Ethical Marketing: 5 Examples of Companies with a Conscience

Did you know that 92% of Millennial consumers are more likely to buy products from ethical companies? Or that 82% of those consumers believe ethical brands outperform similar companies that lack a commitment to ethical principles?

These are just two of the findings of a recent Aflac survey (PDF) into the potential business impact of ethical commerce and corporate philanthropy. Brand authenticity has never been more crucial to a business’ success, and companies that have dedicated themselves to the greater good instead of solely to their bottom lines have seen a remarkable surge in support – and revenue.

In this article, we’ll learn what ethical marketing is and take a look at how five different brands have proven their commitment to ethical marketing. The following examples show the principles of ethical marketing in action, as well as why championing good causes is so effective for today’s brands.

What Is Ethical Marketing?

Before we dive into the examples, let’s take a moment to clarify what ethical marketing means.

Image via World Fair Trade Organization

Ethical marketing refers to the process by which companies market their goods and services by focusing not only on how their products benefit customers, but also how they benefit socially responsible or environmental causes.

To put this another way, ethical marketing isn’t a strategy; it’s a philosophy. It includes everything from ensuring advertisements are honest and trustworthy, to building strong relationships with consumers through a set of shared values. Companies with a focus on ethical marketing evaluate their decisions from a business perspective (i.e. whether a particular marketing initiative will deliver the desired return) as well as a moral perspective (i.e. whether a decision is “right” or morally sound).

With that out of the way, let’s get to the good stuff.

Ethical Marketing Example #1: TOMS

My wife loves her TOMS ballet flats. They’re cute, comfortable, and best of all, socially conscious.

TOMS isn’t just engaged in corporate philanthropy to make a quick buck; it’s a core part of the company’s values and brand.

TOMS was founded by Blake Mycoskie in 2006 following a trip to Argentina. During his visit, Mycoskie saw firsthand how people living in impoverished areas of Argentina had to live without shoes, a challenge that many of us likely give little thought. Inspired by his trip, Mycoskie decided to establish his company with giving in mind.

Since 2006, TOMS’ footwear business has donated more than 60 million(!) pairs of shoes to children in need all over the world. As if that weren’t enough, TOMS’ eyewear division has given more than 400,000 pairs of glasses to visually impaired people who lack access to ophthalmological care.

The company has further diversified its operations to include clean water initiatives through its coffee business, and its line of bags has helped support projects to expand access to birthing kits to expectant mothers in developing nations as well as training for birth attendants. To date, TOMS has helped more than 25,000 women safely deliver their babies.

How Does TOMS Use Ethical Marketing?

TOMS puts its social and environmental philanthropy on full display in virtually every aspect of its branding. This not only lets potential customers know the kind of company they’re dealing with right off the bat, but also reinforces TOMS’ brand values consistently across all channels.

Take a look at TOMS’ homepage. Right underneath the carousel, the company tells you that, for every product you purchase, TOMS will help someone in need:

TOMS’ mission is so central to the company’s branding, it’s given almost equal emphasis on its website as the products it sells. In fact, it’s almost impossible to navigate through TOMS’ site without seeing further examples of how TOMS helps people around the world.

This isn’t a typically cynical attempt to capitalize on empty gestures or a feel-good sales tactic; it’s the same principle leveraged by brands that use display advertising. Just as many display ads are designed to promote brand awareness and achieve top-of-mind presence among consumers, TOMS’ philanthropic mission is constantly reinforced throughout its website and marketing materials. As a result, it’s almost impossible to think of TOMS as a brand without thinking of the company’s various outreach projects and corporate giving initiatives.

Ethical Marketing Example #2: Everlane

Clothing manufacturing is among the most controversial industries in the world. During the past 20 years or so, much greater attention has been paid to how and where our clothes are made, particularly in light of tragedies such as the blaze that tore through a garment manufacturing facility in Bangladesh in 2012, killing 117 people – a factory that supplied clothing to American retailers including Walmart and Sears.

In light of greater awareness about the use of sweatshops, demand for ethically made clothing has soared in recent years, a trend that has given rise to dozens of companies that want to change how we make and view clothing, including Everlane.

Founded in 2010 by Michael Preysman, Everlane is boldly committed to ethical manufacturing. All of Everlane’s garments are made in factories that meet the most stringent quality standards – not only in terms of the clothes themselves, but also in how workers are treated. Everlane only partners with manufacturers that demonstrate a strong commitment to their workers’ welfare, a fact the company prides itself upon in its marketing material.

