“If I can do that – get the contract signed by next week – can we lock up this deal right now?” I asked.

“Yes, we can,” she answered.

Because I asked that one question, a deal that we’d been negotiating for weeks was instantly done. It’s an old technique, but one worth reminding yourself of from time to time.

When the other party says they want “one more thing”… they’re often telling you that they’re ready to make a deal – and bells should go off in your head. If you can live with the request, you can likely close the deal right then and there.

Recognizing subtle “buying” signs like this one is a skill you should work on developing. I recommend practicing whenever the opportunity arises in your everyday life.

Let’s say you and your wife can’t agree on dinner plans. You really want Japanese, but she’s hesitating. “I don’t know if I want to go out at all,” she grumbles. “We always go where you want to go.”

So you say, “Would you be okay with Japanese tonight if we go to your favorite sushi place – and next time we go anywhere you want to go?”

She nods emphatically… and you’ve got yourself a deal.

[Ed. Note: Paul Lawrence is a successful entrepreneur and publisher who has started over a dozen profitable enterprises. To get more practical small-business tips, check out Paul's "Street Smart" program by clicking right here.

Effective negotiation is just one skill you need to be successful in business. To learn dozens of others, use Ready, Fire, Aim: Zero to $100 Million in No Time Flat by Michael Masterson as your reference guide.]

Comment on this article

Take a sheet of paper and draw a vertical line down the middle of it. On the left side of the page, under a column marked “Things I Enjoy,” make a list – maybe something like this:

• Time with family and friends
• Reading
• My hobbies (List them.)
• My house
• My car
• My stereo
• My clothes
• and so on…

On the right side of the page, write down a number from 1 to 5 that indicates how much ongoing enjoyment you get from each of those things. What you’ll probably find out is that most of the best things in your life, as the saying goes, are, indeed, free.

That’s the way it is for you. That’s the way it is for me. And that’s the way it is for everyone else, including billionaires.

The most valuable thing that money can buy you is the freedom to spend your time as you see fit. And when you reach the point where you can spend most of your time paying attention to those things that bring you the greatest pleasure, chances are you won’t spend a great deal of money (unless you are unfathomably shallow). You’ll probably choose to spend your time conversing with friends, reading good books, enjoying art and travel – living the kind of life you imagine wealthy English or French aristocrats did in centuries past.

To some extent, at least, you can do that right now.

[Ed. Note: The above article was adapted from Automatic Wealth: The Six Steps to Financial Independence, published with permission from John Wiley & Sons. Get your copy today.]

Comment on this article

So you want to turn your business into a micro-brand? Or, better yet, a micro-cult? Here’s how to get started…

First, understand that it will take time – five to 10 years. To become a dominating presence in your market, you have to be in the game long enough to earn your customers’ loyalty.

Think LL Bean. Think BMW. Think Apple.

None of them became major brand names overnight, let alone cults. It took years and years of selling smart and over-delivering on their promises.

Apple, for example, has been around since 1976. Since then, the company has become the quintessential “cult brand.” And, aside from a couple of dips, Apple’s revenues have grown right along with its cult following.

So yes, it takes time. But while you are building your micro-brand – even to the status of micro-cult – you can make a ton of money. It requires three things:

1. a commitment to deliver the best products and customer service in your industry

2. the willingness to reinvest a significant share of your profits into continuing to improve the quality of your products and service

3. a unique selling proposition (LL Bean’s USP is about quality outdoor wear. BMW’s is about high-quality, sporty performance. Apple’s is about ease of use and reliability.)

Here’s an example from my personal experience. (more…)

You can sell your products, build your brand… or start a religion. It’s a very clever and useful distinction, one that every businessperson should understand.

One of Agora’s publishers reminded me of this important business-building idea yesterday, and I’ve been thinking about it ever since. It will help you grow your business – bigger than you might believe. And it will make it easier to sustain your profits during difficult times.

Creating a brand name gives you a big advantage over your competitors who are selling generics. You will find more places to sell your products. You will be able to cut better deals with media placement. You will enjoy higher response rates. And your bottom line will be profitable and stay that way for a long, long time.

I’m not talking about universal branding (although the same benefits and principles apply). Creating a name like Coca Cola or IBM is not an option for small-business owners. But entrepreneurs can create brands within the limited universes they sell to. And those brands can dominate their market.

Call it micro-branding, if you will.

Early to Rise, for example, (more…)

When starting a small business, your first steps should be researching your target market, developing a marketing plan, and testing offers. In other words, taking action to turn your business idea into a real business by making sure you can sell your products at a profit.

Unfortunately, many first-time entrepreneurs let their anxiety about such things as tax codes, website security, and the right corporate structure sidetrack them into spending all their time on endless rounds of research.

Sure those things become important, but only after your business is up and running. And once the business is actually making money, you can afford to hire professionals (an attorney, accountant, Web designer, etc.) to worry about them for you.

It may seem like you are working on your business while you are trying to figure these things out for yourself. But as MaryEllen Tribby, ETR’s publisher and CEO, points out (often in her “tough love” comments to attendees at our conferences):

“Instead of helping you get ahead, these things could actually be preventing you from achieving the success you want.

“Whenever you think you MUST do something to help get your business started, ask yourself, ‘Will this help me achieve my marketing goals?’ If the answer is no, it may not be worth worrying about it.”

[Ed. Note: With ETR's 5 Days in July business-building conference, you may not learn much about advertising laws or accounting practices. But you WILL get a comprehensive education in starting your own profit-producing Internet business. Get the details here.]

Comment on this article

Most of us think that bad things can never happen… or that they only happen to “the other guy.” But what happens when you become “the other guy”?

You – and I – need a “back-up plan.”

This could be:

1. Investing prudently and building your net worth to the point where you can live off your investments.

2. Learning a second skill or profession.

3. Creating and selling a line of products – anything from candles and perfume to exercise videos and how-to books.

4. Collecting a sizeable inheritance that will enable you to live the life of a gentleman or lady of leisure.

5. Marrying someone with a good income who will support you in the style to which you would like to become accustomed.

Of these options, my own back-up plan is #3 (mainly because #4 and #5 didn’t pan out).

A few years ago, I began to think, “What if something happens that makes me unable to continue making a living as a freelance writer?” So I started my own Internet marketing business, creating and selling information products – e-books, audio programs, and videos – online.

Today, my little Internet marketing business generates a six-figure income for me… yet I spend only an hour or two a day on it!

Do you have a back-up plan? If not, do you intend to put one into place soon?

[Ed. Note: Bob Bly is the author of more than 70 books and is an undisputed master of the art of selling. Subscribe to Bob's free e-zine, The Direct Response Letter, and claim your free gift worth $116.

If you don't have a back-up plan, here's an idea: Do what Bob did and set up your own Internet business selling information products. ETR can help you get started. Learn the details here.]

Comment on this article

It’s often said that you can use certain sales messages over and over because, let’s face it, your target market is a marching army. Over and over, they revisit the same points in life… they discover the same needs and wants… you show them how to satisfy those needs and wants… and the cycle just repeats.

That may be only half true. 

While a lot about selling never changes, consumer expectations can change quite a bit. Take today’s “lifestyle” cutbacks, thanks to the economy. What feels like “cutting back” to today’s crowd is actually a step up in living standards when you roll back to nearly 30 years ago. On a more subtle level, that’s even true when you roll back to just 10 years ago… or five years ago… or a couple of years ago.

Modern consumers expect more. In some ways, they also expect to work less hard to get it. This just goes to show you that the promises you’ll make in your sales pitches can’t remain static. They have to keep getting bigger. Or at least sounding bigger.

Whether this is a good thing or a bad thing, I can’t tell you. After all, innovations happen when everyone from big companies to mom-and-pop outfits are pushed to compete.

On the other hand, it can go only so far. There’s only so much luxury and service we can sell before the expense of it breaks us… or drains the consumer’s bank account and available lines of credit.

So what happens when no marketers can afford to offer more… and no customers can afford to pay for it?

A while back, two marketing experts saw a whole new consumer trend coming down the pipeline. After the wake-up call. After the bust. After the recovery.

The boomers, they predicted, would sideline their ambition for a life of luxury and convenience… and start yearning for something a little beyond the material. When they said that, I figured they’d gone a little loopy. But now I’m wondering… could they be right?

Gene Schwartz once wrote, in his landmark book Breakthrough Advertising, that people’s superficial desires weren’t all that tough to spot.

