Investing In 1 Million People - Can You Get $1 From Each Of Them?
By Martin Thomas
One of the quickest ways to make your first million dollars is to serve to the lowest common denominator. The more common something is, the more people it involves. If you knew how to reach and serve 1 million people, you could make your first million just by providing something they all want that gives you a return of $1 after cost and tax.
But what if 1 million people is too many to try and reach, if you made your goal to do this in 12 months, that would mean you would need to actually serve over 83,000 people a month or 20,000 people a week.
That is starting to sound a little hard.
What if we provided really good value and made our return $10 per person and not $1?
Then we only need to serve 8300 people per month or just 2000 per week. But wait, not all the people that see your widget or service are going to buy. You can typically expect a sale every 1 hundred people exposed to your offer. So that brings the amount of people you need to see, back up.
If you are still getting $10 but you include in the calculation your conversion ratio, you will need to see 830,000 people per month or over 200,000 people per week to get 100,000 sales in a year. Too many people, it was just getting easier, when it got harder again. What if we change the value of our imaginary proposition again, and instead of making $10 per 100 people that see your offer, we make it $100 and accept that less will buy, so we theoretically raise our conversion ratio to 150
Then you would need to see much less people. All you have to do now is create something of value that many people are interested in. The biggest lowest common denominators are love, fortune and sport.
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