The concept of minding your own business means that while you are grinding away at your day job you need to be investing in your future and minding your own business. Pretty soon you’ll be able to walk away from that day job and mind your own business full time.
The best way to do this is through the acquisition of real estate.
Let’s take a quick look at where you are losing all your money-taxes. Taxes have been around since 1913 in the U.S. (earlier in England). While the original intention was to only tax the wealthiest of the population, obviously that’s trickled down to the masses, including those in poverty.
Now, keep in mind the more money you make the more taxes you pay. The wealthy know a way of getting around this-form a corporation. Corporations offer tax benefits and protect you from lawsuits. To learn more about this talk with one of our business coaches or your attorney.
We’ve all heard the golden rule of: Pay Yourself First.
But, many of us don’t do it. Until you learn and put this rule into effect, you won’t have any chance of getting out of the rat race. What this rule does is force you to come up with more income to pay your expenses.
There are some key areas of finance you should learn about, taking classes is one of the best ways to do this. Here are the basics you should learn:
It pays to know how to read financial statements. When acquiring businesses or assets you need to quickly see the financial standing of the company you are acquiring.
Many grown adults do not know how to balance a balance sheet. In the long term, this knowledge will pay off for you and your business.
This skill will sharpen with experience. Talk to investors and observe how they play the game.
Know the laws of Supply and Demand. No business owner can do without understanding these basic principles of the market. Bill Gates saw what people needed. Open your eyes to opportunities. Look at what sells and who buys.
Do everything you can to grow your business within legal boundaries. Know your corporate, state, and accounting laws.
Once you know these areas of finances you can make them work for you. The rich practically invent money. You have to know where to find a great deal. Let’s continue with real estate. Look for houses in trouble or find the court in your area that handles foreclosed, police impound or other real estate situations. You can either renovate and sell or rent for residual income.
So, essentially there are two main types of investors:
- Those who buy pre-packaged investments
- Those who create their own investments
You know which are the most successful. In order to be one of those people you need to know what to look for and how to respond.
- Find a good deal other people have missed.
- Raise the capital needed for the transaction.
- Put together a svelte team to execute the plan.
There is risk involved in every acquisition. The goal is not to avoid the risk, but to respond to the risk with confidence and a steady hand.
If you need help identifying potential money-makers, where to get the capital you need and how to put together a smart team, try our GUIDED TOUR to gain access to our resources and tools.
We’ve all worked jobs we hated. We were underpaid, underappreciated, and bored out of our minds. We either quit these jobs or were fired for poor performance because we just gave up. Instead of taking that approach, you need to consider every job an opportunity to learn something new that you can apply down the line to find success.
When you give people the tools they need to come up with unordinary solutions, you are enhancing their lives for the long run. You need to take this approach. 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 company.
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 raises, 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:
- Real Estate
- Intellectual Property
- 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 onto an asset before selling it for a higher value:
- Stocks (Startups and small companies are good investments)
- Mutual funds
- 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:
- Understand the difference between an asset and a liability.
- Concentrate your efforts on buying income-earning assets.
- Focus on keeping liabilities and expenses at a minimum.
- Mind your own business.
If you need help getting out of the poor mindset and into the wealthy one, try our GUIDED TOUR and work with one of our experienced business coaches today.
We went through the first three and next time we’ll talk about how to mind your own business to keep your eye on the prize.
Last time I gave you a laundry list of tips and tricks you can use to make your word of mouth program work for you. Hopefully you’ve taken a look and decided which ones are the best fit for your company, products, services, and target customers, so you can put them to work in your word of mouth campaign.
We are going to wrap up this series on word of mouth where we give you the specific steps to create a word of mouth campaign.
Now, let’s take a look at those steps:
- Seed the market. Find some way to get the product into the hands of key influencers.
- Provide a channel for the influencers to talk and get all fired up about your product.
- Offers lots of testimonials and other resources.
- Form an ongoing group that meets once a year in a resort and once a month by teleconference.
- Create fun events to bring users together and invite non-users. Saturn, Harley-Davidson, and Lexus have all been successful with this approach.
- Develop cassettes, videotapes, and clips on your website featuring enthusiastic customers talking with other enthusiastic customers.
- Create custom CDs for each potential customer.
- Hold seminars and workshops.
- Create a club with membership benefits.
- Pass out flyers.
- Tell friends.
- Offer special incentives and discounts for friends who tell their friends.
- Put the Internet to work.
- Do at least one outrageous thing to generate word of mouth.
- Empower employees to go the extra mile.
- Encourage networking and brainstorm ideas.
- Run special sales.
- Encourage referrals with the use of a strong referral program.
- Use a script to tell people exactly what to say in their word of mouth communication.
