How to Profit in a Highly Competitive Market ?

How to Profit in a Highly Competitive Market ?

How to generate profits in a highly competitive market ? Well, the answer is simple DON’T COMPETE.

Competition implies consuming time, effort , resources , value diminishing and decreasing profit margins.So, do you still want to compete ???

Ok then let’s face it ! why you want to compete ?is it because you are pursuing larger market share and thus increasing your profits. Or is it also about dominating the market so you can impose your own prices.

What really happens most of the time when you compete is that you get to increase your cost structure trying to serve more or saturate the market or serve the current customers better ….And then you will try to create those desperate market offers or discounts or differentiate your service or product .

Let’s say you dominated the market and you achieved the largest market share possible. BUT, does that mean you are a winner? maybe yes , but for how long? especially in our extremely dynamic era with its surprising trends??? What is dominating today may be swiped away with with a new trend or new invention.

I think you need also to ask yourself that if I had the largest market share would that mean or guarantee higher profits than everyone else?

Actually, there is a false understanding that the larger the market share the more profits you gain!!!

The truth is the more you are niche-focused the more the profits you earn. Let’s take an example from the auto industry; Toyota globally have a higher market share than Bentley while Bentley generates more profits than Toyota.

Another example from the hospitality industry four and five stars hotels exist everywhere much more than luxury resorts like the ones in Maldives or in Santorini , but still the luxury resorts make more profits, they are even less likely to suffer from seasonal variations.

Another example from the aviation and airlines industry there are airplanes that anybody can go for and there are private jets.

What does this tell us ? or What does niche focused mean? When you are Niche-Focused you will : 1-Earn more Profits and and have higher profit margin . 2-You will need to sell Less. 3- And your cost structure will be Lower .

But how can you be niche focused ? I will give you 4 Tips out of 12 to put you on the correct track to choose your niche; 1- Study the process that your targets experience with a certain product or service. like before using the product or service , then during using it and after using it. You will get to know a lot of gaps that competitors aren’t covering and that would be a great Niche opportunity to utilize. Like when you do your daily workout or when you read a book , or when you use your laptop or even use your toothpaste. Study the journey and tap the un-tapped needs . Look for Pain Points. 2- Explore what issues are prohibiting your targets from buying a certain product in your area of interest. Like why aren’t they using Paypal services as a payment gateway? 3-Ask Influencers ( could be a parent or buyer or a purchasing director or financial manager or a retailer or dealer …) what are the problems when buying a certain product or service, you will reveal a lot , you will get to know many pain points that are uncovered. 4- Think of people who might have an interest in common life aspects and would love to have and satisfy but can’t for different reasons. Like older people who would like to have a bachelor degree or a high education certificate in a certain field.

In addition to those 4 tips please keep in mind these extremely valuable directives :

1- Do not pursue incremental improvements because they will not distinguish you nor you will be providing a real value to your targets but you are only pursuing contemporary gain . 2- Do not benchmark your service or product with industry key players or major competitors because you will limit your thinking of finding your creative targeted niche. 3- Do not Pursue price competition because you will decrease your profit margin and increase your costs.

Please understand that competition is against business solid successful continuity , because you will be draining your resources , efforts, money , time and the most of all you are swimming far away from what customers value .

If you want to master tactics and mechanisms in achieving Niche-Based Businesses (Extremely Profitable Zone ) then please feel free to contact me via email: Dr.salamamin@yahoo.com or via Skype : Dr.Salam Amin       .

 

 

4 Tools for #Hotels to Maximize Their Ads Reach.

In this blog I will write about two tips to get the most of  hotels and accommodation providers ads campaigns ; The First Tip  is :  The most Important ads tools that each hotel should apply to increase their digital reach .And the Second is:  The 4 Tools that will maximize Hotels Ads Reach.

 

The First Tip is :  The most Important Ads Tools that each Hotel should Apply to Increase their Digital Reach.

