Your main customer dropped you? Your most important employee suddenly quit? Your building burnt down? Set up a ready, fire, aim business proposal. . It should: be more than one page, but review no longer than four. Include ballpark financial projections (including costs). Identify a project champion and key support people. Include a timeline for major tasks to be completed.
Adopt the trunk principle of Accelerated failure. . by accelerating your failures you also accelerate your successes. . Establish a company culture where it's okay to fail. Getting ready The first step of the ready, fire, aim concept is to get ready. . The first step of getting ready is to have an idea for a good product. A good product is a product that provides a big benefit to the customer. Next steps are to ask yourself if your sales targets are realistic, whether you can test the idea, whether you know the basic tasks that need to be done, whether you have the right people who can do them, and do you have a plan. To create a plan b, ask yourself questions such as the following ones and come up with a survival plan in each case. . What would you do if: your cost of goods suddenly increased by 15-percent?
The cube has three dimensions: Price (inexpensive, moderate, expensive) Product type (e.g. Golf clubs / golf paraphernalia / golf balls) usp (e.g. You have three golf pros that can endorse your product: Tiger woods, bubba watson, joe bailey) Hence you have 3 x 3 x 3 27 possible products. When a brainstorming session comes up with a good new idea, immediately write down a short advertising piece that encapsulates the idea. . Immediately articulating the idea will ensure that it doesn't get forgotten or watered down. Speed you stage Two growth will depend not only on innovation but also your velocity: your ability to generate and test new product ideas quickly. The best way to test new products is on your existing customers. Most of your new product tests will fail. .
Great Expectations Summary gradesaver
In short: The secret to breaking into new markets or reviving a sluggish business is to create tipping-point products. The secret to creating tipping-point products is to find hot products in rising markets and come up with a way to make them better. You need tipping-point products for your front-end marketing, but you meaning can profit from selling ordinary products on the back-end (as long as you make an effort to sell them to your existing customers). Note: being first to market is not a good idea. . First versions of a product are often not very good. . It's smarter to aim to catch trends when they are already rising and to be second or third to market, but with a superior product.
But how do you go about creating a tipping point product? . Work as a member of a creative team; don't fly solo. . Encourage creative brainstorming within your team. Engage at least three persons (and a maximum annual of eight) in the brainstorming (two doesn't work: one person says something, the other says another, and the conversation gets into a rut with entrenched positions. . Three persons ensures that the conversation never gets stuck). . Set a time limit and establish goals. You can come up with new product ideas by using the magic Product Cube. .
When you start a business, your top priority is to collect as many qualified customers as you can as quickly as possible. . you do that by discovering the oss for your lead product. Then, to generate profits, you sell back-end products to those customers. The key to Stage Two growth is product innovation. . Malcolm Gladwell in his book the tipping point shows that product innovation should be evolutionary, not revolutionary. .
your job is to be sensitive to industry trends and to develop new and better versions of products that are already trending upward. . For example, the ipod and the iphone are not revolutionary products; they are just better versions of an MP3 player and a mobile phone. Now back to the discussion about front-end and back-end marketing. . you cannot bring in new customers in a competitive market with an ordinary product. Therefore, for successful front-end marketing you need an innovative tipping-point product. . The good news, however, is that back-end products can be very ordinary, because you already have a relationship with the clients and they are much more likely to buy from you.
A clash of Kings (a song of Ice and Fire, book 2 george
Tested all of the above - media, offer, and copy - repeatedly. In short, you will have figured out the oss for the lead product of your business. . by the end of Stage One, you have become a successful one-product-company. The primary factor to enable you to grow 10-fold (Stage Two) will now be the development and marketing of new mba products that you can sell to your existing clients. Understand the difference between front-end and back-end marketing. Front-end sales are those that come from new prospects (people who have never bought anything from you before). . Back-end sales are those that come from your existing customers. The purpose of the front-end sale is to acquire a new customer.
The difference between features and benefits (your copy should explosion focus on the benefits ). How to establish a unique selling proposition (USP) for your product ( highlight a single benefit above all the rest ). . There are three aspects of a solid usp : The appearance of uniqueness Usefulness Conceptual simplicity how to sell the usp. All effective sales efforts have four components : The big Idea the big Promise Specific claims Proof of those claims From Stage One to Stage Two by the end of Stage One, you should have successfully: Located your core market (where your best customers are). Figured out the best media to reach them. Determined the best price for your lead product. Identified a usp for your product. Tied that usp into a big Idea. Used that Big Idea to create compelling marketing copy.
going to find your customers? What product will you sell them first? How much will you charge for it? How will you convince them to buy it? Creating great copy, creating advertising copy is an essential part of the job of a ceo. . Don't delegate this out; do it yourself; as founder and ceo you know your product best. The four marketing concepts you need to know to create great copy are: The difference between wants and needs ( you are in the want business, not the needs business).
The supremacy of Selling, the author states that, rule number paperless One of Entrepreneurship is the supremacy of Selling. . Put differently: Without sales, it is very hard to sustain an ongoing business. A ceo should spend 80 of his time, attention, and energy in the selling process. Big Mistake that most "wannabe entrepreneurs" make is to do the opposite: they spend 80 of their time on ancillary activities such as setting up an office, designing logos, printing business cards, filing forms, refining the product, etc. Rule number Two of Entrepreneurship is that there is a direct relationship between the success of a business and the percentage of its capital, temporal, and intellectual resources that are devoted to selling. The title of the book, ". Ready, fire, aim describes what the priorities and sequence of activities of a ceo should be: Get the product ready enough to sell it, but don't worry about perfecting.
SparkNotes: Great Expectations: Plot overview
Ready, fire, aim is an excellent book that describes the lifecycle of a company from startup to mature company and the management decisions and styles that are appropriate for each stage along the way. Ready, fire, aim: Zero to 100 million in no time Flat, by michael Masterson. The four Stages of Entrepreneurship, there are four stages of entrepreneurial growth. . It is important to understand which stage your company is in, and to focus on the main Challenge of each stage. The two key ideas are: In Stage One, the most important thing is selling; In Stage Two, the most important thing is creating new summary products. In Stage Three, you need to turn your chaotic growth into order. In Stage four, you need to become entrepreneurial again.