How Does Everlane Use Ethical Marketing?

Like other ethical brands, Everlane’s About page tells the story of how the company champions the rights and well-being of the workers who make its clothes. What’s really interesting about Everlane, though, is its commitment to radical transparency.

An Everlane warehouse worker prepares garments at the company’s

Mola, Inc. tee-shirt factory in Los Angeles, CA. Image via Everlane.

Everlane isn’t content to merely tell you that its clothes are manufactured and sold ethically; the company also provides customers with a detailed cost breakdown for each and every one of its stylish, minimalist garments. This includes details on the cost of materials, labor, transportation and logistics, excise taxes and duties, and even hardware such as zippers and buttons.

The company’s Elements jacket, for example, costs $60 to produce, and you can see exactly how much each of the manufacturing and logistical elements affects the retail price:

Typically, the production costs of most commercially produced clothing are a closely guarded secret. This isn’t merely because a breakdown of such costs would reveal a brand’s potential profit margin on a specific item, but also because they highlight the desperately poor pay and conditions many people working in garment manufacturing endure.

By boldly revealing precisely how much each of its garments costs to make, Everlane can offer its customers the kind of transparency consumers want while enjoying the considerable karma this kind of radical transparency offers.

Ethical Marketing Example #3: Dr. Bronner’s

Consumer demand for ethically produced cleansing products has intensified in recent years, and although there are literally hundreds of brands of soap available on the market, few are as unique or memorable as Dr. Bronner’s, the top-selling organic liquid soap brand in America.

If you’ve ever bought or seen a bottle of Dr. Bronner’s soap, you’ll already know that the company is a little different to other soap companies. For starters, the product’s unique packaging features the company’s fascinating “Cosmic Principles,” a 30,000-word philosophical screed that company founder and self-styled doctor Emanuel Bronner spoke of while touring the United States’ lecture circuit in the late 1940s. Bronner offered his now-famous peppermint liquid soap as a freebie for people who attended his lectures, but it didn’t take long for him to realize most people would only turn up at his speeches to grab their free sample of soap.

It wasn’t just Emanuel Bronner who demonstrated a commitment to social and environmental activism. Bronner’s grandson, David, was arrested in 2012 for publicly harvesting hemp from inside a locked cage outside the White House, a stunt orchestrated to protest what David Bronner felt was the federal government’s undue oversight of hemp production in the United States.

Image via Mother Jones

In the years since the cage incident, David Bronner has been extremely active in many areas of social and environmental justice, including the fight for greater oversight into the labeling of products that include genetically modified ingredients.

How Does Dr. Bronner’s Use Ethical Marketing?

Dr. Bronner’s is such a unique brand because of the eccentricity of its founder. Indeed, it’s hard to imagine how different the Dr. Bronner’s brand would be without the “Moral ABCs” that Bronner lectured about shortly after World War II.

As a result of the company’s unorthodox founding, Dr. Bronner’s is uniquely positioned to leverage its history of ethical manufacturing in its marketing. In many ways, the company’s iconic product packaging serves as the perfect introduction to the firm’s philosophy; I often find myself reading the Moral ABCs while showering.

Of course, the company’s commitment to what it calls “constructive capitalism” goes far beyond its unusual packaging and mission statement. Dr. Bronner’s is what’s known as a Benefit Corporation (or B-Corp), a designation that states such companies must be for-profit operations that have a “positive impact on society and the environment according to legally defined goals.”

To this end, Dr. Bronner’s succeeds admirably. The company is committed to several tangible objectives, including raising awareness of crucial environmental and social justice issues, the use of USDA-certified fair-trade ingredients whenever possible, and to equitable compensation structures that limit executive pay to five times that of lower-level employees. (For a little perspective, Dunkin’ Donuts CEO Nigel Travis said in 2015 that paying workers a minimum wage of $15 per hour was “absolutely outrageous” despite the fact that he personally “earns” approximately $4,889 per hour.)

Ethical Marketing Example #4: Conscious Coffees

Coffee is serious business – and I’m not talking about lame “don’t bother me before I’ve had my first cup” jokes. Globally, the coffee industry directly supports the livelihoods of more than 120 million of the world’s poorest people, and few industries are likely to experience the kind of disruption wrought by climate change as intensely as agricultural coffee production; in worrisome news for the constantly caffeinated, literally half the world’s coffee farming land could be lost by 2050 if climate change isn’t tackled aggressively.

