Issue #2665
- WEALTHY: Your real estate reality check (Julie Broad)
- HEALTHY: 5 tasty ways to get enough C (Kelley Herring)
- WISE: David Cross on creating wildly enthusiastic buyers for your products
ALSO IN THIS ISSUE:
- The problem with an over-abundant supply (Charlie Byrne)
- A 3-part test for smart networking (Jason Holland)
- It’s Good to Know… about the Twitter bakery
- Add “aegis” to your vocabulary
== Highly Recommended ==
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Before You Buy That Rental Property…
By Julie Broad
I almost missed out on making $100,000! My husband took me to see a rental property he wanted to buy – and though we could buy it without spending a penny of our own money, I didn’t really want it.
It looked more like a tool shed than a house. I had visions of constant repairs and never-ending tenant troubles. But my husband told me to do a reality check – because there were a lot of reasons to like the deal.
Four years later, that property – a large chunk of land in an emerging area – has more than doubled in value, and the rent has covered all the costs. We’ve yet to put a single dime into it.
It’s easy to get thrown off by the appearance of a property, your emotions, or what the media is saying. Here are four ways to avoid making that mistake:
Reality Check One: Who is Your Target Market?
I couldn’t imagine myself living in that little shack – but I was not the target market for that rental. The tenant who lives there loves the large yard. He doesn’t mind the exterior appearance because it’s cozy inside and the rent is cheap for the privacy and space he enjoys.
If the property is a good fit for your target market, it doesn’t matter if you wouldn’t live there.
Reality Check Two: Are You Emotionally Involved?
Emotions weren’t involved in this particular purchase, but it’s something to be wary of. If, at any point in the negotiations, you feel that you can’t walk away from the deal, you need to take a step back and review everything! When your emotions are involved, you can’t make rational decisions.
Reality Check Three: Are the Numbers Really What They Say They Are?
In this deal, the numbers sold me. The rent covered all the expenses and left a small cushion for surprises. But make sure the numbers are what the sellers say they are. Get copies of the leases to verify rents. Check market rental rates for the area to make sure the current tenants aren’t overpaying. And make sure you obtain copies of the bills you’ll be responsible for (taxes, utilities, insurance, etc.).
Reality Check Four: Are You Judging the Book by Its Cover?
Many opportunities are missed because a property makes a negative first impression. The best deals are often those that look rough but can be easily rehabbed. Granted, our little shack needs to be completely rebuilt to maximize its potential – but had my husband allowed me to judge it strictly on its looks, I would have missed a deal that has (so far) grown our net worth by $100,000.
[Ed. Note: Real estate expert Julie Broad can show you how to create your own million-dollar real estate portfolio with her new program. Find out how to get hands-on coaching and step-by-step instruction right here.
"If you can set deadlines in the minds of your customers, you too will create wildly enthusiastic buyers for whatever you're selling."
David Cross
"Fruitful" Marketing Lessons From an Over-Abundant Tree
Our little "Paradise by the Sea" here in Delray Beach, Florida is not only blessed with miles of gorgeous sandy beaches... lined with dozens of casual, eclectic, and gourmet restaurants... and overflowing with hip clubs and art galleries...
It's also home to a huge number of... drum roll, please.
Mango trees.
I mean, really. It's almost ridiculous!
The trees rise to the sky on practically every street - in front yards, vacant lots, village parks, and any number of other accessible, public spaces.
Hundreds upon hundreds of mangos hang off every tree. Branches bend down from the weight, putting the succulent fruit within the grasp of any man, woman, or child who cares to enjoy one.
And it was on one of my morning runs last week that I 
realized there was something terribly wrong with this picture!
All this wonderful fruit right there for the taking, but none of it had been picked! I examined no less than seven trees, and couldn't find a single stem missing its mango.
Why? Why, for example, hadn't I taken one myself?
The answer, of course, was simple. It's the same reason folks don't take the coconuts that are falling off trees all over town.
And the same reason why I never went to the top of the Empire State Building when I worked in New York City... and walked past it every day.
Because I could do it whenever I wanted!
And that's why Delray Beach's overloaded mango trees are an ideal illustration of two closely related marketing principles...
Urgency and Scarcity
In marketing terms, urgency means that the supply of a product is limited by time.
Ever get involved in an eBay auction when the clock was running out? How about getting up at 5:00 a.m. to be one of the first customers in line for a day-after-Thanksgiving "Black Friday" sale? If so, you know the power of urgency.
Scarcity means that the supply of a product is limited by quantity.
Both urgency and scarcity arouse the human desire to want that which we can't have.
