How can writing a $10,000 check be GOOD for your business?
Archives: Daily Issues
Issue #2444
- WEALTHY: Keeping your retirement nest egg safe (Charles Delvalle)
- HEALTHY: Cancer-prevention help for smokers trying to quit (Kelley Herring)
- WISE: Henry R. Luce on business
ALSO IN THIS ISSUE:
- 3 steps to getting new customers (Bob Bly)
- What you should – and shouldn’t – be focusing on (Jason Holland)
- It’s Good to Know… how to spot a liar
- Add "otiose" to your vocabulary
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Dear ETR: Will Baby Boomers Cause a Stock Market Crash?
"As the baby boomers retire, will the selling of their 401(k)s for retirement income have a downward effect on the stock market for many years to come? At 52, I don’t want to take another major hit. What will happen to the stock market as the population ages? I feel I have all my eggs in the same basket as everyone else."
Mark N.
Dear Mark,
I’m glad you asked that question, because it is on the minds of many baby boomers.
The truth is that the current recession muddies the waters a bit. It’s quite possible that, as this recession progresses, a significant number of baby boomers will get fired, forcing them to pull money out of their 401(k)s earlier than expected. It’s also possible that the lowered returns the baby boomers are seeing this close to retirement will get them to take their money "out of risk" by pulling it out of the stock market.
But will that cause the market to continue moving down for years to come? Probably not.
Remember – positive returns drive investment. If the market starts rebounding in 2009 or 2010, you’ll see investors jump into stocks. Not only will a younger generation be buying, so will foreign investors, retirement funds, hedge funds, and even baby boomers looking for one last "hurrah."
So don’t worry about the effect of the baby boomers on the stock market. Worry about the economy. If it doesn’t recover, returns will certainly stay low to nonexistent.
The best way to stay safe this close to retirement is to keep half of your money in income-paying stocks and high-yield bonds from safe corporations or foreign governments. These investments have low volatility and pay out a steady stream of income to the people who hold them.
- Charles Delvalle
[Ed. Note: The media report something new about the future of the economy practically every day. For a straight take on what's going on... and how to keep your money safe no matter what the market is doing... sign up for ETR's free investment newsletter, Investor's Daily Edge.
Have an investing question for Charles, Andrew, Rick, or Christian? Or a question for another member of the ETR team? Send it to AskETR@ETRfeedback.com and we just may answer you in Early to Rise!]
"Business more than any other occupation is a continual dealing with the future; it is a continual calculation, an instinctive exercise in foresight."
Henry R. Luce
A Non-Obvious Way to Build Your E-List
By Bob Bly
Internet marketers are always looking for new ways to build their e-lists quickly and at an affordable cost. So let me tell you about an under-used, non-obvious technique for adding new subscribers to your opt-in list. Using it, I added over 500 new subscribers to my e-list in just a few days – and these were buyers, not just prospects.
What I did was create an e-book with broad appeal to my major markets, which are copywriters and Internet marketers. (In case you are curious, the title of the e-book is "Writing E-Books for Fun and Profit," and you can see the landing page at myveryfirstebook.com.)
I also priced it to sell. The cover price is $59. But for a limited time, it is available from me for only $19 – a discount of $40 off the regular rate.
Then I approached my affiliate with the biggest list and asked if they wanted to offer this e-book to their subscribers.
Here’s the twist: Instead of offering them the usual 50 percent commission, I told them they would get a 100 percent commission.
That’s right. They’d keep all the money.
It worked like a charm.
My affiliate thought the e-book would appeal to their list, which makes sense, because they target some of the same markets (copywriters, Internet marketers) I do. And with a 100 percent commission, they had a bigger-than-usual financial incentive to offer my e-book to their list.
So, on a Thursday, they sent a solo e-mail blast to their subscribers that had a hyperlink to my landing page for the product. It’s a special affiliate hyperlink, which makes it possible for us to track the source of the orders.
What happened?
Four days later, by Monday, we had over 500 orders.
The affiliate is happy, because they made over $10,000 on the deal. (The orders were placed on my landing page using my shopping cart, so I will write them a check for that amount.)
Their subscribers are happy, because they got a great e-book worth $59 for only $19.
And how do I win? Since their subscribers bought the e-book directly from me, I just added 500 new subscribers to my online list.
You could argue that by not collecting my usual 50 percent of the sale, I gave up $5,000 in profits. But not really. Because if I had not given a 100 percent commission as an incentive, this affiliate, who owns a big and profitable list, would not have sent an e-mail promoting my product to their readers.
My out-of-pocket cost to fulfill these 500 orders is virtually zero, because the product is a downloadable PDF file. Best of all, these are top-quality subscribers I am adding to my list. Unlike most list-building techniques, which add names through free offers, all of these new names are buyers, not prospects. They’ve already spent $19 with me. And buyers are always better than inquirers (those who join your list as a result of a free offer).
The lesson is threefold.
1. If you want affiliates and other online marketers to promote you to their lists, you have to make it financially worth their while to do so.
For a $19 product, a 50 percent commission means the affiliate gets only $9.50 per order. That’s just too little to compensate them for the slot in their e-mail schedule that you are asking them to give up to promote your product. However, a 100 percent commission on a $19 product is equivalent to the standard 50 percent commission on a $38 product. That’s still a relatively modest profit per order. But it was sufficient to get my affiliate to go forward with the promotion.
2. Price the product low. If you attempt this technique with a high-end product, you’ll get few orders – and add few new names to your e-list.
3. Create a product with broad appeal for this 100 percent commission affiliate deal. That way, you capture the maximum number of new names from each affiliate’s mailing list.
Why is this technique of offering affiliates 100 percent of the sale used so infrequently by Internet marketers? It’s psychological: Even though you know it makes sense, writing that big commission check to your affiliate is painful. But it shouldn’t be. It costs you nothing out of pocket. And you add all those new subscribers without paying a dime for online advertising.
