So Who Says Your Current Or Future Hidden Assets Have To Cost A Fortune In Order Benefit From Them?
Will you please be brutally honest here? more than likely you probably find it hard if not impossible to believe. At this particular point in your entrepreneurial journey. Your business or service has any type of (so called) hidden assets and or resources.
Which given a little practice and patience you could ultimately monetize, correct? Entrepreneur this is completely understandable. Given the fact for the most part.
You along with a staggering 90-97% of your current and future competitors practically all think. The only potentially monetizable assets or resources you have direct or indirect access to are currently located on your profit & loss statement or your completely filled out balance.
For the current and future sake of your bottom line. Let’s move just beyond the obvious and or traditional definitions, okay? Because by doing so you and or your major competitors are about to have your creative marketing minds pleasantly expanded. Are you up for that?
Sadly Far Too Many So Called Cash Flow Problems Can Be Ultimately Traced Back To Lack Luster Marketing Or Promotional Skills!
Have you heard the analogy about the two guys driving across the desert on one of the hottest days of the year. With absolutely no air conditioning whatsoever. Finally the guy sitting in the passengers seat rolls down his window. And eve though nothing but an incredibly uncomfortable hot breeze is blowing.
He commends “look at all that cactus.” Ladies & gentlemen “what” did the driver see? Las Vegas. The point being right now. Maybe in terms of your business or service. All you primarily see is the cactus. Translated: the current problems and ongoing challenges.
But with an ever so slight potentially profitable marketing perspective shift. You will start to see “Las Vegas” meaning the long term gross profit generating potential.
Or maybe you can better see and appreciate it in some of your current or future JV (Joint Venture) or cross promotional partners current or future marketing strategies or tactics.
Ladies And Gentlemen So Called Hidden Assets Don’t Automatically Have To Mean Fancy Or Expensive!
Strictly for hypothetical marketing illustration purposes only. Let’s take your single location, non franchised gourmet coffee shop. And for further hypothetical marketing illustration purposes only. Let’s say your shop along with a popular, non franchised local printer as as well as an incredibly popular women’s arts & crafts store is currently located in the same mini strip mall.
And all three of you are on a first name basis with one another. On the surface i may not initially appear to much potential profitable just sitting dormant.
But rest assured entrepreneur it most certainly is. But just like successfully mining for anything meaningful. It’s all in “how” you or your major competitors systematically go about extracting your treasure.
It’s definitely gonna take some ongoing marketing elbow grease. Before your consistency appears and remains and starts to really flow almost effortlessly. (Or so it would seem.)
So imagine “what’s” likely to happen “if” or when you or your major competitors were to initially offer the owner(s) of the outrageously popular ladies gift shop.
Your Best Long Term Marketing Or Promotional Strategy Is To Keep Your Options Open!
A free twenty or X pound sample of the gourmet coffee of their choice. (say what?) Plus provide them and all of their current and future employees, bookkeepers as well as their current and future vendors.
Free Xta large “Big Gulp” plastic mugs. And whenever they bring the cup with them to you and or your major competitors shop. Instead of paying the current retail price of anywhere from $7.79 – $9.79 or X per cup.
Instead he pay the VIP (Very Important Person) grandfathered in discount price of just $1.99 – $2.79 or X per cup. (Some extremely low price which creates a ton of ongoing viral, positive word of mouth and mouse activity.)
Which you know will trigger at least the following bare bones minimum of three things.
Entrepreneur Once Or As Soon As You Discover And Put These Previously Hidden Assets Or Resources To Work For You! ( The Less Long Term Cash Flow Challenges You’ll Have!)
1.) First: A certain percentage of these recipients will definitely convert into long term repeat customers. Who now have a pretty darn good reason to start frequenting your shop at least three times per week. (Over 52 weeks a year. As opposed to them previously only visiting once a week or perhaps three times a month.
2.) Second: They’ll spend a little more on pastries, donuts, bagels with cream cheese. A bakers dozen of this or that. Your extremely great tasting cookies or exotic but great tasting muffins etc.
3.) Three: And of course they’ll take you or your major competitors “Big Gulp” plastic mug to either their job or if they own their own business or service. They’ll take it with them. And you know at least a certain percentage of those who see it. Wil ‘ask” what’s he deal with the Xtra large cup, right? Bingo.
And they’ll also be constantly texting and jumping on social media bragging about the super deal you or your major competitors are offering.
And of course the same previously untapped marketing possibilities apply to the local printer and potentially other non directly competing vendors in your immediate area. Which you or your major competitors will “discover’ coming up very shortly in part two.
For now are you starting to better appreciate the potentially profitable hidden assets and or resources available to you? I sincerely hope so.
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Hi Mark,
Good point on many income problems linking to poor marketing. One billionaire noted how the most common business problem is using the right channels to market good ideas effectively. Many solid business ideas appear to be out there but only a few take the concepts to market by distributing ideas successfully. You need to target and leverage exponentially over the long haul or you are toast.
Ryan
Ryan Biddulph recently posted…What’s Stopping You?
That proven advice is so spot on coach.
The only real continuous shortage seems to be a lack of consistent
genuine effort on the part of aspiring entrepreneurs.
If consistently wishing things into being were a proven strategy. Far more so called aspiring
entrepreneurs would be outrageously successful, right?
Thanks for always adding some real mental fuel to the various conversations.
And it’s always great to see and hear from you coach. Continued success.