Business Of Copy

“My service is so valuable… but so few companies value it”

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In the run-up to the 2008 financial crisis, a banker named Greg Lippman went a-selling on Wall Street.

He wanted to get institutional investors to buy “credit default swaps.” These instruments would pay out big if the market crashed, and Lippman would get a fat fee off the deal.

Lippman had unquestionable proof the market would crash. He had a great sales pitch. And he had a killer offer — to make his investors a ton of money, with great odds, at a low price.

And yet, these stupid investors wouldn’t buy. “If it’s such a great deal,” they would say, “why are you offering it to me?” Others said, “I couldn’t explain this to my investors.” And the most common objection? “I’m convinced. You’re right. But it’s not my job to short the subprime market.”

In the end, Lippman managed to get some buyers. But these investors were already determined to short the subprime market… and were just looking for the best way to do so. Thanks to Lippman’s advice, they made out like bandits when the market came crashing down.

But don’t worry. I’m not getting enamored with investing. And this newsletter is still about copywriting. In fact, that’s why I bring up the story above.

I was reading a thread today on a copywriting forum. People were frustrated that copywriting is so powerful… and yet, most companies don’t value copywriting.

It sounded like the struggle of Greg Lippman above.

Your copywriting services might be powerful. But most businesses still won’t want in. So why waste energy approaching businesses that should see the value you’re bringing… and then getting frustrated when they fail to do so?

Instead, approach businesses that already do see the value of copywriting, and are just looking for the best way to get it. These are the businesses that will make out like bandits from your winning copy. And they won’t mind when you get a fat fee off the deal.

 

Doing a bit of selling to somebody else’s posse

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There’s a scene I love in Butch Cassidy and the Sundance Kid:

The local marshal is trying to start a posse. The crowd seems undecided and the marshal’s getting really worked up.

Finally, a man from the crowd stands next to the marshal. Is the tide finally turning in the marshal’s favor?

“Here’s what I say,” says the other man. “I say, ladies and gentlemen, boys and girls, friends and enemies, meet the future!”

It turns out this guy is a salesman — promoting this shiny new invention called a bicycle.

“What in the hell do you think you’re doing?” says the bewildered marshal.

The bicycle salesman shrugs. “You got the crowd together, so I thought I’d do a bit of selling.”

Well, what worked in the Wild West works still. If you want to do some easy selling, find somebody who has already gathered a crowd.

The good news is, there’s this shiny new invention called a podcast. Usually it’s got a host, who’s gone to a great deal of trouble to assemble his own posse. Strange enough, but a lot of these podcast hosts will let you come on their show… talk yourself silly… and do a bit of selling.

Now odds are, you’ve known all about this for a long time. So why haven’t you done anything about it? Perhaps, you didn’t have a list of podcasts that are a good fit for what you’re selling.

That’s what I want to share with you today. It’s a search engine, specifically for podcasts topics, hosts, and guests.

I just used it to quickly track down a list of two dozen podcasts I could go after. All I did was type in the names of some people in the industry where I sell. And if you want to do the same, here’s the link where you can access this posse search engine:

https://www.listennotes.com/

Stop asking your clients for referrals

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Stop asking your clients for referrals. At least until you’ve read through this article.

You’ve probably heard the Ben Franklin book-borrowing story:

Franklin had a political opponent he wanted to win over. But he didn’t want to butter the opponent up with flattery of tenderize him with gifts. Instead, Franklin used another tactic. He asked his opponent for a favor — the loan of a rare and curious book.

The opponent obliged. Ben Franklin returned the book a week later, with a note expressing his strong “sense of the favour.” After that, Franklin’s opponent opened up. The two eventually became great friends.

What does this have to do with referrals?

Well, as Franklin put it, “He that has once done you a kindness will be more ready to do you another.” it’s a matter of consistency, that fundamental human need. If I do you a favor, I have to justify it to myself somehow, and that will affect how I act in the future.

But it goes in the other direction, too. And that’s the connection to referrals.

If you ask a client for a referral — and he doesn’t oblige, for whatever reason — then he has to justify that decision to himself. And like Franklin says, “He that has once done you an unkindness will be more ready to do you another.”

Of course, not every book you borrow will make you a new friend… and not every referral you fail to get will lose you an old client.

But I want to raise the possibility that asking for a referral in a haphazard way can have its drawbacks.

