Keep Track – And Make More Money

One of the most difficult parts of running a VA business, is making sure that you are paid properly for your time and effort.

I’m not talking about your rates … I’m talking about tasks – the work you do every day.

Whether you charge by the hour or by the project, you have to have some idea of the expectation of time it will take to complete your client’s work. If you don’t know that, you could be losing money.

So do you track all of your time? If you don’t, you really should. Here are three models that you can charge your clients by … and why tracking your time for each of them can help make you more money:

Charging By The Minute or Hour

Many VAs charge their clients by the minute (please don’t do this!) or by the hour. It’s a very common business model, though it’s not exactly the best way to grow your business. But of course that’s your decision as the business owner. I caution VAs against charging by the minute - the time increment is simply too small. And, as you get faster at doing regular tasks, you actually end up losing money on this model. You will also have trouble growing your business with subcontractors because when you bring new people on, you will have to start charging more for the same tasks that you have previously done (quickly) yourself – so either you or your client will end up losing. But I digress! :-)

Tracking your time when you are charging by the hour is essential because you need to be able to let the client know exactly where you spent your time. You are probably already tracking your time in some way if you are charging by this model.

Consider: setting a minimum rate of time to complete any project (ie 15 minutes, 1 hour, whatever) and then charge the client consistently each time you complete that project. This will help you to make money, it will clarify task rates for your client, and it will help you bring on help if and when you need it.

Charging By The Project

Depending on your area of specialization, you may charge your clients by the project. This is a great model because everyone knows how much something is going to cost before the project ever begins.

But are you tracking your time for projects? If you aren’t, you should be.

For one thing, it is easy to get distracted and put in more time than necessary on a particular detail if you are not paying attention to how you are spending your time on a specific project. If you aren’t aware of how you are spending your days, how can you be sure you are making enough profit in your business? How do you know when it’s time to increase your rates? How do you really know what your project expense is?

Consider: tracking your time on every project. You can use this information to adjust your rates where necessary, you can build new packages, and you can (here it is again) subcontract parts of your projects when necessary – and that can help you build your business and make more money.

Charging A Retainer Fee

If you are charging your clients a retainer fee at the beginning of each month, good for you! This is one of the most successful business models I see in the VA business. One reason is that you are always paid up front for your services … no waiting on money. The second is that you and the client are both making a commitment to work together for the upcoming time period – which means you are both helping each other grow your business.

But … are you tracking your time when a client is on retainer? If you are not, you definitely should be.

Like a project rate, it’s very easy to lose track of where your time is spent when you have clients on retainer. If you are sure to record everything you do for a particular client (you can provide detailed billing to them at the end of each month, or you can just keep it for your records) you will definitely be sure that your retainer level is working for both of you. It’s important to be able to look at the numbers, and have discussions with your clients about where you are using their time each month. It may be necessary to raise (or lower) a client’s retainer rate based on the regular needs.

Consider: keeping an eye on regular tasks – and detailing the ‘extra’ things that get thrown into the mix on retainer. A new product launch might yield more time for you than a quiet ‘unmarketing’ month. Some retainer clients are okay with this balance – but by tracking what you are doing, you can determine whether a client’s retainer should go up, down, or stay the same. The success of your business lies in the crunching of these kinds of numbers.

For some other great tips on how and why to track your time, click here: www.yourvamentor.com/blog/2010/11/smart-tips-about-tracking-your-time

I’d love to hear your comments on this article!

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What Do You Charge?

Most small business owners have heard the question, “What do you charge?” at least once. Consumers want to know how much something is going to cost before they buy.

For Virtual Assistants, this can be a sticky point. I have had lots of conversations with many VAs who dread having to answer this question.

There are a number of reasons why this might be, but the biggest one by far is the lack of confidence with the rate you have set for your services.

Why is it that so many of us seem to second guess our rate structure when talking with a potential client? It’s simple. It’s a fear of rejection. You think they’ll say no.

It’s important to develop your rate structure so that it makes sense for you, so that you make money, and so that the client gets value.

This is not as difficult as it sounds.

1. Charge what you are worth. You have to feel good about how much money is coming in to your business. You have to make money, otherwise it’s not going to be a viable business for long. Consider your skills and your service offerings, and look at the value you are providing to your clients based on your expertise. Once you set your rates, hold firm to them when you speak with potential clients. The best clients will always pay your rate because they see the value in having you work with them in their business. For more info on knowing your value, click here.

