Everyone wants to scale their businesses to a million bucks in revenue each year. Everyone also wants to do it without spending money or taking risks. If you aren’t willing to take risks and spend money, then you won’t get far.
But here’s the good news.
- Creating a product or service before knowing everything about your target market.
- Marketing only features and benefits.
- Writing copy and sales letters based off what you think sounds good and not from research on your target market.
- Making too many offers, and bad ones to boot.
- Spending money on ads without doing proper interest targeting.
- Only using social media. No Facebook ads, Google ads, SMS marketing, or Email marketing.
- An unoptimized website.
If you are making a few of the mistakes above, or all of them, don’t panic. Being in business is a learning process, and you will know what you need to do by the end of this article.
So let’s talk about the perspectives you should have and the things you should do.
The Meat and Potatoes – $100K to $1MM
- Identify your customer “avatar.” This simply means an individual in your target market. Do research on avatars (yes, you can have more than one avatar) that have already bought, or avatars that are buying products/services similar to what you want to make. You want to speak to the conversation already going on in the avatars mind. How do you find out what that is? You research your avatars –
And of course you also want to know their –
- Economic Status
- Geographic Area
This step is the most integral part of any business point blank. Know EVERYTHING about your avatars.
Through this process, you are identifying if there is a product market fit for your product or service also.
Identifying product market fit is step one in our process called the 5 P’s of Profit.
(The 5 P’s of Profit download is only available for business owners that make a strategy call with our Co-Founder Caroline.) If you are interested, go to our Instagram here and you will see the link in our bio.)
- Invest in the proper training needed to make you an expert in Digital Marketing. There are great resources out there for a low cost and even for free. However, you get what you pay for. So we recommend investing in coaching from the leaders in the industry. Here are some to get you started:
- Ryan Deiss
- Ezra FireStone
- Molly Pittman
- Dan S. Kennedy
- Roland Frazier
- Rory Sutherland
(these thought leaders either have online training available and/or have written books that you should read.)
- Now that you have done the proper research and have an understanding of the latest optimizations in digital marketing, you can start to optimize your website. This must be done before you start spending money on ads.
The landing page (the webpage that your leads go to after clicking your ad) has to be where you are selling the most.
It is not your ads or emails job to get the sale, but only to get them to your landing page.
To start with a software that we believe is the most effective and efficient use of your time, we recommend Zipify (which requires a Shopify account). You can also try WordPress, Clickfunnels, or Wix. But Shopify is the most user friendly in our opinion.
Create a piece of value that makes people want to opt-in for your email list and SMS list. Make it specific to your market and also solve a specific problem with it.
Some examples are: “Enter your email/phone # now to receive” –
- A specific discount
- Free specific downloadable templates
- Free handouts
- Answers to specific questions your avatars are having
- Next, you want to start implementing your avatar research into interest targeting on a Facebook Ad account (considering you know how because of the trainings you’ve done).
- You then want to start with these 3 important things for email marketing, which as a whole has the potential to bring in 30% of your total online store revenue.
- A welcome series automation/flow
- An abandoned cart automation/flow
- A post-purchase automation/flow
* We recommend having at least 5 emails in each sequence.
- Once your start to see your revenue increase, (which it will if you do steps 1-6), then we recommend Google Ads.
- By this time you’ll have a decent Facebook pixel (buyer tracker) built up, with a decent SMS list. So now start to utilize SMS marketing. There are many strategies you can use here such as:
- Sale campaigns
- Birthday discounts
- Coupon codes
- Pop quizzes to earn x
- Your market is always adapting. If you don’t adapt your products/services, you’ll fail.
- Always be Learning. We touched on the importance of being coached by the best, and in business, you must commit to learning and not be afraid of being a beginner in something you don’t understand.
- Be aware of your profit, and not just your revenue. Make sure that you have your expenses added up correctly.
- Count your wins, big or small. Business can be stressful, and it’s important to fall in love with the process.
If you found this teaching helpful, but need help, make a strategy session with us today.
We have a special offer running for $6.99. This will get you up to an hour of our Co-Founders time who has scaled 50 companies within the past 24 months from 6 to 7 and 7 to 8 figures.
Check out some of the team at a kickstart event for Events for Change. Here is Caroline our Managing Director, Tristan Stahl our head Email Marketer, Kevin Louidor our head Digital Strategist, Mike Sierra our head Business Consultant, and Adrian Gordon our new intern.