Saturday, November 21, 2009

Friday readership - lifetime value, saving money and discovering your productivity system

As always, it's Friday and I'd like to share with you a couple of blog posts/articles that caught my attention:

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It's a concept startup owners and entrepreneurs rarely embrace. The fact that customers, if happily using our services, are worth to us a lot more than their first payment.

In Nozbe very often people sign up first for a $7 monthly solo plan and later either upgrade to a yearly or 2-yearly plan (which give the customer great savings and us good cash-flow) or even upgrade to a higher plan first like Plus, Family or Team... so yes, it's really important to remember that customer's lifetime worth when selling them what we have.

Neil is a serial entrepreneur and he highlights the fact that his success also depended on the fact that he's "cheap", meaning - he spends only as much as needed, but never too much.

While I don't totally agree with that, as i believe buying really cheap stuff can be bad in the long run as cheap stuff usually breaks down a lot earlier meaning a lot more replacements and much more hassle with the product... I do believe in really researching and trying to get the best "bang for the buck" on your purchases whenever possible.

Right now we're finishing our new apartment and we're really watching our expenses but we're not trying to buy the cheapest chinese stuff we can get... we're aiming for the best quality at the most reasonable price.

Testing Time-Management Strategies by the Wall Street Journal

WSJ compared three time-management techniques - GTD (Getting Things Done), Pomodoro Technique (a quite entertaining technique where your main accessory is a kitchen-timer in a shape of a tomato) and Steven Covey's focus.

I really liked the conclusions there: "In the end, I expect I will embrace elements of each of these systems—the approach experts recommend for most people. The essence of good time management is sticking to rituals that make you more productive, and rituals are largely a matter of personal preference."

Question: Which article or blog post made an impression on you this week? Are you looking at a total lifetime value of customer when selling them things? Are you a cheap buyer? What is your time-management technique of choice?
--> me I'm Michael Sliwinski and I'm an entrepreneur who's also the...
.. Founder of Nozbe.com - a time and project management web application
.. Editor of Productive! Magazine - a global PDF publication on productivity
.. and a blogger as well as a producer of a weekly 2-minute Productive! show.