The Odds A Powerball Entry Will Win The Jackpot Are 1 In 195,200,000
January 19, 2012 by staff
The Odds A Powerball Entry Will Win The Jackpot Are 1 In 195,200,000, The odds you can win the Powerball jackpot are 1 in 195,200,000. I found this stat in The Book of Odds. It’s a web site that offers up the odds of all kinds of probabilities.
Don’t spend a lot of time there. I couldn’t find anything useful like the odds that new business will succeed or survive. The Marketplace Radio interview with founder Amram Shapiro is more interesting than the site itself. It has interesting insights such as the Book of Odds business plan:
“Our business model is very simple. We’re going to rely on three things. One is advertising. Second, we have such good researchers, and such a wonderful and interesting new form of data that we’re able to work with business partners and provide services. And then the third thing is that we’re actually going to be selling products. Every single one of our hundreds of thousands of odd statements can be turned into a t-shirt or some other schwag that you can have and play with. So we’re making use of the extreme personalization that the Web makes possible.”
That’s what passes for simple these days? Maybe not. But it may be necessary.
Consider the cellphone app Shazam. If you’re wondering what’s the song playing on the radio or in a bar, your phone can listen to it and identify it and the artist.
The Bizbox blog on Slate.com explains explains how Shazam makes money:
“Preloaded. Some carriers pre-load the program onto the phones it sells, and when it does, Shazam gets paid.
iTunes synergy. After identifying what that great song they just put on in the coffee shop is, Shazam puts you precisely one click away from downloading said song from the iTunes store right to your phone. When the download goes through, Shazam gets a taste.
Ads. It charges for mobile ads prompted by the identified song.
Market platform. It plans to start selling band merchandise, concert tickets, and the like imminently, once again charging a commission that the bands themselves will be only too happy to pay.”
No one said it was simple. Especially Bizbox blogger Marc Tracy. He has written about
how hard it is for cellphone app makers to make profits.
It wouldn’t be fair to compare he Book of Odds to Shazam. One is way cooler, and seems to be doing a better job in its niche. But the two enterprises are similar. Both are using multiple revenue streams. This is the business equivalent of NOT putting all the eggs in one basket. Each business really had to think outside the box to come up with these strategies.
What I like about this strategy is that it allows the business to focus what it does best. Shazam isn’t trying to create a lot of different apps to diversify its revenue. It has done more than just this one product. But it is concentrating on making this app very good. Then it is looking for different ways to make money off that one product.
Think of what that does for the profit margins. You have the cost of making the product once. Then you basically have the potential to sell it in multiple businesses. You’re going to have added costs because of sales efforts, so it’s not exactly found money. But it’s close
This may be the best way to survive a recession. If one revenue stream dries up, then you have other ways to make money. Of course everyone needs to be ready to react to market changes. And that may mean selling new products or services. But you are better off if you can attach multiple revenue streams to the new stuff too.
Like I said, it allows you to concentrate on maintaining quality in one product. That quality will ensure market share and build barriers to entry to competitors.
ONE LAST THOUGHT
Andrew Fisher, Shazam’s chief executive, has another key to the app’s success:
“It has also benefited from being an application with a real use, Mr. Fisher said. Novelty applications – those that mimic a whoopee cushion, for instance – are initially popular but quickly lose their appeal. For applications to steadily attract users and persuade them to pay, they have to ‘solve a problem for the consumer,’ he said.”
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