10 Nov The Internet Business Success Formula (Part 1)
A few years back I recorded a 30 part training program which was the take-home pack from my two day boot camp workshop. Recently I went back through his program and sorted out those that were still relevant, and updated those that were not. The whole series, “Internet Business Mastery” is available at Maximum Success University. This is the kind of video series you should grab hold of if you’re wanting to do *more* than just build a few affiliate sites, or promote a few WSO’s. This video, The Internet Business Success Formula is for those people who have perhaps ‘grown up’ in the world of traditional business and now want to take that knowledge and make something of it in the internet world.
However, unless you’re willing to put in the effort to crack the six-figure code – don’t waste your time. This video is for up and coming big dogs 🙂
Hi there. This is Paul Barrs. Hello and welcome back. Once again we’re continuing on this series. I truly hope you’re getting an awful lot from this. It’s taken me quite some time to put everything together and I also know and do believe that if you apply these things, if you go through these presentations time and time again that you will get out of them exactly what you need to. So that very first thing, website profits the internet business success formula and we’ll cover this in just one moment. All right, you got your notebook handy? You’ve got your pen and paper handy?
Let’s get straight into it. The Internet Business Success Formula.
Now what exactly is this? I use this to help myself stay on track whenever I’m putting together a new website or a new business plan for somebody elses website. Very simply what I’m looking to do is covey this same information to you in a way that you can use it and will use it. I want you to use this stuff. There is no point whatsoever in you listening to this and watching through these slides if you’re not going to use it. Now I know I’m going to say that time and time again and some of the things of course which you’ll already begin to see I’m also saying time and time again. That’s because their so important. So let’s get straight into this one. Click over to the next slide. If you’re in the right place, you’d ask the question, what is a profitable website? And it’s a very good question. What is a profitable website? Is it a site that produces $100,000 a year? Is it a site that generates profit after its first year? Is it a site that returns 200% profit in maybe six months? What is a profitable website? Well it could be every single one of those. But I want to put forward this to you. What if a website costs $110,000 to set up and only produces 100,000?
Is that profitable? Well no because you got a $10,000 loss. Or a $200,000 site, big corporate site to set up.
Now I know most likely you’re not going to do that. But it’s just to illustrate the point. Is it a site that generates profit after its first year? Well maybe. That depends of course on how much you put into it. Profit of course is earning more than you’ve actually put into it. Is it a site that returns 200% profit? If you’ve put in $5000 to set your site up and it returns $10,000 or $20,000 even in the first six months. Is that profitable? Yes that is profitable, but what kind of time-frame should we be working on to judge and determine with your website when it should and should not be profitable? My own personal belief is minimum six months, particularly on a small business website. Minimum, six months. If it takes any longer than that, something’s not working. I mean of course OK, if you’ve got that big corporate site and you have invested over a $100,000 chances are it may take you a little more than six months. But is 5 years good enough? Is 5 years a good time for a return? In conventional business often 5 years is seen as a good time for a return.
Click over to the next slide for me. Here’s my own definition, my opinion. A profitable website is a site that generates more profit each year than it costs to set up and run through, here’s the key, through online enquirers. What that means is your yellow pages ads don’t factor into the profitability of your site. The stationery which you send out to me, that doesn’t factor into the profitability of your site. I mean yes you can redirect people and you should with your business cards, your stationery, radio advertising you know print media, TV, whatever. Yes you certainly should be including links to your website with everything that you do. I mean absolutely everything. Put it on the back of the car. Cover the fleet as well. Get people to your website, but I would like to think that a profitable website is one that generates it’s inquiries through the internet.
That means they find you online. They visit you through a click somewhere online. They haven’t been referred to you by some offline resource such as your advertising, word of mouth and so on. More distinctly in the internet world we can call it not word of mouth, but word of mouse. You want to get people working for you, and of course in the viral marketing we’re covering all of these types of details.
