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Automatic wealth The 6 steps to financial independence - Masreson M.

Masreson M. Automatic wealth The 6 steps to financial independence - Wiley & sons , 2005. - 291 p.
ISBN 0-471-71027
Download (direct link): automaticwealththesixstepsto2005.pdf
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146 AUTOMATIC WEALTH
because itís easy for everyone to see the positive effect they have on sales.
That may need some explanation.
Conventional advertising measures its results with consumer surveys and broad-based studies of product sales. When Pepsi-Cola spends several million dollars on a television campaign, it canít measure its effectiveness directly. Yes, it can poll TV watchers to find out how many remember seeing the commercial. And it can track sales in regions where the advertising appeared. But it can rarely, if ever, know for sure whether any particular ad brought in more net dollars than it cost to produce.
In fact, the very idea of general advertising is indirect: Create an image or idea in the prospectsí minds and sooner or later they will come. Brand recognition is the mantra. And brand recognition does matter when you are selling commodities. But that doesnít mean that any particular ad meant to increase brand awareness will do it. Nor does it mean that if it does indeed increase brand recognition, it will increase sufficiently to cover (or more properly, exceed) the cost of the advertisement.
Iíve said this many times in Early to Rise: When it comes to general advertising, the real selling goes on between the advertising company and the manufacturer, not between the manufacturer and the end user.
With direct-response advertising you donít have to worry about wasting your money on marketing campaigns that donít work. You can control all the critical factors that affect sales. And you can measure results.
A typical direct-response marketing campaign measures exactly how many dollars were spent and how many dollars were received. Letís say, for example, that a manufacturer of health products hired a direct-response copywriter to create a catalog, which the manufacturer then sent to 50,000 potential customers. Assuming the cost of the catalog was $25,000 (or 50^ per catalog) and the resulting sales totaled $50,000, the gross profit would be $25,000.
Now, letís say that the same manufacturer hired a second copywriter, who produced a second catalog that also cost 50^ to put in the mail. But this one achieved a return of $100,000, or a gross profit of $75,000. Which copywriter is going to make more money? And how much more is that copywriter worth?
Step 4: Radically Increase Your Personal Income 147
You can see the point. And thatís why successful copywriters often demand between $10,000 and $25,000 plus royalties for every campaign that they write. And thatís for projects that can take as little as a single week to complete.
You can see the potential. And itís not just for copywriters. Graphic artists, list consultants, and marketers who understand direct marketing can earn very substantial part-time incomes.
You can learn about direct marketing by taking courses at your local college, by reading books on the subject, or by enrolling in home-study programs. As Iíve said earlier in this book, it will take you about a thousand hours to become a competent copywriter, marketing manager, graphic artist, or something comparable. You can reduce that time requirement by learning under the guidance of a pro.
Once you have the skills, set aside four or five hours a week to promote yourself to local, regional, or even national direct-marketing businesses.
You canóand probably shouldóspecialize in a particular medium: mail, print (newspaper or magazine ads), Internet marketing, or television. You canóand probably shouldófocus on a subject area, too (health, financial, business, self-help, nonprofit, etc.). Specialists always make higher incomes because they have more rarefied skills. It may seem at first as if you are limiting yourself, but youíll soon experience the benefits of narrowing your focus once you start feeling like a true expert.
Your Best Bet: Selling Your Own Products or Services through Direct Mail (or E-Mail)
Agora Learning Institute (www.agoralearninginstitute.com) publishes an excellent resource for the would-be direct-response entrepreneur. The book, Made to Order: The Top E-Mail & Mail-Order Businesses (available from Agora), highlights 50 major categories perfect for direct response, each with its own niche market. It also identifies various sources to obtain your products, specific marketing strategies in each area, the major players to learn from, pricing, and how to get started.
If you have an interest in direct marketing, here are some samples of profitable mail-order businesses (taken from Made to Order) to consider:
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1. Artist supplies. The market for art supplies is a $30 million-plus industry, and itís growing at more than 10 percent a year, according to the Hobby Industry Association. Direct-response art supply companies sell professional-quality painting, sculpture, and woodworking materials, as well as beads and jewelry stock. Working artists like high-quality equipment. If you can give them something that lasts, theyíll remember the brand and reward you with repeat purchases. Be aware of pricing, since this is a price-sensitive market, and offer a strong guarantee.
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