Power Money Making Ideas
by Bill Glazer | July 17, 2011
This issue I want to give you a couple of 'Power Money-Making Ideas' for your business. Careful... when these are placed in the wrong hands, they can create growth so fast that it could be dangerous.
Power Money-Making Idea #1: BREAKAGE - On average, 1 out of 5 gift card recipients have not used them, leaving 5 billion dollars in unredeemed dollars (in 2009). This happens mostly due to lost cards, expired cards, or they just haven't had the time. This is called "breakage" and countless businesses profit from it. This is somewhat a double edged sword because yes it is very profitable when gift cards don't get redeemed, but most of the time when cards are redeemed more money is spent on that visit to the business. You also get a fresh opportunity to capture or re-capture frequent patronage (61% of gift card holders spend more than the gifted amount). This is one of the reasons I teach "Discounting Gift Certificates" as a strategy in Promotions.
Power Money-Making Idea #2: DEADLINES - Recent retail studies have shown that consumers get very irritated when they save a coupon or money-savings offer only to find out that the discount has expired. This strongly suggest what I've been teaching for years that dates and deadlines should be big, bold, front and centered, and displayed early and often on all of your marketing materials. When you hide the deadline in teeny-tiny print and consumer misses it only to realize that they missed the chance to redeem the offer you do more harm than good. It suggests to them that the business is hoping for non-redemption. Deadlines are one of the significant differences between Direct Response Advertising and Image Advertising. Keeping the deadline secret undermines your entire effort. As an aside, I find that hiding the deadlines is typically what you get when you entrust your graphics to a "foo-foo" ad agency or a graphic artist. You've got t o carefully watch out for this.
Power Money-Making Idea #3: DO THE OPPOSITE - There are two schools of thought about advertising. Madison Avenue's vs. Ours. In Madison Avenue's school, direct response offers are avoided, message secondary to image, glamour, creativity, cleverness, and even entertainment. We MUST put message above all else. When confronted with how Madison Avenue advertising fits into small business, they take the position that small business shouldn't advertise. But small business must advertise only in the exact opposite way that big business does. To paraphrase Earl Nightingale: "If you had no successful examples to follow, you need only observe how big business advertises and do the opposite."
Power Money-Making Idea #4: OFFER PLACEMENT- Most advertising makes no offer at all. Too much of the advertising and direct mail that does make an offer buries the offer in the copy. Sometimes this is necessary, such as when you are selling something "unknown" or very pricey. But in most situations, we are best off bringing the offer to the forefront. I often will place it in the headline or the subhead. Don't be afraid to place it front and center.
Power Money-Making Idea #5: REASON WHY ADVERTISING - People are hunting for the reason to buy and most advertising fails to provide this. The better your reasons and the more reasons you give, the less anything else matters. If you have no reasons... you're stuck with a lousy ad.
Power Money-Making Idea #6: A GUARANTEE - I'm always amazed at how many advertisers are petrified to guarantee what they sell. My position on this is that if you can't guarantee what you sell... find something else to sell. If that still doesn't convince you then this should. When you think about guarantees you should realize that it's ALL MATH. That's right, if you get a couple of clients to take you up on your guarantee, you'll get a multiple of clients buy who would have not bought withOUT the guarantee. In fact... I guarantee it!!
Power Money-Making Idea #7: TESTIMONIALS - I know I sound like a broken record, but it need to be repeated over and over again. The most powerful and convincing of all messages does not require beautiful photographs, fancy graphics, or any other wizardry to deliver. They are simple testimonials with 'real', fully identified, happy clients telling why someone should do business with you. I've identified the best time to ask for testimonials is when your clients thank you. (Yes... if you provide real service and value, you're clients will thank you.) The next time one of them thanks you simply say, "I really appreciate your thanks. Would you do me a favor and take a few minutes to write down on this piece of paper why you like doing business here." Try it! It works like magic.
Bill Glazer, one of the most celebrated Marketing Gurus in the world, who along with the legendary Dan Kennedy have teamed up to provide advice to over 130,000 entrepreneurs worldwide in every possible industry and profession. Bill is a professional speaker, marketing consultant and coach, and a much sought-after copywriter. His book, "OUTRAGEOUS Advertising That's OUTRAGEOUSLY Successful," made four Best Seller's lists shortly after it's release in 2009.
Glazer-Kenndey Insiders Circle, owned and operated by internationally known marketing personalities Dan Kennedy and Bill Glazer, is THE place where truly smart, progressive, aggressive entrepreneurs with a love for marketing, a sincere desire to get rich and richer (with no apologies for doing so), and an optimistic, forward-looking attitude, gather' to exchange and share timely information and "what's working today" strategies and examples. Get Bill Glazer's #1 Bestselling Book, "Outrageous Advertising" for FREE. Click here.
Chia-Li Chien, CFP®, CRPC, PMP; helps entrepreneurs to creating business value that transforms their world. She is the author of Show Me The Money and columnist for WomenEntrepreneur.com & Fox Business online. She is available for consulting, speaking engagements and workshops. She can be reached at http://www.chialichien.com or firstname.lastname@example.org.