The “Magic Question” for Business Growth, Success, and Prosperity
Archives: Daily Issues
Issue #2492
- WEALTHY: Should you cash out your 401(k)? (Christian Hill)
- HEALTHY: Can counting calories help you live longer? (Craig Ballantyne)
- WISE: Derek Gehl on testing
ALSO IN THIS ISSUE:
- The “Holy Grail” of direct marketing (Alex Mandossian)
- You don’t need to master the rules of the English language to be a good copywriter (Suzanne Richardson)
- Add “officious” to your vocabulary
== Highly Recommended ==
A “Dumb” Way to Make Money Online
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Cashing Out a 401(k) Might Not Help As Much As You Think
With the downturn in the economy and rising costs, many Americans are feeling the pinch in their pocketbooks. As a way of getting extra money to pay bills, some are thinking about pulling their money out of their 401(k)s. While this may help short-term, there are serious drawbacks you need to consider.
• First and foremost is the investment penalty of selling at the bottom of the market. You are selling your shares at the worst time possible, getting the lowest return on your dollar.
• If you are under the age of 59 1/2, you are subject to an early distribution penalty of 10 percent. Seeing that money vanish right off the top is a hard pill to swallow.
• The amount of money you receive as a final disbursement is still subject to income tax (since you are now receiving money that was set aside pre-tax from your paychecks). This often amounts to around 20 percent of the taxable amount, and slices out another chunk.
So, if you are contemplating closing out your 401(k) to help you through the current downturn, just be aware that it is not as simple as asking for and receiving your entire contribution. Consult with your accountant or retirement specialist to go over any questions you may have and other approaches to meet your short-term money needs.
[Ed. Note: The economy may be in an uproar these days, but there are still ways for you to make money. The real secret to banking riches in today's market is to look in unconventional places. You can access one of these "hidden treasure troves" just by keeping an eye out for "Red Flag" alerts. Find out how to spot those Red Flags, and how they can help you prosper, right here.]
”Testing everything you do with your online business – and tracking the results – is the only way to keep on top of what you’re doing right and what you need to improve.”
Derek Gehl
“What Are We ‘Split-Testing’ Today?”
I ask myself the same five-word question at the beginning of each day… and I’ve asked it repeatedly ever since December 2004: “What are we ’split-testing’ today?” One of the things I’m certain of is that this has unlocked the secret passageway to accelerated business growth, wealth, and success.
I encourage you to ask yourself (and your team) the same question. Ask it at the beginning of each day, and then sit back, relax, and watch what happens.
Magically, this powerful declaration almost instantly puts you (and your team members) into a market-centered mindset. It puts you in the marketing driver’s seat to capture more profits – faster, better, and easier.
In my own business, this question has helped me achieve accelerated growth month after month, without the stress and worry that accompanies marketing guesswork.
What can split-testing do for you?
Split-testing is the best way to find out which marketing efforts are working best… and which aren’t working at all. You merely choose an element you want to test – a headline, for instance – and test one version against another. Whichever version best helps you achieve your marketing goals – collecting names for your e-mail list, making sales, etc. – is the winner, the one you run with. (Of course, we are always testing new variables against the original winners.)
The more split-tests you do, the more chances you have to increase your profits.
Below are eight single-variable split-tests I’ve conducted during the past few years – and the results of each test. You should consider trying these split-tests for your own business. The results you get could accelerate your sales and profits for the rest of your professional life!
