I'm sitting here with a great friend and we're talking about his latest exciting venture marketing one of my all time favorite writers/artists on the spiritual side of self-help- David Deida.
My friend will be launching a new monthly audio membership site at TheDeidaSource.com
Helping him with his marketing, launch, and social media strategy... first thing you should know is that we've got a couple of distinctions made. These are two important distinctions about his prospects and potential customers. They are:
1) Existing Fans- There are a lot of people who are already fans of Deida and love his work. How and what we'll do to attract and market to these people is radically different than how we'll handle "Newbies"
2) Newbies- If you've never heard of Deida, and more to the point you haven't really been doing this kind of "work" on yourself, then how and what we want to put in front of these people to attract them and get them to convert (sign up for newsletter, blog, membership) is not at all what the existing fans will receive.
Point being, we are actually going to create 2 seperate channels to connect with and market to both these general audiences.
I've literally seen people triple their business with simple insights and distinctions like this, or become 10-20x better at attracting new customers with less effort.
Insight: Your products/services won't sell themselves just because they are great, cool, or other people rave about them. What will sell them is how you connect the dots on how your stuff is valuable to your prospect.
So what if you're pretending that all your prospects think and act the same way, talk the same language, and respond to the same things for the same reasons.
Big mistake.
That's why I'm making sure my friend divides the camps in his marketing for his Deida audience and targets his marketing approach.
The point is simple-
When you think about who the actual recipient of your marketing is, and you stop pretending that they are all the same, you begin to dive into THEIR WORLD.
When you finally get past all your BS about what you know, and you start paying attention to them, you're going to recognize some important stuff. Like how they feel, what they've done before, what's worked for them, what hasn't, etc. Simply mentioning that you know all this about them can make for good marketing. Great marketing goes a step further.
Recognizing "important stuff" about people in their past, and foretelling their future is arguably the single most valuable activity you can do as a marketer. Why? Because it allows you to paint a window of their world and place it in front of them. And when you do this, people can't help but be amazed and need and ask for more.
At the end of the day- we all love being understood for our pain, our pleasure, our abilities and our weaknesses a whole lot more than we'd like to admit.
The internet is the ideal place to do all this with your customer, because they don't mind passively opening up in this way.
How much time do you spend making distinctions about the personal experiences of your prospects, readers, and customers?
I'm always amazed at how business people can listen to and study marketing, and then totally ignore what they've been told and jump to stupid conclusions about what their customers would be interested in.
I'll say it clearly-
If you're doing marketing of any kind- you are not your customer, and you do not get to choose or dictate who your customer is or how they think, feel, speak, etc.
The market you have chosen to be in, and the channel through which you are connecting with and putting your message in front of people is what dictates.
Action Step:
Put some time into how and when your message will appear in front of a real human being. Sit back and imagine this moment. Then stop to remember that no one wakes up and says, "I want to read some advertising and buy stuff I don't really need today."
Now, what will you say to them given the CONTEXT in which they will hear from you?
If you want raving repeat fans and customer, you've got to give them a reason that's already all their own.
Wednesday, March 5, 2008
Monday, March 3, 2008
How Outgoing Are You On The Social Web?
I'm down in sunny San Diego at the Graphing Social Patterns West program for the next couple of days.
Listening to a myriad of Social Networking sites pitch, tout, and discuss features and the future.
Highlights so far:
Self Service Advertising
Facebook Platform Product Manager Ben Ling talked about their future development tools and
their growing forms of advertising to reach users on their site.
Facebook will be announcing the ability for online advertisers to login and target their users
geographically or contextually (by profile related specifics) with a Self-Service ad function.
MySpace has the same plans in the works, which also includes what they call "Hyper-Targeting" where they've grouped users into types they will hope will make it easy for you, someone who wants to reach a specific type of user, to do so.
What's the big deal?
If they built a tool that was Pay Per Performance, then I'd really take notice. And spend money.
Facebook and MySpace- wow me. Please. I dare you.
