Home Business Ideas and Opportunities

Archive | October, 2023

This Reduces Refunds and Increase Sales

Most new marketers make the painful mistake of thinking the sale is done when the customer buys the product. Nope. That’s just the first sale. Wise marketers who want to stay in business and continue to profit know there are two more sales to be made.

This Reduces Refunds and Increase Sales

First, you’ve got to sell the new buyer on how great your product is. If you don’t, you’ll get more refund requests.

Second, you’ve got to sell your new buyer on consuming and using your product. When you do, these new customers are far more likely to purchase additional products from you, often at much higher price points.

Interestingly, you can make both of these sales with one simple technique.

I’m going to assume that the product in question is an information product, and that it’s a good one – no junk. Here’s what you do:

When you collect reviews and testimonials prior to launch (you are doing that, right?) you’re going to ask a couple of extra questions of your reviewers:

1: Which is your favorite section/chapter/video of the product?

2: What did you discover and how will you use this information to achieve your goal?

Your questions might be slightly different depending on your product and your niche. The gist is to get each reviewer to choose a favorite section of the product and tell you what they’re going to do with this information.

For example, “The third video taught me how to add an additional $10,000 to my monthly income with just a few small tweaks to what I’m already doing.”

Or, “The fifth chapter revealed a mistake I’ve been making that nearly cost me my marriage. Now that I’m aware of it, I’ve made a simple adjustment that’s brought my husband and me back together again and we feel like newlyweds!”

You can use these in your sales material, but you can also place these INSIDE your product to remind your customers of why they made the purchase. You might place the testimonials at the beginning of chapters, or one the page containing that particular video, or wherever it’s appropriate.

After people buy your product, they naturally forget most of what the sales letter or sales video told them. A week or two later, they might only remember they paid $199 for a product that will teach them how to blog. If buyer’s remorse sets in before they even consume your product, you’re done for. A refund request will be on its way to your inbox.

By adding these very specific testimonials, you remind them that others have found your product particularly helpful. This can get them to read or watch your product and see how great it is. Then instead of asking for a refund, they’ll be wondering what else you can offer them.

A couple more tips:

→ Use these testimonials as well as bullet points in the follow up email series you send after making the sale. This will remind new buyers of what a great decision they made in purchasing your product and encourage them to consume it and use it.

→ At the beginning of each chapter or section, as well as on the page where each video is loaded, add in a list of bullet points telling them what they’ll discover in this material.

Remember, it’s important to not just make the initial sale, but to also sell your customers on the idea that they made a smart purchase as well as selling them on USING your product. When you do, you’ll reduce refunds dramatically as well as encourage your new buyers to make many more purchases from you in the future.

The Ogilvy-Oyster Method of Sneaky Sales

“The Guide to Oysters” was the first ad advertising expert David Ogilvy wrote for his own agency. In the full-page ad, details on different oysters, where they come from and how they are prepared are given, along with photos of each.

TheOgilvy-Oyster Method of Sneaky Sales

It’s a highly informative article; the kind people might rip out of a magazine for future reference. Oh yes, and in the bottom right corner, Guinness Beer is touted as the ideal drink to have with oysters. You guessed it… the ad wasn’t for oysters at all but rather for the beer.

Sneaky, huh?

No doubt you’re already creating “how-to” content for your readers and sending it out in emails, posting in your blog, social media and so forth. And at the end of your content you might promote a related product, too. For example, you tell how to use a certain method to get traffic. Then you offer a product that teaches 20 more traffic methods.

But what if… now think about this, because it’s a bit of a mind shift…

What if your content told how to USE the product you are promoting? You take that same traffic product, regardless of whether it’s your product or an affiliate product, and you write a post on how to use it to achieve a goal.

I have a friend who does exactly this and it’s made all the difference in his business. Before he started using this method, people would thank him for his great content but never buy the product he was promoting. After he started doing this, people started buying. It was frankly kinda spooky how well this worked.

Me, I was skeptical. But numbers don’t lie.

Before this method, my friend worked a full time job. 4 months after he made the change, my friend quit his job and now does online marketing 20 hours a week and surfs, scuba dives and climbs the rest of the week. I promised him I wouldn’t reveal his name or niche, but let’s go back to our traffic example and I’ll give you an idea of how this works.

