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Price Beats Volume - Lessons from the Apprentice for Kids Show 1......
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Understanding The Fear Factor To Make Money Part 2.....
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St Albans Business Wealth Club Launches YouTube Channel!
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Announcing the BWC Awards Dinner 2011......
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Our Fan Page Following Explodes...
 Price Beats Volume - Lessons from the Apprentice for Kids Show 1...
Monday nights became fun again this week as the BBC started another series of the hit show The Apprentice with Lord Alan Sugar. This time it was for the Children (up to 17 Years of age) and what an amazing bunch of Entrepreneurs they are!
Lesson one was all about selling ice cream. The teams, split into boys Vs girls had to decide on a name first, (Quick question why do the contestants never give this any thought before they get on the show after all this does come up EVERY time so perhaps they could do some research!!) anyway then it was on to the challenge.
The boys mastered production even if their flavours were way off the mark, while the girls struggled to master maths. Lord Sugar would later take them apart for this simple lack of business ability with one girl protesting "but I only have a GCSE in Maths!" like this was a valid excuse! - Lord Sugar responded that he didn't care if they only had a GCSE in Air Miles! You have to love a great sound bite.
During the task the teams took two very different strategies:
Boys went Cheap - 1 Scoop £1.50 2 Scoops for £2 even though they were on a beach in the middle of summer. They were about to get a lesson in the fact that volume does not always equal large profits.....
The girls managed to mess up the maths so badly that they didn't buy enough fruit to make enough ice cream and had to throw product away during the manufacturing process. So their strategy became more from necessity than skill to go for a high price then UP SELL kids into toppings etc.
I do think charging 20p for the cone was some what taking the micky out of the customer especially as they were not offering another way to hold the ice cream. I think this alone would not have had customers coming back again and again but hey this is not like the real business world and we all know that, which is also what makes it fun and great "Shout at the Telly TV" for the Avins family - yes even JJ got involved with this one....well it's half term so he gets to stay up late and learn!!
When the results were presented in the Board Room by Nick & Karen even Lord Sugar was surprised....
The boys had managed to make a healthy profit, although they should have charged more to deliver the ice cream to the customer on the beach vs selling on the seafront. But the girls, due largely to their very high priced product and use of the Up Sell skills had beaten them by over £100!
For me this just proved that the pricing and positioning of your market is so important.
Consider that the people on the beach were having a Free experience and then you wanted them to spend money, while the customers at Chessington World of Adventure had already paid a high price to get in and were in the mind set that things were going to be expensive as they understood they were a captive market and thats the deal.
So my Top Tips from this episode are:
1) The Power & Profit in the use of Up Selling.
2) How important it is to know the numbers in production and selling.
3) If in doubt go for Higher Prices vs Volume.
4) Business Location is Critical to Success.
5) If you increase the Value of the service offered remember to increase the price.
Can't wait for next weeks show...
What were your top insights?
Understanding The Fear Factor To Make Money Part 2....
Check out Part 2 of this complimentary training on how to Beat Fear and Make Money!
Stay tuned for more training resources coming this way!.......
St Albans Business Wealth Club Launches YouTube Channel!
Raising your profile on Social Media platforms such as LinkedIn, Facebook and Twitter is now widely accepted by Business Wealth Club members. However, YouTube has largely been untapped, in spite of the fact that it is the world's second largest search engine.
Alan French, St Albans Club Mentor, with the help of Ivor Kellock, Club Member, has launched the club's YouTube channel this week.
With over 40 videos from BWC introductions to testimonials to short educational pieces, new visitor and viewing numbers has already topped 600.
"Raising interest in the club is good for growth and our YouTube channel is yet another resource those prospective and current members can use to grow themselves and their businesses" said Alan.
Club members should think seriously about creating a YouTube channel for their businesses. It's never been easier and represents a great low cost marketing tool.
Take a look by clicking on the link
St Albans Business Wealth Club YouTube Channel
BWC Awards Dinner 2011......
Just a reminder about the The Business Wealth Club Awards Dinner on The 25th November 2011. So far 60% of tickets are sold - they are going fast! Lots of people have said they want to come but haven't booked on yet - so don't be disappointed book your seat now!!!
Venue: Bicester Golf Club Hotel and Spa
Check out the video from Paul giving you all the details you need to know!! Click here.
Our Fan Page Following Explodes....
After reading some very powerful research that proves that business to business Fan Pages deliver you 20 times more leads if you have over 1,000 followers we decided to take action and fine some new friends.
In the last week over 450 New People have decided to Follow TBWC and get access to training tips, videos, coaching and more on this exciting resource page.
Are you a registered Fan? If not click here now to feel part of our Community...
Include your Suppliers in your Team. Share your Vision & Goals with them and work together with them to create Win Win Solutions
Our Mission
To Deliver World Class Business & Personal Development Training that Fast Tracks Business Owners to Success!
Fed up with Negative News and Media - come visit one of our Clubs and find out how we deliver this Promise and Experience it for yourself !
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BWC Mentor's Win......
Head Office
We always have innovative Mastermind Session's when Wealth Club Mentors get together for bi-monthly training - the meeting last Friday was no exception as we were energised with new people in the room who are opening Clubs early in 2012.
Another great thing about Mentors getting together is sharing the amazing ways they have supported members in their Clubs, who says we are in a recession?
Member Wins are evidence that BWC Members are finding business opportunities everywhere! 6 New Clubs opening in the 1st Quarter! Plus new content that Paul shared for future Workshops together with the content that the Mentors put forward means that Club meetings in 2012 are going to be on a whole new level!
Make sure you read your newsletters to find out where the next clubs are launching.
Angela Beaugeard
The Business Wealth Club
www.thebusinesswealthclub.com
Ivor Kellock
BWC Club St Albans
Ivor Kellock, Social Media and Internet Marketing Specialist is a founder member of the St Albans Business Wealth Club.
Ivor has a real passion for the club so it was an easy decision to engage him to help raise the profile of the club in the St Albans area.
Using a mixture of social media platforms and email campaigns, visitors to the club has risen by 300% in the past month.
Ivor runs the WhatsOnStAlbans website and is a prolific writer, radio commentator and supporter of businesses in the area.
Alan French said "We are thrilled to have Ivor's' support and expertise and have no hesitation in recommending him to others."
Ivor can be contacted on: ivor@whatonstalbans.co.uk
Ivor Kellock
www.whatsonstalbans.co.uk
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