But only the best marketers knew that all people share an even deeper, second “secret” desire.

It’s the desire not just for products, services, or pitches we “like”… but a deeper desire for products and services that help us flesh out our own idea of who we are. Not to mention who we could be. And maybe most important of all (to us), who OTHER people think we are.

I’ve long said – and I wasn’t the first – that the deepest desire shared by most prospective customers (a.k.a. people) is the desire to be loved and respected. Or at least respected.

In good times, when it feels like everyone is getting richer and living larger than the next guy, respect comes from living like a king. Piling up stuff. Earning luxuries. Getting pampered.

In tougher times, character starts to matter as much… or more. Austerity becomes honorable. Excess, an embarrassment. Security, prudence, sound judgment – those become the hot sellers.

We start rolling back to the fundamentals. Looking for answers. Or at least looking for people who seem like they have the answers… and the substance to back them up. Credibility, always important, becomes even more so.

Could it be that this is where the boomers – the biggest market in the history of capitalism and the driving force behind more than six decades of economic growth – are headed next?

Maybe.

Look, for instance, at how many things have trended back toward fundamentals. People walk more, use glass instead of plastic, cook at home, eat healthier, cut up their credit cards.

It might well be out of necessity. Yet even necessity has a way of wooing her bedfellows. By simplifying, we may very well find ourselves in a position to rediscover the things that matter.

Is that why advertising hype is dead? Is it why “relationship marketing” has become the most powerful force online? Is it why so many marketers love to talk about “brand,” not realizing that brands don’t matter until a consistent relationship of quality has been established?

Your guess is as good as mine.

Personally, I’m guessing yes. 

[Ed. Note: To get more of copywriting expert John Forde's wisdom and insights into marketing (and much more), sign up for his free e-letter, Copywriter's Roundtable, at www.copywritersroundtable.com. Or send an e-mail to signup@jackforde.com. Get a free report about 15 deadly copy mistakes and how to avoid them when you sign up today.

Knowing what your customers want, what keeps them up at night, is one of the keys to success. Discover how to identify products the market is hungry for, create a website, and get prospects to buy at ETR's upcoming 5 Days in July business-building event. You will set up your own Internet business... and discover how to set yourself up for income for life. Find out more here.]

Comment on this article

“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.]

Comment on this article

In 1978, New York Yankee shortstop Bucky Dent hit one of the most famous homeruns in baseball history, destroying the dreams of the Boston Red Sox and their chances of going to the World Series. As a huge fan, I remember the exact moment Bucky’s bat connected with Mike Torrez’s pitch. Little did I know that I’d be able to meet him 30 years later, after enrolling my son in the Bucky Dent Baseball School in Delray Beach, Florida. Recently, I had the chance to chat one-on-one with my childhood idol and pick his brain.

But we didn’t just talk about baseball. I got his insights into entrepreneurship, customer service, mentors and partners, and goal setting. And I discovered that the core values Bucky used to become one of the most famous baseball players in history are the same core values he has used his entire life to build and maintain a successful business and gratifying life.

His advice is right in line with what we recommend here at ETR. And you can use his experience and suggestions to make your own dreams come true – whether it’s to start a business, lose 20 pounds, or become a baseball star.

Entrepreneurship in the Making 

One of the biggest takeaways from my conversation with Bucky was how synergistic our philosophies are. Here’s one example. Whether I am speaking at an ETR conference or industry event or I am attending one of my kids’ sporting events, I inevitably field someone’s question about “what kind of business should I start?” 

I always tell people they need to start a business that meets two major criteria: 

1. You must be passionate about it.
2. You must have experience in that field.

This is something Bucky not only understood 30 years ago but implemented. During our conversation, he shared with me that after his famous homerun many people wanted to go into business with him because he had a “name” that provided instant equity. He told me that the majority of these offers were for the restaurant business. He said, “I did not particularly like the idea of the restaurant business and I knew nothing about that business. What I knew and had so much experience in was baseball, and what I loved was baseball.”

It’s no wonder, then, that the business Bucky ended up pursuing was running a baseball school.

He told me that when he was a rookie with the White Sox, he was a guest instructor at a baseball school. He said he loved working with the kids. He had to alter his teaching method and vocabulary depending on the age and experience level of each child, because the only thing that mattered to him was that the child had a great week. He wanted to make sure the child walked away with even more passion for the sport and learned something in the process.

I thought to myself, “Here is someone who understands the value of ‘knowing your customer and creating the best customer experience possible.’”

This is one of ETR’s core business philosophies, and something I personally witness with Bucky’s business. My son attends his baseball school on EVERY school break as well as during the summer. Not only does Connor’s skill set continue to improve, his love for the game continues to grow at the same time. 

The Importance of Mentors & Partners 

One of the most important lessons I learned from Michael Masterson was that regardless of your professional status and your experience level, EVERYONE needs mentors and partners. Yet I see so many entrepreneurs fight this. They think they can go it alone, and it usually blows up in their face. 

This is yet another core business philosophy that Bucky shares with ETR. He told me that his older brother was his greatest mentor. He explained that his brother not only coached him in sports but was also the biggest believer in Bucky’s abilities.

Bucky’s feelings about the importance of mentors and partners is evident in the way he runs his business. He explained that there are now three partners at the school: 

1. Partner One is the money guy. He handles everything from reconciling the tuition revenue to paying the bills to dealing with taxes. Everything your CFO would do.

2. Partner Two runs the show behind the scenes. He makes sure the fields are in playing condition, hires the top-notch staff, deals with parent/child issues that arise, and has the marketing team report to him.

3. Partner Three is the face of the business. (That’s Bucky.) He decides on the curriculum. And, of course, he is out there with the other coaches teaching the kids.

The three primary aspects of Bucky’s business are managed by three people who are experts in their field – which is something you should apply to your business. If, for example, you are not a marketing genius and do not have the desire to learn how to market well, that is okay. But only if you recognize that marketing is the most important part of your business and you partner with an expert marketer. 

Still Setting Goals 

Thirty years after becoming famous, Bucky is still setting goals. But the practice of goal setting did not start when he became a professional athlete. It began when Bucky was a child, determining what he wanted from life. And what Bucky did back then and what we at ETR recommend today are very much in synch. 

1. Start with the big picture. Bucky shared with me that all his life he wanted to be a professional athlete. He trained physically, making it his primary goal to become healthy and fit. It was not until he was a sophomore in high school that he decided he wanted to be a professional baseball player, at which point the majority of his workouts become baseball-specific.

The same approach applies whether you are starting a business or you want to lose weight. 

2. Conquer roadblocks. Like ETR, Bucky believes in the total elimination of mental and physical roadblocks. For years, people told Bucky that he was neither good enough nor big enough to be a professional athlete. Instead of allowing that to alter his goals, he got those people out of his life.

I know that “things” seem to get in the way of accomplishing your goals. Let’s say you are determined to get healthy and fit. You tell yourself that you will eat healthy and walk one mile a day. But you have an unfortunate accident and break your leg.

What do you do now? Do you give up and allow this roadblock to prevent you from achieving your goal? The way I see it, you have two choices: 

• You can put off working toward your health goal for 12 weeks until your leg heals.

• You can start eating healthy while doing some simple exercises that do not involve your leg, and you can start keeping a journal of your progress.

But giving in is not an option. It’s easy to run into obstacles. But you can almost always find a way around them.

3. One is the loneliest number. Just like Bucky, we realize that there is strength in numbers. Study after study shows that having an “accountability partner” will give you a 65 percent higher success rate. Why? Because you have someone else doing some of the pushing.

You know those days when you do not feel like going to the gym or writing a poem or setting up a Google AdWords campaign? With a partner, you can always get help to move forward. It doesn’t matter what your goal is – once you share it with someone, you have a better chance of accomplishing that goal. 

It’s funny how life works out. If I’d had the opportunity to meet Bucky when I was 15 years old instead of now, the conversation would have been much different, I suspect. I would not have appreciated everything he had to offer. As it turned out, it was like talking to old friend – not only about baseball, but about business and the importance of excellent customer service and even the role of family values. 

If there is a child in your life who loves baseball, check out Bucky’s school at buckydentbaseballschool.com. 
And if you have had the opportunity to meet one of your childhood heroes, I would love to hear your story. Share it right here.

[Ed. Note: Now's your chance to put the business principles you've learned from ETR to work. You bring the motivation, we'll help you set up a website, pick a product, and start marketing your site. Basically, we'll give you everything you need to get your business up and running. Find out how to enter into this "ETR Partnership" right here.]

