Tuesday, June 28, 2011
The Next Trillion Dollar Industry!
World renowned economist and trend predictor, Zane Pilzner, explains how the Wellness Industry is going to take its place as The Next Trillion Dollar Industry; via direct selling/network marketing.
Current State of the Direct Selling Industry
Growing at a rate of 175,000 a week in the U.S. along it's never been better. Globally, it's half a million a week.
How To Analyze Best Direct Selling (Network Marketing) Company? - Sky News Report
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Its has been highly recommended by wealth experts, world leaders, Academic professionals and, Authors and Actors.
Why? Its affordable, It works- You will make money, Enhance team works and improve leardership skills etc.
Learn more and join our success team: Visit: www.emizaaj.com
Sunday, June 26, 2011
ABC News Coverage: Direct Selling on the Rise
Benefits of direct selling
- Direct selling is a good way to meet and socialize with people.
- Direct selling offers flexible schedules.
- Direct selling is a good way to earn extra income.
- Direct selling is a good way to own your own business.
- Anyone can do it – There are no required levels of education, experience, financial resources or physical condition. People of all ages and from all backgrounds have succeeded in direct selling.
- You’re your own boss, which means you can:
- Work part-time or full-time – you choose when and how much you want to work.
- Set your own goals and determine yourself how to reach them.
- Own a business of your own with very little or no capital investment.
- Receive training and support from an established company.
Network Marketing on NBC News
News coverage regarding Network Marketing..... The Business is really BOOMING!!
Now we have to decide....
Do you want to be a player.....
or, just a looser?
Now we have to decide....
Do you want to be a player.....
or, just a looser?
Friday, June 24, 2011
Drip Marketing: Slow and Steady Wins the Customer
Drip Marketing: Slow and Steady Wins the Customer
Drip marketing is the rather inelegant term for a marketing campaign that relies on repeated contact, or "touches," with a potential customer.
Unlike a leaky faucet, drip marketing is no accident. Successful drip marketing involves a carefully planned and thoughtfully targeted series of communications that will get your message across to customers and keep your company's name in their minds. As prospects move through the early stages of the sell cycle, drip marketing helps ensure that those potential customers become your actual customers.
Building awareness is one of the most important advantages of drip marketing. It fixes your company name and message in the potential customer's mind.
Education is another important function. Drip marketing can inform prospects about your products and your industry by giving useful information while building trust in your company.
Drip marketing is especially effective if you have some insight into the prospect's buying cycle. Some kinds of goods, such as business computers and automobiles, tend to have a definite lifespan and are replaced every few years.
But the same message endlessly repeated loses effectiveness. Even though the themes remain the same, drip marketing requires variation in the way you present the message.
Once you've decided on your basic themes, you need to analyze your prospect list to determine which presentations are likely to be most effective with different groups. For example, a real estate agency will have some potential clients who are buying their first homes, some who are retiring and looking to downsize and some who are moving into the area. Each of these groups will benefit from a different approach. First-time buyers are likely to be interested in affordability. Older prospects looking to downsize will probably be more concerned about issues like tax implications and how to handle the sale of their existing home. By segmenting your prospects, you can provide them with the appropriate series of messages.
Many drip-marketing products are specialized for particular industries. For example Norvax Inc.'s
LeadMiner is designed for insurance agencies selling health insurance. Agent 360 from RENWare Inc. is designed for real estate agents. Other software programs, such as Swiftpage, are more general and will work for many kinds of businesses.
Beyond the industries they serve, drip products vary enormously in what they do. In fact, drip marketing is more a buzzword than a product description. One must look beyond the term to see what a product actually offers.
The most basic drip marketing products are email auto-responders. These simply send a reply, or a series of replies, to queries emailed to your business. Even within this category there is variation. Some of these products, like Swiftpage, automatically assemble a leads database in addition to sending out email messages. Others, such as TriggerTouch, will start with visitor information from your Web site. Most of these programs will send a series of messages, spaced over a period of weeks or months, in response to an initial query. In effect, they automatically launch a drip marketing campaign aimed at the potential customer. The more sophisticated programs allow you to vary the content of the messages as well as their timing depending on your evaluation of the contact. Some of them even have advanced features: LeadMiner can automatically generate current quotes to be included in the emails.
But drip marketing can be much more than just email. It can also include direct mail contact, newsletters, telephone calls or on-site visits. In fact, just about any form of customer communication can be integrated into a drip-marketing campaign. Some drip-marketing software will also automatically remind you to call the lead or send out mailings.
Some CRM programs, such as ACT4Advisors, which is built on Sage Software Inc.’s ACT! CRM program, come with features that let you set up a drip-marketing program. In the case of ACT! that includes a series of sample letters on various topics.
Finally, there are a number of companies that specialize in running drip-marketing campaigns, such as MyMarketingPartner Inc. They can help you create your message and analyze your prospects, and can provide you with prewritten or customizable materials aimed at the various target groups. You work out the basics and they do the rest.
Email marketing is a particularly tricky business because of spam's current choke hold on email campaigns. In fact, most people who get a message from a company with whom they're not familiar are likely to assume it's spam.
Another problem with email marketing is that malicious emails have made people wary of opening attachments such as newsletters or reports.
The basic way around this problem is content combined with trust. To overcome the spam barrier you need an interesting message. You have to say something in which your potential customers are likely to be interested. Often that means giving them tips or other useful information.
Second, you need to build trust. Your prospects must trust you to give them something they want and not send them viruses. This is one limit for sending newsletters as attachments to emails.
Personalization also builds trust, both in your emails and in your company. As much as possible, include your prospects' names and other information — correct information — showing that they're not just a name on a mailing list. Also include information about who you are. For example, an email signed by the sales rep who will handle the account is more effective, especially if the email is from that rep's own email account.
Courtesy:http://www.insidecrm.com/features/drip-marketing-092308/
By Rick Cook | September 23, 2008
Drip marketing is the rather inelegant term for a marketing campaign that relies on repeated contact, or "touches," with a potential customer.Unlike a leaky faucet, drip marketing is no accident. Successful drip marketing involves a carefully planned and thoughtfully targeted series of communications that will get your message across to customers and keep your company's name in their minds. As prospects move through the early stages of the sell cycle, drip marketing helps ensure that those potential customers become your actual customers.
Advantages
Building awareness is one of the most important advantages of drip marketing. It fixes your company name and message in the potential customer's mind.Education is another important function. Drip marketing can inform prospects about your products and your industry by giving useful information while building trust in your company.
Who It's Good For
Drip marketing is ideal for high-value products with a long sell cycle, especially high-ticket items which are purchased at infrequent intervals. For example, mortgage companies and real estate agencies are big on drip marketing. So are health and life insurance agents. IT vendors whose products are purchased at infrequent intervals are also a rich market for drip marketers.Drip marketing is especially effective if you have some insight into the prospect's buying cycle. Some kinds of goods, such as business computers and automobiles, tend to have a definite lifespan and are replaced every few years.
Aim Your Drips
Drip marketing needs careful planning for maximum effect. You must decide on a basic theme or themes that you want your campaign to drive home.But the same message endlessly repeated loses effectiveness. Even though the themes remain the same, drip marketing requires variation in the way you present the message.
Kissing the Minimum Number of Frogs
On a percentage basis, drip marketing is not very efficient. It requires you to contact a number of people a number of times to drive sales. This doesn't mean drip marketing can't generate a lot of sales. Properly done, it can turn up many good prospects. But it does mean that you need to carefully focus your drip-marketing efforts. Paradoxically, while drip marketing uses mass-marketing techniques like email and direct mail, it becomes most effective when the messages are customized for specific audiences.Once you've decided on your basic themes, you need to analyze your prospect list to determine which presentations are likely to be most effective with different groups. For example, a real estate agency will have some potential clients who are buying their first homes, some who are retiring and looking to downsize and some who are moving into the area. Each of these groups will benefit from a different approach. First-time buyers are likely to be interested in affordability. Older prospects looking to downsize will probably be more concerned about issues like tax implications and how to handle the sale of their existing home. By segmenting your prospects, you can provide them with the appropriate series of messages.
