practices, and I am sure this excess use of packaging will make this company lose its most environmentally-conscious customers. But what can businesses do to minimize their impact on the environment? Besides the ethical issue, how does this affect their bottom line?
Continue reading“Metaverse”, “Cloud Computing”, “Datafication”; these days, it feels like every other news article about business is trying to use as many technology keywords as possible. We hear about innovation and disruption in the entertainment, medicine, and transportation fields everyday. I’d say that half of the people using these buzzwords have no idea what they are talking about, but they feel they have to use them to sound smart. It is easy to get a sense of technology being important for businesses and entrepreneurs, including those operating online. A huge part of top companies are tech for certain reasons. Technologies and technical processes can create opportunities and improve operations. After all, the internet is the reason ecommerce exists in the first place. But technology can also kill businesses unwilling to adapt to the ever-changing environment. Let’s see how.
Continue readingI recently purchased a Fitbit watch, and I fell in love with it. I now spend more time tracking my heart rate and sleep patterns and finding ways to “improve” my scores. Maybe I am a fitness nerd, but I find all this data and fancy reports addicting. But why did I buy this watch in the first place? In my last two articles, I talked about how politics and inflation affect business and Ecommerce strategies. Today, I want to discuss the impact of societal factors and give a few examples of opportunities they have created over the last few years.
Continue readingAt the beginning of 2022, we all realized how crazy inflation is. It hit me hard when I saw the price of my favorite brisket sandwiches increase by $1.50. Everything becomes so much more expensive : our favorite foods, plane tickets, housing, gas, etc. Many of us changed our shopping habits in response to the high inflation rates (I still buy the brisket sandwiches but sadly travel less often). Businesses had to adapt to maintain their profitability but also to keep customers interested. Let’s see how inflation impacts ecommerce and businesses in general.
Continue readingThe French presidential election took place a few weeks ago, and I am glad it is over. I was getting bored of hearing the same things all day, every day, in the media – although it is always an interesting time. Hearing the candidates and politicians or reading about global politics always gets me thinking: What is the impact on businesses?
Continue readingWe have all experienced this. Sales that previously looked great start to decrease month after month. Is it because of lower customer demand? Or is it due to issues with distributors? Perhaps there is something about the competitors’ landscape we did not notice? Seeing a new competitor enter your market is never a great experience, but realizing they offer similar products and services at a shockingly-low price is especially scary. But what should a company do after the initial panic?
Continue readingThe difference between penny-pinching and true low-cost strategies
Happy New Year to my readers! I know it’s been a while; I took a short break from writing during the holidays (and after getting a bad case of Covid), but I am excited to be back with more content.
Over the last few weeks of 2021, I wrote about economies of scale and discussed ways for businesses to improve their bottom line. Of course, every company wants to lower their costs to either improve their profits, pass savings onto their customers to gain market share, or for other reasons. But some companies are going further and excel at reducing costs: these are the successful adopters of low-cost strategies.
Continue readingIn the last few years, “brand awareness” became one of the most popular buzzwords in the digital marketing world. Every week, I receive marketing emails from digital consulting agencies telling me how they can help me “build brand awareness” or “increase brand awareness”. That sounds great on paper, and I think brand awareness can be a positive thing. However, what I’m seeing is that the necessity of building brand awareness has become overblown, especially for small niche businesses on a limited marketing budget. I wish I had time to ask these marketing agencies what they mean exactly by “increasing brand awareness”, and I suspect some of them are preying on businesses with limited knowledge of marketing strategy.
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My name is François, I’m the author of this blog. I love writing and talking about business and ecommerce. I hope you enjoy my work, feel free to contact me for any suggestion!
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