Archive | December, 2017

Short and sweet: If you’re making good money coaching others to do or accomplish something, then you can probably double the money you make without much effort.

It’s sort of a recycle and reuse kind of thing, where nothing in your business goes to waste.

Let’s say you spend time coaching people on how to start their own businesses. You show them the sequence, how to get things done, how to outsource, the shortcuts, the little things they need to know and so forth.

But consider this: There are other marketers who want to get paid for coaching, too. Except they don’t know where to start or what to do.

So you also coach other marketers on how to do coaching.

You let them in on all your secrets of how to get clients, how to work with clients, how the whole process works and so forth.

I suppose you could even let them listen in on your coaching calls. If you do, you need to let your students know someone else is on the line.

And whatever you’re charging your regular coaching clients, you can probably about double for your new students who are learning how to become coaches. Again, it’s up to you.

You’ve got a skill – coaching – that others want to have. So why not become a coach’s coach?

You can give your future coaches templates for their sales pages, techniques for getting their first clients and ongoing support. And for this you can easily charge $5,000.

Even if you just take on two new students a month who are learning to be coaches, that’s an extra $120,000 a year.

I mentioned this to a friend, and he’s a bit snarky. He wanted to know, “If you’re coaching students, and you’re coaching coaches on how to coach students, couldn’t you also coach people on how to train new coaches that teach coaching?”

Actually, yes. But that might be taking things a bit far. 😉

Your value proposition determines if people will bother reading about your product or close the page. If you get it right, sales can skyrocket. Get it wrong, and you’ll wonder why all that traffic isn’t converting into sales.

The less known your company is, the more you need to work on and perfect your value proposition. Does Pepsi or Coke need a value proposition? Probably not.

Does Little Guy Joe who just got into online marketing need a value proposition? He sure does if he wants to make sales.

So what is a value proposition anyway?

Not wanting to rely solely on my memory, I did some research, and this is what I found to be something of a consensus of what a value proposition should be:

It’s your promise of value to be delivered to the customer. And it’s the #1 reason your prospect should buy from YOU.

A great value proposition incorporates one or more of these qualities:

1. Explaining how your product is going to solve your customer’s problem, or how it’s going to improve your customer’s situation. (This is called relevancy)
2. States specific benefits your product delivers (This is quantified value)
3. Tells your customer why they should buy from you instead of your competition (This is unique differentiation)

But I think we need more clarification. In doing my research, I also found that a great value proposition…

• Targets a specific market
• Focuses on quality, cost or speed, or a combination of two of those
• Clarifies what the company or product does not do

Your value proposition should be the first thing visitors see on your home page. Plus, you’ll want to place it on all entry points to your site as well.

People need to be able to read it and immediately understand it. Which is to say, corporate gibberish created by a committee of eggheads isn’t going to cut it.

For example, if I tell you that my value proposition is:

“Revenue-focused automated marketing and sales closing solutions unleashed through collaboration throughout the revenue cycle”

I’m guessing you’re going to be bewildered. Or you’re falling asleep. Or you’re confused as can be.

And there’s no need to be redundant. For example:

Online Billing and Invoicing Software

Invoice Dude is an online billing software specially designed for small and medium businesses. Thousands of businesses and individuals trust us for their invoicing!

This tries to appeal to too many people – small businesses, medium businesses and individuals.

There is no differentiation from other online billing and invoicing software.

In addition, it says ‘thousands of businesses,’ yet offers no proof. Stating an actual number such as 12,549 would be a great help, and it could be updated automatically or manually on a daily or weekly basis.

Plus, I don’t know about you, but this entire value proposition puts me to sleep.

And with a name like Invoice Dude, they could have done soooo much better.

What a value proposition is NOT

It’s not a catch phrase or a slogan.

“Coke, it’s the real thing” and “L’Oreal, because you’re worth it” are slogans, not value propositions.

It’s also not a positioning statement.

“America’s #1 bandage brand, heals the wound fast, heals the hurt faster” is a positioning statement.

These are better than nothing, but they’re not what we’re striving for.

Calling your product the ‘real thing’ doesn’t show one benefit or reason why we should buy it over the competition.

Because you’re worth it doesn’t tell us anything – it just sounds good. And expensive.

Being #1 doesn’t make me want to buy your product, either.

