10 Income Streams You Can Add to Your Business (And Increase Your Bottom Line)

In a nutshell, multiple streams of income means your business has more than one way to make money. For instance, you sell products and you sell services. Those are different streams of incomes. But that's just the beginning. Below are 10 ideas of different income sources you can use to increase your business's bottom line:

1. Sell a variety of services. Or you can bundle your services into packages depending on what your typical client is looking for. But be careful about this one. Don't spread yourself too thin. You want to offer a few different services or a choice of packages but you don't want too many options because it's very difficult to market yourself effectively.

2. Sell your own products. These can be information products (books, home study courses, CDs, special reports, etc.) or they can be physical products. You can also group similar products into product lines. Then you can upsell, downsell or cross-sell products to different customers on your list.

3. Sell other people's products (or services). Here's where you become an affiliate. Basically how it works is once you're approved to be an affiliate, you get your own link. Anytime someone uses that link and buys a product, you can a percentage of the sale. That percentage can be anywhere from 10 percent (mostly for services) to more than 50 percent.

Which leads me to my next tip:

4. Put together your own affiliate program. Now you can get other people to market your products and services, and the only time you pay them is when they actually sell something! How cool is that!

5. Create a teleclass, seminar, workshop or other event. This can be a one-time deal or a series of classes. (But if you do this, make sure you record it so you can sell those later.) The nice thing about this tip is it's a good blend. You can reach groups of people at one time while at the same time providing a personal touch.

6. License one of your programs or services. This is a neat idea if it works in your business. (For instance, a coach could license tools or a program to other coaches.) I don't know much about this one, but Suzanne Falter-Barnes sells a program that can teach you how to do it. 

7. Create a paid membership site. Not only will you be getting regular income each month, but you'll also building your customer base -- people who are interested in purchasing your products and services. It's much easier to sell to people who are already customers than to find new ones. Plus people like being a part of a community, and becoming a member of something is a good way to do it.

8. Start a continuity program. This is similar to a membership site where you charge a monthly fee for a product or service. Maybe you create a paid newsletter subscription or you offer monthly coaching calls or you interview successful people. Whatever it is, it's something people find valuable enough to pay you a small, but regular, monthly fee.

9. Sell ads on your web site or e-zine or whatever. This one is probably not going to make you rich, but it could turn into a nice little income stream depending on how many people are looking at your e-zine or web site.

10. Use Adsense. This is when you allow Google to place its pay-per-click ads on your web site or blog. In return, every time someone clicks on one of those ads, Google will pay you a percentage. Pretty nifty program, huh? Anyhow, I do think this is one you have to be a little careful with. Most of the time I don't think people clicking away from your web site is a good thing (especially since they'll be going to one of your competitors). But there are times when this is very appropriate. For instance, maybe you've developed a web site or blog around a hobby. Or maybe you build a web site or blog for the express reason of selling Adsense. Once it's set up, you just ca^sh the checks.

Creativity Exercise -- Find time to create multiple income streams

Probably the hardest part of creating multiple income streams is finding the time, especially when your primary business is service-based. So, now that you know how important it is, how are you going to find the time to start doing it?

Here are a few ideas to get you thinking:

* Hire a virtual assistant (VA) or bookkeeper to take care of some tasks you have no business doing anyway.
* Create systems in your business so you can complete business tasks faster and more efficiently.
* Raise your prices so you can take on fewer clients and make more money.
* Dedicate a Saturday or Sunday to working on your business. (Be careful with this one as you could very quickly end up burning yourself out.)

Get a pen and paper and do some brainstorming to see how you can find more time to start creating more income streams.

9 secrets Mark Twain taught me about advertising

<b> “Many a small thing has been made large by the right kind of advertising.” </b>

Advertising is life made to look larger than life, through images and words that promise a wish fulfilled, a dream come true, a problem solved. Even Viagra follows Mark Twain’s keen observation about advertising.  The worst kind of advertising exaggerates to get your attention, the best, gets your attention without exaggeration.  It simply states a fact or reveals an emotional need, then lets you make the leap from “small to large.” Examples of the worst: before-and-after photos for weight loss products and cosmetic surgery—both descend to almost comic disbelief. The best: Apple’s "silhouette" campaign for iPod and the breakthrough ads featuring Eminem—both catapult iPod to “instant cool” status.

