Third: The business model is simple and straightforward. Every business has its own business model. A good business model can be achieved immediately. The automatic business I made started to make money in the first month. After the Ads was released, there were many customers consulting and paying. And all the processes are very simple. From the customer’s initial understanding till their determination to buy, the whole process does not exceed three steps. Once there were specialist had analyzed that the more complex the business, the lower the willingness of customers to buy, and the simpler the business model, the greater the willingness of customers to purchase. It’s best not to exceed three steps from product selection to customer payment, and your customer conversion rate will decrease each step by geometric progression.
Fourth: Marketing. This is the hardest thing, and it is also the threshold that distinguishes most entrepreneurs. Your strong marketing strategy can represent the success rate of your business. I have heard many examples of good products that cannot be sold. Of course, I personally think that marketing is not so ridiculous, there are traces, there are even reference examples, I once wrote an article called how to make potential customers pay, you can see, basically wrote my core marketing methodology, these methods allow me to create and promote my own business without spending a penny.
Fifth: Products. When I put the product to the end, it does not mean that the product is not important. On the contrary, the product is very important. The quality of the product directly reflects the feasibility of your business. However, fortunately, the business I have created so far is still pretty good. In business, many buyers have even helped me to advertise themselves because they feel that they are really worth the money. What exactly is a good product? Let me decrypt it for everyone. If you are starting a business or have an idea ready for implementation, you can compare your product against the following three criteria to determine whether it is feasible or not.
1. High frequency of use
It means the frequency of use of a product must be the highest among the same type of product, for example, there are some people selling soup in the market, other people sell water, obviously the frequency of people who drink water is much higher than the frequency of people who drink soup, so you may hear a lot of big brands of mineral water, but you rarely hear about any big brands of soup. All these two are used for drinking, but due to the different frequencies of use, they get different results. This is the first criteria of a good product. You can rethink how often your product is used. If you don’t use it for once each year, then I suggest that you can give it up. Another example of high-frequency, the two most popular hotel and traveling websites have fierce competition between each other before, are now they are looking back and discovering that their biggest rival is actually Groupon , a food take-out websites. Very simple, the frequency of people use food delivery is much greater than the frequency of they use hotel and traveling, when the user’s frequency of use is high, the opportunity to add other products will increase, when the user habits were developed, then he will keep it. The frequency of use of the products will be the biggest feature and advanced competition edge that the product itself has.
2. The price
A: high price and B: low price
The high price of a product means that your income is high, the selection of products is too important, and the meaning of the selection is what you choose to sell. Start-up business or small and medium businesses must pay attention to the selection of products, your selection of products determines the life and death of your business, and whether you have the confidence to stick to it. My personal suggestion is if you are selling a single product. The profit of each product is at least 200 dollars and 300 dollars, so that your sales pressure will be much lower. For example, if you want to earn a thousand dollars a day, you can sell 100 pieces with a profit of 10 dollars. Well, the average person’s idea is to sell small profits and sell cheap things, it can attract a lot of people to buy. But I think on the contrary, think about it, if you sell 100 items and you make 10 dollars profits, you will be more tired and more troublesome, and you need to explain your product to your customers. It will cost a lot of time. This is actually a problem. On the contrary, if you only need to guarantee that at least a single order in one day, there will be 100 dollars profits in one order, and even you deal one order in a single week, you can afford it. In this way, you only need to concentrate on solving the problems of a small number of people, and you will become very efficient. The most important thing is that you will be confident because you only need to guarantee one order per day. This is simple! And extra time can also be saved to operate other projects. Of course, there is another one of the most important factors. In fact, I rarely tell anyone! We all remember that apart from considering the cost of products, the time and energy you spend, there is one most important factor in product pricing that is used to filter customers! There is always a 20-80 percent rule in the world, 20% of customers bring you 80% of profits, and the other 80% of customers will only bring a small amount of profit and a lot of troubles. The higher the general product pricing, the higher the quality of the customers that are consuming and the easier it is to understand each other. It will become very efficient and will be pleasant in the later period. The customers who always are preoccupied, I usually give up. My principle is to rather earn less, and never add more trouble. why? Because our time is the most valuable thing, your today’s time spending determines your tomorrow’s development! You only need to spend energy on a few customers and serve those real customers. You don’t have to be exhaustive. Ok! If you use this principle, it will make your range of choices narrowed again and again. This is a high-priced strategy. In addition to thinking about how to make money, you also need to think about yourself.
The meaning of low prices is not the low price of the products you sell, but the high price/performance ratio! For example, to achieve the same goal, customers need to spend 1000 dollars to buy some products, and yours only need 100 dollars here, then you have absolute competitiveness edge. For the customer, it is most important to achieve his goals when spending money, and the process of how to achieve this goal is negotiable. (to be continued)
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