Thrive With The Rule Of 5

We know that 2023 will likely be a challenging year for businesses and consumers, but with a clever strategy, you can grow your business and succeed, even during tough times.

1 IDEA – 1 CHALLENGE – 1 QUOTE

IDEA FROM ME

?

THRIVE WITH THE RULE OF 5

The reasons for the very challenging economic situation are all over the news so I won’t repeat it. A few sectors will probably do well, like solar PV, but most will have to strategise carefully.

I wrote about “Hope is not a strategy” mid last year, where I mentioned a few things entrepreneurs and business owners/leaders can do to navigate the significant headwinds, like cut expenses, consolidate brand portfolios and limit debt.

But of late, I have been implementing and recommending an expansive strategy to grow and succeed, even during tough times.

Part 1: Process

?I kept the file open in my mind about something Donald Miller, the author of one of the books included in my “10 things to learn from the 10 best branding books”, wrote. He wrote about how he published a best-selling book but did not capitalize on it, so the opportunity faded away. Then, when lightning struck again with another best-selling book, StoryBrand, he ensured he had a system in place to turn a once-off win into a sustainable business. Makes sense.

So, a system or process is important. But what process? Well, StoryBrand offers a course and workshops. Makes sense.

But how should the additional services be priced?

Part 2.1: The rule of 1/5

?I am aware of a study that found that consumers are generally prepared to pay 1/5 more for an upsell. So, there’s that.

I am going to call this the “rule of 1/5”.

Part 2.2: The rule of 1/5 x 5

Then I heard about the following from two authors, Russel Brunson and Jeff Walker. The authors referred to a study that seems to be a rule of thumb for those in the know and goes more or less like this: read the rest of the article here