 

The Second Tip  is : The 4 Tools that will maximize Hotels Ads Reach.

 

Tools and methods are infinite and they are continuously changin,g so you need to continuously  update your tools to ensure that your campaigns are effective and delivering the results that you are up to.

 

Remember you can always consult me at any time about your hotel or business .You are more than welcome . Let me share you your Success story.

Drsalamamin@yahoo.com

Whatsapp me  00962795116324

Skype Dr.Salam Amin.

Please after you read my blog  leave a comment. I will be delighted to hear from you.

How Could Profits lead to Bankruptcy?

How Could Profits lead to Bankruptcy?

If your Business is Profitable but still it is getting sick, then this is called the case of a profit trap that usually businesses get into unconsciously.

In this blog I will be talking about four profit traps that could lead businesses to bankruptcy.

Profit trap no. 1 : Your business is profitable but still it is not generating enough cash to grow, to invent, to innovate, to improve, for shareholders distribution, or for capital purchases…And the reasons for that vary; it might be dampened sales rate,  frustrated demand , fluctuations in the commodity pricing and availability, a rival poaching your customers or a technological shift that your business is not aware of. In this case of a profit trap I advise you to consider these solutions after investigating the reasons behind your current business situation:

  • Broaden or shift your resources .
  • Conduct smart agreements with suppliers.
  • Creatively entice customers needs and usage.
  • Go for clustering…
  • Look for multiple niches…
  • Partner intelligently with key players.

 

Profit trap no. 2 : Detrimental Profits.

And that is when your profits enchants in too many roots that are profitable and expensive but perishable and your resources are bounded and your paramount is to get the highest return out of them. So, in this case you are supposed to specify your first and foremost streams in order to obtain and recoup the highest return out of your  available and confined resources.

 

Profit trap no. 3 : Diluted Profits.

It is when your business is generating great profits but they are diluted due to over expanding .Sure, we business owners like to expand but dear you should first invest in strengthening your business and then expand wisely.

 

Profit trap no. 4 : Cash is not collected.

In this case of a profit trap your business is profitable and it is generating enough cash but the cash isn’t collected. If you are conducting transactions and giving credits state duration and rate limits. And I prefer if you use the cash paying privileges technique.  

 

Please be aware of these traps they could end your business in an unexpected way or it could be sold to a competitor, remember your business is profitable.

 

Remember you can always consult me at any time about your  business .You are more than welcome . Let me share you your  Success story.

Drsalamamin@yahoo.com

Whatsapp me  00962795116324

Skype Dr.Salam Amin.

Please after you read my blog leave a comment.I will be delighted to hear from you.

 

5 Amazing Tips For Hotels that will Radically Increase their Profits.

5 Amazing Tips For Hotels that will Radically Increase their Profits.

Hotels & Resorts

These Tips should be added on  each and every hotel or accommodation provider postings via their social media channels or can be placed on your hotel website or your Advertisements.These tips and messages should result in :

1- Better Market Position .

2- Gradually Minimize your rely on Online Travel Agencies.

3- Radically increase your hotel Profits .

The 5 tips are :

A- Unique Selling Points (USP).

Talk about your hotel or resort unique selling points that will distinguish your hotel from other competitors.In your posting communicate things most of people care about and of great interest to them; like

  • Serving organic food .

 

  • Specialized people dedicated to help people with disabilities or special needs.

 

  • A team or a accompany mate for solo-travelers who want  to enjoy trips with people who share relevant  interests or  a companion who can provide them with great experience.

 

  • Providing special tools and high tech ones  for older people that would enhance their stay and make it enjoyable.

Ofcourse, thoughts are endless but these are some to enrich your posting exposure. Please keep in mind that you as a hotelier should  progressively Add and change in your hotel USPs.

B- Your Loyalty Program.

