TownLink

News + Views

The Buying Difference

0
ROI by Frank J. Rich

ROI
BY FRANK J. RICH

In the effort to determine what influences the buying decision—more than anything else—both science and art have traded places over the years. Is it what’s said about a product that compels the buyer, or the way it is said? Is it the force of a recognizable brand? Or, maybe, it’s the association of the product with another brand, such as an ad for weight loss in The Wall Street Journal.

The question dogs us, even to this day. With brands taking the limelight as Main Street struggles to find its own recovery, consumption off by double digits, and pressure from all things digital, its seduction— the ease in promotion that never arrives, we hope beyond all else that the tide rises and raises us with it. But the question remains: “How do we influence the buyer to become a customer?” A recent study by Nielsen gives some clues. (more…)

April 7, 2014 |

Inside the Buyer…

0
ROI by Frank J. Rich

ROI
BY FRANK J. RICH

For all the effort we put into sales and marketing we are seldom close enough to the customer to learn his desires and his habits. More than the demographic and geographic data that identifies target audiences and market segments is the very specific information that reveals their buying habits while they are forming. The tales of buyers’ whimsy and capriciousness are bruited about as though legend were the purpose in enterprise. Unproductive and distant from the respect for all, especially those who vote with their dollars, is the notion that the buyer is the homogenized effluence of patterned behavior absent real intelligence. Nothing could be further from the truth, nor ought we overestimate the potential in individuals and buyers. (more…)

March 28, 2014 |

Come Spot… PLEASE!

0
ROI by Frank J. Rich

ROI
BY FRANK J. RICH

Just to be clear, this column is not about getting your dog to come when you call him. Although, I’d like to hear from anyone who has this down, because a 4-month old puppy I know is still struggling with the value measurement between who feeds him and the inveigling of a scampering squirrel in the open field to the side of the house.

More to the point, most businesses struggle with how to draw customers to them, either to the physical store or its virtual counterpart. Not coincidentally, the approach is much the same. If we begin on the digital side it’s helpful to characterize the “potential” for success against the “opportunity.” In fact, most don’t get it. (more…)

March 21, 2014 |

Now and Then

0
ROI by Frank J. Rich

ROI
BY FRANK J. RICH

There is growing evidence that the recent downturn did permanent damage. Indeed, the measure of recovery and a close examination of fundamental growth elements by the CBO (Congressional Budget Office) suggests the term given to this one— The Great Recession—is an apt description.

The U.S. economy has done more than “slow and recover,” the typical cycle lasting an average of 7-years; it has fundamentally changed. The prevailing view has always been that the U.S. economy will gain back what was lost in a recession, but this time is different, as many economists and academics believe we will not regain what was lost in this latest downturn, giving rise to the view that the recession changed the economy at its root. (more…)

March 17, 2014 |

It’s True

0
ROI by Frank J. Rich

ROI
BY FRANK J. RICH

People are funny. Some, children especially, are even funnier. We’re quirky, independent, gregarious, taciturn, heady, engaging, phlegmatic… . You get the idea. And not coincidentally, we’re ever changing. Once you get to know us we do something totally unexpected. That’s the good and the bad news.

From time in memoriam we defy stereotypical definitions, and spurn virtually all attempts by others to pigeonhole us, at least completely. How else might we extend the next generation of our infinite personalities if not allowed to change, to grow, to be different from what we were before, except, perhaps, to our mothers? (more…)

March 10, 2014 |

All In?

0
ROI by Frank J. Rich

ROI
BY FRANK J. RICH

Americans are risk takers. If anything, they are no less the cowboys of yesteryear but for the tools of their trade. The “guts and glory” motivation remains.

Much of this column speaks to risk, perhaps because it is so fundamental to business, the root of ROI columns. The landscape of principles and best practices is littered with potholes, missteps that cause course changes and interruptions. Preparation is the pole vault, and courage its energy. Little productive happens without them. (more…)

February 28, 2014 |

Shoppers Never Stop Shopping

0
ROI by Frank J. Rich

ROI
BY FRANK J. RICH

Consumers are a vital part of every economy. Consumption gives life to commerce as none other can. The force of it at the retail level (USA) accounted for $4.7 trillion in 2013 of a $17 trillion economy (GDP). That amounts to roughly 25 percent of the world’s GDP. And, 71 percent of the US economy is given over to consumer spending on durable and non-durable goods, and services. A shopper is more than the stereotypical character depicted in the movie Shopaholic. S/he is in search of the things they need, some they want, and many that have formed a habit in them, such as vitamin supplements. On the obverse side of this coin is the supplier of goods and services: the retailers, manufacturers, and service providers that satisfy the hungry giant called consumption. (more…)

February 18, 2014 |
TownLink is powered Chase Media Group. ©2014. All rights reserved.
Skip to toolbar