Key Point: Not every business owner or manager is focused on complaining about the state of the economy. Some are leveraging the situation to build market share.
Domino’s “inflation relief deal” campaign, for example, lets customers know the company understands the situation and wants to help them cut back on expenses (by way of a 20% discount for online orders).
Michaels is leaning on promotional events and alerting customers to drops in price. Lowes, on the other hand, is awarding frontline workers with bonuses to help them cope with inflation (now at the highest level in 40 years).
This Fox Business article covers the story and provides businesses with a trail to follow. Don’t add to the problem. Find ways to work around it.
SUBWAY RAN A SANDWICH SUBSCRIPTION PROMOTION AND CUSTOMERS ATE IT UP
Key Point: Subscription marketing was once the sole domain of magazines and newspapers. That is no longer the case. Consumers today can get everything from car washes to movie tickets on a subscription basis.
But will it work for the food industry? Subway’s Footlong Pass sold out in six hours. 10,000 customers paid $15 to get a 50% daily discount on their iconic footlong subs.
Why did Subway run that offer? Here’s what Barb Millette, a senior director of the company, had to say:
“Subway has some of the most passionate and dedicated fans, who have been with us every step of the way on our journey to becoming a better Subway. We created the Footlong Pass to thank them for their loyalty as summer winds down and the pace of life picks back up.”
Promotions, says Small Business Trends, are good for business. Check this brief article to find out why.
ENTREPRENEUR STATISTICS 2022: HOW MANY ARE THERE?
Key Point: If you’re a fan of statistics (and everyone in business should be), here’s a collection of stats about entrepreneurs. Beyond the basics, like 31 million entrepreneurs in the United States and 582 million worldwide, this EarthWeb article uncovers data on some interesting questions.
You’ll discover answers to perplexities like these:
- What is the mix of female versus male entrepreneurs (the answer may surprise you)?
- What percentage of small businesses hire employees?
- How many billionaires are there in the United States?
- How many businesses are minority-owned?
- What is the best country for entrepreneurship?
You’ll also find an FAQ section that cites the advantages of being an entrepreneur, the failure rate for entrepreneurship, and why “entrepreneurs are the key to building and maintaining a solid and strong economy.”
If you read one article today, make it this one.