Wednesday, August 1, 2012
How Markus Frind Build an Online Empire in PlentyofFish.com
Markus Frind started the renowned free online dating site PlentyofFish.com. In 2006, he earned an estimated $10,000 a day from Adsense. Currently, PlentyofFish is reported to have 45 million visitors and 1.1 billion pageviews monthly earning Frind approximately $5 to 10 million annually.
So how did Markus Frind achieve this seemingly impossible feat? For would-be online entrepreneurs, Markus delineates 17 doable steps that could help spur business. These are:
1. Timing is Everything – Knowing what the market needs and addressing it promptly is crucial. Growth of an online business is often spurred by being the first-mover. For instance, Lavalife used to be the only dating site in Canada and this contributes to the fast increase in membership sign-ups.
2. The Power of ‘Free’ Business Model – free sites always attract a lot of attention. When PlentyofFish came online, it was the only free dating site which was instrumental for its massive success later.
3. Forming a team is Not Necessary – When starting an online business, it is not necessary to hire employees immediately. This is because almost all work, except for few technical issues, can be automated.
4. Offline Marketing is Not Necessary - Offline promo is only good when there is a huge customer base. However, if you are just starting and want to attract more members to your site, offline promo is not needed.
5. Success is Not Based on One Thing – There is no single, surefire formula for success. Success happens due to an amalgamation of factors. One cannot just copy a popular website like Google and be successful. Success is due to having the right idea that address people’s needs at the right time.
6. Uptime is Equally Important to Innovation – Redesigning the site is good. Having a consistent uptime however is just as important as the skill in redesigning a website because as the site grows, more and more users will be coming to it and it is necessary that it stays up so as not to drive potential users away.
7. Make Unique Sites - create sites that no one else has made. Sites may have low number of visitors but if they have high EPC or earnings per click, they will make more money
8. Good Work Ethics – whenever you find yourself running out of ideas just force yourself to type words. Later, working would become a habit.
9. Function over Form – the value of the site and its functions are more important than its design. Site should be useful to the reader. Ads should not be too obvious. Improvements should be introduced.
10. Think of ways to monetize your site before building it. See the potential ways to earn money first like Adsense, affiliate marketing and others.
11. Don’t be discourage. If you drive traffic to your site, it can have good earning potentials for you. Just persevere even if you are only earning a few cents per month. As the site grows, so do its pageviews.
12. Learn what is necessary. Pick out new things even from your competitors and do things better than them.
13. Monetize Your Site. There are other money-making ventures other than adsense. When you generate traffic, it is good to look at other options in order to earn higher.
14. Know the Limits of Your Business. Do not try to adopt business models that do not fit into your current one. For instance, turning your site into a paid one instead of being a free dating site. This could confuse users. Also, aiming to expand to an already saturated market.
15. Always have a goal. A goal will inspire you to work harder. This will also deter you from being complacent.
16. Success does not fall on your lap. Planning alone will not make a business a success. There is no substitute for hard work.
17. Costs vs Profits – knowing how much you need to spend will enable you to determine how much sales you need in order for the business to become profitable. For sites with at least 100,000 unique visitors per day, operational costs in the form of hardware and software could would be necessary. If the costs run to 2-3 cents per unique visitor then advertising is enough. If you incur a cost of 10 cents per unique visitor then selling a product or service would be a good idea.
How to Think and Grow Rich : Qualities Needed to Attain Wealth
Man’s quest for wealth and financial freedom has always been the center of struggles and aspirations. The need for financial security goes beyond mere luxury. It is in consonance with our instinct for survival. Being able to afford the basic necessities – food, clothing and shelter – gives us the freedom to aspire for greater things in life.
In the search for wealth, man has tapped into inner resources to reach their goals. One important way to become rich is to tap mental prowess. The mind offers an unlimited resource for success. We can employ the mind to attain financial success.
Think and succeed. That is the formula in a nutshell. What it entails though is nothing but simple. Learning how to think and grow rich through mental efforts require discipline, persistence and a lot of faith.
Faith is at the heart of this whole exercise. Belief serves as the foundation or building blocks with which to create the wealth. Without faith, it will be hard to manifest the desires or persist in going after the goal.