Next slide. There are two different types of websites and you do need to determine which of these websites you are going to have even before you begin to set it up and that’s some of the things, which I’ll be covering through this little presentation. The questions you need to ask yourself either one before you set up your website or two before you go ahead and start making changes to it. The two different sites are simply as I have written there. Lead generation or sales and e-commerce. Now a lead generation website, let me give you an example, might be a real estate website. Just between you and me I don’t know too many people who are going to put their credit card details online to purchase a $450,000 property. Hey I’d love to be able to do that. I’m not going to, but I’d love to be able to. Imagine that. Instead, that type of website would be fantastic for generating leads, quality prospects that the sales team can then follow through. How do you do that? Well there’s a course covered in the business mastery section with the auto responders, the e-mail marketing, the automatic updating frequently asked questions and so on. Got more info on this one coming up.
A lead generation website creates and delivers to the business people, the people behind the business, good quality solid prospective customer leads, prospects. Whereas a sales and e-commerce based website is one that actually takes the orders online. I mean look at the e-business mastery website. There is an information page what is called the sales page. There is an order, a buy button at the bottom. You buy. Your transaction takes place and then of course, in this case it’s pack and wrap, so the product gets shipped out. It could also be an electronic digital download product.
Here’s a good question. At what point in terms of price will people stop putting their credit card details in them. I don’t know anyone who’s going to trust the internet no matter how much they love a $450,000 property. OK. $20? Sure they’ll do that. 50? Yes absolutely. 500? Not a problem. 5000?
Certainly can. I’ve seen them transact up to $15,000 online. That’s just personally what I’ve come across for item purchases where people have put their credit card details through a sales and e-commerce based website. Up to 15,000 dollars. So don’t think to yourself that you have to be limited only to a few hundred otherwise people won’t do it. They will do whatever they see the value in and trust with your website. That’s the key, value and trust. Click over to the next slide. This is what I would like to refer to as it says there, the 1000 dollar minute. Here’s one of the keys to success. The primary key, not just your internet business, but to any business.
One. Get them to your website. “Them” meaning of course your customers, prospective customers, leads and so on. Get them to your website. Get them to come back and then get them to refer their friends. Now look at these.
#1. Get people to your website. Everybody knows. We have to get traffic to our website. We know that don’t we? But why don’t we do it or in most cases it’s done ineffectively and throughout this entire series you’ll learn the traffic strategies. I don’t necessarily want you to know how to do them yourself, but to know how to understand them. So that when you’re investing your good hard earned money with a web designer to do this he will or she of course, let me throw that in, he will of course do a good job and you’ll know if a good job is being done. That’s the whole point of this. Get them to your website. There are multiple methods to get people to your website. We all know that one. Well this is a key though.
Number two. Get them to come back. You’ve heard this before in business. What costs more in terms of getting a sale? Getting a sale from a brand new customer who’s never purchased from you before or getting a sale from a repeat customer. What costs more? It costs more to get it from a brand new person you’ve never come across. It costs less to have a repeat sale through one of your existing customers. And yet in business, time and time again and I just don’t understand the logic in this, people think they have to fork out hundreds, thousands of dollars on advertising to get new customers through their door when they could invest 10% of that on just keeping their existing customers happy, thrilled, serving all of their needs. Add-on sales, back end products, all of these different things. It’s exactly the same on the internet. Get them to come back. Now of course this can be with the two types of folks that will come to your website.
Number one is your existing customers. Get them to come back. Give them a reason to and with prospective customers. Still, get them to come back. Give them a reason to. Give them more information. Automated e-mails. I keep saying this because it is that important. I want you to know and understand this and then finally get them to refer their friends. It isn’t that hard. This is a formula that will work for any business anywhere in the world. Word of mouth. The most beautiful sweet business you can ever generate. Word of mouse is the same. Beautiful sweet business. These are the kind of things that you need to be looking for so when someone’s doing your website for you find out if they’re putting these strategies into place.
