Don't Just Tell Me About Your Product/Service -- SHOW ME

This past weekend I went to the Delicious Food Fest in Toronto, held at the Canadian National Exhibition grounds.

The Delicious Food Show in Toronto.

A three-day long convention, where foodies munched on zillions of samples of everything from organic burgers, free-range cookies, and wine that won't hurt your liver.

Well, maybe not quite the last two, but everywhere we went, we kept hearing how everything was organic, gluten-free, all natural, free-range, herbal, holistic, and sugar free.

Obviously, these are the trendy buzz words when marketing food stuffs today.

And for the most part, the people peddling these ultra healthy foods looked to be in great shape themselves.

Maybe the show should have been called the Good Food Fest, instead of the Delicious Food Fest? 

Oh, wait, they have that show too. I think it's held later in the year.

My biggest problem with the Delicious Food Fest is one I find common among entrepreneurs -- if you are going to say something -- show it.

Tossing trendy buzz words about is impressive, but show me how your food will make me a healthier person, don't just tell me.

Free-range cookies?

If I cut gluten out of my diet, what will I look like?

Ah -- there lies the problem of saying something without showing it. Unless you have a real medical condition, like celiacs disease, cutting gluten out of your diet doesn't do much for your health.

Gluten is a protein complex in wheat products, and is the only known treatment for celiacs disease, where people lack the enzyme to break down this complex protein.

Despite all the health hype about gluten-free diets, there isn't any scientific, medically sound evidence to support those diets in those that don't have celiacs disease.

Makes it hard to show me how gluten-free cookies, cakes and even pasta will make me a better person.

As most of us our visual people, if we can't be shown something, we won't buy into it, which means we won't whip out our cash and pay for it.

And if people don't pay for your product or service, good luck making any money out of it.

The key is to find something within your products that you can show. I tell people pushing products to me all the time -- don't tell me -- SHOW ME.

Show me how your healthy cookies will cut my waistline. Show me how your new fangled gizmo can save lives. 

Show me -- and then show everyone else.

Because end of day, the companies that excel are the ones showing us how their products and services benefit us in some way.

So don't tell me -- SHOW ME.

Passion Needs a Hungry Audience

The other day, someone asked me: "So Jordan, how do you turn your passions into profits?"

They were referring to one of my self-branding taglines used in social media, which says that I turn my passions into profits, and then asks what's your passion?

Then I heard someone describe just that, on one of the many podcasts I listen to -- passion needs a hungry audience.

People are passionate about coffee.

We're often told to follow our passions, and the rest will come.

That is true, so long there is a need for that passion, and a history of people paying for the fulfillment of that need.

Some people are passionate about coffee, so much so they call themselves coffee connoisseurs. And it doesn't hurt that the active ingredient in coffee -- caffeine -- is highly addictive too.

Ask any self-proclaimed coffee connoisseur, and they will boast how they aren't addicted to the brown brew, they love the various tastes and smells -- or pardon me -- I mean aromas -- as they like to say.

Regardless of whether these coffee connoisseurs are addicted or not, they are so passionate about coffee, they are willing to pay for it -- big time. 

Coffee beans are grown in over 70 countries, and it is one of the most traded agricultural commodities in the world. Over $4 USD billion was spent last year importing coffee into the United States, to serve the 100 million daily coffee drinkers of that country. It's estimated that over $18 USD billion was spent by Americans alone, just on speciality coffees -- lattes, cappuccinos and mochas.

Clearly, coffee connoisseurs are passionate, hungry and willing to pay to feed that passionate hunger.

Coffee art -- don't know if it makes it taste better
but it sure is pretty.

Coffee shops are turning passions into profits -- and one would hope that those who own those shops are just as passionate about their products as their customers.

Because that's part of the equation too. If you aren't passionate about whatever it is you are peddling to the world, those who are will quickly catch on, and you'll lose customers.

Pretty faces must
be passionate about
what they sell,
or they'll cost
you money.

When I was at the Business Franchise and Investment Expo a few weeks ago, I talked to many people trying to sell me on becoming one of their franchisees. A well known fast food restaurant chain had these gorgeous women, handing out brochures to lure in potential franchisees. Whenever someone stops me with paper, I always ask questions -- I'm just weird that way I suppose.

The young lady simply flung her long hair back and said: "I dunno, ask him," as she pointed to her "pimp," -- the company had hired a bunch of models which weren't passionate about the product, the company or anything else other than getting paid, from what I could tell.

I politely thanked the young lady, and kept walking. 

And it wasn't because fast food isn't nearly as addictive as coffee. You don't have to have an addictive product to guarantee profits.

People are passionate about their pets. There are almost 75 million dog owners -- and 88 million cat owners -- in the United States. These pet owners on average spend between $150 to $250 USD annually on vet bills. Last year, American's spent over $53 billion on their pets -- healthcare, food, and yes, even pet clothing and accessories.

