One great problem with laws and rules and regulations is that in almost all cases, obedience requires oversight. We’re beset with Medicare and Medicaid fraud, not because they’re bad programs, but because there’s inadequate oversight.
And often, the people at whom the law or regulation is aimed simply don’t know it exists. Take one of the most common phrases in advertising: “Save up to 40%.”
The fact is that if you advertise like that to prospects, they all expect to save 40%.
There’s a popular belief that nine out of ten new restaurants fail in the first year. It’s a myth.
A new study by an associate professor of hospitality management at Ohio State has identified a real figure of six. Six out of ten new restaurants fail in the first year. That’s still pretty high mortality, but not out of line with startups in other business categories.
Nevertheless, I think the only business tougher than retail is the restaurant business. There are just so many different reasons why people don’t come back.
No matter what new services or products appear, no matter what tools, concepts, strategies or tactics people dream up, the basic fundamentals and principles of marketing stubbornly remain the same: maximize your assets, discover needs and how to satisfy them, and, of course, segment something. Anything.
Though almost every new business category begins with a broad market appeal, in no time, entrepreneurs segment the market. By price, gender, age, geography ... every way imaginable.
A wise marketing professor once said that when things go wrong, more often than not, it isn’t because the strategy was bad; it was because the strategy was executed poorly, or, not at all. In other words, nobody made it happen.
William Bonoma at the Harvard School of Business likened it to war. He said, in effect, without a competent, hard-charging sergeant to drive the squad up the hill, no strategy would work.