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Showing posts from April, 2020

How to Determine Optimal Pricing for Your Products or Services

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In September of 2019, Apple unveiled the iPhone 11, featuring a dual-lens rear camera, automated night mode, and built-in support for vision, hearing, and mobility. One of the biggest surprises of the iPhone 11 was not its technical features, but its price. The iPhone 11 started at $699, down from the iPhone XR’s previous price of $749, and signaling one of the biggest year-on-year reductions in iPhone history. Apple also implemented $150 cuts on products like the iPhone 8 and the Apple Watch. Tech specialists were quick to comment : “The biggest news from the Apple launch was the price cut for iPhone 11,” Chris Caso, an analyst at Raymond James and Associates, wrote in a note to investors. “We view this as an admission that Apple stretched too far with the price points at last year’s launch.” Apple executives were not afraid to adjust pricing to current customers, especially knowing it may encourage upgrades or woo digital streaming subscribers. Lowering prices also increased th

Five Strategies to Use Your "Quaran-TIME" Effectively

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Mike Turner founded the Front Street Brokers real estate firm in 2005, with a desire to offer distinctive client experiences, to equip agents for the maximum efficiency and profitability, and to devote significant firm resources to a local, philanthropic focus. After three years, Turner’s firm experienced a significant slowdown during the 2008 financial crisis. This was a time of immense strain , especially when scheduled closings dried up before his eyes: “In that time period, we had 10 real estate transactions scheduled to close, and nine of them fell through for unforeseeable reasons,” Turner said. “All of a sudden, $100,000 worth of business income that we were dependent upon [was] gone.”  Turner faced difficult choices in this season, and many of us are facing similar decisions in today’s COVID-19 crisis. Today, Turner says that while change is inevitable, he knows we still have a choice. Will we allow unforeseen challenges to drag us downstream, or will we improvise to find

Responsible Marketing During COVID-19

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Fear. Stress. Helplessness. Whether you’re caring for elderly parents or homeschooling your kids, people across the globe are struggling with big emotions during the COVID-19 situation. How do you lead well in times like these? While daily leadership is essential for your business, crisis moments reveal the quality of your vision like nothing else. And while you may be exhausted or overwhelmed, now is not the time to push pause on your leadership. What are the “next best steps” you can take in this hour of uncertainty? 1. Increase the Frequency of Communication During hard times, the frequency of communication should go through the roof . Even if you have bad news, it’s important to acknowledge this ASAP. While you may not have all the details, a prompt announcement can minimize speculation, reassure panicked contacts, and let people know that you are proactively addressing each challenge. 2. Be Authentic Now, more than ever, people are craving connection. Since many of

Leading with Empathy During Uncertain Times

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COVID-19 is officially a pandemic, and millions of Americans are working at home. Even if you aren’t sick, you feel the impact of this pandemic. As the coronavirus has spread across the globe, the CDC has made drastic recommendations on social distancing, self-quarantines, and statewide “stay at home” mandates. Through this unprecedented season, what are some of the best ways to navigate your professional challenges? “I Feel Your Pain” Empathy is one of the best starting points. Defined as “the ability to understand and share the feelings of another,” empathy allows you to comprehend what another person is experiencing or to put yourself in their position. Empathy is the ability to perceive a situation from another person’s frame of reference, and possibly to experience the emotions that go with that. Empathy is different from just “being kind” because empathy is a powerful tool that allows you to truly understand points of view that are vastly different than yours. A perso

Add Drama and Depth with Custom White Balance

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Have you ever struggled to take a classy (yet natural) family picture? Or photographed an incredible wilderness scene, only to be sorely disappointed by flat results? If the world has so much wonder, why is capturing that majesty so tricky? Many photos are simply too dark or too light, with awkward shadows, blinding background rays, or glaring reflections (think Grandma’s glasses!). The color can seem artificial or just washed out. But photos with proper lighting come alive, creating a drama and depth that resonates with viewers on a heart-stirring level. Whether you adjust your camera on the front end or edit the photo later, here are some tricks to getting the photo balance just right! Adjusting Your Digital Camera Settings Different sources of light have varying color hues, so a picture taken with a normal white balance under artificial lighting conditions transmits low heat to the camera’s sensor, resulting in dull yellow or orange shades in the photo. Though human eyes

Ideas for Paying Employees When Finances are Tight

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The coronavirus has rattled the world, and while the health consequences are dire, the economic fallout could be worse. In just one week, from March 7 to March 14, initial unemployment claims jumped by a third , rising from 211,000 to 281,000. And while we don’t know whether workers have been laid off or furloughed, we do know that lost jobs are bad for families, employers, and the nation. Job losses translate into increased federal spending and a slower response to unemployment claims, and those businesses that have to hire or train new employees down the road will undoubtedly take a financial hit later. Even if it’s difficult, your business can benefit by keeping employees on payroll and by modifying your business plan. What might this look like? Here are some options to consider: Lower Overhead Expenses The most effective response to financial pain is to freeze spending wherever possible. This may mean holding off on new investments, eliminating projects where costs exce