Georgetown Heritage Business Developments In Penang

A new kind of energy fills Georgetown City of Penang Island these days. The elegant 19th century shop lots are buzzing with life and activities. New business trends related to heritage living style have sprung up everywhere around the city area.

There has been renewed business interest in the areas since the listing of Georgetown as a UNESCO world heritage site two and a half years ago. Both small time entrepreneurs and more established investors are putting cash in conservation projects. Old heritage houses and shop lots have been transformed into chic eateries, boutique hotels, and charming home stays.

A classic cafe example is ‘Kopi Cine’, which is located at Stewart Lane. This delightful cafe serves Penang style coffee as well as Italian cappuccino. ‘Amelie Cafe’ in Armenian Street is another heritage cafe investment, which serves local delights prepared from fresh market ingredients. The new generation of investors are not merely pumping funds into prime real estates, but have shown deep respect for heritage and culture.

The buffer zone area has also been livening up with the establishment of ‘Hotel Penaga’. This hotel is located in the surrounding areas of Hutton Lane, Transfer Road and Clarke Street, which is a pre-war terrace of fifteen shop units. It has been beautifully restored into a boutique hotel and maintains the character of the heritage zone, while meeting the highest modern expectations for visitors, who particularly wish to experience the heritage style of living accommodation.

Investing in the heritage city of Georgetown may seem like a good idea, but it is not a simple task. The dilapidated condition of many of Georgetown’s old shop houses call for restoration and renovation. Such costs are often double the cost of the initial purchase price of the dilapidated property. But luckily these factors have not discouraged investors, comprising local Penang citizens, Malaysians from other states, as well as foreigners, from investing in heritage estate developments.

Georgetown’s heritage listing has also proved to be a huge investment opportunity and a big boost to Penang’s economy. Penang is now globally recognized as a selected destination for tourist to visit. This has also upgraded the Penang’s status as a healthcare or medical care destination. More visitors from neighbouring countries are now coming to seek medical treatment in Penang. Medical tourism enabled many people to get the benefit of high quality medical treatment with more competitive cost in medical expenses, while going on a beautiful and tranquil vacation.

The cost of getting the treatment done elsewhere aboard has confirmed to be comparatively more expensive, whereas the same medical treatment cost in Penang can be much lower, by as much as 50% of the cost abroad. Patients can get the best possible treatment available in Penang. Penang medical professionals are highly efficient and well versed in English.

Penang may be small but is full of life, and have been voted as one of the top most livable place in the world.

Small and Medium Sized Businesses – Developing Your Market Intelligence

Nearly every industry is signifcantly more competitive today that it was only a few years ago. Many companies focus on doing their thing a little bit faster or better than they did last year. But in today’s hyper-competitive environment that may not always be enough. We believe that there are three pillars of Business Intelligence that are given short shrift by many companies, and by ignoring these options, they put their company’s future in peril. The three pillars of Market Intelligence are Competitive Intelligence, Secondary Market Intelligence (syndicated or research that can be found or purchased on an given industry) and Primary Market Research – which is conducting research that is specifically designed to answer the questions that your business is grappling with – and that your competitors should never see (because it’s proprietary information).

COMPETITOR ASSESSMENT

It’s important to do a basic SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) on each of your key competitors to understand their positions in the market relative to that of your own company (financial position, apparent growth directions, likely profit margins and the threats that their business is facing). There are companies that specialize in gathering competitive information, and it’s pretty common to spend a couple of months and several thousand dollars to get a report on a number of key competitors. However, because the number of competitors is often very small, it’s often possible to do some gumshoeing on your own. When does your competitor open for business, when do they close, how many customers do they get in the morning, afternoon an evening, and how much does it look like they’re buying? Go in and ask them about their best selling product, buy one and see what they’ve got. You can also do a lot of this research via the web, or by the phone. Look at the city records to see who owns the land, have a realtor friend estimate what the rent would be like on that size building in that part of town. Look at the equipment they have, and the stock that that they carry, count the number of employees. You can probably do a pretty good job of estimating their revenue and even projecting their profit. It’s a good businessperson who has an idea of how their business stacks up.

