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Your EnterQuest Bulletin - Issue 315
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| Thought for the week: "An object in possession seldom retains the same charm that it had in pursuit." Pliny the Younger |
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In this week's issue:
How to decrease perceived risk and increase perceived value
Perceived value is defined as what a customer gets from an offer and risk is what they have to give to receive the benefits of the offer. The trick is to increase the perceived value of your product or service and decrease the perceived risk to create an irresistible offer.
Here are some elements that will increase the value of your offer and decrease the risk.
Elements to increase perceived value
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Adding free bonus items such as accessories or third party add-ons.
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Giving two or more products or services for the price of one.
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Packaging multiple complementary products together with a lower overall price as compared to buying the products separately.
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Explaining why your product or service is unique and its specific advantages over other competing products or services.
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Explaining how well-built the product is and providing proof as to how long it will last.
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Describing in detail the specific benefits that will be received when using the product or service.
Elements to decrease risk
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Provide the strongest guarantee possible.
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Provide free or low-cost extended warranties.
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Try-before-you-buy offer.
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Provide low, affordable payments.
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Delay payments with no accrued interest.
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Give access to follow-on help after the sale.
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Provide a fast or large return on investment.
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Give actual proof of the results of the product or service using case studies.
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Have other people give proof of the results.
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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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Emergency flat shoes for women. Rollasole is a UK firm that produces rolled up, flat shoes aimed at women who want to ditch the stilettos after clubbing. The shoes cost from £5 a pair and are dispensed from vending machines. Customers also get a bag to carry their high heels after taking them off.
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Wipes to clean up wine stains. WineWipes is a product that removes the unsightly stains often left on teeth and lips by red wine. The wipes are available in shops, wine tasting venues and boutiques in the US.
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 'pejorative'?
a) disapproving
b) mandatory
c) dismissive
d) chaotic
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) Which of the following types of consumer deals is doing well because of the economic downturn?
a) buy two get a third free
b) in-store credit deals
c) supermarket stamp schemes
d) motor finance deals
2) According to a recent survey by the Forum of Private Business (FPB), 26% of firms surveyed think which of the following has happened to their business' viability since the last survey in April?
a) it has improved
b) it has stayed the same
c) it has declined somewhat
d) it has declined dramatically
3) Which of the following types of organisation has come under fire from a professional body for sending out inappropriate direct mail?
a) insurance firms
b) local authorities
c) local business directories
d) charities
Answers at the end of the Bulletin.
Updated guidance for food businesses
The Food Standards Agency (FSA) has published revised guidance for businesses whose staff handle food while suffering from infections. The guidance, entitled 'Food Handlers: Fitness to Work', is designed to help people prevent the spread of infection when working in the food industry.
Good payment practice guide from BERR
The Department for Business, Enterprise and Regulatory Reform (BERR) has published a leaflet for businesses detailing the importance and benefits of paying on time. The advice has been written in conjunction with the Institute of Credit Management (ICM) and outlines what businesses can expect when they sign up to the Prompt Payment Code.
Tips to help businesses avoid scams
The Trading Standards site has tips and guidance on how businesses can avoid publishing and marketing scams. Tips include how to avoid rogue directory publishers and bogus invoices. The Office of Fair Trading also has more comprehensive guidance on the types of scams that target businesses and what can be done to avoid them.
Free Internet advertising package
OpenX Ad Server is an Internet advertising package that enables businesses to organise, target and deliver their web adverts. You can run it yourself or allow OpenX to manage it all for you. It works with banner adverts and media-rich ads and the hosted version is free for up to 100 million ad impressions per month.
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: In-store credit deals increased by which percentage in March, according to the Finance and Leasing Association?
a) 10%
b) 24%
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, featuring advice and guidance from business consultants and successful firms, will help aspiring entrepreneurs build and develop their own businesses. It includes tips on everything from hiring staff and increasing market share to updating computer systems. Check out:
Just one word answer
The answer is a).
Pejorative means disapproving.
The business owner was taken aback by the accountant's pejorative remarks about his record keeping habits. |
How's your business radar? The answers
1) The answer is b) - Consumers are taking advantage of buy now pay later deals according to figures from the Finance and Leasing Association, which revealed that in-store credit deals were up almost a quarter in March, year on year.
2) The answer is a) - According to the FPB, over a quarter of firms surveyed are seeing some hope and have reported that the viability of their firms has improved - twice the number of firms reporting a decline.
3) The answer is d) - Perhaps surprisingly, charities are being warned by the Institute of Fundraising not to send inappropriate direct mail that may elicit feelings of guilt or even offend its recipients. |
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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. |