Comment on this article

My readers often complain to me that the gurus they follow are aloof and inaccessible. You can’t reach them by phone… and either you get no reply to your e-mail or you get a reply from an auto-responder.

They feel that this is rude – and it makes them angry. After all, they bought the guru’s book or program… or might someday soon. Doesn’t that entitle them to some personal time and customized advice from the guru himself?

Well – yes and no.

I answer my own phone… and reply to my own e-mail messages. But I don’t think other authors and info marketers are obligated to do so (though I think they should).

When you buy a Stephen King novel, you understand that he does not have to discuss the plot with you – and most likely will not. In the same way, when you buy a business book for $20, you are purchasing the contents – and nothing beyond that. The author may also consult and speak, but he charges thousands of dollars for those services… and buying his book doesn’t entitle you to them.

One famous consultant complained to me that some of the subscribers to his free e-zine have the gall to call him up, ask for free advice, and then grumble when they don’t get it.

“Do they not realize that my paying clients get first dibs on my time?” he asked me.

I do. It makes sense to me. And I hope to you too. Still, I want to help my readers as much as I can.

So how do I respond to queries and complaints, both phone and e-mail, without becoming overwhelmed – and unable to get my work done?

For e-mail queries and complaints, about 90 percent are routine (e.g., did not receive a product they ordered on my website, can’t open the PDF of an e-book, etc.). These I pass on to my assistant, because she can handle them better than I can.

About 10 percent require a more thoughtful answer. These I answer myself – via e-mail or sometimes a brief phone call.

Tip: When a customer registers a problem or complaint via e-mail, calling them on the phone and helping them one-on-one converts them from a complainer into a rabid fan. They are shocked that you actually took the time to call – and care enough to resolve their problem personally.

Of course, I can’t talk to everyone all the time. So I use caller ID to screen my inbound phone calls.

After the call, I listen to the voice mail. If it’s routine, I pass the request or complaint on to my assistant. If it’s a situation where my personal attention would add value or create more satisfaction, I return the call myself.

If you’re an information marketer, you’ll find that people you don’t know are going to try to pump you endlessly for free consulting over the phone – and you want to avoid falling into that trap. Public speaking expert Patricia Fripp has a great technique that I learned from her and use with good results for handling these brain-pickers. When someone who is not a client wants to ask me questions, I say: “My time normally sells for $500 an hour. I will give you five minutes – starting now.”

This makes the caller understand that your time is limited… and that by talking with them without charge, you are doing them a favor and giving them something of value.

Five minutes may not seem like much – but at $500 an hour, five minutes of my time is worth almost $42. That’s a generous gift to give a total stranger. The time limit also forces callers to get to the point, not waste my time with long explanations, and listen to what I tell them without debate or argument.

Here’s another way to save time on answering questions from readers:

Produce content – an FAQ page on your website, a blog, a newsletter, a special report, an information product – on the topics you are asked about most often. Then, when people ask you for advice on Topic X, give them the URL of the website where they can either read your content for free… or purchase your information product on Topic X.

Have I been clear on how to handle inquiries from clients, customers, prospects, readers, and fans? If not, I expect you’ll call or e-mail me for clarification – and I welcome hearing from you.

[Ed. Note: Bob Bly is the author of more than 70 books and an undisputed master of the art of selling. Subscribe to his free e-zine, The Direct Response Letter, and claim your free gift worth $116.

Have a question for one of ETR's experts? E-mail us at AskETR@ETRFeedback.com.]

Comment on this article

You should be making it a habit to study your competitors’ advertising promotions. If they’re direct marketers, get on their mailing lists. If they use other channels to market their products, keep track of what they’re doing with those media.

Why bother? Because by keeping an eye on your competition, you can improve your own marketing efforts.

Be especially on the alert for sales promotions that you see over and over again. If your competitor keeps running the same ad… you can be pretty sure it’s working (i.e., bringing in lots of money). That’s your cue to try something similar.

[Ed. Note: Paul Lawrence is an entrepreneur and business author who's started over a dozen profitable enterprises with under $100 in capital. For more information on his Street Smart Business Program, click here.
For 12 marketing methods that can help you reach your prospective customers exactly at the moment they want to buy, pick up a copy of the Amazon.com bestseller Changing the Channel: 12 Easy Ways to Make Millions for Your Business.]

Comment on this article

It must be the only hotel in New York City, nay, the world, that doesn’t have automatic doors.

But wait! It does have a doorman. Seems friendly enough when you pull up in a cab. Offers to take your bag.

But if you dare to reject his offer to carry your bag into the lobby… he lets you get the door yourself.

Or perhaps you’ve been waited on by an ultra-helpful server at your favorite restaurant… But when she realizes you’re just in the mood for a salad (Read that as: Small bill = small tip), she’s suddenly nowhere to be found.

Some people make it all too clear that they’re only in it for the money.

Those people leave a bad taste in my mouth.

The NYC hotel I mentioned earlier? It was beautiful. And my room was comfortable. But what I remember most is the doorman who wouldn’t hold the door for me. Remembering that, I don’t want to stay there again. Nor would I recommend it to a friend.

On the flip side. My husband and I were apartment hunting a few weeks ago. One of the leasing agents we spoke to asked us where else we were looking. Then she went through our list of places with us, giving her opinions on each neighborhood. She was honest and thorough, and when we left she told us to call her if we had any questions at all – about the city, about anything – whether or not we ended up leasing through her.

We didn’t end up renting from her – the location wasn’t right and the apartment wasn’t exactly what we were looking for. But I won’t forget how friendly and helpful she was, and I will happily refer people to her.

I think it comes down to building relationships. Showing your client – or prospect – that you actually care about solving her problem or making her life better in some way.

If you do so, you won’t have to worry about getting business… or a nice fat tip. The money will come to you.

[Ed. Note: Providing top-notch customer service is just one aspect of running a successful Internet business. ETR's Internet Money Club Independent Learner Edition takes all the guesswork out of getting your business up and running. It doesn't just focus on one aspect of business building - it gives you the whole shebang. Get the details here.]

Comment on this article

Stanley Bergen has a problem. As a regular reader of ETR and a new member of the Oxford Club, he’s getting so much good stuff from us (he’s especially interested in learning how to “eliminate some debt” and retire one day) that he “can’t figure out what to read.”

“Don’t get me wrong,” he says. “I love ETR and the Oxford Club publications, and I look forward to reading them. But it’s too much information all at once.”

“What should I do?” he asks.

What should any of us do?

We live in a world that is absolutely flooded with information. Consider these facts:

• The average person receives 32 e-mail messages per day.

• There is enough scientific information written every day to fill seven complete sets of the Encyclopedia Britannica.

• The world’s production of print, film, optical, and magnetic content in just one year would require roughly 5 exabytes (5 trillion megabytes) of storage, about 800 megabytes per person.

So if you – like Stan Bergen – are feeling overwhelmed by information, you’re not alone. Information overload is a serious problem for just about everyone.

“One of the most anxiety-inducing side effects of the information era,” Richard Saul Wurman says in Information Anxiety, “is the feeling that you have to know it all.” That is especially true for smart, ambitious people – people who want to improve their lives and realize that getting the right information is a big part of success.

As an ETR reader, that probably means you.

When you begin a new project or become interested in a new idea, do you have an insatiable desire to learn more about it? Do you find yourself buying – and reading – every book, report, newsletter, and magazine you can find on the subject? (That’s what I do.)

In the beginning, it feels great. You are riding high. Then, all of a sudden, you realize that you’ve become an information junkie. You’ve been spending so much time reading about whatever it is you want to do that you don’t have any time left to actually do it. You feel like crying for help.

Bob Bly calls this “analysis paralysis.”

“All the information you are taking in has overloaded your circuits,” he says. “You can’t process it all, sort through it, and figure out what to do first. So, instead, you do nothing. You take no action – other than to order yet another course or report to read.”

Does any of this sound familiar?

Bob has a formula for preventing analysis paralysis. He calls it the 25-50-25 rule. It is based on the fact that there are only three ways to learn a process (e.g., how to start an Internet business) or a skill (e.g., copywriting): studying, observing, and doing.

The 25-50-25 rule says that you must divide your time as follows:

• No more than 25 percent of your time studying – i.e., reading books, attending workshops, listening to instructional CDs in your car.

• No more than 25 percent of your time observing – watching what successful people are already doing.