People passionate about pets are a hungry audience, and have a history of spending to feed that hunger.

Cute puppies decked out for a stroll.

Just that model wasn't passionate about what she was representing.

Passion needs a hungry audience -- and those feeding that passion must have it too. Passion is just as contagious as a lack of passion is.

And if you are passionate about something which people are willing to pay for to feed their own passions, that's how you turn passions into profits.

So, what are you passionate about?

Crowdfunding is Great at Marketing, But Sucks at Raising Real Cash

According to a Canadian news outlet, more Canucks are raising funds using social media's crowdfunding to start their businesses.

Even your best friend will think twice about
funding your project if it doesn't look successful.

That may be true, but real money comes from actually selling a needed product or service to those that want it, not giving away swag online to convince people they need your product or service.

Most crowdfunding projects succeed based on the "gifts" you provide in exchange for people -- called "funders" -- donating to your project.

It's a loss leader from a marketing point of view, because you have to give away something to get something in return.

Loss leaders don't raise capital -- that's why it's called a "loss" in the first place.

And you have to often spend your own money to get others to fund your project. Most crowdfunding websites recommend having launch parties, or creating media stunts, or other costly events to get your friends funding right away.

After testing out crowdfunding, I learned to raise any money this way, you first had to spend a great deal of your own money, and it forces you to rely far too heavily on your friends and family to spend their money.

It's all part of "greenbar syndrome."

All crowdfunding websites have a progress bar, telling potential funders how much of your crowdfunding goal you have reached, and how long you have to keep trying.

No one wants to fund something that doesn't look like it will be successful. So if your progress bar indicates you are very far from reaching your goal, few will click the button to donate to your cause.

The Kickstarter Greenbar will make or break any project.

Failure to get that progress bar to move in a positive way is called "greenbar syndrome" -- as most of them are green, and it's a very common problem -- if not the MOST common one -- which kills over 60 percent of crowdfunding campaigns.

Yep, on average, only 40% of the people that try to raise funds through crowdfunding are actually successful.

That's not bad, because raising any money for anything is a challenge -- money doesn't grow on trees.

However, if you rely on crowdfunding to actually raise money, you'll either fail or lose more than you were hoping to raise in most cases, all because of greenbar syndrome.

To get that green progress bar up to a level where strangers will feel comfortable donating, you have to spend much of your own money.

It's like going to a bank, asking for a loan, and being told you have to put up 40-60% of the initial funds yourself -- those are the typical numbers the major crowdfunding websites recommend you get your progress bar up to, if you want to avoid greenbar syndrome.

Crowdfunding isn't great for raising funds, but works
to grow a loyal and dedicated following to your brand.

In the real world of business, if you were to put up that much of your own personal cash to start your business, you'd be broke before you even began.

Crowdfunding sucks at raising capital.

But it's awesome at growing friends, fans and followers to your company, it's brand, and and it's channels.

If you see crowdfunding for what it really is -- a marketing tool -- then you can create a budget for how much you are willing to spend on it, and the remaining funders that follow, will become loyal fans of your brand.

Then follow-up with those new fans, as they are key prospects to target, because they've proven they love your brand, so they'll be easily converted into paying customers.

But don't try to raise serious coin using crowdfunding.

It just isn't practical.

On the Entrepreneurial Journey -- Choose Your Advisors Carefully

Billy Mays, one of the most popular
TV Pitchmen ever.

I was at the Business, Franchise and Investment Expo in Toronto this weekend, at the Canadian National Exhibition grounds.

It's a two-day affair, where franchises hunt for franchisees, and business people can network and possibly gain some valuable tips and tricks towards success.

What I was interested in were some of the over 40 workshops on entrepreneurship, running and managing a business, even on investments and investment opportunities.

I wasn't there to become a slave to a franchised company. Not everyone is capable of grabbing the bull by the proverbial horns and being completely 110 percent their own boss, I get that. However, being a franchisee isn't for me.

When we first walked into the expo, a sign right at the entrance boldly warned people that selling anything was prohibited at the show. Violation would get you kicked out.

I didn't think anything of it at the time -- I was there for information, not a sales pitch.

What I got, although inspiring and even entertaining, were pure sales pitches.

The first workshop I sat in on was titled: "Learn What Every Small Business Owner Should Know About Marketing on a Zero Budget."

Marketing on a zero budget? Marketing is one of the key expendables of any business period. If no one knows you exist, you don't. So I was curious and went to the workshop, hosted by one of the keynote speakers of the show, Paul Tobey.

Tobey told a very inspiring story about hitting rock bottom, when he was so broke he couldn't even give a handful of change to a boy scout selling apples.

He then went on to describe how that experience changed his life, and he's since made it his mission to help others achieve the great fiscal success he says he has.

Then he offered to speak with 10 people -- and 10 people only -- for a brief amount of time at the show, for free!

Imagine, being able to talk with someone about their success and how they may be able to help you for free.

