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The Five Costliest Business Mistakes (And How to Fix Them)
The Five Costliest Business Mistakes (And How to Fix Them)
You’re rolling along, building your dream business… when WHAM, something takes you by surprise.
You’ve made a mistake.
Maybe it was something you didn’t think was important, or maybe you just overlooked it accidentally. No matter what the reason, the end result is the same…
The mistake is going to cost you.
Maybe it’ll cost you time. Maybe it’ll cost you money. Maybe it’ll cost you frustration. Maybe it’ll cost you credibility. It could be anything, but you can be sure it’s going to cost you something.
Doesn’t exactly sound like a dream business, does it? Right. And that’s why you’ll want to pay attention to the following five costliest business mistakes… and how to fix them.
Take a look…
Mistake 1: Not Doing Market Research
Sometimes business owners get really excited about a product idea. And when they get excited about it, they assume that a whole lot of other people (AKA customers) are going to be just as excited as they are.
So then, they imagine huge product launches that are going to help a lot of people and put more money in their pockets in one day than they used to make all month.
Except when the big day happens, the sales don’t come. And along with the lack of sales comes a sinking feeling for the business owner who realizes he wasted a lot of time and money creating a product that no one wants.
Don’t make this mistake. You can avoid this by doing two things:
- Do your market research. Finding out what people are already buying and then creating something similar (yet better) is one of the surest ways to make money. As the saying goes, “build a better mousetrap.”
- Test your ideas. If, despite your market research, you’re not sure an idea is going to fly, then test it on a small scale before you invest a lot of time and money.
For example, create a “lite” version of a product. Instead of creating a 20-lesson course, start with a low-cost report. If it sells well, then a full course on the same topic will likely sell well too.
Next…
Mistake 2: Not Creating Segmented Email Lists
If you’re not building lists at all, that’s a HUGE mistake. But it’s also a mistake to build lists without segmenting them. That’s because once you segment your lists, you can send out highly targeted content that results in higher conversion rates.
Sidebar: In other words, you’ll be sending content (a mix of free information and offers for paid products) that is of greatest interest to those receiving it.
Here’s how to segment your lists:
- Separate your prospect list (those who have never purchased from you) from your customer list (those who have purchased from you).
For example, there is no reason to continue sending emails for a particular paid product to those who have already purchased it. You can send offers for a related product to those people.
- Segment your prospect list according to the free offers they’ve downloaded or accessed.
For example, if a prospect has accessed a free offer, it shows they are interested in the subject matter of that content (as opposed to other topics they have not yet shown interest in).
- Segment your customer lists according to the paid products they’ve purchased.
For example, if a customer has purchased a product, they are likely to be interested in purchasing a related product on the same subject, especially something that provides a way to speed up results or provides advanced information.
TIP: Make use of your autoresponder tools, such as by segmenting your list according to if someone opened your last email.
It’s very simple to set up segmented lists if you’re using one of the major autoresponder services, so it’s a good idea to get started from day one.
Next…
Mistake 3: Neglecting Your Sales Copy
One of the most profitable skills you can acquire is to learn
the art and science of writing good sales copy.
This skill even comes in handy when writing other content, such as blog posts, social media posts and email newsletters. The better copy you write, the more reads, clicks and conversions you can expect to get.
Two quick thoughts on this…
- Offer hope, not hype. In other words, don’t try to play marketing mind games with people by preying on their emotions and forcing them into a bad buying decision. Offer them genuine hope that they can solve their problems, reach their goals or enjoy their interests.
- Offer help, not hype. In other words, effectively communicate to your audience how your products can meet their needs. Your objective is to convince them that you really can help them. You don’t have to coerce people to buy something that really will benefit them. You just need to show them that this is true.
The point is, it’s a good idea to start learning how to write effective copy.
Mistake 4: Titling Products As An Afterthought
There are a whole lot of prospects who are going to make decisions about buying your product largely based on the title of your product. It’s true. Your title can make or break the success of your product. And that’s why you want to be sure to spend time creating good titles.
Keep these tips in mind:
- Brainstorm multiple titles. Then pick a few of the best ones and test them. You can do these tests fairly quickly (such as in a weekend) by sending large amounts of paid traffic using sites such as Google AdWords and even Facebook advertising. Just be sure you hold all other variables constant across your ads, with the only difference being the title of your product.
