Marketing Actuary

How To Prepare, Promote and Practice A Brand-New Presentation

noreply@blogger.com (Promod) — Tue, 10 Nov 2009 03:19:00 +0000

Lieutenant Dan got me invested in some kind of fruit company. So then I got a call from him, saying we don't have to worry about money no more. And I said, that's good! One less thing.
--- Forrest Gump referring to Apple

Have you ever walked along the edge of a cliff without noticing and later marveled that you didn't fall off?

I got invited to kickoff Day 2 of the IFB Summit from the mainstage. What an opportunity. That's where I've seen excellent keynotes from

Heath Slawner on principles of persuasion (which included video clips of an interview with me and lead to my purchase of a video camera)
David Ben on problem solving like a magician

I gladly accepted since I rarely address an audience of several hundred. This time I had an ideal, rehearsed presentation. That's when the trouble started. My topic, How To Succeed With Entrepreneurs Part 1: Be The One They Want, overlapped with another presenter.

Sell Before Making
I quickly came up with a brand new presentation. Or rather, the title and description.

Do You Market Like It's 1999?
Change with the times. You know plenty about products and sales strategies. What about this real challenge: how do you entice prospects to pick you over your competitors? How do you stay in touch before and after a sale? How do you create a powerful first impression without needing to be there? Discover simple, inexpensive ways to market better. Explore a market yearning for your help … if you stand out. Discover what works in this timely new presentation from a marketing actuary with the passion for simple. Copy the concrete real-life examples to stop marketing like it's 1999. Or 1989.

That was enough to entice registrants to pick my breakout session. Selling before making works well. I used the same approach when launching Marketing Reflections: subscribers agreed to receive an eNewsletter that didn't exist. I then tailored content to suit them.

Next came the wrong end of the 80/20 rule: 80% of your time creates 20% of the outcome. There's no synergy here. Only work and attention to detail. That's fine.

By the time the content was ready, the presentation was hours away. That's when I realized that I wouldn't have time to practice even once. Oops. What was I thinking?

Mental Rehearsal

I knew how the presentation would flow and roughly what to say for each slide. I'd mentally rehearsed the sections while drafting the content. Dr. Maxwell Maltz unveiled this now well-understood approach in Psycho-Cybernetics in 1960. It works beautifully.

The trickiest section related to the importance of a having a proper email address. To ensure the words flowed and had punch, I wrote down bullet points and turned them into last week's blog post. How's that for recycling?

Pacing

One insurmountable problem remained: pacing. I did not know how long the presentation would run. I had 75 minutes and could easily be off by 15-30 minutes if nervous energy sped me up.

Arrive Early

I arrived early and coordinated with the audio/video crew. I wanted them to play a video clip. You got a sneak peek in How to apply consistent persistent generosity. As a precaution, I had my presentation on my computer, a memory stick and a portable hard drive. I had the video clip on a DVD and in two other formats (MP4 and AVI).

This preparation paid off. A technical glitch prevented my computer from projecting. That's just as well because I forgot my trusty wireless presenter mouse in the car. I would have been forced to stand in the worst possible spot: behind the podium. There was enough time to put my presentation on their equipment via the memory stick. The formatting got messed up on the title slide, which was easy to fix. I could now use their wireless slide advancer, which allowed mobility. To drain nervous energy, I walked to the AV booth and back to the stage. My voice was ready since I'd avoided milk, caffeine and sugar. While John Dargie introduced me, I took deep breaths from stage right (with the microphone off).

I found my rhythm within minutes of starting. The presentation went much better than an unrehearsed mainstage presentation deserved.

You never know what you're gonna get.
--- Forrest Gump referring to a box of chocolates

Links

Does Your Email Address Say You're Cheap, Generic and Inattentive?

noreply@blogger.com (Promod) — Tue, 03 Nov 2009 02:39:00 +0000

T-shirts give you comfort, convenience, and choice. Unless you're in a specialized field, you wouldn't wear one to a client meeting. You might like to, but wouldn't.

T-shirts are walking billboards.

You're more likely to wear clothing with hidden or subtle branding. You want to project the right image.

So why promote another company with your email address? If you're in a big company, you probably have email in the format you@bigcompany.com. If you're independent, you may have a generic email address makes you look like a small company. Like having a PO Box instead of a street address.

Message Transmitted | Message Received

If you're using an email domain from another company, you might as well wear a t-shirt. You're advertising that company, which makes you look cheap, generic and inattentive. Businesses outside Toronto often have phone numbers starting with area code 905. Yet, their mobile numbers often start with Toronto's more prestigious 416. That's the same idea. You'll see women carrying fancy shopping bags from Gucci or Chanel. The packaging matters even if the bag holds today's lunch.

Here are perceptions your email domain may create

AOL pollutes (remember the landfill-clogging deluge of CDs years ago) and symbolizes 11 years of failure
Gmail from Google annoys Microsoft lovers
Hotmail from Microsoft annoys Apple fans
Rogers (cable Internet) symbolizes high prices and lousy customer service
Sympatico (Internet from your phone company) also symbolizes high prices and lousy customer service
Yahoo means unprofessional: a yahoo is a yokel, rube or hick

The perceptions may be wrong. For example, I once got great customer service from Rogers. So what? You don't know what your clients think and only that matters. Why put yourself at a disadvantage you can easily overcome?

Why Get Email At Your Own Web Domain

Having your own web address for email helps in several ways (even if you don't have a website)

pride: you feel good with a professional email address
portable: you can move to different Internet providers without losing your email
memorable: you won't have to put up with john18273@theirdomain.com; you can use john@yourdomain.com instead
branded: you advertise your own domain wherever your email address appears
web-based: for anytime, anywhere access
inexpensive: can even be free with Google Apps Standard Edition

A .COM domain costs about $10 US a year. If you need help with the configuration, ask your email provider. Or a teenager. Pay them with a t-shirt.

Links

The State of Canada's Broadband: Terrific or Terrible (Globe & Mail, Oct 2009)
Canadian cell phone rates among the world's worst (CBC, Aug 2009); see sidebar for Internet woes
11 years of ambition and failure at AOL (New York Times, July 2009)
Insights from 291 business cards
Create your web presence: three easy steps for advisors

How To Apply Consistent Persistent Generosity

noreply@blogger.com (Promod) — Mon, 26 Oct 2009 23:53:00 +0000

The habit of giving only enhances the desire to give.

--- Walt Whitman

What you're doing right now gets you some results. How do you get more clients? How do you keep the ones you've got? To improve your results, try consistent persistent generosity. This catchy phrase is the title of a very short blog post from Seth Godin.

Consistent

Consistent means continual and predictable. A regular frequency helps build expectations.

Persistent

Persistent means long-lasting and unconditional. Like the Eveready bunny, you keep going after others fade.

Generosity

Generosity means giving something the receiver values. Not regifting stuff you want to ditch. Or handing out Frisbees because you assume everyone likes them as much as you do.

The Perfect Gift

The perfect gift has immense value but won't put you in the poorhouse. How about giving information? This is easy on the environment, inexpensive to send and has no calories (unless you're sending recipes). Batteries aren't included, but batteries aren't required. Unlike soup, you don't need to add more water to feed more mouths. Information stays full strength.

To invoke reciprocity, Dr Robert Cialdini suggests your gift be significant, personalized and unexpected. Information meets those requirements and has greater value when timely.

Welcome

Permission marketing is the privilege (not the right) of delivering anticipated, personal and relevant messages to people who actually want to get them. --- Seth Godin, Permission Marketing

Except on Halloween, we're reluctant to give candy to a stranger's child.

We want our messages welcomed. Advertising annoys. Most messages are generic and useless. If you've had laser eye surgery, you won't get more because of a sale price. If you don't ski, learning about a new resort doesn't help you.

How Social Media Helps

This snappy video shows the changing ways we communicate and stay in touch.

Why not share the best of what you know for free? You lose nothing if you believe we're surrounded by abundance. Your uncommon unconditional gifts will set you apart and draw people towards you. Generosity begets generosity.

Links

Consistent, Persistent Generosity (Seth Godin)
Permission Marketing (Seth Godin)
How Seth Godin sparks your flame of insight
Significant, personalized and unexpected (Robert Cialdini)
image courtesy of Kym McLeod (Australia)

Three Serious Lessons from The Second City Comedy Troupe

noreply@blogger.com (Promod) — Tue, 20 Oct 2009 01:53:00 +0000

You can see a lot by just looking.
--- Yogi Berra

Shut Up And Show Us Your Tweets! That's the title of a new show by The Second City comedy troupe in Toronto. As a bonus, a set of live improv follows each performance.

