Thursday, September 29, 2005

Mark Joyner's Irresistible Offer

The title of Mark Joyner’s new book is:

“The Irresistible Offer
How To Sell Your Product or Service in 3 Seconds or Less”

I just finished reading the book cover to cover and I wanted to summarize a bit of it here for you.  The book covers A LOT, so a more in depth review would be much larger than this blog post.

Basically, Mark Joyner says that people today are impatient because they are bombarded with thousands of different messages every day.

So we learn to evaluate whether something is meaningful for us very quickly.

Consequently, you as a marketer or seller, MUST be able to present and and get your offer across immediately (hence the subtitle  of “3 Seconds or Less”)

In order to sell effectively, Mark introduces the concept of the Irresistible Offer.

Mark maintains that “Core Imperative of Business”  is the offer.

He also talks about the 4 Big Questions that everyone asks themselves when they evaluate an offer:

  1. What are you trying to sell me?
  2. How much?
  3. Why should I believe you?
  4. What’s in it for me?

And he explains why these 4 questions are the basis of how we evaluate anything.

Mark defines the Irresistible Offer as “an identity-building offer central to a product, service or company where the believable return on investment is communicated so clearly and efficiently that it’s immediately apparent you’d have to be a fool to pass it up.”

This definition is the direct opposite of selling through coercion or deception.

There are 3 elements that comprise an irresistible offer:

  1. A High ROI Offer
  2. Touchstone
  3. Believability

Mark goes into depth about how to create an irresistible offer with plenty of examples of offers which he considers irresistible and also examples which he says are not.

Mark also talks about pairing the offer with what he calls the Great Formula because it never fails to sell in business.

The book also goes on to discuss how to make your offers, your company and your reputation viral as well.

Although the thrust of the book is towards business, Mark also has a couple of appendices which talk about how you can personally use the Irresistible Offer approach to sell yourself or if you are a salesman how you can use it to sell your companies products.

If you can’t already tell, I was incredibly impressed with this book.

Mark Joyner’s “Irresistible Offer – How To Sell Your Product or Service in 3 Seconds or Less” shows in plain, straight forward and sometimes blunt language, how to create an irresistible offer and present it honestly and simply so that your product or service is a slam-dunk, must-have, no-brainer and keeps your customers coming back for more and loving you and your business.

In the world of Big Ticket Marketing, if you “get this”, you immediately cut past the skepticism and doubt that is traditionally present due to the higher cost of your product or service.

I don’t make a dime for recommending this book to you. 

And you don’t have to spend many dimes to get your own copy and I know that if you get this, and apply it in your business you can make a ton of dimes :-)

Here is the link for the book on Amazon.

The Irresistible Offer - Amazon

and here it is again on Barnes and Noble.

The Irresistible Offer - Barnes and Noble

Check both because they seem to be having a price war.  Enjoy the book.

-Chuck

Thursday, September 22, 2005

The 10% Edge

Recently, I have been thinking about expanding my business.

And you’re probably thinking “Aren’t we all!” :-)

But there are many ways to expand a business:

  1. Add another stand alone product or service
  2. Add another backend product or service
  3. Add a product or service where you get paid monthly
  4. Sell affiliate products or services
  5. Cross-sell or Up-sell existing promotions
  6. Add consulting
  7. Add mentoring

Anyway, lots of possibilities.

But lately I’ve been thinking about adding other products and affiliate products to my own product mix.

I’d like to have even more revenue streams to hedge against a slow down in sales in any one area.

So I’ve been looking for product ideas by examining existing markets.  I don’t just want to come up with an idea that I think is interesting.  I want to pick an idea that already has a good size market of people who are already ready and waiting to buy it.

Now, I used to think that if I came up with an idea for a product that it had to be totally unique and original.

But I don’t believe that’s true anymore.

Of course, if you can come up with a truly unique product that already has people eager to buy it, then you’re going to rake in the cash!

But these days that is harder to do because so many people are looking for that next *BIG* idea.  And its not as easy to come up with something totally original.

Take for example, the Microsoft DOS operating system.  For years, this was the primary way that people worked on their personal computers.  Then the Apple Macintosh was introduced.  It had a graphical user interface.  You just pointed and clicked, using a mouse.

This was a revolutionary approach compared to what people were used to at that time.

And of course there is also Microsoft Windows.