- Present a big benefit in your title. (E.G., “How To Get Your First 1,000 YouTube Subscribers.”) Your audience needs to know what kind of result your product will help them achieve as a result of using it.
- Use attention-grabbing words in your title. Examples of these “power words” as they are sometime known include: you, how to, new, simple, discover, revealed, instantly, quickly, fast, and easy.
- Arouse curiosity whenever possible. (E.G., “The #1 Way To Lose Those Stubborn Last Few Pounds.”)
- Use titling templates to help you brainstorm titles even faster. You can search for these at Google. (Ex. “product title templates”)
Next…
Mistake 5: Becoming A Perfectionist
Putting out good quality work is important. You always want to over-deliver to your customers.
But being a perfectionist is a way to waste time
without helping others or making money.
Because here’s the thing…
If you’re a perfectionist, then the various pieces and parts of your business will NEVER be good enough. You’ll endlessly tweak products, tweak sales letters and tweak ad campaigns… without ever releasing any of them. And that means you’re not getting results for your audience or your business.
Here’s what to do instead:
Tweak on the fly.
This means putting forth your best effort in all you do, and then releasing it to the public. Let your audience vote with their feedback and their wallets.
You can track and test the parts of your business (like sales letters and ad campaigns) to find out what your audience responds to. Sending customer satisfaction emails and surveys is another way to find out the likes and dislikes of your audience.
And then you can make tweaks with the confidence that your tweaks are going to produce great results.
End result? You can help other people and make money even while you’re still “perfecting” your product, copy and ad campaigns.
In other words…
- Don’t try to make things perfect before you release your product.
- Do try to make things perfect after you release your product.
(Or as close as possible to perfect.)
Do you see the difference? One gets your product out there helping people and earning income, while the other option does neither.
In a nutshell…
Aim for excellence in everything you do before others see it,
and aim for improvement in everything you do after others see it.
Now, let’s wrap this up…
Conclusion
You can be humming along, thinking everything is going great – and then it can all come to a screeching halt where you’re getting really poor results. Fortunately, if you follow the advice above, you’ll be able to avoid some of the costliest business mistakes.
Do the right things. Don’t do the wrong things.
By the way, if you want to learn about 5 lucrative online business models you can try, from affiliate marketing to FBA/eBay and more, check out the featured resource below for a free report that covers 5 online business models that you can choose from. Pick one and get started today… 😊
Five Keys To A Successful Online Business
Five Keys To A Successful Online Business
If you are going to be successful in any area of life, including business, there are two basic ways to achieve what you’re after…
Do the right things.
Don’t do the wrong things.
In other words, you want to do those things that will make a way to a successful outcome, and you don’t want to do those things that get in the way of a successful outcome.
So, let’s take a look at five keys to a successful online business…
Get The Right Mindset
You’re not an employee anymore – you’re a business owner. And that means you need to start thinking like one.
Keep these tips in mind:
- The buck stops with you. No matter what happens, you’re ultimately responsible. Don’t blame business partners, freelancers, or anyone else. You’re in charge now.
For example, if your business is going to generate revenue by serving your audience well, you’re going to need to personally make sure that things get done well.
- The day doesn’t end at 5:00pm. This doesn’t mean that YOU need to be sitting at your desk monitoring your business 24/7. However, it does mean that you need to put systems and staff in place to take care of things when you’re not able.
For example, install an app on your website to let you know if it goes down so that you can get it back up and running ASAP.
- Work smarter, not harder. You’re not trading time for dollars anymore. That’s why you need to plan a business that lets your income grow even when you’re not sitting at your desk.
For example, installing an evergreen autoresponder series lets you make sales the hands-free way.
Next…
Prioritize Customer Service
Just read a few Yelp reviews, and you’ll quickly realize the reason people either stick with a business or leave it boils down to customer service.
You can have the best products in the world… but if your customer service stinks, your customers are going to vow to never do business with you again. Not only that, but they’re going to tell their friends too.
That’s why it’s so important to make customer service a priority.
Here’s how:
- Be sure your website is user-friendly. A good customer service experience begins with a good experience on your website.
- Make your customer service easily accessible. Don’t make people jump through hoops (such as registering for a help desk) in order to contact you.
- Answer all customer service inquiries promptly and professionally. And if you have customer service staff, train them to do the same.
TIP: Create a “knowledge base” with a set of professional, pre-written responses to common inquiries (I.E., frequently asked questions) that is posted at your website. This will allow for instant, hands-free customer service in many cases so your audience doesn’t even need to contact you.
