Here are 12 business principles I believe to be inviolate. Are there any you disagree with? Any missing that you would add?<\/p>\n
1?The bulk of your profits will be made on the ?back end? (repeat sales to existing customers), not the ?front end? (the first sale to a new customer). Therefore, creating and selling a single product with no back-end is almost never profitable.<\/p>\n
2?The Internet is the least effective way to market (i.e., most people don?t respond to online marketing), but it is the most efficient (i.e., because it?s so inexpensive, even a small response rate can make your promotions very profitable).<\/p>\n
3?Simple ideas are better than complex ideas.<\/p>\n
4?Ideas are a dime a dozen ? everyone has them, all the time.<\/p>\n
5?Ideas without action are worthless.<\/p>\n
6?Action creates business success, yet 99% of people never act on their ideas.<\/p>\n
7?If you create a base of 10,000 loyal fans who each spend a hundred dollars a year with you, you will gross a million dollars a year.<\/p>\n
8?You do not need a lot of money to launch a successful business today: the low cost of doing business on the Internet reduces your risk to easily manageable levels.<\/p>\n
9?If you do not have a lot of money to launch your business, then you must invest a lot of your time to make it happen. You cannot start and build a successful business with neither time nor money ? you need one or the other.<\/p>\n
10?Profitability is determined by the formula: P = S ? E: Profits equal sales minus expenses. Too many businesspeople focus on increasing S (sales), when they could be getting an equal profit boost by reducing E (expenses). <\/p>\n
11?The ultimate measure of marketing success is ROMD ? return on marketing dollars. For every $1 spent on marketing, how much did I generate in revenues? (e.g., My e-mail marketing has an ROMD of $75 in revenues per dollar spent).<\/p>\n
12?If you cannot accurately measure ROMD, you do not know whether your marketing is worthwhile or not. You may have a strong FEELING that it is worthwhile, and you may be right. But you don?t know. <\/p>\n","protected":false},"excerpt":{"rendered":"
Here are 12 business principles I believe to be inviolate. Are there any you disagree with? Any missing that you would add? 1?The bulk of your profits will be made on the ?back end? (repeat sales to existing customers), not the ?front end? (the first sale to a new customer). Therefore, creating and selling a […]<\/p>\n","protected":false},"author":1848,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-491","post","type-post","status-publish","format-standard","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.bly.com\/blog\/wp-json\/wp\/v2\/posts\/491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bly.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bly.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bly.com\/blog\/wp-json\/wp\/v2\/users\/1848"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bly.com\/blog\/wp-json\/wp\/v2\/comments?post=491"}],"version-history":[{"count":0,"href":"https:\/\/www.bly.com\/blog\/wp-json\/wp\/v2\/posts\/491\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bly.com\/blog\/wp-json\/wp\/v2\/media?parent=491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bly.com\/blog\/wp-json\/wp\/v2\/categories?post=491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bly.com\/blog\/wp-json\/wp\/v2\/tags?post=491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}