This past week, Amazon announced it was adding Grubhub delivery to its Prime subscription (Read the news about Amazon and Grubhub here). The goal of Amazon Prime (and other subscription services) is to make the subscription so pervasive that it's sticky. Don’t like Prime movies? Ok, but you love free Grubhub delivery. If you don’t need feature X and want to cancel, you realize you still need feature Y and keep paying for the subscription.
Bridge has teamed up with 23 premium brands to offer an exciting promotion. A retailer can place an order at the Atlanta show and get $200 off its wholesale order. The store will receive a free Bridge account. The account will contain the products the store ordered. With this solution, a store can quickly promote and sell what it just bought at the show. The store's Bridge account will also contain other products that the brand offers. With this approach, the stores can quickly...
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In the movie Good Will Hunting, Matt Damon, who plays a handsome MIT janitor moonlighting as a math savant (can one say, “Hollywood career vehicle”?), woos a young lady (played by the actress Minnie Driver) by outmaneuvering a few competing, obnoxious cads. When Damon’s character gets the girl's telephone number, he proudly shows it to the other guys and boasts, with his South Boston access, “How 'bout ‘dem apples?” I imagine Tim Cook imitating this...
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Bridge has teamed up with four brands to offer an exciting promotion. Stores can place an order at the Dallas or Atlanta shows and get $200 off their wholesale order. The store will receive a free Bridge account. The account will contain the products the store ordered. With this solution, a store can quickly promote and sell what it just bought at the show. The Bridge account will also contain other products that the brand offers. With this approach, the stores...
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Join us at a Joseph Ribkoff Trunk Show at the Squirrel Hill Cheeks, 5873 Forbes Avenue. 20% off all Joseph Ribkoff, ONE DAY ONLY, Thursday June 2nd from 10 - 6. The JR rep will have late Summer, Fall, and Holiday styles. Cheeks in Squirrel Hill is located on Forbes between Murray and Shady avenues.
Gorgeous beautiful fun! π Hope to see you there! π₯°
This week's Times shares that brides are increasingly asking for cash gifts. This trend pulls back the curtain on the underbelly of wedding gifts. Over the last 20 years, a trend emerged where a bride would ask for a traditional gift (i.e. a crystal champagne flute set, a fine china plate, etc.) but then redeem the credit for a television or vacuum. The stores that were especially adept at this were the big-box stores with a wide variety of offerings like Macy's and Target. They would use ...
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In Beyond Entrepreneurship 2.0, which the Bridge team is currently reading, the author Jim Collins confesses that he missed a key ingredient 25 years ago when he wrote the first edition. He states that he now realizes the most important part of achieving a great company is: getting the right people 'on the bus.’ I agree. Fourteen and a half years ago (long before I opened this book), I was lucky enough to pick up the right ‘passenger:' Moshe replied to my job posting (...
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In a 2007 article in The New Yorker, Atul Gawande, a surgeon and an author, advocatedthat more hospitals use checklists. He cited many medical studies showing how checklists save lives (and money). Implementing one checklist, a hospital "…prevented forty-three infections and eight deaths, and saved two million dollars in costs." The startling part: the list was only five steps long! In other words, people don’t consistently follow...
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Some people like to sit on the sofa and eat Ben & Jerry’s ice cream. I roll my eyes at this because I’m very different: I like to read the Wall St. Journal’s Christopher Mims …while eating an entire pint of Ben & Jerry’s on the sofa. This past weekend, Mr. Mims suggested companies may be reassessing where they source products, some even considering more domestic production. The motivation for this started a few years ago with the U.S.-China trade war, ...
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An article in today’s Times cites the high cost of acquiring customers, which ranges from $100 to $800. Excerpt:
“Estimates of an often-cited retail metric known as customer acquisition costs range from $100 to more than $800 per customer, said Daniel McCarthy, a professor at Emory University’s Goizueta School of Business, who has done extensive research in the field.”
Physical retail is one of the most expensive ways to acquire customers. An online ...
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Businesses like Walmart, Disney, and Discovery are bundling services and adding the “+” suffix to denote them (e.g. Disney+, Discovery+, W+, etc.). In a recent article in RetailDive, we learn that Walmart is giving its customers free, six-month trial Spotify accounts. I think W+ bundling services is smart. Last week, I compared running a gym to offering software. I spoke about bundling services with things that people like to increase their usage, such as work ...
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In a recent NY Times article about working out, the author Christie Aschwanden gives readers tips on how to make working out more enjoyable. (Read the article: https://www.nytimes.com/2022/01/19/well/move/habits-motivation-exercise.html). In reading this, I saw many parallels between working out and helping our stores get their websites ‘in shape.’ The author encourages readers to not think of working out as exercise and instead think of it as "hanging out with friends...
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This past weekend on the way to Florida to visit my brothers, I read about Squarespace’s advertising history. (Read the article: https://www.nytimes.com/2022/02/13/business/how-did-squarespace-know-podcasts-would-get-this-big.html). In 2009, Anthony Casalena, the founder of Squarespace, paid $20,000 to advertise on a tech podcast. While that was a lot for a small, young company (Casalena had started his business just six years earlier in a dorm room in 2003), Casalena said the ...
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I recently saw an advertisement for Windows 11 in Wired magazine. I thought: “Wow, finally something from Microsoft that someone can understand: a logical name for their software offering.” I recall a time when Microsoft had a confusing litany of software names including: NT, 98, 2000, Millennium (ME), Windows XP, and Vista--before finally relegating those clumsy names to the desktop recycle bin and adopting a simple, progressive number system. Apple has been naming its ...
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Scott Galloway, a business leader and NYU professor, shares that we're now spending over 4 hours a day on our mobile phones--up from just 20 minutes in 2010. (…I wrote part of this post on my iPhone.) What does this mean? Lots of opportunities for Amazon--as well as Facebook, Instagram, and other tech titans--to sell to us. Our cell phones are, in essence, 1,000 'buy buttons' in our pockets (or on our nightstands) that encourage us to buy stuff online, any time of the day.
Jim Collins, in his book BE 2.0, explains how purpose and mission are important to companies. To help explain this, he uses the metaphor of crossing a mountain range and seeing a star on the horizon. Your purpose is to reach the spot on the horizon below the star. The current mission is climbing up the mountain you’re on. The next mission is climbing up the next mountain and so forth in order to get closer to the spot on the horizon. You will have many missions, and may never ...
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π₯Let’s give 2021 a sparkling send off and share a toast to 2022!!
π₯Our hearts are filled with gratitude as we raise our glass to you our loyal and passionate customers... our road representatives... Skyros Designs team… and to our wonderful friends in Portugal... ALL who are the reasons we exist!! We Thank You for Inspiring Us Every Day!! β€οΈ
π₯We wish you and your loved ones a joyous holiday and may your New Year be filled with peace, health, happiness, ...
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