Next…
Build A Strong Brand
A brand isn’t just a logo and a slogan.
Instead, it’s a driving force for your entire business. It’s the FEELING you want your customers to experience when they use your products or think about your business. It’s how you set yourself apart from your competitors.
And it’s the way you create “top of mind” awareness, so that your prospects and customers think about your business even when they’re not directly looking at one of your ads.
How do you build this kind of powerful brand? Follow these best practices:
- Create a brand around a feeling. Then be sure every part of your brand (from the colors to the slogan) are designed to generate this feeling. Think about the following brands: Disney, FedEx, Coca Cola, Nike and Compassion. What feelings come to mind? Things like happiness, empowerment and empathy among others.
- Design a slogan that sets you apart from your competitors. This unique selling proposition may flow directly from your mission statement and should be aligned with the feeling that you want your audience to experience when they think about your brand. E.G., “We try harder.” (Avis rental car company.)
- Integrate your brand thoroughly. This includes on your website, in your sales letters, within your product packaging, and in all content. Be sure your customer service staff is trained on how to reflect your brand in their replies.
Next…
Grow Your Business Every Day
Building a business is a marathon, not a sprint. And that means that taking small, consistent steps every day tends to produce big results. As such, make it a habit to do something each and every day to grow your business such as:
- Find a new place to purchase an advertisement.
- Create a blog post.
- Post on social media.
- Develop a new lead magnet.
- Send an email to your list.
- Develop a relationship with a new joint venture partner.
- Create a limited time offer.
- Craft a rebrandable report for your affiliates to give away.
- Post a video on YouTube.com.
- Develop a free webinar.
And similar tasks. If you take these sorts of steps consistently, you’ll see your business grow consistently.
Test Everything
A truly successful business isn’t built on gut feelings and guesswork.
If you want to create a higher return on investment with everything you do, then you need to start testing the various parts of your business.
This includes:
- Testing your ideas. For example, before you create a big paid product, you might start by creating a free offer on the same topic. If the freebie generates a lot of interest, then it’s safer to invest your time and money in developing the larger paid product.
- Testing your ad campaigns. Many platforms (such as Facebook or Google AdWords) include built-in statistics so that you can determine which ads and which keywords deliver the best results.
- Testing your emails. Most of the bigger autoresponder services tend to include built-in statistics, which makes it easy for you to track and test your emails. Pay particular attention to your subject lines, the overall offer, and your calls to action. You’ll also want to do some testing to find out what days and times of the day work best for sending offers.
- Testing your sales letters. Factors such as the headline, overall offer (including price) and call to action tend to have the biggest impact, so focus on testing these items first. You can use a tool like SplitTestMonkey to start testing your sales letters.
Now let’s wrap things up for now…
Conclusion
Creating products, building lists and driving traffic are three important pieces of a profitable business – but they’re not the only things that will drive your success.
If you want to grow a truly successful business, then you’ll also want to be sure you have the right mindset, you prioritize customer service, you develop your brand, grow your business every day, and test everything.
And, of course, never lose sight of this…
You’re in business to serve your audience well.
Ultimately, you want to generate benefits for your audience and profits for your business.
This will happen as you dedicate yourself in every area of your business to helping others…
- Solve their problems,
- Reach their goals and
- Enjoy their interests.
Once you do these things, then you’ll be able to take your business to the next level to provide even more help and earn even more income.
By the way, if you want to learn about 5 lucrative online business models you can try, from affiliate marketing, to FBA/eBay and more, check out the featured resource below for a free report that covers 5 online business models that you can choose from. Pick one and get started today… 😊
7 Ways To Cut Costs In Your Online Marketing
7 Ways To Cut Costs In Your Online Marketing
There’s a common misconception that you can make money online for free. This is possible but in actuality is very difficult to pull off.
In order to have control over your online business, you’ll need your own domain, hosting, autoresponder and so on. Leveraging other people’s web properties for free will mean giving up control of your content and so on.
Building your house on rented property is NEVER a good idea and this includes using social media, such as Facebook pages or groups.
So it goes without saying that you’ll be spending money to build a successful online marketing business. That said, it’s nowhere as expensive as a brick-and-mortar business.
In fact, with around $200-$500, you’ll be able to build your very own online business from scratch and bootstrap it up to a 5 or even 6 figure business.