Drip Systems
Fortunately, drip marketing lends itself to a high degree of automation. Equally fortunately, there are a number of tools to help you run a drip-marketing campaign, or alternatively a number of companies who will run your campaign for you.Many drip-marketing products are specialized for particular industries. For example Norvax Inc.'s LeadMiner is designed for insurance agencies selling health insurance. Agent 360 from RENWare Inc. is designed for real estate agents. Other software programs, such as Swiftpage, are more general and will work for many kinds of businesses.
Beyond the industries they serve, drip products vary enormously in what they do. In fact, drip marketing is more a buzzword than a product description. One must look beyond the term to see what a product actually offers.
The most basic drip marketing products are email auto-responders. These simply send a reply, or a series of replies, to queries emailed to your business. Even within this category there is variation. Some of these products, like Swiftpage, automatically assemble a leads database in addition to sending out email messages. Others, such as TriggerTouch, will start with visitor information from your Web site. Most of these programs will send a series of messages, spaced over a period of weeks or months, in response to an initial query. In effect, they automatically launch a drip marketing campaign aimed at the potential customer. The more sophisticated programs allow you to vary the content of the messages as well as their timing depending on your evaluation of the contact. Some of them even have advanced features: LeadMiner can automatically generate current quotes to be included in the emails.
But drip marketing can be much more than just email. It can also include direct mail contact, newsletters, telephone calls or on-site visits. In fact, just about any form of customer communication can be integrated into a drip-marketing campaign. Some drip-marketing software will also automatically remind you to call the lead or send out mailings.
Some CRM programs, such as ACT4Advisors, which is built on Sage Software Inc.’s ACT! CRM program, come with features that let you set up a drip-marketing program. In the case of ACT! that includes a series of sample letters on various topics.
Finally, there are a number of companies that specialize in running drip-marketing campaigns, such as MyMarketingPartner Inc. They can help you create your message and analyze your prospects, and can provide you with prewritten or customizable materials aimed at the various target groups. You work out the basics and they do the rest.
Avoid the Spam Trap
Badly done drip marketing is Chinese water torture for prospects. They may remember you, but they're unlikely to deal with you. Bombarding prospects with uninteresting or irrelevant messages is a great way to end up being ignored. In this day of spam filters and floods of junk mail, it's all too easy to wind up as part of the background noise rather than a signal.Email marketing is a particularly tricky business because of spam's current choke hold on email campaigns. In fact, most people who get a message from a company with whom they're not familiar are likely to assume it's spam.
Another problem with email marketing is that malicious emails have made people wary of opening attachments such as newsletters or reports.
The basic way around this problem is content combined with trust. To overcome the spam barrier you need an interesting message. You have to say something in which your potential customers are likely to be interested. Often that means giving them tips or other useful information.
Second, you need to build trust. Your prospects must trust you to give them something they want and not send them viruses. This is one limit for sending newsletters as attachments to emails.
Personalization also builds trust, both in your emails and in your company. As much as possible, include your prospects' names and other information — correct information — showing that they're not just a name on a mailing list. Also include information about who you are. For example, an email signed by the sales rep who will handle the account is more effective, especially if the email is from that rep's own email account.
Customizing on the Cheap
The big advantage of drip marketing is that it gives you a relatively low-cost, low-effort way of maintaining regular contact with leads who haven't yet made the critical buying decision. You can do this by other means, of course, but drip marketing lets you touch a lot more people effectively without wasting a lot of work. With drip marketing you can have more contact with more prospects without overloading your sales force or breaking your budget.Courtesy:http://www.insidecrm.com/features/drip-marketing-092308/
Thursday, June 23, 2011
Convert Prospects to Clients Through Drip Marketing
Convert Prospects to Clients Through Drip Marketing
In early June, an advisor who reads my blog sent me an email called “Sales Statistics.” It provided some interesting statistics about how many times one must contact a prospect before making a sale. Here is what the email said:
I don’t know the source of this information so I can’t verify its accuracy, but even if it is not completely accurate, it demonstrates a valuable point: You must regularly contact prospects if you wish to convert them to clients. Just as you should touch your clients 24 times in a year, you should touch your prospects 5 to 12 times. If only 10% of sales people make more than three contacts, you will obviously be at an advantage if you make more than three contacts. If 80% of sales are made on the 5th to 12th contact, the formula is simple – contact your prospects 12 times. Simple, right? And while this can be a time consuming process, if executed as a systematic drip campaign you’ll be able to touch your prospects 12 times without much additional effort on your part.
A drip campaign is a marketing campaign where an advisor or firm sends communication to a prospect on a regularly scheduled basis. There are several ways you can do this. If you already have a plan to touch your clients throughout the year, you can just add your prospects to the same schedule with a few modifications. For example, if you are already sending monthly or quarterly newsletters to your clients, you can add your prospects to the email or mailing list. If you host client educational seminars or webinars, invite your prospects to attend as well. If you send holiday cards, make sure your prospects are on the mailing list. By adding your prospects to the same communication program you have created for your clients, you’ll be able to touch your prospects five to twelve times in no time.
If you don’t have a communication calendar for your clients, or you want to reach out to your prospects in a different way than you do with your clients, you may want to consider setting up a drip email campaign. There are plenty of email services available that will let you set up automated email campaigns that will deliver messages to your prospects at regularly scheduled intervals. All you have to do is decide what kind of information you want to send to prospects and at what interval you want to send them and the system handles the rest for you. Aweber, iContact, Constant Contact and GetResponse all offer drip marketing services (also known as autoresponders).
Some advisors are uncomfortable with email marketing because of their own feelings about receiving marketing emails. If you fall into this category, you may want to try another approach using direct mail. There are services like Vertical Response and SendOutCards that allow you to create postcard or greeting card campaigns that can be created and sent directly from your computer. This is a more costly option than email but can still be a good alternative.
To get started on creating a drip marketing campaign, begin by pulling out a calendar and writing down the one way in which you will reach out to prospects each month. Educational information will always be more effective than sales messages, so focus on articles and events that bring value instead of advertisements. Also focus on relationship building activities such as birthday and holiday cards. You will find this is more successful than constantly reminding your prospect of the different services you offer.
The next step will be to make sure you implement the campaign as scheduled. Try to find automated systems that will market for you so that you don’t have to be involved. Finally, if a prospect doesn’t convert to a client after 12 touches, consider removing them from your list. If your drip campaign does not have much cost associated with it (e.g. email marketing), you can probably leave them on the list. But if there is a cost (e.g. direct mail), consider removing them from the campaign so that you don’t waste any more money.
Remember! You spent your valuable time meeting a prospect. Don’t let your efforts go to waste. Let your marketing help you efficiently convert your prospect to a client.
Kristen Luke is the Principal of Wealth Management Marketing, a firm dedicated to providing marketing strategies and support for financial advisors. Kristen works with independent advisors to develop effective marketing plans and provides the back office support required to implement the strategies. For more information, visit www.WealthManagementMarketing.net.
48% of sales people never follow up with a prospect.25% of sales people make a second contact, then stop.12% of sales people only make three contacts, then stop.Only 10% of sales people make more than three contacts.2% of sales are made on the first contact.3% of sales are made on the second contact.5% of sales are made on the third contact.10% of sales are made on the fourth contact.80% of sales are made on the fifth to twelfth contact.
I don’t know the source of this information so I can’t verify its accuracy, but even if it is not completely accurate, it demonstrates a valuable point: You must regularly contact prospects if you wish to convert them to clients. Just as you should touch your clients 24 times in a year, you should touch your prospects 5 to 12 times. If only 10% of sales people make more than three contacts, you will obviously be at an advantage if you make more than three contacts. If 80% of sales are made on the 5th to 12th contact, the formula is simple – contact your prospects 12 times. Simple, right? And while this can be a time consuming process, if executed as a systematic drip campaign you’ll be able to touch your prospects 12 times without much additional effort on your part.A drip campaign is a marketing campaign where an advisor or firm sends communication to a prospect on a regularly scheduled basis. There are several ways you can do this. If you already have a plan to touch your clients throughout the year, you can just add your prospects to the same schedule with a few modifications. For example, if you are already sending monthly or quarterly newsletters to your clients, you can add your prospects to the email or mailing list. If you host client educational seminars or webinars, invite your prospects to attend as well. If you send holiday cards, make sure your prospects are on the mailing list. By adding your prospects to the same communication program you have created for your clients, you’ll be able to touch your prospects five to twelve times in no time.