Always and on a  continuous basis communicate your loyalty program benefits and privileges to win over other rivals loyalty programmes and their privileges .And here it’s good to mention that don’t just stick your outstanding privileges to discounts like 20% but broaden them …

C-  24/7   .

In our current era and strong competitors you should be available at any point of time to serve people. So state that in your posts; tell them that you have 24/7 service.You can answer their inquiries , help them in the booking process and  respond to their requests ….

D- Fast & Secure.

Everybody likes to see this message because we all care about time and secure payment.It will also stop shifting guests from going to an opponent or leaving your site.

E- Direct Booking.

It’s been so clear that people are heading to make their bookings via online travel agencies like Tripadvisor , Booking.com , Priceline , Tablet ,Trivago , Expedia, Orbitz…It’s because they lack the information that if they book directly through your hotel website they will get the same price with extra amenities and they will also become a member of your Hotel loyalty Program that has exclusive privileges or additional privileges….

Note: if you are as a hotelier not using the mentioned strategy or a different one I advise you to start applying it due to its powerful results.

These were just some tips out of  multiple and multiple tips and messages that should me added to hotels and accommodation providers postings to strengthen their market position and to profoundly increase their direct  profits.

Remember you can always consult me at any time about your hotel or business .You are more than welcome . Let me share you your success story.

Drsalamamin@yahoo.com

Whatsapp 00962795116324

Skype Dr.Salam Amin.

 

Please after you read my blog please leave a comment.I will be delighted to hear from you.

 

How to Beat OTAs & Increase Hotel Revenues?

How to Beat OTAs  & Increase Hotel Revenues?

OTAs are continuously recreating and restructuring themselves either by acquisitions or broadening their services or both.They are increasing their international market share and so shrinking hotels revenues.They are now even trying to control your hotel inventory by providing distribution and marketing tech.

 

But, that’s not because they are smart and successful at what they do but because hotels of all types that are suffering from their diminishing market share and profits are not playing right in the market and definitely not moving strategically with all the effort that should be done to beat OTAs…

 

In this blog I will be providing you with some actions to help you as hotels of any kind or size to conquer OTAs competition. But the full information will be in my coming WEBINAR.

 

Below I will write for you a variety of actions that will attract lookers and then convert  lookers into bookers.

 

  • The first action is maneuvering : Spread the minimum number of rooms to be located on important OTAs that target your audience       (because you don’t need to locate yourself on any  random OTA) . But before that make sure to appear on the OTAs first page by paying the commission they ask for even if it is costly for you as a hotel. I know you will say what the hell is she saying ???she wants us to pay OTAs even more …Remember I said choose or locate the minimum number of rooms and the idea here is to attract potential guests attention through OTAs sites .Because most and more than 82% of  people who visit OTAs will go and visit the hotel websites when their offerings and prices that are located on OTAs  are suitable for them .And this is what we exactly want to get them to do to visit your hotel website. From there you have to gain their absolute attention and make them book directly by having a perpetual smartly designed website.

 

In order to make your  hotel website attractive , so useful and most of all of great value to your potential guests  make sure to :

  • Place the offers that are on OTAs on your hotel website ofcourse with the same price on OTA due to rate parity agreement but with  additional or FREE amenities or offerings when booked directly;  like free dinner or enjoying a  massage for free…etc.And ofcourse insert the button book now and between brackets ( it’s Secure, easy and quick).
  • Provide a 15 seconds video for the room and the amenities the guests will enjoy  and this is also for the sake of increasing the time  on your  hotel site.
  • Place in a clear message that bookings are commission free and Secure .
  • Ease the process of booking as much as you can make it clear and transparent with no hidden or surprising fees. And easy to navigate.
  • Use SEO  but that’s not all , use SEM( search engine marketing ) for your website .
  • Place reviews of your hotel from OTAs on your website.
  • Make sure that the download time of your hotel website is not more than 3- 5 seconds.
  • Mobile – optimized.
  • Provide  virtual tour for your hotel and play visual stories.
  • Provide unique captivating packages on your site especially for  older people , honeymoon , anniversaries, special occasions, business  events,…
  • High quality images.
  • Always and continuously update your website & social media content.

