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    What’s In It For Me? Advanced Marketing Strategies to Create Thousands of New Prospects and Turn Them Into Paying Customers Part 2

    Advanced Marketing Strategies to Create Thousands of New Prospects and Turn Them Into Paying Customers Part 2

     

    Hi and welcome again to another exciting Marketing Tip of the Week. Thank to those of you who have emailed me about this strategy. I can’t believe today’s date is 03-03-03.  Spooky.

     

    Step Two to this strategy, is to check the messages left on the voice mail, several times a day.  Then record the information in your database and mail the “free report” to the prospects.

     

    Some of you emailed me asking me about what the “free report” all about.  In previous issues of this newsletter, and for those of you who have invested in my book, “How to Get Customers to Call, Buy, and Beg for More,” I show you how to write a sales letter.  All the “free report” is, is simply a sales letter with a bit more “hard core” information.  I use the word “report” as opposed to the word “literature” because it sounds more official, credible and most of all, not “salesy”.

     

    The first few pages of the report has the information that you promised in the ad.  The “How to”, and very little, or nothing at all about your company and what you offer.

     

    Once you have educated your prospects with this information and “sold” them on how valid investing in real estate is, then and only then, in the last few pages of the report, you start selling the prospects on your company, what you do, how you can help them, and why they should buy investment real estate from you.

     

    The “free report” is nothing more than a glorified sales pitch.

     

    The report does provide valuable information as promised, but it also pitches your products and services.  The whole point of the “free report” is to get the prospects to take the next step, to purchase what you are selling.

     

    Will this really work for your type of  business? It will work for any type of business. You will make so many more sales, that you will think you died and went to heaven.

     

    I’ve seen it work over and over again for many businesses, especially when the product or service has a high price tag or requires a demonstration.

     

    The next step you must take is to send out another report within 10 days to those prospects who haven’t telephones you to book an appointment.  This copy of the report is the same as the first one, with the exception that the words “second notice” is stamped in red ink just below the headline on the first page.

     

    Guess what?  Ten days after mailing the second report, you should mail a third copy to those who haven’t called to set an appointment with you.  This copy has the words “final Notice” stamped in red ink just below the headline.

     

    You must mail a second and third copy because many people will respond to your second and third mailings combined, that responded on your first mailing.

     

    What should you do after the third mailing? You can either throw those leads away and move onto another ad and additional prospects.

     

    You can also use telemarketing in addition to follow up mailings.  It’s up to you.  You should experiment a little to find out what works best for your type of business.

     

     

     

    Let me give you some more examples, other than Real Estate, where this two-step approach could work for you.

     

    If you are a stockbroker you could offer a free report on investing. Or the 5 Questions you should ask a stockbroker before you engage them.

     

    If you are in the health care field it could be a free report about how to live to 100. Or the 10 Symptoms to look for when you reach 55.

     

    If you are a lawyer it could be a free report about how to make yourself lawsuit proof. Or What to do if someone sues you.

     

    If you are in real estate selling homes, it could be a free report about the 10 things to look for in a Realtor when listing your home.  Or the 10 things you should do before selling your home.

     

    With my Nurses I offered a free report “ The 5 Questions your Employer Doesn’t want you to ask about Malpractice.”

     

    If you are an insurance agent it could be a free report about protecting your family.  Or the 6 questions you should ask an Insurance Agent before you do business with them.

     

    Whatever you sell or whatever your product or service is, you can use the formula above and create reports that people will respond to.

     

    At my website www.kenvarga.com, I have a report that brings you along in how to create the report.  It’s title is, “How to Print Money Legally and Supercharge Your Business.”  If you don’t have it already, you should invest in getting it.

     

    Anyway, these are just a few I thought of.

     

    Let me go over the fine points I’ve mentioned over the last two weeks.

