How we can acquire new prospects by leveraging our existing network of customers.
June 2, 2023
In Andrew Chen’s book The Cold Start Problem, he breaks the network effect into three parts: engagement, acquisition, and economize. At Shop Local, we rely on the network effect and its three parts. I feel that we’re succeeding in terms of engagement but need improvement in acquisition.
Engagement
We use the 64,000 products in our Syncing service to engage 1,200 our retail clients. We email them new intros, price updates, archived items for these synced products. Once they ...
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In this new webinar for sales reps, I share why your retailers are struggling online and underselling your lines. I share how you can help them and boost your commissions by 18%.
Today’s Times contains a Staples ad that speaks to the value humans provide in operating a business. The ad pushes back against software- and computer-automated service.
While we run a software platform, we agree with Staples. Clients that sign up for a Shop Local account get a free coaching call by a real person based here in the United States. Thereafter, our coaching staff uses one-on-one training, including telephone calls and Zoom video meetings, to help them get the best ...
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How we can honor those that came before us in the retail industry.
March 2, 2023
The founder of Juan Pollo Chicken, Albert Okura, passed away last week at the age of 71. Mr. Okura envisioned Juan Pollo, a fast food chain with 25 locations in Southern California, as a household name that would someday sell the most chicken in the world. He believed in this so much that he bought the site of the original McDonald’s restaurant, located in San Bernardino, CA, in 1998—not to turn it into a Juan Pollo restaurant but rather into a museum to honor his fast food industry....
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Great news: I have created another special training video for retailers for the holiday season. In this video, I share three easy steps to help you promote free shipping to help increase your holiday sales.
My training covers:
Add free shipping to your account settings.
Add a banner promoting free shipping, sales and/or events.
Add a slide promoting free shipping, sales and/or events.
Offering free shipping will help you increase your sales opportunities because customers will look...
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Great news: I have created a special training video for retailers for the holiday season. In this video, I share five easy steps to help you improve your home page--and holiday sales.
In her new book ‘Quit,' Annie Duke shares that the best poker players only play 25% of the hands they are dealt, whereas others play 50%. Ms. Duke talks with Stewart Butterfield, the founder of a few startups, most recently Slack (which is an acronym, which I didn’t know). Slack wouldn’t have been born if Mr. Butterfield didn’t drop a video game company to start Slack. Likewise for Twitter which was born out of the failed blogging company Odeo. Ms. Duke's lesson: winners ...
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Scott Galloway, the NYU business professor and firebrand, pens a weekly, attention-grabbing article about business trends. In last week’s post, he noted the rise of the attention economy. (...Yes, my post is an attention-seeker writing about an attention-seeker writing about attention.) Comparing our current economy to those of the past, Mr. Galloway notes that today’s oil is time. He tracks the growth of digital companies like Netflix, Microsoft, Facebook, and TikTok that...
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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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Royal Crown Derby is pleased to share a video of the BBC News feature yesterday evening. This video shows a small insight into their premium quality commemoratives, handcraft techniques and their relationship with royalty across the globe.
When I flew home yesterday from Charleston, while most people were seeking relief from their sunburns and reminiscing about their vacations, I was delving into The Wall St. Journal’s profile on Tracy Britt Cool, an ex- Berkshire Hathaway star. Mrs. Cool’s new company Kanbrick invests in businesses with $10m - $50m in revenue. What does Mrs. Cool look for when investing in a company? People and moats.
At Bridge, we’re reading Jim Collins’ Beyond ...
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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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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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Peloton’s new CEO, Barry McCarthy, was recently interviewed in the New York Times (Read the article here: https://www.nytimes.com/2022/02/19/business/dealbook/barry-mccarthy-interview-peloton.html). The authors asked Mr. McCarthy if he thought that everyone who needs a workout bike already had one. They questioned where else a company making stationary exercise bikes can go (…an ironic question for a bike product that literally can’t move). The Times wanted to know what ...
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I recently bought a pair of jeans from the bike-lifestyle company Rapha. I find Rapha's stores, emails, and mission to be inspiring to Bridge, and I'll explain why.
First, you may ask, "What is Rapha?" Rapha is a product company that sells goods for biking, including shirts, shorts, helmets, and accessories. What is unique is the lengths it goes to foster a community (and sales!) by having a coffee shop in it, organizing riding events, offering members-only clothing...
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