Let’s say the product you’re promoting is a course on how to do Facebook Advertising, and the headline for your latest post is something like, “How to Get 50 Buyers a Day for Your Product Using Facebook Ads”. In your post you basically outline some info (not all the info, of course) on how it’s done. But here’s the thing… more than once you reference the product you’re selling as being a key part of the Facebook Ad process.

Jumping into the middle of our imaginary article: “When you get to Step 3, just reference the tool on page 43 of the “Super Traffic Course” and you’ll know immediately which ad is more likely to get the best results.” Or something like that… please note I’m doing this off the top of my head.

“If you don’t have the Super Traffic Course yet – seriously? What are you waiting for? – you can grab it here. Or you can spend a few hours gathering the same info that you’ll find on page 43… not the best use of your time, perhaps, but trial and error will eventually see you through if you stick to it. Once you’ve used the tool of page 43 and you have your numbers, you’ll know exactly which ad to run first as well as the best time to run it. Now the next step is to…”

Using this method requires two things:

First, you need a shift in your thinking. Odds are you’ve always written something like, “Tip 1, Tip 2, Tip 3, oh by the way, buy this product.” But now the product is actually an integral part of the content. You are teaching them as though they ALREADY OWN the product, which does something wonderful to your reader – it makes them THINK as though they already own it.

Except… they don’t.

So now they feel like an insider but still on the outside. Darn it, they’re missing something really awesome!

It creates a cognitive dissonance in them that can be easily resolved by… TA-DA! Purchasing the product, of course. This is soooo sneaky, isn’t it? Ha! I love it.

The mind shift on your part is the first thing you need. The second thing is some well executed balancing which will come with practice. You want to give enough info to make the post helpful even if they haven’t purchased the product. Your posts should stand on their own. But they shouldn’t give away all the secrets of the product – not even close.

You’re creating intrigue and a sense of missing out for those who don’t own the product while simultaneously giving good info they can use. See? A balancing act. And all the while you are also making it completely clear that owning the product will make the process easier, faster and in this case more profitable.

My friend says this was the hardest part to learn. He had to figure out how much info to give, what to withhold and how to seamlessly promote the product within the article. He also said the first time he tried was a hot mess, but he kept at it and within a week it was easy and within two weeks it was second nature.

It’s simply a matter of learning a new way to frame what you’re writing.

His posts aren’t super long, either. They’re usually just 500-1,500 words, depending on how much he covers. And then he promotes his posts extensively and shamelessly through social media as well as to his ever-growing list.

Million Dollar Side Point: Half of his posts actually reference and promote free lead magnets he’s giving away to build his email lists. He has lists in a dozen sub-niches to his main niche, and those lists are growing FAST. He especially promotes these posts on social media. And he reposts these posts every month or two and again promotes them on social media as if they are brand new. His rate of list building using this simple technique is blowing my mind right now.

I think I may have ‘buried the lead’ with that last paragraph, so if you’ve read this far, congrats. You now have a secret to list building that others missed!

Bottom Line: Write “how-to” content that works in conjunction with the product you are selling (or the list building lead magnet you’re giving away). These posts work as covert sales letters that set you up as the authority, teach useful skills AND sell the product or the opt-in.

I know it might be different from what you’ve done before. And the first time or two you write content like this, it might seem weird, awkward or strange. But done correctly, it can also be super profitable.

Psychological Hack for Getting More Done

In the 70’s they did an experiment to see if the same college students who turned in their assignments on time also had clean socks. (No joke – they seriously did this.)

Psychological Hack for Getting More Done

The hypothesis was that people who got their schoolwork done would be the same people who got their personal chores done as well. But the results were the opposite of what they expected.

Students who turned assignments in on time were terrible about keeping up with their laundry, and students who kept up with laundry turned in their assignments late. What was happening?

Researchers later realized that we only have a certain amount of attention and willpower we can pay during any one day. If we first pay that attention and willpower to doing laundry, we feel depleted before getting homework done. If we do the homework first, we tend to put off doing laundry for another day or even another week.

