One major goal that business owners want to achieve is to make more money, it is the key driver for business.
Having a financial goal helps a brand to identify its target market and the right audience to pitch its services and products per time.
What is the market craving?
What will make the market flow like rushing waters in your direction?
One day at a time.
It may be costing you money, but consider it as an investment in ‘research and development’. You will recover the money at the snap of your fingers when you hit that spot.
Inspiration for you this August.
George Foreman is a legend in every sense of the word in the world of boxing. His records and history are so enormous that we don’t even know which one to write and which one to leave out. Let’s just give a summary we found on Wikipedia.
“Foreman is the oldest living world heavyweight boxing champion in history, and the second-oldest in any weight class after Bernard Hopkins (at light heavyweight). Foreman retired in 1997 at the age of 48, with a final record of 76 wins (68 knockouts) and five losses.”
Foreman at some point had health concerns related to his weight, so he opted for a lifestyle of healthy eating that yielded results for his weight loss aspirations. When he first returned from retirement before the final retirement, he posited that his victories were due to his new lifestyle of healthy eating.
It was about that time that Salton Inc. approached him to be the pitchman for their fat-reducing grill. As of 2009, the grill which was named ‘George Foreman Grill’ had sold over 100 million units.
Salton paid him $138 million in 1999, for the right to use his name. Prior to that, he was paid about 40% of the profits on each grill sold (earning him $4.5 million a month in payouts at its peak), so he has made an estimated total of over $200 million from the endorsement, substantially more than he earned as a boxer.
One of the most critical elements of branding is association; with the right associations, your brand (whether personal or business brand) will attain greater results. Whether you stand in the place of Foreman or Salton, you need the right associations to accomplish more.
You may not be a celebrity like Foreman and you may not even be interested in brand endorsements, but the point is beyond all of that. The point is that at your place of work, in your career or business aspirations, on social media, and life generally, look out for the right people and organizations and align with them.
May you succeed.
Mapemond Academy Team.
Mr. Williams was lost in thoughts as he sat down at the wedding with the event brochure in his hands. He was impressed by the quality of the design, print, and everything. The brochure was for a one-day event, yet was of such top-notch quality. He left the wedding with a resolve to trash his company brochures and marketing materials and do them all over.
There is a message for you from Mr. Williams’ experience.
Take the outlook of your brand more seriously. From your flyer and brochure designs to every other thing that prospects and customers come in contact with.
When it gets to the point of bringing out money to make payment for products or services, customers tend to have some sort of resistance and doubts.
They suddenly want to take a closer look at your website, social media pages, and everything related to your business, their fears are legit, they don’t want to make the wrong buying decision.
At such moments, your branding speaks on your behalf, through your marketing communications and channel outlook, it appeals to their senses, exudes a sense of trustworthiness and likeability.
Get your branding and marketing communications right and stop losing clients without knowing it.
If you need a professional touch, talk to us!
It appears that many entrepreneurs desire to make sales without investing in gaining visibility. We wrote this article to offer some perspective.
Unless your business is hinged solely on personal contacts and contracts, you need to keep investing in attaining better visibility.
At the point customers make a buying decision, they usually go for the options that are topmost on their mind at that time.
Visibility pushes you up to the top of people’s minds.
If you run a walk-in shop, make it obvious enough through your brand visuals – professionally designed and printed signage, WELL FRAMED banners, and so on.
If you are online, be intentional with your cover photos, DPs, e-fliers, photos, graphic images, colours, logo, and so on.
If you meet people often and give complimentary cards, make a statement with it, the right statement – clean design and print.
If your brand name is a hindrance to better visibility, change the name. An easy to pronounce name aids visibility. An easy to remember name aids visibility.
By all means possible, be more visible.
Working on visibility is like putting pipelines in place for revenue with ease.
If you need help, Mapemond is here for you.
There is a popular Latin phrase, ‘quid pro quo’, interpreted as ‘favour for favour’. This implies that something always goes for something and nothing is ever given without a reciprocated effort. At first, the phrase was used in the sixteenth century to refer to a substituted medicine for another but with the passing of time; the phrase became more generalized and used even for business.
