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Published Tuesday & Thursday
Lena Sanchez - Editor
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Lena
928-636-9425
Thursday May 17, 2007
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Archives
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=> IN THIS ISSUE!
============================
<> Editors' Remarks
<>Motivational Thought!
<> Spotlight of the Day
<> Paid Ads Week/Month
<> Business Tip
<> Advertising Links
<> Business Coach of the Day
<> Change Your Life Information
================
EDITORS' REMARKS
================
Greetings and thank you for being an
optin subscriber.
Advertising Options Click Here
This
will be the last Your Home Business Coach ezine until 5/29
as I will be on vacation next week.
Do what you must to be successful as
long as it's honest, something you enjoy and doesn't hurt
anyone.
Lena
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======================
MOTIVATIONAL THOUGHT
======================
"I've missed over
9,000 shots in my career. I've lost almost 300 games. 26
times I've been trusted to take the game-winning shot...and
missed. I've failed over and over and over again in my life.
And that is why I succeed."
~ Michael Jordan, Professional Basketball Player
====================
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BUSINESS TIP
==========================
How To Successfully Launch A New Product
Or Service
By Peter Lawless
Companies decide to launch new products for a variety of
reasons. If you have already decided to launch a new
product or complimentary service, this article will
guide you through the steps to guarantee its success. We
will also explore reasons for launching a new product in
the first place.
Why launch a new offering from your company?
There are three principle reasons that new products are
launched, they are as follows:
1. To satisfy additional customer demand.
2. Spotting an additional way of adding value to your
existing portfolio, in a new or existing niche.
3. As a means of diversifying, to either grow the
business, or to protect future earnings as a cash cow,
reaches end of life.
If you have not already decided to add to your offering,
it may be worth checking to see if any of the above
criteria are applicable to your company.
So let's assume that you have decided to launch your new
product or service, your first step is to examine, if
the business case stands up in its own right.
This simply means that you need to write a business
plan, as though you were launching a new company. The
only key difference is that you will be able to factor
in existing resources that you will use to make, market,
sell and service your new offering. You should also look
at the impact the new venture will have on your existing
business.
I am assuming that you know how to write a successful
business plan, if you need any help, you may wish to
contact one of our partners at Exit Plan ltd, who can
facilitate your planning session.
The key market planning activities.
Let us turn our focus on to the key marketing planning
activities that you need to embark upon:
Research your target market - You will need to gauge the
size of the market, and their propensity to buy this new
offering.
Price your Product - A previous article, pricing for
profit, will help you with this.
Test your offering - This is absolutely vital, and the
remainder of this article goes into detail, on how that
should be done.
Launch your Product - Your testing will have helped you
create your marketing plan, and this is what you will
now set into action.
Sell and service your offering - finally you must ensure
that you have capacity to meet demand. Nothing kills a
new product's future success than potential customer's
inability to get hold of the product.
Testing your new Product or Service
If possible the best group of people or companies to
test a new product with is, your existing customers. If
you have serviced them well in the past, they are far
more likely to do you a favour, and give you honest
feedback.
If the new offering is not applicable to your existing
customer base, then pick a test group, as representative
of your identified target market as possible. They
should also if possible be conveniently located to you,
so that you can respond rapidly to any teething issues
that may arise.
Your test customers, not only help identify any issues,
most importantly, they will provide you with
testimonials, which demonstrate the following.
Why they need or desire your offering in the first
place?
What is unique about your offering?
What your offering enables them to do?
How they put a value on it?
Why they believe it is superior to doing it themselves
or using a competitor?
Assuming your testing goes well and you decide to do a
full blown product launch, you have now created the
marketing message that you should use through the
testimonial process.
If you need help with any of these stages, or indeed the
final marketing launch, please do drop us a line, or
request a free sales and marketing assessment.
About The Author: This article was written by Peter
Lawless, founder of
http://www.3r.ie/. For previous articles like this,
visit 3R's Articles. Alternatively, subscribe to Success
our free monthly Information Bulletin with sales and
marketing articles.
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===========================
BUSINESS COACH OF THE DAY
===========================
Merchant Account Fees: Are
They Worth It?
By Debbie Dragon
Merchant account services are the services that allow you to
accept credit cards as payments, both online and off, and help
you handle the credit card transaction processing. Without
merchant accounts, your customers would have to pay with cash or
check- and believe it or not, most customers will spend more if
they can swipe their card and worry about the bill later.
The Cost of Accepting Credit Cards
Merchant accounts can be costly. There are numerous providers of
merchant accounts that are reputable and offer good value for
their service- but there are even more providers of merchant
accounts that charge excessive fees and have hidden expenses
that you were not aware of when agreeing to use their service to
accept credit cards online.
Fees range from per transaction fees (usually a percentage or a
few cents on each card processed) to monthly or annual
maintenance fees that can range from a few dollars to a few
hundred dollars.
Online Businesses Need Merchant Accounts
Online merchant accounts are crucial to having a successful
online business venture. Consider it from the eyes of a
customer: if you were on a website, looking to buy a widget,
would you want to take the time to mail a check or money order,
or do you plan on making a purchase right then with your debit
or credit card? Most people don't want to take the time to write
and mail a check or money order for an online purchase- not
having the ability to accept credit or debit cards will severely
hurt your business as an online merchant.
As the merchant, credit and debit cards make your life easier,
as well. You get your money much faster than waiting for a
customer to write and mail a check or money order; and you don't
have to wait for the payment to clear the bank before you can
mail out their purchase. Credit card payments offer you payment
within a day or two of the customer putting in the card details.
Deciding if a Merchant Account is Worth the Fees
So are the fees that are paid for merchant accounts worth the
value the accounts provide your business? It all depends on the
type of business you are operating and the volume of sales you
process on a given month, as well as the merchant account
provider you choose to go with. Merchant account providers are
not a one-size-fits-all solution for every business, and you
really need to do a little research before selecting a provider.
Consider the per transaction fee, the application fee, monthly
maintenance fee, set up fee, and any annual membership charges
you must pay. Do you have to purchase or lease any special
equipment? Is the software for processing online credit card
payments included in the service, or is that an additional fee?
Once you have that information for a few different merchant
account providers, you can determine what you believe your
credit card sales will be each month. This may be difficult to
do, but make your best estimate based on your current level of
sales and the idea that people typically spend more with a
credit card than they do with cash.
Determine what fees you'll pay on your estimated amount of sales
each month, and see if it makes sense to pay for a merchant
account. As mentioned previously, if your plan is to operate an
online business- you really need a way to accept credit card
payments online in order to become successful.
About The Author: This article has been provided courtesy of
Creditor Web,
http://www.creditorweb.com .
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The Editor holds no responsibility for
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