You laugh and laugh. You even learn lessons. Here are three:

Toil to shine
Embrace risk
Give free samples

Let's examine them.

Toil To Shine

If you don't sweat in private, you'll sweat in public. Practicing in private is better and less embarrassing.

The performance ran smoothly, with no obvious mistakes. This precision takes practice, which shows. What attention to detail. The actors said the right lines the right way at the right time. The right lighting illuminated the right spot at the right time. The right sound effects played at the right volume at the right time. We laughed and clapped on cue too.

Practice makes you a master ready to seize the opportunities that arise.

The cast of six showed mastery of their craft. Best wishes for continuing success to Rob Baker, Dale Boyer, Adam Cawley, Darryl Hinds, Caitlin Howden, and Reid Janisse. While they wait for greater opportunities to shine, they're satisfying the 10,000 hour rule. Time well spent.

You can also invest in becoming your best. What's the downside?

Embrace Risk

Mama always told me not to look into the sights of the sun
Oh but mama that's where the fun is
--- Bruce Springsteen, Blinded By The Light

Improvisational comedy is risky and that's part of the appeal. You can't tell what's going to work and each performance is different. You might flop, but if you fail like Apple you get better next time. You reduce the risk of failure with a skilled, attentive team. Each member pays attention and contributes the best they can in that moment.

Collaboration is also the key to success for advisors, according to McKinsey and LIMRA.

Free Samples

After the main show, the doors opened for free improvisation. I thought this meant that anyone could get on stage --- not a welcome prospect. Instead, they meant that anyone could watch for free.

By removing the cost barrier, the troupe let anyone see them in action. Some passersby who dropped in probably bought drinks and perhaps tickets for a future show. This is the first universal principle of influence in action: reciprocity.

How can you offer free no-risk samples? Perhaps via seminars (live or recorded) or articles (ideally accessible online).

Even if you forget the jokes as you leave the venue, you'll remember the fun you had. What a great lure to return for more. And to bring others with you.

Links

Second City Toronto (source of the images too)
Universal principle of influence #1: reciprocity
The best kept secret for advisor success
Outliers: Mastery plus Opportunity trumps Talent (Malcolm Gladwell)

So What If Banks Sell/Promote Insurance Online?

noreply@blogger.com (Promod) — Mon, 12 Oct 2009 00:12:00 +0000

I used to like to go to work but they shut it down.
I got a right to go to work but there's no work here to be found.
Yes and they say we're gonna have to pay what's owed.
We're gonna have to reap from some seed that's been sowed.
--- Dire Straits, Telegraph Road

Canadian banks dominate the sectors they enter.

Trust companies? Gobble, gobble.
Investment dealers? Gobble, gobble.
Mutual fund distribution? Gobble, gobble.
Mortgage loans? Gobble, gobble

Is insurance next?

Banks can't sell or promote insurance in their branches. Four months ago, the Office of the Superintendent of Financial Institutions (OSFI) ruled that a website isn't a branch. So banks can sell/promote online. Banks quickly integrated insurance into their main bank websites. This week, OSFI's boss, Finance Minister Jim Flaherty said banks can't market or sell online. What this means isn't clear. This reversal shows the power of insurance advisors in lobbying their local politicians.

Banks already play a key part in the insurance world. They own insurance companies. They sell insurance products from various companies. They have insurance offices close to bank branches.

What Do You Think of Banks?

According to research released by advisors, 59% of Canadians are "concerned about banks becoming bigger if they are allowed to expand into other businesses such as selling life and health insurance from their branches." This study ignores the Internet.

According to research just released by the banks, 77% of Canadians have a favourable impression of banks because "they receive good, personal service, have no problems with their bank and that their bank is there for its customers’ needs".

Do the findings surprise you?

What If ...

Let's suppose banks can sell and market insurance online in the near future. How can small independent advisors survive?

Would consumers really buy insurance online? Maybe not, but that's not the point. We research online. Maybe you'd buy from the place that educated you.

Look at all the industries battered by the Internet, mega competitors and changing consumer tastes

Home Depot vs small hardware stores
Superstores vs small grocery stores
Best Buy and Future Shop vs small home entertainment stores
Wal-Mart Supercenters vs department stores and grocery stores

Consumers picked the winners with their wallets.

Manic Sunday

To protect small operators, big stores could not open on Sunday or the day after Christmas. Consumers spoke and the laws changed. Big means mass market, which leaves many unserved niches waiting for you.

A Simple Idea

Here's a simple idea: fish where the fish are. Since consumers look for insurance online, get online too. This is easy and inexpensive. With a good website, you will attract traffic. As a minimum, you must show up on search engines. You'll find earlier posts help make you easy to find and credible.

create your web presence in three easy (and nearly free) steps: LinkedIn, web address, website or blog
send a monthly eNewsletter to stay in continuous contact with your clients and prospects
follow the three tips to keep financially solvent: predict the unthinkable, follow high standards and forget bailouts

You can't tell the future but you can plant and nurture the seeds of your success. You've always got competition but you can adapt. No matter what happens.

Links

The effect of banks selling insurance online
What Canadians think about their banks (Canadian Bankers Association, Oct 2009 | PDF)

Canadians' views of banks and life & health insurance (Advocis, Dec 2005 | PDF)

Are You Seen as a Commodity Like a Netbook?

noreply@blogger.com (Promod) — Tue, 06 Oct 2009 01:48:00 +0000

On the surface, netbooks look interchangeable. That suggests you can buy on price.

What if your prospects see you as a commodity too?

Here's what you'll find in today's typical netbook

same memory (1 GB)
same single core processor (1.6 GHz)
same hard drive (160 GB)
same operating system (Windows XP; Vista doesn't perform well)
same screen size (12.1" or less)
same screen resolution (1024x576 or 1024x600)

Blocking Innovation

Two big companies block innovation in netbooks: Microsoft and Intel. If we buy their cheaper products, they lose sales of their more expensive products with higher margins.

Microsoft sets maximum specifications on netbooks. Manufacturers who follow the rules pay about $15 US for a copy of Windows XP. Go beyond and pay four times more: $60. Is it any wonder that even the largest computer makers follow Microsoft's rules? Five "rebels" soon surrendered.

Competition helps. Microsoft faces competition from Linux and Google ChromeOS, both free. Intel faces competition from the AMD Neo and ARM Cortex. Computer manufacturers would rather sell more expensive equipment but want a portion of this growing market.

The Little Differences

Despite the similarities, you'll find surprisingly big differences among netbooks

keyboards: generally bilingual in Canada (e.g., Acer,Fujitsu, HP, Samsung, Toshiba), which makes the keyboards more confusing (exceptions: Dell, Lenovo)
build quality: plastic, "ruggedized" (for kids) or metal
layout and size of keys: the left shift key on the HP Mini is the size of a normal key and so is the right shift key on the Sony Vaio W
location of buttons on the trackpad: left/right (HP), bottom (most common), underneath (Dell)
battery life: longer weighs more
heat: some designs get too hot for comfort
reputation or design: you may prefer Sony over Acer, despite the higher price

When products become more similar, the minor differences matter more. You may prefer a particular colour. The placement of a key or the trackpad buttons may truly annoy you. Yes, we can adapt but why bother when we have other choices?

What About You?

You're not forced into sameness the way netbooks are, but you have the handicap of selling the invisible: services.

What makes you stand out from your competitors? Not from your perspective but from the eyes of your clients, prospects and centres of influence. In terms that matter to them.

Minor differences can set you apart. A little is enough to be the one they want.

Links

Beat your Blackberry (or iPhone) with a Netbook
Microsoft's restrictive Netbook rules (Maximum PC)
Five netbooks Microsoft has crushed (The Industry Standard)
Microsoft publishes maximum Windows 7 netbook specs (Engadget)
The Netbook Effect: How cheap little computers hit the big time (Wired)
Wall Street still worrying over netbook impact on Microsoft's Windows 7 sales (ZDNet, Sep 9, 2009)
photo courtesy of Sigurd Decroos (Oudenburg, Belgium)

The Best-Kept Secret For Advisor Success (McKinsey & LIMRA research)

noreply@blogger.com (Promod) — Tue, 29 Sep 2009 02:26:00 +0000

The best-kept secret to advisor success is collaboration in the form of permanent teams.

Does this surprise you?

This finding comes from two trusted names in research: McKinsey and LIMRA. They surveyed 1,200 experienced US advisors selling insurance and financial services. There's probably some validity for other types of advisors and small businesses.

