Author Mike Michalowicz recounts his early career in computer forensics and how his firm gained high-profile clients.
Insight
Michalowicz: MVPs Are Too Advanced; Pre-Sell Concepts with Deposits Instead
“I actually believe MVPs are not the right way to sell. So an MVP is a minimum viable product. I think that's too far advanced. We do a technique we call sell the tell.”
Insight
Michalowicz: Customers Want Businesses to Be Profitable More Than Founders Do
“Your clients want you to be profitable. In fact, it's the number one customer, the number one person in your life that wants to be profitable is not you, it's actually your customer, and we don't believe that.”
Insight
Michalowicz: The Bottom 20% of Customers Inevitably Cost More Than They Pay
“We usually cut the lowest, 20% of customers, Because inevitably they are costing you money, and you don't even see it. It's like, oh, I'm making revenue, this is great. The expenses are in excess of the revenue, and the emotional, you know, the emotional weigh…”
Insight
Michalowicz: Increasing sales often brings organizational stress instead of business salvation
“We believe that sales cures everything, and that is total nonsense. Total nonsense. What sales does is it can bring in more cash, but also brings in more organizational stress. You have more responsibility now, more things you need to service.”
Insight
Michalowicz: Diversifying product offerings to boost revenue is a mistake
“So when a business says we're cranking up revenue, I am looking to see, are they doing it through diversifying their offering, which I think is a mistake. Instead of becoming special, they're doing many things, and they dilute their ability, they're not effici…”
Insight
Michalowicz: High prices attract committed buyers; low prices attract demanding ones
“And what price dictates is the quality of customer. You will find customers at the lower price point. And for anyone here that sells at a low price point, if you ever found that your customers are really bitchy and moany and they really suck, it's because you'…”