October 15, 2013
by Bob Meyer, Editor of BarterNews
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From the desk of Bob Meyer...
Here's Two More Bootstrapping Techniques For
Bootstrapping is the
art of learning to do more with less. Entrepreneurs across
America have repeatedly started successful businesses on a
wing and a prayer, and one special ingredient: an
understanding of the art of bootstrapping.
Last week we gave you
two bootstrapping techniques. Here are two more tried and
student interns who are willing to forego a salary in
exchange for work experience.
office space with (or sublease from) a large company that
will offer you access to conference rooms, office equipment,
reception or typing services.
(For last week�s
techniques, see Tuesday Report dated 10/8/13.)
"Mom & Pop" Businesses Spend 3% Online
The Boston Consulting
Group reports that from all web companies selling ads to
small businesses, the average �Mom & Pop� is only spending
3-percent of its marketing budget online.
Book Co-Authored By Former Barter Executive
A unique (fictional) book on networking titled, 21 Days to
Success Through Networking: The Life and Times of Gnick
Rowten (Gnick Rowten is networking spelled backwards), is
now hitting major bookstores as well as
Co-author Ron Sukenick was an executive in the BXI Los
Angeles-headquarters office two decades ago.
Report Shows "Income Inequality" Now An International Crisis
The latest World Wealth Report, compiled by Swiss bank
Credit Suisse says the top 1% now control an astounding 46%
of the world�s assets � and 86% of global wealth is owned by
the richest 10%.
Meanwhile the other two-thirds of the world�s adults have
wealth of less than $10,000, and Credit Suisse projects
wealth for those in this bottom percentile will steadily
fall over the next 60 years. Yet overall, global wealth has
more than doubled since 2000, reaching a new all-time high
of $241 trillion. In short, the rich are getting richer
while the poor get poorer.
back issues of "From the Desk...� can be accessed by
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newsletter for your convenience.
See you next week. . .)
BarterNews.com � World�s Largest
Hundreds of valuable articles,
techniques, and strategies are found in the following various barter
Offset & Countertrade,
Community Barter, and
Categories are found on the horizontal bar at the top � 3rd
button from right.)
Take Action, Embrace Barter
and we too must adjust. The good news is that even with economic
changes, you can do just fine when you�re aware, motivated, and take
action. Knowledge is power that can become your ally in achieving
greater economic security.
Begin with a
greater focus on reduction of debt and lowering overhead. Next, pay
attention to cementing those special relationships with your most
valued customers � the 20% that bring you 80% of your sales, because
they�re the backbone of your business.
the power of knowledge, you can be confidently aggressive and
pro-active in your strategy. Thus, this would be an excellent time
to pursue those prospective clients you�ve always wanted to do
business with. Because of lagging sales in the environment,
prospective clients will be more willing to listen to you when you
use the greatest closing there is: �And remember, you don�t have to
pay me in all cash!�
changes occur, many business owners will lose their bearings. But
with knowledge and awareness, you will be different. You can stay
focused and be positive about your company�s strategy to offset the
vicissitudes in the economy. Remember, some of the world�s greatest
fortunes have been created in chaotic times.
The good news
is that even with the economic changes ahead, you can do just fine
when you�re aware, motivated, and take action.
Is Your Trade Exchange Missing Out On
Valuable New Business?
your barter company�s listing on BarterNews.com isn�t current, you
are definitely missing out on new business. The web site
BarterNews.com receives heavy traffic � with over 150,000 page-views
every month. Entrepreneurs and corporate executives check the
thousands of articles, the weekly �Tuesday
Report,� and the �Contacts
Section� of our site. They use the latter to find barter
companies with which to do business.
your barter company�s listing up-to-date?
keep your listing current is very easy. See the links below to (A)
update any changes to your company�s listing, such as new location,
phone number, web site or other information, and (B) if your company
has not been listed.
Here�s how to get on board:
make changes to your listing
Into Millions � Good Company Stock + Patience
This is a story
from famed Omaha financial guru Warren Buffett when he was asked how
people can still become wealthy, starting with very little money. He
uses the example of Coca-Cola, affirming that one must focus on
investing in a good young company (one with longevity), rather than
being concerned about the timing (buying terms) of the stock.
that if one had purchased a single share of Coke in 1919 for $40,
holding the stock ever since (enjoying the multiple stock splits)
and reinvesting all the dividends, then today�s valuation would be
$5 million. (Obviously this is almost one-hundred years, thus would
have had to be passed down for generations.)
realistic way to profit would be to follow his advice during the
recent financial crisis, by adhering to Buffett�s favorite investing
maximum: �Be fearful when others are greedy, and be greedy when
others are fearful.�
He pointed out
that during a months� long stretch in the fall of 2008 the average
investor could have done extremely well in the stock market, if they
had bought during the panic period; once again reiterating, �You
make your best buys when people are overwhelmingly fearful.�
Money-Making Reports Available From BarterNews
INTRODUCTION: Baseball, as a metaphor or analogy, can teach us about
many things. �Hitting a home run,� could mean making a big sale in
the business world. �Reach for the fences,� inspires people to
achieve their dreams. A �ballpark� figure, allows for a broad area
of approximation. But can baseball really be used as an analogy for
the retail industry?
