Doesn’t that headline sound much better than “A Penny for Your Thoughts?”  I would have to say too many business professionals are looking for “penny” ideas instead of seeking out ideas that can have a real impact on their business.

I can remember when I was a kid (I’m not that old so isn’t wasn’t that long ago) they had penny candies and penny gumball machines.  Those times are long gone.  That is when a penny had some value.

Today, we should be looking for the “Five Hundred Dollar” idea.  There is a reason so many businesses fall by the wayside when we go through tough times like we have for the past few years.

People are too busy worried about the little things that have nothing to do with their bottom line.  Thoughts that make them feel good that they are “busy” and can’t make that next sales call to find the next great opportunity that lies waiting for them.

I say, “Let’s think BIG!  If you aren’t interested in that then step aside as there are opportunities to conquer for those of us who are deep in the battle.”  There is a lack of “big thinking” out there anymore.   We are in this race anyways, why not leave it all on the track.  Why not go home with your head held high instead of sulking about the opportunities that didn’t come your way.  Opportunities do not just show up.  They show up to those who put themselves out there risking life and limb to survive and thrive.

How do you think big you may be asking?  How do you take fate into your own hands?  The only answer for that, don’t leave your business to chance.  Take complete responsibility for your place in this shark infested business world.  Let me give you an example…

The trend right now is to tighten the reins on “spending” money on marketing.  Many businesses that were showing up in the mail to customers are now switching to email only.  Instead of sending out direct mail letters they are sending out postcards.  Important requested sales literature is being sent standard mail instead of Fed Ex.  Or even worse, marketing is being cut off completely.

To that I say, pfui!  You should go the exact opposite way.  Go as far in the opposite direction as your competition is so you stand out 500x’s more.

When you meet a “hot” prospect don’t just send them an email thank you.  Send them a handwritten note, followed up by a phone call, followed up by items of value to show your prospect why you deserve the business over the next guy.  Send them a white paper, a CD interview of you being touted as the unquestioned expert in your industry, tickets to the next educational-value added seminar you are putting on or a “shock-n-awe” package that shows up in a box that weighs 10 lbs.

Go big!  Show him you want it 500x’s more than your competition.  Show him you are willing to fight for it.  Call on the “big boys” that could land you bigger accounts and more revenue.  Be relentless.  Be fearless.  Leave it all on the table.  Make it happen.

If you have the guts to take it to a level unsurpassed by your competition and you want me to critique your ideas on how to do it, send me an email at Kevin@TheKowalkeGroup.com and I will give you my feedback.  Let me help you think big so you be one my secret society that wants to make big things happen when the majority thinks nothing can happen but try and survive.  Here’s to those of us that want to be true champions.

I will now get off my soapbox and get back to my next big thing!  I need to work on my next $500 idea.  I’ve gotta get back at it!

I was sitting at my kitchen table enjoying a steaming hot cup of coffee reading the latest edition of Fast Company (April ’11) magazine when I came across an interesting article titled, “The Kids Can Create” by Linda Tischler.

To summarize the article, middle schoolers were asked how they would redesign elements of the school experience like lockers, chairs, desks, etc.  The results were staggering.

The kids made comments about how the chairs were uncomfortable making them fidget around more often, their lockers were their “bedrooms” for the year so they wanted them to be more functional and personal, as well as, having a place on their chairs for their backpacks so they wouldn’t clutter the aisles.

When was the last time you were in eighth grade to know these challenges?  When was the last time you bought and used your own product or service?  Do you think it could be enhanced to meet the needs of today’s consumers?

One volunteer for this project did.  Jerry Helling, President of North Carolina based furniture company Bernhardt Design, found some amazing ways to enhance the design of school furniture and will be displaying prototypes of the middle schoolers’ concepts at an upcoming international expo.

Rinat Aruh, of New York industrial design studio Arulidan, said, “The kids had come up with some mind-blowing ideas.”

