Building A Thriving Business (What's at the VERY CORE) Pt 13

In my last post, I hinted on the role of optimisation in business and making business decisions. In order to build a thriving business, you need to optimise; you need to have multiple streams of income. Because you're not in control of the market forces; both micro and macro forces. A new piece of technology, could come on the market, that would render your business inept, if you're only selling one product. That's what the Ipad did to some traditional publication outlets. Or legislators could enact a law, that would increase your cost of production. You need to have multiple legs to stand on.

What Is Optimisation?

Optimisation is getting the highest and best use/yield from an asset, through multiple test cases. It's extremely difficult to optimise tangible assets, because of their finite nature, except you're a business with deep pockets, but even business executives aren't that naive. The only successful cases are digital products, but it takes a lot of time and money, fighting infringement claims. And the returns are affected, if a better version is introduced to the market. Optimising intangibles is the best way to go. For the most part, it's low cost, and has infinite returns.

Optimising Intangibles

Most businesses utilise optimisation, in their marketing/advertisement campaign. For you to build brand awareness or convert prospects, you need to work with multiple captions/headlines against a backdrop of different marketing content, themes, all targeted at the different psychographics and demographics in the market. Or you could create strategic partnerships with ambassadors/influencers who would promote your service/product for a cut of the total revenue. And if you're conservative in your testing, it can be done at a low cost. But, whatever the case, a GREAT marketing/advertisement campaign can yield infinite returns for any business, years after its run.

Case Study

No where is optimisation used the most than in the knowledge-based industries, where you have consulting, e-learning, seminars/workshops, and even the traditional educational institutes. They can have several iterations of a service or course, each tailored to meet the needs of a unique group of people. One who has excelled in this is Anthony Robbins, who is going strong, after more than 30 years providing knowledge based services to different groups of people, in major continents, with unique needs, desires and aspirations.

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