“Just go ahead and ask, it can’t hurt.” Maybe. Or maybe it can.

So does that mean you should get paralyzed with fear and avoid referral marketing?

No. But it might make sense to have a smart system that works.

Such as the systems you can find in the following video. I’ve linked to it before, but I’ll do it again. It’s a recording from a Jay Abraham seminar where various clients of Jay’s shared 93 referral getting-strategies that actually worked for them.

Some of these methods are simple and obvious. Some are involved and very clever. But they’re all worth knowing about if you want more referrals:

https://www.youtube.com/watch?v=_13FI1zE94k

A non-tactic for making friends at marketing conferences

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One of my todos for 2020, along with losing 80 pounds, developing a magnetic personality, and writing my first novel…

Is to go to a marketing conference.

All the big names say you gotta do it. It’s where relationships are made… it’s how you meet the top clients… and if you’re serious about copywriting, it’s supposed to pay for itself.

So I’m putting together a list of such events, and I’m steeling myself to go. I say steeling, because my image of how conferences work isn’t pretty:

A bunch of hungry, pushy, teething pups, all pressing forward to grab a nipple on the tired bitch’s teat.

If that’s how you imagine marketing conferences as well, then I wanna tell you a story.

I heard it today while listening to a podcast episode where Kevin Rogers (of copychief.com) interviewed Dan Ferrari (a top copywriter).

At the time of this interview, Dan had only been copywriting for 3 years. And yet, he already had a string of controls for the Motley Fool, and he had made connections with some of the biggest names in the industry.

Such as for example, at Brian Kurtz’s Titans of Direct Response in 2014. This event featured a bunch of copywriting and marketing legends, including Gary Bencivenga, Dan Kennedy, Jay Abraham… the list goes on.

On the first day, Dan (Ferrari) found himself seated all the way in the back of the room, one table away from all the speakers.

When the break came, the whole room erupted as everybody pushed to the back to try and get a word in with one of the celebrities.

As the smoke cleared, Dan spotted a woman sitting meekly by herself. And rather than trying to join the feeding frenzy, he started talking to her.

She wasn’t a marketer.

She wasn’t a copywriter.

In fact, she was only there because her husband had to come.

So Dan and she had a nice conversation. At the end of it, her husband came over. She introduced him to Dan.

And that’s how Dan met and started a friendship with Gary Bencivenga.

Now, I’m definitely not telling you this as a manipulative tactic for worming your way into the inner circle of big players you cannot reach otherwise.

I just want to suggest (to you as well as to myself) that going to a conference and having normal, human-sized conversations, can be productive and useful, even in such a seemingly competitive environment.

By the way, if you too are thinking of going to a marketing or copywriting (or other) conference in 2020, let me know. Maybe we’ll be at one together, and I’d love to meet you in person.

Simple price negotiation with long-term clients

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Yesterday I talked to a previous client about a possible new job. He offered me to handle emails for one of his businesses on a straight-up commission basis.

At this point, a lot of copywriters would start running and screaming “Red flag!” But I got no muss with getting paid all on commission, at least with this client. I’ve worked with him already… he’s legit… and his business is making money and growing.

At issue is how much commission I would get paid. The client wrote:

“What’s the minimum amount you’d want to be making for the volume of emails that I’m proposing?”

Hmmm. That’s not a question I have a good answer to. So I thought for a minute. And I responded using a strategy that I saw described on Mark Ford’s blog.

Mark says he saw his client/partner BB (I assume Bill Bonner, the billionaire founder of Agora) using this strategy throughout his career.

It’s a way of negotiating that’s very simple, but effective if your main goal is a long-term relationship and a fair outcome for everyone involved.

I think Mark’s post explains it very well, so I won’t rehash it here. It’s worth reading if you find yourself negotiating prices with clients, and you hope to do business with them again. Here’s the link if you’re interested:

https://www.markford.net/2019/10/23/11059/?doing_wp_cron=1576003704.1623599529266357421875

How to get paid extraordinarily for doing ordinary work

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A banana taped to the wall just sold for $120,000.

That’s because it was art. The artist in question, Maurizio Cattelan, became famous with his last piece, a functioning solid gold toilet, titled “America.”

America-toilet was first installed at the Guggenheim, where it was used as intended by 100,000 people. It was then loaned to a palace in the UK, where it was stolen and probably melted down.