I learned of this study during an intriguing and thought-provoking presentation by LIMRA's Brent Lemanski entitled Forces of Change: Issues Facing Distribution Leaders.

Let's explore further.

Types of Advisor Teams

Advisors can work in different ways

solo: 55%
solo with low support (1 assistant): 22%
solo with high support (2+ assistants): 14%
multi-advisor: 9%

Moving from low support to high support increases income by 39% for advisors with 3-9 years of experience. Would you turn that down?

Another report shows that the average net income for categories 3&4 (multi-advisor or solo with high support) is 80% higher than categories 1&2 (solo with no or low support).

Let's define success as having 250 clients and being in the top quartile of all advisors in financial services. The likelihood of success

more than doubles with low support (2.1x higher) or high support (2.4x higher)
more than triples with a multi-advisor team (3.4x higher)

What's Wrong With A Solo Practice?

Here's what Brent suggested. If you work solo, you have few clients in the beginning. So you can spend plenty of time on each one. You learn inefficient techniques and don't develop systems. As your practice grows, you spend an increasing proportion of your time on administrative work. Now you're too busy to manage your smaller clients well. Adding an assistant would add revenue and increase client satisfaction at limited cost.

Have you read the E-Myth Revisited by Michael Gerber? This must-read classic advises you to build a business you can sell or franchise (even if you plan neither). You need systems and procedures that others can follow to provide consistent, quality results. A solo practice which relies entirely on you is called a job: you haven't constructed a business that anyone would want to buy.

Three Benefits from Teams

Members of teams benefit from

building skills by getting mentored (95% agree)
succession planning (89%)
reducing personal expenses (77%)

As you'd probably guess, solo advisors underestimate the value of teams. They answered 75%, 72% and 54%, respectively. That's a big difference.

If you're solo --- like most advisors --- do consider creating a team. Brian Tracy says you're only working when you're prospecting, presenting or following up. An effective team frees up your time to do what matters most. Yes, there are hassles when you turn your job into a real business but look at what you can gain. Maybe you can experiment at low risk and low cost with a virtual assistant (see Marketing Reflections | Issue 3). What do you think?

Links

Forces of Change podcast (LIMRA, Aug 28, 2009)
Forces of Change homepage (LIMRA members only)
The Ultimate Virtual Assistant Guide (productivity501.com)

Picking the Right Mobile Internet Solution

noreply@blogger.com (Promod) — Tue, 22 Sep 2009 02:01:00 +0000

There are three kinds of death in this world. There's heart death, there's brain death, and there's being off the network. --- Guy Almes

All I need is the air that I breathe? Not anymore. In business, we need air conditioning and always-on Internet access too. Cheap, reliable, high speed access is a competitive advantage for cities and countries. In Canada and the US, we pay plenty for little. We don’t have much choice.

With a netbook computer, you’re likely using the Internet extensively, which makes online access essential. Here are your options.

WiFi
WiMax
Cellular

Let’s examine each in more detail.

WiFi
WiFi is the best choice ... if you can get a signal. That’s the problem. Not enough places offer free access. Each network has its own login process. From my downtown Toronto office, I get signals from

the University of Toronto (but I’m not a student, which means no access),
OneZone (which blankets downtown but costs $5/hour, $10/day or $29/month plus tax)
various other closed networks

If I only needed access from my office, OneZone would be viable, but I travel.

Starbucks gives two hours of free access per day. That's great but there’s no Starbucks near me and I don’t frequent coffee shops. It’s not practical to go to go somewhere else each time you want a signal. There’s free WiFi from Toronto Wireless, but I'm out of range.

Unfortunately, Toronto does not have much free WiFi. The US is more progressive. In lower Manhattan, a business coalition provides free WiFi. In San Francisco, bus stops have free WiFi as an incentive for riders.

If only there were aggregators that would give you low cost access to different networks. Enter Boingo Wireless and iPass Connect. Each has 100,000+ hotspots. There’s considerable overlap. Hotspots include Starbucks, OneZone, McDonalds, FedEx Kinkos, and even some hotels (with iPass). The cost? A reasonable $10 US per month.

What if you're often in locations without accessible WiFi? Like your client's office. You probably can't connect to their network.

Security is also a concern. How safe is a public-access WiFi network? Can your transmissions be intercepted and decoded? The true risks may be limited with appropriate security on your computer and use of sites secured by SSL or VPN. I haven’t evaluated the risks but would not bank online over someone else's WiFi network.

WiMax
WiMax was meant as the solution for stationary mobile Internet access. It hasn’t taken off. You get reasonable prices (30 GB for $50/month) and decent speeds with Rogers Portable Internet (see blog post). I used it for ages but stopped because the modem needs an electrical outlet. That gets to be a hassle. If your netbook or notebook runs on batteries, why can’t WiMax run from a USB port? The power consumption requirements must be too high.

Cellular
If you can get a signal on your mobile phone, you can get cellular internet. You simply plug a USB modem or aircard into your computer. You can even buy a computer with an embedded receiver, which is convenient but stops you from moving your connection to another machine. You have access while moving too.

Speed is surprisingly good. The problem is cost. In Canada, you’re paying $30 for 500 MB, $35 for 1 GB, ..., $85 for 5 GB. In addition, you pay the hefty cell phone surcharges for system access and 911. Then taxes get tacked on.

How much data will you need? Hard to say. Luckily, some plans are tiered. If you use more than your allotment of data, you’re bumped up to the next band. So if you use 600 MB, you’re charged the rate for 1 GB. This can save you money over picking a 2 GB plan and using much less each month.

Decision
With reservations, I opted for cellular internet access for true mobility. I picked Bell Mobility (which claims wider coverage) over Rogers (which claims faster speeds). I’m told that in real life, speeds are similar but could not compare.

Overall, I’m very pleased with the speed. I’m using 30-50 MB/day with email and light web surfing. That's more than I expected. There must be applications running in the background that chew up bandwidth.

How can you save money? You can bundle services with one provider (cable/satellite, home internet, home phone service, mobile phone). You might have access corporate rates through your employer or your spouse’s.

Since data rates will likely drop, I picked a one year plan.

Imagine always-on Internet access that’s too cheap to measure. Maybe someday. At least we have workable mobile solutions today. With mobile Internet and a netbook, my smartphone is becoming more of a paperweight.

Links

Beat your Blackberry (or iPhone) with a Netbook
Canadian (and US) cell phone rates among the world's worst (CBC.ca, Aug 2009 | read the sidebar about Internet)
Canada's mobile internet rates - legalized theft? (cellphones.ca | read user comments too)
Rogers Mobile Broadband
Rogers WiMax reviewed (Globe & Mail, April 2009)
OECD Broadband Portal (many comparisons)
photo courtesy of Philip Gregory

Do you annoy your clients without knowing?

noreply@blogger.com (Promod) — Tue, 15 Sep 2009 02:21:00 +0000

You don't intend to annoy customers but maybe that happens. Let's look an example and a possible solution.

The Situation

I wanted to send an agent $10. PayPal makes this quick, simple and flexible

use the recipient's email address or phone number
pay from your PayPal balance, bank account or credit card
transact from the PayPal website or your mobile phone (US only)
free except for credit cards (you decide whether the recipient or you pay the fee)

This agent required the use of a specific service. Let's call it "2PAY". The registration requires that you're at least age 18 and have a mobile phone from selected providers. That's not too onerous. Registration includes the following mandatory fields

your date of birth
your occupation [how can this matter?]
username [why not use your email address?]
mobile PIN [one more thing to remember]
two security questions [why not one?]
language preference [even though the whole page is in the language you choose]

You also provide access to your bank account or credit card --- restricted to MasterCard or VISA. American Express cardholders aren't welcome here. Once you add a credit card, there is no way to remove it.

Enter your postal code in the usual format (e.g., A1B 2C3) and you'll get an error when you Submit. This wipes out some other info, which you get to input again.

To activate your account, you get a lengthy mixed case confirmation code on your mobile phone. You input this on the "2PASS" website on your computer. A link then gets sent to your computer. You click on it and enter your logon information.

I sent the $10 after wasting 20 minutes on a service that falls well below expectations and Internet norms. In contrast, PayPal takes mere seconds and accepts Amex.

Terms of Service

Here are excerpts from the Terms of Use

You agree to have access to computer with a minimum web browser version of Microsoft Internet Explorer 6.0 or 7.0, or Mozilla Firefox 1.5.0 or 2.0, and the ability to receive and read e-mail [users of Google Chrome or Apple Safari are breaking the rules]

... not a deposit account and may not be insured by the Canada Deposit Insurance Corporation or any provincial deposit insurance program [but you're responsible to pay them anything you owe]

You agree that we may keep any benefits provided by a financial institution that holds these funds. [how is this fair? why kind of benefits are contemplated?]

