AS 56: My Simple Tips for Winning in Business
16 Sep 2016
AS 56: My Simple Rules for Winning
These are rules I hold and learned thus far in business – and which I use when making decisions.
Rapid iterations while staying focused. If you don’t reiterate on your product, you allow your competitors to build better products than you
Stay focused (yes mentioned twice) – By staying focusd, it means you are not working on too many things. It means you are here to build the brand, and not just sell products. It means you have set goals both long term and short term and tracking metrics along the way
Work with only top notch talent. The talent you work with dictates the outcome. Many people today have the same ideas, but all different executions. Different ideas
Good product + good marketing. Having a solid product means less customer service. It means more word by mouth. Good marketing allows the world the ability to buy that product. Both equate to the brands you know of today.
Customer feedback into implementations. This isn’t emphasized enough. In fact, many people say when you want to build a product, look at the reviews of a similar product and iterate on their 1 star reviews. I say, you need to being doing that right now, and before your competition takes advantage of your weakness.
Success isn’t overnight, its passive persistence + diversification of businesses streams. Whatever your’re doing right now, there shouldn’t be just one stream of money flowing in. If you’re an entrepreneur, you well know that one source of income can dry up tomorrow. They say the average millionaire has at least 7 sources of income.
Say no to small ideas / small projects. Denying small clients, small ideas allows you to focus on big ideas which equates to bigger rewards. During my software development years ideas, I would take on smaller projects. The problem was, this was my time that I was using. Whenever I was building for a client, from startups to fortune 500 companies, there was always that small ounce of regret, that I was trading my time for a fixed amount of income. Although it was my business, I understood there was a limit to what I was doing. Small ideas and small projects is the slow lane to making significant wealth.
The key is building authoritative sites/products. Sites that dominate the playing field versus niche based sites. Build sites and products that last. One of my early mistakes, and major lessons was spending a ton of time, energy, on something that I thought was awesome. I was building a website based on a video game. It was during my college years and slightly after. The site grew very fast, hitting over 80,000 unique visitors a day. This was because I had figured out how to get into Google News, and it started syndicating all of our posts right next to CNN and ABC news articles. The problem was, it was just a video game site. As soon as the video game got old, the branding was off, as it was related to that video game. Very quickly the uniques went a way. Very quickly the ad dollars turned off.
Don’t build ad dollar based companies. In my experience, the value ads continues to decrease while you should be looking for other monetary income sources. I think the secret here, is if your monetizing off an ad, it should be yours, whether for a book, a educational course, webinar, or whatever your selling. Ad dollars are like affiliate dollars. They don’t make significant wealth, and that’s what we’re trying to do.
Learn every day. Push the brain to expand and think on deeper levels. I love this concept that we can evolve based on what we take in. It reminds me of Harry Potter, and the sequels created by JK Rowling. Much of the world fell in love with those books because of the simple concept that they could learn and teach themselves magic and apply it to their every day world. I believe that learning is equivalent to the magic in Harry Potter. The knowledge you intake, and how you use it, is like using the impervious charm. It’s gives you skills, strategies, and power over your life make things happen.
Design is equally as important as functionality, if not more important. I say this because think Apple. Apple’s functionality is solid. Don’t get me wrong. But their design is what created their brand. It’s what created the billions of people on earth to follow every word Steve Jobs spoke. It’s the look and feel of the product and makes their customers wait in line days before to pay MONEY, to buy in object, while in the cold, icy weather. It’s design.
Even if you create the best product, its worthless without marketing. I’m sure there’s tons of products, services that have failed because the audience had no idea what your object does, or the object never heard of it. Email lists, and social media klout is king at the moment. Being able to push 140 characters to 5 million people equates to sales. Being able to send 1 email at the click of a mouse can sell 5000 units in a day. It’s ridiculous yes. But it’s worthless. That’s why most of Amazon successful sellers are savvy, savvy marketers. And somehow, they always get you to buy another webinar.
Make it simple. Complicated things break easier, and are harder to use. By just staying simple, you’ll have a better product. Many products can do better without all the bells and whistles that can distract, crack, or function wrong in front of your customer. Not only that, the more complicated is, the more your customer has to read on how to use it.
Only build things in which you can see the end point of success. A clear route from A to B. Having no monetization plan, into a business, is a secret to disaster. It’s like creating Yahoo.com. They built their business purely off of trying to monetize off of advertising, and this decades old company is not selling off.
1 really good product, can be equal to lots of of okay products. What I mean by this is some products can become killer products, and equal to the profit of 10,20,30 sku’s. That being said, a killer product, deserves killer marketing…most of the time.
When it comes to physical products, only build using the best materials, rather than saving money on average materials. Your product must be the best of its kind or equal to the best, and move only on up from that part.
Only jump into businesses in which you love, can stand behind. Don’t do it just for the money. Building businesses is a lot of work. You wake up, it’s the first thing on your mind. You work on it all day. Take a break to eat pad thai. Then get back to the daily grind. Rinse and repeat. If you love, it, you’ll be waking up energetically. You’ll have random spurts of wtf energy, that float you through the day. It helps when theirs a mighty storm so you can weather it.
The best products and services I’ve built, are ones that I use, can use, or will use all the time. In doing so, I can quickly discover the flaws as time goes, and improve them even further, with the supplemental feedback from customers as well. Don’t build just for your customers. Best outcomes so far have been a need to the market… meaning. build it from a burning need for yourself and thus you get a true design build development to execution and marketing > which leads to a full cycle of business.
There are a ton of businesses never launched, or launched with poor execution.Its easyto build the status quo better.
Ensure you have fast loading pages, and shortest point from product page to credit card. Every second the customer waits, is another second for the customer to change his mind.
David Aladdin, Out.
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And before the epic show begins, a quick news flash, you get you all things caught up:
Article News Flash:
I love it. Competition is good. It’s like two huge behemoths battling it up, like clouds of thunder, rumbling on a stormy night. If I was the CEO of Walmart is pivot just so slightly to this idea. If you’ve ever shopped in Walmart, you’ll see overhead, all the different signs saying “Order online, pickup in store.” What Walmart NEEDS to do is, have customers order online, and offer same day delivery in the same day. Since over 90% of Americans live within 5 minutes of a Walmart they can offer this service. Customers can place items, no differently than they would on Amazon, and each Walmart can become a fulfillment center as well., It doesn’t need all the bells and whistles of an FBA warehouse, but what if, they had armies of employees supported by the cost of delivery. Walmart PRIME, which customers get free shipping when they pay $95 a year, 5 dollars less than that of Amazon. Amazon would be have a legit competitor. All Walmart has to do, is complete the final step, delivery to residential. It’s a no brainer. There’s a bunch of services and startups trying to fill their area. Walmart should acquire one of them, and add that service to the missing link in brick and motor. Either way, it looks like their holding ground for now. We’ll see what happens, and if my prediction ever turns into something. By the way, they do have fulfillment by Walmart, but it is out of fulfilment centers rather than taking the “paid shoppers” route of people going in their stores, buying food for potential customers and delivering that. My theory is this, Walmart doesn’t want to do this, because it would be habit-changing, meaning they don’t want to change the behavior of their customers, that feeling of ordering from online is easy, bbecause eat the moment, Amazon has the advantage in that sector.
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