     

    1. Use an “editorial style” lead generating ad to lure prospects.
    2. Don’t sell your product or service in the ad; only sell the idea of people calling you to receive the free report.
    3. Use a voice mail system to capture the names, addresses and phone numbers.
    4. Use an ad code to track your results.
    5. Your free report is nothing more than a glorified sales letter that delivers the information the customer is asking for, but it also pitches your services and products at the end.
    6. It’s up to you about what action you want the prospect to take next.  Call and purchase over the phone? Call for an appointment? Call for a Demonstration?
    7. Telemarket to those leads in combination with mailing them the free reports.
    8. Mail follow-up copies of the report until the results fall above your cost.

     

    Well that’s it for this week.  I know, that if you implement the strategy I’ve gone over these past two weeks, you will think you died and went to heaven with all the prospects you generated.

     

     

    Next time I’ll write about another solution to problems you might be having and how to reverse them. If you need step by step instructions on how to implement this and other ideas I give on Creating Customers. Please go to www.buildyourbusinessfast.com   and sign up for my one on one Coaching program.  You can’t lose by investing just $20/month in the growth of your business.  You probably Tip more than your investment each month. Invest in the growth of your business.

     

     

     

     

     

     

     

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    26 June 2015, 02:01
     

    What’s In It For Me? Advanced Marketing Strategies to Create Thousands of New Prospects and Turn Them Into Paying Customers Part 1

    Advanced Marketing Strategies to Create Thousands of New Prospects and Turn Them Into Paying Customers Part 1

     

    Over the past few months, many of you have emailed me with requests to give you ideas on how to create more prospects that you can convert into customers.  Over the next few weeks I will accomplish that, but if you don’t know how to convert them into paying customers, you’ve wasted your investment. Knowing this, I will also tell you how to accomplish this.

     

    As you know, the whole point of fishing is to catch fish.  But before you actually catch a fish you have to do two things.  First you have to hook it and secondly, you have to reel it in.

     

    In marketing, I call this the “hook them and reel them in” two step approach marketing.  It is one of the most effective strategies you can possibly use in your business.

     

    It’s really very simple.  The first step is to generate inquiries, or leads of individuals who are interested in what you have to offer.  The next step is to provide those leads with the necessary information to close the sale.

     

    The two-step concept is not to try and make the sale immediately.  The first step is to attract a qualified prospect with a lure, or bait, and get them hooked.  Then the next step is to reel them in and make the sale.

     

    Sometimes, companies who have a very large price tag to the product, or products that need detailed demonstrations use two-step marketing extensively.

     

    I’ve used the following four different techniques for all of my businesses and for many consulting clients.

     

    The first one is the Lead Generating Ad or Free Report.

     

    This is the most powerful, low cost and high-profit marketing strategy for any business, and it’s so simple to do.

     

    You need the following to make it work:

     

    1. A lead generating print ad.  This is the bait or lure.

    2. A voice mail that will let you record an “outgoing” message as well as record incoming messages. This is the hook. Look in your yellow pages for Telephone Answering Services for a provider near you.

    3. A “free report”. This is to reel them in.

     

    For my Real Estate subscribers here’s an example:

     

    Let’s say you sell investment real estate and you would like to have a lot more prospects, than you currently have, that you can sell to.  The first step is to generate some leads and in order to do that you need to write a lead generating ad. 

     

    In the ad you must have the following:

     

    A Head Line.  Here’s one.  Free Report Reveals How to Make Money Investing In Real Estate. The first word is “free”. “Report” sounds very official. “How to” lets your prospects know they will learn something by reading the ad. 

     

    The ad should be written in an editorial style.  It doesn’t look like the normal everyday ad we always see.  It looks like a news article written by a reporter.

     

    Next, you must make sure that it doesn’t sound like a sales pitch about specific investment properties.  The ad merely stimulates interest and promises a benefit, the free report.  The ad forces prospects to take the next step and call a number to receive more information.

     

    Include in your ad urgency.  Say something like, “ supplies are limited”.

