Archive for: May, 2023

Cut Throat Marketing

May 27 2023 Published by admin under Uncategorized

Has your business been engaging in cut throat marketing? Due to the economy or other reasons, many businesses have reduced or cut the amount of money spent on promotion and advertising. Doing this is the equivalent to cutting a business’s throat.

Why? Because the financial success of a business enterprise today depends almost solely on how many prospects are aware of the business times how many times prospects hear or see an invitation to buy something from the business. When advertising and promotion are cut you are cutting your ability to reach and invite prospects to do business with you.

What often happens is that they go into a marketing program with let’s “try” it and see what happens attitude. After a week or a month they don’t feel they garnered a good enough response, so they stop the program mid-stream and “try” something else they think will work better. The new program usually also fails.
The reason it did not work is simply because they went into it with a “try” it attitude, usually under funded and with a non-surveyed ad with no understanding of the types of response they would or could get from the program.

There are basically two types of responses: direct and indirect. Being familiar with the two types of responses you could get will help you to measure the actual effectiveness of your advertising.
Direct response is tangible; some one brings in the ad or postcard or tells you they saw your ad. For every person who verbally told you they saw the ad there are usually 3 others who inquired in some way but did not say anything. This boils down to tracking or lack of tracking.

How do you track it?

1) Actual live direct response is easy because people are telling you they saw the ad. You have customers who will volunteer this data and others you will have to ask. You simply have to make sure that the person on the phone is asking or your sales person is asking, “How did hear about us?” And, they are writing this down and giving you the information. If you use a great offer or a limited time offer on the ad you will get more people telling you they saw the ad. This is also covered in more detail in the article ten things to increase ad response.

2) Intangible leads. Intangible leads are leads that come to you through a via, say your web site. Or, the leads that come in and the prospect does not volunteer or is not asked how they heard about your company.

Direct mail does affect Internet traffic. The advent of QR codes makes it very efficient to tie direct mail to the Internet. To help track leads from direct mail to your web page Google has a free service called Analytics. In Analytics you can see how many people were referred from other websites, how many people searched for you, what key words they were searching for AND how many direct responses your web site received. A direct response is someone who types your company name directly into his or her web browser. These prospects know enough to type your name or web address. How did they find out about you?

You can also see how many new visitors you have to your site and what pages they viewed and how long they stayed on your site. Google is a great tool for measuring intangible response to your post card campaign or other marketing program.

The best way I know to track response from advertising is to look at your gross sales; did it go up, stay flat or go down during the period of the marketing program and shortly after? I have found from personal experience that takes five to six weeks after a post card mailing a bump in sales to occur. For one reason or another there was a time delay on this person responding. Even more prospects tell me they have received over several months 7 or 8 post cards and NOW they need something and call. (Evidently repetition does sell.)

Realize that increasing sales is more than running ads. It also involves a combination of contacting your customers via the phone, email messages, postcard or letter mailers. Everything you send out has a marketing impact.

Look at marketing and promotion much the same as a river flows. A river flows outward, endlessly. If you are consistently out flowing into the market place with phone calls, letters and note cards, postcards, brochures, you will get business flowing back in on you. It is a natural law.

Mark Hale

Comments are off for this post

How To Increase Your Store Traffic With Direct Mail

May 26 2023 Published by admin under Uncategorized

Store owners, both large and small know and understand the value of a full fledged marketing initiative. They know that it is the first step in bring people through your store doors. However, with that being said, it is important to understand that your marketing campaign cannot be limited to just one vehicle. It cannot be simply online, nor can it be simply offline. It must encompass all marketing channels in order to effectively get your message across. One particular under used, yet very effective marketing tool is direct mailing. Direct mailing enables you to simply mail your marketing collateral to a full list of people without even doing the work. Below are three tips to ensure that you get the most from your direct mailing campaign.

High Quality Lists – The first objective to your direct mail campaign should be to get a high quality list. Lists can either be researched by you, or they can be purchased through a list provider. In fact, many times people can also purchase the list from the printer themselves. When they are acquired, you can usually purchase a list based on several demographics thereby streamlining your marketing initiatives.

Printed Marketing Collateral – The marketing collateral itself should speak to your target demographic. It should not only embody your brand, but also strike a thought process within the recipient. So be sure that the design is bright to call attention, the copy is casual in order to seem conversational and the focus narrow enough in order to get your message across. This will help in getting your message across as well as give you an opportunity to connect with your customers at their home.

