WHAT YOU NEED TO KNOW BY BRAD WHITACRE
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OneStrategy 01. LevelUp-It’snotaboutbeingabrand;it'sabout beingTHEbrand.Discoverthepowerofamarketdominatingposition.
Hey, I’m calling to tell you about Profit360?
OneResource 02. DestressSuccessisaroadmaptoenhanceyour businessresultsandensureahealthier,more enjoyablejourneyalongtheway.
OneContributingAuthor 03. Thismonth’scontributingauthor,BradWhitacreof TheWhitacreInsuranceGroup,shareswhatyou needtoknowabouttherisingcostofinsurance.
OneBookReview
TheEntrepreneurialLeaderbyJoelPeterson 05.
OneInspiration
04. AmomentofInspirationandmotivation.
It's not about being a brand; it's about being THE brand. Discover how to gain your competitive advantage and boost your bottom line
By Sandra PriceMost businesses exist in response to market demand for a product or service Manybuildtheirbusinessesby serving that demand and enjoy growingprofitswhileputtinglittleeffort intolong-termplanningormarketing.
But what happens when demand slows or stops? What happens when the competition sets up shop with a " new and improved" version of your product down the road? How do you keep your offering fresh while growing andmaintainingyourclientbase?
The answer is to innovate your business,offerextraordinaryvalue,and createa"market-dominatingposition"
Consider this: every choice you make when buying a product or a service represents a point of differentiation between one company and its competitors. These differences, subtle or distinct, determine if customers will believe in what you ' re saying and buy whattheysell.
Some years ago, Nike offered the topselling Air Jordan 3 for $150. At the same time, Target sold an excellent imitation of the Air Jordan for around $40,butNikeoutsoldthemtentoone.
Starbucks is a popular place to buy coffee in many parts of the world. According to the latest data, their typical customer spends four times more than they would at their competitors
So, if price isn't the driving force, what is? When you successfully create your market-dominating position, you will consistently get businesses and individuals to choose your business over your competitors regardless of price.
A market-dominating position is the perceived value, or a combination of values, that differentiates you from your competitors and does so in a strong enough manner that makes your business the logical choice in the minds of your prospects and your customers
Differentiating your business from your competitors by creating a marketdominating position (MDP) involves a five-stepprocess.
Step1
Whatspecificnichemarketorsegment of the marketplace should your business focus on? Determining this involves combining your business's skills with the unmet needs of your targetedprospectsandthendesigning your product or service to fulfill those needs.
Domino's Pizza's strategic position was "fast, hot pizza for hungry college kids." For Starbucks, "delicious hand-crafted beverages that make life better." But does it really? Maybe not, but the perceptionsaysitdoes.
Step2
What is the most defining, compelling advantage that separates you from your competitors and speaks to your idealconsumer?
Domino's Pizza claimed it could deliver its pizza in 30 minutes or less, or they would give it to you for FREE! This offer met the needs of their defined market position - hungry college kids who wantedfoodquickly.
Step3
How will you precisely deliver your strategy and primary marketdominating post promise? What changes must you consider in your business to ensure you can deliver consistentlyonyourpromise?
Domino's built low-cost, plain-vanilla stores strategically located near college campuses to ensure they could always make good on this promise. And since college kids aren't the most reliable workers, they were forced to hire additional delivery staff andhavedriversonastand-bybasis.
Step4
Consider what additional competitive advantages you can offer that your customers will perceive as different fromyourcompetition.
Domino's secondary benefits include special pricing, assorted sizes, a broader selection of toppings, and additionalmenuitems
Step5
How, what, and where will you communicate the market-dominating position that unequivocally speaks to your perceived high value and differentiates you from your competitors?
Domino'smarket-dominatingmessage is a simple slogan, "Fresh, hot pizza delivered in 30 minutes or less, or it's free."
Creating a well-defined marketdominating position for your business will require dedication, innovation, and a commitment to consistency and quality
Your business has the potential to be the next big thing – all you need to do is bring a next-level experience to your consumer and claim your place at the top.
From the Editor
DestressSuccessisaroadmaptoenhanceyourbusinessresults andensureahealthier,moreenjoyablejourneyalongtheway.
Asabusinessowner,yourjourneyisa unique blend of challenges and triumphs. Navigating the dynamic landscape as an entrepreneur demands more than sheer determination – it requires a holistic approach to prioritizing your professionalandpersonalwell-being.
EnterDestressSuccess,aconceptthat is key to unlocking a new realm of benefits tailored specifically for businessownerslikeyou.
Let's explore how embracing Destress Success can revolutionize your entrepreneurialexperience:
Enhance Your Decision-Making and Creativity: Decisions often need to be madeunderpressureinbusiness
Destress Success empowers you to make well-informed choices by fostering mental clarity and creativity. Whenmanagingstresslevels,youcan approach challenges with a fresh perspective, leading to innovative solutionsthatsetyourbusinessapart.
Sustainable Growth: Rapid growth can sometimes come at the cost of burnoutforyouandyourteam.
By embracing Destress Success, you ' re laying the foundation for sustainable growth. Your ability to manage stress ensuresthatyouremainresilientinthe face of adversity, enabling your business to weather storms and thrive inthelongrun
Strong Leadership and Team Dynamics: Abusinessisonlyasstrong as its leadership and team. Destress Success equips you with the tools to leadeffectivelyandcultivateapositive work environment. When you prioritize yourwell-being,yousetanexamplefor your team, encouraging them also to prioritize self-care. This fosters a culture of mutual support, increased morale, and improved overall productivity
Innovative Problem-Solving: Rapid changes and unforeseen challenges characterize the modern business landscape.