2. Really do the math. Don’t base your rate on what others are charging. I have seen many VAs set up shop and charge a low hourly rate because they simply haven’t done the math to see whether they are charging enough to sustain their business. (If you want help doing the math, pick up my free Rates Bonus Kit here).

3. Don’t be afraid to change your rates when necessary. And this doesn’t just mean raising your rates … recently I spoke with a VA who had set her rates and then changed her specialty. She felt that her current rates were too high for her ‘new’ field of work and wondered what to do. She was worried that it would appear that she was devaluing herself by lowering her posted rates for clients, and she also didn’t want to charge the new niche the ‘old’ rates because they didn’t match the new services she was offering. I suggested that she develop new packages for her new niche, and that she should base it on the new lower rate she wanted to implement – but to be sure she did the math! ☺ She did just that, and she was confident that her new clients were getting the value they deserved.

Setting your rates is often one of the most stressful parts of setting up your VA business (or making changes to it), but it doesn’t have to be.

By simply taking the proper time to figure it out, you can set your rates at a level that you are comfortable and your clients are happy too (and you both make money!)

If you find yourself struggling to be comfortable with your rates, I invite you to schedule a free consultation with me to talk it over. Just click here to schedule your session: https://my.timedriver.com/TTW6M

I’d love to hear your comments on this article!

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Who Do You Know?

As a virtual business owner, how many people do you connect with on a regular basis that are not clients or colleagues?

Most of us are busy enough that we often stop at networking with clients and potential clients, and colleagues. We don’t think about networking with people that we are not going to be ‘doing business’ with. But you may be selling yourself short by missing out on a big group of people who can really benefit your business … referral partners.

What’s a referral partner?

A referral partner is simply that … someone who can refer clients to you (or refer you to them, as the case may be). They are people who know your ideal client. They may even work with your ideal client in a different capacity. These will be people you should partner up with to grow your business.

Think about who you work with – if you work with authors, consider the other professionals who also work with authors – in capacities other than providing support. Publishers, editors, transcriptionists, graphic artists all potentially work with the same authors that you want to work with. They would make great referral partners for you.

I always say that the surest way to get a referral is to give one first. So, get to know some people that are also connected to your ideal clients … and refer them when you can. If you want to, you can set up a formal arrangement with those referral partners so that you compensate each other for signed business.

Referrals are a great way to grow your business, and by purposely connecting with people that you know will provide you with great referrals (and vice versa), you can build a solid business.

If you work with business coaches, chances are they also have their own coaches (and students too!). This is a great pool of people to seek out to make connections with. When you find a niche that needs virtual support (and business coaches surely do), there can be many levels of people that you can come into contact with, simply by connecting with a few of them.

As with any networking, you always want to give more than you receive, so be sure that when you are connecting with people that you are really doing just that. If the referral partners you are seeking are not your clients or potential clients, you will need to be sure that you understand what they do and that they understand what you do.

Here’s an example: I have a colleague who is a business coach. We have done work together in the past, but I am not her VA and she is not my client … but she sends me referrals all the time. She has clients who need support and so she sends them my way, because she knows my specialties and my qualifications for clients. I also come into contact with many of her ideal clients, and she provides online training courses for her clients, as well as one to one coaching. I send people her way all the time, because I know that her training is top notch and I highly recommend it. That’s a classic referral partner – because the two of us actually don’t even work together! I have a lot of people in my network like that – we don’t work directly together, but we send people back and forth where we can (transcriptionists, coaches, copywriters, graphic artists, website developers, social media experts, and so on).

You would be surprised at how people can fit into your business in different ways. Be sure to think about who might make a good referral partner for you – and then start to connect with them!

I’d love to hear your comments on this article!

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Is Your Website All About You?

Last week I attended a great webinar by Matthew Goldfarb of Corporate Renegade Copy that talked about website copywriting. The topic of the call was Website Snoozing, and the gist of the message was that you have to wake up your web copy in order to get your prospects to notice you. (so true!)

It was a great presentation and I thought it was a good subject for an article.

Many virtual professionals I come into contact with have some form of website set up – whether it’s their first, simple website, or a complex more detailed one. It’s important to realize that your website will probably always be a work in progress.

