2014 is one of the best years for online businesses and all digital entrepreneurs worldwide.
I know it because last couple of years the big tsunami Google sunk in all so called “gurus” and started to clear the online stratosphere.
That was the moment when real and genuine marketers stood out and things got better.
There are still some scammers that survived the first wave but pretty soon this crappy business model will disappear forever and for good.
I know most of you are running a successful and reputable business. That’s the way it should be but I bet there is plenty of room for improvement and innovation.
There always will be!
Let’s cut to the meat, shall we?
Since I’m consulting quite successfully /at least I think so/ couple of boutique businesses, I decided to do a case study and find out which strategies brought me the best results so far and find a way to double my business by the end of 2014.
Yes, I know this is quite a bold statement as it is the end of September and there are three months left but I’m pretty confident it is doable.
So, after a long afternoon spent evaluating my business I came up with the top strategies that skyrocketed my business and brought me most customers and revenue.
Bare with me, I won’t leave you empty-handed.
Here they are:
#1: Find Your Number One Income Generating Activity
In every business out there is applied the Pareto principle. If you still don’t know what Pareto rule is, it means that 80% of your results comes from 20% of your efforts.
I know you have worked hard so far but I strongly suggest to revise your whole business model and find out which 20% of your actions brought in 80% of the income.
For my business I found out that 80% of all money came in from 20% of customers using my Premium consulting plan. Remember the word “Premium” as I’m going to use it a lot in this blog post 🙂
When you discover your number one income generating activity focus on it and work hard.
Work hard and believe.
I know it sounds a bit crazy but I guarantee you will be amazed with the result you will achieve and I’m sure your business will double or even triple in no time.
#2: Create A System
I truly believe that in order to run a company and grow it further you must use a system. Without using a system you are going to fail.
Sometimes is good to be a bit chaotic but not when it comes to business. So, create a system and follow it. It won’t be perfect from the very first time but don’t change it.
Stick to it and you will see where it can be improved on the fly.
I see every single day young and smart entrepreneurs jumping from one system to another.
Don’t do the same mistake!
Choose a system and work your magic. Don’t change it until you master it and make it work for you.
#3: Create Information Products
Information was, still is, and always be the most valuable asset, ever.
I don’t care what your market is – personal development, health, fashion etc, information is the key to be one step ahead of everyone else.
Information Entrepreneurship is my favorite business model and if you are not taking advantage of it you are missing a lot.
In this type of business an individual is creating, marketing and selling information products or services on a particular topic he is expert in.
This means you are helping and teaching other people stuff you are good at and get paid the same time.
Isn’t it great?
But wait… it gets even better. The information products are extremely easy to create and since they are digital and no shipping is required the profit margin is HUGE.
You can easily scale this business as each product you are going to create will work for you as a separate passive income stream.
This is the only business you can use your expertise to help people, get credibility, success and make a lot of money the same time.
#4: Go Deep In Your Market
I assume you already chose a market you are going to operate in. I assume also that you love the thing you are going to do, because if you don’t, it will be really difficult for you to make it.
I’m not saying that you will fail but trust me when you love what you do your chances for success are much higher.
The majority of people choose a broad market when they are starting thinking that they will get more customers and it will be easier to expand.
You can’t help everybody. The smaller the market, the better result you are going to get.
I always consult my customers to go deep into their market – two levels deep, even three if possible.
What does this mean?
Imagine you are running a repair shop. You can’t repair all brands of vehicles. It is impossible! Go deep into your market with one level – you decide not to repair all brands but Mercedes exclusively. Let’s narrow the market even further – you are going to do engine repairs of Mercedes only.
You are good to go. A specific group of customers is selected and now you job is to become the number one choice when it comes to engine repairs of Mercedes.
2014 is the year of specific markets and micro markets. Make sure you go deeper in your market and dominate it.
After all, small markets are a lot easier to dominate and extremely profitable!
#5: Create Premium Products
Recently I participated in a forum where a guy was asking how to create a business that will generate for him a passive income. I found out that he knows quite a lot of stuff but he was doing everything wrong.
This guy used to create low cost products which he was marketing and selling on a very popular forum /you all know which this forum is/, but at the end of the day he was barely meeting all costs, not to mention he wasn’t making any money at all.
Maybe he was using the wrong funnel?
Maybe the products were low quality ones, which I’m sure.
But most of all he chose the wrong strategy!
Think about it for a second.
You went deep into your market and since you are targeting a specific group of people you can create Premium products.
Focus on quality and value!
That’s my number one rule. I suggest you follow it as well as you can’t go wrong.
Since you have a premium product you can charge more. Make sure you select a decent price point – it may vary from $99 to $1999 depending on your market.
Do not forget the number one rule in case you missed it above.
Focus on quality and value!
I always make sure my products provide ten times more value compared to their price tag.
The more value you create, the higher price you can charge.
P.S. I learned these business tips the hard way. In case you are looking for more revolutionary strategies and proven tactics subscribe to my newsletter and receive my updates straight into your inbox.
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