Chris "Mr. Moneyfingers" Haddad... Jeff Walker-Trained Product Launch Manager, Results-based marketing consultant, frankly-awesome direct response copywriter, strangely good dancer, capitalist hippie and all around great guy. On this site he shares all sorts of tips and tricks on how to make good money in bad times... opines fiercely on things that matter to him and occasionally goes a tad bit nuts. Plus he can do that thing with his eyebrow.
And let me know what you think in the comments section =-)
P.S. (Got a few comments from folks saying the audio is a bit low on the vid. Not sure what happened with my mic there, but I just uploaded a new version with *slightly* better audio. Afraid you may have to put on your headphones to really hear it properly. Sorry.)
In today’s video copy critique, I take a look at http://www.karaokestardvd.com.
It’s a long critique (about half an hour . . . I got rolling and couldn’t stop) packed with a lot of “deep digging” into how you can improve the readability and flow of your copy, why “mean” copy doesn’t work and how to get more “intimate” with your audience.
I also spend a good amount of time revealing my super-sneaky technique for installing “Criteria” into the minds of your market in your copy (basically telling them what they should DEMAND in a product . . . and showing them that your product meets that demand.)
This site isn’t a “sales letter” but when Gwen asked me to critique it I felt like I had to. Why? Because Gwen is GREAT at her job (Feng Shui) and gets raves from all of her clients . . . but her site doesn’t convert for @#$#.
Watch the latest Moneyfingersinc.com Copy critique as I (gently) rip Spacetransform to shreds. (The best part of the video is near the end when I start riffing on what kind of copy Gwen SHOULD have on her site.)
Jay Deiboldt was one of the first 5 to ask for one of my complimentary copy critiques. This video is a bit long but goes into a lot of detail on why Google Slapper isn’t quite converting at the levels Jay wants it to (even though the letter looks great and was written by a pro.)
In this video you’ll learn . . .
* Why your lead MUST flow naturally from your headline to keep drag your customers kicking and screaming towards the sale.
* What “Speedbump” words are . . . and how to eliminate them to make reading your copy as easy as downing a can of soda pop.
* Why doing the “pre-work” of writing your sales letter is so important. . .
And a whole bunch more. Hope you enjoy the vid (it’s a little long at 22 minutes, but there’s a lot of good content.)
While I was down in Sayulita, Mexico, I put together a short video talking about the power of ENVY for my friend and client Kevin Potts. It’s a pretty good video (and shows off the heart-stopping beauty of the place) so I figured I’d share it with you too.
I actually wrote this newsletter way back on Thursday while at the Social Media Pre-Day of Yanik Silver’s Underground 5 in DC. I meant to hop online and post it but . . . uh . . .honestly, I was just too busy meeting awesome people and having a raucously good time.
I twittered like a maniac the whole time I was there, so if you want the scoop just look at my timeline at http://www.twitter.com/chrishaddad . . .or you can search for #UG5 to hear what other folks had to say.
And noooowwww. . . . for the main event.
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How To Use Risk Reversal To Double Your Sales Without Losing Your Shirt
========================
Welcome back to the Hard Working Words newsletter . . . monthly tips, tricks and bits of advice from Marketing Consultant and Direct Response Copywriter Chris “Mr. Moneyfingers” Haddad . . .
In today’s issue I’ll reveal a short but *powerful* method you can use to make even high prices seem reasonable . . . and to make lower prices seem like an absolute steal.
Ready?
Great.
Let’s dive in.
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How To Make Even High Prices Seem Like An Absolute Steal
==================
In a recent speech to the National Retail Federation, Walmart CEO Lee Scott noted that, in a focus group of young shoppers, “Every one of them had given something up, and they were talking about how *good* they felt about doing that.”
Which roughly translates into “People are spending less. . . and they’re ENJOYING spending less.”
Now, as a frugal guy myself (I can make on sweater last a lifetime), I actually like the idea that folks across the country are tightening the purse strings and saving their cash. Especially if it keeps them from falling into credit card debt or spending money on Miley Cyrus albums.