• At least 50 percent of your time actually DOING the thing you are studying and observing.

For example, if you want to sell information products on the Internet, you would spend 25 percent of your time studying material on the way it’s done, 25 percent of your time observing the way other people are doing it, and 50 percent of your time creating your first product… designing your website… and building your list.

I like Bob’s rule because it emphasizes action. And when I found out about it, I wondered if it could be applied to my daily working life. In thinking about it, I concluded that it depended greatly on what sort of work I was doing. If I was learning a new skill, Bob’s rule seemed to apply. But when I was going about my normal workday activities – creating new products and growing businesses – my time was spent very differently.

My daily working life, I realized, has three common components:

• Gathering information
• Analyzing that information and using it to make plans
• Taking action

I tend to do my information gathering at specific times. I read newspapers in the early morning, magazines during breaks, and e-mail at the end of the day. I read to encounter useful ideas. I analyze those ideas both as I’m reading them and later on, at odd moments throughout the day. I spend most of my workday – about 80 percent of it – taking action. The rest of my time – 20 percent – is devoted to gathering information, analyzing it, and making plans.

I like that 80 percent number. It corresponds with Pareto’s Law – the 80/20 rule that you can apply to just about everything.

I decided to ask some of the most successful people I know (from many different industries and countries) the following questions:

1. How much time each day do you work?
2. How much of that time do you spend gathering and analyzing information?
3. How much of that time do you spend planning?
4. How much of your day do you spend taking action?

Only half a dozen have responded so far, but their answers are interesting. In terms of hours worked, it ranges from 4.5 to 12, with an average of 9. In terms of planning, the range extends from 15 minutes to 90 minutes, with an average of 45. Time devoted to information gathering ranges from 90 minutes to 3 hours, with an average of 145 minutes.

Those numbers correspond to mine. A typical workday for me is 10 hours long, with an hour and a half devoted to gathering information and 45 minutes devoted to some form of planning.

That’s not a ton of time for inputs. And that means the minutes I spend each day taking in information must be absolutely golden.

What I didn’t expect to get from my brief survey were the comments and insights my colleagues have been sharing. They’ve not only told me how they spend their time, but have offered tricks and techniques for getting more done, faster.

Responses are still coming in. When I get all of them, I’ll be sure to make them available to you. So keep reading ETR for more details.

Next week, I’ll give you a clear and useful strategy for reading all that information you’re being bombarded with, to help you sort through the clutter. While you’re waiting for solutions, compare the way you allocate your time to the numbers above that I’ve already collected.

[Ed. Note: Information overload isn't the only stressful situation you deal with on a regular basis. For a powerful guide jam-packed with advice about how to bypass life's most difficult problems and stickiest situations, simply click here.

Get more of Michael's surefire strategies for getting ahead in business and in life in True Path to Profits: A Master Entrepreneur's Guide to Business Success. Find out more - including how you can get a bonus subscription to Michael's VIP newsletter, Ready Fire Aim - right here ]

Comment on this article

You’ll feel great – even inspired – when all your brainstorming and research yields a Big Idea, whether it’s for a new product, a marketing campaign, or a headline for a sales promotion. But you’re not done.

See, it’s not enough for your idea to be captured. It needs to be tamed. Polished. Beaten into submission (or whatever other metaphor floats your dinghy).

Because it’s in the execution, rather than the mere inspiration, where you’re going to set yourself apart from the rest of the pack.

Think of it this way.

Some cave guy (or gal) once had an idea for a thing called a “wheel.” We must remember to send him (or her) some flowers. But while we’re at it, let’s not forget to thank the fella (for it was one, Charles Goodyear) who thought up vulcanized rubber in 1844… and Robert Thomson who came up with the first inflatable tire in 1845… John Dunlop, who re-invented it for his son’s tricycle in 1847… and all the other innovators since.

They all took a great idea and made it greater… by working it over, massaging it, pushing forward and making mistakes, and plenty more. It was their sweat equity that made the real difference.

Here’s the good news: As you polish and refine, you’ll discover more ideas. All worth re-working too. Your pool of genius will expand. And pretty soon, you’re not just the guy (or gal) who had that one great idea a long time ago… you’re the one who has lots of great ideas. Even better, you’ll have a reputation as one of the rare few who sees those ideas through.

[Ed. Note: Get even more of expert copywriter John Forde's musings on the creative process, marketing, copywriting, and more at his blog.

Once you've got your Big Idea for a product, marketing campaign, etc. what's next? Why not learn how to turn it into profitable Internet business that could give you income for life?]

Comment on this article

The Internet has given everyone the chance to become an instant publisher, turning the old model upside-down. With that power has come the opportunity to inject a huge amount of profits and momentum into your business… and you can do it with almost zero budget.

I’ve developed a formula that has helped thousands of people launch new products – and my clients and students have done well over $100 million in sales using it. You can read more about this formula in my article “5 Ways to Make Your First Product Launch a Resounding Success.”

Today, I want to go deeper into one of the advanced parts of my Product Launch Formula: working with joint venture partners.

Simply put, this is a way to truly amplify the results of your launch. The typical increase in sales we see when using joint venture partners is six to 11 times what you would do without a partner.

Now there’s a little more behind the math… but we’ll get to that in a minute. 

First, let’s define what we’re talking about.

Getting Joint Venture Partners On Board

You find a business owner who has a list of prospects and/or customers. And you get him on board as your joint venture partner with what I call the “Golden Combination.”

The first part of the Golden Combination is to put together some great material for them to e-mail to their list – material that links to a website where you convert those prospective customers into buyers of your product. (I create fantastic case studies and tutorials for my partners to send to their lists. One example is my “Food Stamps to Six Figures” case study video.)

And here’s the second part of the “Golden Combination”: You track the traffic you get as a result of your partner’s mailing – and then you pay your partner a commission on the sales that are generated.

See how that works? Your partners direct their lists to great material, and they end up making money by doing so. That’s why I call it the Golden Combination.

Here’s an example…

For a recent product launch aimed at the massage therapy market, one of my students released a series of content-rich downloadable PDF reports. These reports not only had solid information that would appeal to massage therapists, they were designed to get people excited about the launch itself. His joint venture partners were encouraged to send their lists to a page where they could download these reports… and join my pre-launch priority notification list to get more information. 

Joint Venture Math

As I said, when you start to use joint venture partners to help promote your product launches, you can see your revenue increase by six to 11 times. Now those are very rough numbers, but they’re based on a lot of experience.

Of course, those numbers are for revenue only. Since you’re going to be giving your joint venture partners a portion of each sale, that will take a chunk out of the profits. (The typical commission for information products and many services is 30 percent to 60 percent. For physical products, it is generally much lower.)

For instance, an internal launch might do $10,000 in a week. With a handful of strong joint venture partners, the same launch might do $70,000 in a week. If you pay a 50 percent commission, that leaves you with $35,000. Your costs will probably go up some with the expanded launch… but you still come out way ahead. 

Even More Important Than Sales…

Everyone likes to make bunches of sales. However, there is another factor here that is probably even more important… and that’s the positioning you get from a joint venture launch.

When your partners are mailing their lists to tell them about your product, their endorsement instantly positions you as an expert in your field. That long-term positioning is almost always more significant than the revenue you will get from the launch.

Do NOT underestimate this factor. It’s hugely important.

Your Next Steps

I don’t have enough space here to walk you through every step of the joint venture process. However, I can take you through the first step… and this is where you want to “dig your well before you’re thirsty.” You need to start identifying potential joint venture partners now. (This is about relationship building, and you want to give yourself time to build those relationships.)

Here’s how to find them:

1. Consider other publishers in your market – folks you might even think of as competitors. Personally, I don’t think I’ve ever found a “competitor” I wasn’t able to work out a joint venture deal with. Try that approach and see if it works for you.

2. Do a search for your top keyword phrase on Google. Click on the top listings and see if they’re collecting names to build an e-mail list. If so, they’re potential partners.

3. Go to live events in your industry – conferences and workshops.

When you come up with 50-100 potential partners, this is your “hit list.” Now you’ve got to work on creating relationships with as many of them as possible.

There will be gold in that list. You won’t get all of them as joint venture partners… but the ones you do get will help you grow your business faster than any other method.

[Ed. Note: Jeff Walker is the creator of the Product Launch Formula. You can get lots of real-life Case Studies of successful product launches (and learn more about how to put together your own powerful launch) at Jeff's site.]

