SPEED2PROFITS BLOG

Is Your Compelling Offer Actually Alienating Your Prospects?

When the government was offering its highly touted “cash for clunkers program,” I heard a commercial on the radio for an auto dealership that really brought home a major problem I see small business owners making every day. The car dealer was berating the governments program… saying that by the time the majority of people got qualified and completed the mountain of paperwork needed to complete the transaction, the money allocated for the program would be gone.

The dealer then went on to proclaim that any customer buying from them didn’t need to worry about this situation at their dealership. Instead, they would instantly discount all of their new cars by the same amount the government was offering, so come on in and buy from us today… no hassle, no problems, simple and easy.

Yeah right… if ONLY! Is there anyone remotely alive today that actually believes this garbage? Now granted, this dealer isn’t lying… they will indeed give you the same amount the government is promising… but the way they do it is to discount the car that amount from the “sticker price,” which we all know is already over-inflated by close to that exact same amount they’re offering.

Unfortunately, most people show up expecting this wonderful discount and then realize they are more or less being exposed to a “bait and switch” routine. Ahhh, the auto industry. Is it any wonder why most people would rather go to the dentist for a root canal than visit a dealer showroom?

Are You Making This Same Mistake?

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Entrepreneurial Virus

The “Productivity Enhancers” That May be Killing Your Business

Technology has provided us with some incredible ways to increase productivity. But is it possible to get too much of a good thing? Well, when it comes to our personal availability – anywhere, anytime, in an instant, the answer is absolutely yes.

Now don’t get me wrong, 24/7 access can be a great thing, but it needs to be controlled and balanced to avoid contracting a Entrepreneurial Productivity Killer Virus that will weaken your ability to maximize your business potential.

If you are like many of our clients, you may have tremendous difficulty staying focused and therefore struggle with getting important tasks completed – even ones that can have a measurable improvement on your profits, lifestyle and competitiveness of your business. You may also have a habit of putting off planning “until you have time”.

If that describes you, even a little, then I think you will get a ton of value out of what I am going the share with you here.

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Laser Marketing – How to Create Compelling Content

It’s easy to write about certain topics like celebrities, technology or social media. Everybody wants to know about these topics. But what if your passion is botany, supply chain logistics or cognitive psychology? How can you make these topics compelling when your subject is… boring?

In the summer of 2006, an economics book was on the New York Time Bestseller list. The title was provocative and promised to be anything but a boring read. Since I’m not a big fan of economics (hated it ever since college), I skeptically handed over my $25 and took Freakonomics home with me.

From the very first page, I was treated to a wild ride through the most bizarre stories that I’d ever encountered. I learned about cheating schoolteachers, self-sacrificing sumo wrestlers… and why drug dealers still live with their moms.

Every story taught a boring economic principle in a way that made me want more. I realized that Freakonomics was an instruction manual for transforming boring content into sexy must-read masterpieces.

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Know the Difference Between “Response Rate” and “Return on Investment”

Throughout the ProfitNow system, I continuously emphasize the fact that little changes can produce big results overall. To be sure you find these small changes, it’s important that you know and understand the difference between your prospects response rate and your actual return on investment.

In other words, when you spend money on marketing, how many prospects does that marketing generate, and how much money do you put into your pocket because of that marketing. After all, it doesn’t do you any good to generate a thousand prospects if none of them buy from you.

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More “MC’s” Equal More Sales Automatically!

Although getting more prospects interested in your products or services (a Lead) is critically important for more sales, the effectiveness of your communications, AFTER you receive the Lead, is equally important.

Examples of a “Meaningful Communication” include getting the interested prospect to:

  • Speak with you
  • Read your sales letter
  • Watch your video
  • Come into your store
  • Dive into your product page online

If a prospect needs to learn more BEFORE they will buy, then failing to engage them in some form of a Meaningful Communication will result in losing them before you ever get a chance to move them through the rest of your sales funnel… and ultimately to a new customer.

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Attracting Leads & Clients

Should Your Content Aim for Traffic or Conversion

Which type of content attracts reader attention… bringing you more traffic and more eyeballs on the page? Which type of content converts… bringing you more customers and sales? And how do you roll out a strategy that maximizes the twin impact of attraction and conversion?

Easy answer… head to your local newsstand. The best attraction and conversion techniques are hidden between the pages of two very different magazines: Cosmopolitan and The New Yorker.

