Wednesday, February 14, 2018

Why Your Goal Setting Must Have IMPACT

January 3, 2014 by  
Filed under All Posts, Business Practices

Goal-Setting-IMPACTIt’s that time of year where everyone turns to setting resolutions. As I shared in January 2013, I prefer SMART goal setting to resolutions.

Since then, I’ve been introduced to a concept called IMPACT-Goal setting.

The objective in setting goals is to accomplish them. An IMPACT-Goal by design increases your chances of success. Again, it is an acronym in the same way the word SMAR. is and there are some of the same concepts involved.

In a nutshell, an IMPACT-Goal must be Inspiring, Measurable, Purposeful, Active, Controllable, and Time-specific.

Inspiring – Your goal must personally inspire and motivate YOU to action. Without that, you won’t have the interest and desire to take continuous action to achieve it or to overcome setbacks and challenges that will happen on your journey. What isn’t an inspiring goal? A goal someone else has or someone else wants you to achieve. This has to be something PERSONAL that YOU want to achieve, be it either big or small.

Measurable – As in the SMART. method, your goal must be measurable. You need to state it so that there is no confusion as to what you want to achieve. Will a complete stranger be able to look at your goal and tell you it has been achieved.

Purposeful – A goal without a purpose is like owning a car but never filling it with gas. The reason you set your goal MUST support your vision. Otherwise you probably will lose your drive to fulfill it or worse, realize that the goal is supporting a vision you don’t hold. All that effort will be wasted.

Active – Your goal must promote action! While writing it down is an important first step, it will not get you any closer to attaining it unless you ACT on it. For each of your goals, list the tasks that will make it happen.

Controllable – While some people advocate setting a goal that is unrealistic, I have a bit of a problem with that. For example, I am in my mid-50’s. If I had a goal to be a U.S. Army fighter pilot, that just won’t happen at my age.Your goal must be controllable. If you don’t set a goal where you have a substantial amount of control over the outcome, you will most likely fail. Saying I’d like to get my private pilot’s license in 2 years IS a goal I have much more control over.

Time Specific – Your vision should not have an ending but a goal needs a specific and realistic deadline. This will provide you the drive to complete it, it allows you to prioritize all your goals, and it gives you a way to measure your success.

So take some time today and think about your vision for your life and business. It helps to separate them into quadrants, such as Business, Relationships, Health, etc. and prioritize and set goals for each. Follow the IMPACT-Goal and the SMART methods as your guide to this very important activity.

How a Mobile Credit Card Reader Helps to Sell Videos

Taking-Mobile-Payments(We just returned from another 6 week speaking tour like the one I reported on this past January. Like the last tour, we sold several hundred books and DVDs using the Square card reader so this article by Dean Cope is very timely. Read on..)

The technology and research company Forrester predicts U.S. mobile payments will surge to $90 billion by the end of 2017. Though mobile card readers were once novelty devices used by individuals and small vendors, big retailers like Starbucks now use them at their stores.

But why should you use them to sell your videos? Here’s a roundup of how mobile credit card readers can help streamline your business and increase sales.

Easy Transactions at Conferences and Vendor Shows

Conferences and vendor shows are a great place to start selling your videos, even though you may be too intimidated to process the sales. Forget about packing up a clunky credit card system.Most mobile card readers have a small attachment that slides on your phone or tablet. Set up your vendor table with your videos, run a sample off your tablet and launch your mobile card reader. You’re up and running and ready for a sale.

Quick Sales and Impulse Buys

What happens if you’re at a coffee shop and start chatting up someone who wants to know about the video camera you’re carrying? Instead of giving him a business card and enticing him to purchase a video from your site, you can sell him on the spot. Explain what your videos do and offer to show a sample on your phone or tablet. Next, get out your mobile mobile credit card reader and make a purchase.

Potential customers are everywhere. You need to be ready to close a sale or risk losing out on business by redirecting them to a site once they get home. You also don’t have to rely on cash or check with an impulse sale.

Low Service Fees

When is the last time you got hit with hidden fees from your bank or paid an annual fee for a business credit card? Unlike banks, most mobile card reader services like Square offer a flat fee per transaction. Rates are typically 1 to 3 percent per cost of the sale. Small fees may be added for punching in credit card numbers manually instead of swiping a card. Flat fees and low rates keep everything transparent and you can automatically figure out how much you owe per sale.

Keep Track of Sales

Mobile credit card reader apps typically offer an online dashboard to keep tabs on sales data. Log in and check how your video sales business is doing over the week and months as needed. You also can set up a reward program for loyal customers. Other apps like Intuit GoPayment offer location-based sales tax calculations and can hook up to QuickBooks if needed.

No Annual Contracts

Unlike traditional credit card processing systems, mobile readers generally don’t impose annual contracts. Service is offered on a month-to-month basis, which creates a low commitment to try out a reader. Not being tied down to a contract gives small business owners the freedom to step into a new sales arena without worrying about sales for six months. Schedule conferences and vendor sales in a two-month block to make the most out of your service. See how it goes and decide if you’re ready to convert to mobile sales.

About the Author

Dean Cope develops apps to fund his snowsports addiction. He got 78 days on the slopes last year.

Want to Make More Money? Expand Your Existing Product Line

BooksAfter checking out the two profit making scenarios – the “Low Price, High Volume” and the “High Price, Low Volume” models – I shared in the previous two posts, do you see the financial potential in producing and selling your videos?

Today I’m tell you how to further increase your profit potential in this business.

Expand Your Existing Products

Now bear in mind the two scenarios I shared were based on selling just DVDs. But you don’t want to stop there to make this a stronger business. Why?

Let’s assume that you have finished your special interest video, it’s available for sale and someone buys it. Yay! Good for you. So you just have to find more customers, rinse and repeat and your fortune’s made, right?

Wrong! Obviously, one of the key goals in marketing and being successful in this business is to get a lot of those “someones” buying your video! But even if you get thousands of happy customers, to truly be successful you have to do more.

Unless you have other products to sell your new customer, your relationship is over with that single transaction. You’ll be spending a lot of effort converting them to a customer and getting them to trust you enough to fork over their money. Once they make a purchase decision it’s the best time to hit them with an offer for something else related to what they just bought. That is often called an upsale. If you don’t have anything else to offer, now or in the near future, you’ll probably never hear from that customer again. So what should you do if you just have a single video title?

There are ways to turn a single video into additional products. For example:

  • You can strip the audio out and sell it as an MP3 or an audio CD.
  • You can transcribe the audio into text and create an eBook. This works especially well with instructional videos. With the booming popularity of ebook readers, this can be a nice source of additional income at almost no cost to you. You can also offer this as an added bonus, an incentive to make a purchase within a limited time frame.
  • Break your video into individual modules and sell them separately.

Ideally you want to develop multiple titles on a topic and plan for this before you start video production. Not only can you bundle them together to get a higher price, it’s also better to have six 20 minute videos for sale on a topic than one 120 minute video. Maybe a customer will buy them one at a time over a period of weeks or months. This could be the beginning of a membership program.

But you don’t have to just sell your own products. Next week we’ll cover adding other people’s products to the equation.

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