Save Money And Reduce Information Overload
One of the exciting things about doing business online is the rapidly changing landscape. There are new technologies, new tactics, and new products coming onto the market daily. It’s a constant parade of new offers.
But do you need the latest and greatest offering? Or will it just become “shelfware?” Here are five questions to ask yourself before you purchase the next product that arrives in your inbox.
1. Does this fit my business model? If your primary business model is split between consulting and selling your own info products, you may not need the “hot” new Private Label Rights product. Regardless of how easy it sounds, how much passive revenue you can earn or how few copies are left, if it doesn’t fit into your business model – skip it.
2. Is this truly a time-sensitive offer? Scarcity – a limited quantity, or short time limit – is one of the most effective means for closing a sale, so it is often used in online sales letters. A “real deadline” is the early bird price for a conference or the start of a teleseminar series. And while “the price goes up at midnight” may be compelling, don’t buy just to beat the deadline.
Buying something you don’t need or don’t have time to use will cost more in the long run than what you would save on beating the deadline. One of the techiques I use is to print all sales letters that interest me. Then I read them away from the computer where I can’t click immediately. This delay helps the rational thinking process and avoids that panicky clicking.
3. Do I have time to implement this? If you can see an opening in this week’s schedule that gives you time to read the ebook, re-label the product, watch the videos and take the resulting action, then it might be a good product to purchase. But most people 1) don’t set aside time to implement in the first 48 hours after purchase and 2) may consume the materials, but fail to take action. This is how “shelfware” is created!
4. How will I implement this? A well-written sales letter will provide enough detail that you can write a plan for consuming the product and taking action. Will you need to learn a process? See how many hours of videos are provided – then double that time for learning the material. Look at the length of the ebook, then based on your reading speed, figure out how long you’ll need to consume it.
Then take a further guess at the number of hours you will need to take the action. You don’t want to walk around as a Smart Marketer who knows a lot. You want to be a Rich Marketer – and that requires action. So at least double the learning time for the action phase.
Finally, write out your plan. Once the first rush of excitement has passed about all of the great “stuff” you have bought, you may forget why you invested in it. So while you’re really excited about it – before you click the order button – have your written plan ready.
5. What’s the return on my investment? It’s not just your money, it’s your time. What else will you be neglecting to implement this new product? What will that cost you, both in terms of rest and relationships? If you fully follow your plan and invest the hours you know you need to properly implement it, how soon will you see the increase in revenue (or decrease in expenses)? How much can you realistically expect to earn? Now divide that by the number of hours in your implementation plan. Is it worth it?
While these questions won’t stop you from purchasing the tools and knowledge you need for your business, they will help you avoid excess purchases that leave you feeling guilty and overwhelmed. Be an “Action Consumer.” Resolve to never purchase again without answering these five questions.
To keep you on track – subscribe to our email list below.
Great article & should be required reading before a fellow entrepreneur is allowed to make a purchase.
I know it would have saved me thousands and a draw full of ‘must have’ products over these last 25 years.
Thanks Jeanette,
Always enjoy your writing.
Tom Stoyan
Canada’s Sales Coach
Thanks, Tom. Glad it’s helpful. The other piece I would add to the 5 questions is to use a Product Tracker. It gives you a reference to everything you have already purchased and where to find it.
Jeanette, it’s a fabulous and really profoundly helpful article! Thank you!
I’m one of those panicky clickers because it sounds like I just HAVE to have it and it’s so easy, in “emotion mode” to forget all the practicalities like what will it take to use and consume it.
I’ll refer a few people who I know also struggle with this, to this article. It’s even good for those of us in the Alternative Healing world, who keep going on the next course and the next course and the next course… remember the time it takes to USE this information.
Nothing is gained by those shelf products or courses – it leads to frustration and “I did it again!!” and I’m certainly going to make a short list of your points and stick it on my laptop!!
Thanks again, I really enjoyed this.
