When I clocked twenty was the year I first got close to been a Millionaire in Nigerian Naira. It was my book project and its nmarketting that made this possible. Altogether I have made over a million from the sales of my debut book, “Are You Branded or Stranded”. In 2012 and 2013, my organization and I have spent about N1.35 Million on community development efforts. Though we still battle with a few budget problems, for our biggest events and training programmes, I have grown this few years to understand the way money moves, flows and works too. I am a project oriented spender, and that in itself might be a weakness my fiancee complains about. My major strength is, every money that passes through my hand is meant for a new project, a new opportunity, a new growth opening. The little weakness there might be, sometimes some social needs will suffer with that ideology and that is not so cool.
Money always flow in the direction of value or percieved value. The knowledge of this is very vital. I found out early that the more value you have to offer, the more money you will have. Value in this regard means, the solution to peoples problems, or provision for their needs. Percieved Value is related to value. Except that it doesn’t sustain money. People can give you money for a value they percieve that you can offer, but that perception should better turn to real value in due time.
When you decide what value to offer. PRICING is very important. What ever price you choose is also very dependent on the market you wish to serve. We divide market types into two: Niche Market and Mass Market. I wish I could spare more words to explain this. People who serve Niche markets sell and offer value to a select few, a small group of people, who essentially will pay more. Those who serve the mass market deal in fast moving commodity or service products, thus selling and offering value to a share of the entire market. The uniqueness of each of this market is related to two variables PROFIT and Volume of BUYERS.
Some people just decide to sell to a few people and charge really high for the product or service.
N25,000 x 5 Buyers = N125,000
Same way, some other person can offer to more people, the same service for a moderate charge
N5,000 x 25 Buyers = N125,000
If you look closely they have achieved the same result using two different appproaches. When you sell a unit of a product, the dynamics of money flow is that, to hit a financial target you have set, multiply the process. One(1) Million Naira is One (1) Naira in One (1) Million places. That’s the gist.
Let me continue this tomorrow. Questions?