What if the key to a multimillion-dollar business was right in front of you—and you didn’t even know it? Most entrepreneurs overlook the one asset that can make or break their success: a powerful, living database of customers and prospects.
In episode #539 of the Black Entrepreneur Blueprint podcast, Jay Jones reveals why your database is the most valuable part of your business and how it can drive massive income growth. Learn the strategies behind building and nurturing a database that not only sustains your business but skyrockets your profits. Don’t miss this episode—your business may depend on it!
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 539
What Is A Living / Breathing Database?
The characteristics of a living/breathing database are:
- It’s a database of prospects and customers that is purged periodically (every 3 to 6 months)
- The contacts in your database are tagged into specific groups (like the prospect, customer, purchased product A, responded to this ad etc.) Segmented and separated to give you a better understanding of who they are and what they want
- A database that is always expanding and adding new contacts
Why You Should Build Your Database
Your database is your business’s most valuable asset. If you have the contact information for people who are interested in your product or service, how much easier is it to sell them?
Your database controls your income – the bigger your database the more money you can make. It’s a function of numbers. If you have 10,000 people in your database and 5% conversion to a $100 offer, you just made $50,000 (500 people paying $100 each). Suppose you have 100 people in your database with the same 5% conversion you just made $500.
Your database allows you to find out what your customers want and need – By having access to your audience you can connect with them via polls, quizzes, or other ways to find out what they want and or need. Once you know that, you can provide that product or service. You can test new products or services based on feedback.
How To Build Your Database
STEP 1: Find an email marketing software platform to build your database—In order to build a database, you must have a software platform that enables you to email your database and create email campaigns. This platform allows you to tag your contacts based on their actions, which allows you to better target them with specific messages. Examples include ConvertKit, Aweber, Mailchimp, etc.
STEP 2 Create lead magnets – Lead magnets are pieces of content that make people raise their hands by consuming your content. Lead magnets require the person to leave contact information like a name, email address, and phone number to access the content. Lead magnets can be things such as a video, a PDF, a checklist, a tutorial, a case study, or any quality content that appeals to your target audience.
STEP 3 Continue to build your database daily – Your database must continue to grow faster than you have attrition. The number one metric you should look at each morning is not how much money you made, but how many new contacts that you put in your database. If your lead generation system is any good, your income will be a function of how many new contacts you add to your database daily.
STEP 4 Create A Real Lead Generation System – The number one system you must create is a lead generation system. This system will automatically generate leads that flow into your database. In addition to generating leads, a good system will sort and pre-frame them the be more predisposed to purchase your products or services. In short, your lead generation system is a nurturing system to convert prospects into paying customers.