But if you’re a entrepreneur, business owner or marketer . . . well then this sudden explosion of financial responsibility can pose a bit of a . . . err . . . problem.
After all,*you* still need to make sales, pay your bills and (hopefully) grow your company.
But how can you do that when your customers LIKE holding on to their money?
Now, when I wear my consulting hat (it’s brown one and says “the North Face” on it. Bald men need warm hats) I help clients solve this problem in all sorts of ways . . . from reactivating dormant customers . . . to creating “ghost” competition . . . to finding hidden profit centers they never knew were there.
But today I’d like to focus on something simple that you can do *right* now to ratchet up the perceived value of what you’re selling and make your price seem not just reasonable . . . but actually kind of ridiculously cheap.
A trick I call . . .
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“The Apples To Oranges Comparison” . . . or “How To Justify Your Price In 2 Easy Steps”
============================
Here’s how it works . . .
Now, most business folk make the mistake of comparing“apples to apples. . . ”
They compare the price of their product (or whatever else they’re selling) against the same product or service being offered by their competition . . .
Or they don’t do any comparison at all and let the customer do all the mental math for them.
So a massage therapist might say “We charge $75 per one hour session . . .” and mentally their customer compares that against the “regular” price they’ve seen for massage and makes a decision on whether it’s worth the money.
And that works “alright” in a good economy. But in a bad economy? Well, you need to get a bit more creative.
You need to get your prospect to compare your product or service to other MUCH MORE EXPENSIVE product or service that accomplishes (more or less) the same thing.
For instance . . . let’s pretend that you’re selling a downloadable course on how to give deep tissue massage and that you’re aiming it at every day folks . . . folk who come home tired every day . . . have sore muscles and just want to be able to relax. (Let’s say it’s for couples, cuz that’s more fun.)
How would you justify the price?
How would you make this product (which is an ebook plus some downloadable videos) seem like a *screaming deal?*
Well, here’s what I would do. I would say . . .
“So, how much does The Complete Couples Massage Course cost?
That’s a really good question and I’m glad you asked it.
The cost of this course . . .complete with the illustrated couples massage workbook, 5 hours of professionally produced videos showing you the EXACT technique to release tight, tense muscles, the bonus relaxation CD and the Pilates for dummies super training is just $97.00.
Does that seem like a lot?
It really shouldn’t.
Just think about it for a moment.
Learning these powerful massage techniques at an accredited massage school would cost you several thousand dollars at least . . . you’d have to adjust your busy schedule to make sure you could make the class in the first place . . . and, depending on where you live . . . your instruction wouldn’t be anywhere near the quality of what you’ll receive from Jennifer and Bill.
And, of course, there’s another great cost savings . . .
Most professional massage therapists charge at least $75 per one hour session . . . plus tip. Even if you just receive one massage a week to help you unwind from your long day, that will quickly add up to almost $400 per month.
But with the Complete Couples Massage Course you’ll not only save money. You’ll build longer, deeper bond with your partner. You’ll give each other the gift of relaxation and will be able to set aside quiet time to build more intimacy in your relationship.
And I’m not really sure you can put a price on that.”
And then, of course, we’d move on to our guarantee where we made the deal seem even better.
But as you can see there, I didn’t compare the course to other online massage courses . . . and I didn’t compare it what my prospects might normally expect to pay for a booklet and a few videos.
Instead I compared the Apple (online couples massage course) to the Orange (professional massage training, getting massages.)
If I were writing a full sales letter for this I’d probably spend a bunch more copy talking about the intimacy aspect.
==============================
OK, But How Can You Use This For Non-Info Products?
==============================
Great question. And I’ve got good news, it’s actually pretty easy if you can be a little creative.
Just think about the RESULT you get for your clients and compare it to other, more expensive, options that get the same or similar result . . . or to the money your clients will lose if they try to go it alone.
