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Starbucks made $85M with one tiny price change. What they did & how to do it: 👇 1/ Geo-target your price increases. In April, 2022 Starbucks increased the price of a small coffee by 10 cents They focused on geographies willing to pay more: Northeast and southern US These regions paid them an extra $85M in 3 months 2/ Focus price increase on lower-margin products. They increased the price just on the small cup of coffee. This persuades customers to buy the next size up. Customers think “for just a little more money I can get a lot more coffee!” It's called the "Decoy Effect." 3/ Build a customer-base on value (not cost). Customers focused on value are less price-sensitive. Starbucks has a high-priced product. So their customer-base isn't price focused. Train your customers to focus on value. 4/ Communicate changes. Customers don't like feeling taken advantage of. So give them a reason for price increases. Starbucks said "it's because costs increased." Customers understood and continued to buy coffee. Summary How you price like Starbucks: ✓ Build customer-base on value (not cost) ✓ Price changes on low-margin products ✓ Targeted price increases ✓ Communicate changes And that's it! P.S. If you enjoyed this, you'll love my newsletter. I share weekly tips to differentiate your business (& get raving customers). Join 12,253 founders & business owners here (for $0): https://lnkd.in/ePz7xXwB

BREAKING AMAZON NEWS: Amazon renamed the update_delete column to Record Action. Don't mess up your next catalog upload... The horror stories we have heard from brands wiping their entire data... Tag your teams! Good time to do a backup... #amazonfba #amazonseller

What’s been happening in retail last week?   • John Lewis is considering selling a stake in the business! The panic emanating from JLP is almost palpable with huge swings in strategic direction symptomatic of the significant challenges facing the business and growing concerns over its future. The tide has turned very quickly, they’re barely treading water and their legs are getting tired. • Put simply, the business is making no money. It needs to raise fresh capital to invest in its stores and digital infrastructure to keep pace in today’s fiercely competitive and increasingly tech-driven industry. • It’s even more concerning when you consider that Debenhams and House of Fraser have vanished and, even then, they’ve failed to mop up any market share. • Co-op partnered with Starship Technologies and Trafford Council to provide autonomous grocery deliveries via robots to 10,500 households in Sale, Greater Manchester. • The Dune Group appointed KPMG to find new investors as it seeks to expand. The company plans to open 25 new UK stores in three years and invest in its digital capabilities. Dune's turnover for the year to January 2023 was £139m with EBITDA of £10.1m. • SHEIN plans to raise £1.6bn in a funding round with major investors including UAE's Mubadala and existing investors GA and Sequoia Capital. Tiger Global Management is expected to join as a new investor, potentially leading to a US IPO by the end of 2023. • Marks and Spencer's eco-fashion brand Nobody's Child will open pop-up shops in 30 M&S stores across the UK. The 400 ft shops will be open from March until August, offering a 30-piece capsule collection range of Nobody’s Child products. • Primark partnered with WRAP to launch a durability and repair initiative as part of its Primark Cares commitment to “give clothes a longer life”. Following the successful 12-month trial of 43 repair workshops across the UK and ROI last year, Primark will scale up the workshops across Europe, as well as launch online tutorials for clothes repairs. • H&M unveiled its first pre-loved shopping experience in the US, teaming up with thredUP. The H&M Pre-Loved platform provides access to second-hand womenswear, childrenswear, denim, and sportswear, as well as previous H&M guest designer collections. Circular economy will prove so disruptive in this area! • MANGO saw gross profit increase 26.2% YoY to €103.3m (£91.69m) in the 2022 financial year, while net profit rose by 20.9% to €81.1m (£71.98m). • ZARA SA owner Inditex saw a 28% YoY increase in profit before tax to €5.4bn (£4.8bn) in the year to 31 January 2023. EBITDA was up 20% to €8.6bn (£6.8bn) and sales grew in all geographies both in store and online by 17.5% to €32.6bn (£28.8bn). This is just a selection of news this week. Sign up below for more insight ⬇️ https://lnkd.in/d-z25aM

I have a question for all the parents out there: How do you ensure that you are setting a good example for your kids? As a father, I want to inspire my girls on a path of contribution. Making a positive impact and being the best version of myself for the sake of my daughters is incredibly important to me. I want to teach them to use their skills, talents, and resources to make the world a better place and to be a part of the solution. This also got me thinking: If you could leave a legacy, what would you want to be remembered for? #parenting #legacy #contribution #positiveimpact

