Follow Me On Twitter for more great technology stuff!This is the second of the two posts re:emails from Perry Marshall. See “Carve out Your Kingdom” for more on that.
The email from Perry that hit me hardest illustrated seven ways to create value where there is seemingly none. Creating value out of what we have can seem daunting but the following will spark a number of ideas for you. It seems so simple when you look at it but that is the brilliance of it (again, parahprased).
1. Transform Expertise into Profitable Training – between the ears of every company’s employees is knowledge and expertise that goes largely untapped. Realize that customers desperately needed to know what the support staff knows.
Assemble a training program and sell it to your customers.
2. License something you have to another company – For example, license the training system to another organization who may in turn sell it to other companies.
If you have any kind of real business, you probably have something you can license to somebody else.
3. Tollgate Joint Ventures – If you’re “only” a consultant or freelancer, but you have friends or clients who do have a “real business”: You can license their know-how to others and keep some of it in your pocket. That’s called a Tollgate Joint Venture. The essence of doing this is making it easy for the people on both sides. Be willing to do the legwork and make it easy and there’s little resistance.
4. Customer Re-Activation – Re-activating old customers is highly profitable, whether you do it for yourself or others. The customer you already have is much cheaper and easier to acquire than a new one.
5. Re-Niching or Sub-Niching a Product – You know the “Chicken Soup for the Soul” books? Those are the quintessential example. Chicken soup for the Chiropractor’s soul, Chicken Soup for the Preteen Soul, Chicken Soup for the Couple’s Soul, the list is endless.
You can probably do this too, even with products that have nothing to do with books. All you have to do is cater to the identity of your customer. Often the necessary changes to your product are minimal. This is also frequently known as “re-purposing.”
6. Selling Leads for Big Bucks – If you want to sell leads, all you have to do is find out what one is worth. If you’re any good at marketing you can get the lead for a lot less than it’s worth to your customer.
7. Knock Yourself Off – Google advertisers frequently occupy not just one but two, three, four positions on the page. One position is their original flagship product but other ads emphasize other things – different shapes and colors; one accents high levels of service, another goes for lowest price. Doubles their market share.
If you don’t follow Perry or are not on his e-mail list I strongly recommend signing up, I don’t encourage this often but he consistently provides value in his content, the free stuff. Even if you never buy one of his products it’s worth while.
Scott Ellis: John, thanks. I’ll let you know when the training is released. Working hard on getting it out...