One other tip: On the landing page for the product, state clearly that $19 is a special time-limited offer, and that once it expires, the price will go up. This gives visitors an incentive to buy now and not put it off, maximizing your conversion rates.
[Ed. Note: Building your list is a critical part of making any online business successful. Get proven strategies for finding new customers with ETR's 5 Days in July DVD Library. You'll get time-tested advice on starting an Internet business from experts who've done it themselves. Learn how to get your copy here.
Bob Bly is a freelance copywriter, a successful Internet marketer, and the author of more than 70 books. Get more of Bob's advice by subscribing to his free e-zine, The Direct Response Letter. Do so today and get a free gift worth $116.]
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Reader Feedback: "It is mighty exhilarating to be in the company of thinking, positive, innovative minds."
"I have learned from reading ETR that it is mighty exhilarating to be in the company of thinking, positive, innovative minds that would welcome me in their midst and challenge me to leap and grow.
"The first person I must mention is Michael Masterson, not because he started ETR or because he has made millions of dollars or because he writes well or has so many good ideas. I must mention him because he is profound. He has an inner sense of what he is all about, and it is communicated to those whose lives he touches. One feels he is very comfortable with himself, and he invites others to work hard enough to reach that place.
"If one listens carefully, the best communication with Michael Masterson is nonverbal. Michael is not going to stay comfortable, because he is about growing and developing and leaving comfort zones. That is the gift he continually presents to those who wish to accept it. He doesn’t enable, he offers. That is strength.
"The other person I would like to mention is Bob Bly. I have subscribed to several of his programs. He is practical, available, and gives excellent advice. Like almost all of the professionals involved with ETR, Bob Bly makes you feel that if you need help, ask and it will be graciously given.
"I see ETR and its contributors as a giant pool of dreamers and professionals and successful people who don’t see what is, but rather see what can be. They throw open the vault of their knowledge, experience, and enthusiasm and say, ‘Here it is. It is what we have learned. It is what we are more than willing to share. Let’s see what heights you can reach.’"
Judith Pazmino
Covington, KY
[Ed. Note: What's the most valuable lesson you've learned from ETR or an ETR expert? Let us know at AskETR@ETRFeedback.com.]
Shooting Yourself in the Foot in Business
Charlie Byrne, ETR’s Associate Publisher, walked past my desk shaking his head.
"Did you see the latest letter sent to Michael Masterson?" he asked. "It’s another reader asking how they can ‘protect’ their business idea from being ripped off."
I hadn’t read that particular letter, but I was familiar with the subject. Readers, as well as customers who attend our conferences, ask Michael and other ETR experts this type of thing all the time: How can they patent their invention (which is "going to change the world as we know it"), copyright their e-book, password-protect their website, trademark their business name, and so on.
The problem is that most of these people haven’t yet created any products, are still building their website, have no idea who their target market is, haven’t written any marketing copy… well, you get the idea. They are worried about protecting a business that doesn’t exist.
As Michael, MaryEllen Tribby, and Charlie have pointed out time and again, they should be focusing on building their business Ready, Fire, Aim style. They should develop a product and a marketing plan, and then test it in the marketplace to find out if they can sell it. If they try to shield themselves with passwords and copyrights first – well, odds are their business will fail before the first customer even finds them.
[Ed. Note: If you're spending time worrying about copyright infringement and patents and trademarks, you're worrying about the wrong things. Finding out if you can get a foothold in the market is much more important. Learn how you can get your business up and running in 5 days - with help from our team of experienced business-builders - right here.]
If You’re a Smoker… Eat This!
We all know that smoking is bad for your health. But whether you’re a secondhand smoker or are still trying to beat your addiction, there’s something you can add to your diet to help negate the nasty cancer-causing effects. Watercress.
Recent research found that phenylethylisothiocyanate (PEITC), found predominantly in watercress, reduced the rate of lung cancer by 50 percent in animals exposed to the carcinogens found in tobacco smoke. Human trials have revealed similar results.
Your healthiest bet is to kick the habit. But adding watercress to your diet may help reduce the damage that’s inevitable as a result of smoking. Buy fresh watercress and mix with your favorite salad greens. Its peppery, piquant bite is complemented by sweet fruits like pears and apples.
[Ed. Note: It may sound overly simple, but it's true: The foods you choose to eat can have a drastic effect on your health. Discover more simple lifestyle changes that can help you feel better and live longer here.
And now you can make healthful choices when it comes to dessert. Nutrition expert Kelley Herring has developed a sinfully delicious chocolate cake that you can make at home... and it's good for you. Learn more here.]
It’s Good to Know: How to Spot a Liar
Honesty is hardwired into us. And when we lie, our bodies give us away – though the signals tend to be rather subtle. Looking away, for example, covering or rubbing the eyes, rubbing the back of the neck, touching the ears, shaking the head while saying yes, or nodding while saying no. (Trust the head and not the words.)
You may have found yourself wishing that liars’ noses would grow like Pinocchio’s to clue you in when they’re being deceptive… and they do, sort of. Scientists from the Smell and Taste Treatment and Research Foundation in Chicago have found that the tissues of the nose often swell during a lie. So a quick rub of the nose can be a dead giveaway that the person you’re talking to is not being truthful.
(Source: MSN.com)
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Word to the Wise: Otiose
"Otiose" (OH-tee-ose) – from the Latin for "idle" – means ineffective, of no use.
Example (as used by Peter Conrad in the New Statesman): "The umlaut he affected, which made no difference to the pronunciation of his name, was as otiose as a pair of strategically positioned beauty spots."
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I read your email every day. I have learned a lot of business tips. I have also bought many books that you have recommended.