If you don’t have a communication calendar for your clients, or you want to reach out to your prospects in a different way than you do with your clients, you may want to consider setting up a drip email campaign. There are plenty of email services available that will let you set up automated email campaigns that will deliver messages to your prospects at regularly scheduled intervals. All you have to do is decide what kind of information you want to send to prospects and at what interval you want to send them and the system handles the rest for you. Aweber, iContact, Constant Contact and GetResponse all offer drip marketing services (also known as autoresponders).
Some advisors are uncomfortable with email marketing because of their own feelings about receiving marketing emails. If you fall into this category, you may want to try another approach using direct mail. There are services like Vertical Response and SendOutCards that allow you to create postcard or greeting card campaigns that can be created and sent directly from your computer. This is a more costly option than email but can still be a good alternative.
To get started on creating a drip marketing campaign, begin by pulling out a calendar and writing down the one way in which you will reach out to prospects each month. Educational information will always be more effective than sales messages, so focus on articles and events that bring value instead of advertisements. Also focus on relationship building activities such as birthday and holiday cards. You will find this is more successful than constantly reminding your prospect of the different services you offer.
The next step will be to make sure you implement the campaign as scheduled. Try to find automated systems that will market for you so that you don’t have to be involved. Finally, if a prospect doesn’t convert to a client after 12 touches, consider removing them from your list. If your drip campaign does not have much cost associated with it (e.g. email marketing), you can probably leave them on the list. But if there is a cost (e.g. direct mail), consider removing them from the campaign so that you don’t waste any more money.
Remember! You spent your valuable time meeting a prospect. Don’t let your efforts go to waste. Let your marketing help you efficiently convert your prospect to a client.
Kristen Luke is the Principal of Wealth Management Marketing, a firm dedicated to providing marketing strategies and support for financial advisors. Kristen works with independent advisors to develop effective marketing plans and provides the back office support required to implement the strategies. For more information, visit www.WealthManagementMarketing.net.
Wednesday, June 22, 2011
The Real Problem with Network Marketing and Multi-Level Marketing (MLM)
It never ceases to amaze me the extreme polar views on the topic of network marketing and MLM. Some people are passionate about it in the extreme, and there are even top celebrity authors like Robert Allen, Mark Victor Hansen, and Robert Kiyosaki doing it and advocating it. Yet, in many circles, you might as well declare yourself a leper as admit to being in network marketing.So, what is the problem with MLM and network marketing?
Maybe it's the pyramid structure? But you can't really take issue with the tiered compensation structure—almost every large sales organization in the world has that. Salespeople get commission, and sales managers get overrides or bonuses on top of that, and sales directors on top of that, and VPs on top of that.
Or maybe it's the fact that you have to pay to participate in it? But that can't be it—that's a standard franchising model. And I assure you, the franchise fee of most traditional franchises dwarf the sign-up cost of any MLM program by comparison.
Now certainly, there are illegal pyramid, or "Ponzi", schemes. This is where the money is all being made off of signing up other people, with little or no real product ever being delivered. But in spite of whatever perceptions people may have, the fact is that Amway, Excel, Meleleuca, PrePaid Legal, USANA, and many others have sold millions upon millions of dollars of products to happy customers, many of whom are NOT also reps. So, there may be a perception problem here, but if so, the perception is out of line with the reality.
But surely the bad reputation MLM'ers has some more basis in fact than the occasional illegal pyramid scheme?
The real problem with MLM is not MLM itself, but some of the people it attracts. Network marketing is just a business model, and it really amounts to "micro-franchising". Its upside is that it has a very low cost of entry, with the potential for exceptional revenue, and there are those who achieve that.
But those same things that make it attractive make it attractive to many who are NOT really qualified or prepared to become business owners. The salient characteristics of MLM make it attractive to people who:
- have not done well in their business or profession and have little money saved up to invest
- have no previous experience owning or running a business
- have no previous experience in sales
- have little or no experience developing business relationships other than that of employer/employee/co-worker
- are not satisfied with their current level of income
- have unrealistic expectations of the amount of work involved compared to the revenue realized
As a result, many network marketers end up:
- over-selling the opportunity
- inappropriately discussing business in social situations
- coming across as desperate
- over-focused on new recruits and neglecting existing customers as a result
- being either inaccurate or deceptive when talking about their business
So what's the solution?
There's a first time for everything. And network marketing/MLM is a great opportunity for people to have their first business, their first sales role, etc. My point is this—recognize it for what it is: it's a business, and you are a business owner. And if you've never owned a business before, if you've never done sales before, if you've never networked before, you need to learn about how to do so, not just from the network marketing/MLM experts, but from established experts in those fields.
Network marketers who are serious about building a business should be reading and learning about business fundamentals, the latest sales and marketing techniques, strategies for networking and business development, etc., not just swapping tips at your team's weekly or monthly meeting. Act like a small business owner, and people will treat you like one.
Make Money Online in Pakistan - Part 1 of 2 - as seen on CNBC
Make Money Online in Pakistan - Part 1 of 2 - as seen on CNBC
Make Money Online in Pakistan - Part 2 of 2 - as seen on CNBC
Monday, June 20, 2011
Five Simple Steps to Convert Prospects to Clients
“The no-sell sale”:
Recently, I read an article that impressed me. Written by Katherine Vessenes, a lawyer and well known consultant to successful advisors, she has given permission to reproduce her article. To see more about her work or to sign up for her newsletter, go to www.vestmentadvisors.com.
By Katharine Vessenes:
When I first starting working with multi-million-dollar advisors, I was astonished to learn their closing ratio was a whopping 80 percent to 95 percent. Then, to test out my theories, I started working directly with investors myself; not that I wanted to work with investors. The reason? My closing rate had been about one-in-three prior to this.
So, you can understand my surprise when I found that by using this system, my own closing ratio was more than 90 percent. That’s why I call this powerful process the “No-Sell Sale”. I mean, if I, a pretty lousy salesperson, could do it, anyone can.
This sales process is not about selling at all; it’s about identifying prospective client’s areas of concern and then solving their problems. There is no hard selling. It’s the process of figuring out what your prospective client really wants and needs — and then giving it to them.
It’s incredibly easy to close more business if you have the right dominos and they are properly positioned. Here are some of the dominos, which, when properly aligned, can help you create your own No-Sell Sale:
1. Set every appointment up for the wow experience.
Remember that it’s important for every existing and prospective client to face your very best “Starbucks” experience”; that is, an experience so warm and powerful, prospective clients won’t be able to wait to come back and see you.
An example:
Have your receptionist memorize this script whenever you have a new prospect: “You must be the Martins. Katherine said to expect you. Also, Jim, her client service manager, said you liked diet ginger ale. If there’s anything else I can get for you, please let me know.”
Refreshments are then served on china, with crystal glasses — all of which are presented on a nice tray.
This is a far cry from a financial advisor’s office I worked with last year. All they offered me was water, and it was served in a Styrofoam cup — more of a Lake Wobegone experience than a Starbucks experience. It did not make me feel special — in fact, it had just the opposite effect — I felt like I was so unimportant to them that it was not worth their time to wash out a glass for me.
Making prospects feel special is a key part of the experience. Everyone wants to feel like they are your most important client. Taking a little extra time can pay big dividends in your relationships.
2. Let the prospect talk. Your job is to listen.
Recently, I sat in on an interview with the number-two rep of a medium-size broker/dealer. He was making about $700,000 per year and could easily double that by tightening up his sales process. His biggest problem? He talked too much. I watched him burn a full 30 minutes in chit-chat with his new prospect.
