This week we discussed marketing and branding. I have to say one of the main reasons I don't want to be an entrepreneur is because I don't like suggestive marketing. I tend to sympathize with my customers because I know them intimately and know that they can't afford more. So, when I am forced to up-sell them I fell bad for doing so. I have always felt this way when interacting with the general public. On the other hand B2B isn't as difficult for me. Once while working in a salon we were trying to increase business. As a manager I took several complimentary haircut cards to our neighboring stores and traded for complimentary products and services from their companies. This was super easy for me and I enjoyed it. It as mutually beneficial and it didn't cost them, if anything it helped increase their business. It was great to see how each of us used the other's donations to increase our own business. We used ours to reward stylists and I think we even used a couple of the pizza ones as drawings for customers. I now that we gained at least a couple new clients from Weight Watchers employees because of the creative B2B marketing I was involved in.
Our Acton hero was Phil Romano. It was interesting to hear his story, especially because we love Romano's Macaroni Grill. Phil emphasized using creativity to do what you love and giving back. These are both important aspects of running a business that fulfills you.
I was able to complete my Entrepreneur interview this week with Jim Cline. It was a really interesting interview and I learned a lot about why his business works. As part of the interview Jim invited me to participate in a CPE webinar via CPA Academy on Tuesday morning so I could see (hear) him in action and get a feel for what his products can do for people. The timing of the material that was covered couldn't have been more perfect. He went over several of the statistics functions that I have been struggling with in my B212 class. I really enjoyed hearing Jim's enthusiasm as he talked about his business and how it was never intended to be a business. The best story involved him needing to hire some staff accountants and Robert Half offering some of their candidates. Jim told them they likely didn't have the qualifications he was looking for. Robert Half took this as a challenge, when they couldn't perform to Jim's expectations, they asked him if they could buy his program to train their future candidates. It was after that offer that Excel CEO was born.
$100 Challenge
I launched my first FB campaign for the challenge and got some positive and negative feedback. It was good to hear how people would liked it tweaked and what specifically they were looking for in this business venture. Each Monday I will be spotlighting a specific product line and discussing the pro's and con's associated with it. While products can be ordered anytime, the spotlight products will need to be ordered by Fridays so that I can package and prepare shipping labels over the weekend and mail them the following Monday. It looks good to do 1 or 2 mass haircut days at WCNX during the course of the project. Due to some personnel issues at the office I am leaning towards the middle of March. I have had the opportunity to discuss the idea with several employees and they are excited about being involved in the project.
One interesting tidbit I learned during my interview with Jim was that only 50% of profits can be donated to charities without being taxed.....I wonder why BYU-I doesn't spend more time discussing the legality of the business we are asked to create for B283 and IBC. It seems like they are potentially putting a lot of students at risk with regards to taxation.
Elevator Pitch
I have really struggled with the elevator pitch this week. I don't have a problem putting one together for customers but I can't seem to get a good script for investors. I don't need the investors and I don't have any intention of selling the business so I don't really know how to include them without having to change my business plan. My plan is not geared at someone else getting a piece of the profits.
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