<b> “When in doubt, tell the truth.” </b>

Today’s advertising is full of gimmicks. They relentlessly hang on to a product like a ball and chain, keeping it from moving swiftly ahead of the competition, preventing any real communication of benefits or impetus to buy.  The thinking is, if the gimmick is outrageous or silly enough, it’s got to at least get their attention.  Local car dealer ads are probably the worst offenders--using zoo animals, sledgehammers, clowns, bikini-clad models, anything unrelated to the product’s real benefit. If the people who thought up these outrageous gimmicks spent half their energy just sticking to the product’s real benefits and buying motivators, they’d have a great ad. What they don’t realize is, they already have a lot to work with without resorting to gimmicks.  There’s the product with all its benefits, the brand, which undoubtedly they’ve spent money to promote, the competition and its weaknesses, and two powerful buying motivators—fear of loss and promise of gain. In other words, all you really have to do is tell the truth about your product and be honest about your customers’ wants and needs.  Of course, sometimes that’s not so easy.  You have to do some digging to find out what you customers really want, what your competition has to offer them, and why your product is better. 

<b> “Facts are stubborn things, but statistics are more pliable.” </b>

In advertising, you have to be very careful how you use facts.  As any politician will tell you, facts are scary things.  They have no stretch, no pliability, no room for misinterpretation.  They’re indisputable.  And used correctly, very powerful.  But statistics, now there’s something advertisers and politicians love.  “Nine out of ten doctors recommend Preparation J.” Who can dispute that?   Or “Five out of six dentists recommend Sunshine Gum.” Makes me want to run out and buy a pack of Sunshine right now.  Hold it.  Rewind. 

<b> “Whenever you find you’re on the side of the majority, it is time to reform.” </b>

Let’s take a look at how these stats—this apparent majority—might have come to be.  First off, how many doctors did they ask before they found nine out of ten to agree that Preparation J did the job? 1,000? 10,000? And how many dentists hated the idea of their patients chewing gum but relented, saying, “Most chewing gum has sugar and other ingredients, that rot out your teeth, but if the guy’s gotta chew the darn stuff, it may as well be Sunshine, which has less sugar in it.” The point is, stats can be manipulated to say almost anything. And yes, the devil’s in the details.  The fact is, there’s usually a 5% chance you can get any kind of result simply by accident. And because many statistical studies are biased and not “double blind” (both subject and doctor don’t know who was given the test product and who got the placebo).  Worst of all, statistics usually need the endless buttressing of legal disclaimers. If you don’t believe me, try to read the full-page of legally mandated warnings for that weight- loss pill you’ve been taking.  Bottom line: stick to facts.  Then back them up with sound selling arguments that address the needs of your customer.

<b> “The difference between the right word and almost right word is the difference between lightning and a lightning bug.” </b>

To write really effective ad copy means choosing exactly the right word at the right time.  You want to lead your customer to every benefit your product has to offer, and you want to shed the best light on every benefit.  It also means you don’t want to give them any reason or opportunity to wander away from your argument.  If they wander, you’re history. They’re off to the next page, another TV channel or a new website.  So make every word say exactly what you mean it to say, no more, no less. Example: if a product is new, don’t be afraid to say “new” (a product is only new once in its life, so exploit the fact). 

<b> “Great people make us feel we can become great.” </b>

And so do great ads.  While they can’t convince us we’ll become millionaires, be as famous as Madonna, or as likeable as Tom Cruise, they make us feel we might be as attractive, famous, wealthy, or admired as we’d like to think we can be.  Because there’s a “Little Engine That Could” in all of us that says, under the right conditions, we could beat the odds and catch the brass ring, win the lottery, or sell that book we’ve been working on.  Great advertising taps into that belief without going overboard.  An effective ad promoting the lottery once used pictures of people sitting on an exotic beach with little beach umbrellas in their cocktails (a perfectly realistic image for the average person) with the line: Somebody’s has to win, may as well be you.”

