There are so many philosophies when it comes to business. However, when science gets involved and the numbers start demonstrating that that in reality just a few primary components leads to success that's a game changer. We have all heard of Soft Soap, but did you know that the reality is that liquid soup was patented in the 1800's, but it wasn't until 1980 that it was finally being used. So by now the patent had run out. What do you do to keep other people from entering the liquid soap market or at the very least make it difficult for them? Well what Minnetonka (owner's of Soft Soap) did was since they could stop other companies from producing liquid soap, they would just buy all the pumps for the soap in the world! Yes, in the world! So if you are someone else you have a ton of liquid soap, but there are no pumps...that is what Dr. William Putsis refers to as "The Stick" - That strategic control point that gives you a market advantage and ultimately leads to more profits.
In this episode of A New Direction, Dr. William Putsis, one of the nations leading economists, and best selling author of "The Carrot and The Stick: Leveraging Strategic Control for Growth" takes through the power of have a strategic control point ("the Stick") and understanding the power of employing incentives to both suppliers and customers in your business ecosystem. Does it all sound a bit overwhelming? Don't let it, Dr. Putsis provides example after example to help you understand how to apply these principles to your business so that you can create leverage in your market and obtain greater profits. The Carrot and the Stick not only a powerful read, it will be one of the best investments you can make for your business.
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