During Cyber Monday, my friend decided to run a promotion. He sells business cards.
He was excited. He had a lot of traffic–people were buying nonstop.
At the end of the day, he calculated a total of $1,400 in sales. He was quite ecstatic.
Then, the next day arrived. He started to calculate out how much he earned from his promotion. After calculating out raw costs and gateway fees, he saw that he was basically doing pro bono work; he still needed to make the cards and ship them. After all the calculations, his net earnings were a total of $12: enough to buy a sandwich from subway!
Why? Because he did the math wrong on his discounts and promotions.
Is it important to at least know basic math?
You tell me!
Originally posted on Quora.
Leonard Kim is Managing Partner at InfluenceTree. At InfluenceTree, Leonard and his team teach you how to build your (personal or business) brand, get featured in publications and growth hack your social media following.