Reaching 10 Million Users In 10 Weeks
BJ Fogg, a teacher at Stanford, created the first Facebook class for students. BJ's site is at here
Students were pushed to develop 3 Facebook Apps in the 8 weeks of the course. Here are some fascinating tidbits:
-Over $500,000 in revenue generated
-The simplest Apps tended to outperform and catch on with users better than more complex ones
-3 of the students are now starting companies with the success and attention their App has
attracted
-2 of the students already had their project acquired
-3 students dropped out of school to start a business together
-The TA for the class has also left to start a company
-6 of the 20+ Apps created by the students went on to become Top 100 Facebook Apps
Take aways from this short presentation:
-Build an App quickly, test it, re-iterate, test again. The best Apps in the class went through
several iterations to get it right and start getting referred/used
-Apps are a quick way to acquire exposure and get attention, but these are "game" type Apps
or social "toys"- hardly business tie ins
-There is a lot of traffic to be acquired if you jump in and create the right app that users will
want to use/pass along
Deepening Existing Relationships
Charlene Li from Forrester outlined some of the past, present and future of the Social Network
ecosphere. More than anyone I've heard so far, she's talking about not just interaction, tech, or traffic and eyeballs... but about deepening RELATIONSHIPS through the use of Social Networks.
Translation= adding value to our existing everyday activities through the extension of social services and features.
Charlene seems to understand that the recent social network activity, while spurring innovation and investment/acquisition value, still hasn't forced companies to take a long hard look in the mirror about how to keep these users and provide them with something they'd value enough to pay for.
Or maybe I'm just the one who's too stuck on the revenue game.
More on Social Networks, Web 2.0, and video to come in the future as I put some new strategies to work. Stay tuned...
Listening to a myriad of Social Networking sites pitch, tout, and discuss features and the future.
Highlights so far:
Self Service Advertising
Facebook Platform Product Manager Ben Ling talked about their future development tools and
their growing forms of advertising to reach users on their site.
Facebook will be announcing the ability for online advertisers to login and target their users
geographically or contextually (by profile related specifics) with a Self-Service ad function.
MySpace has the same plans in the works, which also includes what they call "Hyper-Targeting" where they've grouped users into types they will hope will make it easy for you, someone who wants to reach a specific type of user, to do so.
What's the big deal?
If they built a tool that was Pay Per Performance, then I'd really take notice. And spend money.
Facebook and MySpace- wow me. Please. I dare you.
Reaching 10 Million Users In 10 Weeks
BJ Fogg, a teacher at Stanford, created the first Facebook class for students. BJ's site is at here
Students were pushed to develop 3 Facebook Apps in the 8 weeks of the course. Here are some fascinating tidbits:
-Over $500,000 in revenue generated
-The simplest Apps tended to outperform and catch on with users better than more complex ones
-3 of the students are now starting companies with the success and attention their App has
attracted
-2 of the students already had their project acquired
-3 students dropped out of school to start a business together
-The TA for the class has also left to start a company
-6 of the 20+ Apps created by the students went on to become Top 100 Facebook Apps
Take aways from this short presentation:
-Build an App quickly, test it, re-iterate, test again. The best Apps in the class went through
several iterations to get it right and start getting referred/used
-Apps are a quick way to acquire exposure and get attention, but these are "game" type Apps
or social "toys"- hardly business tie ins
-There is a lot of traffic to be acquired if you jump in and create the right app that users will
want to use/pass along
Deepening Existing Relationships
Charlene Li from Forrester outlined some of the past, present and future of the Social Network
ecosphere. More than anyone I've heard so far, she's talking about not just interaction, tech, or traffic and eyeballs... but about deepening RELATIONSHIPS through the use of Social Networks.
Translation= adding value to our existing everyday activities through the extension of social services and features.
Charlene seems to understand that the recent social network activity, while spurring innovation and investment/acquisition value, still hasn't forced companies to take a long hard look in the mirror about how to keep these users and provide them with something they'd value enough to pay for.
Or maybe I'm just the one who's too stuck on the revenue game.
More on Social Networks, Web 2.0, and video to come in the future as I put some new strategies to work. Stay tuned...