Timing – Make sure that the timing of your direct mailing is strategic. The best mailing days are usually on Saturday or Monday. This will ensure that your mailing distributed by the beginning of the week, while also avoiding the bulky Monday mail clutter. Simply be sure that your direct mailing service promises some deadlines as to when it will be mailed. This will help in ensuring you get your mailing out in a timely process and also help in determining the best times to send it for future mailings.

When you are done, it is important to track the success of your direct mailing efforts. This will help in streamlining future efforts, as well as help in other marketing initiatives for your local store.

Comments are off for this post

6 “Must Ask” Questions to Ask of Any Home-Based Business Network Marketing Company – Part 2

May 25 2023 Published by admin under Uncategorized

Is the company properly funded?
This is a big one. It’s been said that 95% of all companies fail in the first 3 to 5 years. Most Network Marketing companies typically fail in this category for one of two reasons.

The first reason is because they don’t have enough money to properly launch the company and handle all the typical problems that plague startup companies.

The second reason is that the company makes it through the tough early years and then they hit what is called the momentum phase.

This is where a company experiences exponential growth – which can be a very exciting time. However, even well financed companies with a strong management team can have difficulty getting through this phase of business. There is a well known figure in the Network Marketing industry who used to offer to help you start your own Network Marketing company for just a $100,000. I don’t know about you, but I would not want anything to do with a company like that.

The bottom line is that if a company has good capitol, a minimum of 3 to 5 million dollars is a good start, combined with an experienced and strong management team, then they can typically weather the storms that come along.

Does the company have a relatively low cost to get started?
This of course is relative to where you are in your own personal and financial life. I would say that you can get started in the majority of Network Marketing companies for about $300 to $500 which makes them affordable to most people.

You just want to make certain that the company is not charging you an over inflated price and then paying commissions to the person who sponsored you into the business. This is extremely important because it is illegal for a company to pay commissions out for just signing someone up in the business, and where no real product is provided in exchange for your investment.

Also make sure that if there is product being exchanged for money that it has a fair value in relation to the cost you will be paying. Most people are pretty smart now days, and they are also very cost conscious. They are not going to pay an over inflated price for a product or service just because it pays out big dollars in commissions.

Is the compensation plan fair and easy to understand?
You want a compensation plan to be fair across the board for anyone who gets involved – from the person with little or no Network Marketing experience to the seasoned veteran.

It should also be fairly easy to understand and explain, as well as simple for the average person to be able to achieve the highest levels within the compensation plan.

It should also pay well enough that the professional or experienced Network Marketer finds the compensation plan rewarding to them as well. I have seen some compensation plans that have so many requirements and difficult language that hardly anyone can explain it except the one math whiz that created the plan. I was working for a company not too long ago as their Director of Global Marketing and they had one of those difficult to understand compensation plans.

They would continually make changes that always made it even more difficult to understand. Plus, every time we made a change, recruiting would substantially drop off. One day, the owners sold the company to this group of investors. One of the investors (who had little Network Marketing experience had this “great idea” about implementing a completely new compensation plan.

After reviewing it I highly recommended they not implement it as it was designed to pay more money to the average person and REALLY hurt the leaders who were making a lot of money (shortly after this conversion I left the company). Of course this person did not listen, and had to have things his way, and went ahead and put his new compensation plan in place.

End result? Every leader’s commission check was instantly cut by about 70%! Long story short, all the leaders took their people, went to another company, and there is little left of the company except for a few thousand customers.

In closing, do your due diligence when making a decision on what Network Marketing company you are going to invest your hard earned time and money with. There are thousands of them out there with more starting every day. Some of them are started by frustrated former distributors who have no formal education or experience in running a large successful company.

If you can afford it, and have the time to get away from work, I highly recommend you visit the company you plan on joining. Schedule an appointment to visit with the company and meet the CEO, Finance person. Do a little digging on the internet by typing their names in Google with quotes on both sides of their name. If the person you are searching on does not have a common name then you might be able to find a little information about the owners and management team.

You should make your decision on which company you want to join like you were looking to purchase a $500,000 franchise – not $300 to $500 Network Marketing business. If you do this properly, and put in some hard work, you could see your business take off and pay you a substantial income.

Comments are off for this post

Planned Giving Marketing – What Works and What Doesn’t

May 24 2023 Published by admin under Uncategorized

If you’re not sure, maybe it’s time to forget Conventional Marketing Wisdom (CMW) and start thinking strategically.  

