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Get out of the Rat Race

Posted by michelep

We’ve all worked jobs we hated. We were underpaid, underappreciated and bored out of our minds. We either quit these jobs or we were fired for poor performance because we just gave up. Instead of taking that approach, it’s best to consider every job as an opportunity to learn something new.

When you give people the tools they need to come up with unordinary solutions, you are unknowingly enhancing their lives for the long run. What if one of your terrible jobs had been one with no pay at all and you needed to come up with some ingenious ways of making money? I bet you could have found a diamond in that rough. This idea can also be used in your own business.

Now, I don’t recommend going into the next meeting declaring that no one will receive pay anymore, but you can tell them that their potential bonuses and other perks are now dependent on their creativity, in ways to enhance business.

Let’s talk about a great concept called financial literacy. This certainly isn’t something they taught you in school, but is still essential to know. So, what is financial literacy? 

The old school way teaches people to be good employees and not employers. This mindset will never make you wealthy. You need to focus on becoming a good employer. You also need to learn how to not only attain wealth, but sustain wealth for generations. This is what financial literacy is all about.

So, how do you get out of the rat race and start working toward a wealthier future? You need to understand the difference between an asset and a liability. Take a look at your own life and you’ll probably find the following:

Assets

  • Real Estate
  • Stocks
  • Bonds
  • Intellectual Property

Liabilities

  • Mortgage
  • Consumer Loans
  • Credit Cards

You’ve probably been fooled into thinking things like your house, car and entertainment system are assets. They aren’t! Assets should be continuing to MAKE you money. When you continue to struggle, you are not building wealth. If your primary income is from wages and each time you make more money, you pay taxes-you’re not really creating wealth either, are you?

So, if buying a house isn’t an asset (and, it’s not because you spend about 30 years of your life paying it off), then what is? Here are some of the best assets to attain and when you can start to actually see wealth being created because of it:

Average time of holding on to an asset before selling it for a higher value:

1 year

  • Stocks (Startups and small companies are good investments)
  • Bonds
  • Mutual funds

7 years

  • Real estate
  • Notes (IOUs)
  • Royalties on intellectual property
  • Valuables that produce income or appreciate

So, here are the steps to getting out of the rat race and onto your journey of creating wealth:

  1. Understand the difference between an asset and a liability.
  2. Concentrate your efforts on buying income-earning assets.
  3. Focus on keeping liabilities and expenses at a minimum.

If you need help adjusting your mindset to a wealthy one, try our GUIDED TOUR and work with one of our experienced business coaches today.

https://moremoneybusinesstools.com/guidedtour


Prepare for Lift Off!

Posted by michelep

In the last post I gave you a list of tips and tricks to use to make Word of Mouth (WOM) work for your business. Hopefully you found which ones are the best fit for your company, products and target customers, so you can put them to work in your Word of Mouth campaign.

Today we are going to wrap up this topic on Word of Mouth, and provide you with specific steps to create a WOM marketing campaign.

Let’s take a look at those steps:

  1. Seed the market. Find a way to get your product into the hands of key influencers.
  2. Provide a channel for the influencers to talk and get all fired up about your product.
  3. Offer lots of testimonials and other resources.
  4. Form an ongoing group that meets once a year in person and once a month by teleconference.
  5. Create fun events to bring users together and invite non-users.
  6. Develop videos for your website featuring product demos and enthusiastic customers talking with other enthusiastic customers.
  7. Hold engaging seminars and workshops.
  8. Create a club with membership benefits.
  9. Pass out flyers.
  10. Tell friends and family.
  11. Offer special incentives and discounts for friends who tell their friends.
  12. Put the Internet to work.
  13. Do at least one outrageous thing to generate WOM.
  14. Empower employees to go the extra mile.
  15. Encourage networking and brainstorm ideas.
  16. Run special promotions.
  17. Encourage referrals with the use of a strong referral program.
  18. Use a script to tell people exactly what to say in their WOM communication.

These are all great ways you can spread the word about your products and services. Before you can release your Word of Mouth campaign out into the world, you need to ensure that you’ve covered all the essentials.