<b> “The universal brotherhood of man is our most precious possession.” </b>

We’re all part of the same family of creatures called homo sapiens.  We each want to be admired, respected and loved.  We want to feel secure in our lives and our jobs. So create ads that touch the soul. Use an emotional appeal in your visual, headline and copy. Even humor, used correctly, can be a powerful tool that connects you to your potential customer.  It doesn’t matter if you’re selling shoes or software, people will always respond to what you have to sell them on an emotional level.  Once they’ve made the decision to buy, the justification process kicks in to confirm the decision.  To put it another way, once they’re convinced you’re a mensche with real feelings for their hopes and wants as well as their problems, they’ll go from prospect to customer.

<b> “A human being has a natural desire to have more of a good thing than he needs.” </b>

Ain’t it the truth.  More money, more clothes, fancier car, bigger house.  It’s what advertising feeds on.  “You need this. And you need more of it every day.” It’s the universal mantra that drives consumption to the limits of our charge cards. So, how to tap into this insatiable appetite for more stuff?  Convince buyers that more is better.  Colgate offers 20% more toothpaste in the giant economy size.  You get 60 more sheets with the big Charmin roll of toilet paper.  GE light bulbs are 15% brighter.  Raisin Brain now has 25% more raisins.  When Detroit found it couldn’t sell more cars per household to an already saturated U.S. market, they started selling more car per car—SUVs and trucks got bigger and more powerful. They’re still selling giant 3-ton SUVs that get 15 miles per gallon.

<b> “Clothes make the man. Naked people have little or no influence on society.” </b>

Who gets the girl? Who attracts the sharpest guy? Who lands the big promotion? Neiman Marcus knows.  So does Abercrombie & Fitch.  And Saks Fifth Avenue.  Why else would you fork over  $900 for a power suit? Or $600 for a pair of shoes? Observers from Aristotle to the twentieth century have consistently maintained that character is immanent in appearance, asserting that clothes reveal a rich palette of interior qualities as well as a brand mark of social identity. Here’s where the right advertising pays for itself big time. Where you must have the perfect model (not necessarily the most attractive) and really creative photographers and directors who know how to tell a story, create a mood, convince you that you’re not buying the “emperor’s clothes.” Example of good fashion advertising: the Levis black-and-white spot featuring a teenager driving through the side streets and alleys of the Czech Republic. Stopping to pick up friends, he gets out of the car wearing just a shirt as the voiceover cheekily exclaims, "Reason 007: In Prague, you can trade them for a car."

9 Product Naming Tips

Product naming is a key aspect of branding. The name you ultimately choose will reflect who you are, your company’s personality and vision.  But more importantly, it must unforgettably embody the promise of your product’s main benefit to your potential customers.  It can dovetail generically with your competition, but ideally, it should stand out from the crowd. Where to begin?  Here are some basic guidelines.

<b>If the field’s too crowded, be unique</b>

MSN Search, Netscape Search, AOL Search, they all stayed in the same category, so you could play it safe and go with Stupendous Search or Super-Duper Search. This works for a time, but as soon as the field gets too crowded, you’ll be lost in the mush of sameness with ever diminishing name recognition. If you’re in it for the long haul, better to break away from the crowd with a name like Google, Yahoo, or even Dogpile (though I’m not a fan of going into the scat category just to be unique). Even Kinkos—the founder's nickname (he had kinky red hair in school)—is different enough to be memorable.

<b>Avoid tongue twisters</b>

There’s a little part in all of us that hates to be embarrassed.  When we ask for a product or talk about it with friends, we want to sound literate and not fumble over pronunciations.  So be kind to your potential customers and avoid tongue twisters, or any name that’s unusually long or foreign sounding. If you can’t find a single-word name, don’t go over two or three syllables.

<b>Alliteration can help with longer names</b>

Okay, so the president of the company likes all the longer names on your list.  You can make them more memorable and/or easier to pronounce by using alliteration.  Consider Circuit City (originally, the incredibly bland, monosyllabic, Wards). Or Downtown Disney, Or the most famous brand in the world,  Coca Cola. All four syllables, yet they roll off the tongue with surprising ease.

<b>Avoid abbreviations</b>

Abbreviations lack personality and communicate very little in terms of benefit or brand character.  Sure, IBM, MCI and ABC have big recognition and identity, but they also spent years and millions in virtually all media to promote their image—using images of people and situations that were warm and fuzzy. Even billionaire Bill Gates chose Microsoft over MS (which has some undesirable connotations).

