connect-2-consumer's podcast

Understanding how the product life cycle (explained in episode 38) and product adoption (explained in episode 39 last week) work together can help every business with product management and customer targeting. This week, Bridget puts those two curves together to show managers where and how profit is earned and when to consider deleting products or cultivars from the lengthy list of skus.

Ever wonder who buys a product first (or last)? The product adoption curve helps us understand who buys a product (or adopts a technology) first, second, third, and so forth. This information is so helpful to understanding the market, who is risk tolerant, and what price someone is willing to pay for a product. This week, Bridget discusses the Product Adoption Curve and how you can use it to help your business grow and thrive.

Products, like insects or diseases, go through predictable stages or phases. Understanding where your key products are in their life cycle can help you more strategically price products. It can also help you understand when it's time to eliminate a product. After all, it's so easy to add an SKU but when do you let one go? Bridget talks about this fundamental marketing concept to help you get a better idea of which products are generating profit for your company.

Bridget and Trey continue their discussion from last week on some better social media practices, especially for Twitter. Do you have a selfie-station at your business? Be sure it has your business name and hashtag. What Millennials in your family or on your payroll could help you with your SM campaigns? Have you thought about giving incentives for posting good comments? Listen this week for some great tips to improve your SM effectiveness.

Dr. Trey Malone returns to talk with Bridget about some better practices for using social media, especially Twitter. Listen to this episode to learn about good times of the day to take photos, creating and using hashtags, as well as telling your business' story and sharing company values. These practices all contribute to more effective social media use.

Bridget has Charlie Hall return as a guest to discuss the MBA-like management & leadership program he and several others developed called EAGLE (Executive AGricultural LEadership Program). It is all focused on nursery and greenhouse management topics. Starting with strategy and then moving to implementing the strategy. A one-page strategic plan? Yes! That's his tool of choice. Also marketing and finance. There's also a capstone exercise.

Nearly 70% of the U.S. population owns a pet and 90% of them feel like they are family members. It's the emotional connection to pets that makes Americans spend more than $22 billion on our furry (feathered, and scaled) friends each year. Consider a pet-friendly policy in your retail outlet and take the extra step of merchandising pet-friendly plants.

Price is an essential piece of information consumers use to make their purchase decisions. Where to put the price information is a critical decision for the retailer. Bridget talks this week about using some of her eye-tracking research to build better signs with more emphasis on product benefits and less on the price itself.

So much to talk about from last week's introduction of Your Market Metrics with Dr. Charlie Hall, that we finish our conversation this week. Using income statements and balance sheets is critical to the success of every business. This week, Charlie and Bridget continue their conversation of his new offering and how it can help firms be more financially sound and sustainable.

As a number geek, I am excited to have Dr. Charlie Hall back on the show to discuss one of his latest numerical endeavors: Your Market Metrics. For those who understand that financial measures are important but who aren't as mathematically adept as they'd like to be, this episode (and the website) are for you! Charlie and I discuss this new "service" to help make using your income statement and balance sheet easier, but more importantly, have a positive impact on your financial future.