SECONDARY MARKET RESEARCH

These are the companies that make their money by keeping tabs on the industry overall and try to understand which major competitors are doing well and which are in bad shape. Many can approximate market shares by talking to companies that provide raw goods or by talking to the channels that these companies sell through. Some of these analysts will estimate whether the overall business is growing or shrinking and are brave enough to project these numbers out for several years. The types of companies that track these industries include International Data Corporation, Dataquest, and don’t forget industry groups. Many of these reports are combined at one wonderful website that can help you quickly find reports on every industry under the sun – Market Research. This is probably the fastest place to find quality information on your industry overall, although it’s not free, unfortunately.

PRIMARY MARKET RESARCH

Once you know about your industry, you may decide that you’d like to know more about the specific products or services that you’re developing. Or maybe you just want to find out what kinds of customers are purchasing your products, how happy they are with them, or what their likelihood is of buying another product from you in the future. That’s where Primary Market Research comes in. Primary research entails a couple of dozen different methods of getting customers feedback, depending on what access they have to technology, where they are located in the world, the sensitivity of the topic and whether you think that group synergy would get you a better answer than you would by speaking to a customer one at a time. There are also a few unique methods to probe on other areas, for example there is “lost customer” research, which finds customers that purchased another company’s products and then probing on why they didn’t go with your products.

Anyway there are a number of ways to get at most any type of business issue that you have. Together these techniques can help a savvy business manager to ensure that they keep a finger on the puse of the market in which they operate – and thereby keeping their positiion in that market safer!

Why a Lifetime Membership Will Benefit Your Business Development for a Lifetime

Maximizing on lifetime membership is the most sustainable method to drive growth value for any business. The total amount of value derived from customer’s engagement to a business is really enormous. Maximizing this lifetime value is possible if only one can measure it. Through measuring, it is possible to track advancements over time. Customer value should therefore be measurable to realize business growth. Some of the advantages of customers’ lifetime membership include the following:

1. Drums up support for strategic acquisition.
Lifetime customers create channels under which many other customers are obtained. A business thus acquires a larger market as compared to one which has no lifetime membership. A larger market sustains a business over rough times, this is because customer influx is maintained throughout the year. Lifetime membership forms a web of consumers who ensure that profits are made. Acquisition cost will always rise in the global economy. It is thereby cost effective for one to retain current consumers rather acquisition of newer ones

2. Customer relationship management.
Growing customer loyalty and reducing churn. This is as important aspect as it ensures tailored marketing, promotion and communication to customers. Optimization of consumer loyalty and value. The business is forced to take a lasting approach for creation of value rather than promotions which maximize revenue for single shopping trip. Promotion of all products rather than being choosy is that it maintains a consumer base. Eroding a brand value can cost a business at the expense of customers.

3. Increased profit margins.
For any particular business, customers will always account for the largest share of profits, even if they are few. Majority of profits will be raked from customers while other sources of income come second. This means that a business has to brand constant customer loyal. This cannot be similar to those who only shop around.

4. Emphasized customer loyalty.
Lifetime membership should have a long term loyalty. This intangible asset has been consistently proven to advance a business. Successful enterprises monetize on this asset over long periods in order to have a market. Loyalty can be rewarded through discounting and offers.

5. Bigger value creation opportunities.
Lifetime membership point towards creation of powerful opportunities, like expansion of market or acquisition of other complimentary services instead of smaller opportunities. This is since the higher limit of the value one can generate from a single consumer will be greater than the higher limit of a basket full of goods.

6. Advertisement and promotion
Lifetime members can promote a business to a higher level. Some businesses have lifetime membership to media houses. The media house has the responsibility to extend its favors through advertisement and promotion of their product. In so doing, the business is widely recognized and appreciated. These elements act as the marketing strategies that ensures the business stays in line.

All in all, lifetime membership should be recommended due to their due advantages over timely memberships. Other benefits include discounted publication, free conferences, corporate benefit subscription, Insurance, Financial services and technology offers.