Right now in Delray, we have an unlimited supply of mangos, and they're going to be around for a long time. So there's no scarcity... no urgency. As a result, you literally can't give them away.
If you're not tickling your prospects' emotional impulses to buy NOW, I'm willing to bet your products are suffering from a similar fate.
When you apply the principles of scarcity and urgency to bring your marketing alive, your sales can increase dramatically. I've seen it many times - and I'm talking about increases of 100 percent to 1,000 percent. In fact, this is probably the simplest, cheapest way to multiply your revenues instantly.
Our colleague, "Product Launch" guru Jeff Walker, knows all about it. He's brought in, and helped others bring in, more than $53 million in the past five years in all kinds of niches and markets. Virtually all of Jeff's success is built around the mastery of scarcity and urgency.
According to Jeff, "Scarcity is probably the single biggest mental trigger there is. No matter how many times I've seen it used, it's always breathtaking to see how it moves people to action. I've seen WAY too many people underestimate the power of adding a scarcity component to their marketing. If you fall into that trap, you will be leaving a huge amount of money on the table."
So how can you pick up all that cash you've been leaving on the table?
There are plenty of ways, even if you are selling a product that is in infinite supply - an e-book, for example:
- Urgency: Add a bonus for a limited length of time.
- Urgency: Reduce the price for a special holiday sale.
- Scarcity: Add a bonus - but only for the first 150 buyers.
- Scarcity plus Urgency: With this "launch and retreat" approach, you sell a specific quantity of the product during a specific period of time, and then take it off the market. ("This Memorial Day weekend only, I'm offering just 100 of these information-packed e-books. Sale ends Midnight Monday or when the 100 are gone - whichever comes first.")
Taking your product "off the market" at a specified date and time might sound scary. What if a bunch of prospects show up at your website the following week looking to buy what you just stopped selling? Wouldn't you be kicking yourself over that lost opportunity?
Perhaps. But I can pretty much guarantee one thing. The overwhelming number of sales you'll make during a scarcity/urgency campaign will make the number you might lose utterly insignificant. In addition, when you "re-open" your next campaign, you'll already have a certain amount of "pent-up" customer demand providing fuel for your fire.
One Important Caveat to Keep in Mind...
You want to add scarcity and urgency to your marketing, but you want it to be genuine.
As Michael Masterson told me, "There has to be a legitimate reason for the scarcity. If you're faking it, customers will see through it and it loses its power."
He suggested a few ways to "make it real" for them: Explain that you had only 100 of the special reports printed up. (Why not show the actual invoice?) Or that the fire code limits the conference room to 75 people. (Why not take a photo of the actual sign in the room?) If you're selling personal coaching services, explain that you have only so much time. If you're selling an investment advisory service, explain that if too many people get the same recommendation, they can initiate a buying frenzy that artificially pushes up the price.
I'm just touching the surface here - but you get the idea.
Last month, I sat on a panel in New York City with Bob Bly for a discussion about the effectiveness of scarcity, urgency, and related techniques.
It was part of a retreat where Bob presented virtually ALL of his moneymaking marketing secrets for two DAYS.
We're going to be releasing that information in the near future in a new program.
And guess what?
We're doing it only in limited quantities. (Imagine that!) And for a limited time. (Surprise!)
Why? Well... now you know why!
How are we going to do it?
To tell you the truth, we haven't figured that out yet. But come along for the ride and you'll get to see exactly how this product gets launched.
If you want that experience... plus first crack at discovering what Bob's breakthrough marketing program is all about... get on the no-obligation Hotlist now.
This will probably be your only chance to get this program this year.
Meanwhile, think about what simple steps you can take right now to add scarcity and urgency to your own marketing campaigns.
How to Get Recession-Proof Cash Pay-outs of Over $3,000 a Month
72 hours from now, you could be collecting over $3,000 a month… just by chatting down at the coffee shop with friends.
- No social skills needed.
- No selling involved.
- No customer hassles.
Follow simple 1-2-3 steps, and you’ll be ready to go in under 20 minutes.
When You Shouldn't Give Friends a Helping Hand
"You know so-and-so... really? Well, I have this product/idea/freelance offer that I'd love for you to pass on. It's no problem, right? Even better... could you give me his e-mail address so I can get in touch?"
An old friend or new acquaintance finds out that you're "connected" and they want you to open up your network - and risk your reputation - to promote their project.
Should you do it? That depends. It can be uncomfortable to say no (especially face-to-face). But say yes only if the request passes all three of the following tests:
- You feel the project has merit.
- Your contact will benefit from hearing about it.