Image via Global Agriculture

To that end, many companies are seeking to improve conditions for coffee farmers and producers around the world, and one of the best is Conscious Coffees. Headquartered in Boulder, Colorado, Conscious Coffees was founded in 1996 by Mark and Melissa Glenn, who later sold the business to current owner Craig Lamberty earlier this year.

Since its founding, Conscious Coffees has worked tirelessly to improve its production pipelines to benefit growers, farmers, and suppliers across South America. Like Dr. Bronner’s, Conscious Coffees is a certified B-Corporation, and earned a community impact score in the top 10% of all certified B-Corporations worldwide for its work.

How Does Conscious Coffees Use Ethical Marketing?

Everything about Conscious Coffees, from its name to its logo, reinforces the company’s mission and ethical production philosophy – so much so that Conscious Coffees doesn’t use ethical marketing as much as it embodies the principle as a brand.

Conscious Coffees-affiliated growers preparing coffee beans.

Image via Conscious Coffees.

In addition to its strong commitment to ethical production processes and fair-trade commerce, Conscious Coffees engages in a wide range of community outreach initiatives.

Its CAFE Livelihoods Program empowers people in El Salvador, Guatemala, Mexico, and Nicaragua to own and operate their own coffee businesses through training workshops and ongoing guidance and support. The company regularly donates coffee to the local Community Cycles program, a project run by cycling enthusiasts from across the Boulder region who help other cyclists with repairs, maintenance, and refurbishment of old and used bicycles. Conscious Coffees’ team of coffee experts offer technical advice and support to growers and farmers as part of the USAID-funded Farmer-to-Farmer initiative, which helps coffee growers across South America learn new techniques that can help them maximize yields and engage in fair-trade economic practices with North American suppliers.

Bike enthusiasts at a Community Cycles event. Image via

Conscious Coffees.

Conscious Coffees is the perfect example of a brand that not only uses ethical marketing practices, but embodies them in everything it does.

Ethical Marketing Example #5: Farmer Direct Co-op

Ever watch one of those food documentaries on Netflix about industrialized agriculture? If so, you’ll already know that farming is not only one of the hardest jobs in North America, but that it’s also one of the most unethical industries. From corporate strong-arming of family owned farms by huge corporations to the abject cruelty and misery inflicted on livestock, farming is a far cry from the bucolic, pastoral scenes presented to us on the packaging of many foods in our local supermarkets.

That’s what makes central Canada’s Farmer Direct Co-op so exciting. An entirely worker-owned cooperative, Farmer Direct is farming with a mission. The cooperative’s network of more than 60 privately owned and operated farms across southern Alberta, Manitoba, and Saskatchewan is firmly committed to truly sustainable agriculture and responsible environmental stewardship. The co-op is affiliated with several organizations with a focus on sustainable farming, including the Cornucopia Institute and the Fair World Project.

In terms of what Farmer Direct actually sells, all of the co-op’s produce is certified organic, and includes produce such as beans, peas, and oats, all of which are sold at Whole Foods locations across North America.

How Does Farmer Direct Use Ethical Marketing?

Like all of the examples above, ethical marketing lies at the heart of Farmer Direct’s operations. In addition to its vibrant, active social media presence (through which Farmer Direct offers a range of healthy eating tips, recipes, and other fun content), Farmer Direct maintains a lively blog and newsletter, both of which serve as further opportunities to help people make better decisions about their food and live a more conscientious lifestyle as consumers.

Perhaps a little unusually for an agricultural organization, Farmer Direct also maintains a surprisingly good Pinterest profile, which is always great to see alongside the mainstays of Facebook and Twitter.

Farmer Direct’s mission may be a little more challenging than that of the other companies featured in this post. Not because they’re not trying to sell something (they are), or because there’s no demand for organic, authentically grown produce (there is), but because they want to change the way people think about food and where our food comes from. This is a much longer-term goal, and a really ambitious one, too. Industrialized agriculture has transformed the way we eat – and not in a good way.

