ProBizTips Newsletter
** ISSUE #247 **
June 16th, 2003
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| ProBizTips Feature Article |
The Power of Perception
by Audrey Kerwood
This should be the Mandate for any and all 1 or 2 person e-commerce businesses, that is, if they want to earn real income.
Here’s why --
The same power and reach of the Internet that allows us to peddle our Wares to a World-Wide Audience also allows any on-line shopper to compare apples to apples.
You know the score – Ask Jeeves, My Simon, Google, all of these information conduits let even a 12 year old compare the going prices of Game Boys and Tony Hawk Skateboards faster than you can say "Brush your teeth and Go to bed!"
My Nephew told me I paid too much for my Mustang! Glaring, he told me that Cars Direct.com had a better deal.
He was right.
So, as an E-Commerce Store owner, heck as anyone who sells anything on-line, how can you shield yourself from the nimble hands of Internet price shoppers (And my nephew)?
"It’s The Product Scarlet, Nothing Else Matters"
Let’s play a little game...
The Price is RIGHT!
If I asked you to tell me how much a low-priced color scanner goes for online, could you?
If you couldn't, how many My Simon Searches would it take for you to get that price?
Two?
Yep. If you spelled "Scanner" wrong on the first try.
Now, if I asked you to tell me how much a "Battle-Ready Shirt Of Chain-Mail" would cost ...
How about a Replica Tiffany Lamp?
A Novelty Pool Cue?
A Life Sized Cardboard Movie Standee From Lord Of The Rings?
A Mutual Fund Investment System?
A Hello Kitty EZ-Bake Oven?
My point is, the products mentioned above have "I Want It" Value.
Their price is not restricted or encumbered by a model number. They can’t be easily compared in the marketplace because they are not staple products. They are "Passion Buys".
You want to learn how to invest in Mutual Funds? (So you can be Wealthy) Fine, you can choose from a Paper Back Work Book for $19.99 or a 3 Video Set for $497.00 (With 3 easy payments)
You want a Life-Sized cardboard Darth Vader to greet your house guests (So you can be Cool)? How much is that worth to the person who’s license plate says "Jedi"?
NASCAR Fan? Oh wait – Are you a "Pool Shootin’ NASCAR Fan?" How much is that Rusty Wallace Billiard cue with the Mother of Pearl Inlay worth (So you can...umm...)?
The answer? Whatever your willing to pay for it.
Let’s face it, everything Computer, Internet, Electronic, and anything else with a Plug or a Model Number already has a manufacturer screaming it’s value to the marketplace. If you sell these types of products, you’re saddled with shoppers who are going to compare "Apples to Apples" and the reach of the Internet makes it easy for them to do that.
That’s not to say that a shopper who is dying to get their hands on a "Battle Ready Chain Mail Shirt" will not already have done their research. They absolutely will, but because Sony has not yet released a 2003 Chain Mail Shirt Model, you can use carefully crafted product listings to build a high perception of value for that product.
One more example.
Do you run ebay auctions?
Try this:
Place 2 of the same product up for auction.
Make the first ones starting bid .99 cents
Make the other ones starting bid $25 bucks
Which one is going to make more money?
The one that has the most bids. Why?
When people are cruising auctions, they make a very subliminal mental note of the number of bids on that particular auction. If an auction has a lot of bids, there is a perception that that product is HOT! It must have some characteristic that is drawing people to place multiple bids on it.
Guess what?
An auction (for the same product) that started at .99 cents will always have more bids on it than the auction that started at $25.00.
And in our experience (we’re power sellers) our .99 cent auctions always make more money than the one with a higher starting bid.
Always.
Your success in e-commerce depends on your ability to market and sell a product that has a High perceived value to YOUR CUSTOMER, not a value that is determined by the MARKET PLACE.
Isn’t it amazing how much an avid sport-fisher will spend on a lure that measures 2 inches by 3 inches? Yet, they will never buy a microwave oven unless it’s on sale at Best-Buy.
Need vs. Want. That is your key to e-commerce success. We already know that the best chance for a 1 or 2 person e-commerce shop to succeed is to specialize, to stay in the niche markets. Now, take that a step further. Instead of selling a product that you think a customer needs, sell them a product that they "WANT".
Your customers buy based on emotion, and then back up their purchase decisions with logic. Yes, you should sell them something that they are crazy about, but then keep the sale alive by offering good customer service, a great guarantee, an easy way to contact you, and a fair price for a product that satisfies their passion.
