Kamis, 03 April 2008

Seven Strategies for Success

by Henry Gibson

Seven Strategies for Success By Henry Gibson

I won't mess around with a long introduction here as I'm eager to get straight to the point. I have come across seven strategies which, effectively, take existing resources and apply them in new ways. You can do these things within your own business, or by using what already exists in another business - either way you can profit.

1: Any form of expertise can be transformed into profitable training. Inside every company's employees is a wealth of knowledge and expertise that goes untapped. Whilst at one high-tech firm selling networking equipment, I quickly realised that customers desperately needed to know what the company's support staff knew - that is why they were calling support. I knew of another company which had more experience of this than any other in the country. So, along with this company I assembled a training program which we sold to our customers for $1500 a head.

Every $1 spent mailing customers brought in $8 in sales. Before the company did this we were not in any way in the training or seminar business, but the training provided an extra revenue stream for us on top of our own company sales.

2: Licence something that you already have (or do) to another company. Taking the above for example: once this training system was in place, we sold it to a major trade organisation who, in turn, sold it to their 300 member companies (with a commission paid to us, of course).

3: Tollgate joint ventures. If you are a consultant or freelancer who has friends who run a "real business", you can licence their knowledge to others and keep some commission for yourself. This is what is meant by Tollgate Joint Venture. The basic essence of this is that you make it easier for the parties on both sides. If you make anything easier for people they will love you (and pay you) for it.

4: Customer re-activation. I know a man who, whenever he wants to make the odd 40 grand, will work out a 'customer re-activation' strategy with a local company. All he does is take that company's old customer files and sends out mailings which get those people back in the door. His cut is 100% of their first purchase. This can be highly profitable if you do it for yourself, or for others.

5: Re-niching or sub-niching a product. For example; do you remember the "Chicken Soup for the Soul" books? Well how about 'Chicken Soup for the Sales Executive', 'Chicken Soup for the Hotelier', 'Chicken Soup for the Motor Mechanic', you get the picture? The list is endless.

6: Selling leads for commission. Affiliate marketers and Google Cash guys do this for a living, but that's not the only place you can do this. For example; I know someone who asked the president of a major national company how much money it cost him to acquire a new customer. He said it cost him around $50,000 to get a new customer. My friend said, "What if I could get that down to £15,000?" He said "That would be great". After that it was just a matter of generating the leads.

My friend worked out that if it took 100 leads to get one customer, then a lead would be worth $150. He sent the company president an action plan which he signed and the deal was struck. In order to sell leads you only need to find out what one is worth. If you're good at marketing you can even get the lead for a lot less than it's worth to your customer.

7: Compete with yourself. All the experts will tell you not to do this, I say do it like mad! For example; most prevailing Google advertisers occupy not one, not two, but three or more positions on the search engine page. One is their main or original position, and the others emphasize different things; high levels of service, lowest price, quickest delivery time, etc. This hugely increases their market share.

If you can utilize one, or more, or preferably all - in, for example, a consultancy business - of these strategies you will find yourself not only constantly in demand, but also constantly in profit.

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