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Work The Law of Large Numbers But Remember It Only Takes One to Succeed!
The Law of Large Numbers is a key secret to success because it says:
(1) Do enough of anything and you will succeed;
(2) Do more and you will advance, and surpass even that amount i
(3) You will become a legend.
We have seen this work in all walks of life.
As with many principles of success, LLN seems particularly appropriate in sports. Yesterday I read this quote from basketball great Michael Jordan:
“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to make the game-winning shot and I’ve missed. I’ve made mistakes over and over again in my life. And that’s why I succeed.”
If you don’t try, you can’t win. Try more and more of it and you will become a performer whose feats will be celebrated forever.
Having said that, let me temper the Law of Large Numbers with this caveat:
IT ONLY NEEDS ONE TO SUCCEED!
This is a critical consequence of LLN. Yes, you have to take a lot of shots, but if you sink that last shot at the buzzer, JUST THAT ONE SHOT, you will come up with the game winner.
The key is to stay in the fight long enough to be competitive, spot your opening when it happens, and take the chance – these things set you up for victory.
Let’s say you are a seller and you haven’t closed a deal in days, weeks or months. This happens more often than you might think, especially during long careers.
You’re on the decline, period.
How to dig a way out? Do this with repeated efforts, the LLN campaign, as I have emphasized elsewhere. But what do you tell yourself to overcome the inevitable obstacles and future rejections you’ll encounter on the road to recovery?
Repeat this phrase:
ONLY ONE IS NEEDED!
Of course, you dream of having so many jobs that you are burdened with shame of wealth. Or, you have the recurring nightmare of being so far in the hole that you have to step up to the plate and hit a string of non-stop grand slam homers, simply to get back in the game.
These grandiose images will only thwart your success. They’ll make it seem like you have to achieve massive, world-class results just to rate at all.
And that is absolutely false and destructive thinking.
All you need to do is climb the board with one score at a time to get out of the hole.
I found myself on a downward spiral in my consulting and training business about seven years ago.
I just published a series of books, six within four years, and none of them became big immediately. The typical aftermarket I expect from my writing, people calling me to help them improve their business results, was virtually non-existent.
And then, one day without any involvement on my part, the co-owner of a successful East Coast business walked into her local bookstore and bought one of my current releases.
She read it, wondered if I could help her team improve, and contacted me.
We started with a very modest startup program, consisting of one day, but that startup led to a relationship where I flew back and forth from coast to coast every other week for two years, putting in hundreds of billable days together.
In fact, I was just invited to the firm to update their skills.
All it took to break that slump was ONE book reader out of thousands who was impressed enough by its content to reach out for help.
The practical challenge, of course, is to FIND or ATTRACT ONE.
In the midst of the darkest days of our national real estate meltdown, I wanted to sell an office property I owned. So, I did what any reasonably sane person in my position would do.
I interviewed Realtor after Realtor, asking them for suggestions. And guess what I collected?
At the end of my research I had several proposals that were so completely identical they could have been photocopies of the one above in the pile. Everyone told me that I should list my assets in a very narrow dollar range.
How did they come up with such a unique recipe? They did market analysis that showed the most recent properties of that type that were sold in the city. These, as you may know, are called “comparables”.
But “companies” are fundamentally flawed. Unless you have a LARGE NUMBER of them that were recently purchased, and there are even more on the market now, you won’t have a proper offer to compare.
Moreover, each property is unique. Some customers will like it more than others. And where there is more desire, there is greater demand and the price people are willing to pay.
So the question is, “To which INDIVIDUAL BUYER, or type of buyer, is this property MOST VALUABLE?” Then you have to inject most of your time and energy into marketing to that person or that niche.
But if you look at the AVERAGEs, which the comps will lead you to, the BEST kind of buyers won’t show up on your radar, only the TYPICAL ones, and they’ll only be willing to pay what the lowest common denominator pays.
IT ONLY TAKES ONE mindset, or IOTO mindset as I will call it, ensures that you follow the best paths to achieve your goals.
So what did I do?
I did my own analysis, believing that the sale prices I had to use were too low, that my land and building were worth much more.
From inside my building, I looked at my neighbor on the left. He has built his estate to the limit and is unlikely to buy my lot.
But the guy on the right had room to grow. Combined, our two holdings would allow him to exploit commercial opportunities far more than either of us could do as individuals, so I determined that he was: ONE.
If I wanted a premium, it would have to come from him, because because of his positioning, at least in theory, he could and would pay far more than the average customer. So, I put all the Realtors on hold and designed a personal marketing campaign aimed SOLELY at HIM.
I realized that I needed to have a LARGE NUMBER of contacts with him in a short period of time in order to motivate him to make a generous offer.
I found every excuse to run into him to say hello, and one day I leaned against his car in the driveway and said, “You know, I’m thinking of selling. Before I list it with the real estate agent, let me know if you want to make an offer .”
Within 90 days, he was the proud owner of parallel properties and I was paid.
All in all, I got a premium price:
(1) It was 25% to 33% higher than the proposal they proposed to list the property;
(2) I sold it myself, without a middleman, saving another 6% of the purchase price;
(3) I sold it earlier than I would have if I had it on the open market;
(4) I got the price I wanted; and
(5) I did not have to invest a dime in repairs or upgrades prior to transfer of ownership.
Exactly, how much better did I do by combining the Law of Large Numbers approach with the Only One Needed approach?
I believe I made a minimum of 45% more than I would have if I had gone the traditional route, and in real terms, it was much more than I would have otherwise.
Perhaps the most striking example of combining the laws of large numbers with just one mindset is dating and mating. Unless you’re a committed single who absolutely adores playing the field, you’re going to settle down with one person, at least for a while.
As any matchmaker can attest, FINDING THE ONE is a challenge. This includes the three E’s: gaining exposure, encounters and exclusivity.
LLN gives you exposure, puts you in situations where you will be “in the game”, available to see and be seen. This can be through computer dating sites, volunteer work, going to alma mater events or organizing barbecues.
To organize meetings, you need to work on your “approach skills”, learn to attract the attention of specific people you want to know better, and practice ways to start and maintain a conversation.
To gain exclusivity, you need to demonstrate your uniqueness and develop a plan to attract people you are interested in to spend one-on-one time together.
LLN, almost without exception, leads to IOTO opportunities.
The two, working together, create the symbiosis and results we all seek, combining quantity and quality.
I am a firm believer in the Law of Large Numbers, and fortunately, a large number of people who have purchased my audio seminar under this title agree with his premise.
But the commitment to running a BIG NUMBER CAMPAIGN can seem daunting, because it’s easy to forget that success is inevitable because of our big help.
This is why it is so important that LLN is married to It Takes One Thinking. The realization that success can be just ONE smile, ONE sale, ONE phone call away keeps us happily choosing on the train, it can, it will, and it is destined to succeed.
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