Weighing Our Options-The Mental Transactions of Purchase

People who walk into a store and buy a product may do so based on emotion but do calculate the cost of the product before making a purchase. Understanding what goes through a person's head before they make the final decision and head to the counter can improve sales and customer satisfaction.

We only make so much money in a year. Whether it is 40K or 100K, we have to make choices over our limited resources. Each product takes away from our pot and limits our ability to purchase and do other things. Savings....well.....thats not even in the calculation most of the time!!!

For example, you have fruit for sale and you want people to purchase. They may scan whether or not they want that item, need that item, and how that item feels to them. Within seconds they assess their craving for the item and whether or not it is worth further exploration. If it isn't they move down the isle but it is they begin another process.

Once they determine whether the product has emotional or utility appeal to them they will assess their resources. They assess the amount of money they have, their lifestyle, options, and possibilities. Assuming that they assess the product to be worth the amount of time, effort, and options they have available they will make a purchase.

Just about everything we purchase is based on our options and resources. We may be attracted to these products based on need but must evaluate the cost of making such purchases. To attract customers and raise purchases means enhancing the value of those products through improving its appeal.

Fair Chance Higher Education Pledge-Make Sense?

A recent announcement the White House about the launch of the Fair Chance Higher Education Pledge in partnership with a number of universities discusses the desire to give people with criminal records a second chance for college enrollment. The goal would be to have colleges not look at criminal records in every selection case. 

There are always two sides of every argument. There is some risk that universities face if a person with a criminal past risks or threatens other students or teachers. However, this may not be the majority of cases when the crimes are small, subjective, non-violent and often culturally based.  

The three reasons why I think this is a positive movement is because of labor capital, the right to learn, and the need for criminal justice reform. Where 1/3 of working adults have a criminal record means we are doing something wrong.

Labor Capital: When people are blocked from entering the job market due to a previous crime they are lost to potential employers. Not all people who have gotten in trouble at one point or another are dumb, incapable of helping society, or unskilled. With proper education they can become capable members of society that can contribute to the economy. Incarceration diverts resources and lost labor doesn't allow us to recover that cost.

Right to Learn: While higher education is not a right, the right to learn cannot be taken away from anyone. Higher education is about developing the person and developing their abilities. Helping people gain skills and moving them out of poor environments can make a difference. I would have a hard time denying someone a book and an opportunity.

Criminal Justice Reform: While we respect the officers who risk their lives and do the right thing we do know the system isn't always accurate, some officers do manipulate, false testimonies, convictions based on narrow or false evidence, re-victimization of victims, and socio-economic targeting do occur. Until these problems are fixed some people may not deserve to be prosecuted and then have their higher education opportunities stripped.

The Importance of Developing Data Infrastructure

Infrastructure is a fundamental aspect of our economy but is often neglected in for more exciting and publicly popular programs. Building strong infrastructure impacts all the businesses that use it to obtain resources, ship products, or sell services. New generations will need new data infrastructure improvements to keep up with change and stay competitive.

 Different eras had different types of infrastructure. For example, highways were important during the mid 1950's-1970's while technological updates are needed in modern times. Both still work together to create a faster economy where information, products, and financial resources move quickly.

Today's world is about information. It spurs innovation, creates growth, educates people, and improves government transparency. The infrastructure is slowly starting to improve upon the ability to transfer data and financial resources throughout the country and world.

The cities of the future will look like data grids as much as they look like clusters of people and buildings. They will all need to share information through their personal and electronic networks to achieve growth. The better cities can do in improving their data infrastructure the more likely the cities will grow.

We can see these high speed internet cables making their way into metro areas. Companies are furthering their supply chain networks and adjusting their hubs to make faster delivery possible. None of this would be possible without a growing need of people and businesses who want access to faster, affordable and more reliable data services. As the infrastructure develops, so does the economy.

Economists Believe there are Four Risk Factors to the U.S. Economy

A poll of economists conducted by the Wall Street Journal found that there are 4 main risk factors for the U.S. this year. The poll solicited the opinions of 70 business, academic, and financial economists but did bring forward some fears of China, Slack Business Investment, U.S. Politics and Stall Speed.

China: Chinese debt to prop up their economy might come crashing down. Economic collapse in the worlds second largest economy could cause problems else-ware.

