We’ve all worked jobs we hated. We were underpaid, underappreciated, and bored out of our minds. We either quit these jobs or were fired for poor performance because we just gave up. Instead of taking that approach, you need to consider every job an opportunity to learn something new that you can apply down the line to find success.
When you give people the tools they need to come up with unordinary solutions, you are enhancing their lives for the long run. You need to take this approach. What if one of your terrible jobs had been one with no pay at all and you needed to come up with some ingenious ways of making money? I bet you could have found a diamond in that rough. This idea can also be used in your own company.
Now, I don’t recommend going into the next meeting declaring that no one will receive pay any more, but you can tell them that their potential raises, bonuses, and other perks are now dependent on their creativity in ways to enhance business.
Let’s talk about a great concept called financial literacy. This certainly isn’t something they taught you in school but is still essential to know. So, what is financial literacy?
The old school way teaches people to be good employees and not employers. This mindset will never make you wealthy. You need to focus on becoming a good employer. You also need to learn how to not only attain wealth but sustain wealth for generations. This is what financial literacy is all about.
So, how do you get out of the rat race and start working toward a wealthier future? You need to understand the difference between an asset and a liability. Take a look at your own life and you’ll probably find the following:
- Real Estate
- Intellectual Property
- Consumer Loans
- Credit Cards
You’ve probably been fooled into thinking things like your house, car, and entertainment system are assets. They aren’t! Assets should be continuing to MAKE you money. When you continue to struggle, you are not building wealth. If your primary income is from wages and each time you make more money, you pay taxes-you’re not really creating wealth either, are you?
So, if buying a house isn’t an asset (and, it’s not because you spend about 30 years of your life paying it off), then what is. Here are some of the best assets to attain and when you can start to actually see wealth being created because of it:
Average time of holding on to an asset before selling it for a higher value:
- Stocks (Startups and small companies are good investments)
- Mutual funds
- Real estate
- Notes (IOUs)
- Royalties on intellectual property
- Valuables that produce income or appreciate
So, here are the steps to getting out of the rat race and onto your journey of creating wealth:
- Understand the difference between an asset and a liability.
- Concentrate your efforts on buying income-earning assets.
- Focus on keeping liabilities and expenses at a minimum.
- Mind your own business.
Learn more about this topic in the book, Rich Dad Poor Dad.
If you need help getting out of the poor mindset and into the wealthy one, try our GUIDED TOUR and work with one of our experienced business coaches today.
We went through the first three and next time we’ll talk about how to mind your own business to keep your eye on the prize.
If you are really looking to take your life and business to the next level, learn more about our High Achievers one-on-one success coaching program HERE.
Last time I gave you a laundry list of tips and tricks you can use to make your word of mouth program work for you. Hopefully, you’ve taken a look and decided which ones are the best fit for your company, products, services, and target customers, so you can put them to work in your word of mouth campaign.
We are going to wrap up this series on word of mouth where we give you the specific steps to create a word of mouth campaign.
Now, let’s take a look at those steps:
- Seed the market. Find some way to get the product into the hands of key influencers.
- Provide a channel for the influencers to talk and get all fired up about your product.
- Offers lots of testimonials and other resources.
- Form an ongoing group that meets once a year in a resort and once a month by teleconference.
- Create fun events to bring users together and invite non-users. Saturn, Harley-Davidson, and Lexus have all been successful with this approach.
- Develop cassettes, videotapes, and clips on your Web site featuring enthusiastic customers talking with other enthusiastic customers.
- Create custom CDs for each potential customer.
- Hold seminars and workshops.
- Create a club with membership benefits.
- Pass out flyers.
- Tell your friends.
- Offer special incentives and discounts for friends who tell their friends.
- Put the Internet to work.
- Do at least one outrageous thing to generate word of mouth.
- Empower employees to go the extra mile.
- Encourage networking and brainstorm ideas.
- Run special sales.
- Encourage referrals with the use of a strong referral program.
- Use a script to tell people exactly what to say in their word of mouth communication.
These are all amazing ways you can get the word out about your products and services and start a word of mouth campaign that takes on a life of its own. Before you can release your word of mouth campaign out into the world, you need to go through the checklist to make sure you’ve covered all the essentials.
Here’s your word of mouth campaign checklist:
- Are all of your communications sending the same simple message? If it can’t survive word of mouth, it’s not a compelling story.
- Is your product positioned as part of a category? Ex.”A dandruff shampoo that doesn’t dry your hair.”
- Are your examples outrageous enough to be shared?
- Do you enhance your materials with success stories from real people?
- Are you using experts effectively and in an objective manner?
- Have you created mechanisms so people can follow up on the word of mouth they hear, as well as simple ways of inquiring or ordering?
- Have you made the decision process easy for customers?
- Have you created events and mechanisms so that once a year your prospects hear about your product, and it is easier to try or buy?
These are all essential elements to take keep in mind when taking a second or even third check over your word of mouth campaigns. I hope you’ve found this series on word of mouth to be a great resource and are getting ready to put it into action for your own products and services.
Remember, if you need help with anything in this series, try our GUIDED TOUR to gain access to the best resources, tools, and business coaches you can find.