Liesel – it sounds like it fits perfectly with your book! No Problem. Glad you enjoyed it.
It does SO fit with my book topic and many people struggling with “no” will benefit from this post. I was wondering whether I may have your permission to publish this blog post on my blog over at my book web site, please, with full attribution and your blog signature and photograph?
That will really be incredible!
I am always happy to share my articles on other sites with full attribution, signature, and photo. In fact, you’ll find a bunch of my articles ready to share at ArticlesByJeanette.com – and thanks for asking!
Hi Jeanette – I’m going to share this also! I might use an affiliate link in the signature – you taught me well. Thanks!
Good for you, Cathy! I’m on a crusade to help people stop creating their own overwhelm by buying too much. Ironic for an information marketer, I know, but it doesn’t serve anyone to have idle information sitting on your hard drive.
I appreciate all the information you have available. Your way of delivering it is straightforward and understandable. Thank you! My problem is that many others have the same information, usually presented with great bells and whistles and an appropriate price tag. This article helps clarify the situation.
I am trying to manage a website, a blog, a Facebook page, a YouTube account, and a newsletter account. I also have three ebooks ready to go and a Santa training manual almost ready.
Santa here is going nuts! If I were 35 instead of 75, it probably would be a piece of cake. Got any suggestions?
Pete
http://www.petevanderpool.com
Santa (aka Pete) – get help. We often think we have to do everything ourselves, but that’s not true. There are people who can do these things in their sleep and would love to get paid for it. Do what YOU do well – and outsource the rest. You are uniquely qualified to create CONTENT, but you are probably not the best qualified to update websites,etc. The world needs your information and when it’s being held up by details and overwhelm, you’re depriving a lot of people of what you have to offer. Contact me through my help desk or private message me on Facebook for contractors I recommend.
Hi Jeanette! This is a very helpful article. I am going to do as you’ve suggested and place these 5 points in a prominent place close to my computer. I have bought numerous programs – all with the intention of putting them into action – but then get overwhelmed about which one to work on first. And, just so you know, I bought your book on how to write an eCourse to go with my book. It is excellent and walks me through the entire process. I wrote the course right away – but then was unable to transfer it using the technology suggested due to a poor internet connection while travelling. Now that I’m back home and have a strong internet connection, I’m too busy with other things to get back to it. It is still on my ‘To Do’ list though. I guess this reinforces your point that action needs to be taken within 48 hours! 🙁
Jan, I appreciate your getting the book and taking action. One way you may want to get unstuck on this particular task is to hire someone to load the messages for you. I can recommend my webmaster or someone on fiverr. But it’s costing you money to wait to do it yourself. Contact my help desk or private message me on Facebook if you need contact details. Let’s get it done!
Hi Jeanette — thanks for first writing this great post and then reminding us about it now.
I have a friend who is in the same business as I, and we have an agreement. Any time either of us is tempted by one of these “must have” products, we first send it to the other under the subject line, “Is this a shiny penny?” We then have the benefit of two heads considering the pros and cons and whether it fits our model. More often than not, we don’t buy — and sometimes it really does fit, and the marketer gets two sales instead of one!
Thanks for your wisdom, Jeanette!
What a great idea, Helen! A friend of mine and I used to agree that we would buy nothing after midnight, since we both recognized that was when we were the most vulnerable to those bright shiny objects. It does help to have a friends!
Beautiful, and as business coach Lynn Terry says: If you don’t need it YET, don’t buy it NOW.
That sticky note on the corner of my computer has saved me hundreds of dollars!
Plus I’m still trying to find a mentor for MY business. I can use lots of the tips I receive, but am thinking I may have to create my own course, in what little spare time I have. ;0
Dr. Cates,
Once again you have delivered relevant information that all of us on the Internet can use. Especially those of us who suffer from overwhelm. I had to stop buying and start implementing. Thank you for your great advice.
Dave@ http://GiveItAThought.com