     

    After you have written your lead generating ad, you need to run it in one or more publications where your prospects will see it and respond to it.  Since investment real estate has a mass appeal, I’d suggest running the ad in the Newspaper.

     

    When your prospects read the ad, and decide to respond to your offer of a “free report,” they call the telephone number in the ad and hear a message that you’ve recorded on your voice mail that could go something like the following:

     

    “Hello and thank you for calling.  To receive a free copy of our report, How To Make Money Investing in Real Estate, please follow these instructions carefully.  At the tone speak clearly and leave your name, mailing address, and telephone number.  Be sure to spell any unusual names and addresses. Please repeat the advertisement code that appears in the lower right hand corner of the ad. If you don’t know it that’s fine.

     

    Once again, speak clearly and leave your name, mailing address, and telephone number. 

     

    The report will be sent to you immediately by first class mail.  Thank you for calling and we hope you enjoy the report.

     

    I mention the advertising code because if you are going to run your lead-generating ad in several publications, you definitely want to know which ones pull in the highest number of qualified leads.  By placing an advertising code in the lower right hand corner of the ad, and having your prospects repeat the code on the voice mail, you will be able to track your results and make decisions about which publications are the most profitable to advertise in.

     

    I also mention that it’s not required because you don’t want to put any stumbling blocks for them leaving the pertinent information you require to contact them. 

     

    You don’t want them to call, require the ad code, when they might have just copied the information and phone number. 

     

     

    Well that’s it for this Issue.  Next time I’ll write about another solution to problems you might be having and how to reverse them. If you need step by step instructions on how to implement this and other ideas I give on Creating Customers. Please go to www.buildyourbusinessfast.com   and sign up for my one on one Coaching program.  You can’t lose by investing just $20/month in the growth of your business.  You probably Tip more than your investment each month. Invest in the growth of your business.

     

     

     

     

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    11 June 2015, 01:21
     

    What’s In It For Me? Get More Sales Using a Marketing Funnel

    Get More Sales Using a Marketing Funnel

     

     

    A systematic approach is the way you should market your business. 

     

    You might ask yourself, “ Why should I use a Marketing Funnel?”

     

    The most important reason is that it results in more sales.  And more sales means more profitability.   That should be reason enough, but the real question is why do you get more sales when you use a systematic marketing funnel?

     

    It’s because most of your prospects simply aren’t ready to buy at the very moment you contact them the first time.  However, they will more than likely be ready to buy over a period of time.  This is why I use my 12 communications system with a prospect where each month I email them something to help them until they become a customer.

     

    You should understand that each prospects time line for becoming a customer is different, so you are able to give them the time tyhey need to move from a “luke-warm” buyer to “Ready to Buy.”

     

    During this period you are able to provide education and prove to your prospects that you are a “Guru” in your industry. But the most important part of this is that they get to know you as a person.   They not only get to know you, but they will trust you and learn about you. 

     

    Finally, you are able to position yourself, and answer the question, “ Why should I choose you.” That is always burning in the back of your prospects mind. 

     

    Here’s an example.  You can position your pricing, justify it, and position your “ rules of engagement” on how your business is run.

     

    You will have the best success in using “grabber letters” in this sequence of bringing them from prospect to customer.  

     

    Here’s the sequence I use.

     

    Day 1   Thanks you email for responding

    Day 5  One of the grabber letters.  I often use the Pill offer.

    Day 10 Send a follow up email to offer

    Day 20 Send another email follow up offer.

    Day 30  I now send my Direct Mail Offer

     

     

    Try this and let me know how it works for you or if you have any questions about the procedure.

     

     

    Well that’s it for this Issue.  Next time I’ll write about another solution to problems you might be having and how to reverse them. If you need step by step instructions on how to implement this and other ideas I give on Creating Customers. Please go to www.buildyourbusinessfast.com   and sign up for my one on one Coaching program.  You can’t lose by investing just $20/month in the growth of your business.  You probably Tip more than your investment each month. Invest in the growth of your business.

