B2B in e-Commerce, Business Brand Identity, and McDonald’s New Look
B2B Focus Pays Off in a World Where eCommerce Reigns King
Every business, new or old, big or small seems to have a zeroed-in focus on one thing -online sales. They are pouring financial resources into having the best, most optimized, and most useful websites on the internet. Moreover, while it is true that online business is a worthwhile investment and companies should commit plenty of their resources to build an online presence, many are entirely abandoning an aspect of their business that can still make a big difference - Business to Business.
Recently, a small business owner (Jim Malone of CounterEv) from New York discovered the power of B2B sales when he started marketing his handcrafted wooden tables to local restaurants and restaurant chains. Because his benches, tables, and chairs are more expensive than the furniture chain restaurants typically purchase from wholesale suppliers, Jim had to hone in on the quality of his product and the unique style it could provide each restaurant. This type of sale is something entrepreneurs can accomplish through B2B sales.
Today, Shake Shacks and Sweetgreens all along the east coast showcase Jim's unique work. The presence of his products in these prominent locations has created a demand for them among everyday consumers. Also, now that the popularity of his custom craft has taken flight, he is beginning to focus on building an eCommerce platform to handle the tasks related to the demand for his products.
Small businesses everywhere can take a note from CounterEv's books and begin their business by making personal relationships and B2B sales that can change the landscape of their future in conjunction with building robust websites and eCommerce platforms. These two facets do require much time, effort, and financial resources. The success that comes from them, however, is well worth the investment - ask Jim.
Do You Know the Strategy Behind Your Business Brand Identity?
When starting a business today, many entrepreneurs believe that to be successful they need to get behind the ‘hip and trendy' small business identity to be successful. Although there is data that shows millennials and other consumers have an affinity for the uniqueness of these types of brands, they haven't said goodbye to big brand names or boxed stores altogether.
Contrary to popular belief, it's not the fresh and funky look or quirky marketing of the newer small business brands that today's consumers love - it's their authenticity, innovation, charity, and transparency that makes the difference. For brands just starting, it's easier to build these qualities from the ground up as they do not have years of history or mistakes for which to make up. In large part, that's why millennials and other knowledgeable consumers seem to be turning to smaller brands instead of shopping big names.
All hope for big brands, however, is not lost. They merely need to focus in on the identity they want to build moving forward and choose initiatives that will win consumers' trust. Big brands and box stores have an even stronger opportunity to make an impact in the community or on the environment because of the sheer size of their business. Therefore, instead of changing the look of their brand or their sales techniques, big brands can pour energy and resources into their charity initiatives to gain the trust of younger consumers.
The lesson that start-ups and new small businesses can take away from the plight of big brands is to invest their resources in the things that genuinely matter to consumers. While a certain amount of funding is always necessary to create a popular aesthetic appeal, more should be invested in authenticity, values, and charity. Focusing on these aspects of business helps small brands become more sustainable and prepared for growth once it comes their way.
https://www.businessinsider.com/sc/reasons-millennials-shop-big-brands-2019-1
What’s Going on with Ronald?
If you've driven past the golden arches lately, you might have noticed that many of them are ‘under construction'. Nearly 14,000 of the stores had plans to get a ‘facelift' and adopt the new franchise look by the year 2020. Because of budget constraints, however, many of the planned renovations have been put ‘on hold' for a couple of years.
For the franchise owners that choose to wait to complete their renovations, McDonald’s corporate will cover 55% of the cost; 15% more than they will cover for those who choose to move forward with the new look right now.
The question franchise owners have to answer for themselves is whether or not immediate renovations are worth the extra 10%. For some whose stores are sporting an extremely outdated look, the cost might be worth it for the increased revenue renovations would bring. Others, whose location might be more prominent or their look not as outdated, are likely to choose to wait on the renovations because of the additional incentives offered by corporate.
Franchise owners have a unique business position. They have to make choices every day about what is best for their store while still complying to the rules and regulations set forth by their corporate entity. If you were the franchise owner of a McDonald's store would you choose to invest now, or wait for the incentive of renovating later?