We're watching the development of Epocrates, a service that lets physicians access drug data on hand held devices. In an industry that has been famously difficult to digitize, Epocrates has done it the old-fashioned way - by helping doctors save time, provide better service and do so more easily. They have been so effective at this that they have even enlisted physicians to promote their offerings. now that's a great approach to MarketBusting!
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Wal-Mart, Target and other big-box retailers have spelt doom for a good many middle market grocery stores. Indeed, according to a recent Retail Forward study (quoted in Business 2.0 July 2005) more than 10,000 of such medium sized supermarkets have closed in the past decade. You know the ones - those big-windowed, strip mall stalwarts that are often convenient, but don't have the great prices at Wal-Mart, the cachet of a Target, or the choices at Lowes, Home Depot, PetSmart or Staples. High-growth fitness company 24 Hour Fitness, the world's largest privately owned workout chain has found that the empty supermarket spaces make perfect locations for gyms.
They are not too fussy to remodel (costs $65 per foot as opposed to $105 for a new build), are in great locations for the in-and-out traffic they seek and best of all have ample and convenient parking. And even more of a second-order effect takes place when the gym moves in. While the local hardware store may shut down, chiropractors, vitamin stores and other suppliers of health related gear move right in. A terrific example of taking advantage of a change sweeping an entire segment.
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So you run a business that's illegal in many places, and are prohibited from advertising. Not a problem. GoldenPalace.com, an Antigua-based gambling web site has made an art out of garnering publicity by pulling off wierd stunts. You've heard of them - they are the folks who paid $28,000 on eBay for a grilled cheese sandwich that some think looks like the Virgin Mary. They've made a bunch of other oddball purchases - like a haunted walking cane and a former stripper's silicon implants. Does any of this make sense? Sure - to get the kind of buzz these stunts have generated with paid-advertising would have cost a fortune.
Isn't this an amazing example of what we call a parallel offering, in which a company differentiates itself not on the basis of what they do, but on the basis of something that goes along with it.
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In this season of impenetrable plastic packages, a wonderful invention has just come to my attention. Called OpenX, it's a knife like device specifically developed to open those hard cases that enshrine just about everything on my kids gift list this year. Ironically, it was invented by the guy that spent much of his adult life creating those self-same plastic packages, one Thomas Perlmutter. Opening these things is no joke - according to a recent article in Business 2.0, The US Consumer Product Safety Commission estimates that attempts to open plastic packaging led to 2,943 injuries in 2004.
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Am here in Japan with our good friend, Takeru Ohe, discussing the prospects for Japanese business. It seems although the stock market is up, savings rates are still very low.
Change, however seems to be in the wind. Companies that never before used M&A or restructuring are starting to use those tools effectively. Some companies that haven't restructured quickly enough (Sanyo and Pioneer come to mind) are starting to lose out to those that are willing to change, such as Matsushita (parent company of Panasonic brands).
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