     

     

     

     

     

     

     

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    27 May 2015, 15:08
     

    What’s In It For Me? Don’t Read This Unless You Want To Quickly Bring in a Bunch of new Clients/Customers

    Don’t Read This Unless You Want To Quickly Bring in a Bunch of new Clients/Customers

     

    I’ve been teaching the value of this “technique” for many many years because it is an incredibly effective way to put people in your business and increasing your customer base.

     

    I put “technique” in quotes because it’s not a technique so much as common sense.  You don’t have to study or practice it.  You don’t need any special tools.  There is nothing you need to do to prepare to do it. 

     

    One of my Coaching subscribers who implemented this “Technique” wrote to me to tell me he was getting so much business, his secretary made him stop.

     

    That is the power of what I’m now going to share with you. 

     

    This brilliantly simple way to bring in more business is simply this.   “Call your clients and say Hello.”

     

    Yep, that is all there is to it.

     

    Call your current clients and your former clients and tell them you are calling just to say hello and see how they are doing.

     

    That is it.

     

    The first thing that will happen is that your clients will be amazed and delighted that you thought enough of them to reach out and say hello, without it costing them anything. They will appreciate you even more than they already do.

     

    Ask them about their family or their work.  They will be even more impressed if you remember something personal about them. Let them talk.

     

    Don’t ask for anything or offer anything.  Remember, you are just calling to say hello.

     

    Just by being on the phone will prompt your clients/customer to think about purchasing from you again.  Or, they will think about a friend from work or someone in the family who could use your product or service.

     

    Very important.  If you get voice mail, leave a message and tell them you will call them again.  Then call in a few days at a different time.

     

    Your clients know, like and trust you.  They did business with you once and they will again.  They know people who need your services or who will need your products or services in the future, and they will be only too happy to send that business to you.

     

    And you won’t even have to ask.

     

     

    Well that’s it for this Issue.  Let me know how you make out with this “technique”.  Next time I’ll write about another solution to problems you might be having and how to reverse them. If you need step-by-step instructions on how to implement this and other ideas I give on Creating Customers. Please go to www.buildyourbusinessfast.com and sign up for my one on one Coaching program.  You can’t lose by investing just $20/month in the growth of your business.  You probably Tip more than your investment each month. Invest in the growth of your business.

     

     

     

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    13 May 2015, 20:52
     

    What’s In It For Me? A Secret to Convince Everyone to Connect with You

    A Secret to Convince Everyone to Connect with You

     

    I’m often asked on my coaching calls, why people, who are visiting my various Social Media platforms, why aren’t they communicating with me after that first visit?

     

    This is a problem many Business Owners have.

     

    It’s just not enough to just say “Follow us on Twitter” or Like our Facebook Page”.  You have to give a compelling reason for them to do so.

     

    Let individuals know what you have to offer them in exchange for giving you a like or a follow.

     

    I don’t mean giving them discounts or coupons.  What I mean is having some kind of value proposition.

     

    For example.  Try saying something like “Follow us on Twitter for daily Marketing Tips” or  “Like us on Facebook, we promise to make you laugh at least once a day.”

     

    Isn’t that more appealing?

     

    This type of approach is a lot more personable than a generic request to like or follow you.

     

    Many people think that the number of FANS you have on your page is being successful.  Wrong.  You might have 10000 fans but you don’t have any real content engaging information or funnies, so why would a fan come back?

     

    Content is king.  Here is an example I like to use who hired me as a consultant to help them create more customers.  Joe is a plumber.  His page was full of plumbing jobs.  The example he had was a lady who stuffed a jar of pickles down her toilet and the picture showed the pickles in the drain and on the floor.  It really wasn’t engaging.  It wasn’t a picture I’d share on my wall.

     

    Here’s what I did for him.

