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Ready, Fire, Aim - Coggle Diagram
Ready, Fire, Aim
5 Magic Wands of Business Genius
Coming up with new and useful product ideas.
Selling those products profitably
The Optimum Selling Strategy
Where are you 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?
Test away from it - What other products can we sell? How can we make the offer more enticing? How can we make the advertising copy more compelling? What other media should we test?
Look at industry norms when it comes to channel selection.
Test Creative & Copy, you must remain the Master Marketer.
Find Product From Trends, Ask them how they sell/market their products, Look for the average competitor price and test it.
Determine LTV with no Data - It will be 50% to 100% of initial purchase price.
Mastering Copy
Must Know Concepts
Difference Between Wants & Needs
Difference Between Features & Benefits
How to Establish a Unique Selling Propositon
Make the product BETTER or SEEM BETTER.
Niche, Faster Service, Better Price, Superior Quality, Convenience, Personal Service, A Better Guarantee
Keep your USP updated & fresh.
3 Aspects of a USP
Usefulness
Conceptual Simplicity
Appearance of Uniqueness.
Doesn't have to be unique only to you, but only to seem so.
How to sell the USP
The Big Promise
Specific Claims
The Big Idea
Proof Of Those Claims
Managing Processes and Procedures Efficiently
Finding Great Employees to do the work
Getting people, procedures, products and promotions going.
Coming up With Ideas > Selling > Managing Systems > Developing Superstars > Taking Action.
4 Stages of Business
Stage 1 - Infancy: 0 to 1M$
No idea what you're doing, you need to make a first profitable sale, the opportunity is to achieve a minimal critical mass of customers.
Mentoring and Being Mentored
Not Afraid to Ask Questions, Having Multiple Mentors, Books & Seminars, Asking Up,Down & Across the Value Chain, Maintained the Relationships with Gifts and Appreciation, Taking Responsibility for Decisions you Make.
Teaching Your Team
You will determine the ORG Structure in Phase Two, For Now make sure everyone understands what they need to do and that Selling is No. 1
Make your Lessons Two Sided, Document the Shared Info, Don't limit lessons to success, do it for failures as well. Don't create cliques and politics, share your knowledge with everybody.
Setting Business Targets
CMQC - A target number of qualified customers who will make marketing efforts profitable.
CUSTOMER SERVICE & EXPERIENCE
Understanding FROND-END & BACK-END MARKETING.
The purpose of the front end is to acquire a customer, the purpose of the back end is to create profit.
Stage 2 - Childhood: 1M to 10M
You are breaking even or losing money, your challenge is creating many additional and profitable products quickly, the opportunity is increasing cash flow and becoming profitable.
Make products similar to your original - If it works well the first time, do it again.
Ideas which are One Step Removed From Your Current Biz.
Tipping Point Ideas.
New Markets = Tipping Point Products > Tipping Points = Hot Products which are Better > Tippings are used for Front End.
Product Cube - Price 3x, Product Type 3x, USP 3x
Brainstorm with a group of creatives.
Minimum 3 and Maximum 8 People, 1 to 3 Hours, Establish Goals, High Standards, Equality, Specific Rules
No talking in generalities, no specific criticism, focus on the positive, control the conversation, create a culture of creativity.
The sesh is recorded & Any Tipping Point Idea made gets an advertising piece that encapsulates it written in 24h.
Businesses should be Antifragile, Good Stress is Necessary for Growth.
Create a culture of Innovation
Encourage Mistake Finding & Idea Finding for every aspect of the business not only new product creation.
Growth = Innovation * Speed - Test, test, your ideas.
Love the ideas, hate sluggishness & love the process.
Ready, Fire, Aim
Ready
Is the idea good? Does it feel like it will work? Are the sales targets realistic? Can we afford to test? Do we know the basics that need to be done? Are there people to do it? Is there a plan B or an exit plan?
Fire
Two things stop Firing - Desire for Perfection & Little Chores.
Aim
Treat your customer how you'd like to be treated as a customer.
Golden Rule > Rule of Gold, Improve products how your customers want them improved, no incremental product degradation.
Not the worlds best watch for 39$, but the worlds best 39$ watch.
If a produt fails to sell, trash it. If it sells, improve it.
Marketing Myths: 1. Sell only commodities aka NEEDS 2. Don't charge much 3. Make things better but don't sell them.
People buy on WANTS - PERCEIVED VALUE, Not INTRINSIC VALUE.
More Profits
More Customers, Higher ACV, Higher Price.
Split Front end And Back End Marketing - 2 Teams
2 more items...
Advanced Marketing - Customers Only Care About Themselves, Who is the Big Spender Persona?, Differentiante FEEL GOOD & NEED Marketing
15 more items...
Biz Plan
Not Longer than 4 Pages, Answers READY questions, Rough Financial Projections, Identifies Critical Tasks, Identifies Key People, and sets Timelines.
Stage 3 - Adolescence: 10M to 50M
Your systems are strained, you need to turn the chaos into order, the opportunity is to learn how to establish successful protocols and manage processes and procedures.
We are adding professional CORPOS to the game, creating organizational structures.
You want 3 reports monthly from your professional managers, and you should read them and give them respect. - Don't only look for them when they are erring.
Marketing and Product Dev MUST still be run entrepreneurially.
Innovation & Speed. Ready, Fire, Aim.
Separating the Growth Side of The Business from the Control Side of The Business
Connecting the Growth and Control Side so they can both function to support one another as you grow.
Becoming a Corporate Leader
Controling Operations
Professional Managers to run Operations, Intrapreneurs to run profit centers.
Managing Your Managers
Never criticize them in front of their people, choose good loyal managers, whom you have great rapport with, don't criticize them directly phrase it as a question.
Communicating your vision
Company wide emails for vision, close meetings with profit centers, written notes to key people.
Networking for your joint ventures
Negotiating deals
Have a range of what you think is fair, either accept or don't. - Always do your homework so you understand that range.
Being good at hiring
Stars & Superstars
The employee will talk about you, how they can help etc.
The 3 Bugs
Bottlenecks - People OR Procedures that slow things down.
Bureaucracy - System OR Protocol that exists independent of the core purpose of the business.
Politics - Destructive dynamic that results when people pay more attention to power than profit.
Make sure that Profit Centers are FREE MARKET MANAGED, let the weak die and strong survive. Keep no secrets.
Stage 4 - Adulthood: 50M to 100M
Sales are slow, you need to become entrepreneurial again, and the opportunity is to get the business to run itself.
When you hit Stage 4 - It is best to become an Advisor or Wealth Builder.
Essentials of an Entrepreneurial Business
A seller, an improver, an organizer & a pusher.
During early stages it should be like this = Selling > Pushing > Improving > Organizing
Every time your business changes, so must YOU.