Set On the Pathway To Success

Issue #10 - Pathway To Success
Volume 4, Issue #10, 9th May 2004

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'Pathway To Success'
Volume 4, Issue #10, 9th May 2004
Publisher Irena Whitfield
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Introduction

A warm welcome to all our new subscribers, believe you will enjoy getting our Ezine, reading it and making use of its content in your lives and business, and wish you all the success you want for yourselves. Whether you're looking for help, a working, successful co-operation or information, we are here to help you to get where you want to get.

With 'Pathway To Success' you are receiving only top information, reliable and proven resources, never anything just to make a couple of dollars at your expense. However, to make full use of the resources, get fast ahead of your competition and have your business and profits grow, you should read, apply and follow the information you receive here.

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    Editorial:    

    Happy Mother's Day!

    I believe you have a wonderful time celebrating your Mother's Day. I have a great gift idea for you below.

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    Sincerely,

    Irena Whitfield,
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    Today's Feature Article

    Are You Making These Mistakes In Your Business?
    Jennifer TrippJennifer Tripp

    You’ve probably heard the statistic that 95% of small businesses fail in the first five years. That’s not a very encouraging number! Although being part of the 5% that succeed is not easy, it’s definitely possible. What it takes is a lot of common sense, some marketing and sales skills and the ability to learn from the mistakes of others.

    To get you started on the road to success, here are three of the biggest mistakes small businesses make and some tips to help you avoid them:

    Mistake #1: Having a Poorly Defined Sales Process

    The key to making money with any business is to stay focused on how you can “sell”, “sell more” and “sell more often”. Unfortunately most businesses don’t consider all of the ways they can make money from customers and end up losing potential revenues.

    There are three ways you can make money from your site:

    1. Get More New Customers - This is the sales activity that most small businesses spend 90% of their efforts on. Although it’s an important element of your sales process, it’s only one of three ways you can make money. Don’t neglect the other two because you’re focused on only attracting new customers.

    2. Make More Money From Each Transaction - Upselling is the process of increasing the value of a customer’s order. Offering additional products and services at the point of purchase is an effective way to increase the value of the transaction.

    3. Sell More Often To Existing Customers - Existing customers are the least expensive customers to sell to. Why? Because they’ve already purchased from you once so they trust you, you already know what they’re interested in and you know how to reach them. Use these facts to your advantage by following up with existing customers on a regular basis and offering them more products and services. This process is known as backend sales and is one of the most overlooked revenue sources by small businesses.

    A well-defined sales process will include all three of these. If you’re missing any of them you need to rethink your strategy from the beginning. Start with your first contact with a customer and walk through step-by-step how you’ll take them from never having heard of you to being a lifelong customer.

    Mistake #2: Not Learning What Makes a Website Sell

    If you’ve been online longer than five minutes you know that the “build it and they will come” mentality doesn’t work. If you want your business to succeed you need to learn how to make a website that sells.

    Some of the best things you can do are:

  • Build Trust - Providing testimonials, free trials, money back guarantees and a Privacy Policy will all help your customers trust you. The more confidence people have in you and your ability to deliver what you say you will, the more likely they’ll be to take the action you want.

  • Keep Your Product Offers Relevant - No matter how tempted you may be to promote an unrelated product or service because it pays a high commission, DON'T! There is an old saying that you should keep in mind at all times, "stick to your knitting". In other words, stick with what you've been doing.

  • Get An Email Address For As Many Visitors As Possible This can be when they order, sign up for your newsletter, request an information package, enter a contest, request a special report, sign up for a trial/demo, or whatever action makes sense for your business. Having this address allows you to follow up with them and turn them from prospects to customers.

  • Make The Perceived Value Extremely High - The higher the perceived value of your offering, the fewer objections you will receive. To add value, consider additional products and services you can offer to purchasers. This can be a special report, an ebook or even some of your time. Just make sure that whatever you offer it's not readily available for free on another site. Otherwise this technique will have the opposite effect and make your offer look less valuable.

  • Mistake #3: Not Treating it Like a Business

    Too many small business owners fall into bad habits early on and end up treating their business more like a hobby than a business.

    Here are a few things you can do to treat your business like a business:

  • Stick To A Schedule - Just like you would with a regular job, develop a work schedule for your small business and stick to it. This will keep you focused and you’ll be more productive.