     

    I gave him many things to post on his wall.  A picture of Lemonade Kool-Aid, with instructions to place it in the dishwasher empty and cycle it through to give the dishwasher a good cleaning.

     

    I followed up with more pictures and tips and he religiously posted them. 

     

    Guess what?

     

    People were commenting and posting. 

     

    I then had him find local Real Estate people pages.  He went on their pages and said, “Hello ABR Realty.  J.D.Plumbing is your newest fan.  Come like my page. 

     

    When an area business likes your page, their post goes on your wall and vise versa so more exposure is gotten.   Why did I have him do this?  Because, one day the realtor is going to need a plumber when they are about to close on a house and the house has plumbing issues.  The hope is that when she needs a plumber, she will remember the guy on her wall.

     

    After you gain business pages on your page, take the time to go to their wall and “ like” a post.  If you can “Share” a post of theirs on your wall, do it.  Why?

     

    First, you are promoting them and the law of reciprocity says they will also promote you now as one of their friends.

     

    Trust me.  Liking and sharing is a participating friendship.  Most importantly, it gives you exposure every time they share your stuff on their wall.  It’s my hope that one of their friends will then share it to their wall, etc etc.  Your post could become viral.

     

     

     

    Well that’s it for this Issue.  Next time I’ll write about another solution to problems you might be having and how to reverse them. If you need step by step instructions on how to implement this and other ideas I give on Creating Customers. Please go to www.buildyourbusinessfast.com   and sign up for my one on one Coaching program.  You can’t lose by investing just $20/month in the growth of your business.  You probably Tip more than your investment each month. Invest in the growth of your business.

     

     

     

     

     

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    29 April 2015, 23:47
     

    What’s In It For Me? Seeing Into The Future

    Seeing Into The Future

     

    Many of you have asked me what I think future markets would be.  Here’s my answer.

     

    I feel that Children in School, Twenty Somethings, and Seniors

     

    Your marketing messages should be targeting these groups.

     

     

    Children

     

    There are over 83 Million children age 19 and under in the US. 

     

    The opportunities are many when it comes to these children, but education is particularly a hot area.  Faced with state and local budget shortfalls, school districts nationwide are slashing their budgets.  At the same time, it is much harder to get into college than ever before, and parents consider a college education essential to make their kids competitive in the job market. 

     

    The result is parents are eagerly spending on extracurricular programs that help their kids get better grades or learn skills that their schools have eliminated. 

     

    Those Network marketers who have the product that increases “Brain Function” would do well with this market.

     

    Insurance agents should provide earlier ways to save for college educations.

     

     

    Twenty Somethings

     

    The oldest members of this boom that began in 1987 are turning 25 this year and the rest of those boomers are right behind them.

     

    The wedding market and weight loss market will do well here.  Many are getting married so it’s a thriving market for the Insurance Agents in this group.  

     

    Now to my favorite.

     

     

    Seniors. 

     

    Baby boomers just turning 65 isn’t the market I’m talking about.  The real boom is Americans aged 85 and up. 

     

    One of the biggest trends with seniors is that they want to “age in Place.” In their own homes.

     

    The result is that services and products to help them do so will be very hot for the next 20 years or more.  They include in home medical or nonmedical care to assist with activities of daily living, senior day-care programs to get seniors out of the house and socializing. 

     

    Network marketers will do well that have anti aging products and insurance agents have many products they could sell that will fit the needs and wants of this group.

     

    Well that’s it for this Issue.  Next time I’ll write about another solution to problems you might be having and how to reverse them. If you need step by step instructions on how to implement this and other ideas I give on Creating Customers. Please go to www.buildyourbusinessfast.com  and sign up for my one on one Coaching program.  You can’t lose by investing just $20/month in the growth of your business.  You probably Tip more than your investment each month. Invest in the growth of your business.

     

     

     

     

     

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    15 April 2015, 14:34
     

    What’s In It For Me? 4 Unique ways to Improve your Email Marketing

    4 Unique ways to Improve your Email Marketing

     

    Now that you are in Business, now what do you do to create customers. 