Image via Food and Agriculture Organization of the
United Nations

Another element of Farmer Direct’s ethical marketing that’s worth mentioning is its strong dedication to truly sustainable agriculture from an environmental perspective. Many farms emphasize their organic certifications or their beautiful pastures where their livestock are free to roam and wander, but Farmer Direct wants to raise awareness of how factors such as topsoil erosion can devastate rural farming communities and even individual farms.

Businesses Can Do Good AND Do Well

Although each of the businesses featured in this post are distinctly different, they all share a common characteristic: a commitment to giving back and protecting the rights and livelihoods of some of the world’s most vulnerable people. These companies have embraced ethical marketing not as a cheap gimmick they can exploit to drive sales, but as a core part of their mission and values as organizations.

Ethical marketing relies on a long-term strategy of continuing education, campaigning, and activism. It’s about helping consumers make better, more conscious choices about the products they buy and the stores they frequent. It’s about changing the way we think about how goods are provided, the people who make and sell the things we buy every day, and the communities that rely on fair, ethical trade to survive. It’s about cultivating brand loyalty by aligning your organizational values with those of your ideal customers.

Hopefully these examples have given you some ideas on how you can develop and incorporate philanthropic principles in your own organization. Not every company will be suited to ethical marketing – there are no fair trade plumbers, after all – but those that are may find that focusing on people and not just profit could be a wise investment.

Source: B2C

The Best Way to Respond if You’re Given a Counteroffer in Marketing

Imagine this scenario that as a marketing talent agency we see happens with some frequency among marketing professionals who are poised to make a big career move.

After a lengthy recruitment and interview process, you’ve been offered a great new marketing job that makes a smart step forward in your career path. Congratulations!

Like a good employee, you notify your current place of work as soon as possible and give them two weeks’ notice so you can all start preparing for the transition.

But then something happens that you probably weren’t prepared for. A few days into your preparations, your boss calls you in for a special meeting. In light of the news that you’ve found a new job, your current company has made a counteroffer.

They want you to stay, and they’re willing to pay for it. Often this counteroffer will match or even exceed the compensation package you’ve negotiated with the new job. Perhaps it will include a promotion, or other perks and benefits: more vacation days, a coveted parking spot, or better flexibility with where and how you work.

Some counteroffers are easy to turn down, but many are extremely tempting. Imagine in this scenario your current employer is able to pull together an offer you can’t ignore–how should you respond?

When the Simplest Answer is the Smartest

Your decision in this situation is ultimately an extremely personal one to make, and there’s no universally right decision. There are a lot of factors to consider, and it’s up to you to determine what is best for yourself, your career, and (if applicable) your family.

That said, there’s usually a default position you can take that will apply to the vast majority of counteroffers. That is, quite simply, to reply with a straightforward “no thanks.”

As a marketing talent agency with over 20 years helping high-performing marketing professionals move their careers forward, we’ve found that this simple strategy is best in almost all situations.

Why?

Even though a counteroffer might be extremely attractive, it is almost never worth accepting it. Consider:

• If your current place of employment truly valued your presence and contributions, they would have made this offer to your before they found out you were on the cusp of leaving.


• You probably wouldn’t have considered a counteroffer in the first place unless you weren’t ready to move on or were in some way unsatisfied with your previous employer.


• Once you’ve announced you’re ready to go once, your loyalty will always be in question. That can influence how you’re treated in the future and can impact how effective you’ll be.


• Statistically, counteroffers don’t lead to productive outcomes. About 85% of professionals who accept a counteroffer end up leaving within a year anyway.


• A counteroffer is not a proactive business decision by a company that prioritizes talent retention. It’s a desperate, reactive move by organizations that want to avoid the short-term costs of finding a replacement.

All else being equal, the detriments usually heavily outweigh the benefits. So unless you’re 100% sure the counteroffer is perfect and you’re really invested in working at this business, our recommendation is to avoid it.

How to Say No

Knowing that you should probably say no to a counteroffer is useful. But equally important to what you say is how you say it.

People don’t take rejection well. Businesses often take it even worse. So when you opt to turn down a counteroffer, it’s wise to approach it with tact. You don’t want to leave on a negative note, or compromise your effectiveness through your last days at the company.

When it’s time to decline a counteroffer, approach with caution. There’s no need to burn bridges or upset anyone. After all, your former colleagues are often valuable connections you’ll be turning to for professional references in the future. Some of them may even be friends. And you never know where your career will take you in the future–perhaps after some time away you’ll end up returning to this business with valuable new skills and experience. Marketing career paths can be very twisted.