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People only remember the extraordinary, strange, wild, surprising, and unusual. You need to make sure your ideas and marketing reflect these reactions. This doesn’t mean you have to have a product or service that is completely out of the norm, in fact, this could easily drive customers away. You need to have a product or service that is high quality and easily marketable, then you need to market it as extraordinary and new.
As you research word of mouth, there are some questions you need to ask along the way:
What are the users willing to tell the non-users?
- Exactly how do your customers describe your product?
- What are the non-users willing to ask the users?
- What are the things they need to know but are unwilling to ask?
- What happens when these issues are raised?
- Exactly what do your prospects have to know in order to trigger purchase?
- Exactly how do your customers answer the objections, concerns, and qualms of your prospects?
- How do your customers persuade their friends to use your product?
- How do your customers suggest they initially get to know or try your product?
- What warnings, safeguards, tips, and suggestions do your customers suggest to your prospects?
- Are your sales messages, positioning, and important facts about your product getting through and surviving word of mouth?
- What messages do you need to inject into the marketplace in order to turn the tide in your favor and how will you deliver them?
There are two main reasons why word of mouth research is so important:
- To get the real impression and feedback from customers
- To define word of mouth itself and the concept it creates
There is a simple formula that can help you conduct your word of mouth research. It’s called the “2-2-2” model.
What this breaks down to is:
- 2 groups of customers
- 2 focus groups of prospects
- 2 mixed groups (enthusiasts & skeptics)
In these groups you need to ask the following questions:
- What would you tell a friend?
- How would you persuade a skeptic?
- What questions would you anticipate from a skeptic?
- How would you answer their objections?
The best way to conduct these groups is by teleconference. This ensures you’ll get a good variety of demographics for your customers and potential customers. It also allows people to feel safe and more able to express their true feelings. These teleconferences should not be conducted by you, but an independent party to avoid adding pressure to the situation.
We’re going to transition a bit and talk about how to construct a word of mouth campaign. First, we’ll take a look at the essential ingredients you need to put together a campaign. These ingredients are:
- A superior product
- A way of reaching key influencers in your marketplace
- A cadre of experts willing to bat for you
- A large number of enthusiastic consumers
- A way of reaching the right prospects
- One or more compelling stories that people will want to tell to illustrate your product’s superiority
- A way to substantiate, prove, or back up your claims and how the product will work in the real world
- A way for people to have direct, low-risk experience, a demo, sample, or free trial
- A way of reducing overall risk, an ironclad guarantee
Once you have those ingredients ready to use, you should consider the situations in which your company can benefit from a strong word of mouth programs. Some of these situations are:
- When there are credibility problems
- When there are breakthroughs
- When there are marginal improvements
- Where the product has to be tried in large numbers or over time
- Where there is high risk in trying the product
- With older or mature products that have a new story that people tend to ignore
- With unfair competitive practices such as spreading rumors, or telling lies about your product
- When there are governmental or other restrictions on what you may say or claim directly
While most of the word of mouth tactics are positive for your word of mouth program, there are a few products to avoid using in this program. They are:
- Products where a seminar would not provide meaningful added value
- Products that can’t be tried and where there is no consensus among experts
- Products that are clearly inferior, without having a compensating superiority for similar products
- Products that are so personal or emotion that rational discussion is irrelevant to the decision
- Products where the decision value is so small (low price/low volume) the medium will not be cost-effective.
This wraps up this post on word of mouth research and how that research can be used when putting together your word of mouth campaign. If you need help with the research and a plan to use the results of that research, try our GUIDED TOUR to get all the help you need with our top-notch resources and tools.
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Today I’d like to discuss the science of the memes and how spreading ideas around and through society is ingrained in humans.
This refers to types of ideas that spread the fastest through society, why they spread fast, and how that affects consumerism. You can use this same information to create a lasting positive impression about your company, products, and services. People are more likely to try a new product or services when they feel protected and reassured by the masses.
It’s been determined that spreading ideas is essential to the survival of a society. There are 5 main situations where this occurs. They are:
Think of evangelism. This is a prime example of people not only spreading the word, but convincing people to jump on board and start to spread the word themselves. To do this effectively, you need to incorporate a few key things that always catch people’s eye:
Next, we are going to switch gears a little and talk about viral marketing. While traditional marketing can be used to your advantage, the reality is viral and online marketing is the king of the castle. You can spread the word online like the plague if you know what to do. Here are some simple steps to do this:
Find an interesting idea
Make it easy for people to experience or try
Spread the idea while people who are in close contact with others
Take advantage of existing communication methods
Develop the way of trying your product in such a way that it automatically draws more try-ers
Some great places to use viral marketing are:
AOL Instant Messenger
MSN Instant Messenger
“Tell A Friend” Buttons
There are six things everyone should be doing to benefit from word of mouth on the Internet:
Put WOM components on your website.
Assign people to monitor your viral marketing.
Place testimonials in different places on your website to walk a customer through the purchasing cycle.
Set up an email marketing campaign.
Stay up to date on what products and services the experts in your industry are recommending.
Use your website to demonstrate the great ways people are using or finding success with your products and services.
Here are other non-viral Internet opportunities to explore:
And other well connected electronic devices
This wraps up the lesson on traditional and viral marketing. If you need help putting together any of the plans or successes in this lesson, try our GUIDED TOUR to get all the help you need to put these plans into action.
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