In addition to the fees that we charge, you acknowledge that you may also be required to pay fees and charges to others [you get to pay and pay]

The terms go on and on. PayPal provides free protection with no limits on eBay

"So go ahead, shop with confidence. PayPal is with you every step of the way."
You get no guarantees with "2PAY". If you have a problem, that's your tough luck.

There's More

I passed some feedback to "2PAY" directly on their website and got this form letter reply

Thank you for your email. Due to the security vulnerabilities of email communication, it is [our] policy not to respond to inquiries specific to a particular account by email. We apologise for any inconvenience. [I didn't send email. I used an online form. They sent me a copy by insecure email.]

For assistance with matters particular to your account, please give us a call toll-free at 1-888-XXX-XXXX anytime between 11am and 8pm EST. ["anytime" excludes weekends and early birds.]

Intentions

The folks at "2PAY" didn't intend to annoy with their PayPal clone. You have noble intentions but may annoy too. How would you know?

Objective feedback is difficult to get. Here's a different idea. Invite observant communicators outside your target customers (and family) to review what you take for granted. Things like

the clarity of your marketing material
the quality of your handouts
your follow-up process
your voicemail greeting
your email signature
the overall impression you create

Any volunteers?

Beat your Blackberry (or iPhone) with a Netbook

noreply@blogger.com (Promod) — Tue, 08 Sep 2009 00:13:00 +0000

I never wanted a Blackberry or iPhone. Don't get me wrong. I'd be lost without my Blackberry. My aging 8703e is very reliable and solid. Convenient size. Crisp screen. The battery lasts all day. However, I'm in no rush to upgrade because smartphones have severe limitations.

A smartphone works best as a phone and calendar. Dialing is effortless when you select a contact from a list and without your calendar, how do keep track of your appointments? Synchronization with your network protects you if your device breaks or disappears.

Problems with a Smartphone

Needs evolve. Even the latest "gee-whiz" smartphones like the Palm Pre or iPhone 3GS compromise with tiny screens and tiny keyboards.

Reading an email that runs more than a few lines is an ordeal. You can't see highlighting or comments typed in italics or a different colour. Forget about file attachments. Browsing the web is a pain after the novelty wears off. Composing multiparagraph emails isn't much fun either.

A smartphone is too dumb and a notebook computer is cumbersome. How about something in-between?

The Netbook Advantage

You can buy a netbook, a tiny notebook computer, with wireless access and long battery life for $300-400 (and falling). Compare that with the price of an unlocked smartphone. You get a 10" screen with 1024x600 resolution, a 160 GB hard disk, 1 GB of RAM and a single-core 1.6 GHz processor and Windows XP. The keyboard is only slightly smaller than on your notebook computer. The netbook weighs less than three pounds and fits easily into your bag or onto an airline tray.

A price exception: Nokia's first computer, the Booklet 3G costs a staggering $820 US.

Get Bluetooth to make unlimited phone calls for only $2.95 US a month with Skype to any phone in the US or Canada. Compare that with the System Access Fee on your smartphone.

You won't find much difference in netbooks among brands, which makes buying easier. Manufacturers don't like netbooks because they make about $6 on a $300 unit. These margins have kept Apple out and Toshiba just entered recently. Retailers don't make much either. Microsoft loses $50 US of potential revenue when Windows goes on a netbook instead of a notebook. What choice do they have Linux is free? Intel loses $250 US of potential revenue compared with a high end chip in a notebook.

All this translates into value for you.

What You Can Do

At first, a netbook looks like an expensive toy. Indeed, a netbook makes a great computer for a student. Or for portable web surfing around the house. Road warrior Mitch Joel opened my eyes to business uses.

Perceptions mislead. You can run Office 2007 in a pinch. If you're using the Internet, you'll find performance is fine. If your current computer is several years old, you may find the netbook runs faster.

Here's where a netbook shines over a smartphone for email, web surfing and cheap phone calls. There's no learning curve because you already know how to use a computer and can install the same core applications.

The Positioning

A netbook does more than a smartphone but less than a full-featured computer. And that's just perfect.

This week, I'm starting to use my netbook for presentations. I'm also investigating mobile broadband for places WiFi isn't available. I'll share the findings.

Links

Mobile Broadband via Rogers WiMax Portable Internet
Microsoft makes $15 on a netbook with Windows XP (liliputing.com, April 2009)
Why netbooks arne't a problem for Microsoft (or anyone else) (eWeek, Sep 1, 2009)
Good news for Intel: Netbooks not cannibalizing laptops (AOL Money, Aug 31, 2009)
Battery life on Windows 7 below XP (Datamation, Aug 26, 2009)
Netbooks: a blessing or curse for resellers? (ITbusiness.ca, Aug 12, 2009)
Netbooks power the ultimate road warrior (Mitch Joel, July 4, 2009)

Creating a Wow!: B+H Photo/Video Manhattan

noreply@blogger.com (Promod) — Tue, 01 Sep 2009 01:55:00 +0000

How do you create an ever-too-rare Wow! moment? So remarkable that observers spread your story. You can't buy this publicity. You can only get it for free.

Here's an example from B&H, specializing in photo, video and professional audio. We first learned of this visit-worthy Manhattan store from native Pauline Frommer's New York City guide (2006 edition).

What Makes B&H Special?

Just speed, service and selection.

You've heard those words before. What's different here?

The speed is zippy. You may wait for a consultant if you go at a busy time, but that's fine since there's so much to see. The service is exceptional because you'll find knowledgeable staff within steps. The vast selection is something you need to see to believe.

The Process
You leave your bags with an attendant when you enter and get a receipt. While theft seemed unlikely, we still took our valuables out. You wander around to drink in the atmosphere. You notice the crowds. You spot the automated conveyor belts rushing green baskets just below the ceiling. Are they just for show?

The array of choices overwhelms you. How do you find what you're seeking? You ask at the help desk and get clear directions to the right department. As you walk, notice the well-stocked bowls and sample the Starburst-like candies. They give your fatigued body a welcome boost after a long day of sightseeing.

Ask for help from the specialist in area of interest (we were looking for a monopod to use with our new video camera and ended up getting a more versatile Manfrotto 585 stabilizer instead).

After you make your decision, the consultant verifies availability and prints a product page which you take to the order processing line. We waited for several minutes. Your item arrives by conveyor belt in moments (45 seconds for us) and gets inspected. You get a printed order form and head to the checkout. By the time you finish paying, your bagged order is already waiting for you.

Wow!

You've got to see the process yourself. In words, it's difficult to convey the impression this form of shopping creates. You don't lug your purchases around the store. This reduces shoplifting too because you don't have physical possession of anything until you've paid.

Did we save any money? We didn't know but left happy and felt compelled to tell others. You can't buy publicity like this.

What About You?

When your clients or prospects say "Wow!", they aren't comparing you with your competitors. They're benchmarking you against with their whole range of experiences. If you focus only on your direct competitors, you'll make incremental improvements at best. And you won't stand out.

Instead, think back to what created a Wow! for you. Perhaps at Walt Disney World, a well-organized event, the first hotel that left a chocolate on your pillow, an executive physical, a courier delivery service, an especially attentive waiter or B&H. How can you do something similar? And get the kind of publicity that you can only get for free.

Links

B&H Photo/Video
Manfrotto 585 MotoSteady 3-in-1 Stabilizer and Support System (amazon.com)
Carbs and Fiber in Starburst Fruit Chews (carbs-information.com)

Do You Fail Like Apple?

noreply@blogger.com (Promod) — Tue, 18 Aug 2009 01:05:00 +0000

I'd rather attempt to do something great and fail than to attempt to do nothing and succeed.

— Robert H Schuller

If you fail the first time, do you

(a) quit

(b) refine and experiment again

Failure teaches in ways that success can't. Even so, we don't want to be tagged as failure-prone. Since our #2 fear is criticism, we can protect ourselves by doing little. Nothing ventured, nothing lost.

Inertia puts us at a competitive disadvantage and can lead to a downward spiral.

Fail Fast And Cheap

Just because something doesn't do what you planned it to do doesn't mean it's useless. — Thomas Edison

There's nothing wrong with failing often, provided we fail cheaply and quickly. That's where we have an advantage over larger competitors.

When you think of Apple, what comes to mind? iPhone? iPod? Mac? iTunes? Innovation?

