| Digg it UP |
Hubs | Hubbers | Topics | Request |
| #1 in Business | Subscribe Email Print |
|
You are here: Home > Business > Marketing > Reverse The Risk And Boost Your Profits |
|
Digg it UP - Reverse The Risk And Boost Your Profits
Cha-ching or Kerplunk - How to Define Return on Investment through Press and Media Relations factor but only a minor one, and only
to a certain extent. If the customers want something, and
if you're able to address their concerns and fulfill what
they want, they'll gladly buy what you have to offer.How many times have you wondered how effective your media relations were on behalf of a client? Don’t you wish you could easily explain your results? Here are simple thumbnail methods that you can use to check and compile your results on any ongoing media campaign.1. Track the Number of Professionals that Read Your Release: Do you use press distribution services that allow you to see the number of times professionals have read your release?2. Track the Number of Media Outlets that Picked up the Story: Does your press distribution service allow you to see how many media outlets picked up the story?3. Track a Custom Database of Media Contacts: Do Many business owners are also afraid that they'll be ripped off. Just in case you think that you'll be ripped off by offering guarantees, research have shown that this rarely happens as 99.5% of people are generally honest. Of course, there'll be a few moral rejects who'll take advantage of you but the additional customers that you'll gain will more than offset the few that'll take advantage of you. Furthermore, very few people will go through the process of Organized To Be Your Best! - A Book Summary As a business owner or marketer, if you don't reverse the
risk in your product and/or service offerings, you're really
missing out in what can be one of the most powerful weapons
in your marketing arsenal.The Big IdeaOne of the factors to success is the ability to manage tasks efficiently and systematically in a similarly conducive environment. Practicing time management allows you to accomplish the more important tasks on time; and helps you achieve the goals you have set for yourself.Organized to Be Your Best! gives simple tips on how to get started and maintain good organization practices. Being productive doesn’t have to be difficult. After all, it’s supposed to make life easier for you!How to Be Positively Organized!Being organized goes beyond having a clutter-free office, it also involves getting your priorities in o Risk Reversal Defined Risk Reversal, in essence, means that you, the business owner, assumes all the risks associated with the business transactions, and your customers none. Why Reverse The Risk? The main reason that you'll want to reverse the risk is so that you may boost your sales and profits. Risk Reversal can easily be achieved by providing an Extraordinary Guarantee. An example would be an iron-clad, no-questions-asked money back guarantee. Buyers, especially Internet Buyers, are generally skeptical. This is particularly so if they've never dealt with you or your business before. Your credibility is in question and the trust yet to be established. Even if they are your existing customers, it's imperative that you employ this powerful marketing concept of Risk Reversal by offering a strong and extraordinary guarantee... ... Here's Why: Having a strong guarantee is one of the most effective ways to counter the skepticism and fears of the buyers in doing business with you. If your customers or potential customers see a guarantee, especially an extraordinary one, they can be pretty certain that they'll get what they're after. It shows them that you're confident about, and have a strong belief in, your products and/or services. It also goes to show that you're reliable and trustworthy, and if they're not satisfied with your offerings, they've nothing to lose. The end result is that you'll dramatically boost your sales and profits - sales and profits you would not have seen without the strong guarantee. Here's an example: Let's say in any of your promotional campaign, you normally sell 500 units of your product. Through a strong guarantee, you increase your sales by 8% or 40 units without spending any additional funds on advertising. This translates to a total sale of 540 units for that campaign. Let's say you later experience a 10% refund of the additional sale of 40 units, that is, 4 units (10% X 40 units), which you won't. Even after the refund, you'll still make an additional sale of 36 units just by offering a strong guarantee. These are sales that you'll never get without the guarantee. Now you can see how a strong guarantee will boost your sales and profits. Then Why Are Many Business Owners Unwilling To Offer Such A Guarantee? Many business owners have the misconception that people are only concern about the price of the product or service. Price, no doubt is a factor but only a minor one, and only to a certain extent. If the customers want something, and if you're able to address their concerns and fulfill what they want, they'll gladly buy what you have to offer. Many business owners are also afraid that they'll be ripped off. Just in case you think that you'll be ripped off by offering guarantees, research have shown that this rarely happens as 99.5% of people are generally honest. Of course, there'll be a few moral rejects who'll take advantage of you but the additional customers that you'll gain will more than offset the few that'll take advantage of you. Furthermore, very few people will go through