Saturday, November 19, 2005

[Biz] Promotion, Money Making factors

These are some highlights from the seminar yesterday:

Promotions should be simple. They should directly say what you’re offering the customer. Word of mouth is the most important thing to focus on. And a brand needs to have a story.

Businesses need yardsticks, help & fans.

I need to ruthlessly implement a Learn-Plan-Act cycle. So, yesterday I bought a whiteboard. It will help me.

There are 5 factors you can adjust when it comes to making money:
Prospects (all the people you could sell to)
Conversion (what percentage of people buy from you)
The Number of transactions each buyer makes in a year.
The Average Value of a transaction.
Your Profit Margin on each item.

Those five factors are taken from Brad Sugar’s book Billionaire in Training. I’ll have to post my notes from that sometime soon.

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