Faith means knowing for certain what one doesn’t really know for sure. It is relying on instincts or intuition. The reality is first formed in the mind before it will be actualized. It does not require proof. Reality may paint a different picture but faith does not allow it to mar its aspirations.
Imagination is an important mental tool on learning how to think and grow rich. Having a definite goal in mind complete with the littlest details will surely aid our efforts geared towards the right direction.
Persistence is another key on learning how to think and grow rich. Sometimes goals take a long time to accomplish. There will be obstacles along the way. Not only that, the path to success is littered with failures. Most people find it easier to just give up the fight and accept defeat.
Persistence, though, helps us to prod on despite the difficulties ahead. Some takes years to master a craft. Others take a few days. The degree of success is measured by how long we travel and how much we overcome to get to the destination. The most difficult feat often gets the most accolades.
Discipline is the binding force that unites these traits to utilize them to a common goal. Without discipline it will be hard to persist, to use the imagination and to have faith. Discipline enables one to focus on the tasks at hand with the end in mind.
In the search for wealth, man has tapped into inner resources to reach their goals. One important way to become rich is to tap mental prowess. The mind offers an unlimited resource for success. We can employ the mind to attain financial success.
Think and succeed. That is the formula in a nutshell. What it entails though is nothing but simple. Learning how to think and grow rich through mental efforts require discipline, persistence and a lot of faith.
Faith is at the heart of this whole exercise. Belief serves as the foundation or building blocks with which to create the wealth. Without faith, it will be hard to manifest the desires or persist in going after the goal.
Faith means knowing for certain what one doesn’t really know for sure. It is relying on instincts or intuition. The reality is first formed in the mind before it will be actualized. It does not require proof. Reality may paint a different picture but faith does not allow it to mar its aspirations.
Imagination is an important mental tool on learning how to think and grow rich. Having a definite goal in mind complete with the littlest details will surely aid our efforts geared towards the right direction.
Persistence is another key on learning how to think and grow rich. Sometimes goals take a long time to accomplish. There will be obstacles along the way. Not only that, the path to success is littered with failures. Most people find it easier to just give up the fight and accept defeat.
Persistence, though, helps us to prod on despite the difficulties ahead. Some takes years to master a craft. Others take a few days. The degree of success is measured by how long we travel and how much we overcome to get to the destination. The most difficult feat often gets the most accolades.
Discipline is the binding force that unites these traits to utilize them to a common goal. Without discipline it will be hard to persist, to use the imagination and to have faith. Discipline enables one to focus on the tasks at hand with the end in mind.
Basic Marketing Processes in an Entrepreneurship: Rewards of an Entrepreneurship
According to Kyle (2006) the basic marketing processes in an entrepreneurship are:
1). Analyzing the customers and the business environment in order to
2) identify key opportunities to better and more profitably meet customer needs,
3) figuring out how to act on those opportunities, and then
4) implementing your plan.
Analyzing customers and business environment means identifying your target market, knowing their buying patterns and other pertinent information and also knowing the competition since they form part of business environment.
Identify key opportunities to meet customer needs. Once the market is identified, know the needs that the company can cater to.
Figure out how to act on opportunities is finding ways to explore and exploit these opportunities and translate them into profits.
Implementing the plan means carrying out or executing the plan in the course of doing business.
Rewards of an Entrepreneurship
Running a business is truly rewarding and interesting career. For one, you learn so many things in running and managing a business. At the start of a business endeavor, it is common to see the owner involve in all aspects of business operation from marketing to accounting. The knowledge one gains from this experience is truly invaluable.
Running a business also helps a person to acquire or enhance good qualities such as hard work, ability to deal with people, resourcefulness, leadership, patience and many other desirable traits.
Business will also expose one to several people and business organizations. In the course of running a business, social interaction is always a necessity. Meeting people from all walks of life and becoming acquainted with various corporations are but a few of the privileges one enjoys as a businessman.
Being a business person truly makes one well-rounded. It will expose you to a number of challenges and opportunities. Everyday you get to handle different situations. There is no dull moment in business.
