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Why Product Selection Is Fundamental and How It Can Save Your Business | 18 September 2008 |
Warren Buffett said that, "In the business world, the rearview mirror
is always clearer than the windshield." There is nowhere this is more
relevant than in the world of home businesses. All too often the small
home business finds themselves trying hard to squeeze as much revenue
as possible from whatever product they are promoting at the time.
Intent upon not wasting a dime, so much time is invested in milking
that product for all its "potential" that it ends up costing the life
of the business.
So how is a business supposed to avoid this pitfall? After all,
practicality rides at the forefront of all home business owners - it's
not like you can afford a mistake. However, the mistake that is made
is one of conservatism. While focus is important in business, so is
diversification. Business wealth is not made by putting all of your
eggs in one basket; rather, wealth is accumulated best by diversifying
your revenue streams.
Of course, the common response is, "but I can't afford the cost of
delivering more than one product!" If this is the response that comes
to mind then for shame - if success was for common mind then the
success stories would be as common as rain. If your product costs so
much to deliver then you already have stiff competition when it comes
to larger distributors, or even worse, a lack of demand. Personally
the way I've found to combat this income-killing scenario is to not
deal with products at all.
Instead, I deal with free samples.
Now I know you're thinking that free samples are only effective if you
also sell the product, but again you are thinking like someone
ordinary. The extra-ordinary have discovered that free samples can be
so VALUABLE to a company that they pay when they are delivered to
their customer base. Hard to believe? Then you fail to understand the
importance of the "hands on experience" to customers. It is often the
difference of making and breaking a sale, and the companies that pay
to distribute these free samples are successful enough to know that.
Of course, free samples are more than Bon-Bons in boxes and little
packages of Pert Plus, free samples can be digital as well. If you
have a hard time figuring out how, then pick up a fiction book and
flip to the back. More often than not you will find a "preview" of
another the book the author is publishing, and at the end is a way to order it. While this might seem clumsy, it certainly drives sales. The same goes true when you send digital content over the internet. Give someone just a taste of some info, or perhaps offer them a test-drive of how something works and you can almost guarantee the sale. If you don't believe, then you have to check out just how exactly some of the best in the business have gotten this done by going here. This model has been creating success story after success story, so it isn't it about time you took it for a test run?
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1001 Ideas: Teach Businesses To Do E-Business |
10 December 2007 |
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If you can teach businesses how to accept checks from customers over the Internet, or by phone, fax, e-mail, or web form, you're on your way to a healthy earning opportunity. It's fairly easy to do, and fairly easy to teach, and with a good ad, you should be able to develop a good second income. If you've never done this before, there are tutorials on the Internet, and books in your local library.
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