<b>Convey an implied benefit</b>

If you don’t have a lot of media dollars to spend on name recognition, try for a name that conveys a benefit or describes content.  Snapple started out with a name that combined two of its original flavors: Spice N Apple. Silk—the soy-based milk brand—combines soy and milk. Benefit-oriented names include EasyOff oven cleaner, Miracle-Grow plant food, and Hearthwarmer  (a fireplace insert).

<b>Lost in Translation…or worse!</b>

Most of us have heard the story of Chevrolet introducing their "Nova" in Spanish-speaking countries. The car tanked because 'nova' means "doesn't go." Fiat found they had to rename their "uno" in Finland, since "Uno" means garbage in Finnish. Canadian products require labeling in both English and French, which is why on some cookie boxes, the English phrase "without preservatives" has been unintentionally translated into the French "sans preservatives," which means "without condoms." ‘Nuff said.

<b>Shun fads</b>

The shelf life of a faddish name is short and sweet.  It rises to the stratosphere of recognition then nosedives into obscurity faster than you can say, “radical,” “tubular” or “outta sight.” Another problem with fads is they’re often limited to one demographic or clique.  In a market as broad and diverse as the U.S., it’s better to be safe than sorry.

<b>Protect your image</b>

If you’re like most companies, you worked hard and spent some real money creating the image of your company. So it only makes sense to protect your investment with a product name that’s consistent with your existing brands and image. Rolls Royce had to pull the name of its newest addition to the Silver Cloud line, which they tentatively named the "Silver Mist," since in German, "mist" means manure. So build on what you have.  A good example:  Google’s entry into online shopping with Froogle. Incidentally, if you’re wondering where “Google” came from, it’s a variation on the math term googol, a huge number with endless zeros.

<b>Don’t forget legal</b>

Once you’ve settled on a few ideal prospective names, hire a good lawyer to make sure they’re not already being used and not confusingly similar to someone else’s in your industry.

Hopefully, this brief overview will help guide you through the subtleties of product naming.  Remember, try to be unique and benefit oriented without being confusing or offensive.  Avoid fads, abbreviations and tongue twisters.  And, by all means, protect your image.

6 Powerful Tips to Creating Testimonials That Sell Your Products Fast

There are many ways to market a product or a service and providing the potential clients and customers with testimonials is one of the best ways to market.
   
The power of testimonials can never be underestimated. People, especially nowadays, will only purchase products or avail services which have been referred to them by people whom they know. But most of the times, this is not an option that is in the hands of the business owner, he has to do the next best thing, which is to get testimonials from his past clients.

Testimonials are living statements from past customers or clients which states that they were satisfied by the product/ service. Every business must have testimonials to be able to stand out in the ever crowded markets.

There are many benefits of having testimonials. Here are some of them.

Testimonials appease the target market

Testimonials usually lessen the doubts of the target market. There are a lot of scammers and con artists nowadays, and this has turned the market into a fearsome one. Credible testimonials provide security to the people who are eyeing at a certain product or service. The provision of testimonials gives people a much more relaxed attitude towards a product or service.

Testimonials assure quality

Aside from confirming the existence of a business and lessening doubts, testimonials provide assurance to potential customers and clients of the quality of the product or service. The fact that they took time out to be able to write testimonials about the product reflect their levels of satisfaction towards the product/service.

Testimonials give advantage

Credible testimonials provide a competitive advantage for the product/service. There are many products and services out there and one of the ways to stand out from the rest is the use of credible testimonials.

There are many types of testimonials. Testimonials are usually categorized according to the source. Here are a few examples:

a) Testimonials from satisfied customers

This is probably the most effective type of testimonial. Nothing beats a testimonial from a satisfied customer because it is a picture of what the product/service is all about.

b) Testimonials from experts

Experts can be credible sources of testimonials.  If a renowned dermatologist writes a testimonial for a beauty soap, it will surely help in boosting its sales, wouldn’t it?

c) Testimonials from celebrities

In a world that is run by mass media, celebrities have become powerful sources of testimonials. Today, even infomercials are infested by testimonials from celebrities.
People may think that getting testimonials from celebrities will cost a lot, but if it’s a real testimonial, celebrities may even waive their talent fees.

