email marketing &Risk Reversal Martin Lee on 21 Jun 2005 01:08 pm
A Strategy I Learnt From Jay Abraham
Back when Jay Abraham was promoting his super summit, he actually gave away a series of free reports. Needless to say, I downloaded and read them. One of the strategies that he taught was that of risk reversal.
In any transaction between two parties, one side is always taking more of the risk. If you, as the product or service provider, can remove most or all of the risk from your prospects, then you would have a much greater chance of them becoming your clients. One method that you can employ is that of a money back guarantee. A low percentage of people might abuse the offer but that’s ok. Why should you worry about losing 1-2% of revenue when your baseline revenue can be multiplied 200-300% just by offering that money back guarantee?
One thing you need to take note though; your product or service must live up to it’s claims! Otherwise you will get a high percentage of refunds. I tested out this strategy on some items that I was selling in auction sites. Sales improved significantly and I had no problems with refunds.
Some site updates. I have put up a contact form on the site. One thing that I have learnt is to never put your email address directly on any web site. Some bots surf the net frequently to collect email address. If they find yours, then you can be sure you will start getting a lot of spam.
After thinking for a while, I decided to use my trusted Aweber to implement this. I was already using Aweber for most of my newsletter and subscribers database. Using it for my contact form would make tracking of queries a whole lot easier and save me lots of time. It will also allow me to follow up with these prospective clients from time to time. Anyway, my basic subscription to Aweber allows for unlimited campaigns at no extra cost so why not make the most out of it?
I will discuss about the use of autoresponders and follow-ups in more details at a later date. For now, just remember that when you are building a business, you would want to automate or outsource most of the menial tasks and use your time on business growing activities.
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