Here’s your WOM campaign checklist:

  1. Are all of your communications sending the same simple message? If it doesn’t create word of mouth, it’s not a captivating story.
  2. Is your product positioned as part of a category?
  3. Are your examples miraculous enough to be shared?
  4. Do you enhance your materials with success stories from real people?
  5. Are you using experts effectively and in an objective manner?
  6. Have you created mechanisms so people can follow up on the WOM they hear, as well as simple ways of inquiring or ordering?
  7. Have you made the decision process easy for customers?
  8. Have you created events and mechanisms so that once a year your prospects hear about your product, and it is easier to try or buy?

These are all essential elements to take keep in mind when finalizing your word of mouth campaign. I hope you’ve found this series on WOM to be a helpful resource and are getting ready to put it into action for your own products and services.

If you need help with anything in this series, try our GUIDED TOUR to gain access to the best resources, tools and business coaches you can find.

https://moremoneybusinesstools.com/guidedtour


Put it all to Work!

Posted by michelep

In the last post we covered how to put together a Word of Mouth campaign. Today we’re going to give you some great ways to use word of mouth when building and executing your campaign.

We’ve put together a list, so you can go through and highlight the ones you want to put into action. These are offered by George Silverman, you can find these tips in his amazing book The Secrets of Word of Mouth Marketing.

Here they are:

  • Give them something worth talking about
  • Cater to your original customers shamelessly
  • Give them incentives to engage in word of mouth
  • Ask them to tell their friends and family
  • Remember, the customer is always right
  • Always be honest
  • Surprise your customers by giving them a little more than they expected 
  • Give them a reason to buy, make them come back and refuse service from anyone else other than you
  • Make eye contact, and smile, even through the telephone
  • Find ways to make doing business with you a little better: a warmer greeting, a cleaner floor, nicer lighting, a better shopping bag, faster service, free delivery, lower prices, more selection.
  • The customer is your reason for being. Never take her for granted. 
  • Always dust off items, but never let the customer see you doing it.
  • Never embarrass a customer, especially by making him feel ignorant.
  • Never answer a question coming from a desire to show how smart you are. Answer with a desire to help the customer make the best decision.
  • Never shout across the store about the personal items a customer is buying.
  • When you don’t know, say so. Do whatever you can to find out the answer.
  • Every customer is special. Try to remember their names.
  • Don’t allow known shoplifters into the store.
  • Never allow two sales staff to stand there talking when a customer is waiting.
  • The worst thing you can do is count your cash while a customer is waiting.
  • If you can suggest something better, they will be grateful. Always respect their choice.
  • Never pressure anyone into buying anything.
  • Never knowingly give bad advice. Just help people come to the right decision.
  • Personally visit the store of the competition or assign people to visit and report back to you.
  • Hire a shopping service to prepare periodic reports on how your people are treating your customers.
  • If you hear of a store where the management is insulting the customers, buy it, then put up the sign “Under New Management” outside. Then sell it later based on the increased sales.
  • Always look for ways to make a stranger a customer.
  • People will walk several blocks to save a dollar, see a smile, or be treated right.
  • Always run a sale promotion or an offbeat event. Make them come back to see what you are cooking up next.
  • Use the best sign-maker you can find. 
  • Treat your employees and salespeople who sell to you the same way you treat your customers.
  • Have a zero error system in place. There may be terrible consequences for example, if a mistake is made filling a prescription. Have people check each other’s work for safety.
  • Occasionally make intentional mistakes to see if people are checking.
  • Always measure your performance.
  • Always ask a customer to “come back soon”
  • If customers say they are moving away, offer to send them their favorite items by mail.
  • Tell jokes.

I know this is a lot of information to digest, so we’re going to end this post here and leave you with the task of going through and taking a look at the tips and tricks you like best. Also, it’s a good idea to focus on the tips that fit your company, products, services and target customers for the most effectiveness.

If you need any help with this process, try our GUIDED TOUR and get all the help you need from our experience business coaches. 

https://moremoneybusinesstools.com/guidedtour


Research & Implement

Posted by michelep

In this week’s post we discuss how to research and create a ‘Word of Mouth’ campaign. People tend to remember the extraordinary, strange, wild, surprising and unusual. You need to make sure your ideas and marketing reflect these reactions. This doesn’t mean you have to have a product or service that is completely out of the norm, in fact, this could easily drive customers away. You need to have a product or service that is high quality and easily marketable, then you need to market it as extraordinary.

