-By Adam Witmer-
Why do prices end in 99? It would seem logical to just round them up to the next dollar. Yet so many businesses forego rounding and price their products to end in 99. So why is this done? The answer is not what you think - at least, not only what you think.
The reason why prices end in 99 is often attributed to
Read MoreThe hotel industry is one that I would probably never want to be in. With the intense competition today, just one upset person on Yelp can deter potential guests. This means that if a hotel is doing something differently than other hotels, it can be perceived as being a problem. For this reason, it seems that most hotels operate in a very similar manner. Best practices and customer services are often safer than hotel innovation.
Great customer service and certain industry best practices are expected by guests, so these best practices often become the norm for most hotels: free wifi, a continental breakfast, flat screen TV’s, loyalty rewards, and consistent housekeeping. But every now and then a hotel is able to hack this model - they provide a hotel innovation that stands out. I recently spoke in Whitefish, Montana and stayed at the Grouse Mountain Lodge. To my surprise, they hacked a standard hotel best practice that really made my day.
Read MoreSeveral years ago I worked for an employer who was struggling with rising health care costs. Just like every other business in the United States, they were looking for ways to manage the year after year price increases. The health insurance innovation they came up with was one that was based on the health of the employee - healthy employees would pay less and unhealthy employees would pay more.
But employees naturally disliked this program. It wasn’t that they thought everyone should pay the same for health insurance - they seemed to understand that unhealthy people cost the company more in premiums. They even thought this was a great health insurance innovation. Their problem with the program was with how the program was framed.
Read MoreMy wife has found a dentist she loves. She doesn’t appreciate him because he makes her teeth whiter or takes away her pain when she has neglected her teeth. She loves her dentist because he has given her $150 in gift certificates.
When she first walked into Dr. Painter’s dental office, she was told about a dental referral program offered by the practice. For every person she referred to the dental office, she would receive a $25 gift card to the merchant of her choice. Having a family of 5, she quickly got her first $100 in gift certificates. Add in her parents, and she was up to $150 with very little work.
Read MoreI love Thai food. Specifically, tofu curry is my food of choice. And I always prefer to eat it with chopsticks.
Chopsticks have been around for years. In fact, they were probably invented before the wheel. For this reason, I was surprised to find that the Thai restaurant I ate at today has done it; they have hacked the chopstick.
Read MoreChange is never easy. But change is essential to keeping up with the competition. Especially for small businesses who must compete against the economies of scale of large corporations. Change doesn't have to be a major production or significant undertaking with months of planning and the use of major resources - change can be accomplished through business hacking.
Business hacks are the micro-elements of innovation and strategy. When added together piece by piece, business hacks can provide for a large, substantial change. Just like a marathon is run one step at a time. The following are three ways to quickly hack your business today:
Read MoreI eat out several times a week when I travel. As I usually eat a gluten-free vegan diet, my options are fairly limited and I often find myself eating a Subway salad. I have been to literally dozens and dozens of Subway restaurants, and most often, they are very consistent in what they offer. But I have found one Subway restaurant that does one thing slightly different than all of this others.
Read MoreBusiness plans can be overwhelming. They take a great amount of diligence and work to create. They require all kinds of information that isn't always available and many people think they need help writing a business plan. I am here to tell you that you don't.
Read MoreI final did it. I made my first video.
To be honest, ever since I hired the videogropher and scheduled a date to shoot this two minute video, I have been extremely nervous. It is hard to put yourself out there every week when you write a blog, even though you can somewhat hide behind those black and white letters. But a video is a whole new ball game.
Read MoreEver since I first read (listened to) The Four Hour Work Week by Tim Ferris, I have been intrigued with the idea of outsourcing work to a virtual assistant for a low price. So when my friend Herby told me about Fiverr, I knew I had to try it out.
Read MoreChange is an essential element for any business today. Change is no longer viewed as merely a way to gain a competitive advantage, but is now essential just to keep up with the competition. But change isn't easy. In fact, many of us seem to have a genetic disposition to despise change. This means that, while we may intuitively agree with change, we are going to, at least initially, resist it. To ensure that change is effectively implemented in an organization, it is important to develop a process to manage change.
Every leader can develop an effective change management process by following five simple steps.
Read MoreThe fourth of July is a celebration where we burn money. Literally. We buy fireworks and other explosives and blow them up with nothing to show for it. Well, something to show for, but then it is quickly gone. In my youth, I spent several summers working selling fireworks and that industry amazes me even today. Products are sold only 2 and a half weeks a year and can bring in millions for just one owner, as Mark Lazarchic explained on a Mixergy interview. But what is more interesting to me is that our society has gotten used to paying for disposable products.
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