I'm not talking about posting the HBO schedule on your website or sending a Xeroxed copy around to all your customers. When HBO came onto the scene they were innovative, fresh, and willing to do things other people were not.
Before HBO ("Home Box Office") came out in 1985, about the only to way to see a movie was to go to the theater, pray that one of the major networks would be showing one you wanted to see, or watch one you already had. With cable television technology blooming, and American access to the cable networks growing, this new, edgy cable movie company became an instant success.
What about the HBO schedule made them different? They realized that people were willing to pay for television if it carried what they were interested in, and HBO gave them exactly what they wanted. The fact that no one at that time was offering commercial-free movies on cable did not deter them from doing it and doing it well. Because of their proven track record as successful innovators, we can look to HBO for successful business principles that can help our own home business grow and succeed. If you are considering starting a home business but have not done so yet, carefully consider the principles in this article before you make your next move.
To succeed in business you have to do at least one of three things:
1) Offer consumers something that no one else has to offer
2) Offer consumers something at a higher quality than others
3) Offer consumers something at a lower price than others
A Unique Product
We have already discussed the fact that HBO wrote the book on paid subscription movie channels. What does your home business offer? Is it different from what other people are selling? If not, keep reading the article. If you do have something unique to offer, how well are you currently accentuating the differences your product has from other similar products? If your baseball hat design is revolutionary, tell me why ? or I might just assume it's a baseball hat like all the rest.
Many businesses are formed after an expert on a given product or from a service industry takes what she knows and builds on that. They improve the quality of what is already being offered and build a successful business around that. The HBO schedule has constantly added new movies, original programming, and sports events in order to maintain their stance as the highest quality subscription cable channel available. If your business is built around an improvement on another product, don't get comfortable! Invest some time and money into constantly improving your product or process to make sure your competitors don't catch up with you.
Finally, selling a product for less than the price at which your competitor is offering it does not have to mean you have to cut into your profit margin. The key to succeeding in price wars is to minimize your costs, thereby maximizing your profits. Online banks are able to offer substantially higher interest rates on saving accounts and CDs because they do not have to employ as large a staff as does a traditional bank. They cut overhead costs and pass the savings on to us, the consumers. Look closely at the way you buy and move the products you sell. Is there somewhere you could save? Is there something you could downsize or shift in order to streamline your business and lower your overhead costs? Sometimes a website with a thoroughly written FAQ page can save you from having to answer hours of customers' questions over the phone.
Are all your eggs in one basket?
A successful business usually tries to build their business model around a blend of two or all of these options. You may have a superior product and do OK selling it at a much higher price than your competitors, but you will truly excel if you are able to cut costs and expand your profit margin. Do the research and figure out what the best price/quality levels are for your business. The HBO schedule has evolved over the years as the tastes and desires of their consumers have changed. Constantly evaluate who your target audience is and adjust your business plan to compensate for any changes.
Nick Smith is a client account specialist with 10x Marketing - More Visitors. More Buyers. More Revenue. To find out more about the HBO schedule, visit I-Satellite.
When looking at Akron carefully one cannot help but notice... Read More
Succession planning requires the owner of a small or medium-sized... Read More
Writing a business plan for a franchised outlet of a... Read More
Does your overall business strategy include the recruitment of college... Read More
The time when a website was just a simple set... Read More
A business plan precisely defines your business, identifies your goals,... Read More
Here is an abstract thought on studying nature and the... Read More
I am surprised how few sales professionals, independent consultants, and... Read More
This will make some people angry as hell, but it's... Read More
By cranking up others development to meet your business needs,... Read More
When developing the competition section of your business plan, companies... Read More
Q: A key investor in my business has suggested that... Read More
Businesses tend to avoid doing their annual business plan thinking... Read More
How often does your company make a quantum leap forward?... Read More
"I don't need a business plan."Neither did Alice in Wonderland."Would... Read More
With a heightened awareness of opportunity, ideas can often be... Read More
Business seems to drop, slow or even stop during the... Read More
Is your business growing as fast and effectively as it... Read More
I am not a big fisherman, but I do enjoy... Read More
As a business owner, you've likely created a hurricane plan... Read More
Every new business owner knows that a business plan is... Read More
It is always said "If you Fail to Plan, you... Read More
If ever there were an industry where we want zero... Read More
All investors greatly desire and are motivated by a clear... Read More
Have you been in a "brainstorming" session where each person... Read More
Microsoft Business Solutions Great Plains serves mid-size and large clients... Read More
Note to Northwest Airlines ? It's not about fuel costsFor... Read More
There is so much small business information available today that... Read More
If ever there were an industry where we want zero... Read More
Succession planning requires the owner of a small or medium-sized... Read More
The decision to sell, or not to sell your business... Read More
The time when a website was just a simple set... Read More
Growing your own small business can be one of the... Read More
A strategic alliance is when two or more businesses join... Read More
Imagine an office without a desk, or lights, a computer,... Read More
ACTION PLANNING: Action Planning is a process to develop strategies... Read More
Does the competition drive you crazy?Are they relentless about taking... Read More
It's easy to lose sight of what needs to be... Read More
A recent conversation started with a typical question, "How's business?"... Read More
Too much goal setting and strategic planning can leave you... Read More
Although North Americans were the dominant population on the Internet,... Read More
The current state of the available technology at the disposal... Read More
Strategic alliances are increasing at a rapid rate. It is... Read More
We all know that nothing runs without a plan, and... Read More
There is a story, about a business owner who wasn't... Read More
Succession planning, like any business acumen, is both an art... Read More
Please take a moment before you read any further and... Read More
You know you need a business plan. You probably realize... Read More
To Grow (Catapult) Your Business That's Why.When it's in your... Read More
In this small article we'll concentrate on farmers associations and... Read More
|