     

    Though there are various opportunities to get connected with your prospects and consumers, you just have to find the right platform and techniques to get your message out there. 

     

    You should build an effective and easy email marketing campaign to turn your business operations, products, services, and offerings into gripping content that your prospects can’t simply avoid noticing.

     

    Try any of the following email marketing tips to make it happen.

     

    Add WOW to Your Welcome Email.

     

    Let’s assume someone just subscribed to your newsletter or information leaflet.  Now what?

     

    You, like any other business, would certainly send a welcome email to this new subscriber, wouldn’t you?  But let’s think a little out of the box.

     

    Explore a few other effective alternatives to make this first contact more meaningful, interesting, and engaging.  This is your ultimate opportunity to turn a prospect into a permanent customer.  Use a variety of innovative elements to provide your subscribers with the content they find exciting and useful. 

     

    Take your Emails to the Highest Level possible.

     

    Any successful email-marketing program may work like this:  ask for Birth Date, design an email with a special greeting, include an offer, trigger the recipient and enjoy the results.  

     

    Personalize this marketing style with unique content and strategies.  You can include the recipient’s wish list, recently browsed products, and a few recommendations in a birthday email.  Such personalized emails usually go a long way and bring you better results.

     

    If you think Birthday emails are too mainstream, then celebrate “purchase anniversaries” to trigger happy memories for your customer.

     

    Target Different Seasons

     

    Good Friday, Easter, Christmas, Thanksgiving Day, Hanukkah, or Independence Day, regardless of the event or festival, email-marketing campaigns are a good way to convince more people to make purchases. 

     

    You can send them gift guides, gift-wrapping tips, or themed promotional items to make their celebrations simply unforgettable.  This will also strengthen your brand image and bring you additional traffic, better sales, and of course, greater profits.

     

     

    Win Hearts to Win Business

     

    Lastly, Successful email marketing campaigns usually make inspirational stories a vital part of their email messages.  After all, many people enjoy reading the success stories they can relate to.  It will help to highlight the humane side of your business.  So personalize your email message to maintain that personal connection with your existing and potential customers.

     

     

    Well that’s it for this Issue.  Next time I’ll write about another solution to problems you might be having and how to reverse them. If you need step by step instructions on how to implement this and other ideas I give on Creating Customers. Please go to www.buildyourbusinessfast.com   and sign up for my one on one Coaching program.  You can’t lose by investing just $20/month in the growth of your business.  You probably Tip more than your investment each month. Invest in the growth of your business.

     

     

     

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    02 April 2015, 12:31
     

    What’s In It For Me? Blogging for Riches

    Blogging for Riches


    Have you ever heard of a "Fatkini?"

    I never did before I heard of a woman named Gabi Gregg.   Blogging in a fatkini has made her very wealthy.

    She is a plus sized woman who specializes in blogging about the plus-size fashion industry. 

    Gabi was blogging for quite awhile when she had an epiphany.  What would happen if she took a picture of herself in a bikini and posted it in her blog?

    She did it and called her post "The Fatkini".

    Gabi's post now became viral and it also landed her an interview on The Today Show.

    After that, things just spiraled upward.  In the Plus Size Fashion Industry, sales of large-sized bikinis exploded.

    Gabi now was able to capitalize on her new found fame.  She launched her own line of Fatkinis.  And it took the plus sized fashion industry by storm. 

    The reason I'm telling you this story is that I've heard from many people in my coaching program how when they went through the module on Blogging, have also become insanely wealthy.  

    This is why I'm posting this blog article as those of you who aren't in my coaching program should have a blog and see the same results.  So don't put blogging down.  Start your own.

    Well that's it for this Issue.  Next time I'll write about another solution to problems you might be having and how to reverse them. If you need step by step instructions on how to implement this and other ideas I give on Creating Customers. Please go to www.buildyourbusinessfast.com   and sign up for my one on one Coaching program.  You can't lose by investing just $20/month in the growth of your business.  You probably Tip more than your investment each month. Invest in the growth of your business.