Faded Away

One who makes no mistakes, never makes anything.
— English proverb

What about Apple's failures? Here's a partial list in chronological order.

Apple Lisa (1983); $9,995; overpriced
Newton organizer (1993); $999; poor handwriting recognition
Macintosh TV (1993); $2,097; lousy TV, lousy computer
Pippin video game console (1996); $599; under-powered, over-priced, too few games
20th Anniversary Macintosh (1997); $7,499 US; overpriced
G4 Cube (2000); $1,599; overpriced
iPod Hi-Fi (2006); $349; poor performance, high price
Apple TV (2007); $299; limited content

That's quite a list. Yet Apple keeps going. Learning and innovating. So can we.

Links

When Apple flops: The worst Apple products of all time in pictures and words (NetworkWorld)
A brief history of Apple's failed but innovative products (PC World)
The six worst Apple products of all time (Macworld)
#2 Fear: Criticism (Napoleon Hill, 1937)

Do you market like a chimney repairer?

noreply@blogger.com (Promod) — Tue, 11 Aug 2009 01:50:00 +0000

Who ya gonna call?

--- Ray Parker, Ghostbusters

Small chunks of brick fell from both our chimneys.

Let's say this isn't your idea of a Do-It-Yourself project. How do you find someone you trust to

diagnose the real problem accurately
solve the problem properly
charge a reasonable price
stand behind the work

We asked neighbours but knew how referrals lead you astray from our leaky basement this spring. We asked tradespeople we knew for referrals. We looked at ads.

Dis-ease

Here's what we experienced, in no particular order:

no consensus (e.g., repair or rebuild?)
useless information (e.g., need for scaffolding, how to colour match the mortar)
no handouts
no company websites
no real email addresses (e.g., generic hotmail and gmail)
few with photos of previous jobs
few who went on the roof to inspect and photograph the damage: does your doctor prescribe with diagnosing first?
no written client testimonials
poor followup (eager to quote, but slow to return phone calls)
no request for our email address for ongoing marketing (e.g., an eNewsletter)
no clear differentiation (why you? in 25 words or less)
no certifications: can anyone repair chimneys?
not available when needed (except the lousy ones ... they were available the next day)
no mention of the home renovation tax credit to offset part of the cost
no offers post-repair service (e.g., annual reinspection or preventative maintenance)

Stand Out

We felt unsettled during the process. Since we couldn't gauge the quality of the recommendations or work, we focused on what we could see. And extrapolated. Even now, we hope we made the right decision. Your prospects may feel similarly uncomfortable. Maybe your current clients do too.

How different are you from

the chimney repairers
your competitors?

How easy to stand out by doing more. Just a little is enough.

Links

Rediscover 'Selling the Invisible' from Harry Beckwith

noreply@blogger.com (Promod) — Tue, 04 Aug 2009 01:51:00 +0000

Familiarity breeds business. Spread your word however you can.

Study each point of contact. Then improve each one significantly.

No matter how skilled you are, you must focus your skills.

--- Harry Beckwith

How can you be credible with commission-based advisors when you've never sold anything? How can you understand their issues? How can you help them?

These questions plagued me when I switched from an "ivory tower" product actuary to an in-the-trenches marketing actuary in mid-2005. To find answers, I started listening to audiobooks from the likes of Zig Ziglar, Brian Tracy, Tom Hopkins, Joe Girard and Jim Rohn.

This messed me up.

Most sales-related training focuses on products. Things like kitchenware, vacuum cleaners, encyclopedias, houses and cars. I thought the financial industry sold products too until Harry Beckwith revealed we sell services in Selling the Invisible.

You can touch a product. A red Porsche 911 convertible helps sell itself. A service is intangible. A service is a promise that something will happen in the future. You can't return a haircut. The service doesn't exist until you buy it.

The Revelation

Life insurance seemed like a product because of the paper policy contract. However, you really get an intangible promise. You're selling your clients peace of mind.

This may be obvious to you but came as a revelation to me. I listened to Selling the Invisible several times and kept uncovering new insights. I never read the actual book until now. The content still compels. I've made 20 pages of handwritten notes for transcription with Dragon NaturallySpeaking for future reference.

Making The Invisible Visible
How we do anything is how we do everything.
--- T. Harv Eker
Do you feel comfortable buying sight unseen? That's what you're asking your prospects to do. They are naturally reluctant. They can't see, hear or touch retirement income, security or tax-sheltered growth. What makes you believable?

Prospects get influenced by what they can see: your business card, the fit of clothing, scuff marks on your shoes, the car you drive, your watch, your ring, your pen, your email signature, your point-of-sale material, your spelling, your washroom. Prospects also notice and expect what competitors have that you don't. For example, a meaningful website, a real email address (not generic Gmail, Hotmail, Rogers, Sympatico or Yahoo), a newsletter.

In service marketing, almost nothing beats a brand.
--- Harry Beckwith

Brands make us feel more comfortable. What does yours say? Harry asks challenging questions like this.

Actions
The fresh perspectives and revelations in Selling the Invisible encouraged me to continue upgrading what's already visible but the reasons changed. Upgrading your accessories makes you look successful, a "nice to have". Selling the Invisible points out that upgrading the visible is essential because that's all that clients and prospects can see.

Little things matter, especially when what you and your competitors offer seems similar.

You're primarily competing with your prospect's indifference to act. Making more visible helps overcome their inertia.

You'll find many ideas and "sound bites" in Selling the Invisible. You can certainly read all the way through, but you'll get more practical benefit by reading a section at a time (generally 1-2 pages), reflecting and acting. Thanks for Harry Beckwith for writing a must-have book. Yours to (re)discover.

Links

Book Summary: Selling the Invisible (Business Summaries)
Book Review: Selling the Invisible (Executive Skillworks)
Synopsis: Selling the Invisible (Coaches Plus)
17 Quotes from You, Inc by Harry Beckwith (Scott Ginsberg)
Invisible Ink eNewsletter archives (Harry Beckwith)
Advisor Oversights: What Impression Does Your Washroom Create
Insights from 291 Business Cards

Four Marketing Lessons from an Executive Physical

noreply@blogger.com (Promod) — Tue, 28 Jul 2009 03:35:00 +0000

The only equipment lack in the modern hospital? Somebody to meet you at the entrance with a handshake! --- Martin H. Fischer

You've probably heard of executive physicals. I've thought of getting one for years. The range of services varies. I wasn't expecting a massage or a gourmet meal but was looking forward to tests you wouldn't get from your regular doctor. Tests that might spot a life-threatening condition that would not normally surface only when too late for treatment

You can read about my executive physical. Although everything was done professionally in pleasant surroundings, I felt disappointed. Are you disappointing your clients and prospects without even knowing? Probably. Let's look at four actions you can take.

Four Marketing Lessons
Clients and prospects have expectations when they come to your office for the first time. What can you do to manage and exceed their expectations? Clients who don't know what to expect are easy to disappoint: they expect what they expect. That can easily be more than you provide.

Here's what you can do

Position the experience
Personalize the process
Show other options
Stay in touch

Position the Experience
In financial services, you provide an experience --- a service, not a product. You're selling the intangible. The placebo effect says we experience what we expect (even if that doesn't happen). Why not describe what your guest can expect in advance? Answer common questions in an e-mail or online.

Here are some of my unanswered questions prior to my physical.

Will walking to the clinic elevate my heart rate and negate the tests?
When can I eat (you fast for 12 hours)? Is food provided?
Are locks provided for the lockers?
Are towels provided for the showers?
Is the testing so strenuous that a shower is required?

Personalize the Process
You likely provide each client a tailored subset of your services. Does your client know that? Or could your client think you're leaving things out that others routinely get? For example, you omit discussions about disability insurance but your client may not realize this is because they are too old or unhealthy to qualify.

Why not have a checklist to show progress? For example, if you're doing financial planning, you can explain that the fact-finding is taking place now, to be followed by diagnostic tests, recommendations and ongoing follow-up.

Show Other Options
Clients may think they know what they want because they don't until they know what's available.

Why not describe your full range of services with estimated costs. In the case of the medical clinic, this could include

physicals for other family members
optional tests (e.g., I wanted to go on a treadmill with sensors all over my body but this was not offered. Revenue lost. Disappointment found.)

Stay in Touch
I was not told what to expect after I left. Would there be any follow-up? Would I get a report by mail or email? Did I mean more than money to the clinic?

Why not stay in touch with your clients and prospects to show you care and are organized? How easy and inexpensive to send a monthly eNewsletter with health tips. If the content is truly valuable, recipients might even forward copies and recommend you.