I am writing about this topic here because it is a reminder that sometimes you are too close to your own business to understand the fundamental flaws that exist without you even knowing.  A fresh set of eyes is vital to keep up with the changing times, specifically to understand how consumers are making decisions to spend their money.

I challenge you find a group of consumers you target or peers from outside your industry to have them “redesign” your business from a completely fresh set of eyes.

Once I understood how important this concept was, I immediately sought out my group for ideas and then decided to start my own mastermind group for Milwaukee entrepreneurs so I could lead the charge for them getting a fresh perspective each and every month.  The results have been outstanding.

Don’t get caught doing the “same-‘ol-same-‘ol” in your business without getting some unbiased, real, raw opinions from individuals or groups that could give you that idea that could lead to a breakthrough in your business.

Who would have thought it would be good to go back to eight grade?

A breakthrough in business can be as simple as figuring out what your can provide your clients that they will buy from you over and over again.  There is nothing better than having continuity in your business to have revenues you can count on while you are growing and expanding your customer base.

Let’s take the razor as an example.  We all know there is no way you can buy one razor and make it last for an extended period of time, unless of course you want to have razor burns everywhere.  That’s not something I am interested in.

So, whether you buy disposable razors or replacement razor heads a lot of people are buying one or the other.  This isn’t an item you buy once a year of once every five years.  The amount of disposable razor products bought each and every year is staggering.  I am sure the hardcore environmentalists cringe at the word razor.

To get to my point, this is a product that is used over and over on a regular basis creating ongoing sales and revenue for the companies that sell in this arena.

How can you add the “razor” component to your business?  Or, if you already have the ongoing revenue model in your business, how can you add another?

Finding new clients is far more costly than maintaining a relationship with your current clients and having them buy more from you and refer their trusted circle to your company.

Let’s use an updated example of a company that is trying to change an industry.  SodaStream International is taking on the big, powerful and extremely competitive companies in the beverage market.  The product is an in-home soda maker that touts natural syrups and the eco-friendliness of not having cans and bottles to be thrown away after every soft drink consumed.

SodaStream is a unit (the razor) that sits on someone’s counter top waiting for the next bottle of water to be transformed into a soft drink by adding in CO2 and flavor syrups (the razor blade).

The recurring revenue comes from orders of CO2 refills, more flavor syrups and bottles that fit the mechanism.  This has really taken off creating quite the buzz with units and accessories flying off the shelves.  Brilliant!

Now, grab or make your favorite beverage and start writing down ideas you have to create a “razor” and “razor blade” strategy in your business.  I bet you will feel refreshed when you see it show up on the proverbial napkin you are writing your ideas on.

First of all you are darn right it does… all the MONEY happens in Vegas, and whatever you bring with you, you can betcha, it’s staying there.

But why?

I’ll tell you right now, and I’m going to share with you some kick ass lessons I have learned over the years from my trips to this crazy city, just for you.

I was just talking to a friend of mine yesterday about his recent trip to Vegas for a “conference.”  (Don’t you just love how no one misses a conference when it is held in Vegas!)  We talked very little about the conference but talked about the gambling, 5 star restaurants and cool clubs that he found time in his busy “conference” schedule to be able to enjoy.  The stories were hilarious and brought me back to my last trip there.

While I was there, for the first time, I really enjoyed walking up and down the strip not doing any gambling or drinking, no big party time (I experienced those indulgences many times before) just highly focused attention to the “money grabbing” that goes on in that city.

Anyhow, I took in the sights and really had a great time.

Of course I know you expect me to come back with some “business lessons” where ever I go, and that’s exactly what I did.

For starters, let’s begin with the premise of Vegas, the “okay to party as Adults” place to be.

The key word there is “okay”.  Just like my buddy and his excuse to come because of his “conference.”

People get away with everything in Vegas because it’s been made “okay.”

Here’s a big big big lesson for you, if you want to make more money, take more money, and earn more money from your customers – You’ve got to make it “okay” for them to give it to you.

I’m going to make one broad generalizations here, to make my trip worth something to you, and if you pay attention, apply this to your business, you’ll find it will change the way you interact with your customers forever.

