There are many misconceptions about how to become a successful entrepreneur. Entrepreneurs are divided into two categories, the 99% and the 1%. On Black Entrepreneur Blueprint podcast episode # 423, Jay makes you take a totally different look inside your business and gives you examples of what the 1% know, that the 99% don’t know. If you’re looking to transform your business from bad to good, or good to great; this is the episode for you.
LISTEN TO THE PODCAST
BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 423
Today I’m going to discuss the number one concept you need to understand to transform your business into a great and profitable business – and you probably don’t even know the concept / or you haven’t implemented it.
And when you do understand this concept, you are going to look at your business in a totally different light.
WHERE IS THE REAL MONEY IN YOUR BUSINESS?
THE REAL MONEY IS IN OWNING THE DATA, NOT YOUR PRODUCT OR SERVICE (ONCE YOU HAVE THE DATA YOU CAN SELL ANYTHING). We’re going to discuss why owning data is so important and how to get it.
EXAMPLES:
Amazon
- Amazon has 300 million active users (That’s twice the entire population of Russia!)
- 197 million people visit Amazon.com every month
- 153 million Americans will be Amazon Prime members by the end of 2022.
- Amazon.com received 2.2 billion visits just in February 2022.
- Amazon does not share its data to 3rd party sellers
Touch of Modern
- Founded in 2012 and headquartered in San Francisco, the company has over 20 million users
- 2021 Annual revenue of about 200 million
- Touch of Modern does not share its data with product sellers on their platform
WHY IS OWNING THE DATA SO IMPORTANT?
- Data tells you what people are interested in, what they want to buy
- Data allows you to put the right offers in front of the right people
- Data allows you to grow and scale efficiently
- You can sell the data (that’s what your credit card and mortgage companies are doing)
- The global Big Data market size is projected to grow from USD 162.6 billion in 2021 to 273.4 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period.
- For example: if you are an affiliate marketer who just makes money by selling other people’s products or services, you can build a real business by understanding and utilizing the data you have compiled. You own that data and now you can monetize it by offering similar products to that database and start selling your own products to that database. (You own an eCommerce store that sells outdoor gear and you become an affiliate for Yeti coolers. If you have a database of customers that are interested in Yeti coolers and you decide to create your own brand of coolers similar to Yeti but at half the price, you’re now using that database and making more money).
HOW DO YOU GET THE DATA TO OWN?
- Step # 1 is to get the data (name, email, phone, etc.) of people that have raised their hands for a lead magnet ( a piece of content). IT’S CALLED LEAD GENERATION www.5DayLeadGenSystem.com
- Step # 2 is to convert that prospect into a paying customer
LESSON
THE REAL MONEY IS IN THE DATA, NOT YOUR PRODUCT OR SERVICE (ONCE YOU HAVE THE DATA YOU CAN SELL ANYTHING)
- Start to look at your business as a data-gathering business
- How easy is it to sell something if you know what the people want?
STORY
A Billion Dollar Newsletter Company You’ve Never Heard Of – The Agora
The Agora is not a newsletter business. They’re a collection of newsletter businesses (and more). All told, their collection pulls in over $1B per year. REPORTEDLY HAS A DATABASE OF OVER 10 MILLION PEOPLE AND OVER 300,000 SUBSCRIBERS
U.S.-based member companies of The Agora’s network include Agora Financial, Laissez Faire Books, Common Sense Publishing, The Oxford Club, Money Map Press, Wall Street Daily, Bonner and Partners, TradeSmith, NewMarket Group, Institute of Natural Healing, Banyan Hill Publishing, and Omnivista Health.
The Agora newsletter sales strategy
Here’s where things get really interesting with The Agora’s newsletters. All of the examples I’ve seen use the same growth model to sell people their subscriptions.
- Step 1 – Acquire traffic through ads / co-promotions
- Step 2 – Show a video sales letter that explains the problem and the potential benefits in detail.
- Step 3- Convert traffic on a long-form sales page with a free or low-priced “tripwire” offer.
- Step 4 – Upsell users to a higher-priced paid membership or offer a down-sell offer if they abandon.
- Step 5 – Nurture the relationship and periodically offer further upsells (which cycles them back to step 2 – the Video Sales Letter)
THEY ARE SUCCESSFUL BECAUSE THEY OWN THE DATA
LEARN HOW TO GENERATE LEADS, BUILD YOUR DATABASE, AND MAKE MONEY
Join me in this 5-day email training program as I give you a quick and simple blueprint to create a money-making lead generation system that will exponentially grow your business. CLICK HERE TO ENROLL NOW
