What your business can learn from the celebrated economist Daniel Kahneman
April 3, 2024
Daniel Kahneman, the celebrated economist, passed away last month. The Nobel Prize and Presidential Medal of Freedom winner gave us insights into the economics of the mind, such as people fearing loss more than gain, making short sighted decisions, and overly relying on feelings.
We can often use Mr. Kahneman's insights in our business's daily operations.
Staff at manor department stores like Saks are finding success with Instagram and social media. The Information shares this:
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Tyler Bell was encouraging all her clients to “tag your bag.” Every time Bell, a Saks Fifth Avenue stylist in Troy, Mich., closed a sale, she asked the buyer to show off their purchase on Instagram and tag her account, @tyler.saks. Bell posts Saks inventory multiple times a day on Instagram Stories. Her 27,000 followers will...
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TikTok and Amazon are battling in the retail space. TikTok wants to be a retailer, and Amazon wants to be more of an influencer platform. These two share the same goal: get users to share a product link, recommend the product, and get a cut of the sale, shares The Wall St. Journal.
This article and these companies speak to the power of affiliate marketing. One of Amazon’s long-standing secret growth weapons has been affiliate commissions, and influencers are a well-known ...
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How premium plan tiers help businesses sell more and increase margins.
September 7, 2023
Dating apps are launching higher-priced premium tiers, according to last week’s The Wall St. Journal. Hinge offers a new $50/month plan, and Tinder is launching a $500/month plan. The League already offers a $1,000 plan. These pricey plans take the sting out of Bumble’s $60/month plan.
Why are companies offering such plans? Because even if Tinder only gets 10% of users, that's millions. Plus, the profit and margins are likely higher for customers using these plans. A normal ...
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We're happy to share that Syncing is free for retailers. Initially, retailers paid $149 per brand per month. Over the years, we reduced the monthly flat fee until we were able to make it free.
We can afford to offer the service with no flat fee because we charge a small commission when an online sale is made. We only get paid when the service performs for the retailer. This ensures that retailers only pay for results. This commission model makes us work harder to bring the ...
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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%.
How big data, filters, and search engines can help us create a better experience for our members.
May 26, 2023
Apple announced last month that it's launching a new classical music app. What’s novel about the Apple Music Classical app is how it lets music fans more easily search thousands of variations of the same song. For example, let’s say you want to find a Johann Sebastian Bach song. Over the past 300 years, many musicians have done ‘covers’ of his works, and there are variations by conductor, music, year, etc., thereby producing thousands of variations. Existing software ...
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I'm giving you a $200 finder's fee when you refer a store.
When you refer a store, the store will receive $268. It will receive $100 towards a wholesale order with your brand and a $168 credit towards their registry service with us. (My company is paying the $100 wholesale order credit.)
This offer is good through May 1, 2023.
Summary: you give a store $268 and you get $200. (Bridge ...
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How having the right defaults makes decisions easier for clients and helps them be more successful.
January 27, 2023
When you look at your driver’s license, it lists if you’re an organ donor. Twenty years ago, only 20% of people were donors, but today 80% are—thereby saving millions of lives. Did people become more kind? No, the question on the application was changed from opt-in to opt-out. People signing up for or renewing a license are now by default enlisted in organ donation. Lesson: the right default answer in medical care can save millions of lives. Similarly, the right defaults ...
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I discovered a page on Amazon’s site proclaiming that Amazon supports small businesses. That is news to me and many small businesses which have been attacked by Amazon, its deep pockets, and its army of millions of delivery people and thousands of warehouses. Amazon’s page says it helps small businesses, which it defines as having under 100 employees and less than $49 million in sales. (It says it uses Gartner’s definition.)
I'm giving you a $200 finder's fee when you refer a store.
When you refer a store, the store will receive $268. It will receive $100 towards a wholesale order with your brand and a $168 credit towards their registry service with us. (My company is paying the $100 wholesale order credit.)
Summary: you give a store $268 and you get $200. (Bridge covers the $468.)
In the book The Cold Start Problem, Andrew Chen says that the 'network effect’ is really three effects:
The acquisition effect
The engagement effect
The monetization effect
In the beginning, a business seeking to build a network has to concentrate on acquiring users, even if they are non-paying. Companies often give away the service, especially software companies, and we can see that with Facebook, Slack, TikTok, and many others. Bridge didn’t do ...
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The Times' magazine recently reviewed the book summarizing service Blinkist. Blinkest claims to give members $89,000 in value (the combined value of books offered) for $8/month. That's a great deal for readers.
A great deal for retailers: Bridge gives retailers $65k in value for $0 month. Bridge offers approved retailers up to 65,000 products from 109 premium brands for $0 per month. We estimate that each synced product to their online store saves them $1 and three minutes in labor...
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When I was a kid, my mom instilled in me a lesson to always get paid for my work. When I went to mow a lawn or do my newspaper route, she’d remind me, “Be sure you get paid.” As an adult, these flashbacks are vivid like a scene from Citizen Kane—just swap out the Rosebud sled with my newspaper delivery bike. Today, this lesson still resonates when running Bridge. When calling a store that hasn’t paid its Bridge bill, I’m confident in asking ...
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An article in today’s Times cites the high cost of acquiring customers, which ranges from $100 to $800. Excerpt:
“Estimates of an often-cited retail metric known as customer acquisition costs range from $100 to more than $800 per customer, said Daniel McCarthy, a professor at Emory University’s Goizueta School of Business, who has done extensive research in the field.”
Physical retail is one of the most expensive ways to acquire customers. An online ...
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