 

To have more  detailed information on optimizing hotel websites wait for my  coming webinar .

 

  • Secondly : Locate your hotel on google business listing.
  • Thirdly : Make sure that your hotel is on Hotel & Travel Search engines.
  • Fourthly: Use pinterest business account , create your profile on Google plus ,sign in  for google places listings and don’t forget to benefit from foursquare for business .
  • Fifthly :Use Proof to increase your website conversions.
  • Sixthly:  **Ads ** ads for your website , offerings, packages, story videos that brings guests emotions into play and ads for your hotel app. The ads that are beneficial to use if promoted correctly and designed with knowledge to target audience like:
  • facebook ads try to make them through power editor .
  • Instagram ads is another powerful tool.
  • linkedin ads especially if you wanted to target business events or professional people who take decisions and influence them.
  • Its so important to use bing ads and yahoo ads and GEMINI they drive proven results also.

 

These six actions or tactics are just a small part from a comprehensive process that should be applied towards achieving desired results like restoring your hotel market share locally and internationally and increasing it and your revenues. Also alot of actions can be taken to abandon at some point the use of OTAs, which I will be explaining  extensively in my coming webinar.

 

At the end of this blog I would like to remind you to paying a great attention to detail and content in your website and social media channels .Ask yourself  as a person of interest or in charge what type of customers or potential guests am I targeting? so, What content should I use , Where to locate it  and  each detail? when to locate it? .Pay attention to details like using science of colors .Again make sure that you are crafting and using  solid content ,thus weak ,random content or let me call it bad un knowledgeable content will throw  blocks on your road to success and I can see alot of this type of content on various hotels sites and social media channels.

 

Please keep in mind that you are always welcome to contact me via:

Whatsapp:+962795116324

Dr.Salamamin@yahoo.com

The Most Important Positive and Negative Impacts  of Brexit on  European Market, GCC & MENA region.

The Most Important Positive and Negative Impacts  of Brexit on  European Market, GCC & MENA region.

A lot of debate, speculations and assumptions are still going on آ regarding the huge event of Brexit because of آ the uncertainty that covers its possible positive and negative implications on the آ global economy either directly or indirectly.

In this blog I will put آ to you the most important positive and negative impacts of Brexit on European the Market, GCC, Japan ,China & Mena region. I will also put some quick tips for businesses to help them move forward.

Some countries will enjoy the positive effects of آ Brexit while others will fear the threatening challenges that might emerge and tackle their interests as a result of آ Brexit. Well, at least this is what many think of.

In my opinion as a Turnaround specialist and strategic business advisor, آ Britain  decision to enjoy an autonomy over its economy can be turned around آ for each business sector even for each company or corporate آ to benefit from for their own good despite level of Brexit impact on their location and economy.Definitely , we can’t deny some negative effects but still with smart and strategic restructuring and Turnaround moves آ each business sector, company , MNC or corporate can diminish the side effects and maximize the positive ones of Brexit.

Note: At the end of this blog I will be giving some tips for businesses to overcome financial and economic issues as a result of Brexit.

I First put to you first beneficial links about Brexit Hidden Opportunities and Threats :

Brexit and The EU Market:

Brexit Impact on the MENA آ region & GCC.

Brexit and Japan

Brexit and China

Hopefully, I saved you some time putting some major آ beneficial links for you to recap the potential effects of Brexit on different regions. But I also would like to mention some quick tips for every business owner and every person responsible for running a business of any kind and sector, and these are:

  • Broaden your thoughts and strategies and think out side the box to get advantage from Brexit impact and to turn negative effects to positive effects.

  • Re-build and restructure your business platforms and profits approaches…

  • Conduct new -creative types of arrangements, agreements ,cooperations and partnerships to gain new type of privileges that would offset any losses or disadvantages resulting from Brexit.