Thursday, February 21, 2008
On Perceived Value & Pricing
Is the price of what we buy determined by some logical measure?
Is there a database we all look to so we can see what the price of milk is, or should be?
Technically speaking, there's something close. The CPI (Consumer Price Index). This is really a collection or set of prices pieced together to give economists a window into the world of consumer goods pricing and purchasing activity.
But for us regular folk it would seem that there's simply a "logic" to the price we're willing to pay for the everyday items we buy. At least most of the time.
Of course there are exceptional moments to this like .com shares in the late 90's, or Dutch Tulipmania of the 1630's where at one time tulips and bulbs were going for as much as luxury houses.
Economists have a term- a luxury good. This is a product or service that isn't effected by great variations in price. These are relatively price "inelastic".
When it comes to more complex things, the rules of the game can be changed. Radically.
In the information publishing world, of which I've played a part, there's an important concept called "Perceived Value".
In short, it goes that your product or service doesn't really have a value other than the value that your market/audience/list is willing to pay for it.
Based on this, marketers who understand perceived value always always always test multiple price points for their products. No matter what they think the price should be.
And here's the interesting part- once they test and get statistically significant data, they don't always choose the highest profit maximizing price. And they don't always choose the price point that generates the most revenue. At least true marketers and strategic business people.
Which isn't what they teach you in Econ classes or business school
They choose the price based on a few variables:
1) Who is my core audience and what is their income level?
2) How does this relate to the rest of my products, and help to position them and this product by the pricing I give this?
3) What am I doing now, and long into the future, that this pricing will have an impact one? (For instance, if you want to build a large customer list to upsell your higher priced "back end" products to, then you might pick a lower price point that generates less revenue but many more customers. The importance being that someone who has already paid for something from you is many times more likely to buy again later)
I'll go out on a limb here and say that price testing is simply the best thing there is in marketing.
Oh, with the exception of affiliate deals where you get your hands on someones qualified customer list for no up front expense, all in one fell swoop.
Back to pricing and perceived value.
Some publishers try to create or raise their perceived value with tricks and gimmicks. A common one operates on the principles of Urgency and Scarcity. "Buy now. This deal only good for 24 hours, etc."
I believe that the average consumer online is growing a bit more savvy. You used to be able to use all of those old direct marketing closes and calls to action.
Nowadays those not only read and feel dated. Your audience knows better.
I'd say it's time to evolve past this if you're serious about having a great business where your customers are "Raving Fans" even after they buy from you. (Would recommend you check out the book Raving Fans)
How does one do this?
In short, focus more deeply and clearly on the problem or frustration or opportunity your product or service is trying to help your customers with.
By making sure you deliver clear personal value to the individual who becomes your customer. You'd be surprised what "value" is to your customer.
Sometimes it's just feeling heard and understood.
Sometimes it's a simple set of instructions they didn't have before.
Sometimes it's proof in the form of a video showing an actual customer using or having success with your product, and giving them a concrete example of success for themselves to model.
Once you've delivered personal value to your potential customer, then the benefits of your products speak for themselves.
Although it never hurts to make sure you clearly and honestly articulate the personal benefits of your product or service in no uncertain terms.
Perceived value is all in your customers mind.
All told, if you're going to focus on your product or brands perceived value... spend more time worrying about the benefits to your customer and what physical, emotional, social, or financial experience you want them to have as a result of your product.
Do this rather than trying to focus on building a feature-filled doo-dad that never even has real value until a human being uses it and places a value upon it.
Everything else is fantasy in your mind.
Is there a database we all look to so we can see what the price of milk is, or should be?
Technically speaking, there's something close. The CPI (Consumer Price Index). This is really a collection or set of prices pieced together to give economists a window into the world of consumer goods pricing and purchasing activity.
But for us regular folk it would seem that there's simply a "logic" to the price we're willing to pay for the everyday items we buy. At least most of the time.
Of course there are exceptional moments to this like .com shares in the late 90's, or Dutch Tulipmania of the 1630's where at one time tulips and bulbs were going for as much as luxury houses.
