Serving the wealthy a way to fast money

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9 min

Business & Finance

Description

In this episode I am going to give your business a gift – FREE MONEY! I do a lot of public speaking. At the start of a presentation, I like to get audience involvement, so I love to start with this simple experiment. I ask an audience to stand up. I then ask people who have over 5 pairs of shoes to remain standing. Then I ask people who have 10 to continue (to stand). Then 50. Then 100. Then 200. Then 300. And I keep going like this until no one is left standing. I then do the same thing with web domains. In any audience, there are always a few people who have more than 250 pairs of shoes! There will always be a few people who have over 200 web domains! It may be you?? But what does this mean? To you or me and in particular our business? It means that if you are not adhering the pricing of your products to this principle, you are losing money! Let’s say you have a coffee shop. Each cup of coffee you sell is $4. If you sell 1,000 cups of coffee, you will make $4,000. But for every 1,000 cups of coffee you sell, the stats say there is one person who will want to buy your coffee and a top of the line espresso machine. It might be the local business, an international visitor, a client redoing their kitchen or somebody looking for a special gift – it doesn’t matter – the fact is they exist. Let’s say you sell the machine for $2,700. You’ll now make one $2,700 sale on top of the original $4,000. All of a sudden, you’ve made nearly 500 times the money from your top customer as you made from someone who bought a $4 coffee.

Uploader

ernie_wave

Episodes

Serving the wealthy a way to fast money

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9:14