What’s Your Business’s most Valuable Asset?
June 12, 2009 by Shanker Bakshi
Filed under The Internet
If you ask me for my business, I will say e-mail and RSS Subscribers base. For a blog like this nothing could be more valuable then having a huge rss subscriber base. You can always count on your RSS readers. It does not matter if they do not visit your blog and read it only through e-mail of through RSS reader’s software/client but I always value a RSS reader. The bigger your RSS Subscriber list is the more worthy your blog would be. As they say money is in the list.
It used to be that a business’s value was measured by its “tangible assets”, now “intangible assets” are usually even more valuable. Tangible assets are like real estate, your car, the cash in your bank, investments, your equipment, etc. They are considered things that you can sell if need be and turn into hard cash. But now, the most valuable asset that any practice, or business for that matter, has is their contact database.
For example, just yesterday I read that Facebook was valued at $10 billion. And the value comes from Facebook’s subscriber database and all their Joint Venture Relationships. You know all those fun and weird applications that are on facebook. Well those are all created by joint venture partners of Facebook. And Facebook profits whenever someone uses those. The point that I really want to to over-stress is this:
[1] Asset Is Your Client Database.
[2] Asset Is Your Business Partner Database.
This is something that cannot be emphasized enough. Usually the first thing we do when we work with our coaching client is evaluate how they are communicating and strengthening their relationship with their client list. And the second thing that is so valuable to assess is how your business contacts and colleagues can work together to get more success.
Here are a few ways that you can stay in touch with your client database to help keep your practice at top of mind:
- Email newsletter
- Direct mail newsletter
- Birthday cards
- Christmas cards
- Phone calls
- Email updates
Learn from mistakes
Better to learn from our own mistakes but the best thing is to learn from others mistakes. Today I’m giving you a chance to learn about how you can avoid 10 most deadly common mistakes that can ruin your business practice. You must know which the common mistakes that people do which devalue their business assets so that you should not repeat them.
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I think a customer is amost Valuable Asset to your business. It is the potential contribution of the customer to your business over a period of time. When you know the lifetime value of a customer, you have a benchmark for how much you would or should be willing to invest to acquire a customer.
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Very true and informative article, will download the report and read it when i get the time
Thanks a ton!
Cheers
Sandeep
Curious Little Person´s last blog post..Monetize your Blog the Right Way
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Yup, you sure are right. The money is in the list. Of late the twitter list is also seeming to gain much more importance, with many blogs proudly displaying their twitter followers alongside their RSS reader membership.
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I completely agree with you that email and RSS subscriptions are the best tool to help promote your business. I should start creating Christmas and birthday cards to be added to my blog’s income.
Marlene´s last blog post..The Smell He Hates
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Buy r4ds Reply:
June 15th, 2009 at 5:29 am
Your most valuable asset doesn’t show up on your balance sheet. Your most valuable asset is your ability or capacity to perform effectively, in a word: POWER!
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I think Email newsletter work best. I see many webmasters use this method.
blinkky´s last blog post..Instant Domain Search Sites
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If you are going to start thinking along these lines, the vocabulary and analytical of intellectual capital is helpful. The three components of IC are:
->Human capital
->Relationship capital
->Structural capital
Hope this post helps: http://www.i-capitaladvisors.com/2009/03/10/intangible-definitions/
Mary Adams´s last blog post..Smarter Companies Chosen for BlogBurst
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Customer is indeed the most valualabe asset for any buinsess, and combined with Email newsletter it works the best, will download the report and read it out.
Ruchi´s last blog post..Earn from your Hobby
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Shanker Bakshi Reply:
June 18th, 2009 at 5:34 pm
Yes its very useful for Booming your practice.
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Without customers/clients, our business is going to be bankrupt soon or later. Hence, customers are one of the valuable assets of a long lasting business, Shanker!
wilhb81´s last blog post..Business one-liners 55
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I am on Wordpress version 2.5. I’ve installed version All in One SEO Pack. When I activate the plugin and visit my blog, I receive the following error:
“Additionally, a 404 Not Found error was encountered while trying to use an ErrorDocument to handle the request.” please help me. Thanks.
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well of course the contact info.
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And talking of lists, your 5000th twitter follower has just pushed the “follow” button. Congratulations on the milestone, and may your followers increase exponentially!
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Valuable resourses of a business are sometimes not included in its balance sheet asset-why does it occur?
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will read it wen have plenty of time
Atul´s last blog post..17 Management Fundas
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why is the ability to write effectively a valuable business asset?please tell me!
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