Multi-million-dollar advisors know their only inventory is time. It’s important to be efficient with that time. Although multi-million-dollar advisors are polite and do spend time getting to know their prospects, they don’t spend 30 minutes talking about themselves, the weather or swapping stories. The best way to use your time is to get prospective clients talking about themselves. This not only lets them feel important, it helps you assess how you can best solve their problems.
Ask prospective clients some key questions about themselves, such as:
* What brought you in today?
* How can I best help you?
* Tell me about how your parents treated money when you were growing up. Did they have an abundance mentality or a poverty mentality? How did that change your philosophy on money now?
* How did you get to where you are now?
* What is your investment philosophy?
* What do you want your money to do for you?
* What is the best investment you ever made and why?
* What about the worst?
* Have you ever had a successful relationship with a financial advisor? Tell me about it.
By the time you go through these questions, you will not only know a lot about your prospective client’s character, but you will also know their money personality. If the prospect is hung up on losing $500 in a bad stock choice 20 years ago, this tells you they’re very uptight, remember every bad experience and are very risk adverse. Remember: The prospect, not you, is the marketing genius. Once they tell you what they want, all you have to do is give it to them to close the sale.
3. Use an agenda.
Sometimes advisors will send out an agenda in advance of the meeting. This can be a good technique. However, to simplify my sales process, I usually had an agenda prepared at the time of the meeting. The agenda makes you look like the professional you are. It also serves as crib notes, so you don’t forget to cover all the key items.
The agenda, which I recommend you present using a flip chart or whiteboard, serves many functions. It helps prospects stay focused, as at any time during the meeting, they can look at the agenda, which is always posted, and see where we are at. It really helps reduce their fears and makes them feel more comfortable. People don’t like surprises and one way to make the process less fearful for them is to let them know, in advance, what to expect.
Once I go over the agenda with prospects at the beginning of the meeting, I also ask these two questions:
a) What do you most want to happen during our meeting today? This lets you know the uppermost thought on your prospect’s mind. If you can solve that problem, you can create another client.
b) Is there anything else you want to add to this agenda? This entire process is all about the prospective client. Asking this question lets them know they are in charge. People who feel they are in charge are more likely to agree to your recommendations.
4. Use the client’s learning style.
One of the best investments I ever made was to become Kolbe certified. Kathy Kolbe created a series of amazing tools that can be used to assess how people solve problems, approach work and make decisions. These same tools can be used to help assess how clients need information presented to them in a way that makes them feel comfortable and able to come to a decision to implement our recommendations.
Although this is a much longer discussion than we have time for, to summarize: I have learned to first approach all clients as if they are “QuickStarts,” in Kolbe speak. That means they like executive summaries and bullet points. Give them too much information and they check-out mentally because QuickStarts get bored easily. The point here is to cut to the chase quickly for this group, which represents about 20 percent of the population.
Next, I would add in the details for the “Fact finders.” This group, another 20 percent, loves background information and the depth of your research. They want to know that you have done your homework and you aren’t shooting from the hip. If you don’t give them the reasons for your recommendations, they will think you are unprepared and won’t trust you.
Thirdly, I would tie our recommendations into the client’s past, present and future. This addresses the needs of the “FollowThrus,” who are very organized by nature. I would give special attention to our process for determining what we recommend because process and procedures are important to this 20 percent of the population.
Finally, I would make sure the recommendations were put in a pretty binder with a nice cover, because this is important for the “Implementers.”
5. Involve both spouses in the conversation.
One big mistake I have seen some advisors make is to talk just to the husband and ignore the wife. They must be under the misconception that husbands make all the financial decisions.
Sometimes it’s done very subtly, like starting the conversation about the local sports team. Now, some women are big sports fans, but many are bored by this topic and will feel left out — make sure you talk about something that is important to both spouses. Both spouses must feel valued, important and appreciated.
Another misconception is that the husband is in charge of financial decisions. In fact, I have seen numerous studies that show women control more than 50 percent of all of the wealth in the U.S. today. It’s always safe to assume that both parties will be talking about you and your services on the way home from the office, so make sure you “love-up” both of them.
One way to involve the spouse is to repeat the questions for each one or rotate who you want to answer first. Here is a script for that process:
* “So tell me, Jane, what do you most want to get out of our meeting today? Bill, what about you? What do you most want to get out of the meeting?”
* “Bill, what would you say are your top three financial goals? Jane, if I asked you the same question, what would your answer be?”
So, empowering the prospect, using an agenda, loving them up, giving them a wow experience, using their learning style and involving both spouses are key dominos that need to be aligned for the No-Sell Sale. On the surface, each one of these may seem pretty inconsequential. In fact, you may be saying, “Why should we go to the trouble of baking cookies and serving juice in a crystal glass? We could save ourselves some time and a little money by skipping this domino.”
Yes, you could save yourself some time and money, but you would also reduce your closing ratio. Because it takes so much time, energy and expense to get a new prospect into your office, it is important to wow them the first time — you may not get a second chance.
Each of these dominos may not seem like much, but when you add them all up — you can get terrific results — and that means a lot more happy, satisfied clients.
Next time we will discuss five more dominos in your No-Sell Sale — how to convert more prospects into clients.
Katherine Vessenes, JD, CFP®, RFC, president of Vestment Advisors is the country’s leading consultant on the practice management strategies need to build the multimillion dollar practice (Kaplan). She is also America’s best-known authority on the legal, ethical and compliance issues facing financial advisors (Bloomberg). A popular speaker and practice management consultant, she can be reached at: 952-401-1045, Katherine@vestmentadvisors.com or www.vestmentadvisors.com.
©Katherine Vessenes 2010, all rights reserved.
About ClientInsights.caA breakthrough in client communication Not long ago, clients read what you sent them. Today that's changed. In the You Tube world we live in, many investors would prefer to hear from a portfolio manager directly. And instead of reading an article on tax saving or estate planning strategies, more and more Canadians would rather watch an expert discuss the topic. Clientinsights.ca was developed in response to these changes - to deliver information in the form that investors want to receive it. It provides over 150 short video interviews, each about 4 to 6 minutes - you can email them or watch a video along with clients to start a meeting. No matter how you use it, Clientinsights.ca is designed to help you take client communication to a higher level.Dan Richards Founder and CEO, Clientinsights.ca Read more from the author/contributor here.
Recently, I read an article that impressed me. Written by Katherine Vessenes, a lawyer and well known consultant to successful advisors, she has given permission to reproduce her article. To see more about her work or to sign up for her newsletter, go to www.vestmentadvisors.com.
By Katharine Vessenes:
When I first starting working with multi-million-dollar advisors, I was astonished to learn their closing ratio was a whopping 80 percent to 95 percent. Then, to test out my theories, I started working directly with investors myself; not that I wanted to work with investors. The reason? My closing rate had been about one-in-three prior to this.
So, you can understand my surprise when I found that by using this system, my own closing ratio was more than 90 percent. That’s why I call this powerful process the “No-Sell Sale”. I mean, if I, a pretty lousy salesperson, could do it, anyone can.
This sales process is not about selling at all; it’s about identifying prospective client’s areas of concern and then solving their problems. There is no hard selling. It’s the process of figuring out what your prospective client really wants and needs — and then giving it to them.
It’s incredibly easy to close more business if you have the right dominos and they are properly positioned. Here are some of the dominos, which, when properly aligned, can help you create your own No-Sell Sale:
1. Set every appointment up for the wow experience.
Remember that it’s important for every existing and prospective client to face your very best “Starbucks” experience”; that is, an experience so warm and powerful, prospective clients won’t be able to wait to come back and see you.
An example:
Have your receptionist memorize this script whenever you have a new prospect: “You must be the Martins. Katherine said to expect you. Also, Jim, her client service manager, said you liked diet ginger ale. If there’s anything else I can get for you, please let me know.”
Refreshments are then served on china, with crystal glasses — all of which are presented on a nice tray.