When you market planned gifts, you are trying to persuade people to do something that most of them don’t even want to think about – permanently transfer assets away from their control and that of their families. Even your simplest promotion (“Remember us in your will”) bogs them down in thoughts of mortality.  

The CMW answer?  

“More of the same! Wear them down until they get the message!” More newsletters, more mass emails, more deluxe four-color brochures, libraries of tax articles on your website’s “reading rooms”. Simply put, more Overkill Marketing that tunes out your prospects.  

The strategic answer? (Read this twice)  

A balanced blend of print and electronic messages, all benefits-driven, short and to the point. Why? Because your prospect is inundated with over 3000 marketing messages a day.  

Note that we say “benefits-driven” and not “features-driven.” Features mention death. Benefits promote immortality. Features slow down your sales process. Benefits sell the sizzle. And the sizzle keeps your prospect’s mind focused on your mission, vision, and on making the gift. It’s that simple.  

Also, it is important that the medium through which you communicate with your prospects is mixed. For example, don’t always use emails. Use cards, letters, display ads, and (geez, oh-no) the old-fashioned phone. If you stick to one single medium, your prospects will “tune you out.” This is a simple sales and marketing strategy used by experts. Oh yes, don’t forget the face-to-face visits.  

A simple plan that works.  

  • Develop a visually-based planned giving website that engages your readers, and then actively leads them to you for follow-up. Make sure the website is not a passive reading room. Reading rooms are not read.
  • Mail a personalized letter highlighting creative ways to give. Include your phone, email and website URL. Mail this same letter twice or three times a year. Why? Because chances are only 10-20% of your letters will get read, and less than 5% of those who read it will remember your pitch 4 months later. Besides, you must have as many “touches” in one year as possible.
  • Data-mine for your best prospects, and make sure not to use wealth and age as your primary predictors.
  • In place of a traditional planned giving newsletter, mail a series of compelling postcards. Newsletters are simply getting a weaker and weaker response.
  • Develop a series of display ads. These can be very effective.

What Does Not Work.  

  • Electronic cards (“e-cards” – okay for birthday greetings, but not for planned giving) and e-mail mass marketing (the recipients know that the message is impersonal and generic, and so do the spam-blockers on their computers).
  • Websites with superfluous links (jokes), deep home pages, too much text, and updated libraries with “exciting” (really!?) planned giving news in special reading rooms.
  • Screening prospects based on just wealth and age (many still market only to seniors – bad idea).
  • Traditional planned giving newsletters (they are getting a much weaker response).
  • A single mailing. “One-step, one-hit marketing is stupid. If you are going to mail one mailer and stop, stop before you mail the one mailer.” [Dan Kennedy, a direct-mail response marketing guru.] Repetition is absolutely required to make your program successful, or even to get satisfactory results.

Find the marketing approach that will work for your unique organization:  

  • Developing a website? Convey the benefits of creative giving (that’s the science of leading people around in “shopping areas” – Web or physical – to make sure that they don’t get lost, and that they wind up at a point of sale).
  • Are you mailing to too many prospects or not enough? Use permutations based on donor loyalty, a much more accurate predictor than age or wealth.
  • Discovered that your planned giving newsletters aren’t working? Design compelling postcards that get read. And whose message is retained even if the card is thrown away.
  • Know the best months to send your prospects mail, and the months not to mail.

And have you thought about where planned giving marketing will go in the future? Radio and TV ads? Closed-circuit spots in retirement homes? That might be something worth considering.  

