Q: I have a great idea for an amazing new product. There is nothing like it on the market and no competition that I can find. I think it will be a huge success and so does everyone I tell the idea to. I'm willing to bet the farm on this one. What do you think my chances of success are? A: I'm a lousy poker player, mainly because I can't help grinning like the village idiot when blessed with a winning hand or frowning like a sad clown when dealt a dud. I also never make odds on the success of "amazing new products" because more often than not the only thing that's amazing is the way the product is totally ignored by the buying public. In my software business there have been times when we came up with what we thought was an amazing idea for an amazing piece of software - a piece of software so amazing, in fact, that we knew that all mankind would sit up and take notice, then line up to write us checks. After hundreds of hours and thousands of dollars spent developing the product we were amazed to find that the only people who thought the software was truly amazing was us. We made mankind yawn. Quite an amazing accomplishment, if I do say so myself.It worries me that you say there is nothing like your idea on the market. While you may think that is a good thing, it might actually mean that there is no market for your product. The same holds true for a lack of competition. A total lack of competition might mean that there is no demand for such a product. Rarely does a product come along that revolutionizes an industry. Rarer still does a product create a new industry on its own. So, how can you tell if your amazing new product really is worth gambling on? The truth is, you can never be 100% certain that your idea will sell. No matter how enamored you are of it or how much your friends rave about it, the success of a new idea depends on a number of factors, many of which are beyond your control.Such factors include: The viability of the idea: is this really a product that you could build a company around? Does the idea have the potential to generate revenue or customer loyalty? The people implementing the idea: the right team can make even a mediocre product a huge success (ever heard of Windows). Inversely, a bad team couldn't sell ice water in Hades. Pick your team carefully. The right people really do make all the difference. The demand for such a product in the marketplace: will this product fill a need or satisfy an itch? The competition: is the market already crowded with competitors? If so, what will it take to move your product ahead of the pack? The depth of your pockets: even an amazing product requires a ton of cash to go from drawing board to store shelf. The availability of other resources required to take the product from the drawing board to the consumer: do you have the time, the drive, the perseverance, the knowledge, the contacts, the support, and a hundred other things required to bring your amazing idea to fruition? The list wouldn't be complete without sheer luck and timing. And a thousand other things.Before you invest too much time and money into your idea, do a little research to determine if it's an idea that's really worth gambling on: Research the market for similar products. Again, if there are no similar products on the market that might mean there is no market for that product. If there truly is nothing exactly like your product, research similar products that fill a similar void in the consumer's life. Learn all you can about such products: pricing, market share, track record, etc. Research the competition. As mentioned earlier, if there is no competition there may not be a market for a product like yours. If there is competition, research the competition fully (little guys and big guys) to help determine if you can realistically compete for market share. Identify your target customer and ask them for an honest evaluation of the idea and its marketability. Avoid friends and family as they usually just tell you what you want to hear. If your target customer is a 35 year old female, pitch your idea to every 35 year old female you meet and gauge their response. Just don't break any stalking laws in the name of market research :o).The best advice I can give you when it comes to amazing new product ideas it's best to follow your head and not your heart. It's a lesson that took me years to learn. If I had a nickel for every amazing new product I've invested in I'd go play a few hands of poker.Here's to your success!
Here are 3 common cold calling techniques that you should probably avoid:
Mistake #1: Center the conversation around yourself and what you have to offer
In the old approach, you introduce yourself, explain what you do, and suggest a benefit or feature of your product. And then you close your eyes and pray that the other person will be interested
Unfortunately, the moment you stop talking you usually hear, "Sorry, Im busy," or "Sorry, I'm not interested."
You see, youve started your "cold call" by talking about your world and what you have to offer. But realistically, most people arent all that interested in you. When you talk about your company and your product, its just another advertisement to them. You havent engaged them, so they often just "turn the page."
Prospects are much more interested in themselves and whats important to them. So if you start the conversation by focusing on their world, theyre more likely to interact with you.
So instead, talk about an issue or problem they may need solving. Focus on them rather than on what you have to offer. And see where it takes you.
