October 1, 2009

Keeping Cool When Money Talks Heat Up... The Two Out of
Three Rule... How to Seize Your Next Opportunity... Don't
Forget to Include this with Your Info Product... and More.

Whether it's at home in the kitchen or at the office in the boardroom, when the topic turns to money, there are sure to be a few red faces and flaring tempers.

When it comes to talking about money, it can be hard for many people to keep their emotions out of the conversation. Money, and especially a lack of money, can bring out the nasty feelings of anxiety, nervousness and, oftentimes, jealousy.

It goes without saying that these are emotions that can make anyone act in an irrational manner. Deals can be broken and, worse yet, relationships can be destroyed.

Being a hothead when discussing money matters rarely works to anyone's advantage. So, learning to keep your cool and spot when tempers are heating up could help you control situations and reach resolutions with more ease.

First, if you know you're someone who gets angry when money is brought up, work on ways to control your own emotions. This could mean ending a conversation to take a break or simply steering the conversation away from the more stressful topics.

Of course, avoiding a problem will never help you reach a resolution. This is why learning how to regain a calm attitude is so important.

On the other hand, you may be dealing with someone else who is prone to explosive fits when money worries are brought up. Here's where you want to be able to take control of the direction of the conversation. Screaming and yelling rarely lead to positive results, so take the reins and suggest a break to help everyone relax.

The most important part of learning how to keep money conversations from turning into disasters is to have a plan. There are going to be objections to ideas and disagreements over spending, so plan ahead with solutions you believe could resolve these issues.

Before your next money talk, take a few minutes and write down your goals. Understanding what a resolution could be even before a discussion starts can go a long way to helping you come out with a beneficial deal.

No matter what kind of business you're starting, running, expanding...it pays to know and apply the Two Out of Three Rule.

It's a fair rule for you and your customers. But, unless you know this rule, you're likely to burn out of money and energy fast, and not even know what hit you.

The Two Out of Three Rule says: offer special customers (aren't they all!) a choice of two of the following three promises:

(1) Fast service;
(2) Top quality;
(3) Great price.

All successful companies apply this rule. Take a look at McDonald's. The global restaurant chain that boasts "Billions and billions served" delivers on only two of three: service and price. Quality is left out of their equation.

Now look at Tiffany's. The high-end jewelry retailer, like the hamburger seller, delivers on only two of three. But Tiffany's two are service and quality. Price is not a prime consideration.

What two should you build your business on? Here's how your choices break down:

Focusing on fast service at a good price means quality might suffer. Focusing on quality and fast service means you'll need to charge top dollar. Focusing on quality at a low price means your customers should not expect the fast delivery of your product or service.

This Two Out of Three Rule should not be ignored -- for the sake of your success. Any two will do, but my least favorite combination is (2) and (3). This combo has you offering top quality at a low price and allows you to slack off on speedy delivery. This stinks. You're working extra hard to produce top quality, you're getting paid less...and you wait longer between paydays.

My personal favorite combo is (1) and (2), the Tiffany's model. This combo has you providing your customers with top quality, fast. And it also allows you to charge top dollar.

Or you could succeed by providing exceptional service and a low price, if you can afford to give way on quality. It's the McDonald's model. And it's a model that has made many richer than you or I could ever hope to be.

I remember when I was growing up, my dad was almost famous for using the phrase, "seize the moment." He was a big believer in acting on thoughts and taking advantage of every little opportunity that presented itself.

You see, so many people have moments where they have a great idea, get all excited, but then never do anything with it. They continue along with their daily lives and let opportunities pass them by.

The key to success is acting on the ideas we come up with...at least the good ones. Just think about it: how many times have you come up with a great business idea or thought about various ways to improve your life, but never really did anything about it? If you're like most people out there, it's probably been too many times to count.

After all, we have all kinds of thoughts every single day, and there simply aren't enough hours in the day to act on them all. But the really good ones that get us excited need to be acted on. Let's say, for example, you're sick and tired of your job and your negative living conditions. You spend some time thinking about it and you realize what you need to do to feel better, improve your life and let you maximize your earning potential.

In order to make these thoughts reality, you have to act on them the right way. Spend some time and think about how you plan to execute on your ideas. Write down the various things you need to do, and set some deadlines. By setting deadlines, you have goals to work towards and you can track your progress. By organizing your thoughts into executable actions, you can begin to move forward.

The important thing to keep in mind is that you really can do anything you want to. Many times, the only things that hold a person back are their own negative thoughts and feelings of inadequacy. The truth is that many successful entrepreneurs came from difficult situations where most people would feel powerless. For example, Howard Shultz, CEO of Starbucks, came from a city housing project in Brooklyn, New York. Donald Trump came out of a crowded closet of an office making cold calls for his dad's small business. Even I came back from bankruptcy to become a successful business owner.

If you're in a tough situation, act on your ideas of living the good life and improving your situation. Set goals and start on your path to success as soon as possible!

** Don't Forget to Include this with Your Info Product
By James Burt, Online Marketing Expert

As an info marketer, your success is completely dependent on other people; your clients. It's that simple. They are the ones who will put money in your pocket for your products.

I am always impressed with those who treat their clients with respect. My mom had some trouble at the bank one time, and after she brought the matter to their attention, they sent over a fruit basket in appreciation of her continued business and apologizing for their error. I've seen my superior, Michael Lombardi, always be attentive to his clients' needs and often seek out their opinions on how he can do better business.

With that in mind, here are some customer courtesies I think all info marketers should have. There are no doubt other things you can do, but here is a basic list of how you can be a professional and courteous info marketer:

--- Don't break professional face: The reason you have been doing good business is that you've maintained a professional disposition all the time you've had your information marketing business. Some people get a little too arrogant once they are successful in their business. They think they are on a roll and, as a result, they slack off. This is a terrible habit to get into. If you've been doing well, don't stop. Keep your deadlines and stay in the loop of any new developments of your business. Success is a bit like getting a driver's license: it's more of a privilege than a right and not everyone can do it. Never forget that and strive to do the best you can at all times.

--- See what they think: I wrote a newsletter a while back about doing your own surveys and demographics. Last week, a credit card company that I use called me asking my opinions about improving their service since I hadn't been using the card. There was nothing wrong with their service -- I just hadn't had a need for the card lately -- but I was impressed with their query. It's something you can do, too. Send out a survey, personalized e-mail, or other questionnaire to see what they think. Offering this vehicle for input to your clients really lets you see how to improve on your business and gives them the sense that you care about what they think.

--- Send out a greeting: When certain holidays or special times of the year come around, it's a good opportunity to send out a greeting and/or sign of appreciation to your clients. My old boss at the publishing house brought around Popsicles to our desks before Canada Day and sent out a card with chocolates at Christmas Time. Popsicles and chocolates can get messy (!) and you don't have to do this yourself, but do be sure to send out a greeting of gratitude at a regular time throughout the year. Showing your appreciation to your clients is invaluable and it's a good way to show your clients that you care.

--- Offer "specials:" If you have clients that are regulars and with whom you have done good business, it's good to give them your business' special offers. Say you are releasing a new info publication or sending out a hot e-newsletter. Why not offer them a discount on it? Have something in particular that a particular client would be interested in? Offer them it at 30% off. Not only will they enjoy being offered something at a discounted price, but they will also be inclined to get others to come to your business.

As a colleague once said: "Be good to them and they will be good to you." Give your clients great service, be a pro, and treat them well at all times and they will continue to make your info marketing business a success. All the time.