There is much more to making a testimonial an effective tool for marketing than gathering them.  Good testimonials are the ones which can be compressed into a few catchy words. “I lost 20 pounds in two weeks time!” is an example of an eye-catching testimonial. However, one must never rephrase or edit what the client had said. How to get the right kinds of testimonials will be discussed later.

Credible testimonials should also contain the complete attributes of the people who gave them. Their titles, location and age should be included whenever possible.

Visual appeal will also be a great help in using testimonials. If the clients are willing, one must insist in taking photographs or videos for their testimonials.

So how does a business owner get started with the whole testimonial thing?

Here are some steps on how to archive testimonials.

1. Before anything else, only products/ services with outstanding quality deserve testimonials, so one must make sure that his product/service possesses exceptional quality.

2. Ask the help of your customers. One must be able to communicate to his customers his need of getting their testimonials. If they are really satisfied with the product/service, they would be more than willing to participate.

3. Interview your customers. Ask them about what they like about your product/service, why they chose your product and other questions like these.

4. Ask them if they are willing to make a written testimonial. You can offer to make the testimonial yourself based on their responses during the interview but the testimonial is still up for their approval. You might want to make the wordings catchy and let them approve the testimonials.

5. Ask them if you could record the testimonial using a tape recorder or video cam. A video testimonial is better, but of course, many people are camera-shy and this can be a limited option for most.

6. Choose the best testimonials. Use the best ones so as to maximize the benefits that your product can get from the testimonials.

Testimonials are very powerful and this is the reason why every business should have them. They provide assurance and security and reflect the real essence of a product or a service.

5 Tips to Get More Results from Your Marketing Materials

The moment I decided to specialize as a direct response copywriter (which means you get a response directly from the marketing materials, there's no middle person involved, like a sales rep) I knew there would be one thing that would determine if I would be eating steak or eating mac and cheese.

And what's the one thing? The results I got for my clients.

Therefore, improving results became a pretty big focus of mine. You might even call it a passion. (Some people who aren't nearly as nice have called it in an obsession.)

Regardless, here are 5 tips that can help you improve the conversions of your marketing materials.

1. Know who you're talking to. If I hear anyone say "women are my potential customers" or "anyone with skin is my target market" (yes, that really was a direct quote from someone who sold Mary Kay or Arbonne or something like that) I will send my border collies (all 3 of them) to your house and force you to play fetch with them until your arm falls off. Seriously, the quickest way you can end up with the most dismal results imaginable is to try and talk to everyone. Come up with a specific customer -- the more specific the better -- and make sure your marketing materials speak directly to that customer.

2. Make sure you write benefits, not features. This one is probably the hardest one to "get" but also one of the most critical. People buy benefits, not features, so if you only talk about features you're just asking for people not to buy what you're selling.

So what is the difference between features and benefits? Features are a description of a product -- for instance, if we're talking about a diet pill, a feature would that the product is a pill. A benefit would be the solution the product provides -- in this case, losing weight.

As much as you possibly can, write about why someone should buy your product. No one buys diet pills because they like taking pills, they buy them to lose weight. Think of the solution your product or service provides and write about that.

3. Work on that headline. David Ogilvy, famous ad man and author of Confessions of an Advertising Man, has said that people make the decision to read your marketing materials based your headline.

Your headline should: a. speak to your potential customers, b. contain a benefit, c. be so compelling your target market is compelled to read further. That's a lot to ask for from basically a handful of words. So don't rush the process -- take as much time as you need to create the very best headline for your particular piece.

4. Don't forget the call to action. You've got to tell people what to do next. If you don't tell them what you want them to do, chances are they won't do anything.

Don't assume your potential customers know what you want them to do. They don't. They can't read your mind. Nor do they want to. They're busy people. They don't have the time or the energy to figure things out. Tell them what to do next, or don't be surprised when they don't do anything.

5. Use P.S.'s or captions. Postscripts (P.S.) are the second most read item in a sales piece. What's the third? Captions. (The copy under photos, diagrams or other illustrations.) Now that you know that, think of the ways you can use either or both of those items in your pieces. Maybe you put a special offer in there or you highlight a particularly compelling benefit. Or you tell them again what you want their next step to be. Whatever you do, don't waste that space.

If you even do just one of these tips, you should start seeing better results. Work on all five and you might be amazed at how much your results improve.

