Reducing Fear and Uncertainty, Part 2

On Monday, I introduced the topic of reducing consumer fear and uncertainty, and the distrust that often accompanies those emotions. I suggested that building a reputation for post-sale customer service and offering free samples might help overcome these marketing obstacles.

Today I will discuss offering satisfaction guarantees.

3. A self-described marketing expert once insisted I needed to offer a “100% money-back guarantee” to win new clients. It gets worse! He also suggested I guarantee savings of at least 10 times my fee. I had two major issues with the suggestion. First, in a profession where it was actually illegal to advertise only a few years ago, it sounded too much like an old-fashioned “snake oil” marketing approach. Secondly, all I do is counsel and advise clients. The value of that advice is ultimately dependent on their success in implementing recommendations in a timely fashion. I cannot guarantee the actions of others. Neither can you!

With that said, the concept of a money-back or satisfaction guarantee might have value to service providers within some narrowly defined parameters. Carefully consider the following matters:

  • At the risk of sounding like a cynic, get paid up front. Clients will be less likely to take advantage of your guarantee if they have to look you in the eye and lie about their dissatisfaction while asking for a refund.
  • Place clear and reasonable boundaries on what customers must do to qualify for a refund. Assume for example that I promise to develop your website and have it running within 60 days. That commitment must be contingent upon you providing a list of items like graphics and content, and on your timely approval of my work at various stages of completion. If your failure to perform those obligations is the primary cause of me missing the deadline, forget the money-back guarantee.
  • Consider offering a money-back guarantee on only part of your services. For example, weight loss centers advertise you will lose 20 pounds in 10 weeks for $20, or you get your money back. Since these centers cannot guarantee customers will follow the program, they cannot guarantee anyone will lose weight. They do not seem to fret much over that minor annoyance. Part of the weight loss program is that you eat their food for the entire 10 weeks. That will cost another $75 or more a week. No one can reasonably expect a refund for food they consumed, no matter how little weight was lost. Furthermore, some customers will simply be too embarrassed to admit their failure and ask for a refund. More importantly, for every customer who has their $20 fee returned, others will be so pleased with the initial results they will decide to lose 50 pounds. The extra 30 pounds are not at $1 per pound, and you still buy food from the center. This money-back guarantee is pure marketing genius.
  • Be aware that guarantees sometimes carry negative marketing connotations that can reflect poorly on your brand. That is largely due to all-too-common marketing promotions that border on deceptive advertising. I once had a client who previously developed a product marketed exclusively on late-night infomercials. You are no doubt familiar with the type of promotions to which I am referring. Everything is a huge value (whatever that is), yours for only $19.95 plus shipping and handling charges. The product always comes with a satisfaction guarantee. My client explained the rules of the game. The key phrase is “plus shipping and handling,” a greatly inflated sum that includes the actual cost of the product. That explains why infomercials frequently offer a second item “free” if customers pay separate shipping and handling fees. The $19.95 is pure gross profit! If a disgruntled consumer wants a refund, they must first return the product at their expense. The shipping and handling is not refunded. Therefore, the seller’s “worst-case scenario” is that the customer paid the full cost of the product and is now allowing them to resell it. Meanwhile, the refunded $19.95 was an interest free loan. I trust this deceptive practice is incompatible with your mission statement and value system. Do not risk long-term customer relations and reputation for the sake of short-term gains.

I will conclude this series with a discussion of introductory offers and giving free service. I look forward to meeting you here bright and early Friday morning.

Do You Like Me?

Sally Field’s acceptance of the 1984 Oscar for Places in the Heart is a classic among awards ceremony speeches. It included the emotional proclamation, “You like me, right now, you like me!” In a nutshell, all-grownup Gidget was bemoaning that she “didn’t feel the love” when she won her previous Oscar in 1979. Had Ms. Field given that speech today, at least 750 million of us would immediately assume she was somehow referring to her Facebook Fan page.

A Facebook “like” immediately reflects on that person’s page and exposes your product or service to their contacts. Your Facebook fans are essentially providing free advertising and their personal endorsement.

The  simple act of clicking a button also allows fans to post comments on your site unless blocked by your security settings.

Social media experts pay a lot of attention to Facebook likes and the characteristics of typical Facebook fans. For example, studies show that while the average Facebook user has about 130 friends, “likers” average closer to 300. They are 5 times more likely to click on external links. A study by media consultant Syncapse found that Facebook fans spend $71.84 more per year on brands than non-fans. Additionally, they are 28% more likely to continue using that brand.

The net result of all this is that an entire cottage industry has sprung up around helping small businesses increase their Facebook likes. As an internationally recognized champion of low-cost marketing alternatives (a slight exaggeration, but I sure hate spending money unnecessarily), regular readers know how I feel about that!

Therefore, I thought I would share a simple way of generating likes and page views without spending scarce marketing resources. Here it is:

Using your Facebook business account, like popular national or local Fan pages. Then post supportive comments about their product or service. A little light humor will probably attract additional attention. However, avoid posting a blatant advertisement for your Facebook page.

Let me give you a specific example of this tactic in action. This morning I posted, “We’ll be opening our first Diet Cokes long before Dallas thermometers top 100 for the 26th straight day today!” on Coke-Cola’s Fan page.

For a brief period (until pushed off-screen by newer comments), any of Coke’s 32.9 million fans who visited their site saw my innocuous comment, along with CFO America’s logo. Curious viewers could then click the logo to go to http://www.facebook.com/CFOAmerica, exactly where I want them!

You can find a list of the top Facebook Fan pages at http://statistics.allfacebook.com/pages. There are currently 27 sites with over 25 million fans each. There are almost 2,900 pages with 1 million or more fans. Most will allow you to comment on their posts. Some will allow you to post your own comment. Those Fan pages are marketing gold mines!

