Business Archives

How to Make Your Product Unique: Create a Niche Market

A gold chess piece on the board with other black pieces as a metaphor for entrepreneurs learning how to make their product unique

Are you failing to make sales on a product that other companies are already selling? How can you make your product different from your competitors’s products? One way to differentiate your company is by developing a unique product or service. Even if you’re selling a common item that other companies have, it needs a different qualification that persuades customers to believe your product is the best. Keep reading to learn how to make your product unique, according to Mike Michalowicz.

Differentiation in Business: 2 Strategies for Standing Out

A woman in a red suit personifying differentiation in business against men in black suits

What’s differentiation in business? How can you stand out from your competitors? People are attracted to the unique and extreme, so to attract customers, Mike Michalowicz says you need a product or service that stands out and is unique to you. Otherwise, customers won’t notice you among your competitors and you’ll struggle to succeed. We’ve organized Michalowicz’s advice for differentiating from your competitors into two main strategies.

What Is a Brand Personality? The Key to a Recognizable Company

What is a brand personality? Why is a brand important for struggling businesses? One way to differentiate your company is by developing a unique approach to delivering your products or services. Even if you don’t have a unique product or service, the way you deliver it can make your company stand out and grow more successful. Continue reading for three elements that will help you build your company’s brand.

How to Conduct a Customer Ranking to Improve Business

A brass scale with a statue of a person on each side, representing customer ranking

Why is it important to rank customers? Is there such a thing as a bad customer? Mike Michalowicz says it’s important to conduct a customer ranking because their rank will determine how you should treat them to ensure your company’s success. The more valuable the customer, the more you’ll prioritize their needs and desires. Let’s explore what makes a customer valuable and the categories of value your customers can fall into.

The 3 Metrics of the Most Valuable Customers

Three of the most valuable customers of a business standing on a four-tier podium.

What makes a customer valuable? Do customers need to share a similar worldview as you? A quality-over-quantity mindset is essential for creating a great product, as well as focusing on the right customers. The ideal customer is one that shares your values, is financially trustworthy, and is willing to work with you. Here’s how you can define your most valuable customers.

How to Fire a Customer as Nicely as Possible

A man waving goodbye at a customer outside a building, showing how to fire a customer

What makes a customer bad? Can you get rid of customers that are doing more harm than good? Mike Michalowicz says you need to fire bad customers because they can harm your business by wasting time and resources. Bad customers don’t share your values, aren’t financially trustworthy, and aren’t cooperative. Keep reading to learn how to fire a customer and cut ties with them once and for all.

Onward by Howard Schultz: Book Overview & Takeaways

What’s Onward by Howard Schultz about? How did Schultz turn Starbucks around during the 2007-2008 financial crisis? In Onward, Howard Schultz highlights the obstacles he faced as the CEO of Starbucks at a time of worldwide instability. He further explains how he managed to save the company while preserving its unique value. Read below for a brief overview of Onward.

How to Improve Customer Experience: Fix Their Problems

An employee helping a customer at the store to make her happy and improve customer experience

What do you do when a customer is unhappy with your service? Do you know how to improve customer experience at your business? A crucial part of ensuring your company’s success is improving your most valuable customers’ experiences. This will further increase their value and help your company succeed. Let’s focus on Mike Michalowicz’s method for turning customers’ dissatisfaction into delight.

The Innovation Strategy of Starbucks That Saved the Company

Two new Starbucks drinks on a ledge as part of the innovation strategy at Starbucks

What’s the innovation strategy of Starbucks? What cuts did CEO Howard Schultz have to make to raise Starbucks’s profits? One of Schultz’s initial turnaround strategies in 2008 was to improve Starbucks’ financial standing. He achieved this by focusing on two objectives: frugalizing operations and shifting in focus from expansion to innovation. Let’s explore these innovative changes in more detail.

How to Create a Business Framework (The Pumpkin Plan)

A business manager writing on a whiteboard with sticky notes, creating a business framework

What are the benefits of a business framework? How can you simplify your company’s goal into one plan? An operational framework explains one of your company’s processes in a clear and detailed way that your employees can easily follow. One benefit of creating operational frameworks is that they keep the company running smoothly as it grows. Read below for a short guide on how to create a business framework for your employees.