Comment on this article

Biding your time until your “dream” job falls in your lap is a recipe for disappointment. But by using Michael Masterson’s principle of chicken entrepreneurship, you can create your own dream job and secure your financial future at the same time.

Simply start a side business based on something you’re passionate about.

Have you kept tropical fish most of your life? If so, you’re an expert in fish care and aquariums. And it’s possible that people will pay for your advice. Have you always had a “flair” for cooking? Gardening? You could create and sell an e-book, start an e-mail newsletter, create an instructional video, etc. Useful, expert information can be sold in almost any form imaginable.

Granted, not every passion can be turned into a saleable information product. You have to test the waters before you go too far.

Start by checking to see if you have any competitors. Do a Google search. Check Amazon and eBay. If nobody else is selling a similar product to your intended market, that’s not a good thing. It probably means there are no customers for it.

If your initial research looks promising, test your idea online. The easiest way is to set up a Google AdWords campaign. If a lot of people click on your ads (which should link to a landing page that makes the actual sale), you know you’ve got something worth pursuing.

Don’t put in a lot of time or money creating a product. If you get a lot of orders, rushing to fulfill them will be a good problem to have.

[Ed. Note: Your dream "job" could be around the corner... At Early to Rise's Profits in Paradise conference this week, you could learn dozens of ways to break out of the rat race and build a lifetime of wealth from our cast of experts in real estate, investing, self-development, and Internet marketing. Find out how Profits in Paradise could change your life today.]

Comment on this article

Let’s say you’re a roofing salesman and you get a call from a homeowner who’s concerned about a leak in her ceiling. You do an inspection and realize that what she needs is a $500 repair. But $500 is a lot of money. So, to convince her to do it, you might use a persuasion technique called “perceptual contrasts.” You’ve probably read about it in ETR.

Briefly, here’s how it works: You explain to the homeowner that the roof is very old and that replacing it would be the ideal solution. Unfortunately, that costs $10,000. But, you explain, there is another viable option that costs a lot less. The roof can be repaired for only $500. In contrast to the cost of replacing the roof, she now perceives a $500 repair to be a bargain and signs on the dotted line.

Today, I want to tell you about another very effective persuasion technique that’s based on altering a person’s perception. With this technique, you break down a large expense or job into smaller, more manageable units.

For example, I’m sure you’ve seen commercials asking you to sponsor starving children in poverty-stricken parts of the world. The cost to sponsor one child is about $30 a month. But it’s hard to get people to commit to donating that much money. So they point out that $30 a month is less than the cost of buying one cup of coffee a day.

That immediately changes your perception, doesn’t it? Less than a cup of coffee a day? Surely, you can afford that!

This technique is widely used by many salespeople. And the “less than a cup of coffee a day” example is so common that I’ve dubbed it the “Starbucks Break Down.”  

Many years ago, I sold a product that was allegedly the “Cadillac” of vacuum cleaners. It was good – but boy was it expensive! At the time, it sold for about $800. Today, I imagine it might go for $1,500.

When I’d demonstrate the machine, showing my prospective customer all the dirt her old vacuum wasn’t picking up, she’d usually be very interested in the possibility of buying one. Until, that is, she saw the price tag.

Then I’d introduce her to the company’s financing plan, which broke down the cost of the vacuum into a series of $30 monthly payments… less than a dollar a day. No, I didn’t use the cup of coffee example. But when I pointed out that, for less than $1 a day, she and her children would be living and sleeping in a much cleaner, healthier environment, the $800 price was no longer a problem.

Say you want to persuade your spouse to lose 20 pounds. Make it sound a lot more doable by telling him that if he can reduce his caloric intake by a mere 500 calories a day – by replacing his usual candy bar and can of soda with a piece of fruit and a bottle of sparkling water – he can easily lose a pound a week.

Or say you want to persuade your teenager to get a part-time job. If you tell him to get off the couch and start earning some money, he’ll roll his eyes. But if you tell him that all he has to do is wash two cars a week at $10 a pop and, in less than six months, he’ll have enough money for that brand-new ten-speed bike he wants… the idea of working on the weekend suddenly seems appealing.

Here are the basic steps to using the Starbucks Break Down technique:

• First, work out the numbers. Break down the cost/size of the item/task you’re going to present to your target into smaller units that will be perceived as easier to handle.

If Amy writes five pages a day of the 100-page e-book the company needs by the end of the month, it will be done ahead of schedule.

• Come up with an attractive comparison – a way to make your target realize how easy it will be to find the time/money to do what you want her to do.

Compare the time it will take for Amy to write five pages of the e-book to the time she can save by delegating her least-favorite daily job.

• Make your presentation in positive terms, emphasizing how your target will benefit from it.

If you tell Amy that she has to write a 100-page e-book in four weeks, it will sound like a daunting task. And once a person has a negative attitude toward whatever it is you want to persuade them to do, it’s going to be hard to turn them around.

So start by telling Amy that you’ve got a great opportunity for her – one that will help her make a huge contribution to the company’s bottom line, get the boss’s attention, and move up in line for a raise. Tell her about the e-book. Tell her that all she has to do is free up a little time by delegating those follow-up phone calls she hates to make… write five pages a day… and it will be done ahead of schedule.

Then watch her eagerly run to her computer to get started!

[Ed. Note: You could be on your way to making between $50,000 and $5 million with your own Internet business. ETR's "confidential playbook" for Internet Riches could help you secure a lifetime free of financial worries. Learn more here.

Paul Lawrence, a successful entrepreneur and author, publishes the "How to Become a Master of Persuasion" program. Get more information right here.]

Comment on this article

Fear – the deeply felt kind – is personal and immediate. The fear of disabling disease. The fear of public speaking. The fear of not surviving this current market crunch… or making a terrible investment.

And it’s no accident that these same personal, immediate fears are the ones that tend to have the most hooking power in the headlines of sales letters and ads. Not only because they’re specific. But because, by tapping into those fears, marketers are able to make an emotional connection with their customers.

These immediate fears are attached to problems they feel they can solve… or hope they can. And that is key to producing marketing copy that works. 

But fear alone doesn’t make the sale. Showing you know the cause of your customers’ anxiety gets their attention. But what really makes a fear headline work is the hint of a solution. Think about some of the classics:

“Do You Make These Mistakes In English?”… “Do You Do Any of These Ten Embarrassing Things?”… “Why Some Foods ‘Explode’ In Your Stomach”… “Have You A ‘Worry’ Stock?”…

What makes these headlines work is what you don’t see here, but what’s surely delivered in the copy that follows: the promise of better language skills… better social skills… better health from better eating… safer investing…

By the end, the copy transforms the customer from pessimist to optimist, full of hope and ready to try whatever it is you have to offer. 

[Ed. Note: To get more of copywriting expert John Forde's wisdom and insights into marketing (and much more), sign up for his free e-letter, Copywriter's Roundtable, at copywritersroundtable.com. Or send an e-mail to signup@jackforde.com. Get a free report about 15 deadly copy mistakes and how to avoid them when you sign up today.] 

Comment on this article

Knowing the right people and being known by them can open doors for you that can save you years of hard work. The quality and quantity of your contacts and your relationships will have more to do with your success than perhaps any other factor.

Here are three things you can do to start making powerful and lasting connections:

1. Make a list of the 25 people you feel it would be most useful for you to get to know. Develop a strategy to meet every one of them over the next 12 months.

2. Network at every opportunity. Join business and trade associations. Attend meetings. Volunteer to serve on a key committee.

3. Get involved in community service organizations. The best people in every community, the people you should know and who should know you, are usually involved in public service in some way. Start with the United Way in your own city, or get involved in any cause you care about or are interested in.

Follow these steps and jobs, referrals, and deals will flow to you.

[Ed. Note: Increasing your contacts to expand your influence and build your career is just a small taste of the business and personal development skills taught by Brian Tracy (www.briantracy.com). Learn how to get the most out of your networking circle here.

Going online is another sure way to build your business and profits. Learn how ETR can help you do just that here. ]

Comment on this article

Office gossip is like junk food: You can pretend you don’t like it, you can even publicly denounce it, still you know you can’t completely resist it.

But try. Like so many things in life, office gossip is a temporary indulgence with long-lasting, undesirable side effects. For one thing, it damages team spirit. This is no small cost if you are concerned with team productivity. For another thing, it demeans your stature. Even your co-conspirators will think less of you for doing what they themselves know they shouldn’t do. If you consider the kinds of activities you can engage in at work, this falls into the lowest category. It’s not only unproductive, it’s destructive.