• Split-Test #1: Inbound Phone Order Script
“Call now. Operators are standing by…” (Loser)
“Call now. If the line is busy, keep calling…” (WINNER)
• Split-Test #2: Online Order Button Copy
“Add To Cart >>” (WINNER)
“Buy Now!” or “Order Now>>” (Losers)
• Split-Test #3: Free Shipping & Handling Pitch
“Free shipping and handling…” (Loser)
“We pay for your shipping and handling charges…” (WINNER)
• Split-Test #4: 2nd Product Free
“Get 2 for the price of 1…” (Loser)
“Buy 1 and your 2nd one is free…” (WINNER)
• Split-Test #5: Online Audio & Video Testimonials
Testimonials WITHOUT “Case Study” story (Loser)
Testimonials WITH “Case Study” story (WINNER)
• Split-Test #6: Auto-Responder Follow-Up E-Mails
7 daily e-mail reminders in 7 days (WINNER)
7 weekly e-mail reminders in 7 weeks (Loser)
• Split-Test #7: Special Existing Customer Offer
One-Time Buyer Sublist – sending the offer to subscribers who have made only one purchase from us (Loser)
Multi-Buyer Sublist – sending the offer to subscribers who have made at least two purchases from us (WINNER)
• Split-Test #8: “Good-Better-Best” Price Test
The traditional pricing method:
Good = $X, Better = $Y, Best (Good+Better) = $Z (Loser)
The decoy pricing method:
Good = $X, Better = $Y, Best (Good+Better) = $Y (WINNER)
Try some of the split-tests I revealed above. Or create your own single-variable tests. They will teach you a LOT about your marketing. And the results can ensure that you will maximize your marketing efforts and make the biggest possible profits.
Keep in mind that outside variables can significantly impact your split-test results. When I say “outside variables,” I’m talking about things like business-to-business lists vs. business-to-consumer lists… the time of year (not to mention the state of the economy!)… whether your sales package is conveyed through audio or video… and many others.
You can have the same offer, product, and price and your split-tests may differ when these outside variables come into play.
Remember This: For each split-test you do, your decisions should always be governed by your results.
If you decide not to put split-testing into your daily marketing ritual, here’s the typical downward spiral you can expect just before your business goes on life support…
No split-tests leads to no results. No results leads to no growth. No growth leads to no innovation. No innovation leads to no market relevance. No market relevance leads to no business.
Game over. Thanks for playing
“In the land of the blind, the one-eyed man is king,” said Desiderius Erasmus. No truer words have ever been spoken in the context of marketing today. Each of your split-tests gives you 20/20 vision with both eyes wide open.
What NOT to Split-Test: Split-testing, like any other important marketing activity, will cost you some time and money. Duh! So it doesn’t make sense to test whispers. In other words, split-test “screaming” variables. It’s not worth split-testing price points of $199.95 vs. $199.98, for example, or font formats of Garamond vs. Times Roman.
To paraphrase marketing legend Ted Nicholas, “The Holy Grail of direct marketing is the single-variable split-test.” By split-testing, you’ll never again have to chase down winning offers… winning offers will chase you down!
[Ed. Note: Alex Mandossian knows a thing or two about building profitable relationships with customers. He has generated over $233 million in sales for his clients. And in the past three years, he increased his own revenues from $1.5 million to $5 million. At ETR's 2008 Info-Marketing Bootcamp, Alex will reveal a strategy that could ensure you marketing success like no other method you have ever seen. Reserve your spot at Bootcamp today.
You can get Alex's advice and practical marketing tips for info-publishers, small-business owners, and entrepreneurs for free at AlexMandossianToday.com.]
Are You Embarrassed of What You Do for a Living – or Just Tired of Doing It?
One woman was both, and while her “acquaintances” at a dinner party snickered and poked fun, she had the last laugh. In as little as two weeks she started a new business for less than $99, soon had to hire additional employees to handle the work, and now lives a life without money worries of any kind.
Here’s how you can do the same, even easier and faster than she did.
English Professors Need Not Apply
“I’ve always been fascinated by copywriting,” an old college buddy remarked. “But there’s no way I could do it!”
“Why not?” I asked.
“Hello? I was a math major,” she said. “Not an English major like you.”
You may be suffering from the same misunderstanding.
You see, there’s no rule that says you must be an English major to become a copywriter. You don’t have to be a great writer – or even a very good one. In fact, sometimes an above-average grasp of the language can hinder you.
