How Copying the HBO Schedule Can Boost Your Business
I'm not talking about posting the HBO schedule on your website
or sending a Xeroxed copy around to all your customers. When HBO
came onto the scene they were innovative, fresh, and willing to
do things other people were not.
Before HBO ("Home Box Office") came out in 1985, about the only
to way to see a movie was to go to the theater, pray that one of
the major networks would be showing one you wanted to see, or
watch one you already had. With cable television technology
blooming, and American access to the cable networks growing,
this new, edgy cable movie company became an instant success.
What about the HBO schedule made them different? They realized
that people were willing to pay for television if it carried
what they were interested in, and HBO gave them exactly what
they wanted. The fact that no one at that time was offering
commercial-free movies on cable did not deter them from doing it
and doing it well. Because of their proven track record as
successful innovators, we can look to HBO for successful
business principles that can help our own home business grow and
succeed. If you are considering starting a home business but
have not done so yet, carefully consider the principles in this
article before you make your next move.
To succeed in business you have to do at least one of three
things:- Offer consumers something that no one else has to
offer
- Offer consumers something at a higher quality than
others
- Offer consumers something at a lower price than
others
A Unique Product
We have already discussed the fact that HBO wrote the book on
paid subscription movie channels. What does your home business
offer? Is it different from what other people are selling? If
not, keep reading the article. If you do have something unique
to offer, how well are you currently accentuating the
differences your product has from other similar products? If
your baseball hat design is revolutionary, tell me why - or I
might just assume it's a baseball hat like all the rest.
Many businesses are formed after an expert on a given product or
from a service industry takes what she knows and builds on that.
They improve the quality of what is already being offered and
build a successful business around that. The HBO schedule has
constantly added new movies, original programming, and sports
events in order to maintain their stance as the highest quality
subscription cable channel available. If your business is built
around an improvement on another product, don't get comfortable!
Invest some time and money into constantly improving your
product or process to make sure your competitors don't catch up
with you.
Finally, selling a product for less than the price at which your
competitor is offering it does not have to mean you have to cut
into your profit margin. The key to succeeding in price wars is
to minimize your costs, thereby maximizing your profits. Online
banks are able to offer substantially higher interest rates on
saving accounts and CDs because they do not have to employ as
large a staff as does a traditional bank. They cut overhead
costs and pass the savings on to us, the consumers. Look closely
at the way you buy and move the products you sell. Is there
somewhere you could save? Is there something you could downsize
or shift in order to streamline your business and lower your
overhead costs? Sometimes a website with a thoroughly written
FAQ page can save you from having to answer hours of customers'
questions over the phone.
Are all your eggs in one basket?
A successful business usually tries to build their business
model around a blend of two or all of these options. You may
have a superior product and do OK selling it at a much higher
price than your competitors, but you will truly excel if you are
able to cut costs and expand your profit margin. Do the research
and figure out what the best price/quality levels are for your
business. The HBO schedule has evolved over the years as the
tastes and desires of their consumers have changed. Constantly
evaluate who your target audience is and adjust your business
plan to compensate for any changes.
Nick Smith is a
client account specialist with 10x Marketing - More
Visitors. More Buyers. More Revenue. To
find out more about the HBO schedule, visit I-Satellite.