In a second experiment, people were left alone in a room with cookies. Some of them were allowed to eat the cookies while others weren’t. Both groups were then given an extremely difficult puzzle to solve.

Those who were allowed to eat the cookies along with a control group who never saw any cookies spent an average of 20 minutes working on the puzzle. But those who had to practice willpower by not eating the cookies only spent 8 minutes working on the puzzle because they’d already spent much of their willpower.

If you go to a mall and give people simple math problems to solve, those who have spent a long time shopping will give up on the simple math problem much faster than those who just walked into the mall and haven’t been shopping yet.

Understanding what these experiments mean for you can completely change how you plan your work and how much you can accomplish in a day and in your life. Each of us has a finite amount of willpower each day, and it gets depleted as we use it. And here’s another surprise: We use the SAME stock of willpower for ALL tasks, regardless of what they are or how important or unimportant they might be.

We don’t have laundry willpower, homework willpower, cookie willpower and math willpower… we just have one amount of universal willpower that we are given each morning when we wake up.

If you think you lack willpower to exercise after work, it’s more likely that you used up all of your willpower at work and have none left. Exercising before work will solve your problem.

If you decide to go grocery shopping before you get your work done, you’ll use up your willpower making hundreds of little decisions on what to buy and what not to buy. That’s why when you get home from the store you might find yourself wasting time on the internet or television, because you have no more willpower for doing real work.

If you do your creative work first thing when you get up in the morning instead of putting it off to the end of the day, you’re going to get a lot more accomplished.

There are ways you can conserve your willpower and attention so that you have more of it for your important work. For example, you can prepare the same foods for each meal so that you don’t have to decide each day what to make. Better still, you can pay someone to prepare a week’s worth of meals for you. If you don’t understand how willpower works, this may seem like an expensive option. But when you eliminate the attention, decision making and willpower needed to shop for and prepare 21 meals a week and instead use it on your work, you will likely make far more money than you spend on the meals.

Much like Steve Jobs, you can wear the same style of clothes each day so that you don’t have to decide what to wear. Steve Jobs would grab a pair of jeans and a black turtleneck each day without expending any of his attention and willpower on what to wear.

Don’t check your email in the morning. Reading a hundred subject lines, replying to 30 emails, writing 5 emails… this all adds up to a tremendous amount of decision making, attention and willpower that could be better spent doing the work that makes you money.

Any unimportant tasks that you can eliminate or delegate will reduce the number of decisions you have to make and the amount of willpower you expend each day, leaving more willpower and attention for your main focus. You’ve no doubt heard this technique of prioritization referenced as the “highest use of your time.”

A $5,000 an hour professional does not spend 5 hours a week cleaning her home. Why would she, when she can hire someone at $20 an hour to do that for her? She is still able to earn $4,980 an hour employing the maid while doing her own work. But if she spends 5 hours cleaning her own home, she has lost $25,000 in revenue. Or to put it another way, she spends $25,000 a week cleaning her home, which is ridiculous at best and incredibly stupid at worst.

Here are the only three takeaways you need to revolutionize your life and double or even triple how much you accomplish:

1: Eliminate every little job and decision you can, freeing up willpower and attention for what is important. Get someone to clean your house, cook your meals, run errands and so forth. Get rid of anything that takes time and attention but doesn’t provide you with a good return for your time. This might mean eliminating obligations such as being on a committee for a non-priority cause, quitting a hobby that doesn’t give you satisfaction, simplifying your home and belongings, simplifying your wardrobe and so forth.

2: Start your day doing the most important thing, followed by the second most important and so forth. This might mean you first exercise, then perform the highest value work task, then the second highest value work task, etc.

3: While we didn’t cover this, it is important to find something you completely enjoy that is totally unrelated to what you normally do. In other words, get a hobby you thoroughly love and spend a little time on it at the end of the day. This will take you out of the work realm, reduce stress, give you satisfaction and make it easier to get up tomorrow and jump right into your most important task of the day.

Home Business Ideas and Opportunities

Powered by Plug-In Profit Site

Plug-In Profit Site

FREE Money-Making Website Give-Away

X