These are all amazing ways you can get the word out about your products and services and start a word of mouth campaign that takes on a life of its own. Before you can release your word of mouth campaign out into the world, you need to go through the checklist to make sure you’ve covered all the essentials.
Here’s your word of mouth campaign checklist:
- Are all of your communications sending the same simple message? If it can’t survive word of mouth, it’s not a compelling story.
- Is your product positioned as part of a category? Ex.”A dandruff shampoo that doesn’t dry your hair.”
- Are your examples outrageous enough to be shared?
- Do you enhance your materials with success stories from real people?
- Are you using experts effectively and in an objective manner?
- Have you created mechanisms so people can follow up on the word of mouth they hear, as well as simple ways of inquiring or ordering?
- Have you made the decision process easy for customers?
- 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 taking a second or even third check over your word of mouth campaigns. I hope you’ve found this series on word of mouth to be a great resource and are getting ready to put it into action for your own products and services.
Remember, 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.
In the last post we talked about how to conduct word of mouth research and then put that research to work. Today we’re going to give you some great tried and true ways to use word of mouth when building and executing your campaign.
We’ve done it in a list form, so you can go through and highlight the ones you want to put into action. These are offered by George Silverman which you can find in his amazing book The Secrets of Word of Mouth Marketing.
Here they are:
- Give them something worth talking about
- Cater to your initial customers shamelessly
- Give them incentives to engage in word of mouth
- Ask them to tell their friends
- The customer is always right
- Always tell the truth
- Surprise the 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, extra matches, faster service, free delivery, lower prices, more selection.
- Never be annoyed when a customer asks you to change a large bill even if he doesn’t buy anything.
- The customer is your reason for being. Never take her for granted. If you do, she will never come back, and will go straight to your competition.
- 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, “How much are these condoms?” or anything 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.
- Don’t ever let two sales staff talk 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.
- One expert (in the drugstore’s case, a nurse or physician) who is convinced you are better brings hundreds of customers and their friends through word of mouth.
- Always look for ways to make a stranger a customer.
- People will walk several blocks to save a dollar, or 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 and pay him more than anybody else.
- If someone is mad at you, they will tell everyone who will listen for as long as they are angry, maybe even longer. So correct any dissatisfaction, and ask customers to send their friends.
- Treat your employees and salespeople who sell to you the same way you treat your customers.
- Have a zero error system. 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 I we’re going to wrap up this lesson and leave you with the homework of going through and taking a look at the tips and tricks you like best. Also, look for tips that fit your company, products, services and target customers for the most effectiveness.
If you need help with this process, try our GUIDED TOUR and get all the help you need from our experience business coaches.
People only 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 and new.
As you research word of mouth, there are some questions you need to ask along the way:
What are the users willing to tell the non-users?
- Exactly how do your customers describe your product?
- What are the non-users willing to ask the users?
- What are the things they need to know, but are unwilling to ask?
- What happens when these issues are raised?
- Exactly what do your prospects have to know in order to trigger purchase?
- Exactly how do your customers answer the objections, concerns, and qualms 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?
There are two main reasons why word of mouth research is so important:
- To get the real impression and feedback from customers
- To define word of mouth itself and the concept it creates
There is a simple formula that can help you conduct your word of mouth research. It’s called the “2-2-2” model.
What this breaks down to is:
- 2 groups of customers
- 2 focus groups of prospects
- 2 mixed groups (enthusiasts & skeptics)
In these groups you need to ask the following questions:
- What would you tell a friend?
- How would you persuade a skeptic?
- What questions would you anticipate from a skeptic?
- How would you answer their objections?
The best way to conduct these groups is by teleconference. This ensures you’ll get a good variety of demographics for your customers and potential customers. It also allows people to feel safe and more able to express their true feelings. These teleconferences should not be conducted by you, but an independent party to avoid adding pressure to the situation.
We’re going to transition a bit and talk about how to construct a word of mouth campaign. First we’ll talk a look at the essential ingredients you need to put together a campaign. These ingredients 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, an ironclad guarantee
Once you have those ingredients ready to use, you should consider the situations in which your company can benefit from a strong word of mouth programs. 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 tried in large numbers or over 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
While, most of the word of mouth tactics are positive for your word of mouth program, there are a few products to avoid using in this program. They are:
- Products where a seminar would not provide meaningful added value
- Products that can’t be tried and where there is no consensus among experts
- Products that are clearly inferior, without having a compensating superiority for similar products
- Products that are so personal or emotion that rational discussion is irrelevant to the decision
- Products where the decision value is so small (low price/low volume) the medium will not be cost-effective.
This wraps up this post on word of mouth research and how that research can be used when putting together your word of mouth campaign. If you need help with the research and a plan to use the results of that research, try our GUIDED TOUR to get all the help you need with our top notch resources and tools.