If you’re a massage therapist . . . compare yourself to the cost of chiropractic, prescription pain pills, lost productivity and even surgery.
If you’re a drum instructor . . . . compare yourself to the cost of 4 years at Julliard . . . or the the many, many wasted hours of practicing the wrong way.
And if you’re selling a widget of some kind . . . compare your price to the price of higher end widgets that do the same thing.
I could go on, but you get the idea.
Got it?
Good.
I expect homework by morning.
If you’ve got any questions or comments, you can still reach me at chris@haddadink.com
If you want to read more of this kind of stuff, head on over to the HWW blog at http://www.haddadink.com/blog (gonna be moving to a new blog soon. So bear with the technical hiccups.)
If you want to know WAAAY too much about what I do all day, follow me on twitter at http://www.twitter.com/chrishaddad
And if you want to learn more about me and the voodoo that I do so well, well check out http://www.haddadink.com
P.S. After writing this, I’m totally interested in a couples massage course I can watch at home. Sheesh. Somebody make that!
Hey folks,Welcome back to HWW. This is the last issue of the big newsletter for 2008. So let’s make it a good one and talk about a topic that’s near and dear to a lot of people’s hearts.
======= How Do You Make Yourself (Or Your Product) Indispensable?
=======
It’s a fact, consumers and businesses are being a *lot* more picky about where they spend their money these days. Expenses are getting cut to the bone, and most costs that can be even vaguely classified as “luxuries” are getting tossed aside like 3 day old gum.
So, how do you keep yourself or your product on the list of “Must Haves” and off the list of “expenses” getting slashed?
Whew. I got a *lot* of responses to my email last week . . .
I asked “What’s the biggest question you’ve got about surviving the
recession?”
And the responses came *flooding* in . . .
Obviously, folks are nervous about the current economy and how
they’re going to get through it.
But enough preamble . . . let’s dive in. Any one of these questions
could fill a whole issue of HWW by themselves, but I’m going to try
to keep my answers brief so that we can cover as much ground as
possible.
============================
Carrie Lanza asks . . . “Chris . . . How do I start out as a
freelancer during the recession?”
============================
Hi Carrie,
First off, congrats. Going out on your own can seem scary at first,
but once you get your feet under you, you’ll wonder how you ever
got by before.
Some key points of advice:
1. Live Below Your Means (and then grow your means.)
The sad fact of the matter (and one of the big reasons that we’re
in this financial mess) is that most Americans spend way, way WAY
more than they actually make. As a freelancer and small business
owner, you just can’t afford to do that. You’ve got to cut your
expenses, your luxuries and even your long term investments to the
BONE and build up as much of a cash cushion as you can. Get as
close to “starving college student” living as you can.
2. Forget Your Passion . . . Give The Market What It Wants.
Remember that old adage “Do what you love and the money will
follow?” It’s great if you’re writing greeting cards or trying to
inspire a room full of passionate Ukelelee players . . . but it’s
utterly worthless when it comes to doing business in hard times.
Instead, you’ve got to focus on what you’re good at, what you don’t
*hate* doing, and what people are actually still willing to pay
good money for.
Which means you’ve got to help them *make* money (which is what
marketing consultants and copywriters do) . . . help them *save*
money (by doing a job they used to do themselves or in house, but
cheaper) or that shows another simple and tangible return on
investment.
3. Be Shameless In Your Self Promotion . . .Make Big Promises AND
KEEP THEM.
Here’s the big one. You didn’t mention what you wanted to go
freelance *as* in your email, but no matter what it is you’ve got
to be ready, willing and able to *sell yourself.”
As I’ve said for years, “Marketing is the art of making a promise
and keeping it.”
When talking to potential clients you’ve got to be aggressive (but
not obnoxious) and lay out in exacting detail what kind of results
you can get for them. Make big promises . . . and then drastically
exceed the results you promised.