These are all examples of slogans, not value propositions:

• Like sleeping on a cloud (Sealy)
• Milk from contented cows (Carnation)
• Save Money, Live Better (Wal-Mart)
• I’m lovin’ it (McDonalds)
• When you care enough to send the very best (Hallmark)
• Just Do It (Nike)
• Finger Lickin’ Good (KFC)
• Have it your way (Burger King)
• Melts in your mouth, not in your hands (M&M)
• The happiest place on earth (Disney World)
• The best a man can get (Gillette)
• Betcha can’t eat just one (Lays)
• Think outside the bun (Taco Bell)
• “Koo Koo for Cocoa Puffs”
• “Snap! Crackle! Pop!” (Rice Krispies)
• “Are you a Cadbury’s fruit and nut case?”
• “Keep Walking” (Johnny Walker Whiskey)
• “Wii would like to play.”
• “I’d rather die of thirst than drink from the cup of mediocrity.” (Stella Artois)
• “We don’t charge an arm and a leg. We want tows.” (From a towing company)
• “Yesterday’s meals on wheels” (From a septic tank)
• “We repair what your husband fixed.” (From a plumber’s truck)

Value proposition components

A value proposition is usually longer than a slogan.

In fact, it can have a headline, a sub-headline, one short paragraph of text and possibly bullet points.

And it might even include a visual, such as a photo, graphics or hero shot.

There is no one correct way to build your value statement, nor is there only one possibility. This is something you’re going to have to think about for awhile.

You make notes, try things, think about it, tweak it, ask opinions and tweak it some more.

Headline: This is usually the big end benefit you’re offering your customers, stated in one clear, short sentence. You might mention the product, the customer or both. This is where you grab attention, because if you don’t, then you’ve already lost a fair share of your prospects.

Sub-headline: This is a specific explanation of what your product does, who the ideal customer is and why your product is useful.

One short paragraph: This can be instead of or in addition to a sub-headline, and serves the same purpose as the sub-headline above.

3 bullet points: These are the key benefits or features. Notice we said three, not unlimited. You may or may not need bullets, but if you do, keep them short and punchy.

Visual: Images always communicate faster and generally better than words. You might show the product, the happy customer or an image that reinforces your message.

How to write your value proposition

This takes time to get it just right. In the beginning, do the best you can, and then adjust it along the way.

There is no reason to delay starting or growing your business just because you don’t have the perfect value statement yet.

A good value statement is better than no value statement, and in time you can make it great.

Start out by answering these questions:

• What’s your product or service?
• What is the BIG end-benefit of using it?
• Who is your ideal target customer?
• What makes your offer unique?
• How is your product different from anything else available?

NOTE: If you can’t answer why your product is unique or different, then you might want to work on the product itself. Selling a ‘me too’ product that is identical to what’s already being offered can be difficult UNLESS you already have a well-known brand.

Once you have your first draft of your value statement, ask yourself these questions:

• Is it clear and easy to understand?
• Does it communicate concrete benefit(s)?
• Will a customer know exactly what result they will get from using your product?
• Does it say how it’s different or better than the competition?
• Does it avoid hype? (amazing, fantastic, best ever)
• Does it avoid business jargon? (revenue generated resource allocation blah blah blah)
• Can your ideal prospect read it and understand it in a few seconds?

If someone is shopping around, then they’re likely to check out 4 or 5 different options before deciding.

By having your value proposition at the top of your first page, you can easily stand apart from all competitors.

Research shows that visitors notice value propositions faster when they have more text.

Visitors were also able to describe more product advantages when there were more to read about in the value proposition.

And readers tend to prefer bullet points – they’re easier to understand and remember.

Examples of great value propositions

Uber:

Tap the app, get a ride 

Uber is the smartest way to get around. One tap and a car comes directly to you. Your driver knows exactly where to go. And payment is completely cashless.

Unbounce:

Build, Publish and A/B Test Landing Pages Without I.T.

The mobile responsive landing page builder for marketers. 

<button copy>Build a high-converting landing page now.

• 1. Build a page
  2. Publish it
  3. Test and optimize

Slack:

A messaging app for teams who put robots on Mars!!

NASA’s jet propulsion laboratory is one of tens of thousands of teams around the world using Slack to make their working lives simpler, more pleasant, and more productive.

Trello:

Trello is the free, flexible and visual way to organize anything with anyone.

