WHAT WE LEARNED THIS WEEK: Be as flexible as possible

iiNet finally released its prices for the National Broadband Network this week, prompting speculation that access to the network may be cheaper than many first thought it would be.

But iiNet’s prices contained another interesting aspect – users are able to pick and choose both their download quotas, but also their speed. While many telcos provide packages with limited movement, iiNet will allow customers to customise a package that is right for them.

This is an approach more businesses should consider – customers appreciate flexibility. If you’re able to maintain your margins, then provide the consumer with enough choice as possible.

Spot a niche, run with it

Online retailer Catch of the Day has expanded into a new area – groceries. The company has built off its previous success with daily deals and is now offering non-perishable items in a similar way, offering discounted goods every day of the week with regular special discounts.

Chief executive Gabby Leibovich says the company spotted a niche and decided to take the plunge. It has done this before, opening group buying site Scoopon about 18 months ago.

The opening of Grocery Run provides a good lesson for entrepreneurs – be nimble enough to move into a valuable niche. Even though Catch of the Day is a large company with about 300 staff, it still has the capacity to move into a niche when it sees an opportunity.

Don’t become too complacent that your company can’t move when it really needs to. Stay nimble and always look for an opportunity.

Don’t fall down with social media

American DVD rental company Netflix announced it would be splitting its business in response to negative backlash over a previous decision to increase prices. This most recent decision was taken even worse and has wiped off a significant amount of the company’s value.

There’s a lot for businesses to learn from this debacle, including that you should always try and ease into price hikes instead of announcing them without warning. But one of the better lessons is that you should always be sure to check out your new company name on social media websites before you go ahead and start your marketing,

When the Qwickster name was announced, users flocked to the company’s Twitter page – only to find out it didn’t belong to the company at all. A young man owns the handle and certainly doesn’t have anything to do with the company.

While many would encourage the owner to sell his handle to Qwickster, making any money from selling user names is forbidden by Twitter’s guidelines – it remains unclear whether it will even be able to use the handle at all.

If you’re thinking of a new business name, check it out on Twitter and Facebook – you don’t want to be caught out using a different handle other than your brand name.

Rebranding isn’t always easy

Telstra unveiled its rebranding effort earlier this week in one of the biggest marketing efforts seen in Australian corporate history – most certainly the biggest change to the company since 1993 when it abandoned the Telecom name.

But while the company has started advertising with new colours and slogans, marketing experts have issued the firm a clear warning that customers are still upset with telcos in general.

Telstra is suffering from high complaint figures, and many of those are to do with billing procedures. The telecommunications industry in general is suffering from a high amount of negative sentiment – a hard trap for Telstra to escape.

Rebranding is often a positive process but customers won’t always forget their experiences. When undergoing a remarketing effort, businesses need to make sure they’re doing enough to actually change their reputation – especially online.

Always remember to upgrade

Optus followed Telstra last week when it announced an upgrade to its network, transforming 3G networks into LTE speeds.

The process will be capital intensive and take time, but with more devices coming out that are LTE capable, it only makes sense for telcos to start upgrading their networks.

While most SMEs wouldn’t have anything to do with construction mobile networks, the announcement still provides a good learning opportunity – always upgrade.

Don’t let your plant and equipment, or IT systems, grow old and weary. Always make sure you keep infrastructure fresh and running well, and make sure to invest as often as possible to keep your customer’s experiences nice and smooth.