Economists have a term- a luxury good. This is a product or service that isn't effected by great variations in price. These are relatively price "inelastic".
When it comes to more complex things, the rules of the game can be changed. Radically.
In the information publishing world, of which I've played a part, there's an important concept called "Perceived Value".
In short, it goes that your product or service doesn't really have a value other than the value that your market/audience/list is willing to pay for it.
Based on this, marketers who understand perceived value always always always test multiple price points for their products. No matter what they think the price should be.
And here's the interesting part- once they test and get statistically significant data, they don't always choose the highest profit maximizing price. And they don't always choose the price point that generates the most revenue. At least true marketers and strategic business people.
Which isn't what they teach you in Econ classes or business school
They choose the price based on a few variables:
1) Who is my core audience and what is their income level?
2) How does this relate to the rest of my products, and help to position them and this product by the pricing I give this?
3) What am I doing now, and long into the future, that this pricing will have an impact one? (For instance, if you want to build a large customer list to upsell your higher priced "back end" products to, then you might pick a lower price point that generates less revenue but many more customers. The importance being that someone who has already paid for something from you is many times more likely to buy again later)
I'll go out on a limb here and say that price testing is simply the best thing there is in marketing.
Oh, with the exception of affiliate deals where you get your hands on someones qualified customer list for no up front expense, all in one fell swoop.
Back to pricing and perceived value.
Some publishers try to create or raise their perceived value with tricks and gimmicks. A common one operates on the principles of Urgency and Scarcity. "Buy now. This deal only good for 24 hours, etc."
I believe that the average consumer online is growing a bit more savvy. You used to be able to use all of those old direct marketing closes and calls to action.
Nowadays those not only read and feel dated. Your audience knows better.
I'd say it's time to evolve past this if you're serious about having a great business where your customers are "Raving Fans" even after they buy from you. (Would recommend you check out the book Raving Fans)
How does one do this?
In short, focus more deeply and clearly on the problem or frustration or opportunity your product or service is trying to help your customers with.
By making sure you deliver clear personal value to the individual who becomes your customer. You'd be surprised what "value" is to your customer.
Sometimes it's just feeling heard and understood.
Sometimes it's a simple set of instructions they didn't have before.
Sometimes it's proof in the form of a video showing an actual customer using or having success with your product, and giving them a concrete example of success for themselves to model.
Once you've delivered personal value to your potential customer, then the benefits of your products speak for themselves.
Although it never hurts to make sure you clearly and honestly articulate the personal benefits of your product or service in no uncertain terms.
Perceived value is all in your customers mind.
All told, if you're going to focus on your product or brands perceived value... spend more time worrying about the benefits to your customer and what physical, emotional, social, or financial experience you want them to have as a result of your product.
Do this rather than trying to focus on building a feature-filled doo-dad that never even has real value until a human being uses it and places a value upon it.
Everything else is fantasy in your mind.
C'Mon- Does Helping Others Really Help Me?
Like me, after a long day of thought and work you may have often been struck by a feeling you don't exactly love-
"Did I just spend my entire day doing things for other people?"
Before you become even more frustrated as you realize this, it's important to remember-
Creating a great business, making an exceptional amount of money, being loved or admired by others, or fulfilling an important purpose is ultimately about the things you do for other people. Not yourself.
Especially if you're working in western hemisphere in the 21st century. People have way too many choices- vendors, partners, services, products, outsourcing, open sourcing, etc. No one really needs you. And this is a reality all business people and marketers are forced to deal with, or pay the consequences.
The truth is... being exceptional, irreplacable, and unequivocally gratifying others above and beyond their expectations is the very thing that brings you huge rewards, financial and other. Not creating something that is going to make you money.
To this end, when was the last time you sat back from your work "for others" and deeply contemplated the most personal needs, dreams, frustrations and desires of the people those who your work will serve or benefit?
The answer is, even the people who are the very best at this don't do this "stepping out of themselves" exercise nearly as much as they should.
