Most times, the important things are pushed aside; maybe due to their latent effectiveness, and the obvious commitment their implementation would need on our parts.
Among those important things is having a blog or handling the technology that drive your business in general.
However, as much as this is important, I’m convinced, one other thing is much more important and needs more attention from you I you would ever succeed in your business.
You need to know that business building is 90% psychology and 10% technology. That’s true!
You should be convinced by now!
Every tools and technology you use in your business is expected to be focused on your audience – REAL HUMANS, who pay you for the values you add to their lives or businesses.
Hence, you should pay adequate attention to knowing them well as to what drive them and how they make their buying decisions.
Having dealt with that on the pages of this book, I want to give you that 10% that is also essential for marketing your business.
Consider that as the tools of the trade.
Basically, here are the most important tools you need to start and run your business successfully:
1). A website/Blog: This will serve as your store front on the internet. You need to have it so that people can easily find you and buy whatever products or services you’re selling.
Having a blog allows you to have wider reach compared to the traditional word of mouth that happens one by one. With your blog, you can reach thousands or millions of people who consider buying your products at the same time.
How Do You create a Blog?
Creating a blog is one of the easiest things you will do in this business.
It can be done within hours.
Here are links to some free materials you can use to personally set up your blog the right way.
2) This cool presentation I gave at ConnectPlus conference hosted by Otunba Adeyinka in Ibadan.
Just as I said earlier, the processes involved in putting up a blog is important, but not as having proper understanding of the audience that have the money you need in their wallets.
You blog could be likened to a microphone that amplifies your voice. If you continually project a horrible voice, and you don’t work on yourself, the best microphone will become your worst enemy.
Here are some other resources I found useful for starting a successful blog.
If you’re hiring out the service, it’s important you don’t leave the design completely to the designer, as he may only be interested in how beautiful it look, neglecting the human angle and the psychology of how your prospects behave.
Your blog, for the purpose of making money should be well focused and targeted at your audience. It should serve their interests and make them want to get into that valuable relationship with you.
Different blog have different focus. Yours should be built mainly for capturing leads and in alignment with your overall profit model.
The most important contact point you must have is your squeeze or opt in page, where your prospects give you their contact information and get some useful gist in return. This is known as the lead magnet.
All your traffic generation efforts MUST be directed at the squeeze page. More on that later.
Getting those contact information from your prospects would be done with the use of the next important tool in your arsenal – the autoresponder.
2). An Autoresponder: This will make life easier for you.
This tool allows you to create a database of people interested in your product/service, stay in touch with them and build valuable relationship that last for a long time.
It helps you in further developing the KLT factors that make selling your product simpler.
Which autoresponder do I recommend?
There are many of them. And most time, the underlining role remains the same for all of them.
However, I like to recommend the ones I have had experiences with: Aweber, Mailchimp. Others are Getresponse, sendlane, convertkit, Infusionsoft, etc.
Just go with anyone you feel it’s ok with you and your budget.
They each have individual operational settings you have to follow. Just pick and get started.
3). A source of constant traffic: This is very important, but you should not make any mistake of sending traffic to an offer or a system you’ve not carefully built.
Most people worry about sending traffic, forgetting that the traffic would be useless if nothing is in place for them to buy.
You’ve created your irresistible offer. Great!
There remains an important ingredient to make you sell and get paid.
It’s the traffic.
This is the particular group of people you had targeted before that is interested in your offer.
Where are they congregated? You need a mechanism to repeatedly direct them to your store front (blog) to build valuable relationship with them and get them to take your offer.
You’ve got to be careful here. Your offer should be well targeted at your audience, otherwise, getting them onto your blog will be a waste of resource (time and money).
For example: No matter how irresistible you think your offer is you have packaged for Muslims in northern Nigeria that is obviously PORK loaded, you won’t get them to respond to it.
The money and time devoted to advertising to them will only go to waste because they don’t eat pork. To them, eating pork is a mortal sin.
I’m assuming you have already figured out your ideal target profile.
Now you can take your marketing materials to them (offline and online).
Online traffic sources: Facebook, Twitter, Online newspapers, YT, LinkedIn etc.
Offline traffic sources: Churches, Mosques, Networking events – seminars, workshops and conferences, offline newspapers and magazines, schools etc
You’re doing great, so far!
Meanwhile, all these tools will not produce result if you don’t carefully and intentionally set them up.
Let’s now go to what I consider the most kept secret of the successful players.
Pay close attention and you’re assured of building a long lasting, sustainable business.
This has to do with your ability to master paid traffic; you should be able to find your own prospects, pay for them and convert them into paying customers.
To do that is really easy. What you need to do is to put those prospects you’ve found in your profit model otherwise called the marketing funnel.
This is what ensures you get it.
Confused about what a profit model is?
It’s simply your efforts at acquiring the right prospects to your business and everything you do to get enough values in return for your efforts from them.
Just so you may be clear with this, you cannot be so sure of your business model until when your guesses are tested and proven to work.
