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The Pros of Planting Startups in Smaller Cities

Quality of life and local incentives can lend a competitive advantage to entrepreneurs when they need it most

Philip Eggers has started six medical device companies in his Dublin, Ohio, hometown. His last five followed a pattern: Eggers would develop the product in his Ohio lab, fly frequently to the Bay Area or Boston to raise money, then relocate the company to one of the coasts when ready to commercialize the product. But Eggers has a different plan in mind for his latest startup, Cardiox, founded in 2006 to develop a noninvasive way to detect heart shunts: He wants to find funding locally and keep his five-employee business in Dublin.

As the economy reels, Eggers is one of many entrepreneurs quick to tout the ease of doing business in small or midsize cities. Plenty of factors make the city of 38,000 outside Columbus attractive for starting up: Abundant, inexpensive office and lab space; a major university, Ohio State, nearby; a growing population; and good local schools to attract workers with families. „It draws the highly skilled and educated people you need to bring in, especially to a high-tech startup company,“ Eggers says.

In high-growth and more conventional businesses, many entrepreneurs find that bigger isn’t always better when it comes to selecting a place to start a company. …more at The Pros of Planting Startups in Smaller Cities – BusinessWeek, published 27 March 2009.

Flickr photo credit: Feuillu

By |2012-01-05T06:47:35+01:00März 30, 2009|Blog, Small Business|0 Comments
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Recession Pricing Strategies – How Low Can You Really Go?

Tempted to cut prices? You’re not alone. With slumping sales, many businesses have been quick to offer discounts. „Cutting prices is by far the easiest marketing technique you can use,“ says Frank Luby, a partner in Simon-Kucher & Partners, a pricing and marketing consultancy. But price cuts raise some tough questions: Will deep discounts cheapen your brand? Once you cut prices, can you raise them again? How do you deal with narrower margins? Says Luby: „I try to get my clients to think about where they want to be as a brand when things turn around.“

Here are three companies that made big pricing changes and the results of those decisions.

Wooing Recessionistas

Jeremy Shepherd started to get concerned last summer. The founder of PearlParadise.com, an online retailer in Los Angeles, Shepherd noticed that sales of high-end pearl necklaces were slipping, and he worried that might foreshadow a dismal holiday season. The company relies on sales of $1,000 to $5,000 pearl necklaces during the crucial end-of-year months, which typically account for about 40 percent of annual sales. But though Web traffic was up, many customers were favoring jewelry priced well under $1,000.

Instead of promoting his higher-priced items, Shepherd decided to boost sales by appealing to his customers‘ thriftiness. He created a „luxury for less“ campaign and priced his strands of Tahitian pearls, which usually sell for $500 to $700, at $300 each. Then Shepherd spent $75,000 to promote the sale. He also revamped his website, placing lower-cost items on the home page.

Orders began to pick up. …read more at Recession Pricing Strategies – How Low Can You Really Go? – at Inc.com, published 1 March 2009.

Flickr photo credit: Harpersbizarre

By |2012-01-05T06:58:54+01:00März 30, 2009|Blog, Marketing|0 Comments
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Getting It Wrong

In 2008, entrepreneurs Chris DiMambro and Keith Dupuis sought to upscale their Main Street Grill, a sports bar and family style restaurant in Weymouth, Massachusetts. Their $48,000 risk–in seemingly positive changes that included an expanded menu, flowers on the table, linen napkins, and even new salt and pepper shakers–so angered their regular customers that, after 9 months, the pair had to acknowlege a flop. Disheartened by the empty seats, angry customer letters, and a 15 percent drop in revenue, the two look back in this MSNBC video to what went wrong and the lessons learned. Says MSNBC in summary, „to keep the customers you have, you need to be in touch with what they’re looking for.“

See the video below and a related, more positive piece from the Boston Business Journal, 3 February 2009.

Flickr photo credit: gregs stuff

By |2012-01-05T06:58:54+01:00März 26, 2009|Blog, Marketing|0 Comments
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