This is a far cry from a financial advisor’s office I worked with last year. All they offered me was water, and it was served in a Styrofoam cup — more of a Lake Wobegone experience than a Starbucks experience. It did not make me feel special — in fact, it had just the opposite effect — I felt like I was so unimportant to them that it was not worth their time to wash out a glass for me.
Making prospects feel special is a key part of the experience. Everyone wants to feel like they are your most important client. Taking a little extra time can pay big dividends in your relationships.
2. Let the prospect talk. Your job is to listen.
Recently, I sat in on an interview with the number-two rep of a medium-size broker/dealer. He was making about $700,000 per year and could easily double that by tightening up his sales process. His biggest problem? He talked too much. I watched him burn a full 30 minutes in chit-chat with his new prospect.
Multi-million-dollar advisors know their only inventory is time. It’s important to be efficient with that time. Although multi-million-dollar advisors are polite and do spend time getting to know their prospects, they don’t spend 30 minutes talking about themselves, the weather or swapping stories. The best way to use your time is to get prospective clients talking about themselves. This not only lets them feel important, it helps you assess how you can best solve their problems.
Ask prospective clients some key questions about themselves, such as:
* What brought you in today?
* How can I best help you?
* Tell me about how your parents treated money when you were growing up. Did they have an abundance mentality or a poverty mentality? How did that change your philosophy on money now?
* How did you get to where you are now?
* What is your investment philosophy?
* What do you want your money to do for you?
* What is the best investment you ever made and why?
* What about the worst?
* Have you ever had a successful relationship with a financial advisor? Tell me about it.
By the time you go through these questions, you will not only know a lot about your prospective client’s character, but you will also know their money personality. If the prospect is hung up on losing $500 in a bad stock choice 20 years ago, this tells you they’re very uptight, remember every bad experience and are very risk adverse. Remember: The prospect, not you, is the marketing genius. Once they tell you what they want, all you have to do is give it to them to close the sale.
3. Use an agenda.
Sometimes advisors will send out an agenda in advance of the meeting. This can be a good technique. However, to simplify my sales process, I usually had an agenda prepared at the time of the meeting. The agenda makes you look like the professional you are. It also serves as crib notes, so you don’t forget to cover all the key items.
The agenda, which I recommend you present using a flip chart or whiteboard, serves many functions. It helps prospects stay focused, as at any time during the meeting, they can look at the agenda, which is always posted, and see where we are at. It really helps reduce their fears and makes them feel more comfortable. People don’t like surprises and one way to make the process less fearful for them is to let them know, in advance, what to expect.
Once I go over the agenda with prospects at the beginning of the meeting, I also ask these two questions:
a) What do you most want to happen during our meeting today? This lets you know the uppermost thought on your prospect’s mind. If you can solve that problem, you can create another client.
b) Is there anything else you want to add to this agenda? This entire process is all about the prospective client. Asking this question lets them know they are in charge. People who feel they are in charge are more likely to agree to your recommendations.
4. Use the client’s learning style.
One of the best investments I ever made was to become Kolbe certified. Kathy Kolbe created a series of amazing tools that can be used to assess how people solve problems, approach work and make decisions. These same tools can be used to help assess how clients need information presented to them in a way that makes them feel comfortable and able to come to a decision to implement our recommendations.
Although this is a much longer discussion than we have time for, to summarize: I have learned to first approach all clients as if they are “QuickStarts,” in Kolbe speak. That means they like executive summaries and bullet points. Give them too much information and they check-out mentally because QuickStarts get bored easily. The point here is to cut to the chase quickly for this group, which represents about 20 percent of the population.
Next, I would add in the details for the “Fact finders.” This group, another 20 percent, loves background information and the depth of your research. They want to know that you have done your homework and you aren’t shooting from the hip. If you don’t give them the reasons for your recommendations, they will think you are unprepared and won’t trust you.
Thirdly, I would tie our recommendations into the client’s past, present and future. This addresses the needs of the “FollowThrus,” who are very organized by nature. I would give special attention to our process for determining what we recommend because process and procedures are important to this 20 percent of the population.
Finally, I would make sure the recommendations were put in a pretty binder with a nice cover, because this is important for the “Implementers.”
5. Involve both spouses in the conversation.
One big mistake I have seen some advisors make is to talk just to the husband and ignore the wife. They must be under the misconception that husbands make all the financial decisions.
Sometimes it’s done very subtly, like starting the conversation about the local sports team. Now, some women are big sports fans, but many are bored by this topic and will feel left out — make sure you talk about something that is important to both spouses. Both spouses must feel valued, important and appreciated.
Another misconception is that the husband is in charge of financial decisions. In fact, I have seen numerous studies that show women control more than 50 percent of all of the wealth in the U.S. today. It’s always safe to assume that both parties will be talking about you and your services on the way home from the office, so make sure you “love-up” both of them.
One way to involve the spouse is to repeat the questions for each one or rotate who you want to answer first. Here is a script for that process:
* “So tell me, Jane, what do you most want to get out of our meeting today? Bill, what about you? What do you most want to get out of the meeting?”
* “Bill, what would you say are your top three financial goals? Jane, if I asked you the same question, what would your answer be?”
So, empowering the prospect, using an agenda, loving them up, giving them a wow experience, using their learning style and involving both spouses are key dominos that need to be aligned for the No-Sell Sale. On the surface, each one of these may seem pretty inconsequential. In fact, you may be saying, “Why should we go to the trouble of baking cookies and serving juice in a crystal glass? We could save ourselves some time and a little money by skipping this domino.”
Yes, you could save yourself some time and money, but you would also reduce your closing ratio. Because it takes so much time, energy and expense to get a new prospect into your office, it is important to wow them the first time — you may not get a second chance.
Each of these dominos may not seem like much, but when you add them all up — you can get terrific results — and that means a lot more happy, satisfied clients.
Next time we will discuss five more dominos in your No-Sell Sale — how to convert more prospects into clients.
Katherine Vessenes, JD, CFP®, RFC, president of Vestment Advisors is the country’s leading consultant on the practice management strategies need to build the multimillion dollar practice (Kaplan). She is also America’s best-known authority on the legal, ethical and compliance issues facing financial advisors (Bloomberg). A popular speaker and practice management consultant, she can be reached at: 952-401-1045, Katherine@vestmentadvisors.com or www.vestmentadvisors.com.
©Katherine Vessenes 2010, all rights reserved.
The Formula to Convert Prospects to Clients in Today's Marketplace
by Lisa Mininni
You work hard to gain visibility and connect with qualified new business leads. Yet, most solopreneurs and small business owners spend too much time talking to people who are not their preferred clients. They waste this time because they don’t have a clear plan, they haven’t precisely identified their preferred client, and most of all, they don’t systematize their marketing or have systems that help to pre-educate and pre-qualify prospects as well as help prospects self select into their programs and services. Entrepreneurs then wonder why they don’t have more prospects converting into clients.
- Thu, Jun 10 2010
In past years, the formula to convert prospects to clients involved a lot of networking, numerous meetings with a prospect, and follow up calls with him or her. Months, even years passed between your first meeting and enrolling them as a client into your programs, products, or services.
You work hard to gain visibility and connect with qualified new business leads. Yet, most solopreneurs and small business owners spend too much time talking to people who are not their preferred clients. They waste this time because they don’t have a clear plan, they haven’t precisely identified their preferred client, and most of all, they don’t systematize their marketing or have systems that help to pre-educate and pre-qualify prospects as well as help prospects self select into their programs and services. Entrepreneurs then wonder why they don’t have more prospects converting into clients.The present-day consumer is experienced, well informed and has a lengthy list of high expectations. Consumers are accustomed to self-service based on volumes of readily-available information. Word of mouth travels quicker than you can say world wide web.
Many entrepreneurs don’t realize the changing consumer landscape and research shows that upwards of 80% of business owners do not even know their conversion rates. How do you improve your system or site’s improvement? What do you do when you have visitors but few of them take the desired action? How do your visitors know the next step to doing business with you?
