What Really Motivates Money is only part of what motivates people to work hard. And never the most important part. Every executive worth his salt knows this to be true. Moral incentives are more powerful than financial incentives. And they have an advantage that financial incentives don't have. They don't create the negative side effect of greed. I know something about limitless income and greed. There was a time in my career when my income was linked directly to my company's profits. There was no limit to how much I could make. So my partner and I figured out how to make a whole lot of money. The more money I made... the more I wanted to make. In developing new products, we no longer asked if they would satisfy our customers. Our only concern was whether we could sell them at high margins. For many years now, my compensation has been limited. I make good money, but my compensation is based on the long-term value I bring to the company's customers. In addition, my compensation has a cap on it. And that cap ensures that I never make a huge salary compared to the company's average employee. The focus on customer satisfaction gives me a moral incentive to work hard. The limitation on my compensation gives me an incentive to increase the compensation of the people who work for me. I'm living proof that you don't need unlimited compensation to attract people who can build a marketing business. And I don't believe it is any different in any other industry. In today's issue, American Writers & Artists Inc.'s John Wood reveals the secrets of an early adman -- strategies that still work today. And I talk about: - Wealthy: The hottest retailers around
- Healthy: The good guys in your gut
- Wise: Winning over a tough crowd
---------------------------------------------- Highly Recommended ---------------------------------------------------- Early to Rise's $500,000+ Gamble We're betting on your success at our Information Marketing Bootcamp this November. In fact, we'll "see you and we'll raise you"!
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Check out all the details on your "sure thing" here. --------------------------------------------------------------------------------------------------------------------------- "We are selling dreams. We are merchants of happiness." Bernard Loiseau Who Is Elmer Wheeler... and How Can He Boost Your Response Rate?
By John Wood The year was 1937...
The Great Depression was still taking a heavy toll. Prices and profits were low... international trade was down by two-thirds... millions stood in line for jobs that didn't exist.
But not everyone was suffering.
A young man by the name of Elmer Wheeler was paid $5,000 for coming up with nine simple words.
You see, at the time, Texaco was looking to sell more motor oil to their customers. Too many people, without giving it a second thought, said "No" when a service station attendant asked "Check your oil today?" Wheeler suggested replacing "Check your oil today?" with "Is your oil at the proper level today, sir?" Now asking something like "Is your oil at the proper level today, sir?" would seem to be just good horse sense. A line so simple you'd think most gas station owners would naturally come up with it -- but few did. Which is why Texaco paid Wheeler $5,000 for it... a small fortune back then. They got their money's worth and more. In one week, Texaco attendants got under 250,000 more hoods. Another Wheeler triumph came when he was asked by the president of Barbasol to help them sell more shaving cream. The slogan they had tried was "How Would You Like to Save Six Minutes Shaving?" Wheeler suggested: "Use Barbasol. Just spread it on. Shave it off. Nothing else required!" When they tested it, they found it increased sales by 102 percent. A light bulb went off in Wheeler's head, and he came up with another suggestion: "How would you like to slash your shaving time in half?" That one increased sales by another 300 percent. Over the years, Wheeler tested 105,000 selling statements for 5,000 products. He eliminated 100,000 of them. Here's how he summed up the philosophy behind what he called "Tested Selling"... "Don't think so much about what you want to say as about what the prospect wants to hear -- then the response you will get will more often be the one you are aiming for." Great advice. - Wheelerpoint #1. "Don't sell the steak -- sell the sizzle."
This just might be the most famous piece of sales advice ever. So what does it mean? Sell benefits and deeper benefits. Your prospect could care less about the product itself. Wheeler wrote: "The sizzle has sold more steaks than the cow ever has, although the cow is, of course, mighty important." - Wheelerpoint #2. "Don't write -- telegraph!"
Back in Wheeler's day, telegraphs were a popular way for people to send messages. But they were charged by the word. So, to keep the price down, they had to choose their words wisely. By saying "Don't write -- telegraph," Wheeler meant "Make every word count." He often said that the first 10 words of your sales copy are more important than the next 10,000, and you have only 10 short seconds to catch your prospect's attention with them. - Wheelerpoint #3. "Say it with flowers."
This simply means that it's not enough to make a statement to your prospect, you have to prove it. In other words, you say "I love you," and then you prove it by sending flowers. (Of course, you have to be sincere and do it convincingly. - Wheelerpoint #4. "Don't ask if -- ask which."
Meaning, always give your prospect a choice between something and something ... never between something and nothing. For Abraham and Straus, for example, Wheeler worked out a way for their soda fountains to sell more eggs. Instead of asking "Would you like an egg with that?" the clerk would ask "One egg or two eggs?" while holding an egg in each hand. The result? Seven out of 10 customers added at least one egg to their order. I'd like to add my two cents to this one... I'm continually surprised by how many waiters and waitresses don't use this gentle sales technique. Most ask if you'll be having wine with dinner. Few say, "Will you be having white wine or red wine with dinner tonight?" One more example from Wheeler: He noticed that when a customer at the soda fountain requested a cola and was asked whether they wanted "small" or "large," most chose "small." He wondered what would happen if the clerk, instead, just said "Large one?" When they put it to the test, they found that seven out of 10 people said "Yes." This simple idea could have a dramatic effect on a fast-food restaurant's bottom line. If they sell 500 drinks a day and the difference between a small and a large is 50 cents, converting 70 percent of their drink orders to "large" translates into an additional $175 per day. Over a year, that's an increase of $63,875! - Wheelerpoint #5. "Watch your bark!"