Take this famous example from copywriting master David Ogilvy: “I once used the word ‘obsolete’ in a headline, only to discover that 43 percent of housewives had no idea what it meant. In another headline, I used the word ‘ineffable,’ only to discover that I didn’t know what it meant myself.”
Copywriting isn’t about writing skill. It isn’t about flowery prose and five-syllable words. It’s not even about good grammar and complete sentences.
It’s about knowing how to sell. About delving deep into your customer’s heart, and rooting out the overpowering emotion inside her that makes her want your product or service.
Some copywriters are masters at selling AND writing. Clayton Makepeace. Bob Bly. Michael Masterson. And our own Charlie Byrne.
But others write copy that would make any editor cringe. And manage to make boatloads of money anyway.
Master the art of persuasion – the art of using words to convince people to buy – and you, too, can become a world-renowned copywriter… no English degree required.
[Ed. Note: You can get a crash course in copywriting from some of the best copywriters in the business at ETR's 2008 Info-Marketing Bootcamp. Charlie Byrne, John Forde, Bob Bly, and Michael Masterson will all be presenting some of their top ideas. Learn how you could be making $1.2 million in 2009 right here.]
2 Fountains of Youth
Life extension is one of the most popular research topics in the world right now. You might have heard what scientists have learned about calorie restriction, for example. Many studies have found that if you cut calories from an animal’s diet, they can live longer. This works with mice, monkeys, and even household pets.
But does it work for humans?
Researchers at the University of Florida’s Institute on Aging recently investigated the possibility that calorie restriction could help extend the human lifespan. In this study, human subjects either decreased their dietary intake by 20 percent less than needed to maintain their weight, or they increased their energy expenditure by 20 percent through exercise. (The subjects needed a lot of discipline, because this went on for more than a year.)
The researchers found that both diet and exercise helped reduce oxidative damage to the subjects’ DNA. And they expected that this would have a positive effect on lifespan.
What does this mean for you? It means that you might not have to starve yourself to live longer. Both diet and exercise appear to have the same beneficial effect on the aging process.
Of course, the best thing to do – for both life extension and weight control – is to combine diet and exercise for a double-whammy. Not only will you lose pounds, you could also add years.
[Ed. Note: Combine eating right and exercising to get the best health results. For ideas about which foods you should be eating and which foods to avoid - and recipes for delicious, healthy meals - sign up for ETR's natural health newsletter.
And for a short workout you can do to build muscle and burn fat at the same time, all while getting in and out of the gym in under three hours a week, check out fitness expert Craig Ballantyne's Turbulence Training program.]
It’s Good to Know: Pareidolia and the Auto Industry
Have you ever seen “the man in the moon”? How about clouds shaped like trees or mermaids or bears? When you see vague forms as specific images, you’re experiencing a phenomenon known as “pareidolia.”
Because people tend to view the front of cars as face-like, researchers are using pareidolia to come up with more appealing designs. Surprisingly, they’ve found that people seem to prefer cars with angry faces – especially cars that have features associated with power, like the BMW 5 series.
(Source: livescience.com)
== Highly Recommended ==
Pick a Goal, Any Goal…
Doubling your income… losing 25 pounds… becoming a top-selling copywriter…
Mastering French… becoming a better parent… learning how to pilot a plane…
Whatever your dreams are, you CAN accomplish them.
And it doesn’t have to take years or even months to make big progress toward any one of them.
What do you have to do to achieve any goal… starting with as little as 30 days?
Word to the Wise: Officious
“Officious” (uh-FISH-us) – from the Latin for “a sense of duty” – is another way of saying “meddlesome.”
Example (as used by Ken Follett in Code to Zero): “The guy was an officious twerp, but Luke and Pete were vagrants, and a railroad employee had the right to throw them out.”
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
Copyright ETR, LLC, 2008
could you please, send me information on how to become a copywriter