Make yourself this promise today: Gradually you will indulge less in this bad habit. Start by desisting from gossiping yourself. The next step is to maintain a neutral position when someone brings it to you. The ultimate step is to be able to discretely change the subject without seeming like a wet blanket. If you find you’re having trouble watching your tongue, try this: The next time someone attempts to get you to join him in badmouthing a colleague or employee, imagine that your comments are being broadcast to the entire company through a speaker system. Speak as closely to the truth as you can, but try not to say anything that you wouldn’t say in front of everybody.

[Ed. Note: The above was adapted from Michael Masterson's book Power and Persuasion. Pick up your copy to discover the keys to mastering the universal rules of success and unlocking your personal and professional power.]

Comment on this article

“Elise” consults for nonprofit groups, and she’s great at her job. Most of her business has come from word of mouth. But Elise knew that if she could channelize her efforts, she could reach thousands – if not millions – of potential clients. So she began marketing her services with a website, e-mails, and postcards.

Her promotional copy was filled with bold claims about how much she could do for her clients – and it bombed.

Why? According to Judy Murdoch, a consultant with the National Business Association, Elise’s failure was likely the result of neglecting to establish trust with her target audience.

Because most of Elise’s clients have come from referrals, she never had to worry about trust. It was built into the referrals. But it’s different when you’re marketing through written advertising channels. “The less personal the communication, the more important it becomes to first establish trust with your prospects,” says Murdoch.

 Here are two ways to do it:

* Make bold claims – but back them up with proof. If, for example, Elise had mentioned in her copy that she regularly doubles or triples the donations her clients bring in, prospects would have reason to believe her claims about what she could do for them.

* Provide testimonials from satisfied clients. Testimonials are the written equivalent of the word-of-mouth referrals responsible for building Elise’s business in the first place. By including them in her promotional copy, she elevates her credibility.

[Ed. Note: Paul Lawrence is a successful small-business entrepreneur who has started over 12 profitable enterprises. For more information on his Cheapskate Entrepreneurs instructional CD program, click here.

If you're limiting your marketing efforts to one channel, you're severely limiting the money you can make. Discover 12 easy ways to make millions for your business with Michael Masterson and MaryEllen Tribby's Amazon.com bestseller, Changing the Channel. Pick up your copy today.] 

Comment on this article

In any organization, power moves inexorably to those who have mastered the art of persuasion. Whether you express yourself online, on the phone, or in person doesn’t matter much. What counts is your ability to convince people that your ideas are worthwhile. 

Think about the world’s richest and most inspiring people. Think about Warren Buffett, Oprah Winfrey, Barack Obama. Yes, they have intelligence, ambition, and good instincts. And, yes, they work hard. But they are also articulate speakers. And that, above all else, is the source of their power.

“Speaking well is considered the number one reason for career advancement,” Virginia Avery asserts in The Power of Your Speech. “Every time you meet with a client or make a presentation, your image is affected – for better or worse.”

Woodrow Wilson, Avery points out, understood the importance of communicating effectively. He began his career as a reserved political science professor with a stilted speaking style. When he decided to go into politics, he set about becoming a skillful orator. By the time he delivered his inaugural address as the 28th President of the United States, it was said “not since Lincoln has there been a president so wonderfully gifted in the art of expression.”

Lincoln’s prowess as a speaker is beautifully illustrated by a story told by Peggy Noonan in On Speaking Well.

“When the famed orator Edward Everett spoke before Lincoln at Gettysburg, he went on for more than two hours and pulled out all the stops with poetry and pleading and stentorian phrases. Then Lincoln got up and offered a masterpiece of compression, two or three minutes on the meaning of war and the meaning of the day. … With great grace [Everett] wrote Lincoln, ‘I shall be glad if I could flatter myself that I came as near to the central idea of the occasion in two hours as you did in two minutes.’”

Persuasive speaking skills helped most of America’s most influential presidents “get their most cherished programs through Congress and leave their stamp on the future,” wrote Michael Kazin in the Washington Post. Every modern president “who left office with his popularity intact” – from Theodore and Franklin D. Roosevelt to John F. Kennedy to Ronald Reagan – said Kazin, was a masterful speaker.

If skillful speaking can get you to the top of your field, clumsy speaking can get you into trouble.

Consider these common problems that are caused by poor communication:

• Being passed over for a job or a raise you deserve
• Being rejected by someone who doesn’t understand you
• Being treated as invisible by your boss
• Being treated with disrespect by your spouse or children
• Getting into unnecessary verbal conflicts

There is no question about it, being able to communicate persuasively is an important life skill.

So my question to you is this: What are you doing about it?

What are you doing, right now, to become a more powerful speaker? What books are you reading? What programs are you following? What lessons are you taking?

If speaking well is the single fastest way to succeed in any field, why aren’t you learning to be better at it?

No doubt your answer to that is “I don’t have enough time.” But this is the same argument that Stephen R. Covey poked holes through in Seven Habits of Highly Successful People. In the rush to get everything done that we are given to do every day, he said, we tend to take care of the urgent tasks first and push off the non-urgent ones. Yet, it is the important-but-not-urgent tasks – like improving your speaking skills – that will make the greatest long-term difference in the quality of your life. So you have to make them a priority.

The key to becoming a more powerful speaker, explains Timothy Koegel in The Exceptional Presenter, is practice.

“Everyone I’ve ever studied who has made himself exceptional – Churchill, Reagan – has worked at it,” says Koegel. “Most people don’t have any idea what they look and sound like when they’re presenting, whether they’re sitting at a conference table or talking to a group. … Since they don’t think of themselves as presenters, they don’t realize the impact of these skills. But [speaking well] is the easiest way to fast-track a career.”

It is impossible to overestimate the value of speaking well. Whether you are negotiating a lease on a car, presenting an idea at a business meeting, having a conversation with a powerful person you’ve just been introduced to – what you say and how you say it matters.

Although I consider myself a writer first and foremost, my skill at speaking has been responsible for most of my most important accomplishments.

• Saying the right thing got me a 25 percent share in the first information product I created. That stake in the business made me a millionaire in less than two years.

• Speaking well landed me additional partnership deals in the years following that first one. As a result, my share of the business grew to include one-third of a group whose yearly revenues exceeded $135 million.

• Less than two years after I first retired at 39, I talked my way into a high-paid gig with a client that has generated a substantial seven-figure income ever since.

Speaking persuasively continues to help me form partnerships and make alliances that are both pleasurable and profitable. So I’m a big advocate of developing speaking skills. And that’s why I recommend it to you.

“If all my talents and powers were to be taken from me by some inscrutable Providence and I had my choice of keeping but one,” Daniel Webster once said, “I would unhesitatingly ask to be allowed to keep the power of speaking, for through it I would quickly recover all the rest.”

Next Monday, I will give you three steps to becoming a powerful speaker. You’ll discover how anyone can change, as Woodrow Wilson did, from a hesitating bumbler to a polished master of the spoken word.

[Ed. Note: Get more of Michael's surefire strategies for getting ahead in business in True Path to Profits: A Master Entrepreneur's Guide to Business Success. Find out more (including how you can get a bonus subscription to his VIP newsletter, Ready Fire Aim,) here.]

Comment on this article

You don’t have to wait until you are financially independent and actually retire to enjoy an early retirement mindset. The sooner you can make your business about something other than making money, gaining power, or in some other way enhancing your personal situation, the sooner you’ll begin loving your work.

That will happen the moment your work stops being about you.

Here are five suggestions:

1. Make customer satisfaction your number one priority.

Ultimately, business should not be about sales, market share, renewals, or even profitability. It should be about leaving the world you inhabit a little bit nicer than it was before you entered it. You can do that only by focusing on customer satisfaction.

2. Focus on improving your people for their benefit, not yours.

Every time you interact with your employees, you have an opportunity to make them wiser and thus increase their prospects of being successful.

3. Don’t do more than you can do well.

There is such a thing as being overly productive. By taking on ambitious goals and translating them into demanding monthly, weekly, and daily objectives, you can force yourself into a situation where you have to race through almost everything you do to get it all done.

4. Don’t grow your business too fast.

When you are actively growing a company, you are automatically creating a certain amount of chaos. By pushing to create more products, sales, and customers, you inevitably put a strain on your ability to do things well.