=========================================
Robert Landis asks . . . “One sure way to increase market share or
number of clients, is to reduce prices during a recession. However,
we are already a “low cost provider” by many of our competitors
standards, only charging $95.00 per hour. In addition, we have
business booked until late January 09. One attempt we have made to
address this issue is offer Search Engine Marketing services for a
small flat monthly fee plus a 10% commission on sales from the
campaigns. Any other creative ideas?”
=========================================
Hi Robert,
I’d actually disagree with your initial statement. If you’re
selling widgets or a commodity, then yes, lowering prices can ramp
up your business. But for a service-based small business like
yours, lowering prices is often akin to corporate suicide. It
slashes your margins and, in some cases, actually scares away
customers who think “If you’re that cheap, you can’t be very good
at what you do.”
But let’s get to the other part of your question . . .
Commission-based work is great.
A few other ideas I’d recommend:
1. Keep your prices where you are, but make bigger promises and add
more value. (Man, I say that word a lot.) What’s unique about you?
What do you do that no one else does? Can you offer some for of
guarantee or maintenance schedule at no additional cost? Do you
have services that are really cheap for you to perform but that are
worth a ton to your customer? Throw those in for free as “Bonuses”
for your clients. The problem I see with a lot of web dev houses is
that they “Commoditize” themselves. They all sell themselves based
on time units and offer very little to stand out.
2. Become an authority in your niche. Start sending out a
newsletter or doing webinars or teleseminars on topics that are
important to your customers and that are done in language they
understand. Give away your absolute best advice for free. You’ll be
shocked how many folks then call you up and ask you to work for them.
But no matter what, you’ve got to start finding a way to
differentiate yourself from the competition. Web Dev houses are a
dime a dozen. What makes you DIFFERENT?
=========================================
Elizabeth asks “What can a person who is inherently lazy do to
become less lazy about marketing themselves? Well, not so much lazy
as shy.”
=========================================
Hey Elizabeth,
I had some friends not so long ago ask me for some marketing
advice. They asked me how they could quickly promote their small
business and get some more customers.
And I laid out a pretty simple plan that I think would have worked
quite well. They listened patiently and at the end said “That
sounds like a lot of work. We don’t want to do that.”
And I said “Well, then go out of business.”
Personally, I’m a pretty lazy guy (and am secretly pretty shy) so I
can empathize . . . but if you’re going to survive in tough times,
you’ve got to beat that out of yourself. Like I told Carrie, you’ve
got to be willing to go out and make big promises and follow
through on them.
You’ve got a simple choice: You can kick yourself in the pants and
go out and *sell* yourself properly now . . . or you can wait until
the money’s gone dry and try to do it then. Not pretty. Not fun.
But necessary.
Sorry I don’t have a magic bullet for you. But shy people don’t
tend to do well as entrepreneurs. (Unless they learn how to hide
that shyness behind a mask of frightening confidence. Not that I
would know anything about that.)
===================================
Howard Howell asks “How do I interest biz owners and pro service
providers in investing in their own education by attending my paid
workshops on entrepreneurial sales and profits?”
===================================
You scare them.
Scare the bejeeezus out of them, actually.
And I’m not really kidding.
Howard, honestly, you’re in one of the easier niches to sell in
this kind of economy. The “learn how to make more money” niche. The
key is, you’ve got to outline in exact detail the huge BENEFITS of
learning your system.
* How much more *money* will I make if I attend your training?
* What *huge problems* will you solve for me?
* What *massive regrets* will I have if I *don’t* come to your
seminar?
* What *ridiculously generous* guarantee will you give me that your
workshop is worth my time?
I’d also start tying the bad state of the economy directly into
your marketing. Bring up the crumbling economy and tell your
prospects that you’ve got the system to beat it.
Whew. And I think that’s all we have room for today.
I’ve still got a ton of questions stacked up in my inbox. What I’ll
probably do is pick a few to highlight on the blog. So if you don’t
see your question answered here, don’t panic. I’ll try and get to
it as soon as I can.
You can find the blog at Haddadink.com/blog
And you can get in touch with me just by replying to this email.