With simple, easy actions, you can achieve results beyond your efforts. And become remarkable in a world of average.

Links

eNewsletters Part 4/4: Results

noreply@blogger.com (Promod) — Tue, 21 Jul 2009 02:31:00 +0000

Finally, the Marketing Reflections eNewsletter is ready!

In this series, we've looked at why you need an eNewsletter, answers to your three biggest objections and the eMarketing service selected for the experiment.

What's left?

creating the content
preparing the distribution list
pressing the Send button

Creating The Content

You'll find nice templates in Benchmark Email. I selected one that looked like this blog and then fine-tuned. The process is fairly easy but skippable if you're not particular.

Adding content is fairly easy too. Your eNewsletter is divided into sections. You edit a section at a time. You can add new sections by dragging and dropping them. We novices get professional results simply. You can see the results in the screenshot to the right.

You can send yourself test emails until you're satisfied.

Preparing The Distribution List

Originally, only advisors in my Outlook contacts were going to get subscribed automatically. I exported the full list in CSV format into Benchmark Email and started pruning through the names. Over 1/3 of the contacts got chopped.

Yesterday, I realized that two essential groups were overlooked

readers who subscribe to this blog by email
connections in LinkedIn

Each one volunteered to connect to me. How rude to exclude them from the mailing list. I was simply going to invite them to subscribe if they chose. That creates extra work for many, and reduces the potential readership. To be courteous, I decided to subscribe them myself. Luckily, exporting/importing is easy. I made separate distribution lists for each source and then merged them into a master list.

The Puzzle of LinkedIn

My LinkedIn connections come from diverse fields and different countries. I removed the names of those who are not in financial services. Then I remembered the risk of making assumptions about what others want. This is described in excellent book The Invisible Touch by Harry Beckwith, which I finished reading that day.

In the fascinating Trading Up, Michael Silverstein explains how we buy what we want by distorting our spending. Do we read any differently? Twitter shows how eclectic our interests are. Look at someone you Follow and see the diversity in who they Follow. You can also look at Facebook and LinkedIn but you'll see more homogeneity.

What to do?

We appreciate an acquaintance taking the time to send us hand-selected clippings ("I thought you might be interested in ..."). That's what Marketing Reflections does. So I subscribed my entire LinkedIn network. I then sent a note explaining what I'd done, asking for forgiveness if I'd been presumptuous, and offering to remove anyone who asked. A few asked to be removed but more thanked me for thinking of them.

Other Contacts

You know about the 291 business cards I've been processing. I'll add those names to the distribution as time allows. I wish I had an assistant.

Pressing the Send Button

The first issue gets distributed on Thursday morning. My nervousness is subsiding. There's still time to subscribe by clicking below.

Advance response has been favourable. Better connections with connections. Your own eNewsletter can do this too.

Links

Insights from 291 Business Cards

noreply@blogger.com (Promod) — Tue, 14 Jul 2009 02:11:00 +0000

This week, we're pausing before the fourth and final part of the build-an-eNewsletter project. Why? To get the email addresses ready. Maybe you've already done this.

I scanned the 291 business cards stacked in three unsightly piles on my desk with my year-old-but-still-amazing Fujitsu ScanSnap S300. This saved space and created fuel for our outdoor firepit. What's more, looking at 291 cards in quick succession uncovered ways make your business card better. Less generic. You'll find some overlap with an earlier post on business card etiquette.

If you work in a large organization, you're probably stuck with your business card. The ideas may help your clients or business partners, though.

How Annoying

Business cards are for ... marketing and communication. Why not give complete information in a pleasing, easy-to-read format? Some cards had these annoyances:

hard to contact: no email address
hard to read: light colours, small text or illegible fonts
(playing) hard to get: "by referral" or other words to imply you're too busy to take on new clients. If you truly were, why hand out cards?

Promoting Others

Using email addresses from services like cogeco, gmail, hotmail, on.aibn.com, rogers, sympatico and yahoo hurts you in three ways:

you're advertising another company (maybe one with a less than stellar reputation)
you're making a switch to another email provider more difficult (why limit your options?)
you're showing that you're minor league

Google will manage your email on your own domain for free with Google Apps Standard Edition. You can get a web address for $10 US or less.

Rare

Here's what made business cards stand out:

a photo (of the advisor)
a title (not just a name)
a tagline or slogan
expanding the cryptic designations
a map on the back

Next Step

With an additional 291 names, I've got oodles of potential recipients for the Marketing Reflections eNewsletter. I'll select advisors who warrant a subscription. Stay tuned.

To subscribe, simply click on the button.

Links

eNewsletters Part 3/4: The Experiment

noreply@blogger.com (Promod) — Tue, 07 Jul 2009 02:22:00 +0000

We're making progress.

We've seen why you need an email newsletter and addressed your three biggest objections. This time we'll select an eMarketing service to continue our experiment. If you're following along, you'll have your email database in good condition.

The Choices

Web searches for a suitable eMarketing service got confusing. Too many choices with little to distinguish them. I next looked at the eNewsletters I receive.

Major companies like Best Buy/Future Shop use their own systems. That's way beyond our scope. Even so, we can make our emails look as professional while spending very little time or money.

Some companies use intermediaries like the Insurance Brokerage Marketing Company (IBMCO) to send permission-based advertising with a cost per mailing. You won't build a permission-based asset using someone else's mailing list.

Other eNewsletters use services like Aweber, Constant Contact, Industry Mailout, InfusionSoft, MailChimp, ...

TopTenREVIEWS had a good summary of different services. Based on the selection criteria in Part 2, my shortlist was

Benchmark Email
iContact
MailChimp

I was going to pick iContact until I found numerous negative user comments on Bush Mackel. I had many problems sending out this blog with Zookoda in 2007 and am keen to avoid hassles. MailChimp seems a bit limited and has a steep price increase at 501 subscribers. So I picked Benchmark Email. The process wasn't rigorous but I'm satisfied with this decision.

The Winner

Benchmark Email feels friendly and is easy to use. You just click on tabs or buttons. There's a risk-free one month trial that lets you send out 250 emails. You aren't asked to provide a credit card to start your trial. That's ideal. You can send out 1,000 emails a month for $13 US. You can learn more from their website (an affiliate link with all commissions reinvested to help your marketing).

There's one big negative with Benchmark Email. You need nice graphics for your eNewsletters but you're charged a hefty $5 US/month for hosting 20 MB worth. Luckily, you can host your images for free on sites like Google Picassa or Yahoo Flickr. Or on your own website.

Next Time

Next time, we'll see the results of this four-part marketing process by sending out an actual eNewsletter. You can subscribe right now by clicking on the graphic below.

You'll see the mechanics, including the steps to confirm your subscription (double opt-in) and the confirmation emails. How do you like this? Would you like to use the same process? Your feedback is most welcome. Feel free to leave comments below.

The publication is called Marketing Reflections: you pause from your busy schedule to reflect and then plant marketing seeds for future harvest. You can also send a copy to your centres of influence.

Your own eNewsletter might target your clients and prospects.

Links

Benchmark Email (affiliate link with all commissions reinvested to help your marketing)
Part 1/4: Why You Need An eNewsletter Now
Part 2/4: Overcoming Your Three Biggest Objections
Part 4/4: Results
A Better Email Notification Service For You
Signup for the free Marketing Relections eNewsletter
photo courtesy of Sophie

eNewsletters Part 2/4: Overcoming Your Three Biggest Objections

noreply@blogger.com (Promod) — Tue, 30 Jun 2009 02:25:00 +0000

Last time, we looked at why you need an eNewsletter now. You'll agree that email newsletters improve contact with your clients, prospects and centres of influence. Yet you probably worry about the details. Here are the three biggest questions that advisors ask

where do you get the content?
where do you get readers?
how do you find the time?

The answers to these objections are simpler than you think.

Getting The Content

Getting content is fairly easy. While original content sets you apart, you don't have to write every single word. Instead, link to quality free content that's available online. Create Google Alerts to track what matters to your target readers. Look for articles in publications you read online. Check out Twitter feeds like @mActuary and @riscario for ideas.

You simply write a short catchy summary and link to the source material. That can be your newsletter. Your approach will evolve over time as you find your voice.

Getting Readers

We're in a permission-based world. Add your current clients to your distribution list. You can add others who give you permission. Violate these rules and you risk termination by your Email Marketing provider. New readers can subscribe via links in your newsletter or through a signup form that your Email Marketing provides for insertion on your own website.

You probably want two lists

clients and prospects
centres of influence

with one email to each group each month. You can refine over time. You may eventually want clients and prospects in separate lists. Or a separate list for your top clients.

