Brief Summary
This video discusses three key business skills that can help entrepreneurs generate millions of dollars: product innovation, revenue generation, and asset allocation. The video emphasizes the importance of creating products that are desirable, measurable, and statable, and it provides strategies for effective revenue generation through promotion, marketing, and selling. The video also highlights the significance of asset allocation, including pricing, payment processing, and payment collecting.
- Product Innovation: Create products that are desirable, measurable, and statable.
- Revenue Generation: Focus on promotion, marketing, and selling to generate revenue.
- Asset Allocation: Optimize pricing, payment processing, and payment collecting.
Product Innovation
The first business skill discussed is product innovation. The speaker emphasizes the importance of creating products that the marketplace values, not just products that the entrepreneur values. He suggests conducting market surveys to understand the needs and desires of the target audience. The speaker also highlights three key qualities of successful products: desirability, measurability, and statability. Desirability refers to creating products that meet the needs and desires of the marketplace, not just the entrepreneur's own desires. Measurability refers to the ability to demonstrate a clear and measurable difference between the customer's situation before and after using the product. Statability refers to the ability to clearly and concisely communicate the value proposition of the product in a sound bite.
Revenue Generation
The second business skill discussed is revenue generation. The speaker argues that selling is an essential aspect of business and that those who dislike selling are unlikely to become wealthy. He emphasizes the importance of becoming a better buyer to improve selling skills, as the act of buying and selling are interconnected. The speaker then delves into the two key components of revenue generation: promotion and marketing. Promotion encompasses advertising and branding. Advertising involves spending money to reach a wider audience, while branding focuses on building a strong brand identity that resonates with the target audience. The speaker recommends using direct response advertising, which aims to generate a direct response from the audience, such as a purchase. He also emphasizes the importance of fulfilling the promises made by the brand to maintain a positive reputation. Marketing, on the other hand, involves gathering information about the target audience and developing a desire for the product or service. The speaker highlights the importance of lead magnets and building an email list to control future points of contact with potential customers. The final aspect of revenue generation is selling, which involves effectively communicating the value proposition of the product or service to the customer. The speaker advises against focusing on the product or process and instead emphasizes the importance of selling the payoff, the transformation that the customer will experience by using the product or service.
Asset Allocation
The final business skill discussed is asset allocation. The speaker emphasizes the importance of pricing, payment processing, and payment collecting. He warns against copying competitors' pricing strategies and instead encourages entrepreneurs to charge more than their perceived competitors. The speaker also stresses the importance of offering multiple payment options, including credit cards, and setting up automated payment systems for recurring payments. He advises against using PayPal as a primary payment processor and recommends using a merchant account for larger transactions. The speaker also discusses the importance of payment collecting, particularly when offering financing options. He emphasizes the need to ensure that payments are collected in a timely manner and that the payment terms are aligned with the product or service being offered.
