What The Elite 1% Of Entrepreneurs Know That You Don’t
Unlock the secrets of elite entrepreneurship with episode #521 of the Black Entrepreneur Blueprint podcast! Join Jay as he shatters a common misconception and reveals the game-changing insights that set the top 1% apart from the rest.
Discover the powerful hidden knowledge that can elevate your business from struggling to thriving, or from good to exceptional. If you’re ready to transform your business, this is the must-listen episode you’ve been waiting for. Tune in now!
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 521
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.
THE REAL MONEY IS IN 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!)
- 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 with third-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 its platform
WHY IS OWNING 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?
- Step # 1 is to get the data (name, email, phone, etc.) of people who have raised their hand for a lead magnet ( a piece of content).
- Step # 2 is to convert that prospect into a paying customer
CLOSE
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?