In my travels as a VA mentor, I look at a LOT of websites … and I see the same problem happening more often than I can even state here.

Your website should not be about you. Your website needs to be about your prospect, and what they need from you.

This is a common mistake in new VAs and other virtual professionals.

The first thing to realize is that, although you need to put your own information on your site, it shouldn’t be front and center on all of your pages.

Here are a few tips to help you organize your content in a way that will speak to your prospects:

1. Homepage - This is generally the first place your prospects will land. Talk directly to them. Make sure that you start your page with about 3 questions that will draw them in and you talk to them. Ask them what they are frustrated by, looking for, or trying to find. They will resonate with this quickly, and be compelled to read on. Then you want to summarize what it is they can expect from you – not a laundry list of your services, but what types of things you can provide for them in terms of support and service. Your homepage is NOT the place to explain what a VA is and how great running your own business is. If you must include this information, put it on a different page on your site.

2. About Me - this page is essential – you are a virtual professional and you need to show people that you are human. There are so many VAs I see who do not put their photo or their bio on their site. You can’t be a faceless company; virtual business doesn’t grow that way. People need to feel comfortable and know that you are a real person. Your bio doesn’t have to be (and actually shouldn’t be) an exhaustive list of your credentials, but it should be your story of how you came to do what you are doing, and it should show the passion you have for your business.

3. Services and Rates - the option to include rates on your website is totally up to you. It’s a personal choice, and one that you must be comfortable with as a business owner. Have a list of services is an essential piece of your site, though, and shouldn’t be left out. If you offer a lot of services, pick your top ones and list those on your site. Create packages or projects if you can. People like to see value and the perception of a bunch of services bundled into one is a great marketing technique. Remember also to speak in their words – don’t use industry jargon to describe what you do - they may not understand it, and move right along. Try not to put a long list of every single thing you do on this page – it can scare potential prospects who may be looking for support for the first time. They could feel that you will need to take care of EVERYTHING for them, when in fact you will probably handle a very small piece of their administrative needs to start with.

4. FAQ - I love seeing a frequently asked questions page on anyone’s website. It’s a great place to put up some questions that people often ask – and that way the prospect can get some immediate answers if they are not sure about something they have seen on your site. An FAQ can not only save you time on a consultation call, but sometimes it can also even GET you that call, if your FAQ reads conversationally – when you appear open and up front, your personality comes through, and you could just land a client based on that.

Your copy is so important on your website, and what I’ve described here really just scratches the surface.

It’s important to make sure that your website speaks to your prospects – it shouldn’t come across as your online resume … it’s not about you. It’s about them. They are the ones who are online looking for the support they need – and you will have a much better chance of working with them if you are talking directly to them.

I’d love to hear your comments on this article!

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Wow, what’s that?

I don’t know about you, but I like to learn new things.

When something comes along that I think might be valuable in my business or my clients’ businesses, I usually stop and have a look.

It can be a new tool for organization or collaboration … something that maybe will help us automate something a little bit better … or maybe it’s just something cool.

If I am really conscious of what I am doing, I can figure out when would be a good time to check something out in more detail. But sometimes … okay most of the time … I am not that present … and I become the victim of Shiny Object Syndrome.

You know what I mean. Getting distracted from what you ‘should’ be doing by something that seems more interesting at the moment.

Shiny Object Syndrome is that thing that many of us techy types have – when you are online as much as we are, you will inevitably be presented with multiple opportunities to get distracted by something that is new and interesting.

There is just one key to dealing with it … scheduling.

Keep a notebook or notepad nearby your desk. When you find something that you think might be interesting for you or your clients, make a note of it. If you use bookmarks in your browser, make a ‘research’ folder and save the URL for the new and interesting thing’s website there.

Then schedule time to go back and look at it.

The distraction can be limited simply by identifying that ‘now’ is not the right time to look at something, simply because it’s on your computer screen.

You will actually be more productive by setting aside some time to look at more than one cool thing at a time. Research time.

Lately I have found some neat things online that are on my Research time in my calendar. I look forward to sharing the details of those with you in upcoming newsletters.