Over the past month, I have posted similar comments on Fan pages of local amusement parks, restaurants, hotels and so on. Since I began this tactic, new likes have increased 420% and active users (defined as the number of people who have viewed or interacted with my page) 43%. The following graph shows user activity over a two-week period. Notice the activity on July 19, a day when I was especially active in my posting efforts.

As the 17th century proverb said, “The proof of the pudding is in the eating.”

Have a great weekend, and we’ll meet again on Monday.

Bull Horns in Cyberspace, Part 1

Last Friday CFO America’s blog began with the question, “If a tree falls in the forest and no one hears it, does it make a noise?” It concluded by assuring readers that falling tress always make noise. That got me thinking about things we can do to make noise, or rather what we can do to attract attention to our blogs. It also caused me to reflect on some of the mistakes I have made over the past six months (listen to me, the battle-hardened veteran) as a blogger.

Today I will present Part 1 of a two-part article on this topic. Here are my thoughts for today:

1. Pick a schedule and stick to it! The correct blogging frequency is whatever best helps you connect with your target audience. For some blogs that may be daily, for others once a month. Unfortunately, this is not a variable that invites experimentation. Fortunately, it is not so much a question of having the optimal blogging frequency. Simply commit to a schedule and tell your readers when to expect new posts. While most bloggers enjoy writing, too great a frequency can be grueling. I blog every Monday, Wednesday and Friday morning, something I have done faithfully except for a handful of holidays. As you gain followers, do not confuse or disappoint them by not keeping your commitment. Here are a few thoughts to help ease the burden of your commitment.

  • Consider using guest writers periodically. That way your readers are treated to different areas of expertise and points of view. It is also a great way to support your friends and network contacts. Hopefully, they will reciprocate and share some of your articles on their website, further extending your reach through cyberspace.
  • Instead of your usual topics or content, occasionally supplement your original writing by sharing (with appropriate attribution) relevant quotes, historical notes, articles and tips written by others. You might also ask readers to suggest topics.
  • Do not give up too quickly. As I said on Friday, Fred Campos of FunCitySocialMedia believes it takes about 100 posts before you begin to build a following. Many bloggers become discouraged and give up before reaching that milestone.

2. Keep posts short, preferably under 600 words. I say this for three reasons.

  • First, readers are looking for “McNuggets” of actionable information, not the English translation of War and Peace.
  • Secondly, the average American adult reads 250 to 300 words per minute. Numerous studies suggest that over 65% of visitors spend less than 2 minutes on a website. Therefore, an entry longer than 600 words will not be read in its entirety, if at all. I should add that the average time spent on CFO America’s blog is three minutes and nine seconds, an unusually long time, but one for which I am grateful!
  • I began blogging by posting excerpts from my book, Highly Visible Marketing, 115 Low-cost Ways to Avoid Market Obscurity. By making blog entries too long, I undoubtedly lost readers before the end of long articles. More importantly, I also ran through my previously written material too quickly. Save some your creative material for another day! A better alternative to lengthy articles is to split them into multiple parts, posting them in consecutive entries. I begin with a brief review of what was discussed in the previous blog, and end by telling readers what to expect in the next entry.

Let me now practice what I preach by ending for today. On Friday, I will present Part 2 of On Bull Horns in Cyberspace. It will discuss suggestions for defining your style and promoting your blog through other social media tools.

Until Friday, please continue to provide valuable feedback and share this information with your friends, coworkers and other associates. Why not add a comment below before leaving today?

 

 

12 Things I Learned About SlideShare, Part 2

On Friday, I began a discussion of things I learned about SlideShare.net, a free online slide hosting service. Since that time, my seven files have had more than 3,400 combined views, 2,800 for one file alone.

I shared the first three items on my list. They discussed how to start your profile, upgrade options and social media connections. Part 2 will discuss suggestions for making SlideShare an integral part of your marketing efforts. Here is today’s list:

4. I preach a simple 12-word marketing strategy to clients and friends. It is this: Communicate one message, promoting one brand, to multiple audiences, at no cost. While Friday’s item #3 fully supports this strategy, do not stop there! I issued three free press releases (one of which can be viewed at http://bit.ly/ipIFnF), published this information using several free article marketing websites and periodically retweet links to the presentations.

5. The first slide of a PowerPoint presentation or the first page of a pdf document will appear as a small icon link on your profile page. It should be readable, attractive and descriptive to invite viewers. I display my logo and blog URL on every download. You will also be asked to provide a description, category and tags for each file. Making this information keyword rich makes it easier for interested views to locate you slide shows and videos. Making something keyword rich simply means using certain words and phrases that potential customers are likely to use in search engines when looking for your company, products or  services.

6. SlideShare gives users the option of allowing viewers to download files. Since you are posting files in a very public venue, I see no reason not to allow downloads. Additionally, presentations can be made available only to authorized viewers with any of the upgraded versions. It is then a viable option to share private files that are simply too large to email. An example might be a large contract or proposal in pdf format.

If you do not know how to create a pdf file, download CutePDF Writer at http://cutepdf.com/Products/CutePDF/writer.asp. It is a free version of commercial PDF creation software. CutePDF Writer installs itself as a printer subsystem. This enables virtually any Windows applications to create professional quality pdf documents.

7. SlideShare can be used to promote and support your event marketing efforts. For example, you can make advanced copies of upcoming seminars available online to help invitees decide whether to attend, or provide copies to interested parties who are unable to attend.

8. Users and their followers can post additional information on their wall, very similar to Facebook. I posted a notice of a free seminar based on one of my uploaded files, along with a link to EventBrite for event details. Viewers can also post comments on individual slide shows.

Please return Wednesday when we not only complete the list of 12 things I learned, but will reveal the final two Chinese proverbs.

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