Happy Mother's Day to all the amazing moms out there! Today, we celebrate and honor the incredible love, strength, and sacrifices that mothers make for their children. Whether you're a mother, grandmother, stepmother, or mother figure, your influence and impact are immeasurable. Let's take a moment to thank our mothers for all they've done for us, and show them how much they mean to us. Share a special memory or message of appreciation for your mom in the comments below! #MothersDay #FamilyLove #Gratitude

With Mothers Day fast approaching let’s hope todays budget is able to help with Childcare costs. But before we get excited, let’s wait to see the detail. None of this would be happening without Pregnant Then Screwed. Absolute tireless campaigning trying to end the Motherhood penalty. Please give them a follow and read up on the issues facing women who are being penalised for getting pregnant and facing discrimination when returning to work. #pregnanthenscrewed

Microsoft just entered the crypto wallet space. 😯 It is going to ship every single Edge browser with a built-in wallet. That's right - It wants the become your default wallet. We should expect that soon every other browser and even device will also come with a built-in wallet. The built-in wallet will become the norm, slowly replacing email as the default online identifier for us. Web3 adoption is going to skyrocket as the Big Tech battle to become the default wallet for billions. 

NEXON KOREA, Korea’s largest gaming developer and publisher, is launching on Polygon Labs. They join other AAA developers like Square Enix in choosing to build on Polygon. I am seeing in real-time here at GDC from a year ago how dismissive people were towards leveraging blockchain technology without fully understanding it, now changing their tone and going all-in where it makes sense. From Starbucks to Nike to Nexon, the world is building on Polygon. When are you?

Microsoft will be releasing a native web 3 wallet for its browser. Pretty soon every browser and every device (and maybe every app) will ship with a web 3 wallet built in. The lines between an "account" and a "wallet" are going to get blurred. Bigtech stepping into finance.

Here's the reality: You may start 10 businesses that fail big time. But here's the kicker: All you need is ONE to succeed to outweigh all other failures combined. Keep pushing. Keep hustling. That one big win could be just around the corner.

What is the qualification for being an entrepreneur? Most young aspiring entrepreneurs ask me this question about whether they should do a professional course before starting a business and many questions. Think of businesses around you, local markets, and shops near your home. Are those entrepreneurs have any professional degrees? They are successful businesses. Entrepreneurship needs no qualification. If you have a clear vision and willingness to pursue your dream relentlessly, you could quickly start and succeed in business. Some of the essential traits you need to be qualified for entrepreneurship are: - Focus - Passion - Problem-solving Ability - Self Discipline - Opportunistic Nature The mindset becomes a way of life for the entrepreneur. The entrepreneurial mindset should include futuristic ideas and constant research to improve products and business. Also, pursuing a course or learning skills related to the same is not bad; if you get an opportunity, you should take it. But the knowledge you will get on the field is nowhere. So, do not let any degree stop you. If you have an idea and the courage to execute it, jump into the market. The rest of the essential things you will learn throughout. #linkedincreators #startups #entreprenuership

Forbes is really nailing it with predicting success 😂 It just shows you, even the media cannot predict the outcome of entrepreneurs, and the future of their companies’. Next time you read that success story, that headline, just remember— there is a lot more to that story, and a lot more that is going on behind that facade of success. #entrepreneurship #motivation #economy

The AI Race is getting hotter! After GPT4 was announced by OpenAI and Microsoft (Bing). Google just announced a suite of generative AI features for Docs, Gmail, Sheets, and Slides. ✅ Draft, reply, summarize & prioritize your Gmail ✅ Brainstorm, proofread, write, & rewrite in Docs ✅ Bring your creative vision to life with auto-generated images, audio, & video in Slides If that's not enough to stir the pot, they also released PaLM API & MakerSuite which seems to be an easy way to start prototyping and building generative AI applications! ✔Access Google’s large language models using the PaLM API ✔Tune a model ✔Augment your dataset with synthetic data ✔Generate state-of-the-art embeddings ✔Scale your generative AI application This is just the beginning... Click "Follow" for more AI News and Insights Steve Nouri #artificialintelligence #technology #innovation