Instead, they're focused on how their new product or service, intended to "Wow" the recipients or customers, will ultimately benefit themselves. (more money, more free time, less worry, make them look good/smart/cool to others)
Over the years I've talked to and worked with many of the top self-help gurus, even the ones known for being selfless in helping others. Most of them aren't far outside of the "help myself by looking like I'm busy helping others" feedback loop.
Being of service to others is the highest form of contribution to yourself, and if you're going to keep a high level of sustained work, creativity, and productivity in your life, and make what I'd call an "unfair" living doing it... then I would strongly suggest you get yourself focused on serving others and not yourself.
Stay focused on the payoff being measured by those you serve both in and outside of your business. This brings about inherently sustainability.
Check out "The Power of Full Of Engagement" by Tony Schwartz and Jim Loehr for some great tips and specifics on the importance of service to others at work/purpose.
Otherwise, even if are one of the many who succeed in spite of themselves... I don't believe you'll end up having that much fun, nor too many great friends at the end of the day after you've cashed out and bought your Italian sportscar.
Your TV, your SUV, and your house will all be bigger, but so will your expenses and the gap between you and the things that really bring joy and satisfaction.
"Did I just spend my entire day doing things for other people?"
Before you become even more frustrated as you realize this, it's important to remember-
Creating a great business, making an exceptional amount of money, being loved or admired by others, or fulfilling an important purpose is ultimately about the things you do for other people. Not yourself.
Especially if you're working in western hemisphere in the 21st century. People have way too many choices- vendors, partners, services, products, outsourcing, open sourcing, etc. No one really needs you. And this is a reality all business people and marketers are forced to deal with, or pay the consequences.
The truth is... being exceptional, irreplacable, and unequivocally gratifying others above and beyond their expectations is the very thing that brings you huge rewards, financial and other. Not creating something that is going to make you money.
To this end, when was the last time you sat back from your work "for others" and deeply contemplated the most personal needs, dreams, frustrations and desires of the people those who your work will serve or benefit?
The answer is, even the people who are the very best at this don't do this "stepping out of themselves" exercise nearly as much as they should.
Instead, they're focused on how their new product or service, intended to "Wow" the recipients or customers, will ultimately benefit themselves. (more money, more free time, less worry, make them look good/smart/cool to others)
Over the years I've talked to and worked with many of the top self-help gurus, even the ones known for being selfless in helping others. Most of them aren't far outside of the "help myself by looking like I'm busy helping others" feedback loop.
Being of service to others is the highest form of contribution to yourself, and if you're going to keep a high level of sustained work, creativity, and productivity in your life, and make what I'd call an "unfair" living doing it... then I would strongly suggest you get yourself focused on serving others and not yourself.
Stay focused on the payoff being measured by those you serve both in and outside of your business. This brings about inherently sustainability.
Check out "The Power of Full Of Engagement" by Tony Schwartz and Jim Loehr for some great tips and specifics on the importance of service to others at work/purpose.
Otherwise, even if are one of the many who succeed in spite of themselves... I don't believe you'll end up having that much fun, nor too many great friends at the end of the day after you've cashed out and bought your Italian sportscar.
Your TV, your SUV, and your house will all be bigger, but so will your expenses and the gap between you and the things that really bring joy and satisfaction.
Monday, May 14, 2007
Awareness, Focus & Time
There's something crazy I was reminded of the other day as I was reading...
Something that for most of us in 100% completely UNCONSCIOUS and we're so "deep" in it that it never occurs to us how we really are, that there is another way to be.
Kind of like if you asked a goldfish how it felt to be wet. If you could ask, the goldfish would just stare at you and think... "Wet? What the hell is this person talking about?"
The point is... our minds have a funny little habit of developing patterns and ways of thinking and perceiving that become so ingrained that we see them as "reality". And we become more and more fixed and stuck in these patterns the more we use them.
Sounds like pretty esoteric stuff. So let me give an example of what I'm talking about to make this more simple and interesting. Here are some common mental and perceptive "orientations" that are very general and involve our perception of TIME:
-Focusing On Things That Have Happened In THE PAST
-Focusing On Things That Will Happen In THE FUTURE
These are the 2 of the most obvious and clear-cut examples around. But what's fascinating is that they have a HUGE IMPACT on the way you take in and experience the world, and what you do as a result.
