Dear Reader,
Make just a few simple improvements in the way you state your guarantee and you can increase sales by as much as 40%.
Today, Will Newman tells you how.
- Charlie Byrne
The Internet's
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Thursday , January 26, 2006
Message #1636
WEALTHY: Why you should be concerned about the "renminbi"
HEALTHY: Overdosing on Tylenol? Really?
WISE: Democritus on trust
ALSO IN THIS ISSUE:
The real reason to guarantee your product (Will Newman)
An idea that could reduce our state budgets by millions (Michael Masterson)
Add the word "perorate" to your vocabulary
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Will There Be a Chinese Currency Devaluation in 2006?
What China does with its currency shouldn't matter so much, but it does. That's because we have a humungous trade deficit with China. When they revalued the renminbi last year, it was supposed to help our trade balance by making the import of Chinese goods more expensive. Didn't happen.
The Chinese gave the renminbi the slightest of pushes upward – not enough to make a noticeable difference. And the only reason they did it was to stop the whining in Congress about how Chinese products were being kept artificially cheap.
Pretty much the same thing could again happen this year. If Congress makes a stink about our trade deficit with China, the Chinese government will again pretend to take action … but will move the renminbi just a few percentage points up in value against the dollar. Other Asian countries will follow suit and refrain from any serious revaluation of their currencies.
I recommend that you make sure your international investments are well diversified among Europe, Asia, and South America. Asian currencies may rise against the dollar anyway – on the strength of Asian economic growth – but so might the euro against the dollar. There will be no obvious currency plays in Asia this year.
- Andrew Gordon
[Ed. Note: Andrew Gordon, ETR's financial expert, is the editor of The Skeptical Advisor, our investment newsletter. Check it out at http://skepticaladvisor.com.]
"Do not trust all men, but trust men of worth; the former course is silly, the latter a mark of prudence."
- Democritus
Give Your Customer One More Reason to Buy
By Will Newman
Has this ever happened when you were thinking about making a purchase through direct mail?
You're on the verge of buying, but you aren't quite convinced. You need something to give you that final push to spend your money.
What's holding you back? Maybe you're concerned that the product isn't exactly what you want. Or that it won't work like you think it will. Or that the color won't be what you're expecting.
So you hunt for reassurance in the form of a guarantee. But you can't find it. You keep searching until you finally spot it … in tiny, 8-point type … in a footnote.
When I have trouble finding the guarantee, I won't buy. When a guarantee is hidden, it tells me one thing: They don't want me to see it. They don't want to lose money on a return.
Instead, they lose my sale.
What's wrong with these guys? Don't they understand that a guarantee is NOT simply a promise to return the customer's money? These marketing numbskulls are missing the guarantee's true power.
You offer a guarantee because it's the right thing to do. It's honorable. It's fair. But most important, it can be the final push that cements your sale. Your guarantee is one more chance to enhance your credibility and establish trust.
By the time you're ready to ask for the sale at the end of your sales letter, your prospect is almost persuaded to give you his money. But he needs a bit more convincing. His fears of being ripped off and/or ridiculed for making the purchase need to be put to rest. In other words, he needs an irresistible guarantee.
An irresistible guarantee lets the prospect think, "If I don't like it, I can always get my money back." This eases some of his fears.
But he needs more assurance.
The guarantee should also make him think, "If they didn't think the product worked, they wouldn't be offering my money back. They really must think it's good." At this stage, your prospect has put aside all of his fears. He now feels that he's in control. And you have strengthened his trust in your company/product.
Finally, the guarantee should make him say to himself, "And if my wife gives me any grief about spending $229 on this reel, I can reassure her that if it isn't perfect, I get my money back."
Goodbye ridicule, doubt, and regrets.
Composing a guarantee is definitely NOT a case of shorter is better. Don't ramble, but take your time so you can truly convince your prospect that you care about his satisfaction … and what he thinks of you. Two or three short paragraphs are usually enough.
Avoid guarantees that say something like: "And if you're not convinced X-omel is all we say it is, we'll give back your money." How does this convince me that you're an honorable person? What it says to me is that whoever wrote the sales letter felt he had to stick in a guarantee … so here it is.
Several years ago, I wrote a guarantee that was perfect for that particular promotion (for a financial product):
"When I was growing up, a man's handshake was as good as any piece of paper a lawyer could ever write. I miss those days when a man's word was his bond. So here's my 'handshake.' Here's my promise to you that you will …"
Then followed a brief summary of the product's core promise and an exposition of the terms of the guarantee.
