Today I had a really important realization.
I discovered/developed/reframed a concept that will be at the core of my company in the future.
It’s so important I would like to share it with you.
A marketing expert explained how selling high ticket item will cure almost everything in your business and allows a lot of room to neglect other parts of your business.
It’s what I call the Pareto Tree Principle.
Choose to work with the right people and your business will flourish.
Choose the wrong business model or the wrong industry you will be struggling, no matter how good you execute in other areas.
Here is a story from Gary Halbert that illustrates the point.
A few decades ago he asked entrepreneurs:
What does it take to run a successful food stand?
Most answered things like:
They were all wrong.
The only thing you need is: A hungry crowd!
Think about it. If you are hungry or in pain you just want to get out of it. It does not matter to you if you buy pizza or kebab or if you are really hungry you would even pay a fortune for a dry slice of bread.
Have you ever paid $5 for a bottle of water in a fancy club or at the airport? Water that costs $0,30 if you buy it at a discounter. Or $0,01 if it’s tap water (assuming you are living in the right place of the world)
If you are in the right place selling to the right people you can charge XXXXX% more than someone else selling a similar product.
The lesson here: If you get the fundamentals wrong you set yourself up for failure.
Get the fundamentals right and it’s almost impossible to fail.
I discovered/developed/reframed a concept that will be at the core of my company in the future.
It’s so important I would like to share it with you.
A marketing expert explained how selling high ticket item will cure almost everything in your business and allows a lot of room to neglect other parts of your business.
It’s what I call the Pareto Tree Principle.
Choose to work with the right people and your business will flourish.
Choose the wrong business model or the wrong industry you will be struggling, no matter how good you execute in other areas.
Here is a story from Gary Halbert that illustrates the point.
A few decades ago he asked entrepreneurs:
What does it take to run a successful food stand?
Most answered things like:
- Better tasting food,
- cheaper prices,
- friendly personal, etc.
They were all wrong.
The only thing you need is: A hungry crowd!
Think about it. If you are hungry or in pain you just want to get out of it. It does not matter to you if you buy pizza or kebab or if you are really hungry you would even pay a fortune for a dry slice of bread.
Have you ever paid $5 for a bottle of water in a fancy club or at the airport? Water that costs $0,30 if you buy it at a discounter. Or $0,01 if it’s tap water (assuming you are living in the right place of the world)
If you are in the right place selling to the right people you can charge XXXXX% more than someone else selling a similar product.
The lesson here: If you get the fundamentals wrong you set yourself up for failure.
Get the fundamentals right and it’s almost impossible to fail.
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