​(​All this outrageous information was reported by CNN, so you can be sure it’s true.)

And here’s the 24-karat point:

​​Cattelan could have stayed in his home town of Padua, taping fruit to the wall. He probably would have been shunned and mocked. Instead, he chose to go on the world stage, where he tapes fruit to the wall, and is being celebrated and paid millions of dollars.

Fact is, you often get as much as you ask for. And that even holds in “results-based” professions like sales or copywriting.

You can work for small clients, who give you trouble, pay you pennies, and grumble when they do. Or you can work for big clients, who appreciate your work, pay you millions, and treat it like the deal of a lifetime.

In both cases, the fruit taped to the wall is much the same. It’s the context that makes all the difference. And if that’s true, then it’s time to start looking for a “gold toilet” opportunity that will make you a star in your field… so people ooh and aah even when you stick a banana to the wall.

Simplicity itself: Bugs Bunny and copywriting

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I watched a video just now with Looney Toons director Chuck Jones demonstrating how to draw Bugs Bunny.

“Start with a pear-shaped body,” says Jones. “A circle for the head… a little nose…”

So far so good. I’m following along as Jones draws 2 bubbles on the page and one dark triangle for the nose.

“Then you extend the angle of the nose in a V above the head. That shows you where to put the ears.”

Hold on, how do I draw the ears like that?

“… the eyes go on those same lines as the ears… depending on what our budget is, we can use 2 or 3 whiskers.”

At this point, just about 4-5 seconds after drawing those initial two bubbles, Jones has drawn a cheeky, perfect, live Bugs Bunny. But I have no idea how he did it. So he explains:

“If you’re gonna draw Bugs, the best way is to learn how to draw a carrot. Then you can hook a rabbit onto it. Simplicity itself.”

Fact is, just because somebody is an amazing practitioner, like Chuck Jones, that doesn’t mean they can explain their method well. And even if they can explain their method well, maybe they just don’t want to, not to every Joe Schmoe off the street. The same happens in every field, including marketing and copywriting circles.

Maybe you’re following some expert’s paint-by-numbers, plug-and-play approach to writing sales copy. But if you’re not getting the results you want… if you’re not making sales you expected to make… if you’re not impressing clients…

Then it’s probably not your fault. There’s just a gap in the education. Maybe the expert can’t explain their method well… or maybe they are saving it all up for a higher-priced product.

The long-term answer is to keep searching for other experts to learn from. In the meantime, if you are looking to get better at writing sales copy, here are a few things that are guaranteed to sharpen your chops:

1) Write something every day — even if it’s a short email like this

2) Read some good ads

3) Read one of the proven books about direct response advertising. Most of the secrets in this business were discovered 50 or 60 years ago, and you can get access to almost all this wisdom for a few dollars on Amazon.

I can’t help you with 1). But if you want some pointers for where to track down good ads for 2) or if you want my suggestions for books in 3) write me an email and I will share my recommendations.

Marketing devil-inspired price negotiation tactics

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A girl I met this summer wrote me yesterday to ask for advice on pricing a copywriting project:

“Wassup busy bee? 🙂 i need professional advice. How much should i ask to write anarchist articles for commercial purposes (meaning to sell t-shirts) :))? Is 100 dollars per 500+ words too much or fair? How much would u ask for?”

Anarchist articles?

To sell t-shirts?

At $100 for 500 words?

That’s not the pond that I play in.

Because I made a deal with the marketing devil a long time ago.

Yes, I sold my soul to him. In exchange, I get a series of ever-higher-paying contracts, working on ever-more interesting projects.

So the particular rates I would charge at this moment are really no use to this girl, or to you in case you’re wondering what you should be charging for your work.

But I told her something that the marketing devil taught me. And you might find it useful as well.

It’s a super simple price negotiation tactic. It works 100% of the time to get you an outcome you can be happy with. And it goes like this:

1. Ask yourself, “How much would it take to honestly make this worthwhile for me?”
2. Make your potential client this offer.
3. If it works for them, great. If not, or if they try to haggle with you, tell them, “Thanks, but it’s not right for me.”

But maybe I hear you complaining, “This isn’t negotiation at all!”

And it’s certainly not the kind of nickel-and-diming, car-lot tactics you can read about in hundreds of Medium listicles. But like legendary copywriter and entrepreneur Mark Ford wrote recently:

“The difference depends on understanding that in business there are two fundamentally different kinds of negotiation: transactional and relational.”

