Wright Place BlogTalk Radio Podcast on Creating Wealth


Updated from 2008

From The Wright Place Podcast on Blog Talk Radio

 

This was a testimony that someone emailed to me.

Ann Says: “What an honor to have been part of your program on last – nite! You are doing a great job! I am blessed of God to know you! Blessed that God allowed me to get acquainted with such a jewel.”

 

The $15 Cup of Coffee

First of all I want to commend the coffee shop for being able to sell a $15 cup of coffee. Before you start whining about how that cup of coffee is 3 gallons of gas in Los Angeles, let me just say save your Anti-entrepreneurism for someone who cares.

There some coffee shops selling $15 cups of coffee called Panama Esmeralda Especial Reserve. I  believe in entrepreneurs and I love the ones that beat the odds. They found the formula for success. They found a way to stand out, they offer a luxury item and found the audience for this item. The people who drink this do not mind paying $100 for a half a pound of this rare coffee. If coffee is your passion this is a great way to indulge and splurge and even entertain your friends.

coffee bean
Marketing, Marketing, Marketing!

This is what it’s about people. Finding the people to serve and giving them exactly what they want. They want an exclusive coffee experience. These coffee shops serve it up. It doesn’t cost too much when it’ something you want. What’s the lesson here?

  •       Be different in more ways than just the low price leader, not everyone wants to shop at Wal-Mart    
  • Brag about it, get some publicity on your business going, tell some people!
  • ·         Find your real audience, do not worry about the people who cannot afford what you have, find the real fans, they can always afford it.
  • ·         Give the value the FANS are looking for, forget about your critics.
  • Besides last time I checked, you can’t drive your car on coffee, so who cares how many gallons of gas that cup of coffee equals?

 

What’s your take on this? Is the $15 cup of coffee genius or insanity?

Leave your comment below !

 

Revisiting: Is Word of Mouth Free?

May 12, 2017 by  
Filed under Featured Articles, Front Page

I used to talk to a lot of people who said they did all their advertising word of mouth and that they didn’t spend any money on ads. I would remind them that effective word of mouth is not free. If you think word of mouth is free, you don’t understand word of mouth. Word of mouth has evolved a lot since I first wrote this article. Word of mouth at it’s best is now influencer marketing. Influencers work well to get people to your page or event. It worked so well that in April 2017, Instagram Influencers got many rich kids to pay around $10,000 per ticket to a music festival in the Bahamas. The young organizer ( he was 25) was inexperienced and things did not go well. See #fyrefestival on twitter for the details. He spent money on Influencers and got a packed house, only to be unable to spend money on infrastructure. It was a huge fail but pure proof that Influencer marketing works.

Many of you think word of mouth is free advertising. One person tells another person and it grows exponentially. What examples can you think of that worked like that? All of those big word of mouth successes started with a good infusion of cash to get the campaign started.  People who have no budget for marketing and advertising. It starts with a sample. If you can not afford to have people sample your product, it’s hard to make any kind of word of mouth happen.Word of Mouth happens when people get your book, or item and get to use it. Company’s spend millions making sure people sample their products. Online marketers spend lots of money on online and offline ads to get to you take a free ebook/report.I love it when I talk to people who do not do advertising, they are going to make it by word of mouth. I ask them about their goals for their company, and to name a company that made it to that size with word of mouth. No one has come up with a name yet.If you are reading this because of the note I sent you in my auto-responder, guess what? The auto-responder costs money! The good ones are NOT free.Yes, word of mouth is a great tool for promoting your business, however word of mouth is not free.

How do you use word of mouth?

Do you use influencer marketing at all?
Name a huge company that made it on word of mouth only?
Is word of mouth enough to make YOUR company grow?
 

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