- You can personally vouch for the person you are referring or recommending. (Never agree to help the friend of a friend.)
[Ed. Note: For more straightforward advice on avoiding and overcoming sticky situations like these, check out ETR's monthly newsletter dedicated to helping you "unscrew" your life.]
Slash Inflammation With This Vitamin
Reducing inflammation in your body is one of the best ways to guard against chronic disease. In fact, inflammation has been linked with everything from Alzheimer’s to cancer.
One way to reduce inflammatory factors (by up to 14 percent) is by eating just two servings of strawberries a week. Getting more fiber helps lower inflammation too.
Here’s another way to put a damper on this cell-damaging process: Get more vitamin C.
A recent study of 400 healthy people found that taking 1,000 mg of vitamin C daily reduced the best-known inflammatory factor – C-reactive protein (CRP) – by 17 percent after two months. What’s more, the study proved that vitamin C was as effective as statin drugs in reducing inflammation… with none of the harmful side effects.
Here are some good ways to get your 1,000 mg of vitamin C:
- Sip a smoothie. If you go with my favorite – Whey Advanced by Health-Fx – you’ll get 1,000 mg per delicious serving.
- Savor citrus. Make purified or spring water (in a safe, non-toxic bottle) with a squeeze of lemon your drink of choice. Enjoy oranges and grapefruits too – but stay away from high-sugar juice.
- Be big on berries. Blackberries, strawberries, raspberries, and blueberries all help you meet your “C” needs.
- Choose crucifers. Broccoli, cabbage, kale, Brussels sprouts, and other members of the cruciferous family of veggies are all rich in vitamin C.
- Pick a peck. Peppers are packed with antioxidant vitamin C. Chop and fold into omelets, slice over salads, or add to a stir fry.
Remember: Vitamin C is destroyed by heat. So keep it cool to tame the flames of inflammation.
[Ed. Note: Ed. Note: Kelley Herring - founder of Healing Gourmet - can created a revolutionary health transformation program called Your Plate, Your Fate. In this 7-part program you'll learn how to protect your health and optimize your weight by maximizing the nutrients in your food. Plus, you'll get 3 bonus books to help clear your kitchen of harmful ingredients, spot the nutritional deficiencies that could be setting you up for disease and the 20 tests your doctor should perform (but probably hasn't) to guard your health. Learn more here.
For more advice about which foods you should - and shouldn't - be eating to stay in top health, sign up for ETR's free natural health newsletter ]
It’s Good to Know: The Twitter Bakery
Finally, a genuinely valuable use for the social networking platform Twitter.
Using a small wireless device known as the BakerTweet, a London bakery recently started sending out “tweets” to let customers know when its goodies were hitting the shelves. Sample message: “Lovely loaves just out of the oven. Hurry.”
The bakery owners report that the tweeted items have been selling out within minutes. Meanwhile, the creators of BakerTweet hope to extend coverage to other bakeries in the city.
(Source: Agence France-Presse)
== Highly Recommended ==
How to Get Recession-Proof Cash Pay-outs of Over $3,000 a Month
72 hours from now, you could be collecting over $3,000 a month… just by chatting down at the coffee shop with friends.
- No social skills needed.
- No selling involved.
- No customer hassles.
Follow simple 1-2-3 steps, and you’ll be ready to go in under 20 minutes.
Word to the Wise: Aegis
In classical mythology, “aegis” (EE-jis) was the shield of Zeus. The word was derived from the Greek for “goat.” (Many primitive shields were covered with goatskin.) Today, we use it to mean protection, sponsorship, or guidance.
Example (as used by Patrick McGilligan in Fritz Lang: The Nature of the Beast ): “In real life, Lang’s father was commercially astute and fantastically hardworking, and under his aegis the construction business flourished.”
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
Copyright ETR, LLC, 2009
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I am very much interested in learning and will follow any sound advice and help to start
always enjoy your newsletter chalked full of interesting and helpful advice. thanks
Kelley,
Good advise, however the readers should understand that you can take all of the vitamin c there is but if there is a diffiency of Vitamin D in your system it´s all for nought. About 10 minutes a day fo exposeure to the sun with sunglasses or any sunscreen wil give you plenty of Vitamin D so that the Vitamin C can work in harmony in your system.
george
Good article about scarcity and urgency. The tie- in to the mango trees was a great way to introduce the subject and make the concepts clear. Thanks~
I enjoyed reading your article on using urgency and scarcity as a marketing technique. Your alalogy to the mango trees in Florida was very clever, and rang true.
Thankyou for this insight into human nature.
Sorry about the typo on the comment . should be analogy.