Revenue

One of our jobs in business is this:

“Make it as easy as possible for people to give us their money”

It’s already hard enough to convince people to buy our product or service, so why some businesses minimize payment options is beyond me.

cash-only

photo by Mike Monteiro

Cash only, just doesn’t cut it these days. Regardless if we are on line, business to business or in retail, minimizing the payment options has this simple repercussion: It minimizes revenue.

Live example is a café in Melbourne called ‘Journal’. I had a company breakfast there and they wouldn’t accept my credit card. They even had the audacity to say ‘Who doesn’t carry cash on them?’ Answer: plenty of people. That’s fine. I’m never going there again and they missed out on around $100 this week.

Startups ought make it easy to collect revenue.

Steve – founder rentoid.com

Theatre & customization – Active feet

I was recently enthralled by the in store theatre of local Melbourne sports shoe retailer Active Feet. In fact it was much more than theatre. It was service, theatre and attitude. The store is owned and run by podiatrists.

We walked in the store and the first thing the store assistant did was introduce himself, and ask if we’d been in the store before. When we gave the ‘yes’ response and name, he asked to be excused for a few moments and went out the back to check the computer. Upon his return the assistant asked how the flat feet were going, how the particular joggers purchased worked out, and even how boot camp was going. It wasn’t contrived, but I could sense in the tone of voice and body language that this guy cared. I could sense it. All humans can, we can sense people who are faking it.

After this we moved onto the walking machine to assess the feet with some pretty impressive podiatry tools. He then went onto recommend some shoes to try based on the treadmill assessment and a mutual discussion. All of which can be seen in some action shots below.

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How many companies have things like databases and valuable customer information that just sits on a computer somewhere and never gets reviewed, let alone used to great value for a returning customer.

Startup lesson: If we are going to collect information for our customers, then maybe we should use it, and not only use it but customize it.

Oh, we bought the shoes there.

Steve – founder rentoid.com

Top 10 reasons for outsourcing digital work

Here’s startup blogs top 10 reasons for outsourcing digital work offshore. Which we do for some work at rentoid with great success. I’m hoping the naysayers, will see by the end of this post as to why it is ethical as well.

  1. It’s an efficient resource allocation
  2. It increases the wealth of the service provider (the person overseas)
  3. It increases the wealth of the offshore country
  4. it facilitates cross cultural interchange and understanding
  5. Makes it possible for ‘non techies’ to start a ‘tech based’ business
  6. Can be the difference which makes a startup idea financially viable
  7. It stimulates greater innovation in the tech sector by creating a greater intellectual resource pool
  8. It invents ‘time’ so people can bootstrap a business while continuing other employment
  9. The outsourced work is not dangerous – we are not sending kids down a mine or employing child labour.
  10. Add your reason in the comments!

Get out there and outsource, make conections, make stuff happen and make new global friends to boot!

The Sandwich Man

Maybe you’re a great web designer

Maybe you’re a great coder

Maybe you’re a financial wizard

Maybe you’ve got a flair for industrial design

Maybe you’re a craftsman with unique skills

Maybe you’re great at managing and building a supply chain.

Maybe selling isn’t something you enjoy, like or even care about. Maybe making presentations is the part of business that really isn’t your thing.

Problem is this: There’s plenty of great ideas, businesses and people who never reached their full potential because the selling bit was missing.

Step forward the ‘Sandwich man’

Startup blog definition: Sandwich Man – a gun presenter and public communicator who presents the ideas and sells the dream on behalf of the business.

A sandwich man is called such, because he holds together all the good things like the bread does on a yummy sandwich. Without him all the ingredients, nutrition, ‘reason for being’ could all fall away.

A good sandwich man would start and close any business presentation to people like venture capitalists, suppliers, key accounts, customers and the media.

sandwich

Quite often successful businesses are run by a team where one of the members is the tech genius and the other is the Sandwich Man. Who then communicates the ideas and vision to get people on board. Rarely people are lucky enough to have both skill sets. Regardless of which skill set we have, we always need a sandwich man. We can even bring one into the team on a needs basis.

But without one, we may end up with a great product or business which never gets the traction it deserves.

A few steps forward

I saw this auction sign board while walking in my local village. A real estate agent who has the night light powered by a solar panel. The first I’ve seen of it’s kind.  I was surprised.

solar-panel

It’s not a huge innovation, it may even cost them more than a standard electric powered light does, I’m note sure. What I am sure of is this, it moves them and ‘us’, all a few steps forward. To using better and smarter technology.

I felt good about it, good enough to be writing about it here. So the question is this:

What small things can your startup do to take it’s brand, and us all a few small steps forward?

The Wingman & advertising awards

The following is a true story as told by Ender Baskin:

 A few mates went out for some beers at a local bar. They were young, vibrant guys who where looking to meet some girls. Fine. One of the guys had a very cool t-shirt which said the following:

 “Don’t get too excited I’m just the wingman.”

 The group of boys all loved it. They thought it was very cool, awesome in fact. They were certain it could only enhance his changes of meeting a girl on said night.

 As expected people ‘did’ love it. They all came up and remarked on how funny, cool and smart the t-shirt was. Only problem was, it was all the blokes who happened to remark upon it.

This parable is a a little bit like the type of advertising that wins awards. The producers and colleagues in the industry love it. Yet award winning advertisements don’t always sell the product. Cool and funny is great, often a nice bonus when communicating with our people. But if the basic objective isn’t met, we’re better off with something less cool that actually works.

Chief Mojo Officer

Chatting with Chris Mander from docolo.com and he came up with an awesome idea – which every business should have.

The Chief Mojo Officer, or the CMO.

Sure, I asked him what they did and here’s what he told me: (with some embellishment)

“Firstly you have to believe in mojo. If you don’t believe in mojo, then forget it. If you do, the CMO is in charge of general “Vibe Strategy”. The CMO has to make sure that the ‘vibe’ is right. There are no real quantitative measurements for mojo – you can just feel it. The CMO is the type of dude who can just feel it. They’ll know when it’s out of whack. The CMO is in charge of things which are nebulous, but actually matter. When the CMO has the general vibe grooving, the mojo is right, and revenue happens.”

Good news for startups with small staff is that we don’t have to wait for the employee head count to justify a new CMO. We can  and should be doing it anyway. It’s our job!

But when you make it, I reckon it would be the best investment any company could ever make.