"A Fair Price for a Product that Satisfies their Passion"
Shop You Soon!
Audrey Kerwood & Andy Jenkins
------------------------------
Audrey and Andy own several on-line and e-commerce streams
of income. Their latest book "Yahoo! Store Profits, A
Step-By-Step System" Uses a real Yahoo! Store with visual
instruction to help anyone Create, Build, Promote and
Profit from their own Yahoo! Store, In Less than 30 Days.
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BizTips by Dr. Kevin Nunley |
Never Fail Sales Formula
In science and math, once you figure out the formula needed to achieve your desired result, you have a can't-miss method to getting what you want every time you use it. Wouldn't it be great if everything you wanted in life could be achieved through a simple formula?
Well, there isn't a formula for everything you want, but there is a formula for getting a sale. Once you understand this formula and learn how to initiate it, you can get all the sales you want.
Are you ready? Okay, here it is: Trust + Respect + Need = Sales.
Now that's not so hard. At least there's no long division or algebra.
The trust and respect part of the formula mean that you need to develop solid relationships with your potential customers. You can instill a sense of trust by showing the buyer that you care more about their end of the deal than your own. People are hesitant to trust those who are solely concerned about themselves. To let the customer know that you care about their success, let them do the talking while you do the listening. Speak when they need you to speak, but listen to them so they know that you are concerned about their needs.
To build a relationship of respect, follow through on the things you promise. Don't miss appointments, respond in a timely manner, and let them know that you value their business.
During your time spent building trust and respect, you will discover what their particular need is. Once you know that, do everything in your power to meet that need and you will have the sale.
------------------------------
Kevin WRITES your professional copy--web site copy, sales
letters, ads, press release and more! See http://DrNunley.com.
Reach Kevin at kevin@drnunley.com or 801-253-4536.
The Gold Is In Repeat Business
by Bob McElwain
The success of most retail businesses depends upon generating repeat business. This is as true online as offline. You need to attract people who come to know and trust you, who are confident your advice is sound.
A popular hardware store makes a good example. Think of one you favor. Remind yourself of the times you've entered the store, picked up a couple of things, and stepped up to the register without asking a question of anyone. This is gold to the shop owner. Every penny in the markup is pure profit.
In mail order, who beats L.L. Bean? Their product line is broad. The ordering and delivery service is outstanding. And if there's any problem, it will be resolved graciously, and with style.
Making This Work Online
A truth many new to the Web fail to see is that it is no easier to make these models work online than offline. In fact I argue that it is more difficult online.
As an aside, I also remain convinced that to succeed online requires just as much business savvy and hard work as does success offline. The only "saving" in starting a business online is in the accommodations. A dandy website costs pennies compared to leasing or buying an offline store.
Why It Is More Difficult To Succeed Online
First and foremost is that a website offers virtually no credibility of itself as does an offline shop, in which one can see and feel the goods filling the shelves.
Second, location is a fundamental consideration in opening a shop offline. On the Web, this has no meaning at all. For any website is but a click away from yours. There will be no street traffic to benefit a website. Offline, curious passer byes may be all that's needed to build a very successful business.
The Fundamental Difference Between Online And Offline Shoppers
Depending upon the product one is seeking, shoppers can be divided into two types with very little overlap. The transactional shopper knows exactly what he or she wants, and will look about for the best price. Once a purchase is made, don't expect further business from this customer.
The second type is relational. These people hope their first transaction with you will be the first of many over time. They will delay in making this first purchase until convinced of your credibility and expertise. Once they come to believe you have these characteristics, they will buy. And return to buy again, without requiring further demonstration.
Relational Types And Auto Mechanics
Nearly everyone takes a relational view when seeking a mechanic. We know less about our cars with each passing day. Thus we become ever more dependant upon our mechanic.
Most will begin their search by asking those known to have good sense about such things. A next step might be to ask for a minor repair and see how things go. As soon as possible, however, you'll want to come to trust this fellow, to be able to dump a problem into his lap, confident he'll fix things properly, and treat you fairly in the bargain.
The Mechanic In Your Website
A good hardware store is a great source for business ideas that work. While few even dream of obtaining the success of L.L. Bean, all can benefit from studying the way in which they do business.
A more reasonable, and quite plausible goal, is to establish yourself as the "mechanic" that supports your website. Build credibility and trust as a good mechanic does. Demonstrate to your visitors you know what you are about.
