Honesty is the first chapter in the book of wisdom.
Thomas Jefferson
I never dreamed about success. I worked for it.
Estée Lauder
How You Can Easily Contribute to Ukrainian Refuges
Feel you should contribute, but haven’t? The Entrepreneurs’ Organization (EO) is supplying $25 wellness kits to Ukrainian refugees through our EO chapter in Poland. 100% of the funds are going directly to the people in need. Here’s the link to purchase 1, 10, or 1000 kits. Quick, easy, important. Thank you.
Conscious Capitalism Webinar April 5; Scaling Up Compensation Webinar April 12
More info below…
Decoy Pricing – and Other Ikea Tricks We Can Use
The Hustle details the various psychological tricks Ikea uses to drive 60% of its revenue through impulse purchases. Besides the maze-like layout (you walk over a mile); the clever use of mirrors to give you a sense of belonging; dump bins of cheap items placed along the route giving the impression of low price; and their clever use of decoy pricing. Please take 1 minute to scan to the decoy pricing section and read an explanation and example – it’s a pricing strategy all of us can use (I used it in the pandemic!).
Lower Prices Over Time
One of several insights/surprises highlighted in the article is Ikea’s focus on continually lowering the price of their most popular items. Notes The Hustle:
- The Billy bookcase — a product so beloved that one is sold every 5 seconds — retailed for $82 in 1985. Today, it goes for $50.
- The Lack side table came with a $25 price tag in 1985. Now, it can be had for $13.
FYI, Ikea is increasing overall prices by 9% in 2022 to deal with inflation. And it sells 1 billion meatballs – some fun infographics in the article.
The Ikea Effect – Have Your Customers’ Self-Serve
Having the customer complete something increases the perceived value of the item. Cake mix sales suffered when you only had to add water; when the recipe was changed requiring you to add your own egg, sales went back up. You are now more emotionally involved/attached to the process. The same with assembling the Ikea furniture – there is a sense of pride/ownership. Customer satisfaction goes up when customers self-serve (think ATMs). How might you put this to work for you? Again, please take a few minutes to read this article. Thank you to John Ratliff, CEO of our coaching organization, for pointing me to this article.
From Tech CEO to Coach
This Scaleups.com article shares how Stacy Eads went from being a successful tech CEO to Scaling Up coach. We’re looking for more partners like Stacy if interested. Today she works with firms $1 million to $250 million in revenue and maintains over a dozen clients in a broad range of industries. Please take 2-minutes to read how she made the successful transition after using the Scaling Up tools to scale her own tech firms.
Conscious Capitalism Webinar – April 5, 2pm ET
Conscious Capitalism is a modern framework for doing business, popularized by John Mackey at Whole Foods and emulated by thousands of firms around the globe. It aligns with the new emphasis on stakeholders, not just shareholders, helping you retain top talent, attract loyal customers, and make a positive impact – all without having to sacrifice profits or growth! We’ll cover all this in a free training next Tuesday, April 5 at 2pm ET. Can you make it? Learn more and register here: https://hubs.li/Q0172C2H0
Verne Harnish Compensation Webinar -- April 12, 2:22pm ET
Register to tune into my first public Scaling Up Compensation webinar April 12 at 2:22pm ET. It coincides with the release of the book in print. Over the one-hour I’ll detail the 5 design principles for getting a much greater return on one of your largest expenses. Small changes can drive hundreds of percent increases in revenue and profit.
Weekend Countdown – 1-Minute of Wisdom
Enjoy this kickoff to your weekend – some bits of wisdom from a fresh set of wise teachers, updated each weekend.
https://vimeo.com/showcase/weekendcountdown
Order a box of 20 Scaling Up books
Want to save 50% over the price on Amazon? Go to this link.
COACHING:
Are you wondering if working with a coach is right for you? Take our Four Decisions Assessment to learn which type of coach is best for you.
All of our Scaling Up Certified Coaches™ are masters at guiding you and your leadership team through the implementation of the Scaling Up Performance. But our promise is a custom diagnostic approach from Day 1, including how we match you with a coach.
