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Why Higher Pricing Sells

Monday, November 2nd, 2009

People like to feel superior. As a marketer, understanding this universal desire can help you do an awful lot of selling.

By appealing to your prospects’ pride, you can persuade them to pay more — sometimes much more — than what you could get by appealing to any other emotion.

Let’s talk watches.

For $10, you can buy a handsome digital sports watch that will outperform and outlast virtually any luxury watch made. When these watches were first introduced (over 20 years ago), they were so good and cheap that everyone predicted the demise of the analog timepiece.

Well, it didn’t happen. The new technology revolutionized the watch industry and changed the market forever. But analog watches survived. In fact, according to one estimate, sales of $1,000-plus watches have more than doubled since the 1970s and continue to grow every year.

It’s Not Simply a Matter of Dollars and Cents

Why do people pay thousands for watches when a $29 one works just as well and looks great? (By the way, have you taken an objective look at some of the fancier Rolexes lately? Tack-eeee. Piagets? Like a muscleman in a tutu.) I like the look of the expensive watch I bought in Paris, but I’ve had to have it repaired twice in two years. And boy did they charge me for that!

It’s not reliability. It’s not durability. It’s not precision. And it’s not beauty. So what does all that extra money buy?

In a word, prestige. Slap on an Ebel or a Cartier and you have instant credibility with the fashion police. Thrust out a Rolex-clad wrist and you announce to all those around you, “I have arrived.”

You need not say a word. What could be better than that?

The idea that price equates to quality is a myth. But price does relate to value. In the case of luxury goods, that value is prestige.
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What Is the Tipping Point for Online Success?

Friday, October 30th, 2009

KJ, like many of my subscribers these days, wants to get into Internet marketing. But she feels frustrated and unable to move forward.

“Where should I begin?” KJ asked in her e-mail. “What was your tipping point to online success?”

My answer: “The tipping point in Internet marketing success is to stop reading about it and stop talking about it and actually start DOING it.” (more…)


What’s More Important in Marketing?

Wednesday, October 28th, 2009

Products — the most successful products — meet urgent needs and solve important problems.

But what solves today’s problem won’t necessarily solve tomorrow’s. We must constantly refine and reinvent to make our products “new.” (more…)


The Junkie’s Secret

Monday, October 26th, 2009

As a teenager, I had the impulses of a junkyard dog. If someone looked at me the “wrong” way, I started barking. This resulted in many scraps — most of them with bigger and more skillful fighters. I managed to “win” a great many of them, however, because I was able to tap into something inside me that fueled my aggression. (more…)


What It Really Takes To Become Wealthy

Thursday, October 22nd, 2009

“I don’t have your attitude,” Jeff said to me. “I just don’t have the mindset of someone who can make a lot of money.”

“Do you want to make a lot of money?” I asked him.

“That’s the sad thing,” he said, smiling wryly. “I do.” (more…)


The Beginning of Wisdom

Tuesday, September 8th, 2009

I watched in horror as my 11-year-old daughter Hannah plunged 150 feet down Cheakamus Canyon toward the river raging below.

My wife Karen and I had both tried to talk her out of it. But she wouldn’t be dissuaded.

She wanted to jump.

Of course, she was attached to a bungee cord, one that “exceeded Australian specifications” (whatever that means). And Whistler Bungee — an hour north of Vancouver and just below Whistler’s 2010 Olympic Village — has been in business for seven years with a perfect safety record.

Still … I got the willies just looking down through the 300-foot span as we crossed it. This was a murderous height. It would have taken at least three burly men to get me out on that platform.

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