Above all, address all to relational types. It doesn't take much heavy thinking to realize these are the people who can come to trust you, and return repeatedly to buy from you again. Sure, sales to transactional shoppers improve your bottom line, so don't turn these people aside. But it's relational shoppers you must target, for it is from this type you build your customer base.
The Rest Is Just Pieces Of Cake
Well, not really. There's a catch here. And it's a dandy.
Few shoppers online are relational. Most are transactional. Since these people are looking only for the best price, you'll find it tough to impossible to build a customer base from them.
You need relational types. Period. Even though few Web shoppers today are of this type, they must be your target. There is simply no other choice.
Over time, as more web-based businesses that fit the needs of such shoppers become available, more relational types will buy on the Web. It's the trend even now. However, they are not jumping online in droves. And I wouldn't expect them to, particularly since most websites are targeting transactional shoppers only.
Target the relational shopper. Build creditability and trust, demonstrate your expertise, and build repeat business from this target. It is in repeat business the real gold lies.
---------------------------------
Bob McElwain, author of "Your Path To Success" and
" Secrets To A Really Successful Website." For info,
see <http://sitetipsandtricks.com/webways/>
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ProBizTips Tip of the Week |
Self-Sufficient Business Growth
by Shannan Hearne
Growing a business is hard work. Regardless of what you sell and how you sell it, getting and maintaining customers is a full time process.
However, there is a point where you reach self-sufficient business growth. This is the point at which your business becomes like a snowball rolling downhill and the process of rolling keeps the business growing. Your job at that point is to maintain steam and keep everyone happy.
That's the good news. So how do you get there?
There are four major components to attaining self-sufficient business growth.
1. Time
You have to be in business long enough to develop the other three components. There is no short cut to this.
2. Satisfied Customers
The main fuel of your self-sufficient business growth machine is happy, repeat customers who advertise for you by telling other people who become happy, repeat customers.
3. Solid Business Reputation
This is an off-shoot of number two. A solid business reputation is what you have when people think of buying a product or service like you sell and then naturally and logically think of you as the person to get it from. Time and happy, satisifed customers help you develop your solid business reputation. Never giving less than 110% customer service develops all three.
4. Self-Propelled Marketing
Self-propelled marketing is things like link exchanges and traffic exchanges and other programs that create a lasting AND growing marketing machine. A busy, growing web site is a self-propelled marketing machine.
Once you work through the ramp-up process and develop all four of the necessary components of self-sufficient business growth, you begin to experience success in spite of yourself rather than success as a result of yourself. It's not the point where you can sit back and rest on your laurels, but it is the point where you can occasionally slow down and take a deep breath.
Self-sufficient business growth should be the goal of everyone in business who desires to reach the next level. The next level is where ever you dream of being next but aren't at yet.
Everyone needs a day-to-day operating plan. But designing that operating plan to lead to self-sufficient business growth is a way to certain success.
---------------------------------
Shannan Hearne is the president and wizard of
SuccessPromotions.com, an internet marketing service company.
She has just released her first e-book on the subject of
success, 37 Days to Rich Blessings and Profits available
online at http://www.successpromotions.com
Hello Diane --
Alright, here's three questions about sales letters.
Do you prefer to use long sales copy or short sales copy?
And which one is more effective for you?
Finally, do you use any software to help you make your sales letters?
Sincerely,
William Chen
---------------------------------
Hi, William --
Thanks for your questions ...
I prefer short sales letters when it comes to email ads -- it's a lot harder to keep someone's attention when they are reading their emails. Many are too busy to read a long, drawn out sales letter in their email box and will quit reading before you even get to the good stuff.
I prefer short to medium sales copy when it comes to webpages. If the product is a high-priced item, then the sales letter is even longer -- you need to answer every concern and hit every possible desire of the reader when it comes to something that is pricier.
I do not use a software product at the moment to put my sales letters together. I HAVE used some of the more popular programs out there and some are fairly good -- but I'm a big believer in using your own brain and being personal. :o)
Diane
---------------------------------
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An elderly, blind man decided to do some shopping in town with his seeing-eye dog by his side.
When he stepped into one of the stores, he grabbed his dog by its tail, and began twirling the pooch in mid-air. Needless to say, this attracted some attention.
The store manager approached the blind man and asked, "Excuse me sir, but what the heck are you doing to that dog?"
The blind man replied, "Oh, I'm just taking a look around."