Comments are off for this post

2 Steps To Follow If You Are New To Offline Marketing

May 22 2023 Published by admin under Uncategorized

If you’re new to marketing, I’m sure you’ve probably heard your fair share of marketing ideas from like-minded business owners like yourself. But once you put these strategies into play, you soon realize that these techniques don’t work, are outdated, and don’t bring instant results. A form of marketing like this is known as brand marketing.When doing brand marketing, you have to invest a lot of money just to hope that your business gets recognition. If I were you, I would switch over to direct response marketing so that you can hold your advertising and marketing accountable, and so that you can cut out all the losers, and proceed with the winners.Believe it or not, direct response marketing requires a bit of trial and error. But brand marketing only requires error – no trial needed. If you want to see your results multiply within a matter of weeks, you should stick with direct response marketing. With direct response marketing, your ads tell you whether or not the ad is working for you now – right away.There are some tips that I would like to give you when it comes to running direct marketing campaigns on your own. Here’s the first tip:1) Have a strong offerA good offer is what it’s all about. If you’re prospects’ doesn’t feel that your product is of utmost benefit to them, they will simply by pass you and your offer. People are busy, so you need to find a way to get your message across almost instantly, so that people can respond to you sooner rather than later.The best way to get a busy person’s attention is by sending them an awkward looking box. They will become dumbfounded about what it is, then their curiosity will kick in and will make them want to open it up and read what you have to say. This is a great way to get attention, and to get your recipient to read your entire letter.Now in your offer, make sure you include a lot of bonuses. Use bonuses that are worth just as much money as your core offer, and let your prospects know about the value in your sales letter. Here’s another tip for having the most success as possible in your business:2) It’s all about the leadNothing happens until you get a lead. Without a lead, you will find yourself with a great product, a great offer, but no one to sell to. This is why you need to generate a lead first before you start marketing your products and services. Until you get a lead, nothing will happen. But with a lot of leads, you’ll find yourself earning a nice chunk of money for a little bit of work.Generating a lead and having a strong offer are 2 important parts of the marketing process. Without it, you will find yourself in a battle with the rest of your competitors, who is using a marketing technique that is ineffective for them also.Good luck with using these tips to have as much success as possible in your business.

Comments are off for this post

Top 10 Email Marketing Secrets Of The Pros To Grow Your Bottom Line

May 22 2023 Published by admin under Uncategorized

Few marketing topics inspire as much passion as email marketing. Ranging from “its the ultimate solution” to “its a complete waste of time and verging on illegal activity”. The fact is, your customers love email, they use it every day and done well they will love and respond to your email. That should be more than enough for any marketer to invest the time and money into developing a professional program. However, should you need a little extra incentive, perhaps the fact that email can drive sales at a cost of literally pennies per order would suffice.

Chances are that you are well aware of how important email is and just how tough it is to develop an effective program. For all its promise and efficiency it is a volatile and complex area to navigate. However, focus on a few basic principles and activities and you will be richly rewarded. Just like all good direct marketing, circulation, offer and creative are the secrets to success. But you have to think about them a little differently, read on for some tips on how to make sure your email gets delivered and read.

1. Actively manage your email file.

Obviously growing the size of your email file is important but managing emails comes with challenges that must be addressed. First, there are the legal compliance issues that you must be prepared to manage and your privacy policy is the basis for your list management. You also need to be able to understand the deliverability status of every email on your file. An email may be opted-in but unable to be delivered because the address is invalid, which means that it is just “bouncing” back when you try to deliver it. Typically, a file will have as many invalid addresses as opt-outs and the result is the same…the mail won’t get delivered! Internet service providers (ISP’s) are very sensitive to bounces, too many from you and they will block all emails. So it is important to keep your “bounce rate” under control. There are many elements to account for in maintaining your file, don’t let any of them slip.

2. Jealously build your email reputation with ISP’s.

ISP’s are constantly trying to stem the torrent of email going to their members. They have two tools. An outright block or they will send your email to the “junk folder” just as devastating. Building your reputation score with ISP’s takes time and is an ongoing process. Different ISP’s have different standards you will need to know, adhere to and develop policies around. AOL, Yahoo and MSN/Hotmail are the major web domains but by no means the majority. One of the main benefits of working with an email service provider is that they will have established ISP relationships and knowledge about their requirements.

3. Measure your inbox delivery.

You can’t manage what you don’t measure. The ISP’s have sophisticated spam filters that change regularly. Assume you message won’t go through, even if it went through last week. The combination of your subject line, content, reputation, astrological alignment, tea leaves and other mysterious forces are used to determine whether your email gets delivered. The only way to know if your message got delivered is to measure it and pre-test your emails before you deploy for deliverability.

4. Stay predictable.

Big changes in your delivery volume or sending patterns can raise flags on ISP systems. Big spikes in volume on unusual days can trigger blocks so don’t save those full file mailings deep into your lapsed customer file until your most important drop of the year!

5. Revalidate Your File

Above I mentioned that you should not mail your invalid emails. However, it is a safe bet that 10% or more are probably perfectly good and you are missing out a lot of sales. Work out a program to regularly revalidate these addresses.

6. Images are off

Most email programs now default to have images off and a customer won’t download images until they have decided that the email has something of interest. Make sure your email and its main hooks are clearly understood when viewed without images and in a preview pain.

7. Keep subject lines to the point

Subject lines are critically important and should be heavily focused on and tested. Typically, letting people know exactly what they can get generates higher sales conversions than more vague “teaser” type copy. The teaser may often get more opens and clicks but fewer in market buyers.

