Look Matters Blog
I don’t want to make too much of an assumption here, but I am pretty sure it’s almost summer. While the deluge of rain that we’ve recently had seems to spoil our excitement, July 1 is just around the corner. I like to approach it like it is its own New Years Day: I will make the same cliché list of goals, but this time the warmer weather will hopefully encourage me to actually meet them!
One of the most difficult things in business is determining what price to sell your products or services for. In most cases, businesses base their prices on the cost of production, as they are unsure of the value they provide. For example, a jewelry maker may sell their jewelry at (x) times the price of silver. In another example, an accounting firm will figure out that they are paying a bookkeeper $25/hour, and thus bill out $75/hour as per the rule of thirds. If you aren’t familiar with the rule of thirds, it states that the revenues are made of three equal parts: cost of production, overhead and profit. No matter what multiple is used, businesses that do this are selling commodity instead of value.
Over the past 12 months we've had the chance to work on some pretty fun projects. This past weekend in Saskatoon, some of those projects were recognized at the 2014 Elevators Awards.
The Elevators are Saskatchewan's premier design awards, where the most compelling work in our province is showcased. And gosh darnit, we're pretty excited to announce we went home with some hardware!
The advertising industry is very competitive, and thanks to television shows like Mad Men, it can be perceived as sexy and exciting to a lot of people. In addition, like any occupation that society looks at with celebrity status, there is a pressure to perform day in and day out. Advertising agencies work is their calling card, and one of the best assets of someone’s work is their originality.
I want to tell you about the last conversation I had before leaving Italy. It was at the airport while paying for extra luggage, thanks to irresistible Italian fashion industry. The lady working at the counter asked me what it was like living in Canada, and I told her that if you are willing to work hard and obey the law, you can have a very good life.
The Commercialization stage of the New Product Development is where all of your hard works comes together. The usual steps are product launch, advertising and promotion, and distribution. During this phase we will heavily rely on the critical path analysis to ensure that the customers receive their product when promised.
An article by Donald Cooper, MBA...
Ultimately, customer ownership is all about creating, delivering and communicating compelling value. Customers demand value and every business promises it. But there’s a huge lack of clarity about what value really is.