Be The Most Loved In Your Community
The post Be The Most Loved In Your Community appeared on BitcoinEthereumNews.com. Community engagement isn’t just a corporate social responsibility, it’s a strategic advantage. getty About a dozen years ago, I interviewed an Ace Hardware owner who was forced to make big changes in how he did business to survive a new competitor that was moving in next door. His small store of about 12,000 square feet, packed with merchandise, had been thriving for years. All of that was about to potentially change when a Home Depot chose to build out a 150,000-square-foot store—more than 10 times his size—directly next door. In addition, once the store was built, Home Depot spent more than 30 times what Ace spent on advertising. This savvy Ace Hardware owner realized that to survive, he had to make some changes. He couldn’t compete on size. He couldn’t compete on selection—a store more than 10 times larger obviously had more merchandise for customers to choose from. And even though his store had competitive prices, “big box” stores had a reputation for lower prices. So, what did he choose to do? He set out to become the most loved business in his community. He started by eliminating most of the store’s traditional advertising. With his competition spending 30 times more, he recognized that his ads might go unnoticed. He shifted those dollars to the community. He started sponsoring local programs such as school dances, church functions and kids’ sports teams. While he was already established and known in the community, he took it to the next level with participation in his customers’ important events. The strategy for becoming the most loved business in the community isn’t just a feel-good or ego-driven approach to name recognition. It’s smart business. When the Ace Hardware owner shifted his resources from traditional advertising to community involvement, he created something powerful and special: genuine…
The post Be The Most Loved In Your Community appeared on BitcoinEthereumNews.com.
Community engagement isn’t just a corporate social responsibility, it’s a strategic advantage. getty About a dozen years ago, I interviewed an Ace Hardware owner who was forced to make big changes in how he did business to survive a new competitor that was moving in next door. His small store of about 12,000 square feet, packed with merchandise, had been thriving for years. All of that was about to potentially change when a Home Depot chose to build out a 150,000-square-foot store—more than 10 times his size—directly next door. In addition, once the store was built, Home Depot spent more than 30 times what Ace spent on advertising. This savvy Ace Hardware owner realized that to survive, he had to make some changes. He couldn’t compete on size. He couldn’t compete on selection—a store more than 10 times larger obviously had more merchandise for customers to choose from. And even though his store had competitive prices, “big box” stores had a reputation for lower prices. So, what did he choose to do? He set out to become the most loved business in his community. He started by eliminating most of the store’s traditional advertising. With his competition spending 30 times more, he recognized that his ads might go unnoticed. He shifted those dollars to the community. He started sponsoring local programs such as school dances, church functions and kids’ sports teams. While he was already established and known in the community, he took it to the next level with participation in his customers’ important events. The strategy for becoming the most loved business in the community isn’t just a feel-good or ego-driven approach to name recognition. It’s smart business. When the Ace Hardware owner shifted his resources from traditional advertising to community involvement, he created something powerful and special: genuine…
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