Online Goldmine! Turn Your Passion into Your Dream Business (taken from SBO Magazine)

Online Goldmine

It has never been easier or cheaper to start a business. The internet has given the average Joe or Jane access to an almost unlimited number of potential customers and the opportunity is only increasing as more and more consumers turn to buying online. In the United States alone, it is estimated that annual retail e-commerce revenue will surpass one trillion in 2023. Isn’t it time you got your slice of that enormous pie? Countless others already have!

 

There are endless resources online to help budding entrepreneurs get started. Small Business Online Magazine is just one. You can get info from Google, Youtube, Pinterest as well as many other sources.

 

You will need to set up your business like any other. Make sure to follow all your local business licensing and tax laws.

 

Digital Products

 

The easiest way to get started in online commerce is to create digital products.

 

Examples of Digital products are e-books, courses, photographs, music, video, web page templates, recipes, printables, coaching, and apps just to name a few. Any product that can be delivered via the internet will suffice.

 

Delivering Digital products is a massive advantage over physical products. Carrying inventory is never an issue. There is no need to find a place to store your products. Customers can receive or have access to the product immediately upon purchase. If you create the product yourself, there is usually little or no cost to acquire it.

 

Turn Your Passion into Profits!

 

What are you passionate about? What subject do friends and family come to you for advice? Are you an authority on local birds? Can you teach others a proper golf swing? Do you give advice about fine wine? Do you spend a lot of time playing a particular video game?

 

Everyone is different and everyone has their own voice on subjects they are interested in. Even if you are not an expert, you can teach people to get to where you are and make money doing it.

 

Customer Pathway

 

Your goal is to transform your customer from novice to authority by taking them through different steps to get there. The path that your client goes through from not knowing you to a satisfied customer is called the Customer Pathway. Small Business Online Academy is offering a free checklist that includes a typical Customer Pathway. You can download it here.

 

Traffic

 

There are many ways to introduce a potential customer to your business. There are ways to get free traffic but the drawback is that it will take much longer for you to see results. Paid ads are a better way to see quicker results. Facebook is currently the king of targeted paid ads.

 

Lead Magnet

 

In our ad we're going to offer our potential customers something free in exchange for their email address. This free item is called a lead magnet and its main goal is to collect email addresses of people who we can help with our products down the road.

 

Typically, a lead magnet is something very brief like a checklist, chart or graphic that will give your lead a quick win. Something that provides value by helping your lead solve a problem or ease a pain point.

 

It must provide enough value to entice your lead to give their name and email address in exchange.

 

Another goal of the lead magnet is to introduce yourself to potential customers and for you to show a sample of how you can help them.

 

How the system handles this process is that your ad will make the offer of a free item.  Someone is enticed to click for more info and is sent to your landing page where they leave their name and email address. They would then click send and their information is sent to your email list database and become a part of your list and you will continue to email them further value and offers. The first email is sent automatically from your autoresponder and it welcomes them to your email list and delivers a link to download the lead magnet that was promised.

 

Thank You Offer

 

The Thank You Offer, aka Tripwire is a more substantial item than the lead magnet that is offered for a low price once your lead has opted into your email list. It could be a report, guide or starter kit that will take your lead further down the path of transformation from newbie to authority in the subject of your choosing. This item will be offered for between $10 to $50.

 

The goals of the Thank you offer are to introduce your lead into getting used to purchasing from you and to recoup some of the money you are spending on ads.

 

Your lead lands on your Thank You page after giving their name and email address for the lead magnet. The Thank You page immediately assures them the free item is on its way to their inbox. It then leads into sales copy to convince your lead to purchase your paid item.

 

Your lead will either recognize the value and purchase or they will not. If they purchase it, great!$! If they don’t purchase, great! You will still be able to entice them to buy in your email sequence that you will already have set up.

 

Main Offer

 

Your Main Offer will be a course or program that will take your lead much further in their transition.

 

This product will be offered for at least $100 and could be much higher depending on the value of it. You would normally start at the low end and it will increase in value as you improve the product.  As people take your course, they will give you feedback that will help you to improve it and therefore increase the value of it.

 

Your customers will be introduced to the offer through your email sequence.

 

Email Autoresponder

 

Your email list is essential to the success of your business. Once someone is on your list, you can market to them repeatedly as long as they don’t opt out.

 

Your email service provider will have the ability to set up a sequence of emails that will be sent out to each lead as they opt in.  The first email will be sent with a link to the lead magnet and from there emails will be sent at intervals of your choosing for as long as you want.

 

Your provider will also have the ability to segment your audience.  For example, if your lead purchases your Thank You offer, they will be tagged and you can focus on marketing your Main offer to them instead of hindering them with further offers to an item they have already purchased.

 

You will also have the ability to send out broadcast emails. You may have an offer that you want to refer to your whole list regardless of whether they have completed the autoresponder sequence. Typically, you would take your lead through the autoresponder sequence and then send broadcast emails at regular intervals.

 

How the System Works Well Together

 

The essence of the system is how well everything works together.

 

Working backwards, a good analogy for your different products is that if the Main Offer is a bag of delicious cookies, the Thank You Offer would be a delicious cookie and the Lead Magnet would be a delicious bite of a cookie (that would make your targeted customers Cookie Monsters).

 

You’ve probably been offered samples of new products from a temporary booth at the grocery store. If the product is delicious enough, it only takes a sample to get you to buy a whole package.

 

The real secret is to get to know your customers, find out what they need and deliver it to them.

 

There is just too much to expand on in one article, but hopefully, this gives you ideas in starting your own online business. Small Business Online will be getting more in depth on starting this type of business and many others in further issues.

 

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