The Bargain Cycle teaches you to see how any and every business works. It covers the three main things that businesses do:
- Promise to satisfy customers
- Produce what customers want by using resources
- Prosper by charging more than it costs to make
Sounds too simple? Then let's get break it down a bit:
The better your PROMISE sounds and looks, the more likely prospective customers will buy from you. When you tell them exactly what they're really concerned about, they'll buy from you if you can. And you can then send messages to customers who have already trusted you to come and buy again. The three previous sentences are generally referred to marketing, sales, and customer service.
What about PRODUCE? We refer to them as People, Process, and Equip. Big business calls these departments HR, Operations and Technology/Facilities, etc. The Produce aspect of a business uses the resources from suppliers and employees to create and deliver just what the customer ordered.
Can PROSPER be this simple too? Sure can! Finance, Purchasing (or Procurement) and Accounting are all departments in large corporations. Entrepreneurs may do all of this themselves, and small businesses may have or hire a collection of people to do these things.
What's that look like? Good thing I like graphics too!
I'm going to let you in on the big secret that makes this a cycle. You take the money you get from sales, and put that into marketing to get more customers. Then, use the more money you make in sales to buy better and more marketing which gets you more clients. This is the Bargain Cycle.
Now, all of this sounds nice, well, and good. Entrepreneurs take these big ideas and turning them into step-by-step instructions that they use to build businesses to satisfy more and more customers. That's you.