Slack Business Investments: Slow business investments in equipment and people slowing the economy.

U.S. Politics: U.S. politics are so brutal and squirly that it has an impact on the economy.

Stall Speed: When the economy is moving so slow it simply stalls down due to a host of reasons.

The factors that can create a slow down are many. However, very few single factors can cause a recession unless they are fundamental to the national and global economy. These might include a financial meltdown or a large scale conflict that disrupts international commerce. The article puts the risk factor of a slow down at around 21%.

The Importance of Non-Traditional Academic Scholarship

What is the inherent value of non-traditional academic publishing? I have discussed this issue over and over with a number of learned scholars who insist that only top tier academic journals are valid in terms of scholarship and integration. The problem is that journals isn't necessarily the best way to contribute to the body of knowledge and other channels should be considered in the strategy.

Consider that even the best journals only receive low readership level. Very few outside of the academic world would be willing to read such tedious works. Most of what is printed in these journals could take a long time to be have practical use in the market.

It isn't wasted effort to put such work in journals but it doesn't maximize the opportunities to influence the market and contribute to innovative change the same way more widely read publications can. Most of the professional readership will find greater interest non traditional academic sources like trade journals, magazines, and professional conferences.

If we were to consider trade publications a solid place to influence knowledge it should be noted that trade blogs are also a place where new information can be successfully distributed. Truly, any publishing source where people are grouped by topic interest has merit. As any good marketing campaign would indicate the goal is to create exposure for one's product---research is an higher education product.

The benefit of using multiple sources to publish various forms of the same research is beneficial. The results from an important student might be published in an academic journal but could be summarized for trade journals and further summarized for trade blogs and other forms of media. Consider all of your options and forms when finding outlets for publishing.

Friends can Make or Break Your Career

It is said that your closest friends define who you are. In business, your friends can either bring you good luck and confidence or they can tear you down in a way that damages your capacity to achieve great things. Making sure you surround yourself with good friends can make a big difference in your capacity to achieve.

Consider that the ideas you have are not completely yours. They are collection of the ideas and thoughts shared by your closest friends. If these ideas are thoughts are helpful to your success and the way you think about yourself then you are likely to feel empowered by your friends. If it is the opposite, chances are they are going to steal your confidence.

Good friends can go a long way in supporting you in your endeavors and helping you think through ideas. They are contributors to your life and don't necessarily want to take away from you. They are helpful within their means and desire to see you succeed. You simply feel good when your around them.

Much of the world we see is subjective by nature. We bounce our thoughts and ideas on others who reflect back what they think. Good friends will reflect back positive things while bad friends will reflect negative things. We begin to believe and see those things as fact when they are just subjective interpretations.

It is important in your career to surround yourself with good people who have a positive outlook on life. They will provide you with positive social outlets and will give you a more beneficial outlook on your life. Careers are build through our day in and day out interpretations and performance. It is necessary to support those through a solid support network.

Hitting Your Sales Target Through Customer Definition and Goal Setting

Hitting sales targets is something companies struggle with as they seek to maximize their revenue. Sometimes they fail to use the right targets and other times they may be using the wrong motivations to help their sales agents achieve desired results. The target market and proper sales goals help in building higher returns on marketing expenditures.

I have seen companies spend a lot of money chasing down the wrong target market. They failed to define what their business is and who is willing to make a purchase. Unwittingly they are not able to capitalize on their marketing efforts because they are selling to the wrong people.

To understand your company's target market you need to understand the innate value of your products. Your value proposition should relate as closely as possible to solving a problem your customers are experiencing. If you can't find a direct match then either change your product or change you target customer.

Even with a solid value proposition, and target customer, sometimes the sales team can't define how they are going to meeting goals. Make sure that your sales goals take into consideration the needs of your sales team. Setting goals and then helping sales associates set their own goals is helpful improving meeting of objectives (Wotruba, 1989).

Defining your market and motivating your team through appropriate goals that appeal to them can go a long way in improving outputs. Make sure that your value proposition appeals to your core customer and seek to create long-term relations that result in life long purchases.

Wobtruba, T. (1989). The effect of goal-setting on the performand of independent sales agents in direct selling.  Journal of Personal Selling & Sales Management, 9 (1).