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WHAT ARE FERENGIS AND FERENGI RULES OF ACQUISITION The extraterrestrial Ferengi race came into being with the fourth episode of Star Trek. Originating from Ferenginar, their capital was the ‘city of commerce.’ This particular Star Trek Universe race had only one goal: making maximum profits. Ferengi Rules of Acquisition were their fundamental principles of business. They were the base behind every business transaction carried out by a Ferengi. The entirely fictional race has taught us the Ferengi way of making profits. Like on FB:https://www.facebook.com/sociallyin/ Grow your company FERENGI RULES OF ACQUISITION: NUMBER 3’s TEACHINGS “Never pay more for an acquisition than you have to” -DS9 ‘The Maquis Part II.’ The third rule of Ferengi rules of acquisition instructs careful handling of money. Capital is one of the essential factors behind a successful entrepreneur. A businessman with a vision makes all the difference with this rule. Excessive spending on a particular expense can increase the cost and affect profits. It can determine the future of the product or service. But, paying just enough in the Ferengi way could make all the difference. Follow us on Twitter:https://twitter.com/sociallyin APPLYING RULE 3 OF FERENGI RULES OF ACQUISITION TO AN ACTUAL BUSINESS The Ferengi way has helped businesspeople of human and Ferengi cultures alike. The third rule suggests not to spend more than required. But running a business involves many expenses. The one common goal of humans and Ferengis is the ROI. An ideal ROI or return on investment is a businessman’s top need. Let’s consider the marketing budget. How much does business on average spend yearly on marketing? The budget allocated to marketing varies according to the market and nature of the good or service. Your company may be spending tons on marketing. Not all of it may fall in the ‘enough spent’ circle. You may be breaking the third rule and spending more than needed. The solution to fix this is Inbound Marketing. Connect on Linkedin:https://www.linkedin.com/company/sociallyin INBOUND VS OUTBOUND: HOW TO ABIDE BY THE THIRD FERENGI RULES OF ACQUISITION The third rule requires spending as much as an acquisition needs and to ‘never pay more.’ Outbound marketing, however, means paying more. It is carried out through continued advertising, promotions, PR, etc. Comparatively, Inbound Marketing uses content promotion and Social media marketing, SEO. 84% of inbound versus 9% outbound marketers refer to upper funnel resources as ascending in importance. Like social media and blogs, marketers focusing on blogging enjoy positive ROIs 13x more than those who don't. Inbound marketing further allows the help of freelancers to increase ROI further. Follow Us On Instagram:https://www.instagram.com/sociallyin/ RULE 74 OF FERENGI RULES OF ACQUISITION: KNOWLEDGE EQUALS PROFIT Knowing what’s best for your business is the Ferengi way to profit. It is what helps you abide by rule 3. Inbound Marketing has been the cheaper solution for all sizes of North-American companies. Another wise Ferengi rule of acquisition states: "Only fools pay retail." -#141. To know more about Inbound, join us at Sociallyin Learn how to avoid spending more on an acquisition at our free webinar today! About Ferengi Rules Of Acquisition Phone Number: (205) 547- 0514 Address: 1500 1st Ave N Birmingham, AL 35203 Email: info@sociallyin.com Grow your companyhttps://blog.sociallyin.com/ferengi-rules-of-acquisition ...read more
By Ferengi Rules Of Acquisition July 10, 2019
WHAT ARE THE FERENGI RULES OF ACQUISITION? Entrepreneurs in all parts of the world have some common goals if not all. Or should we say, ''in all universes''? Rule number 2 on Ferengi rules of acquisition states: “The best deal is the one that brings the most profit.” This widespread goal is what makes the extraterrestrial Ferengi race from Star Trek Universe. Similar to human entrepreneurs, the Ferengis were portrayed as beings with the sole aim of making most profits. Ferengi rules of acquisition acted as the foundation of every Ferengi business transaction. Through the Star Trek series, they set many realistic goals for non-fictional humans. TheFerengi rules of acquisitionare an ideal guide to entrepreneurs today. Keep reading to find out how! Like on FB:https://www.facebook.com/sociallyin/ FERENGI RULES OF ACQUISITION: LESSONS FROM NUMBER 3 There are above 230 Ferengi rules of acquisition. Each one of them holds a particular guideline for human entrepreneurs to follow. One such fundamental rule states: “Never spend more for an acquisition than you have to.” - DS9 The Maquis, Part II Analyzing the rule from human business philosophies, the Ferengi had it quite right. Capital is one of the most important things to a business. Excess spending can misbalance the whole budget and cause losses. The Ferengi way instructs entrepreneurs not to make said mistake. That being the primary teaching, the rule can be interpreted and applied in many different ways. Follow us on Twitter:https://twitter.com/sociallyin INTERPRETING THE FERENGI WAY: HOW TO APPLY FERENGI RULES OF ACQUISITION TO BUSINESS? The third rule of acquisition discussed instructs to ‘never spend more than needed'’. Ding so and properly distributing budgets can be vital to a business. But it is also a given at the same time that a business has many expenses. Let's take marketing budgets as an example since they tend to be quite extensive. Most businesses consider traditional outbound as the most effective and spend tons on it. But that’s not so true. Outbound in the form of advertising, promotions, PR can count in the ‘excess spent.’ It is because inbound marketing is the better option given. In the form of SEO, blogging and social media marketing, it has been gaining more popularity. 84% of inbound marketers quote upper funnel resources to be rising in significance. It also helps a business improve return on investments by hiring freelancers. Blog-focused marketers have statistically enjoyed 13x higher revenues as well. Connect on Linkedin:https://www.linkedin.com/company/sociallyin HOW DOES THE FERENGI RULES OF ACQUISITION ASSIST ENTREPRENEURS A push in the right direction is what can lead a business to amazing successes. Ferengi rules of acquisition were the creation of a fictional race. They have continued to guide humans in the right direction. We at Sociallyin have been hosting free webinars. We aim to help you understand Ferengi rules of acquisitions and help you run your business. After all, the Ferengi way to do it is the right way. Join our webinar today! Get connected with us and learn from our experts! About Ferengi Rules Of Acquisition Phone Number: (205) 547- 0514 Address: 1500 1st Ave N Birmingham, AL 35203 Email: info@sociallyin.com Contact with ushttps://blog.sociallyin.com/ferengi-rules-of-acquisition ...read more
By Ferengi Rules Of Acquisition July 07, 2019
Are you looking for tips and tricks to uplift your business growth? Look no more! These epicFerengi rules of acquisitionare the lifeline for any businessperson. Like on FB:https://www.facebook.com/sociallyin/ What are Ferengi rules of acquisition? TheFerengi rules of acquisitionwere a series of guidelines, concepts, and principles that founded business philosophy in Ferengi culture. Although, made up by a fictional wise in a fictional movie, namely, "Star Trek," these rules are very crucial to the real business. Follow us on Twitter:https://twitter.com/sociallyin History of Ferengi Rules of acquisition These golden rules were initially written by Gint, the first Grand Nagus of the Ferengi people. However, calling these tips as rules is merely a marketing ploy. They are more like suggestions. Although Gint didn't write all 285 rules, at least 239 were written by him. Later, Nagus Zek rewrote them to make them more humane. Connect on Linkedin:https://www.linkedin.com/company/sociallyin How the Ferengi rules of acquisition work? Although they may seem somewhat aloof and selfish, the rules are great for flourishing businesses. Rule 3 says, "Never spend more on an acquisition then you have to." Initially may seem obvious but people tend to go around making expensive purchases even though cheaper, quality options are present. Another rule, no, 16 says, "A deal is a deal...until a better one comes along," meaning we shouldn't be stuck with the same people in business but look out for better and more significant opportunities. The rules also state things such as, "Peace is good for business," but contradictory state phrases like, "War is good for business." This means that it's good to have peace in business, but competition is still high. Hence, in this rule, war signifies competition. The rules also tell people to invest early to reap most interest. They also ask us to take more risks for better profit. To make a deal, always inspect the merchandise. Many rules are good, but some rules are questionable, yet easily overcome by the good ones. Visit our website for more information on the rules. Follow us on G+:https://plus.google.com/+SociallyinTheSocialMediaAgency Why use Ferengi rules of acquisition? Although, the rules are just guidelines that you don't necessarily have to follow they make business more fun and very much more successful. Everyone looks for the best return on investment when it comes to market; the power of inbound marketing is immense. Blogging, SEO and content promotion drive the highest ROI. Hence, more blogging drives more positive ROI. Inbound leads are cheaper and better. As the rules say, "Only fools pay retail." Follow Us On Instagram:https://www.instagram.com/sociallyin/ Sociallyin: The platform that puts Ferengi Rules of Acquisition into Practice! Do you want more guidelines with these rules and implement them in your business? Our experts atSociallyinare all you need to refer! They can guide you about the productiveFerengi rules of acquisitionand ensures to use them in their marketing services. Sociallyin is known for its services worldwide. If you want your business to boost with our epic digital marketing, get connected with us today! About Ferengi Rules Of Acquisition Phone Number: (205) 547- 0514 Address: 1500 1st Ave N Birmingham, AL 35203 Email: info@sociallyin.com Get our servicehttps://blog.sociallyin.com/ferengi-rules-of-acquisition ...read more
By Ferengi Rules Of Acquisition July 06, 2019
Collection calls in any business are to collect money that is owed to the business. In the case of business to business collection, it's one business calling another to collect debt owed to them. Some businesses make the calls themselves while others outsource that task or eventually sell the uncollec... ...read more
Flyers can help you generate business leads by getting the word out to potential customers about your products. Once you create your flyers you can distribute them through the mail, place them on cars and even walk around to hand them out to home owners. You'll want to bring together the elements of d... ...read more