Drop the lengthy email threads, out-of-date spreadsheets, no-loner-so-sticky notes, and clunky software for managing your prospects. Trello lets you see everything about your project in a single glance.

iPhone:

Why there’s nothing quite like iPhone

Every iPhone we’ve made – and we mean every single one – was built on the same belief. That a phone should be more than a collection of features. That above all, a phone should be absolutely simple, beautiful and magical to use.

Value proposition boosters

Sometimes it’s difficult to find ways to differentiate yourself from your competition, so you might try adding one or more of these to your offer:

• Free shipping
• Fast or next day shipping
• Free trial
• Free setup or installation
• Free bonus
• No long-term contracts or payments
• A very clear money back guarantee
• A better than money-back guarantee
• A discounted price
• Customization
• One-on-one personal help

Remember, you don’t need to hit your value proposition out of the park on the first try. But you do need to build one and use it.

Tests show that having the right value proposition can have an immediate effect on your sales, sometimes even doubling or tripling conversions.

Of course, it’s going to depend on your product, your niche, your customers and even your competition.

And most of all, it will depend on how well you craft your value proposition.

One more thing – an added beauty of having a great value proposition is it clarifies in your own mind what it is that you are truly doing for your customers.

It actually makes your job easier, in that you are no longer trying to be a jack of all trades, or trying to make your product fit everyone.

The clarity your value proposition brings can also bring you peace of mind and a better ability to grow your business big, strong and fast.

I know a few readers are going to take issue with what I’m about to say.

That’s okay. If you don’t like this or you think it’s morally wrong, then simply don’t do it.

For everyone else, riddle me this:

What do Abigail Van Buren (Dear Abby), Anne Hathaway, Ann Rice, Ayn Rand, Dr. Seuss, Eckhart Tolle, Ellery Queen, George Eliot, George Orwell, James Herriot, John le Carre, Lewis Carroll, Mark Twain, O. Henry, Voltaire and Woody Allen all have in common?

None of these people technically exist, because they’re all pen names.

The other day on the Warrior Forum I saw an old thread with a question that went something like this:

“I’m thinking of using a pen name when I go into a new niche. Is that alright, or am I breaking some sort of rule?”

Answers ranged from a friendly, “There’s nothing wrong with that, go for it.”

…to an angry, “What’s your problem and why are you trying to hide? Are you a scam artist or something?”

If pen names are a benchmark for whether or not you’re a scam artist, somebody better tell the writers and the descendants of writers listed above – I think they’ll be surprised.

From a marketing standpoint, pen names often make more sense than using your real name.

For example, you’ve got a good reputation online as the ‘go-to’ person in a particular niche. You want to enter an entirely different and unrelated niche. If you use the same name, readers in BOTH niches will be confused. And confusion is a sales and deal killer, by the way.

Another example: You’ve got a stellar reputation in internet marketing. You build rapport with your list and you only try to sell them something now and then. But you want to try the churn and burn method of marketing, in which you promote products several times per DAY via email. Naturally you will want to use a different name for this list.

(Churn and burn is getting as many people on your list as possible, and promoting to them like crazy until they can’t take it anymore and get off of your list.)

And by the way, no matter how much you and I don’t care for the churn and burn method, the fact is that it’s highly profitable. Which is why so many big-name marketers use a pen name to run their own churn and burn lists.

Another use for a pen name: You can recommend products created by your pen name, and have your pen name recommend your products. Again, a lot of big name marketers do this. I’m not advocating this method, but it does work.

I’ve also known marketers who only worked under a pen name and never under their own name. Usually this is because they have a name that is virtually unpronounceable and unspellable by most people on the planet, so really it’s a question of branding.

And speaking of branding, you could always choose a name that fits your niche particularly well. For example, if your niche is gardening, then calling yourself Rosemary Greenfield or some such might be a nice touch.

There is one reason for using a pen name that – in my opinion – beats them all, and it’s this:

When you use a pen name to build an entire business, you can then SELL that entire business to someone else. They keep the pen name, and customers don’t even necessarily know it changed hands.

If anything goes wrong with the business after you sell it – for example, the new owner doesn’t deliver on the promises of the business – it won’t affect you or your reputation in any way because your name has never been associated with it.

Bottom Line: There is nothing unethical about using a pen name. They’ve been used for hundreds of years by some of the best writers in their field.

And there are some dynamite advantages to using one.