Below you’ll find 7 tips to help you reduce your costs so that if you’re on a tight budget, starting an online business will not seem so burdensome.
Start Small
This is the most important rule of the lot. When buying a domain name, use an affordable service like Namecheap. Choose a 1-year plan rather than choosing 5 years just because you get a discount.
When choosing hosting, go with a starter plan and pay monthly rather than paying yearly because you want a cheaper price. Use good providers such as A2Hosting or Siteground.
This is what starting small is all about. When your business is doing well, you can opt for the annual payments to enjoy cost savings – but not when you’re a beginner who’s scraping by.
Don’t Follow The Herd
The online marketing space is filled with sheep who will jump on every bandwagon that comes their way. You need to be more astute and alert.
When you’re first starting off, you may need a page builder for your sales pages. Software like OptimizePress or Thrive Architect are one-off payments that are much more affordable than Clickfunnels or Convertri.
Yet, you’ll see marketers praising the latter 2 all the time. The question now is, “Are you ready for these expensive options if you’re a beginner?”
The answer is probably no. So choose the cheaper options that work for you and reduce your recurring bills as much as you can.
Track Where Your Money Is Going
If you’re paying by PayPal, most of your recurring bills will be automated and it’s easy to lose track of your pre-approved payments.
Make a list of all the monthly expenses in your online business. You may be shocked to find that you’re paying for services you no longer use. For example, you may have a Stencil or Snappa subscription, but you’re hiring graphic designers from Fiverr.
So you’re wasting money here. By tracking your expenses, you’ll eliminate wasteful spending.
Making The Most Of Free Trials
A lot of software, tools, etc. come with free 7-day, 14-day or even 30-day trials. Make sure you use these free trials to save money – but before you sign up, ensure that you’re ready first or you’ll be wasting the trial.
For example, if you have a 30-day trial for an autoresponder, make sure your opt in pages are ready and you’re getting traffic before signing up for the 30-day trial.
In this way, you’ll hit the ground running from day 1 and build your list instead of wasting precious days getting the other components in your funnel ready.
Quality Is Important
You get what you pay for. Sometimes, it’s better to pay more for a product to get a better service. You’ll often find cheap self-hosted autoresponders sold by dodgy marketers.
Their selling point will be that you only pay a one-time fee. That’s true. But once you start using their software, you’ll find that the cheap software breaks down or has atrocious deliverability rates and so on.
You’d be better off paying monthly for a solid service like Active Campaign, or Aweber or and you’d have not wasted money on junk. You must find the balance between cost and value here and it might not always be easy.
However, if these services are making you money, and, more importantly, more money than you are paying for them, they are an investment rather than an expense.
Shop Around For A Bargain
You may find that some infoproducts, courses, etc. are priced differently in different places.
For example, you may find a PLR store selling you a resell rights product for $9. That same product may be sold in another website for $3.
This happens all the time and is no different from a can of coke costing 3X more in a cinema than at a supermarket. Shop around and see if you can get the product at a cheaper price.
Look Out For Coupons
Another way to save money will be to do a Google search for ‘product name + coupon’. You may find coupons that help you get a few dollars off.
Always be alert. Sometimes software is discounted during times like Black Friday, etc. Now is the best time to grab the opportunity and save yourself some money.
But it is important to only buy things that you will use in your business immediately. Don’t grab a bargain just for the sake of it because the likelihood is that you will never use it and probably forget that you even own it!
Alternatively, you can contact the product vendors directly and ask for discount coupons, etc. Many vendors will accede to your requests if you’re polite. If you don’t ask, the answer is always no.
At the end of the day, you want to run a lean, effective online business that makes money round the clock without incurring too many costs.
One of the easiest ways to increase your bottom-line will be to trim your expenses and when you start looking, you may be shocked at what you are wasting money on!
Constantly look for ways to do this and your business will see higher profits and you’ll be able to earn more and save more.
By the way, if you want to learn about 5 lucrative online business models you can try, from affiliate marketing, to FBA/eBay and more, check out the featured resource below for a free report that covers 5 online business models that you can choose from. Pick one and get started today… 😊
How To Find Profitable Ideas For An Online Course
Have you ever wanted to create a course to teach others about a topic you are knowledgeable about but aren’t sure where to start or even whether it would be worth your time and effort?
Creating a course is a fantastic business model but you need to evaluate the niche/topic/subject first to ensure that your efforts would be profitable! After all, you are in business to make money, right?
