Bite-Size Chunks of Wisdom

April 2011

Recent Posts

Pricing – the process of determining what a company will receive in exchange for its products. Sounds so simple, doesn’t it?  Yet your pricing strategy – or lack thereof – can undermine your ability to grow your business and achieve sustainable success.

Having a good product or service doesn’t make it profitable.  For your business to be both profitable and competitive, here are a few common pricing mistakes you’ll want to avoid.

1.  Under pricing – Under pricing occurs when your products/services are priced below market value.  You know who you are!  You’re smart, gifted, intelligent, and bring a ton of quantifiable value to your clients.  Yet your pricing looks like something out of the 99 cent store.  A common phenomenon among start-ups, solopreneurs, and micropreneurs, under pricing originates from several causes including:

  • fear of failure
  • lack of belief in ones abilities
  • missing pricing information of others in your industry
  • miscalculation of actual costs incurred in the delivery of your product or service
  • inability to articulate product/service value

2. Random pricing – Random pricing includes pricing that differs wildly from client to client to the more common pricing approach of selecting prices based on a dart throw. Random pricing occurs when the entrepreneur is missing vital pricing information including all costs involved with delivering the product or service. Without this critical information, any price will suffice – or so it seems – until you attempt to carve out a living wage for yourself and your staff.

3.  Delayed price increase – The idea of raising prices in this economy may seem a bit risky.  Concern over negative reaction from clients keeps many entrepreneurs stuck in low profit margins. However, if it’s time to bring your prices in line with actual costs needed to run a profitable business, small incremental increases may be easier to swallow.

Overall, your pricing objective is to achieve the profit goals you’ve outlined for your company and to fit the realities of your market place.  The wrong pricing structure can leave your business struggling to achieve profitability and service clients.

What is the pricing dilemma your business is facing?

When sites like Linkedin, Twitter, and Facebook launched, they were met with a moderate amount of skepticism.  Even some of my colleagues – specialists in the field of branding and marketing – peppered me with disbelief that actual leads could, in fact, be generated through online social networking.

I admit.  In it’s infancy, there was little known about the impact of social media on lead generation. Additionally, there wasn’t any real strategy for how to effectively blend social media into the marketing mix.  As we experimented with various methods, social media finally got some traction.  Now it has “grown up” and we finally have some numbers and trends that make sense.

Recently, I had the opportunity to listen in on a webinar entitled “The Science of Timing” presented by Social Media Scientist, Dan Zarrella, of Hubspot.  Just in case you don’t have time to listen to the entire 53 minutes, here are some of the highlights that caught our attention. (We tried to be as accurate as possible while taking notes but this guy talks faster than we do.  Let us know of any corrections.)


  • Don’t be afraid to tweet frequently, especially if you’re tweeting quality content. (No lunch menus, please.)
  • People who tweet up to 22 times/day actually increased the number of followers.
  • There’s very little difference in B2B and B2C when it comes to twitter.
  • Best time to tweet is 2 – 5 pm EDT
  • Best days to tweet are Tuesday, Wednesday, Friday, Saturday, & Sunday
  • Best practice for driving traffic to your site – tweet one link and allow time to pass before next tweet to allow link to ‘breathe’
  • Do not tweet identical tweet repeatedly.  Learn to say the same thing differently with each tweet.
  • Adding “Founder” or “Official” to your profile increases the number of followers.
  • Learn the best time to post a tweet you wanted retweeted at


  • Pages that post every other day are likely to have more followers.
  • There’s very little difference in B2B and B2C when it comes to Facebook.
  • More articles are posted during the week.
  • More articles are shared on the weekend.
  • Best time to post is 11 am EDT or 7 pm EDT.

Email Marketing

  • There’s very little difference in B2B and B2C.
  • Abuse reports are highest on Saturday and Sunday; lowest on Monday.
  • Bounce rate is highest on weekends.
  • Open rate is higher on Saturday and Sunday.  This came as a shock to us.  Apparently it’s Contra Competitive Timing. This means that when fewer people are speaking, you get more attention.  The higher open rate on the weekends is because fewer people are marketing on those days – at least for now.
  • Unsubscribe rate is higher on weekends also as more subscribers have time to consider whether to continue receiving your information.
  • Click rate are highest on weekends.
  • Best time of the day to send is early in the morning as early sends are the first ones that get read.  This makes sense when you consider your own email behavior.
  • Don’t be afraid to send more frequently.
  • View unsubscribes as good.  It means they’re not interested.


