We are going to embark upon a journey through the world of e-myths and debunk them to help you avoid falling into the e-myth trap.
First, let’s take a minute to talk about what an e-myth is. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:
- Some capital
- Projected a targeted profit
This sounds great, but it just not realistic. Think of starting a business as a marathon. Sure, everyone starts out of the gate at record pace, but after a few miles people start slowing and some drop out entirely. Building a successful business takes stamina and agility.
The reality is that there are many different facets to a successful business and none of them can be ignored if you plan to find success.
Let’s take a minute to talk about entrepreneurial seizure. This defines the roller coaster of emotions that comes with starting, nurturing and the potential failure of a business.
The emotions that occur, in order, are:
- Sense of self-loss
This is usually cause by the e-myths and assumptions we talked about. You can get your hopes so high on instant success that even the smallest lag and you are sent into an emotional tailspin. This is also brought on by the stark realization that you can’t do it all and will need help in the areas where you don’t have the knowledge. Now, faced with limited choices you may feel like you need to back out and hide, but don’t do this.
Use our GUIDED TOUR to get the business coaching you need to avoid feeling overwhelmed and defeated.
If you have a business and have not yet managed to start to create wealth and systems that allow you to take time off, build retirement accounts or pay for your children’s college, then learn and master the steps outlined in my book. I am a huge advocate of education and mentorships. Get the right information, find someone that knows how to walk you through them and watch your quality of life take new shape.
Book a Business Break Through Assessment to see how I can find you $100, 000 in revenue in your business with out spending one extra dollar in advertising or marketing.
Juan Velasco, MBA
Scale My Profit
Today I’d like to talk about how to turn prospects into customers and retain them for future marketing to. While, your marketing is doing its job, you need to be working on turning those prospects into customers. There are a few key ways to draw them in and seal the deal. You need to be:
The biggest fear of most new customers is the dread buyer’s remorse. You want to avoid this at all costs and this should be mitigated if you’ve provided a quality product/service that delivers on the marketing claims you’ve made.
However, this can still occur. There are two ways to deal with this:
- Offer to refund money-no questions asked
- Offer a bonus they can keep even if they return the product
These offers alone will also mitigate buyer’s remorse because the customer will trust you more, just for offering these things.
There are number of other ways to turn a prospect into a customer:
- Offer a special price as an opportunity for you to test the market.
- Offer a lower price with the reason of pushing inventory to pay a tax bill, for your kid’s’ braces, or another tangible reason. Customers love that this makes you feel so much more human.
- Offer a referral incentive.
- Offer a smaller, more inexpensive product first to build trust.
- Offer package deals.
- Offer to charge less for their first purchase if they become a repeat customer.
- Offer extra incentives-longer warranties, free bonuses if ordered by a set date.
- Offer financing options, if applicable.
- Offer a bonus if they pay in full.
- Offer special packaging or delivery.
- Offer “name your own price” incentives.
- Offer comparative data or other comparison tools.
- Offer a trade-up or upgrade to something they already have.
- Offer additional, educational information to help them make the decision.
The options really are as limitless as you make it. You can use these or other ideas to find what works the best for your business, products/service and target market. Remember this…
“By making it inviting, easy, informative, non-threatening, educational, inspiring and fun to do business with you, you’ll loft your company above the competition.” Jay Abraham
Need help with figuring out the best strategy for converting prospects into customers? Our GUIDED TOUR gives you exclusive access to the mountain of resources and tools, along with information from some of the greatest marketing minds on Earth.
There are 5 major components to good advertising copy: (The order of these is essential to success)
- Command Attention
- Showcase Benefits of Products/Services
- Prove the Benefits
- Persuade People to Embrace the Benefits
- Call to Action
Advertising is sales in print. So, you need to think about the unique benefits your products/services offer and showcase that in a persuasive way. You need to emphasize results, not features.
Let’s take a minute to talk about each of these components:
- Command Attention: This is usually accomplished with the headline. You need an attention-getter that makes people want to know more about your products/services. The best headlines give a vivid portrayal of the benefits or show how a problem can be avoided with your products/services. The headline is the advertisement for the advertisement.
- Showcase Benefits: You have to showcase the benefits of your products and services and, more importantly, show how they will solve or prevent a problem. They need to know what’s in it for them. Include useful, factual and clear information to show precisely what the benefits are and how they are going to help the customer.
- Offer Proof: This is where you prove what the advertisement is offering. You need to establish you have a method to deliver. Consider information that establishes credibility and past performance.
- Persuade: You need to add compelling reasons for your potential customers to purchase your products/services. Use a hard sell approach and create scarcity. This will enact your potential customers to feel like they have to act now. Which leads into the last component.
- Call to Action: You need to compel your potential customers to DO something. They need to check out your site, sign up for your newsletter, purchase your products, contact you about services…something. Offer a freebie-a booklet, sample, product, bonus, demo, consult, limited time price…the list goes on. There are lots of ways to get potential customers excited about ordering and help them feel like they are getting an amazing deal.
Good advertisements include all of these components and are not complete without any of them. You can sit down and think through any one of these components, then figure out how to best place them together for the most effectiveness. We can help you with this too. Try our GUIDED TOUR to learn how to put together great advertisements from some of the best in the business.
Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
- What do people really want to buy from me?
- What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores.
The basic concept is this:
You want to find existing businesses who have the customer profile that you are looking for to market your products/services to.
Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses.
As a result, you have an audience to market to and they generate an added value from their current base.
So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success.
LV = (P x F) x N – MC
Here’s what it all means:
- LV is the life time value of a customer
- P is the average profit margin from each sale
- F is the number of times a customer buys each year
- N is the number of years customers stay with you
- MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers.
So, here’s your step-by-step process:
- Find companies who already have the customer base you are looking for.
- Negotiate an incentive for them to share that customer base with you.
- Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, check out our FREE test drive for the most comprehensive system of marketing tools and resources.