1). Analyzing the customers and the business environment in order to
2) identify key opportunities to better and more profitably meet customer needs,
3) figuring out how to act on those opportunities, and then
4) implementing your plan.
Analyzing customers and business environment means identifying your target market, knowing their buying patterns and other pertinent information and also knowing the competition since they form part of business environment.
Identify key opportunities to meet customer needs. Once the market is identified, know the needs that the company can cater to.
Figure out how to act on opportunities is finding ways to explore and exploit these opportunities and translate them into profits.
Implementing the plan means carrying out or executing the plan in the course of doing business.
Rewards of an Entrepreneurship
Running a business is truly rewarding and interesting career. For one, you learn so many things in running and managing a business. At the start of a business endeavor, it is common to see the owner involve in all aspects of business operation from marketing to accounting. The knowledge one gains from this experience is truly invaluable.
Running a business also helps a person to acquire or enhance good qualities such as hard work, ability to deal with people, resourcefulness, leadership, patience and many other desirable traits.
Business will also expose one to several people and business organizations. In the course of running a business, social interaction is always a necessity. Meeting people from all walks of life and becoming acquainted with various corporations are but a few of the privileges one enjoys as a businessman.
Being a business person truly makes one well-rounded. It will expose you to a number of challenges and opportunities. Everyday you get to handle different situations. There is no dull moment in business.
Marketing Strategies of Friday's: The Legacy of Casual Dining Experience
T.G.I. Friday's which is often referred to as "Friday's" is an American restaurant chain which focuses on casual dining. To date, they have more than 500 restaurants worldwide. The company forms part of the Carlson Companies.
Its name is derived from the expression "TGIF" ("thank goodness [or "thank god"] it's Friday"). Its trademark appearance is red-striped canopies, brass railings, Tiffany lamps, and antique décors. The following are the marketing strategies used by TGIF :
Smaller Portions
TGI Friday's smaller portions promo at a much cheaper price in restaurants started in 2007. Now, they currently hold the title 'Leadership Role in Portion Control' as they introduced three new entrees and mini desserts. "Right Portion, Right Price" menu currently numbers eleven entrees which are priced from $5.99 to $9.99.
Guests also have the option to partake of smaller portions of desserts with Mini Dessert Shots, a selection of two shots from the following flavors: Rocky Road, Chocolate Raspberry, Peanut Butter Cup, Chocolate Chip Mint and Orange Cream. TGI Friday's intends to make 'Right Portion, Right Price' a permanent addition to the menu and the entree choices are growing.
A year after it introduced smaller portions to its menu, the less food strategy generates more customers and bigger profits for TGI Friday's. In 2007, the casual dining sector experienced difficulties attracting customers.
The entire casual-dining industry pegged the decrease of guests to around 2.8 percent but TGI Friday's number of customers grew by 1.4 percent compared to 2006 figures of same period. Knapp Track, the casual dining index, revealed that TGI Friday's have outdone the competition in casual-dining industry.
Employee Empowerment
In the service industry, suggestions for improvements in quality in hospitality operations always zero-in on the use of empowerment as a strategy for the management of employees.
Analysis should be made to determine if the employer initiatives intended to empower employees are initiatives which are merely labeled as empowerment or are actually empowering. To determine this, empowerment is observable in the way an employee develops a sense of personal efficacy.
TGI Fridays is an organization that offers service to customers that is characterized as "mass customization". The successful service encounter in TGI Friday's restaurant enables the employees to provide customers with advice and counseling in their choices of meals and providing a personalized service performance.
To attain this, employees are managed through a group of approaches which are give "empowerment through involvement". This means the development of personal efficacy and customer engagement in service performance, but to a limited degree focused on the carrying out of their roles.
Marketing Efforts
TGI Friday's national marketing efforts were able to greatly increase sales and penetrate new markets. Continued spot radio in select markets, outdoor advertisement, print placement and national and local promotions -- T.G.I. Friday's restaurants gained coast-to-coast exposure through network television. T.G.I. Friday's restaurants run national television advertising.