As you’re researching, here are some questions you need to ask yourself along the way:

  • What are your customers willing to tell prospective clients?
  • Exactly how do your customers describe your product/service?
  • What are the non-users willing to ask the users?
  • What do they need to know, but are not wanting to ask?
  • What happens when these issues are raised?
  • Exactly what do your prospects have to know in order to trigger a purchase?
  • Exactly how do your customers answer the objections, concerns, and doubts of your prospects?
  • How do your customers persuade their friends to use your product?
  • How do your customers suggest they initially get to know or try your product?
  • What warnings, safeguards, tips, and suggestions do your customers suggest to your prospects?
  • Are your sales messages, positioning, and important facts about your product getting through and surviving word of mouth?
  • What messages do you need to inject into the marketplace in order to turn the tide in your favor and how will you deliver them?

The reason Word of Mouth research is so important is that it helps to spread genuine feedback from real customers.

Now we are going to discuss how to construct a Word of Mouth campaign. First we’ll take a look at the key things you need to put together a campaign. These are:

  • A superior product
  • A way of reaching key influencers in your marketplace
  • A cadre of experts willing to bat for you
  • A large number of enthusiastic consumers
  • A way of reaching the right prospects
  • One or more compelling stories that people will want to tell to illustrate your product’s superiority
  • A way to substantiate, prove, or back up your claims and how the product will work in the real world
  • A way for people to have direct, low-risk experience, a demo, sample, or free trial
  • A way of reducing overall risk

Once you have these ready to go, you should consider the situations in which your company would benefit from a strong Word of Mouth program. Some of these situations are:

  • When there are credibility problems
  • When there are breakthroughs
  • When there are marginal improvements
  • Where the product has to be tested in large numbers or over a long period of time
  • Where there is high risk in trying the product
  • With older or mature products that have a new story that people tend to ignore
  • With unfair competitive practices such as spreading rumors, or telling lies about your product
  • When there are governmental or other restrictions on what you may say or claim directly

This wraps up this week’s post on Word of Mouth research and how it can be used when creating your campaign. If you need help getting started, try our GUIDED TOUR where you’ll have access to an abundance of tools and resources.

https://moremoneybusinesstools.com/guidedtour


Word of Mouth Tactics – Part 3

Posted by michelep

In the last post we discussed how putting a system in place to help your customers shorten their purchase decision time can increase your profits immensely.

Today we’re going to talk about the nine levels of word of mouth to give you a tool to measure the word of mouth circulating around your company, products and services. This will determine where you are getting negative or weak word of mouth and find ways to correct it.

So, launching into the nine levels of word of mouth-it should seem relatively obvious that the negative levels are, well, negative and the positive levels are positive. 

We’ll start with the negatives, so we can finish on a positive note 

Minus 4

This is the worst level to be on, your product is creating a scandal. Remember, when the popular over-the-counter pain relievers, like Paracetamol, were deemed unsafe? This is the word of mouth you want to avoid!

Minus 3

Disgruntled customers are going out of their way to convince other consumers from purchasing your products and services. Your customers are boycotting you.

Minus 2

While, not going out of their way to boycott, when customers are asked about you they will give a negative response. 

Minus 1

At this level, people are mildly dissatisfied and while not outwardly talking about it, they will have an opinion if asked. However, they may purchase from you despite their negative feelings, this can be a little confusing. 

Level 0

This is a neutral place to be. Customers are using your products, but don’t really talk about it. People rarely ask them about it, so they aren’t sharing their opinion with others. This can be a bit of a slippery slope, because you don’t want to turn that neutral experience into a negative one. In fact, you should work to make it a positive one.

Plus 1

At this level we are working our way into the positive word of mouth about your company, products and services. Plus 1 signifies that people are generally pleased with your products, but unless asked, don’t really say anything about them.

Plus 2

When asked, your customers will talk about how much they love your products.

Plus 3

Customers will go out of their way to talk about your products, services, company and their shopping experience with you. This is most evident when you see how people recommend movies to their friends and family.

Plus 4

Your product is the talk of the town. There is an obvious buzz going around and your business is the place to be. People are not only talking about your great products and services, but they are talking about their shopping experience, your customer service and how they perceive the company to help them in the future.

That wraps up todays post, I hope it gives you some insight to the kind of word of mouth you are generating. If you need help with this process, try our GUIDED TOUR to get help from our experienced business coaches.

Stay tuned for next week’s post where we are going to talk about the 30 ways to harness the power of word of mouth.

https://moremoneybusinesstools.com/guidedtour