5/11/2021 Tip: Zippo & IKEA | Growthink

5/11/2021 Tip: Zippo & IKEA

Today’s Quote

“Often the difference between a successful man and a failure is not one’s better abilities or ideas, but the courage that one has to bet on his ideas, to take a calculated risk, and to act.”
~ Maxwell Maltz

 

Today’s Tip

Yesterday I shared with you 3 questions to get you started on your game-changing strategy.

Today, for inspiration and ideas, I’ll give you 2 examples of companies who have done this well.

Zippo: Most cigarette lighters are disposable and cost 99 cents or so. However, rather than playing the price game (a race with no finish line), Zippo has turned the game on its head by specializing in more expensive, higher quality lighters that sell for $15-35 each-or more, for certain collector’s editions.

IKEA: IKEA’s distinctive strategy sets it apart from other furniture dealers. Ever walked through an IKEA store? I doubt you’ll find a larger selection anywhere else selling furniture so inexpensively.

Why? Because their strategy targets customers who are willing to assemble furniture themselves (relatively easily) in order to save a bundle. The furniture’s materials can be compactly packaged for shipping still in the box, at a much lower cost than shipping, say, an assembled dining room table that takes up a lot more space.

So here’s the golden rule…never play the game according to the rules the leader has set. Don’t try to outdo the top dog at their own unique strengths they’ve spent years or decades developing. They know the rules better-after all, they designed them. Rather, use strategic thinking to create your own rules!

 

Today’s Resource

Is Your Business at Risk of Failure?

Most businesses fail — they die a premature death. I hate to be so blunt, but this is the truth. The only thing that varies is just how many businesses fail.

What’s the number one cause of this failure? 

Well, according to Dun & Bradstreet, the primary cause is lack of strategic planning. 

Entrepreneurs and business owners don’t plan to fail. Rather, they fail to plan (which causes them to fail).

On this page I show you how to quickly and easily create your strategic plan to grow your business faster and enjoy more success.

 

Trivia

Today’s Question: Which American tycoon and publisher of a magazine was known for his lavish lifestyle that included a collection of special shaped hot air balloons?

Previous Question: Which system developed in the early 1940s has since become the primary source of audience measurement information in the television industry around the world?

Answer: Nielsen ratings.

Nielsen Television Ratings are gathered by one of two ways:

A) By extensive use of surveys, where viewers of various demographics are asked to keep a written record (called a diary) of the television programming they watch throughout the day and evening, or

B) The use of Set Meters, which are small devices connected to every television in selected homes.
 

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