Ferengi Rules Of Acquisition
THE MIND BLOWING ADVANTAGES OF FERENGI RULES OF ACQUISITION
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.
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.
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.
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.
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!
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