(Time to read this Blog is about 3 minutes)

Before we get to the main topic, here are a few things to get you thinking or smiling:

1. My Biz Quote of the week:
   “If you think it’s challenging running your business…wait till you try selling it!” 
   …Donald Cooper.
    
2. Quick Biz Tip:
   What are the most important Performance Metrics in your business…and are you using them to get better at what you do? 
    
   In every business there are 8 to 10 key Performance Metrics that let you know how you’re doing, who needs to be rewarded and celebrated…and what needs fixing.  What are those key Performance Metrics in your biz?  How often do you track them…are you benchmarking your performance against top performers in your industry…and what action do you take?
    
   Below are some possible key Performance Metrics.  They’ll be somewhat different for every industry and business.
   1. Total Sales – Sales by category or item,
   2. Customer acquisition cost – Customer retention,
   3. Gross Margin,
   4. Quality – Product or Service Failure Rate,
   5. Labor Cost as a % of sales,
   6. Total Operating Cost as a % of sales,
   7. Raw Material efficiency and waste,
   8. Employee engagement –  Employee turnover,
   9. Inventory turns – Inventory ‘shrink’,
   10. Free Cash Flow.
   11. _____________________________.
        
3. Travel & Leisure Magazine has just named Singapore Airlines the world’s best airline for the 10^th year in a row. #2 was Quatar Airlines and #3 was Emirates.  Do you know who’s the best in the world at what you do…and have you studied how they do it?
    
   Have you looked at how they recruit, train, respect and reward their team? Have you examined their systems, processes and culture?  Have you noticed how they get the little things right? Have you studied their marketing to see how they tell their story?  If not…why not? 
    
4. ‘Fun Fact’. 16,000 years ago, where I’m sitting comfortably at my desk in Toronto was covered by a glacier 2 miles thick.
    
5. AI update. We keep hearing that AI will change or affect almost everything we do in business.  But most of the business owners and managers I speak with have very little understanding of  what this really means…and how to embrace AI.  So, each week, I’ll deliver a few examples to spark your creative juices.
    
   1. According to a recent Goldman Sachs study, 44% of legal work will be replaced by AI.
       
   2. Steel production is a major contributor to pollution and climate change.  Meta has developed an innovative AI platform to produce steel more sustainably. When combined with new, greener blast furnace fuel, like hydrogen, emissions of CO₂, sulphur dioxide and particulate are slashed by as much as 90%.

Now, to this week’s important topic:

How could you differentiate yourself and grow your bottom line by going ‘up market’?  

Evian, the folks who bring us bottled water at 3 times the price of gasoline, are introducing that very same water in a new fancy shaped glass bottle that will be available only in hotels, restaurants and night clubs…at an even higher price.  It is being marketed as an ‘elite hydration experience’.  Hey folks, it’s water.

So, how could you ‘fancy’ up what you sell by adding some additional services, a little extra functional or emotional value, some more personal attention, a limited edition offering, more dramatic packaging…or whatever, and then market that as your ‘elite’ offering at a higher price?

Banks and stock brokers have added separate ‘private client’ departments to better serve high-net-worth clients.  Some high-end restaurants offer the opportunity to dine at the ‘chef’s table’, placed right in the kitchen, where you get special attention, a unique experience…and a very big bill.  A Toronto steakhouse recently introduced a $1,000 ‘Surf & Turf’ dinner option with a 50-to 60-oz. Wagyu Tomahawk Steak, a giant, 28-oz. lobster tail and 3 side dishes which they claim easily serves a party of 4.   

While so many businesses are going ‘down market’, how could you go ‘up market’…delight the big spenders and make more money?

That’s it for this week…

Live brilliantly and be kind to each other!       

Donald Cooper 

Donald Cooper speaks and coaches internationally on management, marketing, and profitability.  He can be reached by email at donald@donaldcooper.com in Toronto, Canada.