Give Something Away For Free

As an entrepreneur, you must learn the power of the word "free". Whether you use it directly or indirectly, the word "free" should be a regular part of your promotional efforts. Here are some ways to do so:

1) Free Promos - When you are doing a booth at a conference or expo, don't just give away free literature about your company. It is imperative to also give away free promos - such as bags, pens, key chains, etc. The more creative your free promo is, the better. Make it memorable, and try to target the giveaway to match your audience.

2) Free Shipping - As you are selling products through your web site or over the phone, the best thing to give away for free is the shipping cost. Free shipping is a very powerful incentive. If this poses a threat to your profitability, then consider incorporating the shipping cost into the actual price of the product. So, shipping isn't really free - but you're marketing it as so.

Or consider offering free shipping only if the customer opts for the cheapest shipping option - usually media mail or parcel post. Studies show that offering a free shipping option can increase your sales conversions by as much as 75%.

3) Free Content - A great way to gain credibility and publicity that leads to more revenue, is to give away free content. This can be done by writing a resourceful e-book, and giving it away free. This will cost you absolutely nothing to do.

You can also distribute informational columns to newspapers, magazines, and blogs - allowing them to publish them for free. Sites like ArticleCity.com and ArticlesBase.com are looking for free to content to syndicate to thousands of publications. This, in turn, will give readers access to your insight and expertise - making them more likely to become your client.


Giving things away for free is definitely an investment. However, this investment will prove to be worthwhile for your company in the long run. You will find that you will generate more sales, and better satisfy your customers. Even more, you will find that in these times of economic difficulties - you will be able to recruit new customers, who otherwise would have turned you down. Never underestimate the power of "free".

Obamapreneur

There is a new book entitled Obamapreneur: Million Dollar Business Secrets From America's Next President that reveals the powerful business strategies that helped Barack Obama defeat Hillary Clinton for the Democratic Presidential seat.

Two years ago nobody really knew who Barack Obama was. Today he's the favorite to become President of the United States. How could a relative unknown beat someone who by all accounts, had more experience, more brand awareness and more money a year ago?

According to Dr. Fran Harris, it's simple. "Barack Obama became a more powerful brand in the last 12 months. If you remove the emotional component of the race and you look at it purely from an entrepreneur's perspective, you have to acknowledge that we just saw one of the best business and marketing case studies played out right before our eyes," said Harris, who's the author of several books on success strategies, inspiration, business, wealth and finance.

In her book, Obamapreneur, Harris asserts that it was the game of business, marketing and branding that Obama won. In her book (which includes accompanying audio and video), she covers over 15 key factors that marked the crucial turning points in the Clinton-Obama showdown, pinpointing pivotal moments that could have gone either way.

"Who would have thought that social media sites would have played such a huge role in the primaries? Yet I firmly believe that part of the reason Obama won was that he was able to engage a demographic that wasn't tuning in to watch the 6 o'clock news," said Harris. "And that made all the difference in the world."

For more information about the book, visit:
www.obamapreneur.com

The Power of Testimonials and References

Every entrepreneur should have an understanding of the power of business testimonials and references. They are nothing more or less than personal endorsements, but they can make a huge difference to your company's bottom line.

People are extremely skeptical about doing business with companies they are unfamiliar with - especially if you're strictly online. Something as simple as a good testimony can give them the confirmation they need to buy whatever you're selling.

Here's how to maximize on this:

Take your best 5-10 clients and put their contact info on a list that you can easily email to interested ones. Be sure to let your clients know that from time to time, you may have someone contact them. Usually, most clients don't mind this - as long as people aren't calling them every single week.

In addition, post some testimonials on your web site. Use pictures if you can. Notice how I did it on one of my web sites: www.blackexperts.com/testimonials.html

It sounds simple, but doing this will drastically increase your chances of converting a potential client into an actual client. This well demonstrates the power of word-of-mouth advertising; What satisfied customers have to say can be very influential to others.

On the flip-side, be careful yourself when you are contemplating doing business with an unfamiliar company. Search their web site for testimonials. If there are none, call the company and ask for a list of references. This way you can talk to their actual clients, who can tell you whether or not they are legit.

If a company tells you that they have no testimonials or references, this may be a sign that they are running a scam. Don't jump to conclusions too fast though - It could just be a new company, with no existing clients. This, however, is rarely the case.

"It Must Not Hurt That Bad"

My mom once told me a story about a dog that sat on the porch howling in pain all day and all night long. People in the neighborhood would always hear the dog, and would wonder why he was always howling. One day a neighbor was walking by the house, and the owner was on the porch with the dog.

"Why does your dog howl like that? He sounds like he's in pain," the neighbor said.

"He is in pain," said the owner. "He's sitting on a nail."

