The overwhelming majority of online entrepreneurs are absolutely TERRIBLE at creating the financial future is a dream of.
Worst of all, for the most part, it isn’t even their fault!
You see, the cold reality of success online in business – and in business at all – is that an outsized portion of your success is going to come flooding into your business when you start operating counterintuitively and against the grain of what most people see as “common wisdom”.
Because of the internet (and the global markets that it has opened up), all of the old barriers of entry to the world of business have crumbled by the wayside.
Today, anyone (literally ANYONE) can build a brand-new global business and compete with you directly for the same customers in an afternoon and with nothing more than $50 and an internet connection.
Leaning on “time-honored business wisdom” when the world was anything but the most competitive business environment that ever existed isn’t just going to disappoint you, it’s actually going to kill your business faster than anything else.
No, if you are going to have any real measure of success online today you need to focus on the big three things you MUST do to not just compete but to thrive online.
Let’s dig a little bit deeper and help you create the kind of financial future you deserve!
Stop Thinking Transactionally – Your Customers Are Your Greatest Asset
If you were to ask entrepreneurs today what they are greatest business asset ones, 99.99% of them would rattle off all kinds of tangible assets, intellectual properties, or some marketing mumbo-jumbo that has very little linked to reality – and almost NONE of them would tell you that their customers are their greatest asset.
And that’s why so many of them are stepping over dollars to pick up dimes.
Look, absolutely nothing happens in business until something gets sold.
You don’t have a production line without customers giving you money for the products you have to offer.
You don’t have a marketing department without customers that are responding to your advertising.
You don’t have a website, business cards, or even a job title if there aren’t people actually paying you for whatever it is you bring to the table.
Without customers, you do not have a business.
At first, this might seem pretty simple and straightforward and something that could go without being mentioned.
Of course, you can have a business without customers, it feels like that’s something everyone would know and understand.
Which is why you have to dig a little bit deeper and stop thinking of customers as “those folks that give you money for whatever it is you have available” and start thinking of your customers as the greatest asset your business will ever and could ever have – and an asset that deserves to be protected with that same kind of sincerity.
It’s really easy to stop seeing customers as individual people that start off as complete and total strangers, eventually trusting you enough to exchange their hard earned cash (that almost everyone feels hard up over) for whatever products or services you have and instead start seeing them as nothing more than numbers in an Excel spreadsheet or in a ledger book.
That kind of transactional thinking is what cripples and handicaps businesses faster than anything else. You start to look for ways to “squeeze more juice” from these money trees rather than looking for ways to better treat your customers in a way that encourages and persuades them to not only spend more money with you but you also becoming your best salesperson – a glowingly positive referral that sends you more customers on autopilot.
Flip the switch from transactional thinking to really focusing on your customers as your business’s greatest asset and all of a sudden you’ll see the pieces of your business puzzle start falling into place.
Front End Sales Are Made To Acquire Customers
The second of the big three things you need to do if you’re going to succeed online or in business today is to stop thinking of front-end sales as profit generators but instead to start thinking of them as business assets you use to literally buy new customers for your business.
The overwhelming majority of brand-new entrepreneurs (and some seasoned veterans that really should know better, but very rarely do) think that you have to make a profit on every single sale to have a profitable business.
Nothing could be further from the truth.
There’s a reason why some of the world’s most successful companies on the planet intentionally LOSE money on a sale (especially the first sale, a front end sale) – and why that strategic decision makes them so incredibly successful.
Amazon doesn’t offer second-day shipping with Prime for just around $10 a month because they are getting such a great deal from their shipping partners.
They are losing a lot of money with this decision, but they do so because they’ve long understood that making this offer – this inexpensive front end offer – is going to buy them millions and millions of customers that are then going to spend billions of dollars on Amazon rather than going to their local department stores, just because they get “free shipping” included.
This is a super strategic move on the behalf of Amazon, and it’s something that you are going to want to mimic as best you can in your own business.
Think about offering your very best products (your top-of-the-line products) for as little money as humanly possible all in an effort to buy more customers. Now, this is only going to make strategic sense if you have a plan on the backend to capitalize on these new customers that you have purchased – and that’s where this next section comes into play…
What ELSE Can You Offer?
You have to have a successful marketing funnel to take full advantage of the Lifetime Value (LTV) of each and every customer you buy with your front-end offers or you’re going to go belly up a whole lot faster than you ever thought possible.
Strategic and savvy entrepreneurs know that you have to build a marketing funnel that moves complete and total strangers through a value ladder progression, each time getting them to spend more and more money or purchase more frequently, to increase the LTV of each individual customer (on average).
Right after that first front-end sale is made (and we mean RIGHT after), you should offer some sort of upsell, some sort of down sell, or some sort of cross-sell/joint venture offer that immediately increases the value of that sale.
The best time to get someone to purchase something is immediately after they have already decided to order something from you, to begin with, and you’ll want to strike while the iron is hot.
But once you’ve purchased that customer (with your inexpensive front end offer) you aren’t any longer a complete and total stranger just looking for ways to reach into their back pocket and rifle through their wallets.
As long as the initial transaction was a good experience, and as long as your customer service/support didn’t drop the ball – and your marketing message matched the end result your customers received – you know have a customer that trusts you that you can market to on a regular and consistent basis for next to nothing.
This all cycles back to the first thing we mentioned of the big three things you MUST do if you’re to have success in business today.
Acquiring a new customer is the most expensive thing you’ll ever do in business.
It’s not at all uncommon for marketing campaigns (wildly successful marketing campaigns, at that) to have conversion rates that hover just around 3% or so.
That means that for every 100 people that see your advertisement only three of them are going to pull the trigger and make a purchase – but once you understand the three core concepts we are highlighting, you’ll discover how a 3% conversion rate can be wildly successful and how a 3% conversion rate can transform your financial future almost overnight.
Remarketing to your “house list”, finding joint ventures so that you can market to the house lists of other businesses, and looking to partner up with other entrepreneurs to offer products or services that make sense in your vertical is the best way to dramatically improve your sales funnel and start building your business in a strategic way.
This kind of approach takes you from a willy-nilly, fly-by-night kind of entrepreneur that just sort of throws things at the wall in hopes something will stick and instead turns your business into a real business. You’ll have a money making machine that can be predicted, with moving parts you can adjust and manipulate to improve results without having to waste a flood of money for a lot of time.
Focus on the core three details we highlighted above and use this inside information to change your business forever and you’ll see your bank account start to grow almost instantly.
It's your turn!
As you noticed, most people tend to focus on the wrong things while trying to build and grow their business.
Whether it's an online business or a network marketing business, it doesn't matter.
It's the same.
At the end of the day, you need to acquire new customers.
People buy you, not the product or service.
You are in the people business.
What are your thoughts on this? I'd love to hear them.
Feel free to share your feedback in the comments section below!
To your Success,