In continuation of the first installment, here are Ken McCarthy's remaining six points...
7) Market Selection is everything
Try to play in a rich playground. You need accessible buyers to whom you can offer something unique. By playing in a rich playground you will stand out, be able to repeat sales, and move customers up to premium sales. Also, you will experience word of mouth referrals, and be able to focus on an endless loop, never-enough product.
8) Sell to a hungry market
The late Gary Halbert wisely observed that even more than the best hamburger, the lowest price, and the best location, a hungry crowd was the most important factor in selling hamburgers.
While it may be possible to get a stuffed person to buy one more burger, it is almost impossible to keep a famished person away from that same burger. Offer your product or service to people who really want it.
9) How to start a business
Find the market first. Product development comes second. The process is to get intimate with that marketplace and really understanding it. Next, you need to identify a point of entry to that market, and then launch a desired product or service into that market. The word picture that Ken used was that instead of driving down the road (marketplace) simply walk along the road. Potholes you find along the road are gaps in the market. When you find a pothole in the road (or marketplace), remedy it.
10) A sale is a fragile thing
Ken recommends following the AIDA formula.
A = attention. You get that with good headline.
I = interest. Know what your potential buyer wants.
D = desire. Make them prove that they want it by putting a small obstacle in the way. Create honest scarcity.
A = action. Show what action you want them to take, and ask them to take that action.
Some other things to remember about the sale:
Nothing happens without a deadline. An example of this is the birth of a baby. If people could delay babies being born, there might not be a civilization today.
Also, the real sale begins after the initial sale. You need to service people properly. Being satisfied
with a single sale is not pathway to a successful business.
11) Find your song and sing it
Whether it be rock, opera, jazz or hip-hop, earn a place in the customer's mind with your unique song and constantly reinforce it. Ken's song is that he was the first one to host an Internet marketing seminar.
12) How a business really grows
There are three main phases to growing a business:
Phase 1 is the wandering in the wilderness phase. This is when you are stumbling around in search of that oasis – your idea. People will think you are a bit crazy during this phase, that's just the way it is.
Phase 2 is the ramp up to critical mass. It is messy and crazy and you are working 18 hour days implementing your unique idea.
Phase 3 is the process of removing yourself from the mechanics of the business. Finally. This is when you want to automate and outsource.
So, there you have them, the 12 things Ken wanted to communicate if this were his last presentation on direct marketing.
I hope you found these as useful as I did/do.
PS If you'd like more of this kind of quality information check out Ken's System Secrets book. System Secrets is a collection of lessons from Ken's popular Pre-System seminar series. It covers topics like:
how to find hot markets...
what to sell on the Internet...
how to write killer copy...
how to get traffic to your website...
how to avoid common marketing mistakes...
the eight fundamental principles of The System...
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