It’s important to know that you need cash flow in order to be in and remain in business. This money will not come from your pocket, I guess. Or are you going to be the one buying your products?
It’s your customers who do. And you cannot know what they want to spend their money on until you do test and proof they will.
You must know that ever before you conclude this is the way you want to give it to them.
When they help you in confirming your guesses of their wants by actually buying or showing strong desire for what you plan to give as solutions to their problem, then you can work on how to get it to them; that’s your business model.
Your model must take care of how you’re going to create, deliver and harness values.
A good business model answers the questions:
- Who is the customer?
- What does the customer value?
- How do you make money in this business?
- What is the underlying economic logic that explains how you can deliver value to customers at an appropriate cost?
These questions lack detail, but they are a useful way to consider the reality of starting a business. You can’t change the world if you’re dead, and when you’re out of money you’re dead.
Business model is not the same as strategy. It describes a system, but they do not factor in competition. Dealing with competition is a strategy’s job.
And ultimately, both a good business model and effective strategy are required for success.
Here Are Some Tips to Help You Develop Your Business Model
BE SPECIFIC. The more precisely you can describe your client, the better. Many entrepreneurs are afraid of being “niched” to death and then not achieving ubiquity.
However, most successful businesses started off targeting specific markets and grew (often unexpectedly) to great size by addressing other segments. Few started off with flamboyant goals and achieved them.
KEEP IT SIMPLE. If you can’t describe your business model in ten words or less, you don’t have a business model.
You should use approximately ten words—and employ them wisely by using simple, everyday terminology. Avoid whatever business jargon is currently hip (strategic, mission-critical, world-class, synergistic, first-mover, scalable, enterprise-class, etc.).
Business language does not make a business model.'” Think of eBay’s business model: It charges a listing fee plus a commission.
My own business model is: I work on your business on retainer basis with a commission. End of story.
The success of your business model will be determined by what is referred to as Your Profit Model.
This has to do with your overall client acquisition strategy (what you will be doing to get new clients) and your overall value strategy (what you will do to increase the value you get from each client you acquire).
How do you plan to go about acquiring the right clients for your business and after acquiring them, what are the prescribed steps you need to take to get the best values from them, while you intentionally add tremendous values to them?
It’s one of the things that must be carefully crafted for you to have a seamless application of your strategies and tactics.
You don’t want to build a business that is visionless; one that lacks an overall plan that dictates what should and shouldn’t be done to get to your goal.
In other word, you don’t want to do this today, that tomorrow and never get focused on getting to your set target.
The plan you need in this case is what I call your profit model. What and what are you going to do at what sequence that lead to profit?
Let’s illustrate with a simple example
As you’re starting to build your business, it’s advisable you create at least three products at different price levels in order to increase your value from your audience.
The first product will serve as your front end product, which is affordably priced. The essence is to allow your prospects to get to commit little investment with you.
If the product serves its purpose and you over deliver to the clients, they would want to get more of you. This is when you graduate them to the next program you have to offer.
Your goal should be to acquire new clients with your front end products.
It should give you the opportunity to bond with them overtime, share your unique perspective, consistently over-deliver and have the majority of them upgrade to your high end exclusive programs.
A typical profit model is found below:
Suspects >>> Prospects >>> 1st time buyers >>> 2nd purchase >>> Loyal customers >>> Hyper responsive customers
In practice, for example
Facebook Ad >>> Presell Contents >>> Opt in page >>> Free Seminar/Webinar >>> Upsell to front end product >>> Mid tier product >>> High end exclusive program.
Your interaction with visitors from the Facebook Ad (or any other sources) through to the Free Seminar/Webinar focuses on qualifying the suspects. You want to know whether they are the right audience for you.
They become buyers who have shown interest and committed to the values you have to offer. That gives you the opportunity to further sell them on other products you believe will be of more values to them, which leads to the mid-tier product.
Your high end products are reserved for your loyal and hyper responsive customers- those customers who totally believe in you, your business, your products, and will buy virtually every new product or service you offer or recommend.
They come out of your regular customer base, typically as a result of delivering on your promises, exceeding their expectations, and frequent and consistent, nurturing communication.”
Please get this right: When I said you should create three products, I didn’t mean you should do it all at the beginning of your funnel. You should allow you front end product to qualify and get you the right audience to serve. Once that’s done, it would be more logical to create high level product in the same line to serve them with.
You don’t want to create all at the same time so as not to be worn out and create something that your audience will eventually not WANT. Let them tell you more of what they WANT when they have committed themselves on the front end product.
I want you to view this process as one that requires ongoing modification. The odds of you perfecting your profit model right from the start are rather slim.
What is important is that you should put together your first interaction. Then once you have it written down, you will be able to continually tweak and improve it until it’s right.
Your business environment (your prospects, environment, government policy-maybe etc) is dynamic and reactive, so you should always listen and adapt your strategies to suit the market.
Over to you. . .
Take time to structure your business using the wisdom you got from what you just read.
What would you consider challenging in doing this exercises?
Let me know in the comment box below.
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