This guarantee worked because our prospect universe consisted of men over 55 who remembered the good old days of the handshake-promise.
In structuring your guarantee, don't forget to include reassurances like "no questions asked" or "no hassle" and "you can keep all of the free gifts … our thank you for giving us a try."
I have to say that no guarantee – no matter how well written – will make the sale if the rest of the sales letter is weak. But a convincing, irresistible guarantee will increase your credibility … and your sales.
[Ed. Note: Will Newman, a regular contributor to ETR, is the editor of AWAI's The Golden Thread online newsletter. Learn how to subscribe to it - and how to discover AWAI's proven marketing secrets - here: The Golden Thread.]
Notes From MM's Journal: Thoughts on the Cost of Crime
In Connecticut, it costs about $25,000 a year to house a prisoner. At least, that's the number that state officials admit to. Actually, it costs much more. If you consider all the costs of putting people in jail – the courts, the state-appointed lawyers, the probation officers, etc. – the cost is astronomical.
In 2003, for example, there were 19,320 inmates in Connecticut state prisons. So, by my calculations, citizens of that state paid at least $483 million that year for "corrections."
Yes, it covers all those criminals who got away with murder. And those innocent citizens unjustly accused. Still, when you think about the cost of processing crime, you begin to wonder whether it's worth it.
Wouldn't it be better to let Americans defend themselves? The truth is that most crimes are prevented not by the police but by the protective measures citizens themselves employ: locks and dogs and, much less frequently, guns.
And what would be so wrong with allowing citizens to mete out their own justice? Sure, there would be the occasional "overreaction" and maybe a few longstanding blood feuds … but at least the state treasury wouldn't be taxed.
Okay! Okay! I'm going too far. Still, you can't deny that it's an unbelievable waste of money to keep some of these people in jail. I mean, really.
Of the people spending time in state prisons, how many of them are there for drug-related offenses? My guess would be about a third. That means a third of our current state budgets for corrections might be eliminated simply by taking the same sensible approach to drugs that some European countries and American cities have taken: legalizing them.
The war on drugs is even more stupid than the war on terrorism. Both are ridiculously expensive and neither can be won. But at least the war on terrorism is trying to eliminate something that nobody wants. Drugs? We are a country that thrives on them.
The only difference between the drugs that our upper classes enjoy and those that land our poor in jail is the cost to society. Rich people usually pay for their own drug habits. The correctional "solution" for dealing with drug offenders simply adds more to the financial burden of caring for the poor that's already borne by our taxes.
- Michael Masterson
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Today's
Action Plan
Should drugs be legalized? This is a hot issue – for many reasons. Let us know what you think on Speak Out.
"Harmless" Tylenol Can Wreck Your Liver
If you are one of the millions of people who pop over-the-counter pain medicines like they are M&Ms, you'd better think about what you're doing. They can be far more dangerous than you might believe. Consider Tylenol (acetaminophen), for example.
Poisoning by an acetaminophen overdose is the leading cause of acute liver failure in the United States. (In some cases, liver failure occurred at only half the recommended maximum daily dose.) While some of these overdoses are suicide attempts, the other half are unintentional. And those can be even more deadly. Because if the doctor doesn't know that this is the cause of a patient's symptoms, he won't be able to immediately administer the correct treatment.
When you take acetaminophen, it becomes toxic in your liver. Your liver discharges the vital nutrient glutathione to offset the toxic effect. But extended use of acetaminophen (or an overdose) can deplete the supply of glutathione, potentially leading to liver failure. Combine this with alcohol consumption and you have a prescription for disaster.
There are a number of natural therapies that have been proven to alleviate pain and inflammation. But if you must use acetaminophen, Dr. Robert Jay Rowen suggests that you also supplement with nutrients that help your body recycle and produce more glutathione. These include N-acetyl cysteine (NAC), Vitamin C, alpha lipoic acid, and selenium.
(Reference: Eurekalert)
- Jon Herring
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Word
to the Wise: Perorate
To "perorate" (PUR-uh-rayt) is to speak or expound at length. It is derived from the Latin "orare" ("to speak").
Example (as used by Annie Dillard in a New York Times article titled "The Leg in the Christmas Stocking"): "Our mother favored a staccato, stand-up style; if our father could perorate, she could condense."
Michael
Masterson
Copyright ETR, LLC, 2006
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