8. Don’t get boring

Offer a regular change of creative and offers. Develop a library of templates you can use that reflect the different marketing objectives of the piece.

9. One size doesn’t fit anybody

Email makes it both technically and financially possible to deliver many different personalized messages, so focus your efforts on developing targeted campaigns. For example if a customer just had a bad experience don’t send them your regular email. Segment them out and personalize your communication.

10. Be Relevant

Essentially the same thing as my last point but its so important I felt its worth mentioning twice. The sure fire way to turn someone off to your email is to keep sending them emails that are irrelevant to them. You must strive to find any way you can to be relevant and personalized, whenever you can. Be disciplined and test your concepts before rolling them out. Your most brilliant ideas are worthless if customers don’t care and the only way to know if your customers will care is to test the concept with them.

Email is a vast and dynamic field and takes considerable effort to be done well. These 10 tips are just the tip of an ever changing iceberg that you must continually adjust to. An “autopilot” approach will fly your email program right into the mountain. A rigid focus on maximizing deliverability of your file is a hallmark of every great email program as is a constant striving to be relevant. Constantly pursue these goals and you will be up there with the elite of the industry and awash in profitable sales.

Comments are off for this post

Direct Mail Advertising And Its Benefits

May 21 2023 Published by admin under Uncategorized

We’ve certainly gotten more sophisticated these days when it comes to business practices. Things that had to be arduously undertaken, such as sending letters by mail after they’d been typed with several carbon copies, are now taken care of easily by an email. Messengers don’t have as much to deliver anymore because items that are needed by another office can often be faxed over in seconds.Cell phones and tweets take care of instant communication on the road, and smart phones even allow internet access while you’re not at your desk. It’s a very fast world, and that’s true with marketing, too. For example, with the click of a button, you can send a thousand emails telling people about your company’s offerings. However, that doesn’t mean that print advertising is completely passe. People will always value direct print marketing because they like going to their mailbox and seeing a hard copy that they can keep for reference.They may find a flyer or card that they can put on their refrigerator for when they might need that service. They also like the perks that can come with print advertising in a direct mail campaign. Everybody likes to get a discount, and with direct mail you can send those coupons or drop them in people’s mailboxes. There are lots of ways to do this. Once you’ve developed a list of potential customers, you can do your own campaign and send out your flyer or a card in a personalized envelope.Using bulk mail rates helps keep your costs for this low. But probably the best way you can start is to sign up with a company that gathers the advertising of lots of small businesses and sends out coupons in a magazine type flyer or in an envelope full of such coupons. These are often very nicely done on shiny paper in full color so they will catch the eye of those who might be interested in what you do.With direct mail marketing, you put a plan in motion for a small investment. You first take a chance and spend some money to get that advertising out there. Then you can survey those who are new to your endeavor and see where they found out about you. If this direct marketing campaign is working, you try it again.If it doesn’t seem to be reaching the right people, you can change to another service and see if you can find the target audience you’re looking for. Besides the internet, television and radio have long been popular forms of advertising and of course if you can afford them they can be very effective.However, direct mail marketing is very affordable, more affordable than most other media, and it can be a very effective tool as you grow your small business into a large concern. Do your research and you may very well find that direct marketing is still the way to go if you want to develop a strong and loyal customer base while continuing to let potential new customers know of your availability.

Comments are off for this post

Basics of Online Marketing and Wealth Building

May 19 2023 Published by admin under Uncategorized

There is no question that the internet is the new frontier of business opportunities. Millionaires are being created every day. With record web traffic and all the tools available to help one make a go of it, you too can become an internet millionaire or at very least a successful internet entrepreneur.There are some basics however you need to understand and keep in mind.First and foremost is to have a vision. Get clear on why you want this to work, be as vivid and specific as you can with your vision. If things get rough, confusing and frustrating (and they most certainly will at some point) hold onto your vision. It is this vision that will keep you on track, even during the rough timesOK here are some nuts and bolts of online marketing. This may sound basic but in order to be successful as an internet entrepreneur, you have to be able to drive traffic to your website or product… Secondly, you need to convert that traffic into sales. This article will focus primarily on driving traffic to your website or product partner.Driving traffic to your site or product partner can be done in basically two ways. Paid and free methods. Both work and which one you choose will depend solely on your marketing philosophy, budget and skills. Paid methods, while costing money take much less time, where as unpaid methods, while costing nothing in terms of dollar and cents require a much greater time commitment.Here are a few examples of both. In terns of using methods for driving traffic to your product or website in the “paid” category : Pay per click advertising, a few proven techniques are: Keyword ad creating, Keyword positioning for search exposure, search, co branding, joint venturing, paid advertising, email marketing, direct mail, email list purchasing, on line classifieds, paid sign up, Paid display,shareware, rich media, text ad, test link, ad sponsored review to name a fewIn terms of “free” ways to drive traffic to your website or product, a few proven techniques are: using social networks. (YouTube, MySpace, Craig List) video plastering, key word article distribution. Forums, bogs as well as more traditional public relations techniques such as contributing interviews and articles to build your brand through Value added information sharing channels.I always recommend beginning at places you go. Where you find your natural energy and talents and branch out from there.I hope this introduction has been helpful. In future articles I will cover ways to convert web traffic into sales, using social networks for building your business and time management strategies.

