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Dan Kennedy Marketing Secrets - The Gold Star Syndrome

Interviewer: Okay in the book, you talked about the gold star syndrome. What is that and why it is so important?

Dan: Well, because everybody suffers from it. And it so limits the amount of money that can come to them in any business and in any circumstance. So let me first describe like my first experience with it and then we can broadly apply it. So in professional speaking, when you get a speaking gig—so here's how this would normally happen. So Roger the speaker is on the phone with the Iowa State Association of Insurance guys, widget makers, pig farmers, whatever. And he gets booked to go speak at their State convention. The guy may have agreed to the fee and Rogers now going to go give his motivational speech to the Iowa State Association to pig farmers. And Rogers hangs up the phone and here's what he does, he's got a big calendar on the wall, and he goes over there and he puts a big gold star on the date when he's going to go speak in Iowa. Off of a roll stuff, he got his offers max, right? Then he gets file folder and he puts the name Iowa State Pig Farmers Association on it and he starts to file. And he runs upstairs from he's basement office and he tells he's wife and then they go out to dinner and get a bottle of wine and celebrate, okay. Because Rogers thinks that's an outcome.

Interviewer: Yeah.

Dan: Okay. So he's thinking is limited to get the gig, right? Now, I reviewed it, because I came speaking differently, I came there get customers, build herds of customers, build equity not get fees for gig.

Interviewer: Yeah, instead of getting [Voice Overlap]

Dan: That is almost incidental.

Interviewer: Yeah, you'd get paid forever.

Dan: Yeah.

Interviewer: Yeah

Dan: So to me, the same thing would happen, so I get booked, I stick the gold, follow the calendar, I create the file, I don't go celebrate, I start now scheming about everything that needs to be done between now and the date I'm going to be in Iowa to optimize that opportunity. So for me, the booking is the beginning of a complex, sophisticated, multi step, multi media, multi action process for maximum monetization of that opportunity, right? So now, let's take to an ordinary business, let's assume you own a restaurant. So here's our restaurant work, so, if we call up there and we make a reservation for tonight. They basically operating under the "Gold Star Program", they're going to write our names down and some system in near case, they're going to enter it in the computer to - or at the time we're arriving. They're going to get our names and basically, they've put a gold star on the calendar, and that's it. There's nothing else that's going to happen.

So, let's say we're not going tonight. Let say we made the reservation for next Friday? Okay. So now there's a window of opportunity that they will do nothing about, okay. But we could do a lot about that window of opportunity. First of all, we could something to make sure that the reservation is kept and the people actually show up because Friday is a long way away and things happen in people's life and somebody else says now let's go over here.

So we got email, we got fax, we got mail we can send a postcard, we could do all sorts of things to make sure they show up. More significantly, we could send them a package with extra coupons in it and essentially say hey you're come in Friday, if you bring a couple with you to enjoy the evening with you, everybody gets a free appetizer and everybody gets a free bottle of wine, right?

So now, we could multiply the number of people coming. We could get new customers who we didn't get before. Referrals even before the event, right? We could go Google to people and see if any of them are famous or important or influential or if that we ought to cater to or do something special for, right? We could check a birthday database and see if any of them are having a birthday this month, and then we could send them a separate package and say hey you come on Friday it's your birthday month. You know, why don't you round-up six people, bring him with you, we'll have a birthday party for you, this will happen there. So there's all sort of things we could do to creatively better monetize that opportunity and better leverage the opportunity for after the fact but nobody in that industry does it, because they're all operating on the "Gold Star Program" where they view sort of the first thing has the outcome, rather than the start of a process, right?

So essentially, what you're talking about is taking one source of money and turning it in to two sources, three sources, four sources, five sources. And hardly anybody thinks this way, so again, they have to change their thinking, about this end point versus beginning point. And then there's some strategic things applications that have to be figure out for whatever particular business they're in. And then there's some behavioral things that need to be done in the restaurant example with the people taking the call and maybe there's four questions that ought to be asked to find information. So there's some things that have to be done to capitalize on the opportunity as well.
About the Author

http://www.DanKennedyBook.com Get Inside the Mind of the Millionaire Maker Dan Kennedy as he shares his best marketing secrets from his new book, No B.S. Wealth Attraction in the New Economy.

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