Now, especially in the corporate world, quid pro quo can be referred to as exchange of goods, services, favours, or any other kind of value. Sometimes, clients would prefer an exchange of something valuable for their money. On the other hand, corporate organisations, through their workers, are often willing to satisfy their clients’ demands as a way of retaining their patronage. Many a time, these organisations impose this task of meeting clients’ needs on their workers in order to keep the company running.
The attitude of ‘something for something’ is not only displayed by clients, but swings both ways and many other ways actually. Employers seek value in all the projects they embark on, employees want something in return for their creative ideas and input, vendors want something for their services, sellers want money for their goods while buyers want value for their money, investors are particular about what they get in return for their investment and the list goes on.
The concept of quid pro quo played out in Furo’s experience…
After several years of being unemployed, Furo finally got a job opportunity in a well-known and reputable bank. She groomed and brushed up herself in every aspect she could think of just to beat not just the work ethics but also set a high standard for other workers to follow. During her waiting period, she had attended seminars and workshops to increase her skill and knowledge about the banking industry. Furo was convinced she was more than ready for this job.
Few months into her resumption, Furo, who was assigned to the marketing department, was given a target to raise 10million naira within six months. She courageously took this as a challenge and began to work towards it. Three months had passed and Furo realised she was not making much progress with her goal. She had talked to family and friends who she felt were rich but was only able to raise 2million naira, which was far from the target. Other prospects were quite sceptical about putting their money in her bank.
Another month passed and Furo was at the verge of frustration. Everyday she woke up tormented by the nightmare of being fired for not meeting the target. Nobody at work ever asked how she was faring with the 10million naira goal but everyone wanted results. None of her strategies seems to work and more pressure mounted on her.
Having heard of the story of Belema who had hit her goals in the space of one month, Furo was too much in shock to believe. She approached Belema to find out how she was able to pull it off without much stress. Luckily Belema was honest and open about her means, which was simply to approach the ‘big boys’ in town. Since Furo was clueless where to find such people, she had to depend on Belema to link her up with them.
Within a week, Belema connected Furo to a wealthy entrepreneur who owned several ventures in major cities in Nigeria. Belema had told her he was in his early fifties but he looked younger and nourished. He smelt of wealth and walked around with authority. Furo spent the next couple of days trying to convince him about the benefits are attached to the account she was proposing for him to open with her bank. She had thought she was making headway until he began to speak.
“Furo, I’ve heard all you have to say and I must commend your ability to simplify all these banking terms,” he said, acknowledging her.
“But the amount of money you’re asking me to put in there is a lot you know, even though I can afford it,” he continued.
As he spoke, he drank a cup of freshly squeezed orange juice that he had asked his steward to prepare.
“I know,” Furo responded to break the short silence. She wanted to get this deal signed without spending the whole day watching him drink and talk.
“The thing is, I want something for this huge sacrifice I’ll be making. Like I told Belema, the only reason why I am considering this is because of her plea and the tight situation you’re in,” He said and took another sip of his juice.
Furo was a bit embarrassed that Belema had given him too much detail. Nevertheless, she braced herself for any outcome.
The prospect leaned forward, looking straight into her eyes, “You know what, I will open that account but on one condition,” he said and paused.
“Which is?” Furo asked, looking a bit perplexed.
“Well, in business nothing goes for nothing. You must always have something valuable to exchange for every transaction,” he smirked. “Let me just go straight to the point. In exchange for this transaction between your bank and me, I want some of your sugar. I want you, Furo.”
Furo was taken aback. It was only then she recalled what Belema had told her about these big boys asking for something in return, in this case, her body.
“Furo, I can go beyond opening that account to changing your life. Are you willing to take the ride with me? Go think about it,” he said.
That day as Furo left his house, she was in a state of dilemma. Would she succumb or get fired? She was not quite sure of her next move….
Unvoiced perspective, telling the corporate stories that are rarely told…
Let’s hear from you, what should Furo do?
Written by Jennifer Chioma Amadi
Are you looking at building an ethical organization? We would love to work with you! Send us an email at firstname.lastname@example.org#
Do Business Better.