For this week, I was presented Evergreen Business Systems (www.theautomatedwebinar.com)  It’s a webinar presentation system that allows you to set up pre-recorded webinars that people can view on ‘autopilot’ on any schedule that you set. It’s a great tool that I am looking at not only for my own teaching, but for my clients as well. Not only can you do pre-scheduling of your playbacks, but there are countless other features that also come with the system for setting up registration pages, integrating with email service providers, and so much more. Super cool system and I am definitely going to be making notes on this one (and comparing them to other similar systems out there too!)

I’d love to hear your comments on this article!

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What would you do differently?

As a business owner, it’s important to review and assess the aspects of your business on a regular basis.

In order to grow and be successful, you need to be sure that you are doing things like maximizing revenue and minimizing expenses, among many other things.

If you could take one whole day to just stand back and look at your business … what would you do differently?

It’s something that not many of us do without the prodding of a coach or an accountability partner. Often we get caught up in the day to day running of our business, and we forget to make sure we are doing everything we need to, to guide it in the direction we want.

Here are a few things you might want to look at.

Are you working too much? Have you set a schedule for yourself, and are you holding yourself to it? Working too much can fall into two categories – either you are doing more client work than you should be, or you are doing more back-end work on your own business than you should be doing. Either way, it’s important to assess this area. Overworking can very quickly lead to burnout and that’s no good for anyone. If you are doing too much client work, it may be time to get some help … or time to concentrate on providing just specialty services for your clients. If you are doing too much back-end work on your own business, it may be time to get some support for yourself.

Are you not working enough? Do you have enough clients? Maybe you are tinkering too much with your own marketing to step out there and find the clients. If you are running a business that should be generating a full time income for you, you should have a full roster of clients. If you are spending too much time looking for and trying to connect with clients, you need to look at this area of your business very closely. Be sure you put a system in place to meet and follow up with leads, and stick to it.

Are you earning enough? One of the things that will make or break your business success is your income. You have to look at where your revenue is coming from on a regular basis – and in fact you should be forecasting and goal setting for your revenue as well. It’s important to be working towards a goal. Determining where your revenue will come from can help you pinpoint the exact area to focus your marketing, so that you can achieve that goal. If you need to work with 5 clients to make your revenue goal, then you need to focus on having 5 clients on your roster.

Are you being paid on time? Do your clients pay you on retainer? Or do they pay you after you have finished the work? Many VAs begin by charging for work after it’s completed, and this can lead to ‘waiting for payment’ problems. It’s a hurdle that we all eventually get over, but getting paid for your services is the one thing that will keep you in business. How you bill your clients is a huge piece of the success puzzle. If you don’t have a policy in place for ‘when’ your client invoice is due (and I highly suggest prepaid retainers!), be sure to put one in place as soon as possible. If you consistently have clients who take weeks (or longer!) to pay you, tell them your policy. If they don’t agree, move them out for clients who are willing to pay.

Are your clients great? If you love the clients you are working with every day, that is a huge bonus in your business. Everyone has bad days of course, but you need to really enjoy what you are doing and who you are doing it with every day. It can be difficult to say no to a client that isn’t a right fit for you, but in the long run it really is easier to not work with someone who makes you upset or stressed out (you know the ones I mean … the ones who do everything last minute, or they micro-manage your tasks, that kind of thing). Successful VAs work with clients that fit their ideal client profile, and they seek out others who also fit into that profile. No need to work with every client … be sure you are making room for only the ones that will elevate you in your business, as you help to elevate them.

There are so many things that make up a successful business. By looking at just a few of them regularly, like the ones above, you can constantly tweak your business to make it exactly what you dreamed it would be. Step back and really look at your business – what would you do differently?

I’d love to hear your comments on this article!

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One Woman’s Trash …

As you may know, I recently sent out a survey to my VA connections to see what they were interested in learning about this year, to improve their business marketing.

I offered each respondent their choice of one of three free gifts in response for filling out my survey. I figured it was the least I could do if someone took a few moments to provide with the information I need to build great programs in my business.

The response was great – in just a few days I had over 70 responses, which gave me a lot of information that will help with me with my planning. I was very pleased with the results. (If you want to see the survey results, you can click here: www.yourvamentor.com/survey-jan12.pdf).

