Activate Dormant Customers Through Strategic Discounting In today’s erratic economy, the key to growing your business involves activating dormant customers by using strategic discounts. By “dormant,” I mean customers who are interested in your product or service, but have refrained from purchasing due to price. The “art of discounting” involves offering lower prices to attract…

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Since its launch in 2008, Groupon has generated a storm interest. Positively featured in numerous news articles, news broadcasts, and even a few academic postings, but not every business working with Groupon reports satisfaction. Some are complaining of high expenses that brought few new customers.

So which is Groupon: goldmine, tar pit, or some niche in between?

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Where is the creative destruction when you need it? Acknowledge the faults. Identify the goal. Define the path. Create buy-in. Execute. Job growth in America is driven by entrepreneurs, not large corporations. Stop waiting for you old job back. Go create your job instead.

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Imagine, your executive just read an article that said she can expect at least a 1% improvement in her bottom line profit if she introduces a pricing initiative. Now, she wants to know what steps you will follow to create a new pricing function with the goals of implementing value based pricing and stopping margin leakage. What resources do you need to be successful and where do you focus first?

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Are you ready for the new paradigms? Do you have a Kindle or iPad for reading books? Do you read your daily newspaper on-line? What kind of home entertainment system do you have connected to your High Definition TV that will allow you to see movies, previously available only at the video store or from a vending machine? What must a successful company do to survive and thrive in this environment?.

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The Wall Street Journal has reported that Proctor & Gamble Co.’s new CEO, Robert McDonald, is “slashing prices” and warns of an impending price war in the branded consumer packaged good (CPG) industry.  Yet, Mr. McDonald states, “In my mind there’s not a price war going on.”  Is the Wall Street Journal guilty of hyperbole or is Mr. McDonald blithe to the profit destruction of price cuts?

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Jim Berger’s latest (9th) intellectual property survey article (July, 2010 Intellectual Property Today) focuses on a newly developed hybrid telephone/Internet survey technique. Request it jberger@jamesberger.net . Have a response? The Wiglaf Journal adopts social media. Add your comment to our researched articles.

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“Grilling, broiling, barbecuing – whatever you want to call it – is an art, not just a matter of building a pyre and throwing on a piece of meat as a sacrifice.” James Beard, ‘Beard on Food’ (1974) Having the right maker’s hand in the grill adds value. Duchamp’s fountain: Priceless. Contact your plumber for…

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