This one came out of Wheeler's love of dogs -- and how much you can tell about how dogs feel by the way they wag their tails and the sound of their barks. By saying "Watch your bark!" Wheeler's reminding us that it's not just what you say, but how you say it. For marketers, that means keeping the tone of their sales copy conversational and engaging. I've printed out these five Wheelerpoints and taped them next to my computer. They're as meaningful for all of us in the "persuasion business" today as they were when Elmer came up with them 60+ years ago. [Ed. Note: For hundreds of marketing techniques and a step-by-step guide to become a master copywriter, check out AWAI's Accelerated Program for Six-Figure Copywriting. Learn how to make $100,000 a year (or more!) right here.] ----------------------------------------------Highly Recommended --------------------------------------------------- 90% of the Billionaires Living in America Weren't Born Rich - They became rich because they had the "Billionaire Mindset." So says Bob Cox. A gifted success mentor, he had the rare privilege of working with four of the richest men in the world. If you want to learn how billionaires really think, just listen to Bob... --------------------------------------------------------------------------------------------------------------------------- More wealth, health, and wisdom from Masterson... Thrift shops are thriving as the economy sags. The National Association of Retail and Thrift Shops reports that 63.1 percent of its members had increased sales in the first quarter. That, of course, means fewer shoppers for regular retailers. Even discount stores like TJ Maxx are hurting. Super-luxury stores -- the kind that sell $5,000 suits and dresses -- might survive the slowdown because their customers are so wealthy. But most retailers, and especially those in the middle of the price ladder (like The Gap, Banana Republic, and J. Crew), will continue to suffer. My crystal ball is forecasting dismal economic weather for as far as it can see: three to five years out. If I were thinking about getting into the retail business, I'd postpone my plans. Now is not the time. If you are determined to test a retail idea, test it by selling at flea markets. Flea markets are not prestigious. But they can give you a good indication of whether there is any interest in your product and, if so, how you should package and price it. The best thing about flea markets is that you can rent stalls on a daily or weekly basis. Lease obligations are the ball and chain of the retail industry. At times like this, you want to be able to unlock that ball and chain quickly. In his book Persuasive Presentations for Business, Bob Bly tells a great story about winning over a disinterested audience. His challenge was to give a corporate seminar on Effective Technical Writing. The people who came were engineers who didn't care about writing. He could tell that by the expressions on their faces when he walked into the room. He asked the engineers how many of them were there voluntarily. The way he put it was, "How many of you were sent here against your will?" All hands went up. But the question provoked a good laugh. Then he asked how many thought that writing was "important." Almost no hands went up. "I could see them exchanging glances," he says. "They were vaguely embarrassed about this." Then he asked how many were looking forward to the class. Again, only a few hands went up. "Okay," he said to them. "You were forced to be here. You don't think writing is important. And you aren't interested in the class I'm about to teach. Well, wouldn't you really love to be me right about
now?" The entire group burst into "authentic, good-natured laughter." "By acknowledging the audience's feeling and attitudes," Bly says, "I was able to win them over to my side and create empathy. This is in sharp contrast to so many other trainers and speakers they hear who act as if what they are saying is the most important thing in the universe, even though to the trainees, clearly it is not." Many types of bacteria make you sick. But there are plenty you couldn't survive without. Your intestine is home to many of these "good" bacteria, says Total Health Breakthroughs' Melanie Segala. They help digest food, support immune cells, kill toxins, produce vitamins, and make the fatty acids that are a source of fuel for intestinal cells. Without them, your gut lining would die. And you'd be susceptible to Celiac disease and other disorders. Melanie recommends taking a probiotic supplement to make sure your intestinal bacteria stay healthy. This is especially important if you take antibiotics. Antibiotics kill the good bacteria along with the bad. Skip probiotic yogurts. Most have sugar added. Stick with supplements that contain billions of cultures. And make sure they contain human strains. These can survive your stomach acids. They are the best for your intestines too. --------------------------------------------------------------------------------------------------------------------------- "One of the most informative newsletters." "I haven't been compelled to write until now. I LOVED your short piece on saving money (since it corresponds with my beliefs, of course!). We are in this mess by spending money we don't have. Period. So spending more money that we don't have just continues the house of cards this economy is founded on. "Anyway, your newsletter is one of the most informative of all the newsletters I subscribe to, if not THE most informative. "Thank you." M.W. ---------------------------------------------- Highly Recommended --------------------------------------------------- $2.3 Trillion Floats by You Every Year... - Billions of dollars every month... millions every week... go right by you through your phone, TV, computer, and mailbox. The problem is those dollars are invisible. There is a $2.3 trillion industry all around us. You've seen its products and ads. But you probably couldn't put a name to it. The profit opportunities for people just like you are enormous and easy to tap into. If you know how to get your "foot in the door." --------------------------------------------------------------------------------------------------------------------------- Today's Words That Work: Horse Sense Horse Sense is a folksy way of saying common sense. The expression was inspired by the cow ponies of the Old West. They were trained to herd cattle, and were so intelligent that they could do the work with very little direction from their riders.
Example (as used by John Wood today): "Now asking something like 'Is your oil at the proper level today, sir?' would seem to be just good horse sense. A line so simple you'd think most gas station owners would naturally come up with it -- but few did." --------------------------------------------------------------------------------------------------------------------------- We want your feedback! Let us know your thoughts on today's issue. Email us at: AskETR@ETRFeedback.com | 
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