Do you know Xbox 360?
That's Microsoft's video game console - if you know Playstation from Sony, Xbox 360 is its competitor.
Just do a search on the internet for "Xbox 360 red ring" or "Xbox 360 red light problem" and you'll see millions of searches. It's so famous that there's even a page in Wikipedia just about it! See http://en.wikipedia.org/wiki/Xbox_360_technical_problems and info-products about it at clickbank.com.
And yet Microsoft is still selling its game console despite knowing about this problem (they might have solve it by now).
Imagine this - when they launch, they sold millions of copies and gotten the feedbacks about the problem but they still keep on selling it.
THEY DON'T STOP SELLING DESPITE KNOWING THE PROBLEM.
Honestly, if I sell a million copy of a product that has problems, I'll be stressed. Wouldn't you?
Three business philosophies I've learned from Microsoft's business thinking:
1. You can't wait for everything to be perfect. First, perfection will probably never exist. By the time you got it 'perfect', whatever you're selling might even be already outdated.
Secondly, you got to be fast if you want to be the market leader. Their competitor, Playstation is already the market leader at that time and if they don't act fast, the harder it'll be for them to penetrate in. Besides, the longer they wait, the more profit they're losing.
2. If you have sales, everything else can be handled. Got problem after making a lot of sales? Then invest your profit in customer service. The secret to business success - create positive cashflow and reinvest in your business.
3. The money is in the back-end. Do you think Microsoft just make money from selling the game console? I'm sure you're smarter than that. :-) The games, my friend. BIG BUCKS.
I'm not a game developer so I don't know how much game companies pay for the license to have their game playable with Xbox 360. I have no clue whether it's a $100 or $10,000 but there are thousands of games developed every time. But what if Microsoft takes royalty for each game sold? Some games launches with millions of copies sold overnight – do the math and you'll see that Microsoft makes millions of dollars on passive income.
Let's look at your current business now...
Are you launching your internet business even if it's not perfect?
Are you focusing on sales, the lifeblood of your business or something redundant?
And finally, do you have a back-end offer for your existing products?
If you find any value reading this blog post, do leave your comments or feedbacks.
All the best,
Patric Chan
http://www.youchandoit.com/===================================
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Labels: internet business strategy