You can always ask for a little time to consider the offer, so you can weigh your options and make your decision with confidence. If you choose to reject the offer right away, make sure you don’t come off as dismissive or ungrateful for the offer. If you happen to have been presented the job by marketing recruitment specialists, don’t forget that you can turn to them for advice and guidance.

Avoid the temptation to be haughty or condescending, even if the counteroffer is almost insultingly weak. Simply say something like, “I appreciate the offer, but am committed to this new opportunity and transitioning out of this role while leaving you in the best possible position.”

Source: B2C

The Benefits of Using Online Delivery Software To Shake-Up Your Industry

geralt / Pixabay

Are you wondering if the use of online delivery software could be the key to shaking up your industry? Do you have reason to believe that this could be one of the better ways to outdo your competition? Is your industry ready for your company to make this move?

There is no denying the fact that more people than ever before are shopping online. From clothes to cars, from food to consumer goods, there isn’t much you can’t buy via the internet in today’s day and age.

With global online retail sales continuing to grow, there is no better time than now to learn more about online delivery software and how it could move your company to the top of your industry.

But here’s the million dollar question: what’s the best way to use online delivery software to shake-up your industry?

It’s one thing to say that you’ll use this technology to your advantage, but another thing entirely to actually make the first move in the right direction.

Here are some of the top benefits of using online delivery software with the idea of shaking up your space:

1. Faster Delivery Time

Let’s face it: consumers don’t want to wait around for their order to arrive. They realize that shopping online will slow things down a bit, but the sooner their order arrives on their doorstep the more impressed they will be.

With the help of online delivery software, you’ll find it possible to speed up delivery times.

This is particularly true in industries where immediate delivery is a must, such as food service.

Delivery software is making it easier for restaurants to speed up their process, thus attracting new business and impressing current customers.

2. Improved Customer Service

Anything you can do to improve customer service is something you should examine closely. Here’s a statistic that will open your eyes (courtesy of Help Scout):

“78% of consumers have bailed on a transaction or not made an intended purchase because of a poor service experience.”

Without the use of online delivery software, there’s a good chance that you’ll provide a less than stellar customer service experience. Subsequently, it’s safe to assume that you will lose business, time and time again.

3. Lower Your Costs, Pass Savings Onto Customers

Every business, regardless of size or industry, realizes the importance of lowering its costs. There are many reasons to do this, including the fact that it helps boost profits.

But here’s something else to think about: when you lower your costs you can pass the savings onto your customers.

With lower prices than the competition, you can expect your target market to turn to your company.

4. A Unique Selling Point

Simply put, you need to know what makes your company unique. This will go a long way in helping you stand out from the crowd.

Since the use of online delivery software has yet to take hold in some industries, implementation of this technology may be the best way to separate your company from the pack.

A unique selling point, no matter what it may be, is always a good thing. In today’s day and age, a big part of reaching the top of an industry is displaying a solid grasp of the most advanced technology.

Don’t be intimidated

It’s easy to be intimidated at the thought of using online delivery software. This is particularly true if your company is behind the times in regards to technology.

Don’t let this stop you in your tracks. You need to be clear with your intentions, knowing that the implementation of online delivery software could be the one move you make that shakes up your industry and moves you to the top of your space.

Conclusion

Now, do you better understand the many benefits of using online delivery software to shake-up an industry?

With the right approach and the right technology, this could be something that takes your company to the next level.

What are your thoughts on online delivery software? Are others in your space already using this technology? What will it take for your business to get involved in the future?

Source: B2C

Learn How to Sell a Business Without a Loan

Are you thinking of selling your small business but the idea of offering seller financing or having it pre-approved for a bank loan is giving you second thoughts? Does a buyer already have his sights set on your business but he doesn’t have the funds to purchase it? Luckily, there is a way to have your cake (sell a business) and eat it too (without debt).

Here is the answer: Have the buyer access his retirement funds on a tax-deferred basis to buy your small business.

Why would a seller prefer a buyer to use retirement funds to buy his business as opposed to other forms of financing? And why would a buyer consider using retirement funds to buy a business?

• Ease of access– Buyers can quickly access their retirement funds, whereas obtaining bank financing is costly, time-consuming and difficult. Sellers more readily accept an offer from a buyer who uses retirement funds to buy their business, whereas most sellers are reluctant to accept offers subject to financing due to the traditionally high failure rate of obtaining a bank loan to purchase a business.