Comments are off for this post

Habit #2 of Successful Medical Practices – Commit to a Marketing Budget

May 16 2023 Published by admin under Uncategorized

This is the second habit in my series of 5 Habits of the most successful medical practices. Working with over 2500 medical practices over my 20-year long career, I’ve been able to see what habits successful medical practices have that set them apart from mediocre practices. In my first post of this series (Habit #1: Always set clear goals), I introduced the S.M.A.R.T. goal setting method.Here’s Habit #2: Setting and committing to the right marketing budget.There are certain marketing activities that any medical practice must undertake. Although some just require your time, like asking patients for referrals, many require a financial investment. Whether it’s your website, print ads, direct mail, or your TV spots, you have to spend money to make money. The question I get a lot is “How much should I spend?”There are 3 different methods for determining a marketing budget. The 1st and most common method, and least effective, is based on a personal preference – “Here is how much I feel like spending.” Typically this is an arbitrary number and there are no strategies nor thought behind it.The 2nd method is based on percentage of revenues. The range for most medical practices is between three and fifteen percent of forecasted annual revenue. This is a large range, because it depends on the sub-specialty of your medical practice. Practices that tend to market directly to the patient such as Lasik surgeons, plastic surgeons, hearing-aid dispensers or cosmetic dentists will be towards the upper end of this range, between 10 and 15 percent. This is because a significant portion of their marketing budget is spent on external media, such as TV, media placement in newspapers and magazines, and Pay-Per-Click (PPC) search engine campaigns. Medical practices that tend to market exclusively within the medical community to generate referrals are typically on the lower end of the range, typically 3 to 5 percent.The 3rd method is the Return-on-Investment (ROI) method. The logic behind the ROI Method is that for every dollar you spend you want to make more in return. The question I typically get is “How much is a reasonable rate of return?” For forecasting purposes, in using the ROI method, I recommend between a 3:1 and 8:1 return on investment. Smaller and less established practices tend to gain a lower return on investment, whereas larger, more established practices tend to get a higher return. This method is essential for medical practices that want to gain significant growth. Here’s an example: If you want to grow your practice by $250,000 and you are a small established practice, using a forecasted return of 5:1, your marketing budget would $50,000.I encourage all practices not to arbitrarily come up with a marketing budget, but to utilize a combination of the second and third methods introduced above, depending on what’s appropriate for your sub-specialty and how aggressively you want to grow your practice.

Comments are off for this post

Stock Market Strategy For Big Profits

May 15 2023 Published by admin under Uncategorized

Buying the best growth stocks at the right time certainly can make you decent money in the stock market. If you want to make really big profits, adding to a winning position at the right time can achieve this for you.First, if you have any losing stocks, sell them. This will give you extra cash to buy more shares of your best stocks at a proper strategic point.Its always wise to only make new stock purchases or add shares to winning stocks when the general market direction is in a confirmed uptrend. This is because approximately 75% of all stocks follow the current general market direction.Big institutional stock market participants such as mutual funds, pension funds and banks like to add shares to their winning stocks when they retreat back to their 50 day moving average line. This is usually done after the stock makes a solid price advance, then retreats to the 50 day line. You can use this same strategy with your best winning stocks. Just make sure your stock bounces off the 50 day line and starts advancing again. You don’t want your stock to break below the 50 day line, especially on heavy volume.Always remember to implement good money management when trading or investing. Cut your losses short and let your profits ride. That is the golden rule of trading. I suggest to never let your stock go down more than 10% from your original buying point. If you bought a stock at 40 dollars per share, you should set a stop loss at 36 dollars to protect your trading capital. You can always move the stop higher as the price of your stock advances.

Comments are off for this post