I just finished reading Marketing superstar. an awesome business book. turns out I have a lot to learn since I have done a lot of things incorrectly. like pricing. one chapter talks about the 7 growth levers. They are:
1. Introduce new products and innovate
2. Add new user-end customers.
3. sell new applications of existing products to current customers
4. reduce customer attrition.
5. Raise prices
6. Light candles and pray that market demand rises.
7. Acquire companies.
Another chapter that was very useful was the ch 6 about segmenting your customers into ok and not ok/ sophisticated/ unsophisticated. Basically ALL customers fall into these categories and what you want is all “ok” customers. – they are customers that you are happy with and that they are happy with you. The not ok customers are ones that are unpleasable OR cost way too much to please. people who want everything for nothing. sophistication deals with how much knowledge the customer has about the product. For example a computer analyist will be very sophisticated when they go to purchase their own computer. The more sophisticated will be able to argue down prices and so you will make less of a markup but will likely have larger volume since they buy more products.
the chapter about 15 marketer knowhows and other parts of the book are also great. I will need to study them more.
I got the abridged version and I thought it was very cool and interesting. the idea of buying antique furniture is one I never thought of before. All of the research and facts is what makes this book truely unique. Not a bunch of statements proposed as facts that are just hyped opinions or unique cases.
One thing that was surprising was that some of the people make HUGE amounts of money a year. In my opinion, If you make that much you should be a billionaire!!! Not a millionaire!
1/3 owner a business – richest
1/5 top corporate executive – 26% decamillionaire
90% college grad
50% advanced degree
Only a few are top of their class most likely a b/c student
Personal Factors for Success Top 3 – Honesty, Discipline, Social Skills
If I were to give myself a grade I would say:
Honesty – 94% (On a curve – 99%)
Discipline – 80% (on a curve – 90%?)
Social Skills – 60% (on a curve – 70%?)
I think my honesty is fine. My discipline needs some work but I actually have a plan for this year so at the end of this year I should be able to be at 90-98%. I need some work on my social skills. I do fine at social parties and casual conversation but I respond to confrontational people with confrontation. And when not at a party I could use more conversational skills. Like seeing an acquantance at a restaurant or grocery store. I also need more skills at discussing difficult things. I am unusually bad at delivering bad news. I can be extremely straight to the point and harsh or I say nothing at all. I don’t know a midpoint.
Other personal factors (not top 3 but rated higher than in normal population) – Integrity – I think my integrity is pretty high. I generally do what I say I will do, even when knowone is looking, or I don’t have to. The only exception would perhaps be when another person implies, but not dirrectly saying, that I need to do something that I don’t want to do, or that is not in my best interest. But if they dirrectly say “I want you to do this” I am honest about if I will do it or not.
I will get the unabridged version of this book soon.
Last night I read the begining of the marketing chapter.
*people buy things due to Percieved needs As opposed to actual needs.
*percieved needs are actually unconscious
*being unconscious, generally no one knows these needs.
*when people have decided (unconsciously) that they want something, they then look for conscious logical reasons to justify the purchase.
I vaguely remember from a psychology class that all human problems stem from:
- loss of self love
- loss of love of another
- loss of loved one
- loss of self
so I guess that if these are what causes craziness in humans then what causes health must be:
- loving your self
- loving and being loved by another
- gaining a loved one
- having a strong sense of self
I also remember that humans work is important but I think that goes with the other things – self love and gaining love from another.
So when I think of my marketing I need to think of all the reasons that buying my products will help the customer:
- gain self (identity)
- gain self love
- gain loved one (someone to love)
- gain love of loved one (someone who loves you)
- with this in mind I should display my products in a nice elegant home showing people happilily being entertained by the owner. Probably 2 people laughing and maybe even touching the owner on the arm. I am not sure how I could get this done though. I don’t have a budget for staging photos.
aT least that is what someone told me the millionaire mind (stanley) said. So I am going to try it. I wonder, if I read 2 non-fiction books a month will I make 2 million??? And does listening to an audio books count???
I read lots of non-fiction. In fact, it is all I read. But I often don’t finish the books. Just read a little here and there. with this goal I will finish the book then report on it.