These and other questions can easily be answered if there is a regular and consistent plan that includes conversion tracking and monitoring. Conversion takes on a number of actions and can include:
•Subscribing to your newsletter or ezine
•Participating in a survey or answering questions
•Downloading a software or ebook
•Clicking on a link or page
•Going through the process (that is, clicking on certain pages) before clicking on the buy now button
•Product or Service Sales
Regardless of how long you’ve been in business, you need to know your conversion rates and, most importantly, understand how prospects find you, choose you and buy from you.
One thing hasn’t changed in the conversion process and that is building relationships and trust. There are more choices than ever for small business owners but it is vital to have a conversion plan that is consistent with your mission, values and purpose. While the internet provides leverage and business owners have more opportunities to promote their services, many entrepreneurs still struggle by using outdated marketing and selling techniques. They haven’t fully integrated or even started a social media strategy and aren’t sure how to integrate these communities so that their customers find them.
It’s incredibly easy, but can be overwhelming, with how to attract more clients. Like any outcome, you have to have the right formula that mixes well with what you want to accomplish. In an effective formula to enroll clients, you create what matters most: relationships, trust and choices. Today’s savvy entrepreneur realizes they must provide a balance of choices in their products and services and customers expect it and will choose you because of it.
When you’re clear about your market and how they find you, choose you, and buy from you, your marketing and systems become more refined and support the enrollment (or conversion) process. A well thought-out conversion plan involves:
One Part Skill + One Part System = Enrolling Clients
One Part Skill
The most effective way to turn a prospect into a client is to simply think about how you think of them and what you think of the selling process. While marketing is communicating what you do, which will generate prospects, the sales process is about enrolling prospects into clients. The key to any successful formula is to implement effective strategies that fit your values and personality. Many entrepreneurs resist the selling process which becomes an obstacle to getting clients because they are stuck in push marketing and go into sell mode.
The reason most business owners and solopreneurs feel like they are selling is because they often don’t have an effective strategy, system, and they use outdated selling techniques. Authentically enrolling prospects is about being in a place of service, building the relationship and finding what’s most important to the prospect.
Key skills include listening, recommending, understanding human behavior, and providing solutions. When you listen to your prospects, understand the human element, provide value, and suggest resources, the outcome of your generosity can be dramatic. They will no longer consider you as a sales person rather a trusted source and important person to know. After all, people will end up doing business with people they know, like and trust.
One Part System
Conversions also happen when your system is set up to leverage today’s marketplace and addresses the educated consumer. When you set up a pull marketing strategy and implement systems to support that strategy, the consumer requests the product or service not you having to push the products.
Gone are the days of static websites. A good conversion system involves:
•The use of enhanced tools. Tools including video, lead generation and other digital media to create compelling experiences for this empowered consumer.
•A good social media strategy directly targeting your preferred client. Present-day consumers are tapping into a social media platforms. Researchers estimate 70 percent of consumers read blogs on a regular basis and even more are part of a social online community. They are experiencing more video and niche content. Savvy entrepreneurs are realizing their systems must include more than just a stand-alone website to connect with preferred clients in their desired niche.
•A robust pull marketing system going beyond a static website. A website plays a much less central role in today's market place than it did in the past but is still a part of the process. A robust pull marketing system takes into consideration how people search for solutions (and how they’ll find you using them), such as advertising, search engines, social media sites and the blogsphere. With these systems you need to make sure it helps your prospects pre-educate, pre-qualify, and self-select into your programs and services.
•Automated lead generation systems. Lead generation systems (or permission-based marketing systems) help your ideal prospects find you and is often that first stage in the relationship. When they find you, your systems should help educate, provide value to them, and be clear so they know the next steps in doing business with you.
•Stay-in-touch vehicles. Since only 4% of people will want to buy from you after the first encounter with you, you must have stay-in-touch vehicles that allow you to develop the relationship with the prospect and provide high content information, fostering the trust factor.
•A specific order. Your systems must also be in an order that leads your prospects and provides value. Enough information should be given so you’re reversing the sales process. When you provide content and information on benefits, products/services and create consistency in your marketing (which creates trust over time) then your prospect is choosing to do business with you, helping reverse the sales process, leaving you free from selling. When you set up this system in a particular order it creates a system ripe for enrolling (or converting) prospects to clients.
A well-developed conversion formula includes both skill and a system that takes into consideration the entire business and provides an experience for the empowered consumer while leveraging technological advancements. Take the first step by assessing your current skills and systems to make sure you are creating an environment suitable for conversion.
__________________
Lisa Mininni is President of Excellerate Associates, home of The Entrepreneurial Edge System, the only national curriculum for entrepreneurs taking them step-by-step through a systems approach to profitability.
For a free teleseminar on getting all the clients you need, visit http://www.freebusinessplanformat.com/getalltheclientsyouneed.
For more information on how your clients find you, choose you, and buy from you, visit http://www.freebusinessplanformat.com.
What are Your Performance Management Indicators?
What are Your Performance Management Indicators?
by The Jedi Master on Friday, June 17th, 2011 | 2 Comments
Why measure performance?
This is a great question. Why would you want to measure the performance of your small business? I'm going to lead the witness here to keep this conversation moving forward.
For your current performance management of your small business you probably measure some basics. Top line revenue, your expenses, labor, cost of materials, etc.
The performance management that I'm going to discuss today is focused on the growth indicators of your small business. Many consultants will talk about KPI's, which stands for Key Performance Indicators. There are so many KPI's that it can become overwhelming for a small business owner to measure all of them.
As a small business owner myself, I know one thing. If it's too difficult, it doesn't get done. I want it simple and effective.
What do you measure?
I'm going to share with the 3-Core performance management indicators that will tell you everything you need to know about growing your small business effectively.
The Key 3 are:
1. Your average sale
2. Your conversion percentage
3. Your number of new prospects
If you track these Key 3 performance management indicators, you will know everything you need to know to make sure you're on track to grow your business.
What do you look for?
In looking at the average sale of your performance management indicators I want you to think of McDonald's. Why McDonald's? Because of just one phrase they made famous. "Would you like fries with that?"
Increasing your average sale is one of your key performance management indicators of your business growth. It let's you know how many sales are needed to hit your goals, and break even for the year.
It's as simple as dividing your total sales dollars by the number of sales. Bada boom, bada bing, there you have it.
Your conversion percentage in your performance management growth will tell you the effectiveness of your conversion system. Your conversion system is the process where you take your prospects and turn them into paying clients.
An easy way to do this is to figure out when you or your people are in front of 10-prospects, how many of them buy. If for example you convert 3 out of the 10 into paying clients, your conversion percentage is 30%. If you increase your conversion percentage to 40% or 4 out of the 10, you just grew your business. And you grew if very effectively because you didn't even have to get more prospects in this case.
Your number of new prospects within your performance management indicators will help you determine if you're going to achieve your sales goals. Your business must continuously have a steady stream of new prospects, or you will eventually go out of business.
Your marketing efforts will be the major generator of new prospects into your business. You can start linking your marketing efforts to the number of new prospects for your business. This will also help you justify and understand the cost of getting a new prospect.
Your next actions
So to wrap this up with a nice little bow, here is what you can do for performance management in your small business.
1. Keep track of your average sale each month. See the formula above.
2. For every 10 prospects you talk too, track how many convert into paying clients.
3. Count the number of new prospects you see each month.
When you start tracking the Key 3 performance management indicators, you will know the health and growth of your top line revenue for your small business. When your top line sales are growing, your life becomes much easier. And the side effect for you becomes less stress and more happiness. Along with a host of other benefits.
What's the consequence of not tracking your Key 3 performance management indicators? Well…only you will know how bad that makes you feel when you're not sure where you're going, or if you will even arrive.
So start tracking your Key 3 performance management indicators to help you grow your small business effectively.
http://www.betterbusinessgrowthfaster.com/performance-management-indicators#
Sunday, June 19, 2011
MIZAAJ - How to Achieve 100,000 in 3 Months
Mathematics is a universal language, if someting is proved methamatically.....it can be justified on every corner of the earth, rather in whole universe....
Thursday, June 16, 2011
The Secret of wealth, health, and happiness!