A few other non-Time related modes of thinking/perception are:
-Is The World An Inherently GOOD Place? Or Is it BAD?
-Are People Basically Thoughtful And NICE? Or Are They Selfish And Evil?
Anyhow... back to our perception of TIME. The way we use and think about time can largely dictate where our attention and focus goes.
If you pay significant attention to what will happen in the future, and you experience FEAR and FRUSTRATION about what will be... then it's no surpise that this will have influence on your perception of events, your thinking, and even your actions in the present time.
And people wonder why there's so much "mumbo jumbo" about positive intention these days... when it's not the "supernatural" power of influencing your future that's at stake - it's your state of mind and your actions in the present that are largely effected by your views on your own future.
Funny how that works...
So then what happens if you can think your way to what the good things you want and are going to create in the future will look and feel like? Does this have some relevance on THE PRESENT if you take the time to think this through and then walk back in your mind to the present day from where you want to be in the future.
Yes, it does.
Some call it scenario planning. (Large corporations)
Some call it "The Secret".
Some call it NLP. (Neuro-Linguistic Programming)
Whatever you want to call it... it's fun, interesting and important to check-in with yourself and take a look at your own mental "model".
Do you think about THE PAST a lot? And in what context? To criticize yourself? To relive past negative experiences in an effort to somehow make good on them, or to avoid them in the future?
Or do you think about the future? And do you dream, or do you WORRY?
Start to become CONSCIOUS of where in time you spend your mental energy. And in what context. You'll like the outcome... I promise.
Something that for most of us in 100% completely UNCONSCIOUS and we're so "deep" in it that it never occurs to us how we really are, that there is another way to be.
Kind of like if you asked a goldfish how it felt to be wet. If you could ask, the goldfish would just stare at you and think... "Wet? What the hell is this person talking about?"
The point is... our minds have a funny little habit of developing patterns and ways of thinking and perceiving that become so ingrained that we see them as "reality". And we become more and more fixed and stuck in these patterns the more we use them.
Sounds like pretty esoteric stuff. So let me give an example of what I'm talking about to make this more simple and interesting. Here are some common mental and perceptive "orientations" that are very general and involve our perception of TIME:
-Focusing On Things That Have Happened In THE PAST
-Focusing On Things That Will Happen In THE FUTURE
These are the 2 of the most obvious and clear-cut examples around. But what's fascinating is that they have a HUGE IMPACT on the way you take in and experience the world, and what you do as a result.
A few other non-Time related modes of thinking/perception are:
-Is The World An Inherently GOOD Place? Or Is it BAD?
-Are People Basically Thoughtful And NICE? Or Are They Selfish And Evil?
Anyhow... back to our perception of TIME. The way we use and think about time can largely dictate where our attention and focus goes.
If you pay significant attention to what will happen in the future, and you experience FEAR and FRUSTRATION about what will be... then it's no surpise that this will have influence on your perception of events, your thinking, and even your actions in the present time.
And people wonder why there's so much "mumbo jumbo" about positive intention these days... when it's not the "supernatural" power of influencing your future that's at stake - it's your state of mind and your actions in the present that are largely effected by your views on your own future.
Funny how that works...
So then what happens if you can think your way to what the good things you want and are going to create in the future will look and feel like? Does this have some relevance on THE PRESENT if you take the time to think this through and then walk back in your mind to the present day from where you want to be in the future.
Yes, it does.
Some call it scenario planning. (Large corporations)
Some call it "The Secret".
Some call it NLP. (Neuro-Linguistic Programming)
Whatever you want to call it... it's fun, interesting and important to check-in with yourself and take a look at your own mental "model".
Do you think about THE PAST a lot? And in what context? To criticize yourself? To relive past negative experiences in an effort to somehow make good on them, or to avoid them in the future?
Or do you think about the future? And do you dream, or do you WORRY?
Start to become CONSCIOUS of where in time you spend your mental energy. And in what context. You'll like the outcome... I promise.
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