Finding The Time

You can send eNewsletters from Microsoft Outlook or other email applications. You can even get fancy and personalize each email with the recipient's name (e.g., Dear ). This chews up time and requires that you be at your computer at the right time. Your email provider may limit how many emails you can send in a day as protection against spammers and to prevent their service from slowing down. Many little things can go wrong, Your computer might freeze. Do you reboot or wait? How do you restart an interrupted mailing? Removing those who want to unsubscribe takes time. You can easily get frustrated and distracted.

Instead, copy the professionals: use an Email Marketing application.

Here are the key features I'm looking for:

web-based: nothing to install or backup on your own computer
segmentation: to send emails to a portion of your list (e.g., clients who already bought critical illness insurance)
autoresponders: to send a preprogrammed sequence of emails (e.g., for new subscribers)
adding addresses without requiring opt-in: for including existing clients who gave you permission earlier (use carefully or your service can be terminated)
integration with Google Analytics: for tracking
scheduling: to have emails go out at a specified future time
attachments: to send files (when appropriate) rather than links to files (e.g., for a free special report to reward new subscribers)
social networking plugins: so your articles can be spread via Twitter, Facebook, Digg, etc
video: so you can embed more than just text (will become more important over time)
surveys: to interact with your readers
CAN-SPAM compliance: to follow the latest anti-spam laws

In Part 3, we'll at different Email Marketing providers and I'll pick one. Finally, in Part 4, I'll send out an actual eNewsletter and share the results with you. In the meantime, continue getting your email addresses ready for your own campaign.

Links

eNewsletters Part 1/4: Why You Need an eNewsletter Now
eNewsletters Part 3/4:
eNewsletters Part 4/4: Results
Google Alerts: Track What Matters To You
original photo: Cristian Junwirth

eNewsletters Part 1/4: Why You Need an eNewsletter Now

noreply@blogger.com (Promod) — Mon, 22 Jun 2009 03:11:00 +0000

Familiarity breeds business. But how do you maintain ongoing contact with your clients, prospects and centres of influences?

You can meet in person and talk over the phone (and should) but that contact requires your personal time and is not scalable.

You need to email a branded monthly newsletter (an eNewsletter) to

serve your current clients
attract new clients
establish your credibility with centres of influence

In short, you need an eNewsletter to grow your business.

You see the benefits but you're busy. You find the details daunting. In this four part series, we'll explore:

why you need an eNewsletter (this post)
the three big practical objections
the experiment
the results

To help you, I'll create a brand-new monthly eNewsletter for this blog. I'll describe the progress as we go along. I haven't run an email campaign in years. I don't know what will happen but am optimistic about the results.

Remember SaveTax?

From 2001-2005, I headed up the SaveTax project at National Life to help insurance advisors with online marketing. Advisors got a self-branded consumer-oriented website with extensive education about insurance products, the ability to run illustrations online (including universal life), and the option to buy online. This initiative was years ahead of its time and got scrapped. Such capabilities would help independent advisors now that banks can sell insurance online.

Email marketing was an essential part of SaveTax. Each week, thousands of brief WealthWorthy Minute emails were sent out on behalf of advisors. The addresses came from the advisors and the branding matched the advisor's website. Each Tuesday, website traffic peaked when the emails went out, a sign of effectiveness. Traffic grew week by week, month by month.

Although effortless for advisors, sending personalized, trackable emails was difficult in those days. We used dedicated email servers to send the messages out and tracking codes to monitor the results. You would have had difficulty doing this yourself.

Online Marketing in 2009

Online marketing is very accessible to you these days.

websites: easy to build without programmers or designers using wikis (e.g., look at riscario.com for education and sparkinsight.com for quotable quotes)
blogs: replacing the WealthWorthy Minute emails, which were also posted on the advisor's SaveTax website (e.g., look at blog.riscario.com for consumers and this site for you; both hosted for free on Google Blogger)
distribution: blog content gets sent out free by email and RSS with Google Feedburner
analysis: free with Google Analytics

You can do so much yourself or with your support staff. All you need are basic skills and the willingness to learn.

The Fundamental Change

Nowadays, you need permission to phone or email others. In the days of SaveTax, emails were sent out without requiring the consent of the recipient. Some advisors even rented lists of strangers. Recipients could easily unsubscribe.

That's gone. In today's permission-based world, you want to attract people to you. You want them to stay in contact.

Everything I do online requires a voluntary subscription. I can't even signup someone who asks: they must subscribe by themselves and then respond to an email confirming they want to opt in. That's a hassle that reduces readership.

If you asked your clients to opt-in to receive email or eNewsletters from you, how many would?

The eNewsletter Solution

You can "push" an eNewsletter to your clients because they previously gave you explicit or implicit permission to contact them. They could certainly opt-out but they would not be forced to opt-in.

With a suitable eNewsletter, you can set yourself apart from most advisors and look as professional as your larger competitors. The cost? A modest $20-$30 US, depending on how many subscribers you have and how often you email.

Next time, we'll look at the three big practical objections advisors have to email marketing. During this series, I'll create an eNewsletter that you can mimick. In the meantime, start getting your client email addresses ready.

Links

How "Do Not Spam" Laws Help and Hurt Consumers (Riscario Insider)
eNewsletters Part 2/4: Overcoming Your Three Biggest Objections

BookCampTO: How the Plight of Publishers and Authors Affects You

noreply@blogger.com (Promod) — Wed, 10 Jun 2009 03:09:00 +0000

First the "uncola" (7 Up). Now the unconference. An unconference is volunteer-run conference minus the boring bits. My first experience came at BookCamp Toronto, which took place on June 6, 2009 at the University of Toronto iSchool. Sessions were lead by moderators and designed for attendee participation. This event included an excellent boxed lunch --- all for free. Thankfully, there were no sales pitches, nothing to buy. The 300+ attendees included authors and publishers from as far away as Vancouver. What an opportunity to experience something different.

The conventional book world is struggling with the same massive changes that affected the music and movie industries. Piracy. The $9.95 ebook (the equivalent of the $0.99 song). The Amazon Kindle ebook reader (analogous to the iPod, though only available in the US at present). The public's rebellion against copy protection (called "Digital Rights Management" or DRM). Inconsistent ebook formats (remember VHS vs Betamax or BluRay vs HD DVD?).

The sessions had lively discussions from passionate attendees. At the end of the afternoon, I felt energized, not zombified. There were many younger attendees (close to university age) and this added to the energy.

Challenges

The book world faces many tough challenges, much the way our clients do. The complicated issues include

cross border: we can see prices in different countries and get annoyed to see different ebook prices
subsidies: successful books subsidize the lesser known (the government also provides subsidies but this wasn't mentioned)
copyright: including a photo or poem may require permission that's only available for the printed first edition
content protection: annoys readers since printed books come fully "unlocked"

Publishing Schublishing

The role of the publisher is becoming less relevant since authors can self-publish and self-market. Publishing has a costly infrastructure, like the music business. This results in the creator getting pennies on the dollar. However, major publishers are the easiest way to get books on the shelves of major retailers.

How involved is publishing? Let's look at a simple example: an Advisor Guide for a life insurance product. Here's the process

write a draft
send for review (readers in marketing, administration, IT and legal)
revise a few times to finalize the content
send for professional editing (which the author reviews)
get French translation (for a simultaneous launch)
design the booklet (graphics, layout)
print samples and check for colour accuracy etc
print and bind
package with related content (e.g., brochures, circular letter, projection software)
ship

The painstaking work involves many people. A print book would be even more complicated.

Over time, we simplified the process by creating the original in Word, importing into the publishing program and printing directly. Eventually, we created PDF ebooks for readers to print on demand.

Self-Marketing

Nowadays, authors can eliminate the intermediaries. I'm blogging from my patio without a professional editor but with free, instant, worldwide distribution. There's some loss in quality but a huge spike in spontaneity.

Authors can't rely on publishers for marketing. Since books rarely sell well, authors may look like commodities with the publishers focusing on the winners. Overall, authors seem reluctant to promote themselves. Or they don't know how. Advisors often have similar issues.

Books have about three months to succeed. Advance marketing helps build anticipation and the buzz helps kickstart the crucial early sales. A few weeks ago, I piloted How To Succeed With Entrepreneurs, a new series of three live presentations. During part one, Be The One They Want, advisors like the animated falling man borrowed from the cover of The Dip. They like the section on marketing, which builds on earlier posts. And they love the accompanying 36-page full colour booklet. Attractive handouts make a huge impression that outweighs the cost and effort. You'll probably get a similar outcome, even if no one asks for an autograph.