• Cash at closing– Using retirement funds creates a win-win situation for the seller and the buyer. The buyer can easily access funds to purchase the business, and the seller receives cash at closing.


• Streamlined process– The process of accessing a 401(k), IRA or other retirement funds to purchase a business is relatively quick and easy. Compare this with the process of obtaining a bank loan, such as an SBA 7(a) loan, which is time-consuming for the seller and the buyer. When obtaining bank financing, a buyer is often required to prepare a business plan and projections, in addition to dozens of other document requests. These strict requirements are not present when a buyer accesses retirement funds to purchase a business. As you can see, a seller will be more reassured when accepting an offer in which the source of funds is the buyer’s retirement account.


• High success rate– Once an initial screening takes place, the likelihood of being able to access retirement funds to buy a business is high, well above 90%. Compare this with the process of obtaining a bank loan to purchase a business, which can take weeks just to receive a preliminary approval.


• Low cost of funds– When selling a business, accepting retirement funds can be less expensive for the buyer than using bank money. Simply stated, banks charge interest. A buyer can easily pay over $100,000 in interest on a $500,000 loan over the life of that loan. Compare this with the use of retirement funds as a source of financing — retirement funds are the buyer’s own money, and there is no interest to pay. While there are fees associated with administering a retirement fund, they are significantly less than the interest charged on a bank loan.


• Creative deal structures– The use of retirement funds allows for creative deal structuring. This structure can combine other sources of financing, such as traditional or SBA bank loans, without causing complications. Because the retirement funds are treated as the buyer’s own money, subordination of financing will not be an issue.


• Can be used as a down payment– Retirement funds can be used as a down payment on a business. This can be combined with other forms of financing, such as seller or bank financing. For example, we recently sold a business where the buyer used $100,000 of his retirement funds as a down payment, the bank financed $700,000, and the seller carried a note for $100,000. The deal would have been impossible without access to the buyer’s retirement funds.


• Credit score not required– Credit scores are not considered when accessing retirement funds. It is the buyer’s money. The buyer is not borrowing money from a bank, and therefore no minimum credit score is required.


• Multiple purposes– The funds, once accessed, can be used for a multitude of purposes, including working capital and purchasing new equipment or other corporate assets.


• No debt– Some people seek to avoid debt at all costs. A buyer who uses their own money, such as retirement funds, is not creating debt.


• Maximizes cash flow– Less interest to pay equates to higher cash flow for the buyer. This can help justify a higher purchase price if cash flow is strained when preparing financial models that incorporate some form of bank financing.


• Tax benefits– The use of retirement funds presents many tax benefits for the buyer of a business, including the ability to set aside additional tax-deductible funds post-acquisition.

If a buyer has less than $50,000 in retirement funds, it is often cheaper to simply take the distribution and pay the associated taxes and penalties. If the buyer has in excess of $50,000 in retirement funds, then the benefits above apply and this deal structure may be used.

Note that this source of financing is available only to individuals. Companies use alternative sources of financing to finance acquisitions.

Although retirement funds have several advantages to both the seller and the buyer of a business, bank financing should not be discounted. In the absence of other forms of financing, bank financing is critical.

How does the process work?

The buyer creates a new entity, a C Corporation. The C Corporation creates or issues stock. The corporation then forms a profit-sharing plan. Afterward, the buyer rolls over the retirement funds into a new retirement account. The funds are subsequently exchanged for the newly issued shares in the new entity. The cash in the corporation can then be used to purchase a business or other corporate assets.

One warning — do not do this alone. Always use the advice of a professional when setting up this type of account. Employee Retirement Income Security Act (ERISA) and Internal Revenue Service (IRS) penalties apply if the buyer does not comply with the rules.

Why do we love this strategy? Frankly, it is a win-win situation for everyone involved. For the seller, it creates a simplified and streamlined process with a high success rate. This means that a seller can accept an offer without worrying whether the buyer will be able to obtain financing. The buyer, on the other hand, will reap many benefits, including ease of access and low fees.

Learn what other types of financing buyers can use to buy your small business from my latest book, The Complete Guide to Selling a Business.

Source: B2C

The Problem with Infrequency

kaboompics / Pixabay

How do you know the price of something?

Ultimately, it’s an agreement between the seller and buyer. You don’t have to pay the price. You could go elsewhere and get what you want cheaper. Or you could forego what you want if it’s not a need.

