Direct Marketing Mastery: The Link Between Profits and Success! (It’s Stronger Than You Might Think)

“Good Marketing can’t overcome bad math.”

Dan Kennedy.

Good marketing is all about getting better response rates, but if your math isn’t good then you’ll go broke.

Now, math basically means profits. If you make $1,000 when you put a bum in a seat at a seminar it had better not cost you $2,000 to do it.

That is really bad math. It can be fixed. Find higher priced options to sell to them at the seminar, get sponsorship – you can change the math more readily than you can change the response rate.

The better your math the more you can spend to get a customer and the more you can make from a given transaction.

Assuming the percentage margin is the same, do you think you’ll make more selling the $50 product or the $100 product?

The close rate isn’t; going to be that different when you actually know how to sell. And that is often the catch – the businesses relying on being the cheapest are the ones who don’t know how to really sell. In fact the additional profits allow for more sophisticated selling and they allow for more sales effort on the back of this you may very well sell more of the $100 than the $50.

You need to be able to sell value and show that the extra investment is worth it. I’ve got a client who sells hosting and support for enterprise software applications. I can tell you right now that he is at least double the price of the ‘cheapest on the market.’

Now in lieu of differentiation, every buyer will resort to comparing price and buying the cheapest. We’ve worked very hard to explain why his solution is better and is actually a steal in terms of the additional value he provides. We can probably raise his prices further on the back of this.

However, most people act as if their math is fixed. NEVER assume this. Because it means you are now consigned to the better marketing camp. Personally, I would rather have terrible response rates and awesome math than great response rates and terrible math. I’d take a $15,000 cost of sale on a 80% margin in a $100,000 product – even if it was happening at a 1/1,000 response rate.

Swing Trading in Currency Forex Market – What is Unique About This Trading Method?

In currency forex market, it is difficult to pinpoint a single best forex trading style. Forex traders differ in terms of their individual personalities, risk taking abilities and emotional balance. Most traders choose a trading style that suits their personalities the best.

A day trader for example has to complete his entire trading transaction in a single day. Hence day trading forex currency requires the trader to remain vigilant and track currency price movements continuously. This is done with a view to exit trades at the first available opportunity. Trend traders on the other hand have the benefit of carrying forward their deals. These traders simply trade in the direction of the market trend and are referred to as Swing traders.

Swing trading style is a long term trading style. Trade positions are held open by swing traders for periods ranging from couple of days to weeks.

Swing trading in forex market trading denotes transactions undertaken in the direction of the major market trend. These traders prefer to trade in the G7 major currency pairs since these are normally more liquid compared to cross currencies and emerging market currencies. For example – when choosing between the two currency pairs Australian Dollar/ Japanese Yen and Euro/U.S. dollar, a Swing trader will prefer to trade in the latter pair.

Large forex market players like banks normally use swing trading. There is no thrill involved in this type of trading since constant monitoring of price movements is absent.

Swing traders typically

1. Trade in the direction of the forex market’s major trend.
2. They are mentally prepared to hold on to transactions instead of squaring off immediately.

Going along with the trend enhances the chances of booking profits in forex market trading. The higher the time frame of the trend (8 hours or more) greater is the chance of making sizable gains in forex trading.

Swing trading offers the comfort of sitting back and relaxing instead of constantly monitoring the currency forex market minute by minute. In this type of trading once you identify the major trend and enter into a transaction, no further efforts are required till you exit.

Harry Potter Marketing – Part 2

As I said last week, marketing action plans are like magic wands that produce wondrous results if you know how to use them.

Once you’ve created the foundation for your plan, your next step is to develop the actual action steps.

I went to the new Harry Potter movie last week and it validated my theory: Exact steps get predictable results. Harry found a book of magic potions that had been altered by a student (The Half Blood Prince).

The Half Blood Prince had made copious notes in the margins of the book with his tweaks or improvements on the potion formulas. Harry followed these directions to the letter and got better results than any of his classmates.

The lesson here is that even if you are given a plan, you have to test and tweak it yourself. It’s all about the details.

So let’s work on a marketing action plan for Speaking Engagements.

Step One – Target Market: Identify and contact ideal organizations that could host your talk. Make a list. A LONG list and be persistent in contacting them all.

Step Two – The Outreach: Ideally, call these organizations by phone and tell them that you have a talk on “Growing Your Business in a Down Economy.” Make it results oriented. If they are interested, they’ll ask for more information.

Step Three – Written Materials: Send a “speakers kit” by mail or email as mentioned in last week’s eZine. Make sure they look professional. Lots of benefits and no typos!

Step Four – Follow-Up: Call or email a few days later to see if they got the materials and if they have any questions. If your topic is current, interesting, and valuable you’re likely to book some talks from this approach. Again, contact many organizations.

Step Five – Prepare the Talk: There have been books written on this so all I’ll say here is write out the whole talk, create an outline for participants, and practice it out loud several times. I am not a big fan of PowerPoint.

Step Six – Promote the Talk: This is the job of the organization but you can help them by writing the copy for their announcement. Make sure it includes all the benefits that people will receive from the talk.

Step Six – Give the Talk: Make it exciting, dynamic and fun. Engage the audience. Do an exercise or two. Make three or four “pithy points” instead of giving a long laundry list of ideas. Make time for questions at the end.

Step Seven – Call-to-Action: This may be the most important part of the talk. Find a way to collect cards for follow-up after the talk. My favorite way: “Here’s an article I’ve written that covers the key points from today’s talk. Who would like a copy? Great, please give me your business card and I’ll send it to you.”

Step Eight – Follow-Up: After the talk, send a pdf of the article to everyone who gave you their card. From there you can make offers for your service, invite them to speak to you, etc. Don’t leave out this vital step or you’ll get very few new clients for all your work.

OK, that’s a pretty detailed step-by-step marketing action plan. You can produce similar plans for networking, social media, joint ventures, direct mail, etc.

The difference between a marketing action plan and most marketing activities is that it’s systematic. One thing leads to another. From initial contact to final follow up, you have a direction and a purpose. You are proactive, not passive.

But remember, no formula will do it all for you. You design the steps the best you can and then test and tweak until you can produce a consistent result every single time.

The More Clients Bottom Line: Just like Harry Potter’s potion formulas, marketing action plans follow a definite sequence. That’s the key. If these steps are followed randomly with no clear intention to produce a result, you can be certain that they won’t.