  • Expand into new lines of Business…Its a great Opportunity.

  • Laser -Focus and think of the unexpected implications of Brexit and start preparing …

  • Shift and Diversify your Business Focus.

Business success and sustainability needs smart آ work and actions despite circumstances and national or global events…So let me آ share and boost your آ business success, and please don’t  hesitate to contact me Dr.Salam Amin .

dr.salamamin@yahoo.com

Skypes : Dr.Salam Amin

www.sosyourbusiness.com آ

Best 7 sectors For Investing…

 Best 7  sectors  For Investing…

The Reason I am writing this blog is because I am always asked this question by Investors : What is the best Sector to invest in?

In this blog I WILL  answer the above question, but first I would like to  notify every investor about some strategic Considerations to be attentive to …

I need from every investor to ask himself/herself the following questions before choosing the best sector to invest in. Thus, these questions will clarify and help you as an investor to take the right and best decision for maximizing your returns.

And these questions are :

♦Ask yourself : what type of investor am I? Am I a patient long term Investor or not ??? Am I a Risk taker Investor ??

♦Is it my first time to invest in something or in any type of sector ,,or is it a new sector for me to invest in ?am I confident and aware of the investments that I’ll go for, did I gather all the information I need and that supports my investment success.

Ofcourse, I encourage going beyond the known and expected  to new type of investments and be brave enough to do so , because if you don’t you might risk what you have and in other cases you will lose opportunities,  especially in our global markets.

♦Why I want to invest in the first place ; my objective; is it just profits or are you also looking forward to make something positive for society and humanity?

ً♦Who will be in charge for my investments ? is it me mainly? Do I have the qualified team to professionally  handle my investments before starting , within or in process  and after the investments and projects are activated…

♦Am I prepared with all the plans ( futuristic, tactical, operational, contingency ) strategies, tactics , procedures,proactive and reactive actions and teams to ensure efficient continuity of my  investment.

♦How will I withstand and distinguish my investments from others.

♦Are you Realistic with your numbers and expectations ???Don’t be Over -optimistic nor Over pessimistic.

♦Am I going through a certain investment on my own or do I have partners? And How essential those partners to my investment?

♦What are my capabilities for investing like  ( resources; intellectual capital ,financial and non-financial capital )?

In addition to the above questions I want every investor to keep in mind 2 important points:

♠The first one is : Even if your feasiblity study sounds positive and encouraging DO NOT OVERLOOK  things; don’t rely on this positivity but expect the unexpected and prepare for it.

♠Secondly:  no matter how bad or good the economic situation is,  you can and you should turnaround the event or  situation for your own good. Take the good and advantage from every situation. Remember you can do it if you want .

The main idea here is to be comprhensive in every detail and always be updated with The News and events that might by any way affect your investments and at the same time how you can get the best out of them.

Lets come to the main purpose of this blog ; The Best 7 sectors to invest in :

♥Inventions….¸for more Information Contact us.

♥Specific types of Raw Materials & Trading…

Health Care …this sector rather than being so   profitable in almost every country and at different time frames all over the globe it adds  value to the society and the investor himself.

♥Education Sector; its like the above sector in adding value , socially responsible one , and so profitable ; its profits  and revenues are quickly attained .

♥Hospitality; a sector that if investments were made in it associated with excellent choice of country, type of hospitality investment ,well managed and developed….. will generate a huge amount of cash flow and great profits.

♥Aviation Sector…..For Consultations.

♥Creative Technology Sector…..Contact  me Dr.Salam Amin.

These are extremely profitable sectors if undertaken by Professional people Advise and Management, especially in our highly competitive and changing world with lots of surprising events. But don’t worry SOSYourBusiness is your Success Agent.

Please don’t Hesitate to Contact us

Dr.Salamamin@yahoo.com

www.sosyourbusiness.com