I had a discussion with a psychologist this week about the issue of pricing. We agreed that people, on the whole, are wary of low prices and don’t associate them with quality. On the other hand, we see Sainsbury’s hedging their bets this week in an alliance with Netto that aims to give them a bite at both ends of the market. As they are also price-matching Asda at the same time this looks a bit desperate to me.
It may be instinctive to those of us who are business owners, parents or simply adults, to want to step in and help those we are responsible for – to save them from making the mistakes we made or just to save time. Just as there is a spectrum of parenting from over-protective through casual to neglectful, so there are numerous management styles.
I worked with one business owner recently who appointed a manager to run his business, virtually abandoned it for a couple of years then came storming back in because profits had declined. Although he admitted privately that he was at fault for stepping back too soon and taking his eye off the ball, the damage was done in that his team’s confidence was gone and the business suffered the loss of many experienced staff.
As a business owner are you driven by achievement, the lust for power and authority or the need to have good relationships? According to David McClelland* these are the 3 main drives and we each possess a combination of them all. A predominance of one of the characteristics over the others determines how we behave at work. Can you recognise yourself in any of these?
3 reasons why I love the Vision Express TV ad:
1. The theme is heart-warming and emotional
2. The soundtrack takes me back to when I was a teenager
3. There’s a cute baby in it
It was once said that, unless you create the perfect mousetrap, nobody will beat a path to your door. As I’ve heard the patter of mousey feet and the gnawing of little teeth at night recently, I would certainly beat a path to find that product myself. But domestic issues aside, unless people know what your business is all about, they will fail to trade with you. It’s that simple. We all buy brands we know about and trust; we buy from people and companies we have heard about. And these days, there are so many ways in which your message can be seen and heard.