"A nail," the neighbor said. "Is he stuck?"

"Nope," said the owner.

"So why doesn't he just get up?" said the neighbor.

The owner replied: "It must not hurt that bad."

The moral of the story is that many people complain extensively about their situations, but do little or nothing to try and change things. Unfortunately, onlookers have to conclude that it really must not be that bad. Surely, you know someone like this. But ask yourself - "Am I like this?"

Many complain about their financial status, but then make excuses about the solution that's right in front of their face. Here's an example:

A friend from the Washington DC area once told me that he was struggling really bad to make ends meet. He said he had goals to start a business, but simply could not afford to do so. I asked him if there was anything keeping him tied to the DC area. He said no.

So, I encouraged him to move down south to Virginia or North Carolina with cheaper living expenses - about half what he's paying to live in DC. In addition, he could start a business with less startup funds and a less saturated market.

His response was: "Ain't nothing to do down there." My response was: "It must not hurt that bad."

Change the direction of your life starting today. Stop suffering from self-inflicted wounds. If you can do something about your situation, then do it. Stop making excuses, stop procrastinating, and do it!

You Can Not Build A Business Relationship Over The Phone

This is a very costly mistake made by entrepreneurs looking to secure long-term clients. You can initiate a business relationship over the phone, but you can not effectively build one.

After you establish a potential client over the phone or through email - it would be very wise to arrange to meet this person face-to-face. This can be done by connecting with them at an upcoming conference or networking event, or just arranging to take them to lunch the next time you're in their city.

Keep in mind that your potential client is likely getting tons of phone calls, and few actual visitors. Who do you think will stand out? The hundreds of faceless calls, or the 5-6 people who actually show up?

If you are realistically expecting someone to spend money with you for months or years into the future, you must learn to invest in the relationship. This may require you paying for airfare, a hotel, a cab, and lunch or dinner.

Some may fret at this, but if you really believe that you have the products and/or services that they need - then you should understand that these types of small investments will indeed pay off.

Even more, if you are seeking a huge account - surely you would agree that taking a $500 trip can easily be justified by the potential $100,000+ contract that you might get.

Now That You're An Entrepreneur, Shouldn't You Be Rich and Famous?

So you're a business owner or entrepreneur or author or expert - whatever you want to call yourself. You've got clients, nice business cards, a few employees, and maybe even some office space. Maybe you've even been featured on TV and in a few magazines.

Colleagues see you as successful, but family and friends think that by now you should be rich and famous. They want to borrow money, and don't understand when you turn them down. Is that realistic though? Should all entrepreneurs be living like celebrities with money to give away? If you aren't living like this, does that mean you're doing something wrong?

Actually, the only people doing something wrong are the people who are thinking in that manner. Being a successful entrepreneur does not mean that you have to drive a Mercedes Benz and live in a million dollar home on the beach.

Rather, being a successful entrepreneur simply means that you have created a way of alternative income - aside from working for someone else. Whether you've created part-time income or full-time income for yourself, you have far surpassed the millions of individuals who will attempt to start a business - but won't generate any income at all.

You should celebrate the fact that you are even in the game, let alone in a country where there are business opportunities available for you. Don't be hard on yourself because you may not have reached celebrity status; the key is that you are still in business.

Anyone who has figured out a way (legal and ethical, of course) to get others to spend money with you, has done far more than any family member or friend may ever realize.

Business is not easy, and it is not straight-forward. If you create a company that does nothing more than allow you to eat and pay rent, you are a history maker and should be applauded.

Don't be mistaken though! I'm not discouraging you from reaching for the stars. If it's your goal to do so, do all you can to become the next Bob Johnson or Bill Gates or Oprah Winfrey. But until then, give yourself credit where credit is due - and ignore those spectators who have no idea how business works.

Are You Placing Too Much Emphasis on the Wrong Things?

Your glossy colorful business cards are ready, and your new logo is looking fresh-to-def. You're wearing the right colors, your shoes are polished, and you're planning to do some really firm hand shakes looking people right in the eye.

Your shoes match your belt, and your belt matches your handbag or briefcase. You've even got your underwear matching your socks.

You're wearing your new Rolex and an Armani Suit, so that people can think you're rolling in the dough.

You attend your conference or business meeting or networking function, and you do everything just as you practiced. But at the end of the day, you got little to no results. What happened? You did everything right, didn't you?

Well, if you're like many people - you may have put too much emphasis on all the wrong things.

There's nothing wrong with glossy business cards and a colorful logo, but that's not what's going to sell your product or services. Looking nice and wearing "business" colors is a plus, but this too will not seal the deal.

What sells your products and services is...well, your products and services. What you have to offer should sell itself. That's where the emphasis needs to be placed - there and also on your sales presentation.