Applicable Business Strategies for TGIF
TGI Friday's being a pioneer in the casual-dining industry, it is fortunate to establish a large base of clientele who are loyal patrons to the company. It is important therefore to develop this brand name, trademark and strong client base. It is recommended that TGI Friday's business strategies should include:
a). continuously capitalizing on the brand-name recognition and goodwill associated with T.G.I. Friday's restaurants;
b). expanding the Company's restaurant operations through the development of additional T.G.I. Friday's restaurants in its existing development territories and through the development of new restaurant concepts and the acquisition of restaurants operating under other restaurant concepts; and
c) increasing its profitability by continuing to enhance the dining experience of its guests and improving operating efficiency. Industry leadership, innovation and standard of excellence define T.G.I. Friday's experience. The legacy of a fun experience and fantastic food and drink, T.G.I. Friday's restaurants provide an environment where families and individuals experience fun-filled, casual dining experience.
Its name is derived from the expression "TGIF" ("thank goodness [or "thank god"] it's Friday"). Its trademark appearance is red-striped canopies, brass railings, Tiffany lamps, and antique décors. The following are the marketing strategies used by TGIF :
Smaller Portions
TGI Friday's smaller portions promo at a much cheaper price in restaurants started in 2007. Now, they currently hold the title 'Leadership Role in Portion Control' as they introduced three new entrees and mini desserts. "Right Portion, Right Price" menu currently numbers eleven entrees which are priced from $5.99 to $9.99.
Guests also have the option to partake of smaller portions of desserts with Mini Dessert Shots, a selection of two shots from the following flavors: Rocky Road, Chocolate Raspberry, Peanut Butter Cup, Chocolate Chip Mint and Orange Cream. TGI Friday's intends to make 'Right Portion, Right Price' a permanent addition to the menu and the entree choices are growing.
A year after it introduced smaller portions to its menu, the less food strategy generates more customers and bigger profits for TGI Friday's. In 2007, the casual dining sector experienced difficulties attracting customers.
The entire casual-dining industry pegged the decrease of guests to around 2.8 percent but TGI Friday's number of customers grew by 1.4 percent compared to 2006 figures of same period. Knapp Track, the casual dining index, revealed that TGI Friday's have outdone the competition in casual-dining industry.
Employee Empowerment
In the service industry, suggestions for improvements in quality in hospitality operations always zero-in on the use of empowerment as a strategy for the management of employees.
Analysis should be made to determine if the employer initiatives intended to empower employees are initiatives which are merely labeled as empowerment or are actually empowering. To determine this, empowerment is observable in the way an employee develops a sense of personal efficacy.
TGI Fridays is an organization that offers service to customers that is characterized as "mass customization". The successful service encounter in TGI Friday's restaurant enables the employees to provide customers with advice and counseling in their choices of meals and providing a personalized service performance.
To attain this, employees are managed through a group of approaches which are give "empowerment through involvement". This means the development of personal efficacy and customer engagement in service performance, but to a limited degree focused on the carrying out of their roles.
Marketing Efforts
TGI Friday's national marketing efforts were able to greatly increase sales and penetrate new markets. Continued spot radio in select markets, outdoor advertisement, print placement and national and local promotions -- T.G.I. Friday's restaurants gained coast-to-coast exposure through network television. T.G.I. Friday's restaurants run national television advertising.
Applicable Business Strategies for TGIF
TGI Friday's being a pioneer in the casual-dining industry, it is fortunate to establish a large base of clientele who are loyal patrons to the company. It is important therefore to develop this brand name, trademark and strong client base. It is recommended that TGI Friday's business strategies should include:
a). continuously capitalizing on the brand-name recognition and goodwill associated with T.G.I. Friday's restaurants;
b). expanding the Company's restaurant operations through the development of additional T.G.I. Friday's restaurants in its existing development territories and through the development of new restaurant concepts and the acquisition of restaurants operating under other restaurant concepts; and
c) increasing its profitability by continuing to enhance the dining experience of its guests and improving operating efficiency. Industry leadership, innovation and standard of excellence define T.G.I. Friday's experience. The legacy of a fun experience and fantastic food and drink, T.G.I. Friday's restaurants provide an environment where families and individuals experience fun-filled, casual dining experience.
Subscribe to:
Posts (Atom)