So on to my story. I received an email from someone who felt that their free gift was not filled with enough content for her liking. She sent me a constructive email detailing what she would have preferred to see, and although the tone was a bit more negative than I probably would have sent someone, I appreciated the feedback. I responded to her, and told her that I did appreciate her feedback, and that I was sorry that she didn’t get what she expected from the gift. I also told her that I had previously received very good feedback from that particular item, which (of course) is why I decided to provide it as an option for my free gift for the survey.

A few days later, I received another email. This was from a different person, who also selected that same free gift. Her email was completely different in tone and opinion. She started with a big WOW! and went on to say how much she appreciated the information in it. She said she also realized right away what she needs to do to amp up her business, and she wants to work with me to do it. We have a consultation scheduled to talk about her strategy.

So … what does this say? It says that when you are speaking to your ideal client … they really do hear you. It’s important to realize that not everyone will resonate with what you are saying in your marketing messages. You need to be very specific in your content, and very specific in your message … and that will come through loud and clear to the people you want to reach.

The lady who didn’t ‘get’ the message still gave her constructive criticism (which I think is a good thing to do, provided that your tone is not negative). The lady who ‘got’ the message was happy to find what she needed right there, right then.

It’s a real life example of just how this whole process works – or, as the saying (kinda) goes … one woman’s trash is another woman’s treasure! I thank both ladies for contacting me with their feedback and opinions. I hope you will be able to experience this same kind of story with your marketing efforts too! The more people you reach, the better your results will be.

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Are You Using Your Outside Voice?

Recently I was having a conversation with a mentoring student about communicating with clients.

She is a relatively new Virtual Assistant, and she is still a bit timid around clients. It’s a stage that all new VAs go through – not really having that confidence that you know the right things to say around a new client – and that kind of thing.

It’s one thing to know what you are doing, but it’s another to tell a client what they should be doing. It’s a situation that you need to learn how to handle as a VA – and once you do, you will not only gain confidence, but you will also gain their trust, respect and even their admiration!

Your clients, whether they are new to using VAs or not, need to be able to trust that you will take care of their business as if it were your own. Remember that the pieces of the puzzle that you handle for them are generally pieces that they used to take care of themselves (as a small business owner) – and so it is important that you speak up regularly to let your client know that you are indeed a pro!

Here are a few tips on how to speak up and let your clients know that you are their support professional:

1. Share your ideas. If you have a particular thought about how your client can promote a big launch, or how they could better organize their networking contacts, tell them. They may not take your suggestion the first time out of the gate, but they will know that they can come to you for ideas down the road. Be sure to listen to their ideas first, but it’s never a good idea to just agree with them all the time. Speak up!

2. Be a sounding board for them. When something goes wrong, or if they are having a bad day, be sure to listen to them and let them know you care.  If it fits the situation, ask them how you can help them. If they just need someone to bounce ideas off of, it’s always great if they can count on you for that (after all you are their partner and you know their business!) Listen!

3. Brainstorm with them. Whether they are trying to come up with a product name, or determine how a procedure will work for bringing on new clients, help them generate ideas. Two heads are almost better than one, and this type of skill will be a great skill for you to use with other clients as your business grows. Contribute!

4. Offer them options. Most small business owners are guilty of overthinking things – and trying to do their own research to make decisions. Cut this piece out of their task list by doing it for them. Learn what they need, and make sure you are on top of the trends in their industry. Tell them what they should be doing, based on your experience and your research. Strategize!

5. Challenge them. Being a proactive VA sometimes means telling your clients that what they are proposing is not right. Don’t be afraid to do this. Challenge their decisions when you know that they are not correct. If they want to invest in membership site software when you know it’s not what they need, tell them. They will thank you if they don’t spend money unnecessarily. Support!

Your clients may be paying you … but you don’t have to act like an employee because of that. They have you in place because of your expertise – never forget that. They are trusting you to take care of pieces of their business that they themselves have probably handled previously. This is a huge responsibility, and should not be taken lightly.

Don’t be a shrinking violet – let your voice be heard. Your clients will thank you for it, and you will grow your confidence, your expertise and your business much faster. Guaranteed!

I’d love to hear your comments on this article!

 

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The Strategy of Knowing Your Client’s Business

Building a business takes strategy. You know that from building your own business. You want to build a business that is successful and thriving.

What is the easiest way to do that?

Work with clients whose businesses are also successful and thriving.