In other words, if you use my simple devil-inspired price negotiation tactic, and you end up doing business with this client, you’re on good footing to form a long-term relationship that both sides are happy with.

And if you don’t end up doing business with them, for whatever reason (they can’t afford you, or they don’t value you enough, or they are simply lowballing jackasses), then you don’t really have a negotiation problem.

You have a lead generation problem. Which is another topic, for another day. For today, let me just say I solved my lead generation problem in the beginning by going where everybody says you shouldn’t go.

And that’s Upwork.

In case you want to see how I made very good money by dealing with quality clients that I actually landed on Upwork, then check out the following:

https://bejakovic.com/150-dollar-per-hour-freelancer

Get yer own Falkor

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One of my favorite books as a kid, and even now, is The Neverending Story.

If you’ve seen the Hollywood movie that was made from the book, you might know there’s a boy in there named Atreyu.

Atreyu lives in the great land of Fantastica, and he has to go on a quest all around the borders of this immense kingdom.

How’s a little boy gonna be able to cover these vast distances?

No problem. Atreyu hitches a ride on the back of Falkor, a benevolent, furry, white “luckdragon” who happens to fly at great speeds.

Now I think this is a good image to keep in mind in your own life as well.

Because as much as I like The Neverending Story, these days I like another book even better.

It’s called Positioning, and it’s written by Al Ries and Jack Trout.

Positioning is all about how to market products, and how to find a mental slot for them in your customer’s mind.

But one part of the book also talks about positioning yourself, and achieving personal success. And it’s here that Ries and Trout make a throwaway comment that I found very meaningful:

“The truth is the road to fame and fortune is rarely found within yourself. The only sure way to success is to find yourself a horse to ride. It may be difficult for the ego to accept, but success in life is based more on what others can do for you than on what you can do for yourself.”

Like I said, I found this very significant.

Maybe because my tendency is to try to always do everything by myself. It’s very natural to me. But it’s also very slow and ineffective.

So if you too have similar tendencies, then maybe you’ll get some value out of the Ries and Trout quote above.

And maybe you’ll consider finding yourself a horse to ride. Or even your own Falkor.

An alternative to royalties

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A few days ago, I got an email from a potential new client.

He’s a fitness trainer with 1) an impressively muscular body, 2) a couple of brick-and-mortar gyms somewhere in the UK, and 3) a pretty healthy online following, totaling around 50k people across various platforms.

Good stuff. But not nearly as impressive as one specific bit of this guy’s background:

He has consulted several A-list Hollywood stars, and helped them get in big-screen shape for superhero and action movies.

Hmmm…

Anyways, this fitness trainer has an online sales funnel he wants to improve. It runs like this:

Facebook ads -> free lead magnet -> thank you page with $17 ebook offer.

The trouble is, the thank you page isn’t really pulling its weight.

It only gets a 1% conversion rate.

And when I took a look at it, I could see a few reasons why.

So I gave the guy some simple suggestions — do better “above the fold,” highlight the sexy Hollywood stuff instead of burying it, rename the actual offer, etc.

The fitness trainer liked the ideas. And he wanted to know…

How much would I charge to write this up?

Well, I’ve lately been moving away from flat-fee deals.

For copywriting, that usually means asking for a royalty — a percentage of the revenues generated by the copy.

But in this case, I had a feeling the guy wouldn’t be open to a royalty structure. Maybe I had good reasons… or maybe I just chickened out. But the upshot was I made him two offers:

1. A flat fee of $x, which would make it worthwhile for me to work on this project

2. A flat fee (50% of $x) plus a bonus (another 50% of $x) for each 1% bump in conversions I could provide

Option 1 is safer for me and less attractive for the client. The client would rather have Option 2 (so he told me), particularly since the bonus he would be paying me would be “free.” It would be less than the increase in revenues he gets each day he runs traffic to this funnel.

On the other hand, this Option 2 is more risky for me. If I fail to produce, I get paid less.

But the upside is also greater — if I manage to get more than 1% increase in conversions (and I think I can), then I also get paid more in total.

So if you’re a copywriter, this payment structure might be something to keep in mind.

And if you’re a business owner, and you’ve got a great product, Hollywood-level social proof, and terrible marketing, then write me an email. Because I’ve got an offer I’d like to make to you.