Competition: What You Can Learn From Lemonade Stands

It’s summer again and children everywhere are testing their entrepreneurial skills by opening a lemonade stand. WikiHow has a guide on how to compete with other lemonade stands. The advice isn’t just good for kids -it can be applied to every small business. Learn more about your company by reading this clever and informative article.

Photo courtesy of evmaroon

Creating a Slogan That Sticks

Do you still remember the cute old lady asking “where’s the beef?” That was one catchy slogan. It outlived the brand’s use of the slogan, just like “I’m Going To Disneyland.” An effective slogan can mean the difference between an advertisement being seen and being remembered. Here are some tips to help make your own “Got Milk?” or other timeless tag line.

• Associative. Your tag line should represent your product or service in only a few words. The main benefit of what you are offering should somehow be invoked. “Maybe she’s born with it…Maybe it’s Maybelline,” emphasizes the natural beauty brought out with their make up brand.

• Differentiating. Let people know the difference between your brand and the competition. “The quicker picker-upper,” says “these towels will clean up your mess faster than the other guys.”

• Simple. The most effective slogans are short and sweet. Witty is good, but humor is subjective and frequently just cliché. “Be all you can be,” says a ton in only five short words.

• Emotion. Invoke emotion or need in consumers. How many times have you said, “Can you hear me now?” on a phone with a bad connection? Hearing someone confidently say “good” after the question makes us feel good.

• Sticky. The slogan needs to be memorable and maintain freshness. Anything trendy will not work in the long run and anything forgettable isn’t worth your money. “This is your brain. This is your brain on drugs,” is engrained in everyone’s minds though this line hasn’t been used for years.

Remember these tricks when making a slogan and you’ll be sure to create a memorable image that lasts.

What’s your favorite company slogan? Have you created a successful tagline for your company?

Photo courtesy of nomad73

Price Right Every Time

Sometimes, it is hard to decide how to price your products and services. It is easy to lower prices … but much harder to raise them. Do you think you are losing customers because of your prices? You might be right. After all, if you ask customers why they stopped buying they’ll almost always say price. But, it’s frequently something else. Before you start lowering prices and profits, there are some things you need to ask yourself.

Are you offering the best customer experience? Are your employees friendly? Is your store clean and inviting? If your answers are yes, then what?

• Discount smartly. Quantity discounts are a great way to make bigger sales without hurting your bottom line.

• Offer options. People in low income brackets may still want your service, but may not want all the features. Offering a “stripped down” version of your product allows them to decide between quality and price.

• Set up terms. Make your company easy to work with by offering flexible payment terms.

• Keep calm. Nothing good comes from panicking. Reduce sales quotas to get a better grasp on the situation.

• Maintain customer service. Good customer service and a good product will keep customers coming back, even if your prices aren’t the lowest.

• Don’t be afraid to raise prices. At least, a little – just don’t be greedy.

Remember to keep your head. In business, consistency is important and customers expect to have the same services and prices, no matter what the economy looks like. What kind of pricing strategies have you found to work well?