5. Don’t ever feel sorry for yourself.

You don’t always have a choice about the problems you have to deal with in business, but you definitely have a choice about the way you respond to them. When you are feeling beaten up or rundown, the worst thing you can do is complain about it. Complaining focuses your (and others’) attention on you-know-who. And paying attention to yourself is, as I’ve said, counterproductive.

[Ed. Note: The above article was adapted from Automatic Wealth: The Six Steps to Financial Independence, published with permission from John Wiley & Sons. Get your copy today.]

Comment on this article

Creating first-time customers is one of the costliest things – and the riskiest -

that any direct-response business does.

Consider what’s typically involved in creating a new-subscriber acquisition piece for a health or investment newsletter and testing it to 100,000 prospects…

• Copy (advance to copywriter): $25,000

• Design: $12,500

• Printing/List Rental/Postage & Mailing: $70,000

That’s a total of $107,500. Now, consider the fact that the publisher’s overhead isn’t even factored into this equation. And that he’ll probably have to test two, three, even four or more pieces before he hits upon a powerful new control. And that he’s going to continue to test new pieces against his control every six weeks or so to make sure he’s not caught flatfooted when that promotion peters out.

Bottom line: All told, the publisher is probably risking $1 million or more a year just to keep bringing in new customers. And that’s for each publication in his stable!

Yeah, I know. That’s direct mail, the costliest marketing medium there is. But even at the other end of the spectrum, on the ultra-cheap Internet, there are very definite costs – and, therefore, risks – associated with acquiring new leads and new customers.

Money must be spent to pay AdWords and pay-per-click costs, create and run banner ads, rent e-mail lists, write and design e-mail blasts, write and design landing pages – and more. And because there are no guarantees that any campaign will work efficiently, every test of every new campaign carries with it a very definite capital risk.

Making Secondary Sales to Existing Customers Is One of the Cheapest Things

- and the Lowest-Risk – That Direct-Response Companies Do

Response on promotions sent to existing customers is usually six to eight times higher (sometimes more) than promotions sent to cold prospects. Average sale is substantially higher, too – sometimes as much as two to three times higher.

And so, compared to the breakeven return on investment most marketers get when creating new customers, ROI on promotions to existing customers is off the charts.

In short…

It’s ALL About Customer Lifetime Value!

It amazes me when I see companies that seem oblivious to this simple fact of life. They risk alienating new customers with endless upsells on the initial inbound call, then utterly abandon them, failing to follow up with direct-mail and e-mail promotions. Or they ship faulty, shoddy products that blatantly under-deliver on the benefit promises made in their customer-acquisition promotions.

If they only knew how much money they’re leaving on the table, they’d turn over a new leaf in no time flat!

I mean, what would you rather have – a 50 percent net profit on one sale to one customer? Or SEVEN FULL YEARS of sales to each customer… making four to five or more sales to each one every year… and, because there’s a cost involved in delivering world-class products and stellar customer service, settling for a slightly smaller net on each sale?

It’s a rhetorical question. We both know the answer.

So now the question becomes… what can YOU do in the next five days to begin treating customers like gods?

Ask yourself…

1. “Do my promotions tell the truth, the whole truth, and NOTHING BUT the truth?”

Ask any soft-offer marketer and he’ll tell you: Promotions that create unrealistic expectations for the product invariably result in lower pay-up on the back end. Hard-offer marketers know that over-the-top promises result in much higher cancellation rates and much lower response to secondary sales and renewals.

What can you do to narrow or eliminate the gap between your promotional promises and the reality of the benefits your product or service delivers? Or, even better, what can you do to deliver MORE than your promotion promises?

Could you, for example, add unadvertised premiums to your welcome packages or product shipments? Promise 12 issues of your newsletter a year, but include the previous month’s issue – a 13th – in your welcome kit? Schedule a timeless “Gala Bonus Issue” to hit new subscribers’ mailboxes two weeks after they come on board? Maybe insert a gift certificate offering a substantial discount on something? Perhaps send an unexpected free report or other inexpensive gift to every subscriber or customer before Thanksgiving… “just because” you’re thankful for them?

2. “Do my promotions begin the bonding process with the new customers they create?”

Do you establish yourself or your spokesperson as an advocate who has a greater, higher vision for your prospect than he has for himself? Do you demonstrate this by giving away valuable, actionable information or advice in your promotions? What insights into your spokesperson’s life can you give away that make him feel more human, more like the prospect in his harmless little foibles, loves, and values?

When selling newsletter subscriptions, I avoid saying things like “When you subscribe…” Instead, I say something like “When you join me…” On the order form, instead of calling my product a subscription, I call it a membership.

What could you do to position your initial sale to a customer NOT as a sale, but as the beginning of a beautiful friendship?

3. “Does my product over-deliver on the benefit claims made in my promotions?”

Goes without saying: If the product is faulty, fix it. If it can be improved, improve it.

Then do this: Order a product from yourself, for yourself. Do it by phone so you get the live experience of dealing with the customer service rep. Throw up roadblocks.

I once called a client’s toll-free number and said I wanted a three-year subscription to his newsletter. “We don’t sell three-year subscriptions,” she said. “Just one-year and two-year subscriptions.” So I asked if I could buy a one-year subscription and a two-year subscription and have them run consecutively. That really pissed her off. “I’ve never heard of such a thing!” she said.

Challenge the operator and take notes. When the welcome kit or shipment/first issue arrives, note how long it took. Imagine that you’re a new customer who has been waiting for this delivery, anxiously checking his mailbox every day. Then open it.

How do you feel? What are your first impressions? Are you bowled over by the quality and quantity of what you see? Do you feel closer to the company and/or its spokesperson? Does the experience leave you looking forward to your next contact with them?

Even if your experience was 100 percent positive, get your best people together and spend a day brainstorming how you can make it better for your customers.

4. “Do my people go the extra mile to make customers feel like part of the family?”

Call your customer service number. How many times does the phone ring before someone answers? Are you put on hold? (Take notes.) Have a complaint. Be angry. Be insulting. (Scribble, scribble!) Call back with a gazillion questions. (More notes.) Try telling the rep about your cat. (Still more notes.) Then call with a big compliment. (Getting writer’s cramp yet?)

Now, have a meeting with your reps and set them on the straight and narrow.

5. “Does each promotion to my in-house customer file contain a component that strengthens the bond with them?”

I tell my clients that every promotion sent to existing customers must do two things: (1) It must, of course, produce profits. (2) It must make the customer feel greater allegiance and loyalty to the company and/or its spokesperson.

More important, no promotion should ever produce profits at the expense of the relationship we worked so hard to establish with our customers. When max short-term profits and max bonding go head-to-head, bonding must always win.

6. “Am I doing everything possible to retain customers who complain or cancel?”

A client of mine spends an average of $24 to generate each new customer. Does it make sense to spend less to keep one? That $24 could buy a LOT of tender, loving care for an irritated or disappointed customer. It could easily cover an apologetic telephone call or a FedEx package with a $10 “I’m so sorry!” gift enclosed.

Take a look at the process customers go through to cancel, and brainstorm everything you can think of to keep them in the fold. Think outside the box.

How about a “Hell NO!” letter: “Hell NO, I won’t cancel your subscription. The information I have for you in coming months is far too important to you! I’ve already refunded your subscription – that’s one thing. But denying you the critical guidance in XYZ newsletter is another. So please accept the next three months with my compliments…”

This gets you three more months to win your disgruntled customer over.

[Ed. Note: What do you do to treat your customers like kings? Let us know right here.

Master copywriter Clayton Makepeace publishes the highly acclaimed e-zine The Total Package to help business owners and copywriters accelerate their sales and profits. Claim your 4 free moneymaking e-books - bursting with tips, tricks, and tactics that'll skyrocket your response - at MakepeaceTotalPackage.com. ] 

Comment on this article

“I have a strong background in Corporate Finance, and I’m looking for ways to supplement my primary income or to transition into my own business. Most of your recommendations are for people with sales and marketing backgrounds. Do you have suggestions for someone with more quantitative skills and experience?”

Shane L.

Pittsburgh, PA

Dear Shane,

You are wrong about my suggestions. I am very much aware that many ETR readers are on the “wrong side of the ledger.” By that I mean they’re in jobs that are necessary but don’t generate sales. They know their work is critical, but their bosses may see them as an expense, not a rainmaker.

