In the competitive landscape of entrepreneurship, leveraging social media for business growth is undeniable. Yet, is it the most prudent platform to build your business on? Tune in to Episode 514 of the Black Entrepreneur Blueprint podcast as Jay navigates the critical decision between building your empire on a rented platform versus one you own outright.
In this episode, Jay dissects the risks of relying solely on social media behemoths to unveil the untapped potential of owning your platform, Jay equips you with actionable strategies to create your own profitable platforms to help ensure success.
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 514
What Is Dopamine
Dopamine is most notably involved in helping us feel pleasure as part of the brain’s reward system. Sex, shopping, smelling cookies baking in the oven — all these things can trigger dopamine release, or a “dopamine rush.”
This feel-good neurotransmitter is also involved in reinforcement. That’s why, once we try one of those cookies, we might come back for another one (or two, or three). The darker side of dopamine is the intense feeling of reward people feel when they take drugs, such as heroin or cocaine, which can lead to addiction (like social media addiction with likes”)
Why Has Social Media Become Addictive? Many social media apps are structured around receiving “likes” or positive feedback from other users. This validation from friends or strangers can cause the brain to release dopamine, the chemical in your brain that’s tied to the reward center. Being addicted to social media is a behavioral addiction like sex, gambling, shopping, eating, etc.
The Risk Of Building Your Platform Solely On Social Media
You can spend dollars but not dopamine. We get intoxicated by the “like” and follows but we can’t spend that.
Biggest Risks
- You’re Using Rented Land To Build Your Business (you can get your account shut down)
- Social Media Platform May Become Obsolete or defunct.
- My Space
- Periscope
- Vine
- Snapchat
- Clubhouse
Let’s Look At Some Data
If you have 2,000 email subscribers, 2,000 Facebook fans, 2,000 Instagram followers 2,000 Twitter followers, and 2,000 YouTube subscribers you will get:
- 435 people will open your email
- 900 people will open your email newsletter (40 – 45% open rate with a good list)
- 120 Facebook fans will see your message
- 40 Twitter followers will see your message
- 200 Instagram followers will see your message
- 100 YouTube watchers (and most only watch a small percentage of the video)
According to a study done by McKinsey & Company, Email Marketing is up to 40 times more effective than social media. The same study showed that the purchasing rate is 3 times faster.
Email Also gives you 10X to 25X more clicks generated than social media.
HERE ARE THE STEPS TO BUILD YOUR BUSINESS ON A STRONG PROFITABLE FOUNDATION
Your goal is to de-platform your followers to a platform that you control
The dollars come from platforms you own, the dopamine comes from platforms you rent.
- Control and own your platform by driving your audience away from the dopamine (social media) to the dollars (email, newsletter, podcast)
2. Have a central call to action to drive this traffic like “if you like this content, find more on my free weekly newsletter, click the link to sign up.”
3. Provide solid content on a regular basis with the platform that you own
