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The 60-Second Newsletter Concept

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Do you spend too much time writing your newsletter each month?

Do your readers actually read it…or is it too long?

These days your customers are time-constrained. There’s always too much to do, too many appointments, too many tasks. Finding time to read your newsletter may be asking too much.

Enter the “60-Second Newsletter” concept.

Imagine that you could promise that your readers can get through your newsletter in 60 seconds or less. How exciting is that? Then they’d read every issue you send out.

Often business owners don’t publish a newsletter because they feel it’s too time-consuming to write full articles, especially if writing is not your passion. But if you committed yourself to writing a micro-newsletter, it’s not too daunting and you can easily find the time and motivation to get it done on a regular basis.

You can do this via your mailing list, or via your blog. Remember, the point of doing a newsletter is to have regular communication with the people who have expressed interest in your products and services. The key word here is “regular” communication, so whichever timeframe you want to send a newsletter (weekly, monthly, quarterly), keep to your schedule. The 60-second newsletter should help you keep on track with regular communications to your customers.

How To Do It

When writing your newsletter, ask yourself, “How can I make this something readable in 60 seconds or less?” Here are some ideas:

  • Use bullet points for easy reading
  • Create a quick-list of resources
  • Give them one simple tip or action item
  • Use audio (podcast) instead of a written newsletter
  • Teach them how to do one task more efficiently
  • Write up an important item from the news
  • Give them a piece of advice about handling a specific situation
  • Write a “Top 10” list on an interesting topic
  • Include a motivational quotation
  • Give a link to a longer article
  • Suggest a blog you love

Keep a list of ideas for your newsletter. You may be driving to the dentist or taking a shower — and POW, a newsletter idea pops into your head. Write them all down. This list will help shorten the time to create your newsletter, another added bonus!

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Category: Internet & Social Media Marketing, Marketing

How to Get 300 Hours of Education a Year

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I made an amazing discovery last month. Like you, I’m a busy business owner. Yet I need to continually learn new marketing techniques, new business ideas, etc. in order to maintain my expertise in my field.

Where was I going to find time to do all that reading, listening, and studying???

As with most successful projects, lifelong learning is about two things: structure and discipline.

If you took six hours a week to learn something new (read a book, listen to an audio program, take a watch a video tutorial, take a class), you’d have completed 312 hours of learning new material a year. That’s equivalent to over SIX college-level courses.

To be be known as an expert, you must be willing to invest six hours a week to “sharpening the saw” of your knowledge.

The way I do it is this: I’m taking off every Friday for the next year, to read, take classes, learn. From 9:00 – 3:00, I’ll read a book to read, listen to an audio program on MP3, watch video lessons, read websites, or take classes.

A colleague of mine uses her treadmill time to listen to audios. Another colleague signs up for one class a month, each and every month of the year. One of my clients takes a weekly trip to the library (“The only place I can find some quiet!” he says) and reads a book for a few hours.

You can do this, too. Maybe you take one hour a day as your Learning Time. Maybe you schedule one day per week. It doesn’t matter how you do it, as long as you schedule the time into your calendar and religiously adhere to your learning schedule.

When you think “300 hours” it’s overwhelming.

When you think “1 hour a day” it’s empowering!

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Category: Running a Strong & Efficient Business
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Avoid Pricing and Discounting Mistakes

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In 2008, Pizza Hut saw its sales drop because of the Great Recession. Competitors were lowering their prices and offering discounts — and Pizza Hut figured they had better offer a discount if they wanted to compete with Dominoes Pizza and Papa John’s Pizza for a dwindling market.

So in 2009, Pizza Hut began to offer a large cheese pizza with three toppings for $10 (the normal price was $15). Then they sweetened the deal by offering unlimited toppings for the same $10 price.

And sales rose.

That’s a good thing, right?

Fast forward to 2011. The economy was easing and Pizza Hut (and the other pizza competitors) now wanted to reinstate their normal pizza price of $15.

And customers resisted.

Why? Because of two psychological triggers:

  1. People had gotten used to paying only $10 for a pizza with unlimited toppings. When you increase the price back to the “normal” $15, people see that as a raise in price of 50 percent, conveniently forgetting the pre-2009 pricing.
  2. When you lower your prices, you devalue your product or service. You’re basically telling people, “It’s not worth $15, it’s only worth $10. We’ve been overcharging you all along.”

What do you do when sales are sluggish and you want to offer a discount, but you don’t want to imply that your products and services are worth less by lowering the price?

Enter the Concept of Adaptive Pricing

Here’s the psychology behind the concept: Customers have different needs, and place different values on the various aspects of your products and services — price being just one aspect they consider.

For example:

  • Many customers value access to a live instructor above learning on their own, so if they have questions they can get help immediately from the instructor. Therefore, they’re willing to pay more for a live class than a self-study program.
  • Some customers place value on group brainstorming and sharing of best practices to shorten the learning curve, and are willing to pay to be a member of a mastermind group.
  • Other customers value private one-on-one services and are willing to pay a premium price to get your total attention to find solutions to their problems and think strategically.

By knowing what your customers value — and creating pricing and discounts based on those values — you can increase customer satisfaction and sales at the same time.

But My Customers Want Low Prices!

Be careful of your own psychology: you might be a budget shopper yourself, but not all your customers are. If you constantly offer things for a discount (or for free!), it’s more about your own feelings about money and pricing than the needs of your customers.

For every customer who wants things as cheaply as possible, there are customers who demand extraordinary quality and are willing to pay for it. Just look at the different price/value levels of department stores (from Wal-Mart to Neiman Marcus) and you’ll see that there are huge ranges of quality, service, experience and price needs among customers.

