Techniques make 68% more profit
I want to give you a few simple techniques that can easily increase your profit by as much as 68% - just like it did for one of the Formula Five clients, Dave Lorrez.
You should block out as much time as you need to execute these techniques because -- well, you'll make a lot more money if you do them.
First of all, I want you to think about this statement:
"Shoppers think that their needs are different from everyone else's".
Do you agree?
Tell you what: The next time you go shopping for a discretionary product (one that you wouldn't normally buy unless you had a special need or there was a special
circumstance), try to write down what's going through your head as you consider a purchase.
I do want you to try that, but I'll go ahead and spare you the suspense.
Shoppers think that their needs are UNIQUE.
They Are Not. Let me explain...
Here's a list of what your prospects are thinking about while they consider making a purchase:
- Will it do what it says it will do?
- Will it be easy for me to use?
- Will it take a lot of my time to work?
- Is this the only solution to my problem, or will it require others?
- What if it doesn't work?
- What if something goes wrong?
- Can I afford it?
- What will my friends, family, or peers say?
- Do I really need it?
- Am I sure that I know enough about it?
- Am I sure I know enough about the company selling it to me?
- What if this is not the right version?
And no matter who they are, or what product they are buying - those questions occur during their decision making process.
Please notice the following about those questions:
There are virtually no questions about the "up side" of ownership. They're all based on Failure or Risk Scenarios.
Now I'll ask you the Sixty Four Thousand Dollar Question:
Are you letting your prospects into your sales process without answering all of those questions?
Here's another one - are you trying to answer those questions
with just the features of your product?
If you even hesitated answering (BTW - no one wants to answer 'yes' to a question that makes them feel silly) then you're losing a LOT of sales.
Not to worry - I have a solution.
Sell your H.O.E.
Your job is to sell a "Heroic Ownership Experience"
There's 2 parts to this:
Before you can even begin to "close a sale" (and this goes for online AND offline companies) you have to persuade the prospect of these 2 things:
Their purchase is SAFE, and it is SMART.
Answering every one of those 12 questions will leave the prospect feeling that they've made the right decision, and that they've eliminated as much risk as possible because they're buying from you.
But that's not all you have to do to "Sell the HOE".
In our case study, Dave did a half-days worth of work on product positioning and his company's sales process.
The result was an extra 68% Net Profit from one of his product lines.
Here's what he did:
He worked on his Company Value Proposition AND his Product Value Proposition. Very simply, he answered all the questions that a customer has (from that list above), but he answered them in a very sneaky way...
He simultaneously made the customer feel SMART and SAFE all while introducing the feelings of Excitement and Desire. When you do that, you have sold the Heroic Ownership Experience.
You've sold your HOE.
Here's a little template for you to use:
Say that the prospects question is "Will it be easy for me to use?" The answer is not JUST "Yes"...
You tell them:
Advantage: "In our tests, the vast majority of customers are up and running within [a short time frame]" Advantage: "We've create an easy set of Step-by-Step instructions that will get you [benefit]" Benefit: "Using this [product] is so easy that you'll [get a huge benefit] so you can [get more time to do more or something else with another benefit]"
Here's a practical example:
You're thinking about buying a Learning Remote Control.
* "And don't worry, this LRC is so easy to use that the vast majority of our customers are up and running within 7 minutes!
* That's because we've created simple, step-by-step illustrated instructions and put them in every package - just follow the steps, and in less time than it takes to make a cup of coffee, your LRC will make that clutter of other remotes obsolete!
* With your LRC, you'll save 70% on those expensive batteries, never have the frustration trying to find a stray remote at that critical moment, and automate your media or home theater experience just like those huge & expensive custom
installations have - but at less than a fraction of the price."
Do something like that (and BTW, a half-hearted attempt is superior than no attempt at all), watch your conversion rates SOAR.
Once that's done, you've got to...
PIMP your H.O.E.
When you offer "Positive Impressions from Multiple Persuasions", the Heroic Ownership Experience becomes MORE REAL.
It's very simple to do - simply run down that checklist and create Excitement and Desire by making your prospects feel SAFE and SMART.
This is truly a step-by-step process. Don't over think it. You don't need to worry about its effectiveness. It works every time like gangbusters.
You just PIMP your HOE. (Look, I'm already headed to the lake of fire... I'm just sealing the deal with this newsletter... :)
Dave Lorrez Video Case Study is quick and to the point, and you should check it out. Just a heads-up warning: The handful of people that have seen it usually respond with "He makes it sound kind of too easy..."
GOOD! Because this stuff IS easy!
What's not easy is overcoming the innate human proclivity for non-action.
Meaning - Just do it, and worry about figuring out why it works later. Trust me - I've done this before.
Have a look at Dave's Video Case Study here.
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Question from a Subscriber:
"Rusty, I'm already impressed with Margin Magnifier (Module 1 from FormulaFive), but can you tell me a bit more about Module 4 - Conversion Control?"
Sure thing:
Conversion Control reveals never-seen before techniques that will transmogrify leads into paying customers who buy more, buy more often, and remain customers longer - far longer than a typical customer.
"Conversion Control" will show you:
* The essential 14-Step Customer Closing System that EVERY business needs because without it, you lose sales in droves.
* Create the most powerful sales copy for any product according to a precise formula that has been proven to skyrocket your conversion rates.
* Avoid the biggest mistake that virtually everyone makes when creating their guarantee.
* Discover a radical new prospect attention-grabber to elicit the maximum response, almost as if the message was written specifically for them.
* Uncover testing and measurement strategies so powerful that you can practically predict the outcome of a campaign before you show it to a single prospect.
* Have secret-agent quality intelligence about your prospect's true needs, goals, and exactly what will make them buy from you now.
There's a ton more info about FormulaFive right here.
Hope that helps!
Till next time!
Rusty
P.S. This is why you never give up. I just got this from a
client:
Matthew Jones of Brisbane AUS - in his first week in FormulaFIVE:
"I made just a minor change to an email that I send out - the additional paragraph that I added was... attempting to get them thinking about how long (hours and days) they spend now and what it would be worth to them if it only took 5 minutes - well this
worked a treat.
The product usually brings in $15,000 per month but after the email has brought in 24 sales in just a few hours and $7,488. Not bad for 10 minutes work to tweak my auto-responder emails.
This is on top of the $8,000 I did during the Formula5 pre-lauch with the 'Zombie Reactivation' email. So the 2 emails combined have given in 1 week what would normally take 4 weeks."
FormulaFive is filling up fast! Use the "Recession Buster" plan to secure your spot before its gone. Get it here.
Tuesday, February 03, 2009 7:49:58 AM (Eastern Standard Time, UTC-05:00) 