DestressSuccesshonesyourproblemsolving skills by allowing you to approachobstaclesclearly.Asaresult, you ' re better equipped to adapt, pivot, andfindcreativesolutionstokeepyour business on track, even in the face of uncertainty.
As a business owner, embracing this approach isn't just about achieving success – it's about achieving success in a sustainable, fulfilling, and holistic way.
By incorporating mindfulness, self-care, and balance into your entrepreneurial journey, you invest in your business's long-term success while nurturing personal growth.”
BalancedAchievement:Yoursuccess asabusinessownershouldn'tcomeat theexpenseofyourpersonallife.
Destress Success emphasizes worklife balance, ensuring you have the time and energy to enjoy the fruits of your labor outside of work. This balance enhances your quality of life andpreventsburnout,enablingyouto lead your business passionately and enthusiastically.
DestressSuccessisn'tabuzzword;it's aparadigmshiftthatrecognizesthe symbioticrelationshipbetweenwellbeingandachievement.
As a business owner, embracing this approach isn't just about achieving success – it's about achieving healthy, sustainable, and personally fulfilling success.
Byincorporatingmindfulness,self-care, and balance into your entrepreneurial journey, you invest in your business's long-termsuccesswhilenurturingyour ownpersonalgrowth.
So, take a moment to pause, reflect, and embark on the transformative path of Destress Success Your business, team, and personal wellbeingwillreaptherewardsforyearsto come.
“Destress Success isn't a buzzword; it's a paradigm shift that recognizes the symbiotic relationship between well-being and achievement.
www.profitbuilder.us
entrepreneurship is a delicate balance of “want to” and “how to.”
We rise to the top when we give equal attention to both.By Brad Whitacre
Insurance prices have risen over the past few years, leaving many consumers and companies wondering why their premiums keepincreasing.
This article explores the top reasons behind therisinginsurancecosts
Climate change has increased the frequency and severity of natural disasters such as hurricanes, wildfires, floods, and earthquakes. Insurance companies have had to pay substantial claims for property damage and loss of life, forcing them to raise premiums to coverthesehigherrisks.
The rising cost of repairing and replacing damagedvehiclesandhomeshasdrastically affected the bottom line for virtually every insurance company It is common for consumers not to realize that record inflation affectsInsuranceCompaniesthesamewayit impactsindividualconsumers.
Legal actions and lawsuits have increased liability insurance costs for businesses and individuals.High-profilecaseswithsubstantial payouts have made insurers more cautious, leadingtohigherpremiums.
“Insurance is fundamental to financial security, protecting individuals and businesses against unexpected events.”
As the global population ages, there is an increased demand for life and health insurance products. This demographic shift has pressured insurance companies to adjust their pricing models to account for the higher risk associated with older policyholders
The digital age has brought about new risks, such as cyberattacks and data breaches. Cyber insurance premiums have risen to accommodate the growing threat of cybercrime and the potential for significantfinancialloss.
Insurance laws, regulations, and requirements can vary by region and change over time. Compliance with new laws often requires insurance companies to invest in additional resources and technology, which can result in higher operationalcoststothepolicyholders
In addition, laws designed to protect consumers have prevented insurance companies from raising rates to make up for increased claims, causing many carriers to leave the state of California andothers.
Insurance companies traditionally generate income through investments in bonds and other assets. In periods of low interest rates, such as the one experiencedinrecentyears
Insurers may struggle to generate sufficient investment income to cover their obligations, leading to higher premiums.
The worst economy in 40 years has greatly affected the cost of goods and services, including insurance Insurers must adjust their premiums to keep pace with the rising costs of living and doing business. Just a couple of years ago, replacing a windshield cost a few hundred dollars; now, the price is between $1,000and$2,000.
Therisinginsurancecostisattributedto many factors, from natural disasters and healthcare expenses to regulatory changesandinflation.
While insurance is essential for protecting against unforeseen events, consumers and businesses must understand the reasons behind rising premiums and explore strategies for managinginsurancecostseffectively.
Additionally, working with an insurance broker can help individuals and organizations find the best coverage options at the best prices in this challenginginsurancemarket.
Brad Whitacre is an award-winning risk management professional on a mission to protectthepublicfromtheunexpected
“All consumers, including business leaders, must understand the reasons behind rising premiums and explore strategies for managing insurance costs effectively.”
We help consumers save money, businesses reduce risk, and families protect and preserve their financial future.
How can we help you today?
“ Entrepreneurial leaders must be trustworthy, goal-oriented, mission-driven team builders. They must take action and keep on growing”
Thismonth’sreviewisEntrepreneurialLeadership–TheArtofLaunchingNew Ventures,InspiringOthers,andRunningStuff"byJoelPeterson.
BusinessprofessorJoelPetersonexploresthequalitiesandactionsrequiredfor entrepreneurial leadership: exercising tenacity, setting big goals, being toughminded, generating trust, pursuing a mission, building a team, achieving results, and resolving a constant stream of decisions. While explaining how to succeed as a business leader, Peterson also counsels that entrepreneurial leadership isn’t a path for everyone. If you hate change, uncertainty, or surprises,hesays,it’sprobablynotafit.
Entrepreneurialleaderscanbepresiders,managers,administrators,“pure entrepreneurs,”orpoliticians.
Entrepreneurialleadersmustbetrustworthy,goal-oriented,mission-driventeam builders.
Entrepreneurialleadersmusttakeactionandkeepgrowing. Entrepreneurialleadersmustbetough-mindedandtenacious.
Entrepreneurialleadersmustsetbiggoalsandmakeharddecisions;perfectchoices arerare Noteveryonecan–orshould–becomeanentrepreneurialleader
Not all readers are leaders, but all leaders are readers ~ Mark Twain