Boost Your Bottom Line with a Power-Packed Headline

There’s an old saying… curiosity killed the cat.  Let’s face the facts; cats aren’t the only creatures that get sucked into whirlpool of curiosity.   Everyday we find ourselves bombarded with moments of curiosity.  The best example… headlines!

Headlines either suck us into their vacuum or repel us instantly.  How many times have you picked up the newspaper and found yourself scanning the pages because a headline caught your attention?

Marketing experts know that headlines are just as powerful in their direct mail campaigns as they are on the front page of the newspaper.  The difference?  …attention getting headlines on your postcard or flyer make money!

What does it take to create powerful headlines? 

3 Foolproof Secrets for Creating Power-Packed Headlines

1. Telegraph the Offer
This might be a little tricky to pull off, but the secret is to present your offer in a way that screams, “Read Me!” without giving away the guts of the offer.  You should focus on one feature of your product or service and come up with a snappy statement that raises the reader’s eyebrows. 

A company that sells bread makers may use a headline like this…
“Never Buy Another Loaf of Bread!” 

2. Emphasize the best Aspect of the Offer
What is the most attractive feature of your product or service… price, time-saving, quality, uniqueness?  You can use this aspect to come up with a unique headline that wows the reader into investigating further.

A cleaning service may use a headline like this…
“What Could you Do With 520 Extra Hours This Year?”

3. Target the Reader
If feels great when your unique niche is recognized.  Know who you’re talking to before you write the headline.  When your reader feels like you know who they are, they’ll be more likely to read on.

Do you have a mailing list of working women?    Use the words they will identify with… career or working woman…. in your headlines.

Use any one of these techniques to increase your profits, or incorporate all three to skyrocket your next direct mail campaign!   … not to mention saving big bucks by not having to hire a copywriter.

A Simple Way To Create 7 Effective Autoresponder Messages

Email is the Net's most powerful marketing tool. And autoresponders are the best idea yet for marketing with email.

There is an old saying that the first ad rarely sells. You have to put your product, service, or idea in front of a prospect several times before she buys.

Autoresponders are designed specifically to get your message back to the same prospect over and over. That's why most autoresponder packages come in groups of 7 messages--from the 7 message marketing rule that has been the rule in advertising since our grandparents were in diapers.

But what do you say in your 7 messages? We've written autoresponder series for hundreds of customers. Here is one method that always works.

This method is called REMIND 'EM. People don't read your sales letter as carefully as you think. They tend to skim. They read the first message, but miss the second and third message. The prospect may not tune in again until message five. It's so easy for people to completely miss your main points intended to lead to a sale.

It's important to *repeat* your main message over and over. Say it once, twice, three times in your first message. Say your main message in a different way in the second message. Re-cap your main point again in the third message. That way, people who aren't paying attention still get your important ideas.

Here's an example of how the "remind 'em" formula works for a 7 letter series promoting personal security products.

Message (1) The world is a dangerous place. You need new innovative security products to insure your protection.

Message (2) More details on how and why the world is a dangerous place. List places or situations that are especially threatening.

Message (3) Recap how the world is a dangerous place. Give more details on the key new security products that have come out.

Now start the middle section of messages. Note how they become more instructional telling people how to use the products.

Message (4) Protect yourself from the dangerous world with Product A. Here's how to use Product A. Here's why you would use it. Here's where to use it.

Message (5) Protect yourself with Product B. Here's how to use it. Here's what happy customers say about it. Tell a hair raising story of how Product B saved a customer's life.

Now comes the wrap-up and reminder, especially important for people who never got around to reading your earlier messages.

Message (6) Go back to your main sales letter used in numbers 1 and 2. Start all over reviewing your main points and highlighting your most popular products.

Message (7) This is the final follow-up email. I usually have it come two weeks to one month after message 6. It's designed to scoop up all the people who weren't ready to buy in the beginning, but may be ready to buy now.

It can start with "For the past few weeks I've been sending you important information about how to protect yourself in threatening situations. I know you are busy and may not have had time to consider how these products could improve your life and confidence." At that point, you again review your main points.

Repetition is the key to advertising success. Find creative ways to keep the main message going week after week and you will have as many customers as you can handle. Busy prospects simply need time for your message to sink in. As we used to say when I worked in media, it's just when you and your staff are sick to death of a commercial that the audience is just beginning to notice it.