Posted on August 10th, 2008 in 10x, News, Strategies | No Comments »
Not long ago, I announced the launch of the 10x Method. The punch line is that to be successful you need to focus.
The problem with saying “You must focus!” is that I don’t qualify it at all. In other words, I don’t fully dig into why focusing drives profits. I kind of just say “Focus!” and expect you to believe that it works miracles.
I don’t like to make claims without proof or some sort of evidence. I like to back up what I say. So, in this blog entry I’m going to give you five good reasons to focus.
Before I do that, it’s important to absorb the core idea behind the 10x Method, so don’t miss that video. It’s also important for you to know that when I say “Focus!” I’m also talking about specialization. You can definitely hop from one great new idea to the next, but once you strike gold you need to focus. That focus is specialization.
Note: Dennis Becker’s success comes almost entire from focus and specialization (See: Earn $5 Per Day). Yes, I’m an affiliate but that’s because Dennis is a great guy with a great product.
The 5 Reasons Why Focus Drives Profits
1. You have superior knowledge of customer’s needs. Therefore, you’ll have an easier time creating targeted products. Pricing will be much easier to figure out too. When you have great products at the right price, your profits will go up. Focusing and specialization give you this ability.
2. Focusing also allows you to build a reputation in a segment or field. Gurus are know for 1-2 products, usually. They are great at product launches, or traffic, or Adwords, or something else. It’s usually the case that the “winner takes it all” in these segements. At a minimum, disproportionate profits are delivered to just a few people.
3. When you specialize and stay narrow, it’s much easier to re-use and leverage existing customer lists, business assets, and related assets. Also, it’s far easier to refurbish an old product than it is to create a new one. It’s faster, easier, so you pull more profit. Beautiful, right?
4. Quality should be higher because you more directly meets customer needs. You’re likewise a known quantity for getting people to buy is so much easier. (Think about how much easier it is to sell to people on a buyer’s list. They know you; they trust you.) Furthermore, there’s reduced cycle time because of familiarity with the customers and the niche market. Focus gives you efficiency and speed, and speed means profit.
5. It’s easier to sell add-ons if you continue to focus. Real world example: If you have a savings account at one bank, it’s easier for the bank to sell you on a checking account. You have same advantage. If you have a buyer’s list you can make money faster. Furthermore, by focusing, you have the ability to sell adds-ons because you actually have those products to sell. If you keep creating Adwords products to sell, for example, you can more easily upsell and downsell.
These five reasons drive windfall profits online. Yes, you can float around from one idea to the next. However, you will eventually find something that works and you’ll get serious. You will make *some* money one way or another. Many business models work.
Once you see cash, then unleash the true power of the 10x Method. That’s when you focus, focus, focus.
Don’t miss the free 10x Method video if you missed it before. It’s exactly what you need if you can’t focus and make money online.
~ John S. Rhodes of “The Rhodes Brothers”