While I was in the airport and had a chance to really pay attention to it, I listened, listened, listened, and listened some more and you know what I heard.

NOTHING.

No, ding ding ding ding, or chaching chaching chaching.

Nope.  I heard nothing.

Not one time while I was leaving, sitting, waiting, entering, or watching at the airport did I ever hear anyone win after they dropped the money in, pulled the lever or hit the buttons.

Do you know why?  Because that is not the point.  Winning is not the point.

No No No

PLAYING – that’s the point.

It’s about “playing” or “gambling” – not winning.

It’s about the experience.

In fact everything thing about Vegas is about the Experience.

My business partner Tiffany and her husband Pedro were there with me as they were attending the highly anticipated SEMA Show that happens every year in Vegas for hard core car enthusiasts and businesses that sell in that industry.  The topic came up about why people buy on price.  And there is truly only one reason people buy on price, provided that you have chosen the right customers.

You ready for this.  Only one reason…

People buy on price when that’s the only thing they have to base their decision on.

If that’s all you give them, which is what so many business owners and sales professions do, then what else do they have to go off of.

Nothing.  So they default to basing their decision on price

Not so with Vegas.  In fact, nobody even asks, talks about, or looks at the price.  If you go to the show, you’re going.  For one, you can’t get to the show until you walk 5 miles, through the maze of the casino, and you’re lost by the time you get there, and you sure as heck didn’t check the price until you got to the ticket booth, so what are you going to do – BUY – that’s what.

Because it’s not about the money.

It’s about the Experience.  It’s about what you “DO” in Vegas.

Here’s some other quick lessons learned…4 of them for you to profit.

1.       Control the environment of the Prospect and of the sales process. We do this all the time with Seminars and in every way possible we try to control the environment.  In Vegas they keep the lights low so you don’t know what time of day it is.  They put the stores and casinos right in the way of the side walk forcing you to go in, out, and through, but never around.  They control the process.

2.      You’ve got to give your Customers something to talk about. Over the top Shows, fancy shops, stories to tell.  Everything is larger than life.  You can’t afford to be ordinary…Vegas is in the dessert for goodness sake.  No reason to go there other than it.  You’ve got to be that compelling to your customers.  No an afterthought, you’ve got to be it!

3.      Make it about something more than Price. Make it about the experience.  I’ve said enough on this one, but it’s perhaps the most important one.  And no matter how lame, ordinary, or online, offline, brick and mortar, or at home in your sweat pants.  You can’t afford to be basing your relationship with your customers on anything less than an amazing experience.

4.      Finally, Vegas is the king of Niching, and being FOR SOMEONE. Everything from the themes of the games, to the Shows and Comedies, and the shops and on and on.  It’s not one size fits all, they make sure they match the needs of people who are there.  Something for everybody, but specifically for SOMEONE.  Sadly, I noticed this to be oh so real when I say the big sign in front of the building with lights (yes, I know they all have lights) and it read “the place for men who like men who look like girls” and that’s when I knew two things, Vegas was all about niching to the market, and I was in the wrong damn place.  That is the moment I knew Vegas finally went over the top.  ;-)

Here’s one other thing you should know about Vegas, you run your business like the city, not like the customer.  If you apply these four strategies, you won’t be leaving the buying up to your prospect, you’ll be in control – and that’s exactly where you want to be.

The house is always in control.  Vegas doesn’t gamble on it’s business…and you shouldn’t be either.  That’s something that you can take to the bank.  Remember the message from the December Chapter meeting…Don’t Leave Your Business To Chance!

BAMM…gotta get back at it!

Kevin

PS – Hey, I’d love to hear your coolest Vegas story…lessons learned, things remember, or not, whatever – share away with your comments by emailing me back and maybe I will share it with the group or post it to my blog for the world to see.  I don’t know when I will get back to Vegas as I would much rather be in the mountains or go to Boston for a Red Sox game but I guarantee you I will continue to bring back business lessons wherever I go just for all of you.