It seems like a simple concept, but most VAs I know want to work with clients on a long term basis – and they have no idea what to do in order to find them. The key is to find clients who are currently (or planning to) growing their businesses, because that will mean that your business will grow as well. There is one important thing you need to do for them that will help both of you.

You need to learn all about their business. The more you know about your client’s business, the more you can act as a strategic partner for them. The more you can be proactive for them – to bring fresh and current ideas to the table, to keep them in the loop about new things that may help them in their success, and basically just to be a partner in their business as opposed to an off-site employee.

Here are a few things you should learn about your clients:

1. How they make money. What do your clients sell? Do they sell products? Services? Both? It’s important for you to know how many different streams of revenue they have out there. If they have a lot of streams of revenue (information products, programs, private clients, and so on) then they have a lot of ways that they can bring in money to sustain their business. If they have only a few streams (just services, for instance), you should find out how they intend to build their business … and how you can help!

2. Who are their clients? Who are they working with? Are they long term clients, or just one-time or project based? Do they have a large base of potential clients to do business with … or are they tapping a cold market? It’s important to know where your clients plan to get their clients … because if they don’t have a full client load, that will affect your business too.

3. How are they reaching their clients? Are they largely attending live events? or do they use social media? Are they consistently building their list, or are they just marketing to their own people regularly? How does any of this affect how you work with them? or does it? Can you help them expand their network in one or more ways? Tell them how!

These are all really important questions to ask yourself when you are deciding which type of clients you can best serve. Because when you are thinking about this type of thing, you are doing strategic planning not only for your clients, but for your own business.

Of course this is where working with your ideal client also comes into play. By working within a target market (ie female business coaches), your clients will have similar businesses and support needs. It makes it easier for you to gain knowledge about how to support them. By proactively supporting clients (versus being a ‘task completer’), they can be more successful and that makes you busier. It’s a win-win situation.

So what do you know about your clients?

I’d love to hear your comments on this article!

 

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Chocolate and cinnamon and repackaging content

I was recently talking with a client about repackaging and repurposing content. I had suggested that it would be a good idea to take an audio from a teleclass and repackage it into several other pieces that the client could use in her marketing.

She didn’t understand why I would suggest doing that – the audio itself was content so why didn’t we we just blast the link out for everywhere so people could opt in to it and therefore get the material – no extra work required.

It’s important to realize that people take in their information in all different kinds of ways. In order to reach them you need to find the way that speaks directly to them.

So what does this have to do with chocolate and cinnamon, you are asking? Well that’s easy!

I love chocolate. But I’m not like most people. I like milk chocolate the best. You can give me the best Belgian chocolate you can find on this earth, and I will just think ‘meh’ … and still prefer a Mars Bar. I actually don’t like dark chocolate at all. Even though they are all types of chocolate, I prefer the more common kind versus the higher end, better quality, more expensive type.

I do not like cinnamon. I don’t like cinnamon buns, I don’t like it in apple pie, and I don’t like it any other way most people use cinnamon (I really can’t comprehend enjoying cinnamon hearts, cinnamon gum OR cinnamon toothpaste, but I digress … !). Having said that, I always put a pinch of cinnamon in my turkey gravy when I am cooking, and I do really like the Cinnabon cereal bar. (I don’t know why I like that and not cinnamon buns, but I do – it doesn’t seem to burn like the other things do). So again … repackage your cinnamon and I can actually say I like it.

These are silly (but true!) examples of how to look at something from another angle to see it through someone else’s eyes.

In the quest for our ideal client’s attention, we have to be aware that not everyone is looking for the same thing, but if you package it differently they might hear what you are saying and like it.

So it you take that audio and break it down into 6 blog posts, or 1 article, or 3 videos … it’s still the same content, but it’s a different way for someone to find it.

My client’s thought of sending the audio out more places was a smart idea – but by putting it into 3 or 4 new formats, we could reach people in different ways, and that could just make them jump up and pay attention. Try it yourself – and be sure to measure your results so you know what your audience is responding to (don’t just do things for the sake of doing them!)

Chocolate, cinnamon or marketing materials – they are all the same thing – give your audience something that appeals to them and you may just open a door that one of them has been looking for and make a sale.

For more information and to get ideas about repurposing content, check out my free audio here:
http://www.yourvamentor.com/teleclass/repurposecontent/

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