Financial Planning only for the rich?

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I was fortunate to join the financial industry when I graduated. I learn a lot about financial planning and management knowledge and practice some of it. I want to share with you today one rule that I have practised since then, which is to pay yourself first. When you receive an income, pay yourself first. What does this mean? It means paying yourself first as a saving for the future or a sum of money you set aside for a purpose, such as savings, buying a toy, buying something, a holiday, etc. We do have to remember one of the reasons we work is to enjoy life. You will develop such a habit and high discipline as time goes by. Today, I meet a person who save a small of money for years so that he can buy a Microsoft Surface Pro 7 for his wife. It struck me when he hand me a stack of hard cold cash. I told him that I received his payment with a heavy heart. I can feel the sincerity and the high self-discipline over the years that he save enough money to buy this item. I wish him the best

Increasing your customer Life Time Value by creating additional value

 I love to take this as an example.

This concept attracted me in many ways and let me share with you my thoughts. 

First, it is nothing new to buy a bed (and bedframe) and pay an instalment because we have a bundle of credit cards and also zero interest instalment facilities offer by the seller.

But the interesting part comes (I must really salute the marketing team), when a customer purchased a bed (and bedframe), there are few possible outcomes;

a. Never clean the bed (of course still changed the bedsheet and pillowcase)

b. Occasionally clean it via door-to-door services or take out the super-advanced and complicated vacuum from the storeroom to clean it

c. Clean it regularly

Obviously Cuckoo targeted all the customers who intend to buy a bed whether you are category A, B, or C. It is about convenience and peace of mind. by paying extra a bit (you never know how much because it is already bundled together in the instalment), you get the cleaning expert to clean up your bed from time to time. Sound like a good deal right? Will you consider this offer from Cuckoo?

On the other hand, this new product penetration directly increases Cuckoos' customer Life Time Value significantly. From a simple water filter indoor, outdoor, or both, then add on with air filter. Finally, now with the bed. The life cycle of a bed is about 10 years. Gosh! Brilliant marketing strategy!

Now the final success factor is how far Cuckoo is willing to push this new idea and capture the "bed" market share. Let me know if you have any other thoughts in the comment below.



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