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Duplicated Efforts (Just Another Numbers Game)
Success in business comes from multiplying your efforts and studying the law of numbers relating to all successful businesses. And you must think big. In practical terms, thinking big and applying the numbers game to your business means one of two things:
1) You keep on looking for one-off ways to make a lot of money, such as organising a special event or arranging a single hugely spectacular deal. 2) You look for a regular money-making scheme with one of two essential features relating to pricing: a) Your product is one a lot of people need and will buy. In this case unit profits can be quite low for you to incur a profit. An example is a product you sell by direct mail which attracts £10 solid profit per unit sale. You achieve a 3 per cent response rate, and thus make £30 per hundred names on a mailing list. BUT - essential point - the mailing list is huge. Here, the size of the mailing list is the most important feature of the numbers game.
b) You look for a high value item which might have limited demand but what demand exists is easy to reach. A good example is larger publishers who contract for the sole rights to one of your books. Individually royalties from each book should be in the region of £1,000 per month, or £12,000 each year. You decide to write such a book every month, until ultimately you have ten such books attracting royalties of £10,000 per month, or £120,000 per year. Not millions, I know, but we're only talking about one country. So, next you start looking for publishers in other parts of the world to market your books.
Another excellent example is mailing lists where you have high-value lists of interest to major companies. You charge £150 per 1,000 names to hire your list and ten companies hire all you have of just one list comprising 100,000 names. 10 companies x 100 list segments x £150 = £150,000. Not surprisingly, given the huge rewards offered in the mailing list business, you'll find most successful companies holding or managing hundreds of different lists.
Tyler Hicks considers how every BWB - Beginning Wealth Builder - eventually gets involved win the numbers game. Why? According to the expert: "Because business is a matter of numbers. And if you are building a fortune you will do it in a business of some kind. Let's look at some of the numbers of your fortune:
$1,000,000 = one million dollars = one million items sold at $1 each, or = 1,000 items at $1,000 each, or = 100,000 items at $10 each, or = 500,000 items at $2 each.
Find a way to sell any of the above numbers at the prices given and you will have taken $1 million."
Experts like Hicks recommend that newcomers choose a high-priced product or service that has a large target audience which is also easy to reach. Hicks gives examples of two ideas that are making big money: The first is a newspaper which runs ads. clipped from a number of other newspapers around the nation. Issued weekly, the paper has 1,000 subs and sells for $200 a year. That's a gross income of $200,000 a year, just from subscriptions. And the paper is serving people by supplying re-run ads which contain useful information for the subscribers. To use this idea as a basis for yourself:
Think - what can I offer people in the form of a product or information that will help them and for which they'd be willing to pay me? There must be some item or service you can offer!
The second idea is a school offering a 3-month course that costs $3,000. Some 166 people took the course, giving a gross income (at full tuition) of $498,000! Not bad for three months' work. .....
Now both these ideas point up a concept we believe in here for BWBs - namely good service at a high price to a limited number of people. Why? Because it's usually easier to sell 100 people something at a high price than 1 million people something at a low price! Think that over and it may lead you to your fortune!
Even more, Hicks gives the following steps for creating millions of dollars quickly by selling a product or service:
Decide what you want to sell to others to make your first million.
Pick a suitable price for your item or service.
Figure out how big a market there is for your product.
Start your advertising and publicity campaigns to promote your items.
So what can these high value items be? For example, correspondence courses (£200 on average and plenty of eager customers), mailing lists (approximately £100 - £150 per thousand names), or business manuals (most good ones fetch £50 each for which buyers' lists in the tens of thousands are not uncommon).
STEPS ON THE LADDER TO SUCCESS
£1,000,000 can be viewed in multiples of much smaller sums which helps you to visualise how your fortune will grow. For example, £1 million comprises 10 chunks of £100,000.
Anyone with ten nice little earners can target each for £100,000 annual turnover. Consider, too, the person who has ten books which are sold by direct mail where each 1,000-size mailshot generates £1,000 turnover. Not uncommon and I've had the same results myself. So, all he looks for are ten mailing lists each comprising 100,000 names to mail to. Mission accomplished and £1 million pound profits as soon as mailing is complete.
In reality, many direct mail companies achieve many thousands - maybe hundreds of thousands -of pounds profit from each mailing for every product, to every list. Opportunity thinking means looking for lists large enough to generate orders of £100,000 at a realistic response rate. Four per cent of people ordering 'How to Make a Million in Two Years or Less' would generate £120,000 from a mailing list of 100,000. You see how it works?
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