The mobile technology world experienced one of the biggest public blunders of all time. Samsung shipped a number of demo units of its $2,000 foldable smartphone to several high-profile reviewers. Within 48 hours, a good number of the devices were broken. The reviewers shared their surprise and since, Samsung has delayed the release of its “Foldable Phone of the Future.” The Samsung Galaxy Fold Unfolds Unnecessary Bad Publicity To be fair, some broken due to reviewer mishandling. They mistook a part of the screen as a protective layer that all smartphones ship with. Others noticed bulges in corners near the fold. While the former did inadvertently damage the devices, the latter simply watched as the units failed. You’re anxious to get your business off the ground or get your latest product out to the public as quickly as possible. Perhaps you’ve already started your marketing and promotional campaigns. You’ve got visions of a best-selling product dancing in your head. But selling too quickly can be dangerous; there can be drawbacks if you are putting the cart before the proverbial horse. Businesses that start selling new or innovative products without taking the time to put their ducks in a row often regret their decision. —All Business It’s yet another example of a manufacturer rushing a product to market before it’s truly ready. When such bad PR situations occur, these can lead to companies going out of business outright. The Negative Effects of Rushing a Product to Market Companies rush products to market. It does happen. And, it’s a huge and completely unnecessary risk. Here’s why: Damage to reputation. Let’s begin with the obvious. While mega corporations can weather such storms, small businesses might suffer tarnishes to large to overcome. It sends the wrong message. Thomas Edison practically invented “vapor-ware,” the introduction of a product which doesn’t actually exist. When you release something prematurely, you’re sending a message you care more about turning a profit than your customers. It causes a loss of trust. If the gamble fails to payoff, it means you’ve sacrificed trust. Consumers just won’t trust your brand in the future and that’s never a good thing. Your team will also suffer. Pushing out a product before it’s ready just might lead to a loss of key employees. Some could walk away, not wanting an association with a company who isn’t willing to wait until it’s right. You’ll regret the decision. Of course, as the leader of the organization, it’s you who takes all the blame. Ultimately, you’ll have to accept making a bad decision and the consequences which inevitably follow thereafter. What other negative consequences does rushing a product to market have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Social media is a great way to promote your business. But, it alone certainly isn’t enough. You have to practice self-promotion and do it right to make it really pay off. Sure, you can effectively use social media to increase brand awareness. However, it does lack a personal touch. That’s why you need to get out and represent your company. The problem with this is, most people just don’t know where to start. Others make the mistake of over doing it. Still a few more tepidly practice self-promotion but only with great restraint because they don’t want to give off the wrong impression. Self-Promotion and Selfishness Make no mistake about it, self-promotion is paramount to growing your business. What you need to avoid is confusing it with being selfish. You see, self-promotion isn’t really about being selfish. (Unless you’re totally selling for your own benefit alone.) In other words, you shouldn’t feel guilty about promoting your brand because it has something of value to offer. That’s the whole purpose of being in business — to fulfill a need. Marketing is a lot like fishing—some companies cast a wide net to scoop up whatever they can get, while others use bait and wait it out until the right customer takes a nibble. To be successful, you need a combination of both techniques to not only grab a large number of new customers at once, but to also allow new business to continuously trickle in through referrals, word of mouth, and general curiosity. —Forbes.com So, don’t make the big mistake of thinking it’s all about you. Keep in mind that your customers get something valuable in return. And, both of you benefit from each transaction. This means that it’s a win-win scenario. You just have to see it for what it truly is and not fall prey to thinking it’s wrong to make a profit. Only when you don’t deliver on your promises is it unethical (and probably illegal). Best Ways to Practice Self-Promotion Now, let’s get to the most effective ways to practice self-promotion. You should know how to behave because your actions will definitely speak louder than words. Here are some helpful tips for how to practice self-promotion: Practice awareness. You can’t network in a vacuum. If you’re promoting your business, there is more than one person in the room. Keep this fact in mind. You need to read the other person or group and interact accordingly. If you fly blind, you’ll inevitably hit a wall. Always be gracious. Remember that polite manners go a long way. But just because someone gives you an opening to talk about your business doesn’t mean they are asking for a shameless sales pitch. Keep it short, succinct, and kind. Offer something interesting. Sometimes, it’s very tempting to rattle off numbers. Or, go into details. But remember it’s important that what you share is interesting. Otherwise, you’re not only boring the other person, you’re undermining your own efforts. Never be dishonest. Of course, you should always be honest about what you have done and can deliver. Don’t embellish or exaggerate because it will come back to bite you. Besides, if you mislead someone, the relationship begins with a lie. And, that’s never good for business. How do you promote your business? What self-promotion tactics work best for you? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

The T-Mobile-Sprint merger is generating a plethora of headlines. Some think it’s a bad idea. Others believe it will provide certain benefits. Still others don’t see a clear winner. Regardless of where you stand, it does raise a few interesting questions. We all understand what a merger is — the combining of two entities into one. But, there’s a lot more to it than just this simple explanation. The truth is, there are distinct advantages and disadvantages of merging two organizations. Common Merger Disadvantages Let’s begin with one of the most obvious pain points — employee morale. The reason two brands come together is to improve their performance. However, this often means the elimination of duplicate roles. And, rank-and-file employees instinctively know this fact. Another downside to merging is that it can create more debt. Teaming up means taking on the balance sheet obligations, which can easily become problematic. …making changes to your business include the economic and political climate in which you operate. Determine whether tax or trade laws in your region are friendly toward the types of modifications you want to make. You may come to the conclusion that now is a good time to move forward with the desired alterations or you may elect to wait for circumstances to change in your favor. —Bix Fluent.com Then, there’s another intangible — company cultures. One organization might operate with a completely different dynamic than the other. Which might manifest trouble when the two become one entity. Of course, merging means the essential elimination of the top decision maker. Instead, there are at least a few people on either side of the aisle. Biggest Merger Advantages Now, let’s take a look at the upsides of merging. The point of coming together is to improve the performance and ensure a better future for both companies. Here are the top merger advantages: Improved efficiency. We’ve already partially mentioned this but here’s the other side of eliminating redundant positions — increased efficiency. A merger can provide a new environment to improve efficiency on many levels. New territories. When two companies come together, it’s likely that one (or both) parties will benefit from the introduction of new territories. It’s a way to tap into market share without undergoing the growing pains. Cost-effective expansion. Speaking of growing pains, a merge creates an opportunity to expand without all the normal hassles. It allows for the identification of the best assets, which means increased productivity. Multiple growth opportunities. Two previously competing businesses combined as one opens up a number of growth opportunities. Instead of working to beat one another, they now work in unison toward one or more goals. What other consideration would you factor into such a decision? What experiences have you had in this scenario? Please feel free to share your thoughts by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group.