Going Green

I read an article this morning on how some larger companies are going green (attempting to be more environmentally friendly in highly visible ways) in order to attract not only customers...but employees! With the rise of the creative class, some highly desirable employees are being a bit choosier about the kinds of companies they work for. They want to work in an environment where they know they are making a difference.

If you are a start-up company and want to be competitive, there is further motivation for going green. Not sure how? For starters, you should at a minimum...

• Recycling in the office
• Using eco-friendly suppliers
• Go digital (reduce paper consumption)
• Offer carpooling and/or working from home
• Use energy-efficient light bulbs

Visit www.evo.com for some additional ideas.

 

Setting Yourself Apart

Some industries are more competitive than others and to the average consumer, it is hard to tell some of the business within those industries apart. Think about the dry cleaners, book store, coffee shop, gas station or even hotels. They all pretty much offer the same product/service as their competitor.

This weekend, I was traveling and had to select a hotel. I went online and in the mid-price level, the hotels all looked pretty much the same -- the rates were within $10 of each other, they all offered a complimentary breakfast, pool, high-speed Internet, etc. I ended up settling on the Country Inn & Suites, just because I hadn't been there in a while.

When I arrived, something really stood out to me that I hadn't seen before at a hotel - their Lending Library program. In the bookshelves surrounding the fireplace in the lobby, they had books available that were geared towards all ages. A simple sign explained that you were welcome to pick a book to read, and if you didn't finish it during your stay, go ahead and take it with you and just return it the next time you visit a Country Inn & Suites. What a nice idea!

This program probably doesn't cost a fortune, but it was a nice surprise that I will remember - and for me, will separate this particular hotel from the mass of other hotels in the mid-level price range.

As an entrepreneur, this is exactly how you need to think. Your mainstream product/service has to be competitive, but then try and look to see how you can offer a unique perk or something unexpected that the customer will take away from their experience.

Internet Market Research: The Competition

Whether you are in the process of writing your business plan or already in business, it is always helpful to assess how the competition is doing. Prior to the Internet, we were somewhat limited to physically visiting the competitors to obtain marketing information, gain insight through interviews (if possible) and observation. However, with the Internet, there is so much more!

The most obvious starting point is the competitor's website. Here, you can find out details such as their logo, sales and marketing strategy, promotions, pricing, hours of operation, etc. However, don't just stop there.

Next, do a search of newspaper and magazine articles. It is here that you might find out more important details such as estimated sales, any negative occurances, management changes and more.

Then, it starts to get fun. Do a general web search (such as google or my personal favorite dogpile.com) to see what you can find. Pay special attention to blogs. People share a lot of information in their blogs - for both personal and commercial usage. Some of the more interesting ones to read are the personal blogs where current and prior customers talk about how good/bad their experience was.

You can also look for industry related websites that offer ratings. Make sure you not only look at the ratings, but also the comments included as they can also give you some insight into how they are doing. For example, on milwaukeemoms.com, the members (mostly females with children) have rated how kid-friendly restaurants are in the area. On dine.com, you can see customer ratings on restaurants across the U.S.