Today I want to look at how "selling pain relief" can be used to persuade customers to buy based on the idea that people are more motivated to solve a painful problem than to seek pleasurable gains.
The Background - Away Motivation Is Moving Away From Pain
I had lunch with business growth expert Peter Thomson earlier this week and to help prepare for my meeting I listened to two of the modules from his excellent Accelerated Business Growth System.
Continuing the series of articles on common marketing mistakes, the fourth mistake is...
The big factor that stops people understanding their marketing results better is that they use the wrong type of advertising.
Big companies can afford to invest in brand building and will be pleased if an advertisement increases brand awareness even if it doesn't generate any immediate sales. This is called image advertising or institutional advertising.
The opposite of image advertising is direct response advertising. Direct response is designed to produce a measurable increase in sales as a direct result of the advert.
If you have based your advertising on examples from big companies and your adverts promote your brand name but little else, you are probably generating few leads and may think that advertising is a waste of time and money.
Several weeks ago I started a series of articles about eight common marketing mistakes.
I've already written about the first two mistakes and the third mistake is...
Customers can capture your profit by exercising their buyer bargaining power and suppliers can do the same.
This is the third article focused on Michael Porter's Five Forces model for Industry Analysis (Michael Porter Five Forces Model (the introduction) and the Threat of New Entrants and we now turn our attention to two similar but opposing threats:
Jay Abraham has been quiet recently following his Reunion event and the Maven Marketing joint venture has been delayed through supply problems with the workshop DVDs.
I have received an email from Jay promoting the home study version of his Reunion event which he is now calling the Golden Nuggets from the Brain Trust, Business War College event.
The next instalment of my Understanding Finance articles based on my Finance For Non-Financial Managers training course looks at how profit is calculated and reported.
This is essential for entrepreneurs, owners of small businesses and anyone managing a business with profit responsibility.
I have mentioned in passing that revenue (sales or income) and costs (expenses) are brought together in the Profit & Loss Account or Statement but I haven't really explained much about the breakdown of these items and how your profit should be reported.
The Seven Day Business Turnaround Kit from Mark Joyner and Simpleology focuses on generating extra cash for your business throughout Days 4 to 7.
The objective is to find enough cash to cover your operating expenses for the next 60 days so that you have the time to put longer term growth strategies into place.
Reflections on competition and the survival of the fittest from my holiday and how what happens in the African bush reflects what happens in business.
Why I Found Myself Thinking About Competition And How Only The Fit Survive
I am just back from my safari holiday in South Africa and Botswana and while I tool my mp3 player loaded with Jay Abraham, Peter Thomson and Brian Tracy recordings, I didn't even turn it on and I just read a couple of chapters of a marketing book I took away.
Day 2 from the Seven Day Business Turnaround Kit was tough but in Day 3 you now have to turn your attention to giving your business a cash injection.
Mark Joyner recommends targeting two months of operating expenses as a cash injection but this is a balancing act. Personally I'd like more cash coverage and to know that my business has more than 60 days to live but as with any goal, you have to balance what you want with what you believe you can achieve.
The second mistake from the 8 Marketing Mistakes is...
What offer do you make to your target customers that makes your business (or product) special and unique?
Do your customers have a compelling reason to come to you and only you because they know that you can meet their particular needs so much better than anybody else?
If not, your product or service risks being treated as a commodity.
The first marketing mistake in my series of 8 Marketing Mistakes is...
Is your business one of the many that haven't taken the time to really identify and understand your potential customers.
Do you know
The full title of this article which I wrote some time ago is:
I wrote it when I was in a very intensive Jay Abraham phase of my learning and development. It was only when I read a similar report written by Jay that I realised just how much of his thinking I had absorbed into my own.
The eight common marketing mistakes are listed below with a short explanation about why the mistake can be costly.
In a business turnaround and recovery situation, cost cutting is an unpleasant but necessary activity and a regular event in a recession.