the process of a Cash Flow Management Made Easy guarantee.Small business owners soon learn that Cash Flow and Profit are not one and the same thing. The two may be related but are not always in concert. There can be high profits reported during a period of extremely tight cash flow and low profits reported during a cash rich period.Profitability is based on invoicing and the relationship of costs, either expended or accrued, to those sales. The actual payment of expenses or receipt of invoice payments can, and often do, occur in periods different that when the sales occurred, so that cash flow can be widely different from reported profit in any period.Cash Flow is based on changes in cash balance and can be Buyers, especially Internet Buyers, are generally skeptical. This is particularly so if they've never dealt with you or your business before. Your credibility is in question and the trust yet to be established. Even if they are your existing customers, it's imperative that you employ this powerful marketing concept of Risk Reversal by offering a strong and extraordinary guarantee... ... Here's Why: Having a strong guarantee is one of the most effective ways to counter the skepticism and fears of the buyers in doing business with you. If your customers or potential customers see a guarantee, especially an extraordinary one, they can be pretty certain that they'll get what they're after. It shows them that you're confident about, and have a strong belief in, your products and/or services. It also goes to show that you're reliable and trustworthy, and if they're not satisfied with your offerings, they've nothing to lose. The end result is that you'll dramatically boost your sales and profits - sales and profits you would not have seen without the strong guarantee. Here's an example: Let's say in any of your promotional campaign, you normally sell 500 units of your product. Through a strong guarantee, you increase your sales by 8% or 40 units without spending any additional funds on advertising. This translates to a total sale of 540 units for that campaign. Let's say you later experience a 10% refund of the additional sale of 40 units, that is, 4 units (10% X 40 units), which you won't. Even after the refund, you'll still make an additional sale of 36 units just by offering a strong guarantee. These are sales that you'll never get without the guarantee. Now you can see how a strong guarantee will boost your sales and profits. Then Why Are Many Business Owners Unwilling To Offer Such A Guarantee? Many business owners have the misconception that people are only concern about the price of the product or service. Price, no doubt is a factor but only a minor one, and only to a certain extent. If the customers want something, and if you're able to address their concerns and fulfill what they want, they'll gladly buy what you have to offer. Many business owners are also afraid that they'll be ripped off. Just in case you think that you'll be ripped off by offering guarantees, research have shown that this rarely happens as 99.5% of people are generally honest. Of course, there'll be a few moral rejects who'll take advantage of you but the additional customers that you'll gain will more than offset the few that'll take advantage of you. Furthermore, very few people will go through the process of Growing from Entrepreneur to Manager tain
that they'll get what they're after.Small business is hardly small when it involves 5.6 million enterprises, employs more than 60,000,000 and accounts for 80% of new job creation. Small business is the heart and lifeblood of our economy.Great democratic and capitalist experiments worldwide continue to produce a record number of new business start ups year after year. Never in history have so many entrepreneurs emerged to start new ventures.Unfortunately, there are a record number of small business failures each year also. Failures are harder to track but, in the U.S.A. alone, some followers place the new business failure rate as high as 80% in the first two years. The statistical basis It shows them that you're confident about, and have a strong belief in, your products and/or services. It also goes to show that you're reliable and trustworthy, and if they're not satisfied with your offerings, they've nothing to lose. The end result is that you'll dramatically boost your sales and profits - sales and profits you would not have seen without the strong guarantee. Here's an example: Let's say in any of your promotional campaign, you normally sell 500 units of your product. Through a strong guarantee, you increase your sales by 8% or 40 units without spending any additional funds on advertising. This translates to a total sale of 540 units for that campaign. Let's say you later experience a 10% refund of the additional sale of 40 units, that is, 4 units (10% X 40 units), which you won't. Even after the refund, you'll still make an additional sale of 36 units just by offering a strong guarantee. These are sales that you'll never get without the guarantee. Now you can see how a strong guarantee will boost your sales and profits. Then Why Are Many Business Owners Unwilling To Offer Such A Guarantee? Many business owners have the misconception that people are only concern about the price of the product or service. Price, no doubt is a factor but only a minor one, and only to a certain extent. If the customers want something, and if you're able to address their concerns and fulfill what they want, they'll gladly buy what you have to offer. Many business owners are also afraid