Cosmopolitan articles attract

Why does a Cosmo-type article attract more attention…

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Marketing Success Secret

What I am about to reveal to you is something many businesses don’t employ. I call it “Leveraging Your Success™”. Leveraging Your Success™ is all about identifying what you do well, making sure it is done consistently and improving upon it for even greater success.

If you have a sales force, think about your top sales person. Have you carefully reviewed why he or she is successful? Have you in turn shared his knowledge and approaches with other sales people so that they can one-up their sales performance?

What about a successful headline you have used through one advertising vehicle, such an offline print advertising? Have you used that headline in other places to gain added success and more profits for your business?

Here are some key steps to Leverage Your Success™:

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The Marketing Maximization Formula

Knowing Your “Cost Of Customer Acquisition” Can Turbo-Charge Even the Tightest Marketing Budget.

What can businesses do to increase sales and improve profitability, without spending more money?

One of the questions I always ask clients is, “What is your cost per customer acquisition? And in about 95% of the cases I get a blank stare or silent voice, followed by “I don’t know.”

Now this triggers multiple tactical and strategic thoughts of how I can help them, but for this article I will cover the one that addresses, “Maximizing Your Current Spend.” That is, if you are spending say $5,000 a month in advertising (on and offline) are you spending it optimally?

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Using The Power of Compliance to Reduce Refunds and Increase Customer Loyalty

Getting prospects to buy your product is just the first step.

Often products are returned because the purchaser failed to utilize the product as intended, whether due to inactivity or confusion.

Today, more importantly than ever before, it is critical that you ensure that your customers are effectively using your product and fully enjoy the benefits so they keep it, love it, and want to buy even more from you. >

The Power of Compliance is about first getting the customer to utilize the product as intended. Failure to do so will ensure it is returned for a refund and often will lead to the customer no longer purchasing from you.

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Compelling Advantage Convenience

Just imagine what it would mean to your business if your prospects refused to do business with anyone else. It’s entirely possible if you develop a powerful set of Compelling Competitive Advantages™ that differentiates you from the competition.

One powerful differentiator is SERVICE LEVEL. Differentiating yourself with service is especially powerful today when service (often substandard) has been outsourced to overseas agents and when many businesses reduce expenses in the service area.

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Differentiate Your Business With Your CCA

I have written about your Compelling Competitive Advantage™ (CCA) on more than one occasion. Basically, your CCA is what sets you apart from your competitors and makes you the Logical Choice for your customers.

One of the CCA categories we teach in our training is “Convenience”. Anytime you can make buying from you more convenient than from your competitors, you significantly increase the likelihood that individuals and businesses will buy from you.

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Crazy Profit Weapon

In previous articles I’ve shared with you some ideas on how to get more prospects and turn more of them into customers. But increasing profits doesn’t stop there. The real opportunity lies in how you handle your EXISTING customers. What’s great about getting more revenue from existing customers is you don’t have to spend more money on prospecting. And here’s some good news- ethically harvesting more profits from your existing customers is easier than you think.

One way to get more profits from existing customers is by raising your prices. YIKES…I know but stay with me while I explain.

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6 Simple Ways to Turn More Leads Into Customers

You’ve invested in one or more lead generation approaches to fill your sales pipeline and turn those leads into customers. Have you considered what you can do better to obtain more customers without spending additional money? Even a small percent improvement can yield significant returns lowering your overall cost of customer acquisition.

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How Much Should You Charge?

I recently received an email from Ciprian, a marketing coach from Romania.

“Hi Scott, I am working to become a great marketing consultant and really love your work. Lately, I am receiving requests regarding my services and I am struggling to figure out how much I can charge. I would appreciate a few ideas on how to charge in order for the client and I to feel satisfied.”

Ciprian’s question is a common one. I am on the run but wanted to provide some quick, valuable feedback.

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Do You Need A Bird Dog?

Here’s an interesting question. What % of potential deals do you know about?

Regardless of what method you use to generate leads, many of your target prospects still don’t know about you or the products or services you sell.

Therefore, a great OPTIMIZATION opportunity is to identify ways to get the attention of more of your qualified prospects so that you get the opportunity to “be in the game” when they are ready to buy. For many businesses this simple shift alone will certainly increase the number of new clients, customers, patients or members that do business with you.

In the first part of this series, I WILL focus on businesses that utilize a direct sales force, whether in person or over the phone.

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