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By Chris Garrett on June 11, 2008 6:49 am
Posted in (Business)

opt-in

  • What is giving companies with seemingly zero revenue, multi-million dollar valuations?
  • How did I show an extremely savvy and blue chip company that their $60k loss making project was in fact worth over $2million in the positive?

I will give you a clue; it’s not what you know but who you know.

Or rather, it’s who is willing to listen to you.

So many businesses see marketing as an expense. The costs come right off the balance sheet as outgoing expenditure. In fact, a better way to think of marketing is as an investment.

When you think of an investment you get into the mindset of putting money in to get money out. The aim is to get much more out than you put in.

Look at lots of advertising though. It’s money out but nobody knows if it is coming back in. “We have great visibility”. “It’s about getting your name ‘out there’!”. Yeah, all well and good, but who is buying?

So this is where we decide enough is enough and start building assets. You likely have a huge asset right under your nose.

Want to know what it is?

Your list.

Or, rather, lists.

People have bought from you or given you permission to talk to them. Do not underestimate the influence and value of this.

Common sense dictates that these lists are worth their weight in platinum, but many businesses neglect or even ignore their lists. At best they treat newsletter subscribers exactly the same as their customers.

That’s like keeping your cash under the bed instead of in an interest bearing savings account.

Pull your lists out, polish them up, and put them to work!

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12 Responses to “ Your Biggest Hidden Asset”

 
Barbara Ling Says -- June 11th, 2008 at 12:42 pm

Excellent advice!

I’ve been building my lists now since 1997 and have thousands upon thousands of subscribers….these folks have always been willing to listen to any new ventures I might devise.

Take good care of your lists…and they’ll take care of you.

Data points, Barbara

 
Bob Firestone Says -- June 11th, 2008 at 6:28 pm

The biggest lesson I learned in high school was at my job as a cashier in a burrito place. The up-sell is the easiest sell. Ask your existing customer to buy something that will make their current selection better and some will.

 
Bruce Says -- June 11th, 2008 at 8:36 pm

A thought-provoking post, Chris.

One of the thoughts that comes to mind: Do you look at RSS/E-mail feeds as “lists?”

You don’t have the actual names and other information on the prospective customers, but you do have a “connection” with them.

What is the value of this? Is it different than what we commonly call a list?

Should we treat it, marketing-wise, any differently?

 
Logo Design Guru Says -- June 11th, 2008 at 11:02 pm

Awesome write-up. I just want to add here that one can build a mailing list by simply drawing the areas you want to mail on a map. View the target prospects and select advanced demographics.

 
Ohio Says -- June 12th, 2008 at 12:12 am

I totally agree but Never thought in this way.Thanks for this.

 
Chris Garrett Says -- June 13th, 2008 at 5:09 am

@Bruce - RSS subscribers are lists in that you have permission to communicate, but an email list is more valuable, and a customer list (even if they only spent $1) more valuable than those. The more commitment, and the deeper the permission, the more value to the business.

 
Patrick Everett Says -- June 16th, 2008 at 4:03 am

Very good point you have there. Most businesses think of marketing in the short-term sense, that’s why they think of it as an expense, when in fact, it’s the complete opposite. Marketing should be thought of as a long-term investment because if you can attract people to your product, and if you can keep them satisfied in the long run instead of just making a quick buck off of them, then the bigger the chances that they’ll turn into repeat customers and give you a steady income.

 
diet plans Says -- June 17th, 2008 at 2:43 am

Hmm. That really works. But the main fact is have to be much positive. Otherwise it is not possible.

 
Cirtex Says -- June 21st, 2008 at 6:11 am

You are so intelligent that it seems u know everything about business.Nice recommending blog.thanks

 
HostV Says -- June 21st, 2008 at 6:16 am

your points are like ancient saying but important. Ur inspiring suggestion would be a valuable investment to me esp. money putting means getting money out.

 
Discount Codes Says -- June 24th, 2008 at 9:29 am

Surely I want that. Your post will help me a lot to get that. Thanks.

 
diani Says -- July 19th, 2008 at 8:13 am

“it’s not what you know but who you know”

I like this, thanks for remind me :)

 

What do you think?