The other day I went to see the movie, Avatar. (Very good, I recommend it.) Sitting there waiting for the movie to start, I saw Regal Cinemas run the usual commercials about coming to the theatre to attend a performance of the Metropolitan Opera and one of A Prairie Home Companion.
But what surprised me was that now the chain is advertising having a corporate meeting in one of their theatres so that you can host a virtual conference from nearly anywhere.
I don’t know how successful this initiative has been, but I applaud the innovative idea. In a tough economy, someone came up with another way to generate revenue.
This is what I call the “Baking Soda Strategy,” after Arm and Hammer’s different ways to sell their baking soda. Remember, it first started out as, well, baking soda. Then someone came up with other uses such as toothpaste, keeping your refrigerator odor-free and of course for use in cat litter boxes. (I’ll bet you actually use baking soda for everything but baking, right?)
Are you encouraging your employees to come up with innovative ideas to generate additional revenue or cut costs? It doesn’t just have to be the sales department; I head the Constituent Relationship Management (CRM) department in my nonprofit division. Once we saw the economy worsening, we moved our training online eliminating thousands of dollars in travel costs. Now we’re investigating new ways to cross-engage our constituents by analyzing our database. And we’re getting ready to provide additional resources to front-line staff in planning e-mail campaigns.
It was the late Robert Gozuieta, once Coca-Cola CEO who said, “In real estate, it’s location, location, location. In business, it’s differentiate, differentiate, differentiate.”
Today it’s also “innovate, innovate, innovate!”
You don’t need baking soda to follow me on Twitter. I’m txglennross.