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    19 March 2015, 20:28
     

    What’s In It For Me? How to Get Tons of Referrals by Throwing Parties.

    How to Get Tons of Referrals by Throwing Parties.

     

    Do you want customers/clients without having to ask?  Would you like a strategy for getting referrals month after month?

     

    Throw a party.

     

    You heard me correctly.  Throw a party.

     

    Here’s what you do. 

     

    Every month give a totally free birthday lunch for your best clients and their FRIENDS.  Your level A clients/customers. I capitalized friends because that’s the important part.

     

    Their friends will be level A clients/customers also.

     

    Can you imagine being introduced to all those new prospects?  This is your chance to get them on your mailing list.  You can now offer to send them articles with valuable information that will help them and build that so important relationship.

     

    At the party, you announce your educational seminar on whatever your products/services are.

     

    Not only do your clients/customers attend, but also those guests at the Birthday party.

     

    Each guest at the Birthday party is a warm prospect.  Everyone that attends your educational event is a hot prospect.

     

    You now have a golden opportunity to get more sales from your present clients/customers and new business from their friends.

     

    The best part of this strategy is that it is easy for the client/customer.  They are not asked for the name of someone who will be exposed to a sales pitch. 

     

    Being introduced to friends at a party make an end run around the asking problem.

     

    Your sales funnel gets filled every month without ever asking for a referral.

     

    Let me know your thoughts on this strategy and if you are having a difficult time creating it, send me an email and I’ll help you.

     

    Well that’s it for this Issue.  Next time I’ll write about another solution to problems you might be having and how to reverse them. If you need step-by-step instructions on how to implement this and other ideas I give on Creating Customers. Please go to www.buildyourbusinessfast.com and sign up for my one on one Coaching program.  You can’t lose by investing just $20/month in the growth of your business.  You probably Tip more than your investment each month. Invest in the growth of your business.

     

     

     

     

     

     

     

     

     

     

     

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    05 March 2015, 02:03
     

    What’s In It For Me? Putting Your Business in Warp Speed Through Reversed Risk Part 2

    Putting Your Business in Warp Speed Through Reversed Risk  Part 2


    Let’s continue on this very important topic of risk reversal.

    In the last issue, I gave you the first method of reversing risk.  The Total monetary risk reversal method.

    The next one is the “Better than total risk reversal”.

    In this approach, you, the seller, not only guarantees a complete refund if the buyers is dissatisfied, but also offers a bonus incentive that the buyer retains even if they seek a refund.  The bonus is usually a product or service that complements the primary reason for the transaction.  It could be something else also.

    Before I give you an example  I want to mention that in my coaching program, I’ve received many email messages, where my subscribers asked me to address and write about some of the problems they were having. Risk Reversal is one of the most asked questions I get. Each month I have given them the step by step methods to solve those problems but also at the same time to build their business by Creating More and More Customers. When you get a few moments, please go to www.buildyourbusinessfast.com and let me know what you think of it.   


    Let me give you an example that I implemented in my Bank:

    We offered a duffel bag as a bonus gift if they came in to open an account.  If they decided not to open an account they kept the duffel bag.  By the way the duffel bag had our name and other benefits we offered printed on it, so no matter where they went, we received free publicity.

    The better than risk free transaction acknowledges and rewards the customer for having enough faith to commit to purchase and use your product.  By creating a better than risk free offer, you increase the appeal of your offer because there is a bonus incentive on top of a risk free offer.

    Let’s go to the next concept.  The Emotional Risk Reversal.

    With emotional risk reversal, you are taking the necessary steps to increase your prospects level of confidence and reduce their fear before they even make a purchase.  This type of risk reversal is used by many professionals because a monetary risk reversal simply isn’t practical. 