Next slide. Here’s the three step formula. Now this is a formula. These are the questions you need to ask yourself. One, either before you put a website online or two, before you go on ahead and start making changes to it. Don’t waste your time. Don’t waste your money until you’ve gone through this formula. The Internet Business Success Formula. Number one, find out what people want. Now some of this stuff is just going to be plainly obvious to you. I know that and I sit here and I sigh and I slump a little bit. See you can’t see me right now, but I’m just standing a little differently right now because it makes me sad that even though people know this they don’t do it. Well we need to find out what people want in terms of your online business, your website. What do they want from your website?
How do you do that? Good question. Firstly, if you have existing customers. Let me give you a few examples. Let’s say you’ve got existing customers. You don’t yet have a website. You want to put one together. You’re all excited. You’re pumped. You know what you want. You’ve got these fantastic ideas. You’ve got god prices. You’ve been talking to people. They’re ready to go, but then what? Very simply this.
You need to ask your existing customers what do they want from a website. What would they like on it? Would they use it if you gave them those resources? Find out what they would like to see about your business online. Find out even if they want your business to be online because if they don’t, guess what. You didn’t pass the formula. You shouldn’t be online. It’s a step by step process. Find out what people want. Let’s say you have no customers and no website. How do you find out what people want? Well, you go online to find out what they’re looking for. A couple of resources for you. Very good one at overture.com. Overture is a search engine. You’ve got to jot this one down. I hope you’ve got your work pad there and you are taking notes along the way. Here’s a good URL to have a look at, http:// that’s the forward slashes just like you’ve got on the beginning of a web address. No Ws. It’s just inventory.overture.com. So inventory.overture.com. (we now use the Google External Keyword Tool) Another one of course that you can always look at is Wordtracker. All the Ws. www.wordtracker.com You can sign up for a free trial and both of these services will do it for you and it’s free trial. You simply enter in a related keyword phrase.
Now let me give you an example of a site that I was considering doing myself just a short time ago. Throughout the number of net businesses that I run, one of them, well a lot of them specialize. I do a lot of online audio work and I had an idea, fantastic idea. I thought it was a good idea to create a site www.onlineaudiotraining.com. First thing I did was check to see if it was available. Now to my absolute amazement, yes it was available. That just blew me away on it’s own. It was available. Fantastic! I’m ready to go. I’m pumped. I’ve got this audio training. I’ve got the domain name I want. I’m going to get found on one of the search engines. I’m ready to go. Hang on. Let’s check out the formula. Find out what people want.
So the first thing I did was went to inventory.overture.com and I typed in online audio training and the results what it would do was it will search through it’s database of the previous 30 days and it will let me know exactly how many people and this is a pretty darn big search engine, exactly how many people have searched for online audio training and any other related keyword phrases that people may have searched related to online audio training. Once I’d done that, I then went to wordtracker.com, and I just used the free trial. I didn’t need any more than that. It only checks one engine, but that’s fine. It’s a really good base for the parameters right around online audio training. Search. Tell me how many people have looked for this phrase in the previous 30 days. Tell me how many other related wonderful phrases I can use to target my keywords for when people are searching for it and then the brakes came slapping down. Whack! Have a guess how many people during the previous 30 days both with overture and with word tracker had been looking for online audio training. The answer. Not one single person. Out of I don’t know how many millions upon millions of web searches, not one single person in the previous 30 days had typed into their search thing online audio training.
So for me the very first thing was what the heck do I want a URL, a web address online audio training.com? What do I want that for? And I just took that test a little bit further and I went to Google and I typed in online audio training and I hit search and I came up position number one anyway on one of my other sites. Now I know that that is going to change you know week by week, month by month. Search engine results change and search patterns change and so on. But the point is this, I was looking to target a specific what’s the word, specific search phrase to get found position number one in the search engines. In the process, I found out that no one had been looking for exactly what I was looking to offer, made me feel really good not and then the same time I was coming up already for my previous work. Now just between you and me, I still want to build that website. Oh I do because I’ve got a passion for online audio training and I know people like it because I have thousands upon thousands of people who tune into my online audios every single week. But they weren’t looking for it. They’ve all been referred, word of mouse referrals. It’s still a growing business. I want to build this website, but I’m not going to because I didn’t pass step number one of the formula. You’ve got to find out….
Continued in part Two –
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