INNOVATION Scott Langley shares his top tips on how to look at your money.
THE POWER OF MULTIPLICATION
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hat if I offered you a deal? Which would you rather have: a) R5 million, or b) R0.01 on 1 January that doubled every day until the end of the month (i.e. 31 days compounded)? Would you believe that the second option is more than twice as valuable as the first? It’s true! It works out to over R10 million by Day 31. That is the power of multiplication!
WHAT HAS THIS GOT TO DO WITH YOUR BUSINESS? One of the quickest ways to grow your business is using the power of multiplication. Today, technology and automation allow you to do the work once and be paid many times over, without the associated cost per product multiplying the same way. Let me give you an example. A few years ago, I had the opportunity to hear Peng Joon, a young man from Malaysia, speak about this principle. After receiving a scholarship to study in the US, he immersed himself in his newfound freedom in the West. Unfortunately, this meant he spent most of his time playing online video games instead of attending class.
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As a result of his gaming addiction, he ended up failing most of his subjects and was sent back home with US$42 000 (R646 000) worth of college debt. Back in Malaysia, with an almost minimum wage job, he turned to the internet to find a solution to his financial dilemma. In 2009, he found success by creating an e-book called Farmville Secrets to help guide people playing Farmville, a hugely popular game on Facebook at the time. He sold this downloadable PDF for $7 (R107.69), and at the height of the Farmville craze, he was earning around $10 000 (R153 800) a day, with tens of millions of page views on his website. Within eight months, the little e-book would generate over $1.3 million (R20 million) for Peng Joon, rescuing him from his financial predicament and allowing him to go on to create many other digital products and courses in internet marketing.
WHAT ARE THE BENEFITS OF DIGITAL OR INFORMATION PRODUCTS MARKETED ONLINE? Developing a product or service using the mobility of digital platforms is of huge benefit because: •Y ou don’t have to wait to be ‘published’ by a traditional publishing house.
• You don’t have to bear the cost of printing your book. • You don’t have to pay for distributing your book. • You won’t sit with unsold boxes of books if sales are slow. • You don’t have to share your profits with a publisher. • You don’t have to be an expert to write a book. • People will pay for something that solves their problem. • The internet helps us connect with millions of people whose problems you can solve. • Your customers can enjoy your book immediately. • You can do the work once and be paid many times over. • The opportunity is almost endless. In a nutshell, information products are a great way to leverage the power of multiplication and automation to reach a wider audience with your message, generate greater revenues and build your brand. In my view, if you can solve a problem for the right audience, this offers one of the fastest and easiest avenues of generating sales and is a strategy that should not be ignored in today’s digital marketplace.
MEETINGS l JANUARY/FEBRUARY 2022 •
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