Business Tactics

This post comes as a lesson I've learnt from my emceeing of events.

I've done roadshows for banks recently (HSBC, State Bank of India) and one important tactic I learnt is how to built hype to attract a crowd. Not from an emcee perspective, but from a business perspective.

Both these banks employ a "Hype the front" concept, where they will have an emcee, blasting hip music, balloon sculpture artist, and sometimes even cotton candy. In this case, children will stop and request for balloons and cotton candy. The parents will also have to stop with their kids, and this is when the bankers will tag them. Note that the bankers here are proactive and standing outside the branch ready to spring into action.

Heard from a friend recently that Standard Chartered also does roadshows, but they only have a clown at the front. And they tag the customers inside the branch, instead of outside.

Compare the difference here: The proactive hype the front approach will probably be more attractive in converting sales.

Moment of Inspiration

Moments of inspiration comes from nowhere. It's weird how when you're struggling to find the right solution - and you search hard for weeks - then in an instant moment a single sentence in a conversation yields the answer. So don't stop talking to people. Just continue talking and finding out know, stay curious and conversational, and the inspiration will come to you.

Had a chat today with a good friend, and he mentioned an acquaintance whom I spoke to couple of months back. The acquaintanceknows I'm being entrepreneurial, but he thinks I have too many .  The acquaintance in question is a successful entrepreneur himself, with an annual turnover of 8mil. Got me thinking. Is it true? His theory is that if one has too many, he will not be that driven to find a way to make the business succeed. Coming from someone who has been there, I say that's advice to heed.

Good Advice

“Look into your heart. Work out if you are a gritty winner or a tourist. If you are a winner, dig in. Start selling. Focus your business down. Cut staff. Ramp revenues. Batten down the hatches. Find a niche angle. Focus. Make money. Build loyal client base. Then invest, very carefully, in the tech. Product innovate in a controlled fashion. Innovation, where innovation matters – nowhere else. Get some traction. Raise a small round. Win. If you are a tourist: Pack up early before leaving a hole in any creditor’s pockets. Find a job, whilst you still have time and a salary. Look after your staff – encourage them to do the same. Come back for Web 3.0.”

source: eu techcrunch

Hustlers FTW

With time, everything gets easier. This is especially true for cold calling. Initially when I started out, I used to dread picking up the phone to cold call, or wish that the ringing tone for the other end of the line would be cut off. Now, its getting really easy. I just pick up the phone and do my thing, and just go on. I don't even feel anything when I face rejection, which is quite common. You just gotta keep trying and trying. I move on, and go back to it later.

I met Hian Goh of Asian Food Channel earlier this week, and he said that true entrepreneurs are hustlers. Which I think is really true. Real hustlers get things done, you win people over and you get to push and sell your product. Great salesmen are true hustlers, going in and killing it perfectly. Even if they don't kill this time, they'll be back to finish you off.

Hustling is a skill set which can definitely be acquired on the job.

So don't be afraid to pick up the phone and call. And don't feel demoralised with each rejection. The law of selling is quite true. For every 10, only maybe 3 will meet up with you, and from these 3, only 1 will sign up. Move on and find better targets, then revisit the old leads that you have and try to convince. Hustle if you have to, because while you have nothing to lose, you have everything to gain.

Featured on Penn-Olson

http://www.penn-olson.com/2011/08/03/book-singapore-restaurant-gastro-couture/

The $7 costing is wrong though, and have since emailed him to clarify the business model. 
Its a good feature for Gastro Couture nonetheless!


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Start-up Gives You Discounts If You Book Restaurants Online

by WILLIS WEE on AUGUST 3, 2011 in BUSINESS, CREATIVE, 

Restaurant owners have trouble filling up empty tables; customers want discounts. So the trick here is simple: Give the customers discounts if they reserve a restaurant space online — now everyone is happy!

Simply put, Singapore-based start-up,Gastro Couture mashes both the online reservation and discount concepts into one. Users pay SGD$7 to reserve a space through the service and in return, they will get 20 to 30 percent discounts in the restaurant. Not a bad deal!

It’s smart because it discourages the kind of idiot who makes reservations but doesn’t ever turn up. The $7 dollar charge is a monetary commitment; a promise that they will show up. Of that fee, Gastro Couture takes $2 as a booking fee, and the rest goes to the restaurant. This arrangement makes both the restaurant and Gastro Couture happy, at least theoretically.

The service was founded by Lester Chia and Loh Zheng Rong. Lester explained to us that they always wanted to be entrepreneurs and now they finally have a chance. “Once we found a good idea, we just took it and ran with it,” he said. Gastro Couture currently has about 17 restaurants listed on their site, and the team is looking to even more on board.

Currently they have many indirect competitors. There are numerous online restaurant reservation sites that allow users to book online but don’t give them discounts; whilst there are daily deals sites that give customers big discounts but the restaurant pays a hefty price. This fragmented situation is not a great long-term solution for restaurants.

Lester explains to us:

We work long-term with a restaurant and we don’t just do a one time deal, so a person can be assured of making a booking instead of missing the opportunity once the deal is over.

The founders were funded SGD$50,000 by Spring Singapore’s YES! startup fund to test the concept. It’s new, it’s raw, and we’ll have to wait and see whether or not it can work. But if executed well, Gastro Couture could be the golden ticket empty restaurants need to fill tables day in and day out.

Moving into SMU Incubator

So we'll be moving into SMU Incubator as of 1 Aug 2011. The best thing about an incubator is that it provides an office space, rent free. Also, as I'm very much playing a sales role, an office space in the city will be a good place to regroup and settle down.

The SMU incubator has quite a few startups. However, more than half of the space is empty. Not exactly sure the reason, but I guess I'm going to find out.

Worldwide Map of Penis Sizes

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