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More Rich Dad. Poor Dad. Mkt 443 Prof. White Class 4 Why and How Should You Work, Invest, or Own a Business? Buying/creating assets to increase your passive income to support your desired lifestyle. Arranging your work schedule to match desired lifestyle. Increasing your ability to create income at will. Doing something that genuinely interests you, and allows you to reject jobs and opportunities that don’t. Dealing with people you only want to deal with. Feeling/being free of any pressure, other than selfimposed. Not caring about what others think of you. Who Gets Paid First? Who Gets Paid Most? Investors – The Bank – Business Owner(s) – The Asset – Employees Paid Last Business Owner(s) Paid Most Investors The Bank Employees Paid First The Asset Paid Least Dealing with Your Money “Many people are good when it comes to making their money, but are foolish when spending it.” – Rich Dad 5. Exit: Get back original investment 4. Protect: Guard against taxes, crooks, & lawsuits 3. Leverage: How much other people’s time, $, ideas Financial Education 2. Manage: How to analyze, budget, and forecast 1. Earn/create: How to make money Academic, and professional education Leverage Defined Leverage is the ability: To do more and more With less and less Of your own, personal resources. The goal is to become a Powerful Invalid. Leverage O P T O P M O P I O P E All you need is a good idea and the commitment to see it through. Everything else can be begged, borrowed, or stolen. O P W Your Good Biz or Investment Idea You Real Estate Leverage Joe Cash Value $105K $100K $5K Mike Leverage Appreciation Profit Down Pay Invest $5K $10K Value $105K $100K Owned $100K All Cash $90K Mortgage Free and Clear $0 Mortgage $5K Profit = 5% ROI $100K Investment $5K Profit = 50% ROI $10K Investment Modified from Robert G. Allen Media: Finding Your Niche Who Is Your Perfect Customer? Perfect Customers are: Affluent Addicts with Big Mouths who Love You to Death! And, “You only deal with those Perfect Customers who want to deal with you.” So, “Leave a trail where those Perfect Customers can find you.” Customer-First Business Model Test Pre-Defined Customers What’s my favorite fish? What’s my Niche? Am I passionate? Do I have expertise? Select Media Which ponds have my favorite fish? Find Big, Addicted fish--high probability prospects. Decide Message Make Product/Brand Start fishing. What bait are my fish eating? Find a Competitive Advantage. Build Database Stock your Private Pond Media-First Business Model “Let’s Find the Fish.” Test Pre-Defined Media = My Prospects Decide Message Make Product/Brand Start fishing. What bait are Pick ponds with my Perfect, Affluent, my fish eating? Addicted fish? Find a Competitive This is my Niche. Advantage. I am passionate. Build I have expertise. Database Stock your Private Pond About Niches Business Definition: A special, narrow area of demand for a product or service. Advantages: You can create specifically tailored products. You get fast awareness among niche members. It’s easier and cheaper to prospect customers. All you need is 10,000 names in your database/ mailing list. Then you’ll make $500/day by selling just 25 units/day with a $20 profit margin. 25 units/day divided by 10,000 names equals just a .25% response rate. $500/day times 300 days equals $150,000/year. Evaluating Possible Niche(s) Does the niche address one or more of my passions, talents, values, and/or my destiny? Can I easily and affordably contact my niche? Can the niche afford the product or service? Does the niche already buy the product or service? Do I have experience and credentials with the niche? Does the niche have serious problems to be solved? Is there excessive competition in the niche? Do I have a competitive advantage that’s important to the niche? Is the niche large enough to make my desired profit? Finding Your Niche(s) Standard Rates and Data Service (SRDS) List of mailing lists, publications, radio, and TV Media Directories MediaFinders.com; Oxbridge Communications; Gibbie Press Mailing list brokers Compile your own list Sweepstakes and giveaways to capture names Electronic copy of the Yellow Pages Organization and association memberships Niche radio and cable TV stations/programs Internet forums, chat rooms, and blogs Joint venture partners Your current and past customer lists, warranty cards, sales/service records, inquiries, etc. Creating a Powerful Marketing Plan A Guerrilla/Small Business Marketing Plan Understands the business environment in which the business operates. Pinpoints the specific target markets/niches the company will serve. Analyzes a firm’s competitive advantages and builds a marketing strategy around them. Creates a marketing mix that meets customer needs and wants. The Marketing Mix Step One The Target Market -- Needs, Wants, Expectations Step Two The Positioning -- The Story Brand Image & Competitive Advantage Step Three “The 4 P’s” Product ---- Price ---- Place ---- Promotion Grow Your Brand Your Brand is Your “Body of Work.” Your products. Your service. Your reputation: Word of Mouth Your people and partners. Your promotion. Advertising Slogan Your charity Public relations Market Research: Don’t Fool Yourself Market research is the vehicle for