Markets tanked yesterday bigtime and something that hasn’t been seen in
my marketing career since 2008.
I remember a lot about that time, especially how others, not just in the financial
niche, reacted to it. Some people took the fear approach to sell their product
as the only savior in times of trouble, some didn’t bat an eye and kept on selling
just as they always had, while others took a more hunker down and teach approach.
So this time around the question becomes;
How do we (as product/subscription) sellers react?
Do we push that fear of the coming financial Apocalypse only to show that WE
have the only flying chariot that can save them?
Do we ignore the world around us, stick to what’s worked in the past, and keep pushing forward?
Do we focus on teaching, educating, and informing while products sell organically?
I’d like to hear from you on this one.
I’ve been around long enough to see how each one of the above scenerios played out
over the long term, but think it’d be good to get people talking and discussing the different
approaches they should take!
So comment away and check back often as I’ll be responding to each and every comment!
This is the internet … so do all 3 and at least one approach will be right!
Neo, think a healthy MIX of all three should/could be done. Not sure if doing all three then picking the best will be good for a long term approach…
Personally I think it’s our responsibility to face this head on. If we as publishers of products and services for the trading public do not think our products can either protect the investor or allow the investor/trader to profit from these conditions then we’re doing a disservice to our customer.
Personally I’m not a huge fan of those who ONLY promote products during dire conditions and use fear and panic exclusively. I’m sure it’s effective but they seem to go quiet/dormant in all other conditions and then when the markets tank suddenly it’s a “I told you so.”
However, I think we should be out there when there are shocks to the systems – people need to hear from us as publishers both to show perhaps how our systems/courses were effective and also if anything to show some alternatives.
Absolutely it’s an opportunity, we’re in business to promote our products but we should do our best to do it with some integrity. And realize that a lot of people out there are hurting and feeling pain from this – so sure, provide them a solution, prove why your products provides protection and/or profits, but at the same time not simply to feast on the fear and panic. In the long run it will maintain everyone’s credibility as financial publishers.
Mark, you’re a rare one you are! ‘Take responsibility’ who does that anymore 😉
Standing behind the products you have, and just like Norman said above, pointing out what each one can do for the customer during X economic period is EXACTLY what needs to be done to secure sales, and build the relationship with the leads over the long term.
The ‘I told you so’ people are often those that have to change names, resort to shady marketing tricks, and fail in the long run.
You’re comments really ring true and EVERYONE NEEDS TO APPLY THEM!
I believe it may depend on your audience’s vision of you (how they frame you in their mind) in general.
For me, I teach the mastering of mental and emotional issues of trading… so, I choose to educate… give tips on how to control your emotions in volatile markets… I just put up a post on http://www.thedisciplinedtraderblog.com this morning.
Doing this is consistent with my audience’s view of me as a supporter, so to speak (not an athletic supporter, Brad!). For someone who sells a ‘how to trade’ product, perhaps pointing to something within the program (to those who bought) that applies to the current conditions and to general subscribers, bringing that point up and offering a trial of your program to see it operate in this market.
I just did a launch last week (had been planned for 3 months and couldn’t be ‘canceled’) and the signups were about half of normal. So selling outright in this environment may not be ideal.
Norman, as always you’re spot on! Being dynamic and timely with what you have, and how it applies to the current situation is exactly what often needs to be done. Not wise to create a new product that’s JUST good for a crap economy…bc when it turns around you’re left holding the bag on a product that’s no longer valuable.
Regarding your launch, I’d chalk that up to ‘people too stupid to do the right thing’!! If they were smart and subscribed, there would be a lot less (about half normal ;)) people wishing they had better mental and emotional control!
Obviously, preparation is the cure to bad decision making. Nevertheless, I have several practical suggestions listed in a few recent articles, if you’d like to check them out.
I trust these help someone out there… maybe even you!
Cheers… keep up the good work Brad.