In Day 1 of the Seven Day Business Turnaround Kit from Mark Joyner and Simpleology, you were told to identify your motives for saving the business and then you made sure you knew your financial position and identified all your costs.
The first step in the turnaround plan is to stop the bleeding of unproductive time and money and the second step is to reduce your stress by dealing with your problems and knowing where you are heading.
Day 2 of the Business Turnaround Kit is when you put your cost cutting plans into action and you speak to your creditors.
Today we will look at how you could be affected by the threat of new entrants in your market and how you can use barriers to entry to deter new competitors.
This is one of the forces in Michael Porter's Five Forces model of industry analysis.
This applies to any business of any size but can be particularly damaging if your market is a fixed size and suddenly you find that you have to share it with a competitor e.g. another shoe shop opens in a small town.
Any indication that a market is growing, under-served or particularly profitable will trigger interest from an entrepreneur who believes that there is money to be made from your market.
I cannot over-emphasise the importance of cash and understanding your cash flow forecast, especially when times are tough and there is a recession.
There is an old banking mantra which sums up the very essence of financial control:
"Turnover is vanity, profit is sanity but cash is reality" (click here for the article)
This is my Day 1 review of the Mark Joyner & Simpleology 7 Day Business Turnaround Kit and the Shakespeare's quote seems particularly relevant.
If your business is going in trouble but you are want to turn it around, it all has to start by being brutally realistic.
Mark Joyner's title for Day 1 is:
Grab Your Gut, Stare Down Reality, Map the Road Ahead
I am delighted to have the second article from Global Guerrilla Marketing Coach, Alexa Ronngren and today she explains Geert Hofstede's cultural dimensions techniques for analysing the cultural differences between countries.
I covered the Hostede theory in my MBA program and since then I have watched with interest as aspects of the cultural dimensions reveal themselves to me when I meet people from different backgrounds.
While I am filing this under Global Marketing, as each country becomes more multi-cultural, these factors will influence the success of your negotiations and relationships even if you never export.
Over to Alexa.
Who is Geert Hofstede?
Here are the recent updates from my Online Profits blog to help you to achieve online business success.
StomperNet & Stomper SiteSeer
StomperNet are releasing another Going Natural 3 video today and if you have seen the earlier Going Natural videos you will know that quality of video and information is always high.
Over the next two weeks or so I will be testing and reviewing the 7 Day Business Turnaround Kit from Mark Joyner and Simpleology.
I previously looked at What Is Industry Analysis and promised that I would tell you more about Michael Porter's famous Five Forces Model which is a centre point of his classic "Competitive Strategy" book.
The principle behind Michael Porter's ideas is that profit only comes from two sources:
Several years ago top author and marketer Mark Joyner wrote a book called "The Irresistible Offer: How To Sell Your Product Or Service In Three Seconds Or Less".
In a surprising move, Mark Joyner is now making an irresistible offer - he is giving away free copies of the Irresistible Offer ebook pdf.
Just click on this link below and sign up:
The Irresistible Offer - affiliate link
(Sorry, changes at Simpleology mean the offer has been taken away)
"The Irresistible Offer" has been one of the top selling marketing books since it was published.
The premise is simple...
I have told you before how highly I regard the Achievers Edge monthly audio newsletter by Peter Thomson so let us take a look at the latest issue I have received.
Are You Part Of The Cargo Or Crew?
This is a pretty blunt question to ask but it does make you think.
Book Review - 2 Stars
I am a big fan of Michael Gerber and the ideas that have built E Myth Worldwide into one of the largest and most respecting business coaching firms in the world.
In March 2008 Michael Gerber released his new book, "Awakening The Entrepreneur Within: How Ordinary People Can Create Extraordinary Companies" and it is released in the UK in June 2008.
The biggest challenge facing entrepreneurs is how to find new market opportunities and spaces.
In the recent post Entrepreneurs How Much Should You Earn I argued that the true premium for entrepreneurship was on the ability to find new ideas for creating customer value and having the courage to implement those ideas.
Everything else can be outsourced or delegated to a team of employees.