Two Examples

Here are two excellent examples of book marketing underway right now from first-time authors:

Kerry Taylor (Squawkfox): 397 Ways To Save Money
Mitch Joel: Six Pixels of Separation

Build

Kerry has been interviewed and mentioned numerous times in major media including CFRB, The Globe & Mail, and various blogs. She mentions this publicity via Twitter (@squawkfox) and in her blog (squawkfox.com). That creates more publicity in a virtuous spiral. Nicely done.

Splash

Mitch's book comes out in September in multiple languages and multiple formats (paper, ebook, Kindle, audio) simultaneously. You can pre-order from six retailers already. Reviewers can request advance copies. Some reviews are already online. This book already feels familiar. I spoke to Mitch at BookCamp. The multi-month pre-launch campaign has other phases to bring the book to the attention of the target audience.

You

We face marketing challenges too. Months can elapse between meeting a prospect and their decision to buy. In the case of life insurance, the client could be rejected by the insurer for medical or financial reasons. At least with a book, the retailer will gladly take your money and complete the transaction.

Links

BookCampTO
397 Ways To Save Money (Squawkfox blog)
On Selling (and Marketing) Books (Six Pixels blog)

How do you Help Clients who have Trouble Reading?

noreply@blogger.com (Promod) — Thu, 28 May 2009 03:05:00 +0000

Any intelligent fool can make things bigger and more complex … It takes a touch of genius — and a lot of courage — to move in the opposite direction.
— Albert Einstein

In the United States, one in seven adults can't read. That's 32 million people — roughly the population of Canada.

In Canada, 40% of adults struggle with low literacy. Among these nine million, 15% face "serious problems dealing with any printed materials".

We haven't talked about basic math skills or financial literacy yet.

Financial products and services have an additional burden: they are intangible. You can't gauge a good insurance contract by touch. You can't smell the better annuity.

You can be sure that you have clients and prospects who do not understand you, whether they admit this or not.

Everything should be made as simple as possible, but not simpler.
—Albert Einstein

Visuals help. Audio recordings help. Video helps. Guess how many videos were viewed online in March 2009 in the US? Would you believe 11.5 billion? That's an increase of 64% over last year. In contrast, online newspaper readership is about 3.5 billion page views per month, an increase of 13% over last year. Even those who can read may prefer the ease of listening or watching.

How can you make your messages simpler?

Links

1 in 7 US adults are unable to read this story (USA Today)
adult literacy in Canada (ABC Canada)

3-in-1: CALU 2009 / Lousy Books / Tweeting Financial Plans

noreply@blogger.com (Promod) — Wed, 20 May 2009 02:42:00 +0000

How time passes. The last post, the 100th, took place three weeks ago. What happened to a post per week, most weeks? Life. In particular:

CALU 2009
lousy books
Twitter

CALU 2009

As usual, CALU was exceptional. Stephen Harper, Jim Flaherty and Michael Ignatieff. Preston Manning spoke. I sent live messages to Twitter, LinkedIn and Facebook. I blogged at Riscario Insider. I had my portable scanner, voice recorder, Bluetooth headset and newly-upgraded Dragon NaturallySpeaking 10.

Highlights were

The Honourable Donald Bowman, the former Chief Justice of the Tax Court of Canada. He spoke about interest deductibility, GAAR and 10-8 leveraging. I had the opportunity to speak to him privately for a few minutes.
Two members of the Richardson family (Carolyn the Chairman, and Hartley the President & CEO) on running a family business (now in its 5th generation) and succession planning
Dr. Lance Secretan on the CASTLE Principles

I may write about these sessions in the future from my dozens of pages of notes.

Lousy Books

Most of the books I read or listen to come recommended. Recently, I've been judging books by their titles, covers and authors. This adventure didn't work well. There's lots of fluff out there. I won't mention titles. Luckily, you can learn from the bad: just do the opposite.

Twitter (@mActuary)

Twitter is the easiest way to communicate timely information. I mainly post links to articles that may interest you. Distilling messages down to 140 characters makes your message more potent. More like headlines. More likely to get read and recommended.

Can you summarize your financial plan in 140 characters? Jonathan Chevreau started with his 76,000 word book, Findependence Day, and got whittled down to 126 characters: Lose debt. Join pension. Own home. Spend little. Save tons. Invest wisely. Be tax wise. Marry 4 life. Insure life. Make will.

Impressive! I'm going to create my own summary. Why don't you try too?

Links

A complete financial plan in 140 characters (Financial Post, May 2, 2009)
CALU 2009: Preston Manning on Financial Planning
CALU 2009: Seven In A Row - Prime Minister Harper Live Again
CALU 2009: Jim Flaherty on the Economy and Financial Literacy
CALU 2008: Sharing The Wisdom
CALU 2008: The Prime Minister And The Producers
CALU 2008: The Cost of Low Reinsurance Rates
CALU 2008: Advisor Succession Planning
The CASTLE Principles (with a link to a 2006 presentation)

The 100th Post Already?

noreply@blogger.com (Promod) — Thu, 30 Apr 2009 02:14:00 +0000

The 100th post! Can it be? Time flies. Over two years.

Why Start?

I started blogging to help the public understand their financial risks and ways to tame them. There is very little content like that online --- the first place many look. Where do you send your clients?

As a product actuary, my expertise was individual life insurance and health insurance from design to pricing to reinsurance to illustrations to marketing to administration to support. This unique background spurred me to start Riscario Insider. The 100th post was in January 2009.

Why This?

Except for the fellow getting divorced, advisors want to increase their revenue. This requires ideas, insights and best practices. I come across them continuously --- a side benefit of working with some of the country's top advisors and lots of reading. But how to share what I'm learning? Through this blog for advisors, including insurance specialists, investment advisors, accountants and lawyers. You'll find a fresh post most weeks.

Why Continue?

Writing takes time. Each post takes several hours of drafting and editing. Even finding the right photo or graphic takes time. So why not quit?

My altruistic motive remains: helping people. What you don't share, dies. I keep learning and refining what I've learned. I've got to tell those who want to listen. Blogging allows free access anytime from anywhere.

My selfish purpose is improving myself. You learn better when tell others. Writing imposes further discipline because you're not present to clarify. Your words must be clear. Your message must be interesting. Little things like headlines make a difference.

Practice helps you push through the dip on the hill to mastery.

What's Next?

The future will have more of the same. For faster access to tips, you can subscribe to @mActuary on Twitter. I've thought of adding audio podcasts (a new feature on Riscario Insider). Video is a remote possibility but that's a tough medium for me. What would you like to see?

How You Win

Between this blog and Riscario Insider, you've got access to 216 posts with more on the way. Scan through them and you'll find some that you can use with your clients or centres of influence.

You can even copy/paste selected content to make it look like your own. Just don't "borrow" everything!

You may even find content that helps you.

Links

The first post: Testing 1-2-3 (Feb 13, 2007)
Outliers: Mastery + Opportunity > Talent
Riscario Insider blog for the public

I'm The Me: Where is Your Google Profile?

noreply@blogger.com (Promod) — Wed, 22 Apr 2009 02:47:00 +0000

... from time to time many of us have searched on Google for our name or someone else's. When searching for yourself to see what others would find, results can be varied and aren't always what you want people to see.

--- The Official Google Blog | April 21, 2009

Help Google find you. Then Google will help others find you. That's the principle of reciprocity in action. That's more business and happier clients for you.

Here's a nifty free way to get found. I forgot until I got a reminder on Twitter today from the unofficial Google Operating System blog. You'll find instructions there.

The Error Of Omission

The more information you provide, the easier it will be for friends to find you.
--- Google

We like to think we're unique, but others may share your name. They may show up higher in search rankings. They may get contacted by people looking for you. That's no good. Your profile will help you get found but only if you put meaningful, unique information there.

Your Photo

You've got to post a photo. A nice one. This is essential for others to recognize you. For branding, you'll want to use the same photo on LinkedIn and elsewhere.

My page is www.google.com/profiles/promodcares. Creating it was quite simple. I'll make refinements over time.

Your Privacy

You decide what to include in your Google Profile. You decide to make your profile public --- which is the whole point. There's already information about you online. Here's your chance to author your story your way.

Links

Google People Search (Google Operation System blog | April 21, 2009)
Google Profile Search (Google Operation System blog | Nov 3, 2008)
Search for "me" on Google (The Official Google Blog | April 21, 2009)
Google Wants You To Profile Yourself (Wired | April 21, 2009)
Creating Your Web Presence: Three Easy Steps For Advisors