Income Producing Assets: Whose Says Only The Traditional Ones Are Valuable! Part Two
Entrepreneur take a close look at your current income producing assets only. If you were to attempt to turn them into assets which could ultimately be converted into cash. (Say within the next 40 hours, (5 business days) or less.
Would the vast majority of them sell for extremely close to their current retail value? Or are we really talking pennies on the dollar? You definitely need to be brutally honest here.
One of the biggest problems/challenges you often see with starry eyed, profit seeking entrepreneurs is. For whatever reasons, they love to grossly over inflate both the currently available money making opportunities in their particular niche.
As well as over estimate their true current skill level needed to continuously prosper. (Okay, I’ll definitely plead guilty as charged to this one too! 😎
But grossly underestimate the daily challenges which need to be addressed head on. And ultimately the overall net result is fairly predictable, right?
Ladies And Gentlemen Successfully Growing A Small Business Or Service Can Be Or Become Extremely Hard! (Or Fun And A Whole Lot Less Work!)
It will be presumed you prefer to have fun! Help your tribe by constantly over delivering some value driven content, correct? (Me too BTW!) All while earning a darn good income in the process. Since we’re all on the same page.
Let’s pull up the hood and have a closer look, okay? Take a look at the featured image for this particular post. Because yours truly is totally clueless about the cost of medium and extremely high wines. 😀
Strictly for hypothetical marketing illustration purposes only. Let’s say that particular dinner wine is extremely high level. (Not to mention incredibly popular as well.) And therefore typically retails for $60 – $80 dollars a bottle.
Because of the industry standard 200 – 400% markups in the upscale four & five star restaurants. Suppose a customer, (be it individual or couple etc.)
They spend at least $125 dollars, X or more. They like you probably don’t expect anything extra. At no additional cost, correct?
How Much Positive Marketing Exposure Can You Buy For A Mere Investment Of $2.000 Dollars?
On the surface. If you or I were to invest $2,000 dollars in traditional advertising/promotional campaigns. Of course even at $1.00 dollars per click. (Which would probably be slightly above your average cost per click.)
But that would generate 2,000 clicks. Your challenge there is still two fold.
1.) First: You definitely need to have a market tested conversion page already in place. Otherwise you risk the extremely high probability of wasting your paid traffic.
By sending them to one of your pages that doesn’t convert into your desired results the vast majority of the time.
2.) Second: If you’re not attempting to capture at least a percentage of your traffics opt in email information. This way you or your major competitors can inexpensively and systematically follow up with your ideal prospects.
Otherwise you run the risk of 97-100% of them never returning to your site. And your X dollar investment in your PPC (Pay Per Click) campaign is down the drain.
(It happens for more often than you think. Especially among first time professional advertisers. Who think they can master the paid medium simply because they have a professional credential of some kind.)
Ladies And Gentlemen Don’t Or Stop Settling For A Dismal One To One Return On Your Advertising Or Marketing Dollars!
Quickly getting back to the previous example. Since the four or five star restaurants’ customers. At least some of them anyway. The ones who routinely spend at least $125 dollars on their meals or more.
They probably at some point. Will or already have invested in some extremely high end retail appliances, right? Which is “why” the extremely marketing savvy retailer will gladly pay cost for these bottles of wine or extremely high end bottles of mid or extremely high level champagne.
And just have the high end restaurants give away you or your major competitors extremely time sensitive discount coupons. To every customer who spends over $125 or X.
And they can bring it to your store before the ten or X day expiration date. However, simply for dragging a friend with them. Whose at least 18. Before the ten or X day expiration date.
And they join you or your major competitors opt in email list. They automatically get either a mid level bottle of great tasting wine at or just 10 or X% above your actual hard cost.
Strategic List Building Is Definitely A Proven Long Term Marketing Strategy!
And as long as their guest also joins you or your major competitors opt in email list before they leave your store that day. They too automatically qualify to by a mid level bottle of wine or mid level champagne at or just above your actual hard cost.
Otherwise, if for whatever reasons, they don’t want to join your list. They only save 10% or less off their total purchases. If they’re an active wine or champagne drinker.
Rest assured ladies & gentlemen. A certain percentage of those guests will definitely want to take advantage of this market tested, extremely time sensitive offer.
And you or your major competitors won’t have to constantly spend retail prices. To systematically generate those guests, right? At least a portion of those savings can and definitely should be re-invested back into your business or service.
This way your business or service can and will gradually grow exponentially. how’s that for some potentially profitable income producing assets?
Ladies And Gentlemen Stop Letting Potentially Profitable Opportunities Go To Waste!
P.S. Now as is customary during this part of our show. Please share your extremely valuable comments (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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