  • Most blogs are read in the morning.
  • Men have a tendency to read blogs at night; women in the morning.
  • Best time for page views is 10 am EDT or 11 pm EDT.
  • Comments spike early in the morning on Saturday and Sunday.
  • Best days to blog for SEO/links are Monday and Thursday.
  • Blogs that publish once a day get more benefit. (Yikes! We better get going.)

And, finally, the best quote of all, “If it doesn’t make dollars, it doesn’t make sense.”

Tell us your experience with timing and results from your social media efforts.  Inquiring minds want to know.

New products and services are the lifeblood of any organization. Although new launches can be risky, a well-thought out process leverages your risk to create a product or service with sticking power.

While most entrepreneurs with sure-fire ideas want nothing more than to pull the trigger and release the product/service into the wild, a systematic approach works best to ensure the greatest likelihood of financial success. Let’s take a look at the various stages of product/service development:

A. Direction – Idea generation is a systematic search for new product/service ideas.  To create a few viable ideas, you may need to generate hundreds of ideas. Pick the brains of those around you – inside and outside of your business. Don’t hesitate to involve your own customers in your idea incubator.

Make sure you’re able to spot good ideas and drop poor ones quickly. Ask yourself –

  • Is it consistent with my mission, vision, and strategies?
  • Is it aligned with my objectives and goals?
  • Do I have the resources and skills to make it happen?
  • Does it deliver greater value to my target audience?

Screening your ideas ensures that any idea that gets through means added value to your clients – and you!

B. Design – Developing your concept gives you an opportunity to consider – and present – several options to your group of  target consumers. Seeking input at the front end saves time and money at the back end.

Once you’ve defined your target audience, projected sales and profits, determined costs, established a budget, and identified your marketing mix, you’ll be ready to determine the viability of your product/service.

Having a good idea is not enough. It has to be good idea that’s profitable for your business to grow!

C. Test – Finally! Your product/service are ready to be introduced into a more-realistic market setting. This allows you to test your product/service AND its entire marketing program including positioning, pricing, branding, and advertising.

It’s important during the test stage to maintain an open mind for necessary adjustments or modifications that may need to be made for it to be a successful addition to your offerings.

D. Introduction – You’re ready for a full-fledged launch! In addition to rolling out your product/service to an entire target market, be sure to include a post-launch performance evaluation. Inspect what you expect.

Given the rapid change in consumer tastes, technology, and competition, the future of your business may well depend on your ability to conquer a new market with some innovation.

“School’s out! School’s out! Teacher wore her bloomers out!” Do you remember that song? We sang it as the school bell announced recess. We ran from the books and learning to the freedom and fun of the playground. As entrepreneurs, we can certainly take a lesson or two from those childhood days, especially in light of recently released information.

Following a 12-year study, British researchers discovered that 11-hour workdays increase the risk of heart disease by 67%! Yikes! That’s pretty astounding given that entrepreneurs are known to work 18 + hour days for extended periods of time.

The study went on to say it was less about the number of hours and more about one’s behavior and lifestyle choices made during those 11 hours of work. Stress, fast food, and lack of exercise are contributing factors to heart disease even without the added pressure of long workdays. And, doing work that you don’t absolutely love adds an additional contributing factor to the mix.

The takeaway? Return to your childhood ways. Ring the bell for recess long before the 11-hour mark. And play outside!

Remember – All work and no play makes Jack a dull boy!

Core Business Assessment


Brooke Billingsley

Vice President
Perception Strategies

Synnovatia is a strategic coaching firm that is detailed and knowledgeable about business. i have a small business that grew from $150K to $750K because of the goal setting and resources that Synnovatia provided. It saves me years of learning on my own.

Search The Blog