The problem with marketing is in the majority of cases your competitors know exactly what they are doing and can copy exactly what you are doing.
For example, let’s say you’re a company who sells specialised books to architects.
You advertise in tne local trade magazines and everyone knows what you are doing.
You advertise in there month after month and people really start to notice what you’re doing.
And they start to think to themselves. Heck, if he’s doing it, why don’t we copy what he’s doing and get the same results.
So how do you fight the ‘copycat syndrome’?
Well, there’s a few ways.
Firstly, rather than whacking an ad in your local trade magazine or newspaper, why not try direct mail.
Here’s how you do it. Look up mailing list brokers online and find a company who can help you source a mailing list.
I’ve referred my clients to a company called www.prospectshop.com.au in the past and they are a good place to start.
Anyway, the list broker is going to ask you: what list do you want? what’s the purpose of your mailing, etc.
For instance, you might want to target architects in Sydney. Or accountants in Melbourne. Or whatever.
And they’ll find you that list.
So that means while you are sending letters to all of the architects in your local area – you won’t be sending letters to your competitors.
In fact… they’ll have no idea what you are doing.
But even if they do, let’s look into this a little deeper.
Most companies have no follow up once you actually call them.
So let’s imagine you are selling a product at $500 – your profit margin is 50% ($250) and it’s costing you $30 a lead.
But because you have a thorough follow up process which includes direct mail, emails, teleseminars, webinars and plenty of content, you are able to convert 1 leadout of 5.
Cost to generate sale = $150
Profit per sale = $100
So you can do it at a profit. But your competitor isn’t willing to do all the work to follow up the lead once it comes in.
So while he may be able to model your approach to advertising (if his copywriter has the smarts) and generate a lead for the same price of $30.
But if he’s not willing to do the work to create a comprehensive follow up system, he’ll get a far lower conversion.
It might look something like this:
Cost per lead = $30
conversion = 1/10
Cost to generate sale = $300
Profit per sale = $250.
He’ll shake his head, pull the plug on the advertising and think you’ve got some magical powers.
When all that was really happening is you were willing to put a bit of elbow grease in and create a comprehensive follow up strategy.
The good news is with creating something like this is you only need to do it once. And most of your competitors won’t be bothered to take the effort to copy your approach.
They won’t be willing to pay a copywriter big money to create a campaign for them.
They won’t be willing to think it all through in detail.
They won’t be willing to do the work – and as a result, they won’t get the rewards.
The good news for you is – once you learn the skills of effective copy you won’t need to pay thousands of dollars for a professional copywriter.
In my opinion, every business owner should master the art of writing for themselves. And you can start your journey today by getting your hands on http://www.copywritingthatsells.com.au/cashflow
Following my email yesterday about the myth of creating untold wealth quickly and without effort, I received a great email from one of my clients, Nick Lockhart from MRD (who has a fantastic newsletter about property investing) …
How true. Let me add that we will either live with the pain of discipline, or the pain of regret.
We get the choice when it comes to which pain we experience, but there is no choice to avoid it.
Have a great week.
Well, I couldn’t agree more with Nick’s comments – discipline truly is the key to success.
Yet here’s where it gets tricky.
What do you do when you are going through the “pain of discipline” and not seeing any results.
Well, in order to explain this, let’s look at the bamboo plant for a moment.
When initially planted, it doesn’t seem to do much for the first few years.
Everything is happening underground. It’s putting out stems and everything is occurring underground.
As you can imagine, it would be easy to become despondent while growing a bamboo plant.
But here’s what happens once it shoots above the soil and sees the light.
It becomes the fastest growing woody plant on this planet. In fact, one species grows by as much as one metre per day – you can virtually watch it grow.
And it often grows many metres in just a few weeks.
So what’s the lesson here?
Not only do we need to be disciplined, we also need to be patient.
We need to invest in the future of our business… knowledge… marketing… systems… relationships…
with the vision of a bamboo plant, knowing that although we may not see the fruits of our labour immediately, if we water our “inner plants” on a regular basis, eventually we will get the exponential growth we are looking for.
On Friday night a mate of mine came up from Melbourne.
And we were talking about a variety of different things when the topic came up of “get rich quick” and I said to him “Do you know anyone who has ever managed to get rich quick and without putting the effort in?”
He answered no.
Now we both have a friend who used to wish for just that.
He is still wishing.
So here’s the next thing to think about when someone tries to sell you on the concept you can great untold riches by this time next month.
Do you know anyone else who has managed to do this without putting in the effort?
Now of course, I know plenty of people who have created incredible amounts of wealth – and often far faster than what the average person achieved.
But there’s usually a few reasons for it –
1. They work incredibly long hours.
2. They have already had success in another venture and use their knowledge and experience to plough into their new venture.
3. They never stop thinking about their venture. They are passionate, excited, disciplined, etc.
One things is for sure, they are not working 4 hours a week and then lying around at the beach the rest of the time.
As far as I can see, there aren’t any shortcuts.
In fact, I believe the most important skill in creating wealth is discipline.
Sending out an email a day – discipline.
Calling past customers to ask them “how are things” – discipline.
Doing your planning every week – discipline.
Spending at least 1/2 hour a day on marketing – discipline.
Developing your systems and procedures – discipline.
In fact, I believe it’s virtually impossible to succeed without some form of discipline.
Heck, even if you get your hands on information which can speed up your progress – http://www.morecustomersmadeeasy.com – there’s no way it’s going to work for you unless you have the discipline to implement it.