Creating a profitable online course that will help you take your income to the next level is certainly doable and is easier than you may think, especially with today’s modern technology.
And the truth is, there are few other opportunities quite as profitable as creating an online course on a hot topic.
People crave knowledge, and they’re willing to pay for it.
Think about just how many tutorials you’ve read or watched over the last year.
How many times have you searched YouTube for video tutorials on different topics?
How many books or reports have you read in the hopes of learning a new skill or empowering yourself?
Course creators and instructors put themselves in a very powerful position.
Not only are they able to build a sustainable online business (that runs on complete autopilot), but they become known as thought leaders and influencers in their markets.
And think about just how powerful THAT can be.
So for today, I want you to think about the different courses you could create for your market.
Begin by digging deep into your niche or industry so you’re able to identify hot topics that people are interested in learning more about.
If you aren’t sure where to start, begin where courses are already proven to sell!
Udemy.com, Teachable.com and SkillShare.com are all fantastic places to begin your research.
Pay attention to the number of students enrolled in each course as it’s a clear indicator as to the overall popularity of the topic.
Then, pay attention to the reviews. Read through them all and take as many notes as possible, especially when you uncover reviews that indicate something was missing from the course.
This could be a great entry point for your own course, and help you stand out from the crowd.
And finally, browse through the course outlines. These trainers have given you everything you need to come up with a solid outline for your own course!
The summaries and course descriptions can give you an unlimited number of ideas for your own modules as well as help you shape the foundation for your content.
Creating A Winning Course
When it comes to creating outstanding courses that attract attention and outsell the competition, you’ll want to make sure to pay attention to 3 main things:
1: Content Formats
Don’t stick with just one main format!
People prefer to learn in different ways. Personally, I prefer to read instructional based content, while other people will only take courses that are video based.
So obviously the more content formats you offer to students, the easier it will be to provide everyone with the type of training they’re most interested in.
2: Titles & Descriptions
A lot of course creators overlook the power of a killer title. In reality, your course title can help make or break the success of your course.
It needs to stand out, immediately capture attention and be edgy and different from anything else out there.
Don’t be afraid to play around with different titles.
The same goes for the description and summary of your course. You want to give people enough information to get them excited so they sign up, but you don’t want to bog them down with TOO much information.
Look to strike a healthy balance of giving them the details they need while using summary titles that provide a sense of mystery and intrigue.
3: Price Structure
Don’t underprice your course trying to compete with existing programs. Instead, consider how many people equate a higher price with a superior product.
If you find that the majority of courses online are selling at $47, consider a $67 or even $97 price point.
You can always lower it later on, but it is definitely worth testing at a higher price point.
How To Get Course Reviews Quickly
One of the things that can drive in sales and help you stand out in the market is being able to get those review numbers up.
You’ve likely experienced the different a ton of reviews can make yourself when you’re considering what products or services to buy.
Reviews are social proof. They tell potential customers that your product has lived up to its hype or expectations, and that buyers are satisfied with their purchase.
It removes buyers concerns by reassuring them that their decision to purchase will be one they won’t regret.
So, how can you bump up the number of reviews you have so your course stands out?
Ask for them!
The key is to prompt your students to leave reviews throughout the learning process rather than just at the end.
That way they’re reminded several times without being bombarded. If you only ask them to leave a review once, at the end of the training, you may never have the opportunity to ask them again.
The tricky part is finding the right spot within your course in which students are likely to still be excited about the material and have also completed enough steps to where they feel they’ve gotten somewhere.
You want your reviews to demonstrate the quality of your course and how useful your information is.
So, place your review requests at key points during the training after your student’s have completed a goal.
If you really want to ramp up reviews, consider offering something extra to those who leave them.
Here are a couple of easy ways to do that:
1: Offer Free Review Copies
This is a common strategy used by course instructors who don’t yet have a large following.
Post on Facebook or to your email list and offer a handful of free review copies to those who will leave genuine feedback.
You could also try YouTube too; why not do a video of an overview of the course and encourage your viewers to sign up for a free review copy in return for honest feedback?
2: Offer Additional Content
You can increase the value of your course to those who take the time to leave reviews by offering additional content or modules in exchange for their time.
It rewards your students and encourages them to leave a glowing review.
Can you think of other ways to encourage your students to leave reviews? Leave a comment and let me know!
If you want to know more about creating a profitable online course, check out the featured resource below for a free report; download, read it and take action 😊
