How can Australian manufacturing leverage Wright’s Law?
Moore's law is well known, understood, and has stood the test of time since published by Gordon Moore in 1965. Wright's Law is less well known, and has also stood the test of time since the mid 1930's. Formulated by Theodore Wright, a pioneer aeronautical engineer,...
A marketers explanation of the ‘Price Elasticity of Demand’, and its implications.
'Elasticity' is something most of us did in economics 101. Why have we not used it more than the evidence of my eyes would suggest? The price elasticity of demand is usually defined as the relationship between changes in price and the resulting changes in...
Why the better mousetrap rarely wins.
One of the most quoted of quotes is attributed to Ralph Waldo Emerson: 'Build a better mousetrap, and the world will beat a path to your door' Unfortunately, Mr Emerson got it almost entirely wrong. The better product, on its own, never wins. Just being...
Winning the branding war of the decade.
There is a massive but unrecognised marketing and branding war going on right on front of our eyes, unseen by most, but substantially funded by taxpayers. It is the Covid vaccine marketing war. Which brand will you choose? The development of these vaccines has...
Can you equate price to value?
Value is not ever just a function of the sticker price. In commodity markets, it may appear to be close, but will never be the same for all buyers. What might offer value to one person is often absurd to another. Value is equated in each buyers mind differently, and...
2 legal ways to make obscene profits
The first is to have a monopoly, preferably a regulated one, such as a public asset that has been privatised. Sydney's Kingsford Smith airport was flogged off by the government to a private operator who makes obscene profits, not just from the landing...
The 7 critical elements of ‘trust’
Trust in our institutions is generally accepted as being on a slippery slide to zilch. I am certainly one who has loudly carried that message. It is easy to say, but what are the essential elements of trust amongst a group? If you look up the wisdom of Dr. Google, you...
The essential questions that enable successful scaling
What do we have to do to scale successfully? That is a question that I often find myself answering in conversations with SME manufacturing businesses run by people who are seeking to map out in their mind, 'where to from here?’ Generally, they know some of the...
Where is the new normal?
This is it; we are in it. There will be no return to the pre-Covid world. Working from home, or at least in other than large, centralised offices, is acceptable and for many, strongly preferable, and will persist. Social distancing has become more natural when...
Is a QR code the ultimate sales tool?
The first QR code I remember seeing was in the early 2000's, I think. It was a video taken in New York Zoo that showed people clicking on what looked like a square of code in front of an enclosure, and getting way more than the usual summarised information about the...