The No Name Strategy

When you purchase a generic, grocery store brand product that is all you’re buying, no fancy name, no advertising campaign, just the product.  No Name is usually the cheapest compared to other brands, but there are exceptions.  Here are some conclusions I’ve come to on No Name products:

  • They have found the most inexpensive way to make and distribute their own products.
  • They compete on price and price alone.
  • People don’t buy No Name products because of the amazing quality
  • The perception is that the quality is below average.
  • Because of the lower expectations, it is much more difficult to under-deliver
  • Quality to consumers is a flashy label that catches your eye and a more expensive price point
  • When your product doesn’t need a large advertising campaign, you can price it lower.
  • When no extra effort goes into making the packaging of the product “pop” whatsoever, you can price it lower.

If there is no expectation of the standard of quality of a No Name product, you are rarely dissatisfied with it because the value (benefits/price) is quite high.  Why is the value high?  Because the benefits remain close to the same but the price is less, thus increasing the value of the product.

In whatever industry you are in you can attempt to compete on price but always know there is someone out there that can make your product cheaper and ship it cheaper.  Instead, ad some value, tell a story, create an added benefit in your customers mind, then you can begin charging more.

What Inspires You?

What gets you up in the morning?  What makes you go to a job day after day hating it, is it a means to an end?  What is that end?  What do you do on the REALLY bad days?  You know, the ones where you feel like quitting, like the world is against you, like you just want to get out.

Something must inspire you to keep going.

For me its coaching. I love volleyball and I love teaching kids about the game.  Last year my Senior Boys team from Winston Knoll won the city championship, the gold medal that was presented to me that day hangs around my rearview mirror in my car as a constant reminder when things get tough.

I’ve had some pretty bad days, days where I’m not sure what to do, days when I look into my future and for some reason it is a dark and negative picture (though nothing compared to Gabrielle).  That all goes away when I get in my car and see that medal.  It’s a constant reminder that I’m here in this world for a different reason than just having a job and getting by.  It tells me that there is more to life than money, work and what society calls success.

My success is the smiling faces on those kids every season.

What inspires you?

It Worked…

The speed networking session worked.  We brought strangers together, from a lawyer to hand-full of entrepreneurs, learned about them and increased our networks reach all within a span of 3 hours.  Want someone else’s opinion on how it went, ask Ryan.

We considered it a success because everyone offered their contact info and wanted to be a part of the next one we host.  Yes there will be a next time and we’re looking at increasing our numbers.  The thought was possibly for everyone who attended bring one friend that wouldn’t know the group that well and let them share their story.  The ideas that come from a group of strangers talking over beers are fascinating.

So my advice this week is to get out and meet someone new, once you leave that comfort zone and your left armpit begins sweating, that is when you will learn the most.

If you would like more info on what happened or to be a part of the next one, you can contact me here, here or here.

Photo credit

13 Reasons Why Letter-Board Advertising Sucks

If you’ve ever driven around Regina you’ve seen these ghastly sites many times.  They pull and prod your attention for a split second until you realize what you have found and quickly jerk your neck away, hopefully never laying eyes on one ever again.

Ok, they aren’t that bad but these fluorescent letter board signs are growing in numbers at an alarming rate.  Why?

Obviously it is cheap, and businesses are trying to get their message out to a local market but do they ever wonder if this hurts their brand?  Besides the signs not being on the “cutting edge” of artistic design, don’t you think you’d want to at least standout a bit?  I mean, the thirteen (13) photos posted here were all taken within a three block section of Rochdale Boulevard.  In less than one Kilometer you are shown thirteen different messages, what are the chances that you remember one?

They are not all terrible, I don’t mind giving away something free, just too much text on this one:

Subway’s not doing too bad either, that’s a pretty good deal for a sub.

The average driver has less than three seconds to get your message, how easy is this to read?

A personal favorite.  I wonder how the conversation went when they decided to go with this master piece;

“Everyone else on Rochdale has a sign”

“We should too, but lets be different.”

The lightbulb goes off.

“I got it!  Lets put our sign on a blue background, that’s sure to get attention!”  The result:

The ghostly 9 is a little creepy here:

Beginning to notice a trend of yellow, white and fluorescent pink by now.

This one gets the point across, if you’re searching for the most extensive 2 for 1 glasses offer anywhere.

Another good deal, my only complaint is where’s the fluorescent pink?  I don’t think a letter sign will ever be visually appealing.

Obviously the Pita Pit owners are in cahoots with the Denture Clinic, again personal favorite, love the blue.

If you do decide one of these signs is right for you, at least offer the correct phone number.

Too much writing and again, where’s the pink?

Short and sweet, good idea, I don’t mind what Arby’s is trying here but it seems as though Arby’s is cutting costs on their advertising by using this type of messaging.

This is troublesome, the BARGAIN! shop has on special right now, spring fashion and fun.  What if you enter the store and it isn’t fun?  Chuck E’ Cheese could use this, not the BARGAIN! shop.

Do I Foursquare or Gowalla?

Location based social networking is on the rise.  Though you may not have heard of Foursquare or Gowalla their growth has exploded across the US and some of Canada.  Combining gaming elements and using the location provided by the GPS in your smart phones, these applications allow you to “checkin” to places to earn points.  Just this past weekend Foursquare exceeded 40 million checkins.

Why should you care?

When visiting a new city or wanting to eat at a different restaurant, you can see where people have been checking in to and what they have recommended to eat.  Venues have a feature where you can add a tip for others to see when they checkin. Example: On Foursquare, if you checkin at Wasabi in the Normanview Crossing (in Regina), you will see my “tips” which notify you that the Bonnie and Rose roll is my favorite roll and the Roll-Bento is my favorite Bento box.

Now anywhere I go that I experience something amazing (like the Bonnie and Rose Roll at Wasabi) I can leave a note for the next person who checks in.

For business:

It doesn’t take a business strategy jedi to see how a business could benefit from location based applications.  Many businesses have already begun offering discounts for those who checkin at their establishment.

In a World where word of mouth is still the most powerful medium, applications that allow us to voice our opinion more readily will increase in value.  The more messages that are thrown at us via advertising efforts the more trust we will put in authentic messages from people we trust.

Are you on Foursquare or Gowalla?  What is your opinion of location based applications?

First Speed Networking Session

A month ago I wrote this post on an idea I had about a speed networking session.  Go on now read that post.

Last week I received a call from someone who was interested in seeing if the speed networking session would work.  I said why not?  So we’re going for it.  The first ever speed networking session for young professional (SNSYP), we’re working on the name, will be held next Thursday a 7:00 pm at a location disclosed only to the first 20 people who e-mail me with their interest.

We are limiting it to 20 people, the location is in Regina and it’s sure to be an interesting and enlightening event.

As of now there are only two rules:

1.  You can’t sell your product or service to someone unless they openly ask you

2.  Don’t be boring.  If you’re boring please bring something to talk about that is not boring.

The purpose is to meet new people, find out what they do in life and to see if you can help them in any way possible.  Simple right?

If your evening is free on Thursday, May 13th e-mail me at: Jeff(at)Fraserstrategy(dot)ca include you business please.