//WHEN AI HITS, EMPATHY, TALENT & SKILL, HIGHER PURPOSE AND SOCIAL MEDIA This student created an Artificial Intelligence development that translates sign language gestures into words. For over a year, 20-year-old Priyanjali Gupta has been developing artificial intelligence to translate American Sign Language gestures into words. As a student at the Vellore Institute of Technology in India, she wanted to use her development talents for a noble and valuable cause. And it is thanks to the magic of social media that Priyanjali Gupta provided a beautifully immense backlash for her work. In early February, she shared a video demonstration of her program on #LinkedIn. Within two weeks, her video had been viewed over a million times and picked up by dozens of international media outlets. For the more tech-savvy, she has published her work on the Github platform that I link you to in the first comment. ——— This is how you bring your ideas to market in 2023:  https://lnkd.in/eq4TvNC4 #innovation #creativity #entrepreneurship #future #management #strategy #startups #whatinspiresme #innoweek #pretotyping #designsprint #mvp #keynotespeaker

The business world constantly evolves, and #AI is seen as a game-changing technology making waves. This powerful tool redefines how we approach problem-solving and unlocks limitless possibilities for innovation. 🌐 On 23 March, Alchemy Crew and OVHcloud have decided to invite ten startups to tell their AI story during our #Pitch410 virtual session, which will reward them with up to £100k of cloud credits. We have startups: 💡 leveraging healthcare data in new ways 💡 augmenting human intelligence with machine intelligence 💡 considering smart security, smart investing, smart rewards, and smart marketing 💡 using AI for adaptive assessments 💡 enabling AI-first workplaces Check our event out and join us virtually next week: 👇🏽 Register here: http://bit.ly/3Siev1Z #GenerativeAI #BusinessInnovation #AI #Technology #FutureofWork

End-to-end marketers have: the hustle of a growth marketer the writing ability of a content marketer the taste level of a brand marketer the project management of an ops marketer the tactical savvy of a channel marketer the conversion obsession of a performance marketer If you’re looking to drive growth during tough times, you need employees who know how to bring ideas to life with little outside help. End-to-end marketers aren't simply marketing generalists. They are the best of what generalists can be, but they're special because they show strategic thinking, an ability to execute, and good judgment across dozens of micro-decisions a project might require. If you find an end-to-end marketer, hire them. If you are lucky enough to have one or more on your team, invest in them.

Find products for your customers > find customers for your products. Making this shift will align you with their interests and meet their needs. So always put your customers at the center of your strategy.

Category creation is NOT a marketing department activity. It must be a whole company strategy. This is not an exercise in marketing messaging, changing the homepage, or creating a new sales deck. Yes, the Head of Marketing + CEO should lead this exercise, but you must have everyone onboard (or at least able to disagree and commit). You can not be successful here unless there is a strategy that is rooted in what you are building (now and in the future) and you can articulate that story. You can start with a wedge and one use case and one persona, but you must be able to articulate where this is going and why. Product + marketing + sales + customer success must all be aligned around this vision. It's tough to create a category. It's tougher when 2 / 5 of your execs are "bought in" and know what you're doing and why.

We have the power to change the world. To do so, we must first become the change we seek and care for ourselves fiercely.   In this way, I’ve decided to take a sabbatical. I'll look forward to rejoining you on LinkedIn. Until then, ·     Please stay well and strong. ·     Shine your Light brightly. ·     And know how much you matter to me. With immense love, Dr. Elizabeth #selfcare #love #linkedincommunity video by @chelseakauai

How to revamp your LinkedIn profile in 5 minutes: → Steal any of these 28 templates → Adapt it to your brand/positioning → See the magic happen These headlines aren't perfect. But they offer a starting point to quickly step up your LinkedIn game. P.S. Want free access to an editable Notion doc with these templates? Go to news(dot)curationlabs(dot)co

Self-promotion is a crucial part of building a successful business. You may have the best product or service in the world, but it won't do much good if no one knows. Talk about what you have created, share your story, and don't be afraid to let the world know what you're capable of. Remember, no one else is going to promote you or your business. It's up to you to take the initiative and get your name out there. #startups #entreprenuership #linkedincreators

Copywriting is a superpower. Save these 17 principles to inspire your readers into action. Follow: Harry Dry from Marketing Examples

If copywriting did a music festival. #Copywriting #Marketing #CopyFest ------------------------- Want all my copywriting and storytelling secrets? Get my Friday email, The Word >>> bit.ly/3PIB78U

