By Dan Kennedy
*A Book Review*
by Michael C. Gray
© 2019 by Michael C. Gray
In Almost Alchemy, marketing guru Dan Kennedy shares ways to get more profits out of invested business dollars.
The highlight of the book for me is the Found Money Map at the end of the book. It is a list of different ways to look at a business to extract more profits from it.
Almost Alchemy is a guide to work ON your business.
Kennedy starts with developing a healthy, positive relationship with money. The business owner must understand that money goes where it will and doesn't have a sense of "social justice." This frustrates government policy, but must be accepted as an environmental reality for Accurate Thinking and making business decisions. (On the other hand, money is mostly color blind in the marketplace. It is attracted to value.)
Despite being a marketing specialist, Kennedy urges business owners to pay close attention to loss prevention. Revenue dollars can be soaked up by losses from theft by employees and delivery persons. Business owners often focus on theft by customers and not to others involved with the business. Surveillance systems are fairly inexpensive and can more than pay for themselves. Financial controls are also essential.
Using split testing and monitoring results of marketing campaigns can guide business owners in improving their marketing messages and abandoning unprofitable approaches.
Businesses must have follow-up systems in place to get the greatest return from prospective customers who don't initially buy their products and services. These prospective customers should be nurtured to build trust and to be available when the customer recognizes the need for the product or service.
Some customers are willing and able to pay more for premium levels of service. For example, some guests at Disneyland pay premium prices for a private tour that allows them to bypass waiting in lines for rides. A business can create an ascension pyramid for these levels of service.
When measuring results, focus on dollars. You can't deposit "likes" or "clicks" in your bank account.
I have paid thousands of dollars to go to Dan Kennedy's seminars on marketing and business improvement and found them to be enlightening and valuable. His books have a lot of the same information and are a bargain if you implement what you read. If you are a business owner, get, read, and implement Almost Alchemy.
Buy it on Amazon: Almost Alchemy: Make Any Business Of Any Size Produce More With Fewer And Less.
For our new reviews of business and self-improvement books, subscribe to our newsletter, Michael Gray, CPA's Tax & Business Insight!
Home Business Building Blog Introduction Seven Habits Business Improvement Book Reviews Need Help? Links