Monthly Archives: February 2014

Say what?

confused

I met with my internet marketing mentor today and we went over the basics of creating an ad to drive traffic to a landing page.  There were a whole bunch of new acronyms thrown out such as CPC, CTR, CR, CPA and CPM.  It is a little like learning a new language.  But I am fascinated by it.  I know that the things I am learning are going to be a big part of my business life going forward.  Can’t wait to keep learning and implementing.

Did you learn anything new today?

Deception . . .

Icarus

I started listening to the book The Icarus Deception by Seth Godin which I purchased from Audible.com.  I don’t know what it is about Seth but he seems to speak directly to me.  It is great that he is also the one narrating the book.  I am only in the first chapter but already he is making me think about what I’m doing and why I’m doing it.  I look forward to being able to listen each night before I go to bed.

Selecting a Single Target Market

girl thinking

I finished describing the 8 Profit Activators over the last couple of weeks.  I am going to circle back around now and start implementing them as I am working on my niece’s business.  It is going to be called skincarebysoleil.com.  You can check out her Facebook page by following this link.

Soleil is a licensed esthetician and lives in Ventura, California.  Ventura is a beautiful little beach side town with a population of about 120,000 people.

So the first question that we need to ask when selecting a single target market is who are you going to serve?  There are a lot of different markets that Soleil could choose.  The largest is everyone in Ventura.  Obviously that needs to be narrowed down because some of the people don’t apply right off, for example kids under the age of 12 probably aren’t her best candidate.  What about men versus women?  What age is ideal?  What income level?  What nationality?  What is the most profitable treatment she could do?  What is the easiest treatment to do?

Wouldn’t it be nice to be able to narrow it down to one single target market and then speak just to that segment of the population?  It would make the marketing message so much easier.

I will be talking with Soleil over the next few days and we will be digging into these questions to come up with what the first target market will be.  Remember that you don’t have to stay with only that target market.  You just need to pick one, focus and obsess on that one until you have dominated the market and then you can move on to the next target market.

Let me know if you have any suggestions on which one she should choose . . . first.

And remember to go over and like her Facebook page so you can follow along on her progress.

Profit Activator #8 – Referring makes you feel good.

referral

Profit Activator #8 Orchestrate referrals by giving your clients the opportunity to feel great.

Here are some of my favorite quotes:

“The only type of referral that you can control 100% is the orchestrated referral.”

“The biggest adjustment in your thinking is realizing that the real reason people refer is not as a favor to you, but they do it to make themselves feel good.”

“The next step is to realize that all referrals happen as a result of conversation”

“The money-making idea is to be aware of what those “high Probability” conversations are, and make sure that your clients know exactly what to do to introduce you into the conversation.”

Do you like to refer?  I know I do.  I was able to do it just yesterday.  I had met with a vendor who was showing me some software that clients of mine would benefit from.  I really liked the software and knew it could be of help to others.  I got on Skype and connected with a client of mine in Spain and let him know I was going to introduce him to this vendor.  I sent an email to both of them making the introduction.  They set a time to talk later that day and had a great conversation.   It did feel really good to make the referral.  I need to create  a plan to be able to orchestrate these referral moments more often.

Profit Activator # 7 – Repeat Business Insurance

 

repeat

Profit Activator #7 – Nurture lifetime relationships and focus on lifetime value.

Here are some of my favorite quotes:

“If you started looking at the lifetime value of somebody the moment you meet them, it will change everything about the way you think about your business.”

“I always use a 20% annual yield from what I call your relationship portfolio.”

“Everybody will refer someone within the next 5 years, or they’ll do another transaction with you, that’s where your after unit is really coming in.”

“Billions of dollars are never generated, never realized, simply because of the neglect or absence of an After Unit in most businesses.”

“So I look at anything you’re doing in your after unit, especially in the nurturing of lifetime relationships as first and foremost really about repeat business insurance.”

I am going to calculate what a 20% yield from my After Unit would look like.

Profit Activator #6

after sale

Profit Activator #6 – Provide after sale service – even after you’ve already been paid.

Here are some of my favorite quotes:

“When you provide after-sale service, you are now going to be able to reap what you’ve sown in delivering a dream-come-true experience.”

“Nobody has ever followed through.”

“Everything that you do after you’ve already got the money, is so much more impactful because you’re not getting paid to do it.”

“And the sweet spot is when the euphoric feelings of joy and happiness are running through their minds, you have power if you know how to harness and direct it.”

This section has me thinking back on the customer experiences I have had over the past year.   A couple months ago I test drove a Nissan Leaf electric car.  The salesman did send one follow up email a few days later but that was it.  Why aren’t they sending me monthly emails describing how people are enjoying the car.  Or what about YouTube videos of different features of the car?  This is fascinating.  What if we set up a great after-sale system to wow our customers long after they purchased from us?  Hmmm . . . the wheels are turning.

Profit Activator #5

smiley

Profit Activator #5 – Deliver a “dream come true” experience designed from your client’s perspective.

Here are some of my favorite quotes from Profit Activator #5

“Imagine what it would do for your business if half the people that went through your process, that went through your experience, referred somebody else to you before that transaction even ended.”

“That is a powerful experience, if you do that, and you orchestrate that right into the experience, even from the beginning, that your expectation is to deliver such an incredible experience that they’ll want to refer their friends and family, you will get many more referrals.”

“When you wow them, that means they end up with a smile on their face.  They got more than they expected.”

“Why not give them something beyond what they even could imagine?”

“If you want to nurture lifetime relationships and orchestrate referrals, it’s only going to happen if you deliver world-class service after the sale and during the sale, and before, so they have a smile on their face and they tell other people about you.”

This is one of the more difficult Profit Activators for me but what if?  What if we could figure out how to wow our customers so that 50% of them would refer someone to us during the process?  That would make a huge difference in my business.

Profit Activator # 4

Easy

Profit Activator #4 – Present your unique service offer in a way that makes it easy to get started.

Profit Activator #4 is the first activator in the during unit.

“Your during unit starts when you have your first meeting with somebody who’s motivated to move forward and do whatever it is that your business does.”

“Selling is serving people.”

“nobody really cares about your process, or your system or product as much as they care about the result.  All they want is for it to be over, and they get what they want without being burned.”

As I apply this activator to my businesses I am thinking about what ways I can make the process very easy to get started.  So prospects won’t have many fears to move forward, that it will be easy and natural for them to take the next step.

Welcome to My Lab

mad scientist

I have heard repeatedly that the best way to learn something really well is to teach it.  I would agree with this as I have had experience teaching different topics to others and I have become much more proficient in that skill.  I am not even close enough to having enough experience to teach others much about my craft of marketing but I do know enough to start experimenting with it.

My niece just became a licensed esthetician.  She has a small clientele currently but would really like to multiply her business by about four times.  I thought what I would do is start to help her with her marketing and document what I do here on my blog.  You can follow along with my failures and successes as I help her to 4x her business.

Stay tuned for the first update.

Welcome to my lab!