Highly paid copywriters do 10 jobs 📊 Writing is just 1 of them. Here are the other 9: 1/ 🎼 Composer Consider: + the sounds of words + the rhythm of sentences + the tone 2/ 🧑‍🔬 Scientist Conduct experiments: + Make a hypothesis + Write some copy + Analyse the results + Make a new hypothesis 3/ 🎬 Director Your copy is a script: + Wrap information in stories + Entertain your audience + Hook people with trailers 4/ 🧑‍⚖ Editor Default to delete: + Kill repetition + Kill boredom + Kill redundancies 5/ 🤔 Researcher Research: + who you’re writing for + where they hang out + what they care about + which words might resonate 6/ 🐒 Human behaviour analyst Write for these people: + Lazy = Looking for shortcuts + Vain = Looking for acceptance + Selfish = Looking to survive + Busy = Completely overwhelmed! 7/ 🖼 Designer Design the copy to be: + visually appealing + visually manageable + accessible 8/ 🧭 Navigator Navigate people through: + concepts + time + mood + people 9/ 🧠 Psychologist Stop people becoming their own worst enemy: + Show them they’re not the first + Show them why they should act now + Show them why they should act at all! #copywriting #copywritingtips #writingtips #atomiccopy p.s. Which job surprised you? 🤯

SDRs are sending way too many emails per day. Best practice is 50 emails or less per domain. If you're sending more than that I'd bet a lot of monies that your emails are going to SPAM. If your reply rates are 3% or less you probably have a domain health issue because you're sending too many emails. If that's the case the only real solution is to get a new domain and do it right from the beginning. Quality over quantity, Mike G #sales #coldemail #salestips

Marketing Tip: As you craft your campaigns, remember to place your customers at the heart of your strategy, rather than solely focusing on outdoing your competitors. This will help you build genuine connections with your audience for long-term success. P.S. Join 74,346 marketers who benefit from my FREE email marketing newsletter —> https://lnkd.in/gFcBsgNE

What's changed the most about your prospect in the last three years? They are on the go. 📲 Because of Covid, more than 50% of workers have learned to work from out-of-office environments. Which means they’re on their phones a lot more. For email marketers, that means: ☑ Shorter messages ☑ Easy to convey(but also strong) UVP ☑ Simple, no-brainer, call to action That's all if you can first get your prospect's attention in a very small window that you have. ⏳ Tomorrow, I’ll explain exactly how that's done. #email #emailtips #leadgeneration #emailstrategy

Doing a startup has become a cool trend. It is equally cool to have a fulfilling job as well. What's your opinion on this? Let me know :) #job #career #life

Work for a startup they said, it will be fun they said. Here is why you shouldn't work for a startup. 1. Hard long hours, all the time. 2. Often no structure 3. Tasks and projects assigned to you that are not included in your job description. 4. Rapid change as the business pivots. Read it again, because these are also the reasons why you should work for a startup. 1. Hard long hours are easy to do when you are involved in building something meaningful. And it's damn rewarding. 2. No structure? Build structure, take ownership. Make it yours. Now you are irreplaceable. 3. Not in your job description? Great, learn. Add something to your list of proficiencies. 4. Too much change? Learn to adapt, it builds resilience. I have learned more in the 10 months of working for a startup than anyone I have met at my age. I am the first in line for future positions ahead of anyone with a Business Related Undergraduate Degree. Startup founders have a habit of wanting to teach. Start reaching out to founders whose mission resonates with your values and thank me later. Jacques Jordaan, Daniel Novitzkas <3 P.S. This is aimed at young professionals and students. Corporate Employees, please don't hate me, I know how much you like structure 🫶🏼 #startup #youngprofessionals #rapidgrowth

Many founders who raised large amounts of money ($10m+) in 2020-21 but subsequently realized they don’t have PMF, are going through an excruciating psychological journey right now. On one hand, they feel beholden to employees and investors to keep building, pivoting, doing anything to live up to their perceived commitment to their stakeholders to build an enduring company. On the other hand, they have a sinking feeling that they are just rearranging deck chairs on the Titanic. Their heart just is not in it. There is a deep-felt malaise. The more money a founder has raised, the deeper this predicament. I just had the first such founder return a good chunk of invested capital back to investors, because they couldn’t take the pressure any longer. The relief they felt when they realized investors and employees were on board and 100% supportive of their decision, was palpable. (All employees received solid severance before the company shut down). Founders - ultimately it’s your call, but know that there is a graceful way out. Chasing endless pivots trying to find PMF is a bridge to nowhere. Investors - let’s have the grace and courage to tell founders this option is available to them. The founder told me that the reason they ultimately decided to return the money stemmed from a convo with me several weeks ago, when they told me about their latest pivot, and I told them I’m supportive “as long as their heart is truly in it”. That phrase stuck with them, they introspected and ultimately realized their heart was not in it.