that they'll be ripped off. Just in case you think that you'll be ripped off by offering guarantees, research have shown that this rarely happens as 99.5% of people are generally honest. Of course, there'll be a few moral rejects who'll take advantage of you but the additional customers that you'll gain will more than offset the few that'll take advantage of you. Furthermore, very few people will go through the process of Managing the Quality of Information g.Information processing is a business process that resembles a normal production process with familiar demands for managing both the quantity processed as well as the quality of the output.For many business processes there is a continuous pressure to increase the output. There is also constant demand for quality which acts as a brake on this main process. In the information processing area this problem is solved by using two different types of processes; batch and online. The quality indicator is the mechanism that will define how much the output is lowered in order to increase the quality (of the information).An example of how this is done in practice This translates to a total sale of 540 units for that campaign. Let's say you later experience a 10% refund of the additional sale of 40 units, that is, 4 units (10% X 40 units), which you won't. Even after the refund, you'll still make an additional sale of 36 units just by offering a strong guarantee. These are sales that you'll never get without the guarantee. Now you can see how a strong guarantee will boost your sales and profits. Then Why Are Many Business Owners Unwilling To Offer Such A Guarantee? Many business owners have the misconception that people are only concern about the price of the product or service. Price, no doubt is a factor but only a minor one, and only to a certain extent. If the customers want something, and if you're able to address their concerns and fulfill what they want, they'll gladly buy what you have to offer. Many business owners are also afraid that they'll be ripped off. Just in case you think that you'll be ripped off by offering guarantees, research have shown that this rarely happens as 99.5% of people are generally honest. Of course, there'll be a few moral rejects who'll take advantage of you but the additional customers that you'll gain will more than offset the few that'll take advantage of you. Furthermore, very few people will go through the process of Just in Time, JIT Strategies and Market Place Realities factor but only a minor one, and only
to a certain extent. If the customers want something, and
if you're able to address their concerns and fulfill what
they want, they'll gladly buy what you have to offer.Much of the Just-in-Time Distribution Strategies and programs of the past gave industry hope and promises. While some of those promises were fulfilled many did not pan out. Am I down on JIT? Well, I am not against JIT fully, but I think too many CPAs and CFOs, Corporate Boards cut too deep and some of the early technology (web based) sold too hard and many partners got taken for a ride as some of the early VC split the scene. Hype; we can solve all your problems, sign here, then See Ya!In the Trucking industry there must have been 80 such companies, then 40, then 20 then 10 now 5. Don't you kind of see the same market hype with RFID originally? It is too bad Many business owners are also afraid that they'll be ripped off. Just in case you think that you'll be ripped off by offering guarantees, research have shown that this rarely happens as 99.5% of people are generally honest. Of course, there'll be a few moral rejects who'll take advantage of you but the additional customers that you'll gain will more than offset the few that'll take advantage of you. Furthermore, very few people will go through the process of actually returning something that they've bought, unless of course, you've infuriated them. If you're a savvy business owner or marketer, you should know better than to infuriate your customers. Think about this - the process of asking for a refund is a socially uncomfortable one; it takes confidence and self-assurance to ask for a refund even if you're openly offering one. Now, I must add that in order for your guarantee to achieve the objective of boosting your sales and profits, you'll need to bear the following in mind: 1. You'll need to have a quality product and/or service An example of a strong guarantee will be: "Try out the product for a full 365 days! If it does not double your sales by the end of the 365 days, just return it and we will cheerfully refund your full purchase price." I believe you can see the power of the above statement. It implies that you're so confident of your product that you're assuming all the risks, not the customer. Once you've got over the fear of reversing the risk, you'll be ready to offer bold guarantees. A bold guarantee sends the message to your potential customers that "you're reliable and your offerings are of high quality". It takes away the risks associated with the purchase of your products and/or services, and it also lends you credibility. As you can now see, risk reversal is one of the most effective ways to boost your sales and profits. Put this powerful marketing concept into practice immediately. Spend time on creating a sound and powerful guarantee, implement it, and you'll see your sales go through the roof.
HTTP = HTML link (for blogs, profiles,phorums):
Related Articles:The Landscape of Business Has Changed Personal Change Management - It Starts When You Finished Your Career
|