In this post, I am going to cover what I consider to be the top 5 concepts that you need to master if you want to build a successful business. You can almost refer to these 5 principles as the 5 pillars of internet marketing. Without understanding these concepts, I highly doubt you can be successful.
Understanding your market is the first step to building a profitable and successful business. I mean, it’s great to have a passion and to want to turn that passion into a business, but if you are targeting a non-existing market, you are truly wasting your time. If there is no demand for what you intend to offer, you will eventually go out of business.
So, the key is to ensure that there are people actually looking for the solution you offer. Also, it is vital that your market has disposable income that they are willing to spend on your product(s) or service(s). If you target a broke market, I think you can understand you won’t go very far.
The best way that you can find out if there is a market for your business idea is to do keyword research. There are many tools you can use online. If you find out that enough people are searching for what you offer, then you know you are truly in business.
You can also look for online forums to find out what your potential market is looking for. The bottom line is that, if you use your creativity, the sky is the limit when it comes to conducting effective market research.
One final point I want to make on market research is that you want to target a specific market. For example, it is not enough to offer dance lessons. You have to ask yourself, “what type of dance lessons?” Are you going to offer salsa lessons or tango lessons? Both can have very different types of potential customers.
It is not enough to want to offer guitar lessons. Are you going to offer electric guitar or acoustic guitar lessons? I hope you get the idea. The more you narrow your market, the more you will achieve the results you seek.
Once you identify that there is a viable market for your idea, you now have to set up your presentation. This involves creating an effective website with an effective marketing message. This is where you have to create amazement in the eyes of your prospects.
In order to create the best presentation possible, you must understand that people buy benefits and not features. People don’t care about the color of the car they are buying. What they really care about is how good they will look inside of that car.
Women don’t really care about the price of that anti-aging cream you are offering. They care about how young and beautiful they will feel. By always focusing on the benefits instead of the features you will produce a powerful effect in your business.
After determining your market and creating your presentation, you now have to drive targeted traffic to that presentation. I want to emphasize the word “targeted.” It won’t matter how much traffic you get if the people who are visiting your site or store are not looking for what you offer.
For example, if you are selling women’s shoes, you certainly don’t want men who are looking for men’s shoes. Once again, the good news is that you can conduct keyword research and use the right kind of keywords in your advertisements to get the targeted traffic you need.
I want to remind you that getting targeted traffic is not the end. You also have to capture that traffic. You need to figure out a way to collect the name and email address of the people who visit your site so that you can follow-up with them. Do not ignore the power of creating a list. This will ensure that you generate a long term income.
Your Backend Offers
So, now that you have identified your market, created your presentation, and driven targeted traffic to your presentation, what is next? Your backend offers. You are basically creating a funnel system when you create an effective marketing plan. The first step of your marketing funnel is the front end offer.
Typically, your front end offer is an inexpensive or even free item. For example, you can start by offering a free report on your presentation page in exchange for your visitor’s name and e-mail address. For example, if your site is focused on helping people get in shape, perhaps you can offer a short e-book where you give them weight loss tips.
Once you collect the name and e-mail address of your prospects, you are now going to add your backend offers. These are additional products that will greatly increase your income potential. For example, after giving your visitors the free report, you can follow that up with e-mails offering them a video course for a specific price.
Your following offer can now be some type of membership site where they will receive even more advanced tips or coaching. This will allow you to generate residual income, which is vital for your long-term success. The point is that you cannot just depend on just your initial product. This is why you have to build a list if you want to have a long career as a successful businessperson. Having a backend system is imperative.
The Power Of Duplication
The last pillar is to create duplication. Once you successfully complete the first four steps in a specific market, creating an automated system of sales with the power of the internet, you now want to apply these 4 steps in additional parallel or even completely new markets.
This will create the multiple streams of income that will lead to the true success you can achieve in business. If you create duplication, no one will be able to limit how much success you can generate.
These are truly the most important concepts to understand if you have a dream of building a massively successful enterprise. Memorize these concepts and follow them religiously. They will guide you to the top of the mountain of success.