The Secret by Rhonda Byrne
The Secret is a best-selling 2006 self-help book written by Rhonda Byrne and based upon William Walker Atkinson's prior works and school of thought. A film based on The Secret was released before the book in DVD format. The tenet of the book is that focused positive thinking can have life-changing results such as increased wealth, health, and happiness. After being featured in two episodes of Oprah, the book reached the top of the New York Times best-seller list.
The book has also reached a high level of notoriety and criticism from those who claim that the book misleads readers with its claims of positive thinking being able to influence a reader's life and real-world outcomes. The book is largely influenced by Wallace D. Wattles' 1910 book The Science of Getting Rich.
Larry King Interviews Oprah on The Secret
The Secret is a best-selling 2006 self-help book written by Rhonda Byrne and based upon William Walker Atkinson's prior works and school of thought. A film based on The Secret was released before the book in DVD format. The tenet of the book is that focused positive thinking can have life-changing results such as increased wealth, health, and happiness. After being featured in two episodes of Oprah, the book reached the top of the New York Times best-seller list.
The book has also reached a high level of notoriety and criticism from those who claim that the book misleads readers with its claims of positive thinking being able to influence a reader's life and real-world outcomes. The book is largely influenced by Wallace D. Wattles' 1910 book The Science of Getting Rich.
Larry King Interviews Oprah on The Secret
Robert Kiyosaki Network Marketing Rich Dad financial freedom...
اگر آپ اپنا انداز ,ترجیحات اور اصول تبدیل کرنے کے لیے تیارہیں توآپکوپتا چلتا ہے کہ دنیا میں ایک بلکل مختلف قانون ہے....وہ قانون جس سے امیر بنتے ہیں.
امیر اور غریب باپ کی کہانی دراصل دو مختلف لوگوں کی کہانی ہے،دو مختلف ترجیحات کی کہانی ہے، اور دو مختلف نصیحتوں کی کہانی ہے.میں کسی کی بےعزتی نہیں کرنا چاہتا مگر یہ ایسا ہی ہے.
مثال کی طور پر میرے غریب باپ کہتے تھے کے " اسکول جاؤ، خوب پڑھو، اچھے گریڈ لاؤ، زیادہ پیسوں والی نوکری کرو، پیسے بچاہو، اپنے قرضوں کو ادا کرو اور اچھے انداز سے retire ہو. یہ میرے غریب باپ کے سوچنے کا انداز تھا.
جبکے میرا امیر باپ کہتا تھا کہ تم کبھی امیر نہی بن سکتے اس سوچ کے ساتھ ، کیوں کہ ایسی سوچ رکھنے والے بہت کم ہی امیر بنتے ہیں.
کیا آپ یہ سوچتے ہیں کہ پیسے بچانا پیسے بنانا ہے؟
آپ ذرا ڈالر کی 40 سالہ کارکردگی پہ نظر ڈالیں.
ڈالر معاشی طور پہ ایسا بنا ہے کہ ہر سال اپنی قدر گنواتا ہے.
تو آپ ایسی چیز میں کیوں بچت کرنا چاہتے ہیں جو ہر سال اپنی قدر گنواۓ؟
جو لوگ بڑھاپے کے لیے بچت کرتے ہیں انکے ڈالر کی قدر مسلسل کم ہوتی جاتی ہے جبکے اخراجات زندگی مسلسل بڑھتے جاتے ہیں.
امیر باپ کی نظر میں ایسی بچت ایک بیوقوفانہ بات ہے.
جب میں چھوٹا تھا تو میرے امیر باپ نے مجھے ایک خاکہ بنا کے دکھایا جس کو میں Cash Flow Quadrant کا نام دیتا ہوں. Quadrant چار قسم کے لوگوں سے بنا ہے.
ایک کو ہم کہتے ہیں E .اس کا مطلب ہے Employees ، ان لوگوں کو ہم ان کی سوچ سے پہچانتے ہیں. یہ ہمیشہ اس طرح کی بات کرتے ہیں "میں ایک Safe and Secure نوکری کی تلاش میں ہوں. جس میں بہت benefits ہوں." Employees ہمیشہ Security کوترجیح دیتے ہیں.دوسرے قسم کے لوگوں کو ہم کہتے ہیں S . اس کا مطلب ہے Small Business Owners یا پھر Self Employed . ان لوگوں کو ہم ان کی سوچ سے پہچانتے ہیں. یہ ہمیشہ اس طرح کی بات کرتے ہیں." اگر آپ کوئی کام سہی کرنا چاہتے ہیں تو وہ کام آپ کو خود کرنا ہو گا." S کا مطلب ہم Solo بھی لے سکتے ہیں، یہ لوگ سارے کام خود کرنا چاہتے ہیں.
Quadrant کے سیدھے ہاتھ پر Bs ہوتے ہیں. اس کا مطلب ہے Big Business جیسے کہ Bill Gates . فوربس میگزین کے مطابق Big Business کا مطلب ہے جس میں 500 یا اس سے زیادہ ملازم ہوں. ان لوگوں کے سوچ مختلف ہوتی ہے. یہ ہمیشہ Big System ، Big Network اور زہین لوگوں کے بارے میں سوچتے ہیں. کہ وہ کس طرح کاروبار کو آگے بڑھا سکتا ہے. یہ لوگ کبھی اپنا کاروبار خود چلانا نہی چاہتے بلکے چاہتے ہیں کہ زہین لوگ ان کے لیے کاروبار چلائیں.
Quadrant کا چوتھا شخص ہے I . اس کا مطلب ہے Investor . یہ وہ لوگ ہیں جن کے پیسے ان کے لیے محنت کرتے ہیں.
Big Business وہ لوگ تھے جن کے لیے لوگ محنت کرتے تھے.
جبکے Small Business Owners اور Employees ہمیشہ دوسروں کے لیے محنت کرتے ہیں.
To be continued........
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Tuesday, June 14, 2011
داستان: نیٹ ورک مارکیٹنگ کے بزنسس میں کوئی پیسے نہیں کما سکتا!
داستان: نیٹ ورک مارکیٹنگ کے بزنسس میں کوئی پیسے نہیں کما سکتا!
حقیقت: ڈاریکٹ سیلرس کی تعداد ٢٠٠٩ کے اندر ٦٠ کروڑ سے زیادہ تھی. ٢٠٠١١ کے اندر یہ تعداد کہیں زیادہ ہو گی.
ان ٦٠ کروڑ لوگوں میں سے ادھے سے زیادہ لوگ کہتے ہیں کہ تمام خرچے نکلنے کے بعد انکی آمدنی پر مثبت تبدیلی آئی ہے.
وہ لوگ جو نیے اس کاروبار میں شامل ہوے ہیں اور جنکو کاروبار سے منسلک ہوے ایک سال سے کم ہوا ہے وہ بھی اپنی آمدنی پر مثبت تبدیلی بتاتے ہیں.
حتیٰ کی وہ لوگ جو یہ کہتے ہیں کہ وہ ایس کاروبار کو آگے نہیں بڑھائیں گے وہ بھی آمدنی پر مثبت تبدیلی کے قایل ہیں.
- پانچ میں سے چار لوگ (٨٢%) ایس کاروبار سے ایک سال یا اس سے زیادہ منسلک رہتے ہیں. جبکے ٤٧% لوگ پانچ سال یا اس سے زیادہ کاروبار سے منسلک رہتے ہیں.
- ٨٩% لوگ کاروبار سے منسلک ہو کر اپنا تجربہ excellent, very good یا good بتاتے ہیں.
- ٨٤% لوگوں کا کہنا ہے کہ اس کاروبار نے انکی توقعات سے بڑھ کر انکی آمدنی میں اضافہ کیا.
- ٩١% لوگوں کا کہنا ہے کہ اس کاروبار میں محنت انکی توقعات سے بہت کم ہیں.
(Source: 2002 National Salesforce Survey, Research International, Inc.)