Moving from DOS to a Mac or to Windows was a real jump.  And of course both the Mac and Windows operating systems continue to be improved even today.

Anyway, like I said, I don’t believe that you have to have a totally unique and original product idea anymore.  In fact it is much easier to see if you can find a product that already sells well today and then think of ways to make it just a bit better.

I call this the 10% Edge.

You only have to be about 10% better than your nearest competitor to do very well as a business because people are always comparison shopping.  They are looking for the best deal or the best value that they can find. Especially in a very competitive market.

Think about the athletes that complete at the Olympics. They are all world class athletes.  In any race event, the difference between winning and losing might be only a few seconds or even fractions of a second.

So is the athlete that wins so much better than all the rest?

No! But they were slightly better and that gave them the edge on race day.

This is the 10% edge.

Let me give you a recent example of someone introducing a product into a market with well established competitors.

Have you heard of Camtasia Studio?  It’s a product that allows you to record your screen to create training, demos, and tutorials.

It’s used by many online marketers to demonstrate their products or to teach others about marketing techniques.

Well, recently, Armand Morin introduced a competitive product called ScreenCam Generator.  He even tells you in his sales copy that he got the idea because “… we realized there really wasn't any alternative to the most popular screencam software out on the Internet”.  But also “We didn't feel this particular piece of software had ALL the tools which an Internet marketer or online business would need in order to build their business with ScreenCam to its maximum potential”.

So he created another product that competes directly with Camtasia except that he has added some features that he felt were missing.

That’s the 10% edge.

Of course there are other benefits that Armand provides as well, but I hope this gives you an idea about how to create a product or even improve your own product to have that 10% edge.

And the best part about looking for the edge is that you already have someone else’s product to evaluate.  You can find all their weaknesses and improve on them to give you the edge!

Ok, so now let’s talk about some ways that you can differentiate your new or existing product to give it the EDGE.  This will be a brief list with examples because the ways you can differentiate is really only limited by your imagination.

  • Benefits – Does your product offer more benefits?
  • Features – Does your product have more features that are useful to your customers?  Sell the benefits of those features rather than the features themselves.
  • Price – If you can offer a better price than your competitor it can give you a huge advantage. Think Wal-Mart!  However, you don’t want to compete on price only.  And sometimes it’s better to convince your target audience that your product is just plain worth more so you can charge a higher price.
  • Service – Tell your customers why your service is the best.  Do you offer it 24 hours a day, seven days a week? Do you guarantee a response within 24 hours? Do you provide access to a help forum for free?
  • Extras – What else can bundle with your product as a bonus for purchasing from you? Can you make these extras so valuable that they are worth the price of the product itself and more? Can you provide free shipping? Do you have an extra that is exclusive – in other words that ONLY you can provide?
  • First To Market – Were you the first one to bring this type of product to market?  Or are you the longest established for this type of product. Being first or being around for a long time can bring you credibility because you can be viewed as the leader for that type of product.
  • Leading Expert – Can you show that you are the leading expert or an expert in your field for your product category. This helps people trust you and your products.
  • Raving Fans – Do other you have specific testimonials from customers?  Do celebrities endorse your product? Do other heavyweights in your industry recommend you?
  • Brand Recognition – Is your brand and reputation well known enough that people automatically give look at what you have to offer, even if its a new product?  Do you have a “coolness” factor?
  • Great Content – Do you provide valuable, free content at your site that helps people so they feel more inclined to make purchases from you?
  • Guarantee – Do you have a completely, risk and hassle free guarantee?

By the way, the 10% edge is not limited to just selling your own products.  You can also apply it affiliate marketing as well.

What can you add as an affiliate marketer?

  • Additional bonuses beyond those offered by the product suppliers
  • You could do a teleconference with the product creator and invite people to the call.  You can even give them a copy and transcript of the call with resale rights if they purchase from you
  • You can collect the name and email address of the person who is interested in the product and follow up with them by creating a short email course on the product you are selling as an affiliate.  This allows you to market to them again and again as well as giving them more information about the product they are interested in.  You can continue to follow up with them even after their purchase, perhaps giving them an additional, surprise bonuses
  • You could create training videos to demonstrate the product as part of your marketing strategy to sell the product as an affiliate.  This shows them how easy to use the product is and you can even offer to give them copies of those training videos and additional ones if they buy from you
  • You could write more compelling sales copy than the copy provided by the product creator and sell it using your own sales page

And this 10% Edge is even more important if you are a Big Ticket Marketer in a competitive business.  Your customers are going to be naturally more skeptical because of the higher price tag associated with your products.  Differentiating yourself from your competition by using any or all of the above methods is critical for you.