At the end of the day, people don't care about anything else other than whether or not they need or want what you're selling.

Think about it: When was the last time you bought something because you liked how firm the salesperson shook your hand? Or because you liked their logo? Or because you were impressed with the way he/she dresses?

You, like many other consumers, buy for one reason: Because you are impressed and are convinced that this product or service should be a part of your life. Whether you were sold through a sales presentation (one-on-one consultation, brochure, radio/TV ad, web site, etc) or whether the product sold itself - the emphasis was heavily placed on what was being sold.

Professionalism is extremely important in many aspects, but if you don't have a product or service that people want - you can forget it.

How Do You Know When You Have A Good Business Idea?

Mark Cuban, the billionaire owner of the Dallas Mavericks, once said that he knows when he's on to a good idea when everyone in the room disagrees with him. He feels that if no one else can see the logic in his idea, then this proves how revolutionary and original his concepts must be.

Many entrepreneurs, however, are quite the opposite. They feel they've discovered a good business idea when everyone around them agrees with them. To them, when everyone can see the logic - this means that they are on to something.

In all actuality though, you will never know for sure if you have a good idea until you actually pursue it. It doesn't matter how many people agree or disagree with you. Only time will tell.

There are, however, some ways to determine whether or not your idea is realistic. Of course, if your idea is not realistic - then its not a good idea. Here are 3 intriguing questions to ask yourself:

1) Can my idea be easily duplicated? Understand that you can patent a product, but not a service. If you come up with a unique service, you have to consider whether or not people can steal that concept from you.

For instance, I remember having a conversation with a friend who had an idea about opening a unique store for women. She felt that whenever she went shopping for clothes, she could never find the right size - they would either be too small or too big. So she wanted to open a store with all half sizes (6 1/2, 7 1/2, and so on). Well, it wasn't a bad idea. However, if she pursued this and it became really successful - every clothing store nationwide would catch on and do the same thing.

Her idea was way too easy to be duplicated, and it would have backfired in her face if she went forward with it.

2) How will I market my idea? I know tons of people with great ideas, but when I ask how they will market it - they get extremely quiet. Promoting a unique invention nationally costs money. Do you have those funds? Do you know how to raise capital? What about distribution? How will you get it into the stores? Will you sell online? Do you even know how that works? Be cautious about making the very costly and common mistake of creating a product, with little or no knowledge on how to let people know it exists.

3) Will I be able to compete with bigger companies? Keep in mind that patent protection doesn't last forever. Eventually (usually after 10 years), your patent for your product will expire and you can not renew it. This means that other companies can come and take your idea. Will you be able to compete with them when this happens? Have you even considered this? If you don't think you can handle this, then your business idea is probably not a good one.

Promote, Promote, Promote

I was recently in Orlando, Florida at a diversity business conference chatting with a marketing director at Merrill Lynch. Just recently Merrill Lynch lost billions of dollars as a result of the national foreclosure crisis. I asked him if this would affect their advertising budgets. He told me "no", and that they were planning to increase their spending.

I did some research and found that in times of an economic slow down, many big businesses increase their advertising budgets. If this is the case, how much more important is it for small businesses to increase their promotional efforts as well?

Now is a great time to have a better presence at related conferences, to launch a postcard marketing campaign, and even to solicit speaking engagements at industry events. Now is the time to give away free t-shirts and other promotional items with your logo.

Promotion is so much more than just passing out flyers and business cards. It's so much more than just running a classified ad in the local newspaper, or even sticking a magnet on your car.

Effective promotion requires actual legwork. Become a hustler, get on your feet, and go get those clients. If you have a booth at an expo, don't just sit there. Engage people. Conquer the masses, and recruit them as long-term customers.

Don't use the bad economy as an excuse for why your business is slow. Things can easily speed back up when you take an active hands-on role in your company's advertising methods.

$250,000 Business Plan Contest Open to All

The Central Valley Business Times (in Fresno, California) has announced a $250,000 business plan contest accepting nationwide entries. Finalists will compete in October. Entrants have to have a convincing business plan and be at least 18 years old. That’s it as far as entry requirements.

“Anyone who has an idea for an innovative new business, and a business plan to match–or who has already started and is growing a business with a promising business plan–is welcome to enter,” says the sponsor, the Lyles Center for Innovation and Entrepreneurship.

The top 10 finalists will travel to Fresno, California for a two-day competition Oct. 2 - 3, where they will present their business plans to a panel of judges. On Oct. 4, the winner–and recipient of $100,000 in cash and $150,000 worth of in-kind services–is to be announced during halftime at the Fresno State Bulldog football game.

Entries will be accepted beginning June 1st, and again - everyone from any state can apply. For more details, visit:
http://www.lylescenter.com/100k_business_plan.php