    If you are a realtor, it may be impossible to offer a 100% money back guarantee on every house you sell.  But that doesn’t mean you can’t reverse the risk for your clients.

    Using an emotional risk reversal approach, in which you could urge prospective clients to first contact some of your customers, is a very effective method of risk reversal.  Your prospects could ask these previous clients about their overall satisfaction about your service or product.

    Lawyers, medical practitioners, and other professionals can use emotional risk reversal by offering a free initial consultation to potential clients.  If you’re a Dentist, you might run into trouble with your state-licensing department if you tried to guarantee results.

    But, by offering a free initial exam, you get the opportunity to evaluate your potential patient and discuss potential costs without any risk on the patient’s part.  The result is that ore prospects will visit your office, overcome their fears, and become regular, paying patients.

    It never fails to astound me the small number of businesses that never practice risk reversal.  I guess that one reason is fear.  Many people in business lack the faith in the quality of their product or service and they fear that reversing the risk will hurt their business.  They probably fear that people will take advantage of them.

    Please trust me on this point.  I’ve done risk reversal in over 32 successful businesses that I’ve created.  There’s no need to fear risk reversal.  It may sound scary, but I can tell you from experience that you will profit enormously from risk reversal. Believe me when I say that most consumers aren’t looking to take advantage of business owners, all they want is to make a sound and be confident about their decision.

    Let me give you another example about a music store that I consulted with. I created a risk reversal method that created more customers than he ever had before. When a large Towers Music store opened nearby, almost all of the independent music stores were driven out of business.  Except for my client.

    I had him make the following risk reversal offer.  “Our Customers will totally enjoy any CD they purchased or it was FREE with no strings attached.”

    If you purchased a CD from him and didn’t like it, you got your money back.  It was as simple as that. He was flooded with customers who would have normally have gone to Towers.

    The point is, even though you may have a small number of customers who will ask for their money back, these refunds are nothing compared with the tremendous growth your business will have if you create a risk reversal system. 

    In most situations you can also profit from these refunds.  My experience has been that when people want a refund, they only want to move up to a higher level, to a better product or service.

    In my opinion, all refund requests are really opportunities.  Even if they are not an opportunity to up sell to a better product, they are at least a chance to learn something about your business, why they are asking for a refund, and take this knowledge and use it to change your future sales approaches.

    If what I’ve written doesn’t convince you, and your still concerned about what would happen if you created a risk reversal system, then just test it.  You don’t have to make a full-blown commitment.  Do it on a smaller scale.  You can try it out with one salesperson calling on 30 people that come into your business, or with 50 letters you send out.

    You want to find out how many people say yes when you offer risk reversal than when you don’t, and also you want to find out, after you’ve sold your product or service, how many asked for their money back.  You can do this at a very small cost to your company.

    By doing this, you are able to determine your net advantage to offering risk reversal.

    And once you’ve tested this approach and see what effect it has on customers and the sales that it generates, then implement it throughout your business.

    The last thing I want to mention is not to add qualifiers onto your risk reversal system.  Conditions will thwart the very power and advantage this concept offers you.  Don’t make it hard for people to do business with you.  Don’t put any hurdles in front of them and don’t make it difficult for them to start a relationship with you.

    Naturally, it’s okay to require that the product be used within its recommended guidelines.  Beyond that, any fine print you impose on a risk reversal proposition will be counterproductive. 


    Well that’s it for this Issue.  Next time I’ll write about another solution to problems you might be having and how to reverse them. If you need step by step instructions on how to implement this and other ideas I give on Creating Customers,  please go to www.buildyourbusinessfast.com  and sign up for my one on one Coaching program.  You can’t lose by investing just $20/month in the growth of your business.  You probably Tip more than your investment each month. Invest in the growth of your business.


    If you need help in working on Risk Reversal. Send me an email at kenpbg@aol.com and I’ll try to help you. 





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    18 February 2015, 13:26
     

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