The solution is not to find some business that doesn’t require sales and marketing skills. There is no such business. The solution is to learn sales and marketing while you do your job. This is not nearly as difficult as it seems. I explain exactly how to do it in Automatic Wealth and Automatic Wealth for Grads.  

I suggest you buy a copy of each and study the relevant chapters very carefully.

The CEO of my largest client began as an outside auditor, worked his way up to CFO, and then made the lateral move. He made that move by devoting hundreds of hours to learning sales and marketing. The combination of his financial savvy and his newfound sales and marketing knowledge made him a very good candidate for CEO when the company moved from a Stage Two to a Stage Three business. (What I mean by that is explained in Ready, Fire, Aim… another book that you should own.)

Now he’s making a very nice multi-six-figure annual income. And he’s not the only one. I know at least half a dozen former number crunchers who have made this transition. You can too!

Here’s a quick set of goals for you.

1. Buy the books I recommended above – today – and start studying them.

2. Set up a meeting with your company’s owner. Tell him you want to take more responsibility for increasing profits. Tell him you don’t want to be paid to do so. Tell him you simply want to make yourself more valuable.

3. Find out the selling secrets of your business. Most important, find out how customers are acquired. Become an expert at your company’s optimum selling strategy. (This is explained in Chapter 5 of Ready, Fire, Aim.)

4. Make friends with the most successful marketer in your business. Ask him to be your mentor. Learn from him. Tell him you want to help him do his job better. Deliver on that promise.

5. Spend at least 10 hours a week doing all this. Within six months, you will be ready to start your own side business.

Let me know when you get to that point and I’ll give you advice on what to do next.

- Michael Masterson

[Ed.Note: Have a question for one of ETR's experts? Send it to AskETR@ETRFeedback.com and you may see a response in an upcoming issue of Early to Rise.]

Comment on this article

“Thank you very much for your informative newsletter, which I have been receiving for several months now.

“I am very interested in several of your products related to marketing, copywriting, Internet businesses, etc. I have several highly developed skills and areas of expertise that I feel could be developed into an Internet-based business (via e-books, etc.), and would love to create such a business. To this end, I realize that I’ll need to first equip myself with all the necessary skills, information, and ‘know-how’ related to making an Internet business work. (I have no formal business background.)

“At ETR, you offer many products that seem to cater specifically to such needs. However, there are so many that I am finding it hard to distinguish which ones would be best suited to someone like me – a total ‘newbie’ at Internet business and marketing, yet computer literate and willing to put in many hours of study and work.

“Could you perhaps recommend a set of products that would provide someone like me with a sound foundation in all the key areas of starting and running a successful Internet business?

“Your advice would be highly appreciated!”

Andrew W.

South Africa

Hi Andrew,

Thanks for the great question. I know that there is a lot of opportunity out there – and trying to figure out where to focus your learning can be a challenge.

We offer three products here at Early to Rise that relate to building an online business. Let me tell you a little bit about them.

1. If you don’t have a lot of time to devote to an Internet business, I’d recommend our Magic Button program. It’s basically a simple three-step process for pulling in Internet profits.

2. If you are able to, I would highly recommend that you attend any of the live events we put on, including our upcoming Profits in Paradise wealth-building summit, our annual Information Marketing Bootcamp, and our 5 Days in July business-building conference.

At each of these events, you’ll get a chance to meet and learn from some of the world’s top experts in Internet marketing, information publishing, business building, search engine optimization, copywriting, and more. Not only that, but each event offers you dozens of opportunities to network with potential mentors, partners, and clients.

If you missed our 2008 Information Marketing Bootcamp, you can get the DVDs and see all the advice-packed presentations in the comfort of your own living room. It’s an inexpensive way to get a taste of just how powerful these conferences can be. (Of course, you do miss out on the networking opportunities.)

3. The Internet Money Club is our premier product for learning how to start, build, and grow an online business. It includes access to twice-monthly training teleseminars… a monthly live teleseminar where you can ask me any questions you have… and all the tools you need to get an actual website up and running. Our panel of Internet marketing and business-building experts and I walk you step by step through every stage of the business-building process.  

I urge you to check out all of the above and decide for yourself what would work for you. Whatever you decide, I wish you luck and success.

- Brian T. Edmondson

Internet Money Club Director

Comment on this article

You can’t open a newspaper, flip on the television, or open an Internet page these days without seeing something about the current economic crisis.

When all the media trumpet the same tune, that’s supposed to indicate a trend reversal in the making. So does that mean we’ve hit bottom and things can only get better? Um… maybe not this time.

2009 probably WILL deliver a lot more rough stuff. Many, especially business owners, are at a loss for what to do to prepare.

BusinessWeek recently had some suggestions. And while I’m usually skeptical of populist media advice, these tips seem pretty sensible.

Here’s the “Cliffs Notes” version:

1. Don’t panic. You can’t sit still, but you also don’t want to swerve like a drunk on ice skates. Cycles happen. Sometimes they happen hard, but we’ll come back around eventually.

2. Cut fat, not muscle. And marketing is muscle. A slowdown is the ideal time to snatch up market share.

3. Don’t water down your sales message to “go wide.” When you’re desperate for customers, it’s easy to try to widen your market appeal. Stick to your focus. Just get better at it.

4. Watch out for “discount training.” If you keep offering “special deals,” eventually the deals are no longer special. And all you’re doing is training your customers to learn to wait for the next deal instead of buying right now.

5. Don’t ignore the facts, just have a plan. You can’t wish away the economic crisis by ignoring it. Mention it to your employees, but do so in the context of showing leadership on how to get past it.

[Ed. Note: You can learn how to make your business grow - in any economy - with the proven strategies used by a master business builder.

To get copywriting expert John Forde's wisdom and insights into copywriting (and much more), sign up for his free e-letter, Copywriter's Roundtable, at copywritersroundtable.com. Or send an e-mail to signup@jackforde.com. Get a free report about 15 deadly copy mistakes and how to avoid them when you sign up today.] 

Comment on this article

Let’s say you come across a great product that you think will be a big seller. You could obtain the rights to market that product – and then license those rights to an experienced marketing company.

Doing this can be very profitable.

The trick to making a really sweet deal is to convince the owner of the product to agree to a strictly back-end deal – where he shares in the eventual profits instead of getting an upfront payment from you. Product owners are sometimes reluctant to do this. But there’s another way for you to minimize your out-of-pocket: You can offer to option to buy his rights.

Let’s say you’re introduced to a guy who has invented a wind turbine that can generate enough electricity to supply 40 percent of the average home’s energy needs. Better yet, it can be sold inexpensively – maybe for a thousand dollars.

The inventor wants $50,000 for his rights (which is reasonable), and is not willing to negotiate a strictly back-end deal. But you’re very confident that this product will be a big seller. So you tell him that you’re willing to pay $50,000, but you need a little time to raise the money.

You offer, instead, to option to buy the rights for $100 against the purchase price of $50,000 within one year. If the owner is uncomfortable with such a long option – and you think you can resell those rights sooner – you can make the terms shorter. Once you have the rights, you resell them to a marketing company for at least $50,000 and a share of the profits they’ll make on the turbine.

If you can get more than $50,000 from the marketing company, you’ll pocket some money immediately (after paying off the owner). If not – assuming you were right about how well the product would sell – you still stand to rake in plenty down the road.

[Ed. Note: Acquiring and then marketing the rights to products is one way to make a lot of money without having to invest much capital. Paul Lawrence reveals his detailed strategies for making money with this business opportunity in his "Getting Rich With Rights" program. Get the details here.]

Comment on this article

In the direct-mail world, the best names you can mail to are people who have recently bought products very similar to the one you are selling. (It’s also helpful if the price they paid was the same as yours… and the method of payment.)

The closer you can get to mailing to people who have JUST bought a similar product, the greater your response rate will be. This may seem counterintuitive, but it’s a fact of direct-mail marketing.

An example I commonly give: My partner has one briefcase, and it’s a mess. Without the addition of duct tape, the thing couldn’t carry a sheet of paper successfully. I, on the other hand, have at least 22 briefcases – half of them brand-new. Which of us is a better candidate to sell your briefcase to?

If you answered “your partner,” go back to the beginning and reread what I just said.

[Ed. Note: If you're not at least dabbling in direct mail, you could be missing out on massive sales. Discover how to use direct mail - plus 11 other marketing methods - in Michael Masterson and MaryEllen Tribby's Amazon.com bestselling book, Changing the Channel: 12 Easy Ways to Make Millions for Your Business.]

Comment on this article