Always good stuff from the DR 😉
Preparation by traders AND experts alike are the key to good decision making!
We do what we always do…..Focus on the value of our services no matter what the markets are doing. ;-]
Crude Oil Trader, Simple…and TRUE! If the services are solid, the teachings are sound, and the advice is thoughtful then we will succeed!
Great post… Market conditions are always changing, sometimes in extreme ways as we have seen recently. There are services that are always “buy side” and the fear mongers too, sadly these type of operations are frequently on the wrong side of the trade.
The simple facts are that depending on the individual time frame and type of trading / investing undertaken there are sound strategies to protect one’s portfolio from disaster.
A year round strategy that focuses on proper risk management techniques and education can be successful in any market environment.
Clearly conversions will be better when more people are in a position to take on risk and put money to work in the markets. If the focus of your service is to assist traders and investors in the markets by teaching strategies for good, bad and epic market conditions… the word will get out and success can be yours as a marketer of the service you provide.
If what you offer is effective in making money for your members and saving them from a catastrophy in their portfolio… marketing “tricks” should not be needed.
You’re right about conversions and positioning yourself correctly! Sometimes it’s hard to wait for people to be able to spend money, but forcing them into buying (with tricks and hype) will only lead to refunds, unhappy customers, and a short future 😉
After tanking more than 600 points yesterday, the Dow bounced back almost 500 points today. No doubt: The markets are VERY volatile these days.
While this volatility gives investors heart attacks, it provides some fantastic opportunities for day traders. As a day trader, we WANT the markets to move. It’s easier to make money in markets that move 200-300 points a day and show nice intraday trends than trading a market that’s in a choppy 50 point range.
I personally believe that day trading is LESS risky than holding positions overnight for two reasons:
1.) The smaller the timeframe, the smaller the stop loss you can apply.
2.) You have more control over your trade when you are WATCHING it and react according to your plan. (Note: Of course you must have the discipline to follow your plan. If you don’t, check out Norman’s excellent program.)
As educators, it is our responsibility to show traders the different options to trade the markets.
I don’t think the current situation should be used to “hype” one approach over another. But it can be used as an example on how volatility can be beneficial for certain trading styles, in this example day trading.
In all my articles, webinars and DVD courses I always stress that the trading approach I am using works for me. I don’t know if it fits YOUR trading personality and style. All I can do is showing how I trade the markets, and then the trader can make a decision if he wants to use my strategies and tactics in HIS trading.
Therefore I firmly believe in the third option you mentioned: Teach, educate and inform, and if the trader likes my style and wants to learn more, he can invest in the products and services I offer.
Just my 2 cents… 🙂
All solid points Markus! We should play to our strengths and not get into territory that puts us in a position not to be experts. If you’re a swing trader, stick to helping deal with the current situation in swing trading methods.
The teach, educate, and inform leads to long-term followers, and when it’s right to share how a bad market swing can be used to someones advantage, then you should go with it!
But the key is to stay with what you know and what you excel at!
I say focus on teaching, education and informing. I make a video everyday showing how we handle this crazy market highlighting a common sense approach to low risk trading. Here is today’s video as an example: http://www.youtube.com/watch?v=t8PKI07k4ho
Michael, good stuff! Being able to stay in touch with users and potential users is a great way to stay in front of them with great content!
Great comments everyone. As we have all seen, the markets have had some pretty big swings as of late which has caused much concern among many investors. This type of volatility is new to many traders which can causes them to become fearful of the markets in general. Knowing that they are fearful it is important to express to them confidence in our products. Letting them know our products do well regardless of what the market does can go a long way in calming their fears. Many will gravitate towards the ideas of good money and risk managment, which, when implemented correctly can keep traders on track even when the markets have these types of movements. This is a time when people can see the need for good solid financial information that can help them through this volatile market. So, I guess in answer to the question I would lean more towards the …….focus on teaching, educating, and informing while products sell organically.