Buyers are at a disadvantage on infrequent items. If you only buy a home every seven years, are you calibrated to the pricing and all the fees along the way? Something you do once every seven years compared to sellers along the way that do dozens or hundreds of deals a month makes them an expert and you an amateur.

The same goes for the infrequency of buying a car, college tuition, health care, and a number of items that we run across in life’s journey and demands.

On frequent items like gas, cell phone service and eggs, it’s easy to dial into the price. You see it, touch it and interact with the pricing so much that there is less of a debate between the buyer and the seller.

It’s interesting to watch people get more excited about a 20 cent raise in gas prices and miss the upswing of university rates. We pay attention to things we frequent more easily.

Perhaps being scarce in attention can help you lever up as a seller. Your service could morph or integrate with other offerings. Or you could work in an innovative, infrequent purchase area to have more pull on pricing.

You could also be a price-focused hustler lowering your operational and delivery costs so that the language of price becomes collaborative with your buyers while you move the cost needle down.

Infrequency has its rewards for sellers and finding a game where you can assign pricing based on that value and advantage might be worth exploring in this vast, hyper-competitive marketplace.

Source: B2C

Executive Content Coaching For the “Shark Tank” Set

Hans / Pixabay

My daughter had been away at camp for two weeks when her counselor called with an update.

“Yes, she’s made lots of friends,” the counselor said, and, “No, the dining hall didn’t get hit by lightning – I don’t know why she wrote home and said THAT.”

I know why – payback for our letters claiming the dog had been sleeping in her bed and we’d been storing her brother’s dirty diapers in her closet. Sarcasm, it seems, can be passed down.

Other things can be passed down, as well, which is why I was excited to hear the camp had a “Shark Tank” night planned. I had told my daughter plenty of stories about entrepreneurs over the years. I thought she’d have a head start on her competition.

Unearthing lessons from founders’ stories

One of my favorite parts of my job is talking to clients about how they became entrepreneurs, what inspires them, how they coach their teams, what their hiring secrets are and pretty much anything else they’re willing to share. These conversations have unearthed some surprising anecdotes that we’ve crafted into thought leadership content for executives, pitched out to reporters or developed through one-on-one coaching with founders who want to write their own articles – but also want help shaping their thoughts.

These are the stories I tell at dinner time, and the reason I had high hopes for how my daughter would do in the “Shark Tank: Woods of Maine” competition.

She’d heard about the founder who learned leadership when, at 8-years-old, she stood in for her grandfather at his board of directors meeting. She’d heard about the entrepreneur who turned a love of puzzles into a career in engineering, the one who created a business in her college dorm room, the one who bucked every Silicon Valley trend to create a successful company without grinding his employees down during endless work weeks.

Getting executives talking

Some executives know exactly which stories they want to tell, to whom and why. Give them a good listener, and they’re at least half way to creating a piece people will want to read. For everyone else, some coaxing – and coaching – helps.

We integrate content strategy and creation with our media relations, marketing, social media and other influence-building programs, and we start conversations with founders by explaining why we ask them to devote time to talking about what they should talk (and write) about.

Why should you spend time on thought leadership? The answer ties directly to strategic business objectives, like awareness, lead gen and more.

Next, we ask executives what they want to be known for. Where is their expertise? What initiatives do they want to champion? Which publications would their moms be impressed to see them in? And what are the personal stories and strong opinions that will make their ideas stand out?

To get even the most taciturn CXOs talking we:

• Ask them to fill in the blanks in prompts like, “What is the one truth about [TOPIC] that most scares [YOUR TARGET AUDIENCE].


• Try to learn something about their life beyond work with questions such as, “If you weren’t allowed to work for a month, what would you do with that time?”


• Look for their origin stories by digging into their early influences, the worst advice they ever got, their best day at work and more.


• Push for the details they might think don’t matter. It’s amazing what a simple request like, “Tell me more about that” can deliver.

When no one can write it but you

These conversations are critical to capturing a leader’s voice and incorporating it into a ghost-written piece of content. They’re also helpful for coaching purposes.

When we work with founders and executives on the drafts they write, for example, we can highlight a stilted phrase and insert a note like, “This doesn’t sound like you. When we spoke, you said it like this…”

We can also make suggestions for where to start: “These three points came through loud and clear when we talked about this topic. Make these into your subheads and use that as your outline.”