Reminds me of when comedian turned actor, Robin Williams was in Toronto a while back, and you could purchase a five minute one-on-one session with him after the stand-up show for $500. That's $100 per minute for you mathematically challenged-types, just to say hello, maybe introduce yourself and hear him do some of his uncanny impersonations, and hilarious jokes.

Although Tobey says he wasn't selling anything, he was the consummate pitchman. Show how green the grass is on the other side, and tell people how it could be theirs -- for a price.

In Tobey's case, he was selling tickets to another event where motivational speakers such as himself, were going to be. Naturally they were offering these "limited quantity" tickets at a special show price -- buy one get one free.

Would you buy a car from this man?

I still don't know how to market my business without any dollars -- that too me just sounds like poor budgeting.

Later, another workshop caught my eye -- "10 Keys to Taking Your Business Over $1 Million," hosted by Doug Vermeeren.

Vermeeren is another amazingly inspirational speaker, talking about his rags to riches story, and he handed out lots of free books and CDs which continued his inspirational message.

But at the end of his talk, he handed out carbon-forms to subscribe to his inspirational service -- but don't worry, your first month was free -- even though you have to give your credit card number on the form to sign-up, and sign a waiver authorising his company to charge your credit card forever thereafter the free month.

I guess that sign prohibiting people from selling anything at the front of the expo was pretty meaningless, because everywhere I went there was pitch after pitch.

One young woman came up to me while I was sitting at  table resting my weary feet after a long day, and tried to convince me that her business of purchasing a condo with the purpose to grow medical Marijuana in was a good idea.

What was she smoking?

Ironically, the best information I took away from this conference was given by yet another one of these supposed self-made millionaires selling advice: "be very careful who you take advice from."

That's actually really good advice -- just because someone appears successful, talks like someone who is successful, even inspires you with their slick spiel -- doesn't mean they know anything about you and your entrepreneurial journey.

Paying someone just because they think they've made it to advise you, is like buying the first car you test drive without looking under the hood. You'll probably end up at the side of the road in a pissing rain storm, waiting for roadside assistance.

Lesson learned, the best advice in the world is usually free, has no strings attached, and comes from people that know you.

Tobey, Vermeeren and the rest were inspiring, energizing and I'm glad I had the opportunity to sit in and hear them.

However, inspiration is only part of the journey towards success. The rest depends largely on acting on that inspiration.

And just as the old song says, the best advice is free.

Five Practical Tips for Creating a Winning Elevator Speech

Imagine you are running out of a burning building, and you see a stranger outside. You want to tell them to call for help, but no matter how excited you are about getting out alive, you can't bombard a complete stranger with tonnes of information.

An elevator speech in an elevator -- imagine that!

You have to condense it to about the amount of time you'd take to talk to a stranger in a crowded elevator as it went to the next floor.

Elevator speeches are condensed stories about you and your business, but hopefully no fire is involved.

Last month I wrote about lessons learned to succeed at giving a great elevator speech. Based on numerous emails in response to that post, here are five more important tips to creating a winning elevator speech.

1. Hook 'Em

The best advertisements don't immediately indicate what they are selling -- they make you wonder what they are all about using a hook. Something that draws you in. 

I have a friend that used to sell Uninterruptible Power Supplies (UPS) which protect electronics from dying during a power failure. He'd often start his elevator speech with: "I sell peace of mind."

Be creative, it's okay to be a bit vague and confusing -- that's part of what hooks us to want to know more.

2. Silence is Golden

The golden rule in sales, once you've delivered your pitch, shut-up. Really. In sales, the first person to speak after the pitch loses -- if the sales person tries to beef up the pitch right after giving it, they appear weak, and unable to stand by their product or service. If the customer speaks first, they show interest or at least, say right away that they aren't interested.

Give your listeners time to think about what you just said with the hook. Wait for their response -- in a group setting, this would be confused facial expressions -- or in person -- they may ask you "what are you talking about?"

You have to be quick to tell it all -- without selling for success.

3. Reel 'Em In

After their response to your hook and silence, here's your shot to reel them in -- don't sell. It's important to explain the hook, but you don't have their permission to sell to them. Yet.

The whole point of reeling them in is to explain what you do, and how you help people. If you tell someone how you make other people's lives easier, they may be more inclined to seek your help.

4. Offer to Help

After you explain how you help others, offer to help them as well -- but don't sell. You provide a service which they or those they know, may need. Offer to help them and those they know.

Listen to their feedback to determine if they are interested in your services. If not, offer to help them promote their services. If they share your services with their friends, you've still given a great elevator speech.

By offering to promote them, you are opening the door for you to get your message out to their circles, and that's never a bad thing.

5. Contact Info

Always wrap up leaving them with a way to contact you. Give them a business card, mention your Twitter handle, or tell them how they can reach you by phone or any of the other social media.

If they don't know how to reach you, regardless of how they percieved of your elevator speech, you'll never hear back from them!