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Your EnterQuest Bulletin - Issue 313
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| Thought for the week: "Even if you're on the right track, you'll get run over if you just sit there." Will Rogers |
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In this week's issue:
Down-selling: the little-known psychological trick
Too many businesses spend inordinate amounts of money trying to increase their profitability by attracting new customers, when all along they're allowing a goldmine of profits to slip by right under their nose.
If your customers are as concerned as you are about spending money unnecessarily they may decide that your product or service is something they can live without. Haven't you ever wanted to buy something but you just couldn't bring yourself to open your wallet or purse and give up the money?
So take advantage of this good relationship and offer them the down-sell.
Down-selling is based on the fact that if people buy respectable amounts of your high-priced product or service, they'll buy lots of the same or similar products or services at a much reduced price.
Robert Cialdini, in his book Influence: The Psychology of Persuasion, noted that people are magnetically attracted to a lower-priced version of a product or service - and more willing to buy it - once they've been exposed to a higher-priced product or service in which they've shown interest.
Always offer the higher-priced, bells and whistles version of your product or service first. If your prospect doesn't take the bait, present them with an offer for a scaled-down version that keeps the same fundamental benefits of the high-priced version.
For instance, a kitchen business could offer a top-end, solid wood unit kitchen that includes a dishwasher, microwave, double bowl sink unit, marble worktop etc. If the customer says it's too expensive, offer them the next line down at a reduced price.
People like to receive offers on products and services that interest them. All you're trying to do when you down-sell is make irresistible offers that your prospects can't refuse.
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The UK Small Business Marketing Bible contains hundreds more tips and tactics for boosting your sales using proven marketing strategies that work no matter what product or service you sell. |
EnterQuest readers can also get their hands on a free copy of our sister publication, BETTER business magazine. Simply send us your name and address to enterquest@cobwebinfo.com, putting 'EQ magazine offer' in the subject box.
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
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Eco-friendly concrete. Start up firm Novacem has developed a type of concrete which absorbs twice as much CO2 as ordinary concrete and has a carbon footprint which is a third of that of its ordinary rivals. It can also be recycled after use.
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Jewellery imprinted with scar patterns and shapes. It's My Scar produces highly personalised jewellery in the shape of the wearer's scar. Customers simply upload several pictures of their scar, order the type of jewellery required, then wait for it to be sent to them.
Regularly improving your vocabulary is not just about learning a new word and its meaning. It will improve your general knowledge and make you feel and act smarter in all sorts of personal and business situations.
Do you know the meaning of the word 'restive'?
a) calming
b) restless
c) sensitive
d) secretive
Answer at the end of the Bulletin.
The following topical business issues have been recently reported in the media. Did your radar pick them up?
1) The Low Pay Commission has finally announced its recommendations for National Minimum Wage (NMW) this year. It has confirmed the hourly rate for 22-year olds and above will increase in October, but by how much?
a) 2p
b) 7p
c) 10p
d) 20p
2) Despite the credit crunch, which sector grew by 3% in the 12 months to 31 March 2009, according to an industry trade association?
a) health and fitness
b) catering and eating out
c) homeware and furnishings
d) second-hand car market
3) The Intellectual Property Office (IPO) has announced it will fast-track which of the following types of patents in a bid to get them to market quicker?
a) patents for educational innovations
b) patents for environmental innovations
c) patents for health product innovations
d) patents for IT innovations
Answers at the end of the Bulletin.
Tool to seek out gobbledygook and jargon
Grader has created a gobbledygook tool which can be used to identify jargon and hyped-up and overused words in content. It's especially useful for content such as press releases, brochures and web copy. Simply cut and paste the text you want analysed and the tool will pinpoint the words and phrases for you.
Help and guidance for inventors
The ideas21 website is packed with tips and tools for inventors. It has a handy directory of firms which can help take an idea to the next step, be it prototyping or producing a final product. The site also contains a list of forthcoming innovation clinics.
How to use social media sites for your market research
This article provides an overview on how social media sites (specifically StumbleUpon, Twitter and LinkedIn) can be used to help you in your market research. It also includes tips on using the humble Internet forum for research purposes.
Business rate relief basics
This website offers advice and guidance on taking advantage of the Government's business rate relief scheme. It has practical information on eligibility and how to go about claiming.
Win a web-based shopping cart worth £300
EnterQuest has teamed up with Actinic to offer a 12-month hosting package worth over £300 including VAT.
Actinic Express is an easy-to-use, web-based shopping cart that includes everything you need to set up your own online e-commerce shop and manage it via a web browser.
And because it is web-based, you can run the store from a Mac or PC. No programming or design skills are necessary.
Whether you're a new start up or a business looking to expand, Actinic Express will get you trading on the Internet, fast. Key features include:
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A choice of page templates, which can be customised with your logos, fonts, and colour schemes so that each site has its own identity and reflects the look and feel of your business.
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Manage your orders from receipt to shipment and invoicing with the order processing module, and keep customers informed with automatic confirmation e-mails.
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A full range of payment processing options, including PayPal, Google and Actinic's own payment service.
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Google Analytics integration, giving comprehensive monitoring of your site performance.
To win this great prize, just answer the following question:
Q: Under what law was the National Minimum Wage introduced?
a) The National Minimum Wage Act 1998
b) The Low-Paid Workers Act 1998
E-mail your answer, together with your name, address and daytime phone number, using 'Actinic competition' as the subject line, to enterquest@cobwebinfo.com.
All entries must be received by 31 May. Full competition rules are available on request.
This book summarises what social media is and how it can be beneficial for business. Aimed at small and large businesses alike, it contains hints and tips on designing a social media strategy, covering basics like improving profitability and competitiveness. Check out:
Just one word answer
The answer is b).
Restive means restless.
The entrepreneur quickly grew restive with one idea, always keen to move onto the next. |
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Remember that we guarantee never to sell or give your e-mail address to anyone else.
Good luck
The EnterQuest Team
This information is meant as a starting point only. Whilst all reasonable efforts have been made, the publisher makes no warranties that the information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate. |
