1. Give a customer what they want or need for a fair price.
2. Location, location, location.
3. Prepare a marketing plan that is targeted and within your budget.
4. Create an opportunity for repeat business.
Tommy is selling minnows to people who need fishing bait. He has a goal in mind. Make enough money by the end of Summer to buy a new video game and match those funds in his bank account savings. At his current rate of sales, he should hit that goal in about 2 weeks!
So here's how he followed the four principles mentioned above:
1. Customers need bait if they want to catch fish. He sells a pint of A#1 minnows for $5. Nobody has blinked at the price. Flounder love minnows.
2. We are just down the street from a municipal fishing pier with dozens of people fishing from it every day. The Marina sells squid, but not minnows.
3. Tommy has placed signs on the main road advertising minnows for sale and pointing towards our hose. People knock up and he sells them their minnows. He printed the signs at a total cost of about 30รง TOTAL and mounted them on recycled driftwood and old plywood scraps.
4. Tommy let each customer know we would be here on the weekends and told them he would discount the next order if they re-used the plastic container he provided. They all said they would be back.
I am so proud that Tommy has a bit of the Old Man's business savvy! Nothing in this life comes to you, you have to go get it.....and this Kid's a go-getter! He has showed me that solid business principles still work and that you can't be a success without a goal and a plan.
If you need help reaching YOUR goals, please don't hesitate to e-mail me. And if you need minnows, please come to Avalon Manor!
Tune in next time to see what my Son Joey is doing to save up for an iPod Touch!
Take care - Pete