Go Create your 10% EDGE today!

Copyright (C) 2005 Chuck Daniel, Like Magic Marketing, LLC -- All Rights Reserved.

-Chuck

Chuck is a former Microsoft software designer and program manager who spent more than a decade happily working on Email and CRM. Admittedly a seminar, workshop and information addict, Chuck left Microsoft to pursue his interests in personal development, internet, direct and information marketing and to promote and work for charitable causes.

Chuck Daniel
Would You Like to Make BIG Bucks
With BIG Ticket Items Online?

http://www.bigtickethomestudy.com
http://www.bigticketblog.com

This article may be reprinted in its entirety in your E-zine or on your Site as long as the content is not modified, all links are left in place and you include the resource box as listed above.

Friday, September 09, 2005

Have You Used Your Customer Eyes Recently?

My son just went back to school on Tuesday.  He’s in 5th grade this year. 

One of his first assignments was to write a short, one page paper on what he learned from a discussion his class had on ethical reasoning.

Here’s his paper:

The 6 Levels Of Ethical Reasoning
By: Zach Daniel
 
Lawrence Kohlberg did a study on a school to find different reasons for people to do good things. He came up with 6 levels of reasons.

The 6 levels of ethical reasoning are:

  1. Avoiding punishment. This is the lowest level, and it means you only did a good thing to avoid being punished.
  2. Rewards. This level is usually seen in early childhood, (if you do this, you get a sticker. If you do that, no sticker for you, young man.)
  3. Be a “good” person. It means that you do something good publicly, to make it known that you are “good”.
  4. Laws/Rules. Doing a good thing that is seen to be “good” by a rule and avoiding doing “bad” things. (Things against the rules.)
  5. Social agreement. Doing things seen right by the majority of society.
  6. Universal principle. Doing something because your conscience tells you it is the right thing to do.

The first two are in an external theme: they both help the person in question either get what he wants, or not get in trouble. It means doing something right because of an external influence.

The next two are in the middle between internal and external: in both of them, the person would do something right on purpose (internal) to get an external result (external).

The final two levels are internal: doing the right thing that you or a group working together see being “right”. And that is even if no one is around to see it and give you a reward – it’s just for the sake of doing the right thing.

Kohlberg also discovered that people tend to go up the levels as they age: the older they get, the higher the level, and hit 6 around teen years. I find it interesting that even if you can’t pronounce ethical reasoning, people “use” the levels every day to make decisions.

Ok, why am I showing you my son’s paper?

Well, I’m proud of him for writing it, of course. 

Is he Rhodes Scholar material? Only time will tell :-)

But what I am amazed at is how early his class is discussing ethical reasoning.  I don’t even remember discussing this when I was in school.

It also made me think about how we, as marketers, run our own businesses.

In actual practice, Kohlberg says, we can reach just decisions by looking at a situation through one another's eyes. 

I think this is invaluable for thinking about your Big Ticket Marketing efforts.  When you make decisions about your product offerings and your business are you looking at them through your customers’ eyes? Here are questions that come to mind:

  1. Having identified a target niche market, what products can you offer that provide huge value for the customers of that market?
  2. How can you price this product fairly based on market demand and on the value provided to your customer?
  3. What bonuses can you provide to your customer that are so valuable that they would be worth the price of the actual product itself?
  4. What valuable information can you give your customer, even before they purchase to build their trust in you and your products?
  5. What valuable information and extras can you give your customer after they have purchased so you can reaffirm their trust in you and your products?
  6. Do you have a completely risk free money back guarantee for your products and services?
  7. Do you provide prompt and hassle free returns on your products and services? 
  8. Do you treat your customers even better than you would want to be treated yourself?
  9. Do you offer your customers other products that you personally own or have used and which you highly recommend that can help them with their businesses or problems?
  10. Are you giving your joint venture partners a great deal for helping you promote your products and services?

Ok, this list could go on forever but I think it gives you some ideas about questions you can use in your own Big Ticket marketing business. 

I wonder what new and interesting areas I’ll end up learning from my son next! 

-Chuck