Industry thought leader Mark Ryski shares new and innovative
techniques for extracting powerful insights from basic store traffic
and customer conversion data, delivering a game-changing look at
this crucial retail information.
with Traffic � What Retailers Can Learn from Baseball
When a retailer
is asked if traffic is up or down, there�s a very good chance that
the answer provided actually refers to the store�s �transaction
count� or what is sometimes ambiguously referred to as �customer
count.� No one seems to probe on this, so by default transaction
count has become an acceptable proxy for store traffic count. But
there�s another rub: transaction count is not the same as traffic
Counts Vs. Traffic
Counts � Hits Vs. At-Bats
To say that
transaction count represents a reliable proxy for store traffic is
analogous to saying that hits are a reliable substitute for at-bats
in baseball. Yes, the two stats are related, but they are not
interchangeable � not even close.
statisticians only tracked hits, without considering at-bats and
batting average, how much less would we understand about the
greatness of players like Ty Cobb or Babe Ruth? A lot less. The same
is true for retailers. Transaction counts (hits) may be up, but
knowing if it was a result of an increase in store traffic
(at-bats), or that the retailer was more effective at converting the
store traffic is an important distinction. This is not a subtle
point. Here�s why.
Why Store Traffic Matters
is a measure of all the people who visit the store, including buyers
and non-buyers. Traffic is a leading indicator that tells us
something about a chain�s sales opportunity � more traffic, more
opportunity. If traffic is trending up, this is clearly a positive
sign. It suggests that the brand is in favor and opportunities
abound. The converse is also true. If store traffic is waning, this
is disconcerting and it could indicate that the banner is falling
out of favor. The number of sales opportunities is decreasing.
with relying on transaction counts as a proxy for traffic is that
they could be going up regardless of whether actual store traffic is
going up or down. To understand this apparent paradox, you need to
consider the retailers� batting average.
Conversion Rate � Retail Batting Average
store traffic count defines the sales opportunity and is analogous
to at-bats. Transaction count represents buyers only and is
analogous to hits. Therefore a retailer�s batting average, or
conversion rate, is calculated by dividing the transaction count by
the store traffic count � just like in calculating batting average.
and conversion rates tend to be inversely related. When store
traffic falls, associates are able to deliver a higher level of
service, check-out lines are shorter, and generally it�s easier to
buy. The transaction count often goes up, despite the fact that
there is actually less traffic in the store.
In this case
store traffic didn�t increase, but if the retailer only has
transaction counts to rely upon, then he reports �traffic is up.�
But it�s not. And yet all parties, the retailers and the inquisitive
analysts, seem to tolerate the ambiguity.
Don�t Ask, Don�t Tell
Streeter told me that you cannot ask a retailer about traffic
counts, if they don�t track traffic in their stores. True, but you
also can�t have two definitions for this basic metric either. If you
want to ask about transaction counts then ask for transaction
counts, and if you want to ask about store traffic, then ask for
store traffic. This shouldn�t be open to interpretation.
There is a
simple way to inject clarity into what has become a convoluted
question. Instead of asking retailers if it was �ticket or traffic�
that drove results, analysts should ask if it was �ticket, traffic
or conversion.� Most retailers don�t track store traffic and so
won�t be able to answer. But at least it will be clear that they
don�t, and you will know they mean transaction count � which on its
own tells us little about what drove results.
As for the
retailers who do track store traffic and measure conversion rates,
you will have a much deeper insight into what actually drove sales
results. Maybe retailers, and Wall Street, need to take a page out
of the baseball playbook.
is the founder of HeadCount.com and author of �Conversion: The Last
Great Retail Metric� and �When Retail Customers Count.�)
How To Get More Sales In
Our street-smart restaurant
marketing report shows proven ways to rapidly boost your
restaurant�s sales & profits.
The Growth and Use of Secondary
Capital (New Money) Creates Unprecedented Wealth In Today�s New Age
There are many forms of secondary
capital�which can be defined as any financial instrument that
measures and communicates value in a common language. Would you like
to see and learn more about the many forms of secondary capital?
We have 70 free, informative and
inspiring, articles for you in our �Secondary Capital Section.�
Check it out...
Get New Money-Making Ideas And
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click through to our Global List
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