Innovative Ideas for Adapting Your Business to Changing Market Conditions

Because the “click and order”, internet enabled entrepreneur is forcing the “brick and mortar” business owner to radically change the way they’re going about building, sustaining and growing their businesses, it is simply not possible to wish, hope and pray that your business is going see a drastic overhaul without feeding it some type of technological over-haul, which will aid at improving things.

Truth be told, it’s not so much business owners that want to see the many changes taking place in business, it’s the customers. Discount buying, online shopping, social shopping and a lack of customer loyalty are all variables that face business owner in the economy of today.

If you are not using innovative ideas for adapting your business to changing market conditions, what are you doing? Whether or not you want to infuse technology to back your efforts is totally fine, just don’t expect to be nearly as effective with your conversions as compared to using technology.

The most demanded job in any marketplace is being a social media manager. According to an article in Inc. Magazine (April 7, 2010), there were over 22,258 social media manager positions available at that time – do you think the demand for business owners wanting to increase social media presence has changed?

Most companies don’t R-E-A-L-L-Y know how to market using social media, but they know they need to. Although there is no formal certification or license to deem you “credible” as a social media manager or consultant, allowing ourselves to stretch the uncommon is the “secret pill” for transitioning into this world.

Below is a 3 part list of items that you can implement today to change the way you may be using innovative ideas for adapting your business to changing market conditions:

1. Put A Blog Into Play As Fast As Possible– Although blogging is not as effective as it was 6 months ago, it will significantly enhances search engine optimization (SEO) capacity as compared to a static website, will capture targeted customer’s information and ease your efforts when developing a ‘raving fan’ base. Bottom-line, get a blogging immediately.

2. Put A Free Report Together To Give Away– The entrepreneur who has the most appealing front-end offer usually will have the upper-hand on winning over new prospective customers and clients. Giving away a free report brands your expert nature, as well as your ability to express to a customer that you care about servicing their every need.

3. Use Video In As Many Marketing Campaigns As Possible – Video has been proven to be 50% more effective at delivering a message than that of any formal sales presentation. Considering most companies want to learn how to get their website to the top of Google, an insider tip would be to use YouTube videos because YouTube is owned by Google, thus being their ally.

The most effective marketer is the one who has the best campaign created to support their online efforts. Another power strategy is to create your campaign to be delivered on automation, using the ‘tools of technology’, allowing you to be the most “socially savvy” entrepreneur in you marketplace.

Why Should You Buy From the Best Online Shopping Stores?

If you look online, the number of online retailers has remarkably grown over the past few years. With the number of people getting hooked to online shopping slowly increasing, more and more companies are shifting from actual stores to online outlets.

But, before you fire up your computer and start buying, it is a good idea to check out first the best online shopping stores. This way you will lessen the risks involved and avoid buying from unscrupulous merchants.

Why is it safe to buy from best online shops?

The internet is a dangerous place where some people take advantage of others. With this in mind, some of the best online shops adapted certain procedures to ensure that their customers will be safe. But, to make sure, you can try looking for the following when you shop.

1. Look for the SSL certificate

It is very important for the website that you will be purchasing from to have an SSL or Secure Sockets Layer certificate. This will ensure that any data that you provide such as credit card info will be encrypted and securely transmitted to the merchant. But, in rare cases where the data is intercepted, SSL will make sure that third parties will not be able to decrypt and decipher the data. To make sure that the site has SSL, take a look at the bottom part of the browser if it has a padlock.

2. Policies and warranties

Some of the best shops online have return or exchange polices as well as warranty on their products. This means that you don’t have to worry even if the item that you buy isn’t what you expected. In fact, some merchants even have money back guarantees in case you are not completely satisfied with your purchase.

3. Good customer feedback

Some of the top online shops have a place where you can see the feedbacks and comments from other customers. This is a good place to have a glimpse on how these companies perform.

What are the advantages of the best online shopping stores over actual stores?

The most obvious advantage is convenience on the part of both the seller and buyer. In actual stores, merchants have to take into consideration various costs such as rent, personnel costs, huge inventories and utilities. In online stores, all that the merchant maintains is a virtual store. This means that there are huge savings in the part of the merchant which will lead to lower cost of goods for the consumers. In the end, it is more economical to buy and sell online than in actual shops.