We even have a team member dedicated to helping you find the perfect Scaling Up Certified Coach.™ Schedule a complimentary, personal follow-up. Or check out our FAQ’s.. Additional questions can be sent to [email protected].
SCALING UP WORKSHOPS:
Engage your team with interactive workshops to optimize your company’s performance.
(list of workshops below)
Sydney, Australia – April 6, 2022 (In-Person)
Toronto, Canada - April 14, 2022 (Virtual)
San Antonio, TX - April 19 (In-Person)
Hadley, MA - April 21, 2022 (In-Person or Virtual)
Toronto, Canada - May 12, 2022 (Virtual)
Hadley, MA - May 19, 2022 (In-Person or Virtual)
Ann Arbor, MI – May 18, 2022 (In-Person)
Grand Rapids, MI - May 24, 2022 (In-Person)
London, UK – May 26, 2022 (In-Person)
Naples, FL - June 1, 2022 (In-Person)
Birmingham, AL - June 3, 2022 (In-Person)
Melbourne, Australia – June 7, 2022 (In-Person)
Toronto, Canada - June 9, 2022 (Virtual)
Buffalo, NY - June 10, 2022 (In-Person)
Albuquerque, NM – June 14, 2022 (In-Person)
Auckland, New Zealand – June 14 & 15, 2022 (In-Person 2 Day Master Class)
Hong Kong – June 15, 2022 (Virtual)
Hadley, MA - June 15, 2022 (In-Person or Virtual)
La Crosse, WI - June 15, 2022 (In-Person)
India – June 22, 2022 (Virtual)
Salisbury, England -June 23, 2022 (In-Person)
Toronto, Canada - July 14, 2022 (Virtual)
Sydney, Australia – Aug 3, 2022 (In-Person)
Toronto, Canada - Aug 11, 2022 (Virtual)
Dallas, TX – Aug 25, 2022 (In-Person)
Toronto, Canada - Sep 8, 2022 (Virtual)
San Diego, CA – Sep 13, 2022 (In-Person)
Melbourne, Australia – Sep 13, 2022 (In-Person)
Toronto, Canada - Oct 13, 2022 (Virtual)
Sydney, Australia – Oct 26, 2022 (In-Person)
Toronto, Canada - Nov 10, 2022 (Virtual)
Salisbury, England – Nov 15, 2022 (In-Person)
Melbourne, Australia – Nov 29, 2022 (In-Person)
Toronto, Canada - Dec 1, 2022 (Virtual)
EDUCATION:
Growth Institute Online Executive Education:
Master of Business Dynamics
Scaling Up Master Business Course
Exponential Organizations Master Business Course
Topgrading Master Business Course
TECHNOLOGY:
ScalingUp ScoreboardIntegrated with Salesforce, Slack, and Zapier (allowing it to connect with 1000s of systems), use Scoreboard to provide your team (working remotely even more important!) a real-time visual dashboard of cascading priorities and metrics. Get a personalized tour of Scaling Up Scoreboard to see how you can use it to better implement Scaling Up in your business.
Planning to Exit?
It’s the most critical decision a business owner will make in their lifetime – and over my 40 years of helping firms I’ve seen owners taken advantage of time and time again – leaving tens of millions on the table. You’re up against sophisticated buyers who have done hundreds of acquisitions – whereas this is often your first rodeo. And these buyers have a formula for ripping you off – and it works. Seeking help, owners find the big M&A firms, especially those specializing in your industry, are more beholden to the buyers than the sellers (they will tell you otherwise). They are not your friend in the process, just another transaction. Email me to get a white paper on what to avoid when exiting [email protected].
Better Book Club –
What's your team reading? Increase your books read per team member. Easy, Proven, and in the Cloud at http://www.BetterBookClub.com.
Write Your Own Book
Whether you want to make it to the bestseller lists or just sell a lot more of your goods or services, with a profound competitive edge over the competition, Book The Business: How to Make BIG Money With Your Book Without Selling a Single Copy is for you! Request your free copy of this ground-breaking book at advantagefamily.com/scalingup.
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