Or, “We heard these five headlines as you were speaking. Which one gets you the most fired up? Let’s start there.”

The headline on my daughter’s Shark Tank-esque experience at camp turned out to be, “Writer’s kid better at telling camp stories than creating product ideas.”

She didn’t win. But she held my attention with her story about the kid who did.

A good story, facts and a strong point of view are at the heart of writing worthy of the label “thought leadership.” Want help turning your stories into influence?

Source: B2C

How Inventory Management Makes The Holidays Merry

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It may be only fall, but the retail industry is already well into the holiday spirit. Take a stroll into any specialty shop or local department store and you will notice at least one aisle decked out with reds, greens, and shiny tinsel.

You’ve likely had to make this seemingly fast transition from back-to-school into winter holidays as well. If you think it feels crazy now, just wait until Black Friday. Don’t let yourself get so wrapped up in the holidays that you lose control of your business. Take time now to solidify your business’ inventory management strategy.

Are you still using manual processes for inventory, such as pencil and paper or spreadsheets? This is a mistake many small businesses make. In fact, 43 percent of small businesses, surveyed in the 2017 State of Small Business Report, still use those manual methods or don’t track inventory at all. Yet 40 percent of those same companies claim they also want to make improvements in customer service and retention. Seems ironic, when the reasons your customers are unhappy often stem from poor inventory processes.

An inventory management strategy is important all year long, but particularly during peak seasons. Here are ways inventory control helps you streamline your business during the holidays:

1. Avoid Stock-Outs: The holiday season can make or break a business. That’s why you need to make sure you have enough items in stock, especially those hot items you know won’t stay on the shelves long. If you stock out and can’t fulfill orders in time for the big day, then your customers will find someone else to buy from. And that certainly won’t help your customer satisfaction rating. Before the holiday buying season kicks off, make sure to spend extra time inspecting your stock levels. Then you’ll know what you have in stock and what will need re-ordered. An automated inventory management system makes this process streamlined and easy. You can generate accurate, real-time reports in a matter of minutes, rather than sifting through piles of papers for hours on end.


2. Forecast best-sellers: You shouldn’t simply have stock on your warehouse shelves during this busy time, you need the right stock. If your organization tracks inventory well, then you should know what your top sellers have been through the years. A certain toy or trinket? A cozy sweater or holiday décor? Or perhaps you are lucky enough to stock a hot item for the season. A historical sales report will tell you what your repeat best sellers are, taking a lot of pressure off your purchasing decisions.


3. Organize your warehouse: I can’t say enough about the importance of a well-maintained warehouse. Designated areas for certain products as well as various warehouse functions will make a big difference in warehouse efficiency and productivity. When employees aren’t tripping over misplaced products, or each other for that matter, it’ll be much easier for them to pick, pack, and ship the influx of orders you’ll experience during the holidays.


4. Streamline your pick, pack, and ship processes: Once you’ve got the right inventory stocked and your warehouse organized, it’s time to get orders efficiently picked, packed and shipped. You likely have processes in place that work well. But during the holiday rush, your orders will increase. Hire additional seasonal employees well in advance so they are trained and on-hand when the flux in orders begins. And be sure your procedures are well-communicated and all aspects of inventory management are working, from the sales floor or e-commerce site to shipping.


5. Get good online ratings: With e-commerce becoming more and more popular with every passing season, make sure you are getting glowing ratings from your customers. The primary reasons for ratings to decline are high refund rates due to overselling, and poor communication with customers when products are back-ordered or shipping is slowed. However, if your inventory and shipping processes work efficiently, items are kept in stock, and your customers receive orders in a timely manner as they expect, you should have no problem garnering good reviews.

Offer the best return policies: You can’t avoid returns, however you can make them less painful for your employees and customers. Especially during the upcoming rush, be prepared for a significant influx of returns and inventory for a number of reasons. And the quicker you account for returned merchandise, the quicker you can resell it and get the revenue back.

It’s a good idea to review your return policies ahead of time. How did they work last year? Were there any gaps in operations? Ask your employees for input to help you identify any holes in the process. If tweaks need made, clearly communicate the changes to your staff so everyone is on the same page across departments.

Don’t be caught by surprise when the holiday blitz hits. Implementing an automated inventory management system is the solution to a merrier holiday season!

Source: B2C