Universal Travel Adapters in Hotels

When looking for ways of making incremental sales in the service industry, adding an element of retail sales can be invaluable. The question is which products to use and how to introduce them effectively making a significant profit.

Primarily you are looking to make an incremental sale- this means gaining an additional purchase from your customer to increase their average spend.

When looking at the hotel industry we could look at a product such as universal travel adapters. A mains adapter used to convert a 2 pin plug to a 3 pin plug or vise versa. Often used as a laptop adapter.

The most useful kind that you can supply to your hotel guest converts any kind of mains plug into your local outlet hence being called adapter.

Adapters will be needed by most of your international guests. Some guests will bring their own, others will forget them and need to buy a new adapter. There are several ways that hotels can offer adapters to guests making various amounts of profit. These are outlined below.

1. Sell a adapter in the hotel amenity basket: The hotel purchases the travel adapter at wholesale price and sells at retail price, making $5-$10 profit per adapter.
2. Selling the travel adapters from the front desk or concierge desk. Optimise this by asking each guest on arrival whether they need a adapter.
3. Complimentary use of a universal travel adapter with a refundable deposit. The guest borrows the adapter and is charged $20 if they don’t return it.

Many leading hotel chains use a mixture of the above techniques, they bulk buy adapters and sell them for a profit. $10 is nothing added onto a hotel bill at the end of a stay, however, when you start to sell 5 a day that can add up to $18,250 retail a year!

The aim is to make a high profit, you want to bulk buy adapters as cheap as possible. Look for online stores such as Travel Adapters Online where you can buy CE certified adapters for as little as $2.25 /£1.25 making a 500% profit margin on the sale at a RRP of $5-$10. They sell Adapters for US and Adapters for UK.

You also need to work out what your optimal retail price is. This is the price you can sell the adapter for before the guest decides they will go to the local shop and buy one themselves. Remember you are selling convenience here so you can charge a premium. Buying adapters online will get you the best deal.

The Transition of Coffee Shops Over the Decades

Ever since Fair Trade began back in the early 2000s, coffee companies were the first ones to incorporate this social project into their businesses. Coffee companies began just by selling some of the coffee products, but as time went on some local coffee companies sell Fair Trade jewelry, chocolate, and tea. The reason that these companies took to this social project in particular is it likely because  was really one of the first products to be put into the United States market through this project. Also, coffee companies were easily able to incorporate this social project into their businesses because it is not too much more expensive than the coffee they regularly buy and it is a good social cause. Through the years, coffee companies have been able to adapt to meet the demands of coffee consumers all around the world.

When coffee companies first began, they were just places for people to pick up a cup of caffeine quickly before work. Also, when they first began, these types of  places were usually part of a drug store where people could also get breakfast. Soon, there came a demand for a place to sit and have coffee with friends or coworkers. So, coffee companies adapted and began to build their own beverage shops, instead of being part of drug stores. Finally, in the early 1990s companies began to create an experience for their customers. The gang on “Friends” was always seen at their local beverage drinking shop talking about work problems, relationship problems, or just making audiences laugh at their jokes. People wanted a place like the gang on “Friends” had. So, again, these shops adapted. Most of these companies put couches and big over-sized chairs in their stores, so that customers could meet their friends or coworkers for a cup of java. Also, most of this kind of  companies began playing soft music and having their stores painted in warm, inviting tones. It is amazing that these coffee shops are able to change quickly the meet the needs of their customers.  

The newest trend for these companies, though, is support of social causes. Most people like to know that the money they spend on coffee goes towards a good cause, no matter how small. Most local beverage shops like to sponsor local events, like school soccer teams, or they help give money to a run or walk for a disease. Bigger java chains are now associating themselves with larger, global social projects.

The amazing thing about these shops is that they have been able to change the way they do business to fit the current demand of the customers. Most companies have a very difficult time even keeping up with the rapidly changing customer demands, let alone change their businesses for them. These types of  shops have become a staple in American society and it should be interesting to see if they can continue meeting the demands of the customer the way they have been able to for decades.