یہ داستان بہت دلچسپ ہے کہ صرف امریکہ میں ١٦ کروڑ سے زیادہ لوگ اس کاروبار سے منسلک ہیں اور دنیا میں ٦٠ کروڑ سے زیادہ لوگ... تو کیا یہ سب لوگ اور ادارے بیوقوف ہو سکتے ہیں؟
Monday, June 13, 2011
Network Marketing Vs Pyramid Schemes
http://www.directselling411.com/for-sellers/who-can-help/pyramid-schemes/
Pyramid Schemes
The ever-growing popularity of direct selling often motivates dishonest individuals and companies to misrepresent themselves as legitimate direct selling businesses in hopes of enticing victims. Thousands of Americans have lost millions of dollars participating in scams and pyramid schemes. Many victims thought they were paying for help in starting a small business of their own, when in fact they were being fooled by a slick pyramid scheme disguised to look like a legitimate business.
Each time a level rises to the top, a new level must be added to the bottom, each one twice as large as the one before. If enough new participants join, you and the other 15 players in your level may make it to the top. However, in order for you to collect your payoffs, 512 people would have to be recruited, half of them losing $1,000 each.
Of course, the pyramid may collapse long before you reach the top. In order for everyone in a pyramid scheme to profit, there would have to be a never-ending supply of new participants.
In reality, however, the supply of participants is limited, and each new level of participants has less chance of recruiting others and a greater chance of losing money.
What is a pyramid scheme?
Pyramid schemes are illegal scams in which large numbers of people at the bottom of the pyramid pay money to a few people at the top. Each new participant pays for the chance to advance to the top and profit from payments of others who might join later. For example, to join, you might have to pay anywhere from a small investment to thousands of dollars. In this example, $1,000 buys a position in one of the boxes on the bottom level. $500 of your money goes to the person in the box directly above you, and the other $500 goes to the person at the top of the pyramid, the promoter. If all the boxes on the chart fill up with participants, the promoter will collect $16,000, and you and the others on the bottom level will each be $1,000 poorer. When the promoter has been paid off, his box is removed and the second level becomes the top or payoff level. Only then do the two people on the second level begin to profit. To pay off these two, 32 empty boxes are added at the bottom, and the search for new participants continues.Each time a level rises to the top, a new level must be added to the bottom, each one twice as large as the one before. If enough new participants join, you and the other 15 players in your level may make it to the top. However, in order for you to collect your payoffs, 512 people would have to be recruited, half of them losing $1,000 each.
Of course, the pyramid may collapse long before you reach the top. In order for everyone in a pyramid scheme to profit, there would have to be a never-ending supply of new participants.
In reality, however, the supply of participants is limited, and each new level of participants has less chance of recruiting others and a greater chance of losing money.
Identifying and avoiding pyramid schemes
Pyramid schemes seek to make money from you (and quickly). Multilevel marketing companies seek to make money with you as you build your business (and theirs) by selling real products and services. Before you sign up with a company, investigate carefully. A good way to begin is to ask yourself these three questions:How much are you required to pay to become a distributor?
If the startup cost is substantial, be careful! The start-up fee in multilevel companies is generally small (usually for a sales kit sold at or below company cost). These companies want to make it easy and inexpensive for you to start selling. Pyramid schemes, on the other hand, make nearly all of their profit on signing up new recruits. Therefore, the cost to become a distributor is usually high. CAUTION: PYRAMIDS OFTEN DISGUISE ENTRY FEES AS PART OF THE PRICE CHARGED FOR REQUIRED PURCHASES OF TRAINING, COMPUTER SERVICES, PRODUCT INVENTORY, etc. These purchases may not even be expensive or "required," but there will be considerable pressure to "take full advantage of the opportunity."Will the company buy back unsold inventory?
IF YOU COULD BE STUCK WITH UNSOLD INVENTORY, BEWARE! Legitimate companies which require inventory purchases will usually "buy back" unsold products if you decide to quit the business. Some state laws and the DSA Code of Ethics require buy-backs for at least 90% of your original cost.Are the company’s products sold to consumers?
IF THE ANSWER IS NO (OR NOT MANY), STAY AWAY! This is a key element. Multilevel marketing (like other methods of retailing) depends on selling to consumers and establishing a market. This requires quality products, competitively priced. Pyramid schemes, on the other hand, are not concerned with sales to end users of the product. Profits are made on volume sales to new recruits, who buy the products, not because they are useful or attractively priced, but because they must buy them to participate. Inventory purchases should never be more than you can realistically expect to sell or use yourself.
Warning Signs of Fraud
- Pressure to sign a contract quickly and agree to pay a large sum of money before sales claims can be investigated or legal advice obtained.
Legitimate opportunities will not disappear overnight. It’s OK to be enthusiastic about getting involved in direct selling (and in fact it’s enthusiasm and a love for what they do that drives any direct sellers) but you should take the amount of time necessary for you to feel 100% comfortable before signing on the dotted line. - Promises of extraordinarily high or guaranteed profits
It’s easy to be swayed by promises of a high income, especially if it’s billed as “guaranteed” or “easy.” Scam artists try to take advantage of human vulnerabilities, which is often very easy if someone is in a situation where they need cash fast. It’s important to remember that, as in any business model, earning substantial sums of money requires time and attention to building the business. In direct selling, the amount of time required varies based on one’s goals and the amount of time one anticipates spending on direct selling activities. It may take a relatively short amount of time to begin earning supplemental income, but if your goal is to rely solely on direct selling, it may take several years before you can quit your 9-5 job.
Exaggerated earnings claims are an unfortunate lure used by scam artists to entice people to join in. It’s most unfortunate because it is possible to make a great deal of money in direct selling and those dishonest folks who misrepresent the facts muddy the waters for everyone. Those with unrealistic expectations are the most likely to fail, far before even approaching realization of their goals. Even those accurately represent what THEY make, may still be guilty of making exaggerated claims if they do not follow very specific guidelines for how the information is presented.
Earnings Claims - Claims that profits can be achieved easily.
Direct selling requires work to sell the products and services. You will not reap profits by just signing up or through the mere act of sponsoring others. Direct selling income must be based primarily on the sale of products and services to consumers who will use those products and services – if you are being told this part of the process isn’t necessary or is only a sidebar to recruiting, be suspect. Even if you choose to build your business by recruiting others, you’ll spend time training and mentoring those recruits so they can be successful sellers as well. In other words, don’t use your first commission check as a downpayment on a comfy couch where you plan to count your income – you need to be actively engaged in your business to truly be successful. - A required initial fee which greatly exceeds the fair market value of any products, kits or training
Any fees you are required to pay to the company should be reasonable based on what you get in return. It’s fairly easy to verify this in cases where you spend $69 for a sales kit that includes product samples, a training manual, catalogs and order forms. It becomes more difficult in instances where the fee is substantial ($1000 or more, for example) and you may not get anything in return besides the right to recruit others. There’s no magic number that serves as a dividing line between legitimate and suspect so you need to use your best judgment in evaluating any startup fees. - A large fee payable before you receive anything in return
This is closely related to the previous item. In most cases, you should be able to start selling right away. Just as you’re anxious to get the ball rolling, legitimate companies want you to get started selling as soon as possible, too. Be sure to find out exactly what you’ll receive and when you’ll receive it before paying any money. - Evasive answers by the salesperson or unwillingness to give disclosure documents required by law.
Sometimes sellers may not know the answers to all the questions you may ask. That alone is not necessarily cause for concern, but a dismissive attitude about your concerns or an unwillingness to find the answers or direct you to someone who can help you should be a red flag. You should read over your salesperson agreement carefully, ask any questions you have and don’t be afraid to contact the company directly if you have more questions.
What is the difference between a pyramid scheme and direct selling?
Pyramid schemes seek to make money from you (and quickly). Direct selling companies seek to make money with you as you build your business (and theirs) selling consumer products and services. Legitimate companies rely on solid sales over time. A strong base of customers who love and use the products is key to continuing success. Scams like pyramid schemes, on the other hand, count on you to make a large upfront payment, from which the scheme promoter derives his profit. Building a business over time is not important because the promoter knows the scheme will likely collapse. However, by that time the promoter will likely be long gone – with your money.
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