  • Get Help When You Need It - You can’t be an expert at all things. If you don’t know how to build websites, write copy or do the accounting, find someone who does. Doing so will let you focus on what you do well instead of wasting your time and leaving you frustrated.

  • Work Hard At It - That’s right, good old-fashioned elbow grease will always get you further then searching for the “secret to success”.

  • Are you making any of these mistakes in your business? If so now is the time to make some changes!

    ********************************
    This article is an excerpt from the Special Report by Jennifer Tripp, “The 7 Biggest Mistakes Small Businesses Make – And How You Can Be Smarter!” To get your copy of the entire report visit http://www.mysmallbizcoach.com/sevenmistakes.htm

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    ********************************
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    Today's Subscriber Article

    How Laws of this Universe can Skyrocket your Sales...
    Yeo Feng

    Most people follow a fixed formula for selling online. They create a product, try fervently to market it and then get frustrated at the results. If you happen to fall into this same pothole, do not get frustrated because you're not alone! In fact, hundreds to thousands of products and websites every year never earn any money, and the creators of these products have to end up paying advertisers exorbitant fees which only result in low click through rates.

    Thus one of the questions I get asked very often is, "Yeo, is it possible to make an honest living online?" Absolutely yes! I can not only show you how to make an honest living, but a good living as well! After all, the Internet is as legitimate a media as any other, just as the television, newspaper or convention brick and mortar storefronts are.

    If that's the case, what are these people doing wrong?

    To answer this question I studied literally thousands of marketing websites to find out their marketing techniques used. I made notes of their sales techniques, tactics and the way they handled customers. Then one simple fact dawned on me. Many people were violating the laws of the universe. Quite simply, they were trying to make millions even before they have made thousands.

    Laws of this universe do not only apply to the field of Internet marketing. They apply to virtually anything you do - studying, working, learning a new subject and so on. You reap what you sow, and in order to get results, you got to make sure that proper energy is channeled into it! Most people, however do not realize this simple fact.

    So how do you "channel energy" into your website?
    I cover 6 fundamental ways.

    1. You may be paying advertisers hundreds or thousands of dollars for traffic, but are you attracting the right kind of customers? Many web marketers are "greedy" and want to use a "catch all" technique to get many diverse visitors, hoping that some of them will eventually purchase their products. Don't fall into this pothole. Advertise to a highly targeted audience and you will be assured of higher conversion rates.

    2. You may have thousands of hits on your website everyday, but do you have a compelling sales reason or strong enough a reason to get customers to buy? Channel your energy into creating what I call the ULTIMATE sales page, spend your time crafting each component, each word to make sure that they influence your buyers instead of simple getting lots of traffic and not knowing what to do with it.

    3. Is your sales pitch well written? Most people spend so much energy advertising they're wasting it! You need to spend some time writing a good sales pitch. Every copy I do is usually revised 3 or 4 times based on the conversion ratios tracked, and I study the psychological factors that cause visitors to actually purchase my products. Are you doing the same thing?

    4. Is your product worth the asking price? Most people ask for exorbitant prices. Never sell something for $2 when you can for $1. Basic laws of Economics tells us that people will never pay more than the satisfaction they can derive for a good. So make sure you price the product right. Price it too high and it might just become and inhibiting factor to hurt sales.

    5. Is your website attractive, easy to read? People will only stay on a site if it interests them, and if something captures their attention. Is your site designed with the user in mind, fast loading and clean?

    6. Do you have a complete idea of your ideal customer? Try and build up a picture of your ideal customer - Think of what he / she likes to do in his spare time, what problems will they have, what are their hobbies, what are their lives like...and then market with them in mind. Remember that targeted marketing is better for specialized products.

    Simple as they might sound, but most people fail to notice the importance of marketing at its source, your sales pitch and website. So with my 6 pointers in mind, go and tighten your sales website, do something about it... I'm confident that you will notice a difference in sales.

    ********************************
    Yeo Feng, (yeofeng@SellAnythingEbook.com) Web Marketer, Technology Consultant, Author of How to Sell just about Anything Online: Revolutionary web marketing system for a profitable online business:
    http://www.thecassiopeia.com/howtosellanything/

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