Don’t assume your customers want cheap prices and are willing to take a lower quality service or product in order to get the lowest prices. Price based on the value of what you’re offering, and on your branding strategy. Are you the Wal-Mart of your industry or the Neiman Marcus? (Or somewhere in between?)

So, You Want to Offer a Discount

Great! Offering a discount has a lot of benefits for your business. Pay attention to your strategic purpose behind the discount — to increase sales, to increase demand, to test a pricing strategy, or to get the word out about a new product/service — and price accordingly.

When you offer your discount, test to see if your goals have been met. You may be assuming a discount will produce a certain results, and you could be wrong. Tracking your results is the only way to know for sure. (The numbers don’t lie!)

Three Adaptive Pricing Techniques to Use in Your Business

Versioning

For customers who are concerned about price above all else, offering them your product or service in a different version at a lower price-point will serve them while still keeping your sales up. Here’s an example:

  • I teach a 5-week class where students submit their homework assignments to me for review and analysis, and have access to me during class to ask questions. That class is priced at $499.
  • For the budget-conscious student, I offer similar material in a self-study version $299, (and they don’t have access to me at all if they purchase the self-study version).
  • For customers who want more private access to me to learn the topic and apply it specifically to their own business, they join an ongoing mastermind group that includes the class plus the group access. Each customer has a different need and by creating three versions of the service, I meet the needs of each type of customer.

Additions for Free

Another adaptive pricing technique is to offer an “extra” or “bonus” for free, but keep the base price of your product and service the same.

For example, you could offer your mastermind group to your customer at full price, but then offer them a free additional hour of your time. Walt Disney World theme park had a great success with offering their Buy Four Entry Tickets and Get Three Free package.

But don’t offer pseudo free bonuses unrelated to the product or service that customers are buying. Customers are now savvy to the free bonuses that many internet marketers offer (like: Buy Our Ebook and Get $40,000 Worth of Bonuses Free), and it just makes people think you’re trying to fool them, lowering trust and harming the relationship.

Unbundle

Everyone is telling you to combine a whole bunch of your offerings together, then give the customer a special price. But what if your customer doesn’t want everything in the bundle?

Consider offering your main product or service at full price, and then offering upgrades at a reduced price.

  • You could offer your live event for $1,200, then offer an hour of private consulting time for an additional (discounted) fee to those who are attending the live event. Or you could offer them an ongoing mastermind group for an additional fee.
  • Or you could offer them recordings of the live event for an additional fee. That way, customers can choose which upgrades are valuable to them and you can clearly see which upgrades are the winners in the eyes of your customer.

The key here is to know your customers, and know what they value when it comes to purchasing services and products. If you’re not sure, test out several pricing strategies and see which one pulls in the most revenue.

It’s also important to stop offering discounts when they are no longer needed to boost sales. Be strategic and think through your pricing ideas before implementing them so they don’t come back to bite you later!

25 comments for now



Category: Running a Strong & Efficient Business

Breaking Up Is Hard to Do: How to Fire Your Assistant, Website Designer, etc.

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There must be something in the air. Three of my clients called me this week to talk about firing a subcontractor. One client asked me, “Can you please write an article about this so I know what to do?” And thus this article was born.

We hire people to help us grown and run our small business: assistants and virtual assistants, website designers and graphic artists, copywriters, coaches and consultants, and bookkeepers. But what do you do when their work isn’t up to par or they are constantly missing their deadlines?

These issues can lead to other problems, so even if they seem small they can blow up on you in the future. Your reputation relies on the quality of the work you do and all the people who you hire need to have the same level of excellence. If you demand it of yourself, demand it of your subcontractors.

Read full article.

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Category: Running a Strong & Efficient Business
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A Little At a Time

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Many small business owners feel overwhelmed with what they have to do and the time constraints they have for accomplishing both big goals and everyday tasks.

I heard an interview with Zack Hample (who wrote a book about baseball). Zack has a 203 pound rubber band ball in his home. The interviewer asked Zack if he was obsessive. Zack replies,

“I started working on that thing when I was four. So we’re talking about decades here, and it’s not like I work on it every day. Sometimes I’ll add a pound a day for a week, then I won’t touch it for a year. So, you know, you work on something for a few decades, it’s going to be BIG and CRAZY if you stick with it.”

Building a business, building your dream, will take time and tenacity. But if you really want it, work on it a little every day with the knowledge that it will become what you want in time.

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Category: Business Strategy & Planning, Managing Projects, Tasks & Time
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Is Your Important Business Data Safe?

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A few years ago we had a burglary in our office. Among the items they stole were two laptops.

But our data — especially our confidential client information — was safe. Here’s how:

  • We don’t keep client credit card information on our computers or in paper anywhere in the office. It’s all kept online in our shopping cart, and it’s only kept online for 30 days. Then it’s cleared out of the cart.
  • We keep all client files in a locked drawer or fire-proof safe.
  • We burn or shred all client information from inactive clients.
  • We don’t keep notes about the client in the computer. Instead, we take all notes manually and keep them locked away with the client files.
  • We back up our computers daily to an offsite backup. We use Mozy.com  and iDrive, which automatically uploads any new or updated files each night.

There are three things you need to protect against: loss of data because a hard drive fails, loss of data because of theft, and loss of data because of fire or flood. Most people backup their data to an external hard drive or CD. That will protect you if your hard drive fails, but it won’t protect you if your computer gets stolen or burns up in a fire.

We’ve learned some important lessons about office data security through this experience, and now that the dust has settled, we’re sure we won’t ever lose our digital data and we’ll keep our client files secure!

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Category: Running a Strong & Efficient Business

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