Mistake #2: Be confident they should buy your product or service
In the old cold calling mindset, youre taught to focus on the sale and be completely confident that what youre offering is something the other person should buy.
The problem with this approach is that you havent asked them to determine this along with you. So think about it in the old mindset, youre really deciding for someone else whats good for them. I know this isnt intended, but thats exactly what comes across to your prospects.
So rather than being full of confidence and enthusiasm, stop for a minute and think about the other individual. Relax into a real conversation instead of moving into a persuasive strategy or sales pitch. Put yourself in their shoes and invite them to explore along with you whether what you have to offer is a match for them.
Others really can distinguish the difference. Youre inviting them to see if you might be able to help them solve a problem. This makes for a much better connection right at the beginning, and youll get that immediate rejection reaction much less.
Mistake #3: When someone brings up an objection, try to overcome it
You know, one of the reasons cold calling is so difficult is that sometimes you may not be very familiar with the other person and their business. When you make that first call, you dont know very much about their issues, problems, budget, and time constraints.
Chances are, not everyone is going to benefit by your product or service.
So realistically, your company or product isnt going to be a match for everyone. And yet, when someone brings up an objection ("we dont have the budget for that," etc.), the old cold calling mindset trains you to "overcome," "bypass," or "override."
But when you do that, you put the other person on the defensive. Something theyve said is being dismissed. And heres where rejection can happen very suddenly.
So its much better to listen to their concerns and continue to explore whether what youre offering makes sense for them. There are some wonderful phrases you can use that validate their viewpoint without closing the conversation.
So now youve discovered the 3 major cold calling mistakes people often make. See if you can shift away from those old self-sabotaging mindsets. When you do, youll notice that people will engage you much more, and the immediate rejection youve grown so accustomed to will happen much less.
Simply because the Reverse Funnel System does exactly what its suppose to do. The Reverse funnel system is an expert system designed by expert internet marketers to automate the building of a highly profitable internet business.The reverse funnel system allows entrepreneurs and marketers to do nothing other then focus on traffic generation. That way you dont have to spend countless money, hours, and time developing offers that can prove to convert at a decent rate.The reverse funnel system has ALL of that created for you. Thats why the reverse funnel system is breaking records throughout the internet marketing community.There has NEVER been a system designed that converts as high as this system does. The entire system was designed by expert copywriters, for over $25,000 per page. This system has allowed average people to take advantage of systems, copywriting, and a funnel process that they normally never would have access too.Because of this, many entrepreneurs from all over the world have created more full time income from home using highly converting systems like this then has ever existed before. Any one who is truly interested in marketing, needs to focus their attention on marketing a funnel that CONVERTS the highest based on the traffic you run through that funnel.This simple equation is the key to getting paid the most for what your effort and energy is worth. If you affiliate marketers and entrepreneurs keep promoting products that have low conversions and low commissions, they will continue to limit the amount they could actually be making for that same marketing effort.
Mergers and acquisitions happen just about every business day of the year. You may not hear about many of them, mainly because they are low key companies. But, having the inside scoop on the latest and greatest mergers and acquisitions can help you to keep your head above water as well. What are these and why are they so important anyway? If you are not sure what mergers and acquisitions are, let's talk for a moment about that. In the simplest of terms, a merger is the combining of two companies. Of course, there will be rules, laws as well as a long list of contracts to cover all of the basics and then some. The acquisition is different because in this case the companies will become one, but one is buying the other. It is not a combined effort to rule together so to speak but one company out right purchasing the other. That is the most basic of understanding for what mergers and acquisitions are. They are important for a number of reasons. For example, you may be part of one of those mergers and or acquisitions. In that case, you'll want to know what is happening to you and your job. But, if you are not part to fit, you still need some information about how it all happens to affect your business. If two companies that make paper merge, and you make paper as well, will they have a larger share out there now and will that mean more dollars to spend on marketing? As you can see, this will affect your business quickly. Keeping a good eye out for when mergers and acquisitions happen is something that all good business people need to do. You will find this information readily available to you virtually when it happens on the web. You'll also find a wealth of information about the details of the mergers and acquisitions as well. Doesnt everyone just love the gossip out there?