gathering the information that serves as the foundation for the business/marketing plan. Never assume that a market exists for your company’s product or service. Market research does not have to be time consuming, complex, or expensive to be useful. What to Research – Nationally and Locally Your Industry: Sales/profit trends, life cycle stage, market share shifts, outlook, threats, etc. Economic Conditions: Disposable income, spending patterns, inflation, etc. Technological Trends: New products, production techniques, customer services, marketing, etc. Legal/Regulatory Issues/Trends: Employment, environment, safety, taxes, etc. Competition: Strengths, weaknesses, barriers to entry, indirect competitors, etc. Quick and Easy Market Research Look: Evaluate things around you. Evaluate new locations by observing vehicle and foot traffic. Visit competitors stores and websites to check prices, layout, customer mix, etc. Monitor ads. Ask: Conduct informal surveys to determine customers’ likes, dislikes, wants, and don’t wants. Take a small group to lunch to discuss your plans. Use telephone interviews. Test: Test everything, all the time.Compare results of different ads, media, and deals. Offer different products and prices to see which pulls best. Quick and Easy Market Research (Continued) Read: Local chambers of commerce, trade assoc.’s, and various gov’t. agencies provide dozens of free publications. The media often provides info on their audience and their buying habits and patterns. Get Help: Local service clubs and government funded agencies like SCORE and the SBA can help. Make it a class project for college students. Use the local library reference desk and online databases. Watch Out: Recognize the weaknesses and biases of your informal research. Only use your research as a general guide. Confirm your findings with the opinions and ideas of successful entrepreneurs in the field and other reliable sources. Customer Service and Relationship Marketing Bad Customer Service 67% of customers who stop patronizing a business do so because an indifferent employee treated them poorly. 96% of dissatisfied customers never complain about rude or discourteous service, but... 91% will not buy from that business again. 100% will tell their “horror stories” to at least nine other people. 13% of those unhappy customers will tell their stories to at least 20 other people. Focus on the Customer Companies that are successful at retaining their customers constantly ask themselves (and their customers) four questions: 1. What are we doing right? 2. How can we do that even better? 3. What have we done wrong? 4. What should we do in the future? Stew Leonard’s Video Relationship Marketing Involves developing and maintaining longterm relationships with customers so that they will keep coming back to make repeat purchases. Small companies have an advantage over their larger rivals at relationship marketing. Requires a company to make customer service an all-encompassing part of its culture. Customers are part of all major issues the company faces. The Relationship Think “Lifetime Value” (LTV). Think “80/20 Rule.” Relationship Strategies Outrageous customer service Selling-up and cross-selling Referrals Loyalty programs Joint ventures Customized products Test marketing Online and offline communities Hog.com How to Become an Effective Relationship Marketer Identify your best customers, never passing up the opportunity to get their names. Enhance your products and services by giving customers information about them and how to use them. Collect information on these customers, linking their identities to their transactions. Successful Relationship Marketing Make sure your company’s product and service quality will astonish your customers. Calculate the long-term value of customers so you know which ones are most desirable (and most profitable). Source: Adapted from Susan Greco, “The Road to Oneto-One Marketing,” Inc., October 1995, pp. 56-66. See customer complaints for what they are – a chance to improve your service and quality. Encourage complaints and then fix them! Know what your customers’ buying cycle is and time your marketing efforts to coincide with it – “just-in-time marketing.” Example Relationship Objectives Ambassadors Clients (Reg Purchases) Customers (First Purchase) Prospects (In Database) Target Market (Suspects) 10U/Week +10 Referrals/Wk 50U/Week 25U/Week 10,000 1,000,000 Decide Your Business Emphasis Pick Any Three Squares Similar to Competition Product/ Service Customer Service Relationship Unique from Competition Absolute Best Overall Contrasting Marketing Models Image Based Awareness/Image Promotion Shopping & A Sale Undefined Market share Database/Response/Relationship Based Direct Response Promotion Response • Sale • Inquiry • Subscribe Database Private Target Market • Lifetime Value • Custom Programs Customer Information Collected for the Database Sources of Information Inquiries, newsletter subscribers, and requests for samples/freebies from ads and website Online and offline surveys Warranty cards Coupon redemptions Rebate applicants Sweepstakes entrants Types of Information Name Address Telephone/fax Email address Credit card Purchase history Source of sale, contact, initial awareness Income Occupation Product ownership