Black Entrepreneur Blueprint # 386 -Jay Jones – The Number One Metric Successful Entrepreneurs Look At Every Morning – And It’s Not Money

Most entrepreneurs tend to look at their bank accounts every morning to keep score. Astute entrepreneurs know that the money in their bank account is a function of several things. Join Jay on today’s Black Entrepreneur Blueprint podcast episode # 386 as he reveals and teaches you how to improve the number one metric you should focus on each morning.

BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 386

Most entrepreneurs measure success by money, and that’s a great measuring stick, but what metric is so closely associated with monetary gain and goes mostly unrecognized? The answer is your DATABASE, the first thing I look at each morning is “how many people did I add to my database’ not how much money I made.
Today we’re going to discuss why your database is the number one asset in your business and some simple ways to grow your database and your revenues.

Benefits of having a responsive database:

Email and cell numbers / social media should be used to build your database

  • Your sales are a direct function of your database (larger database – more money)
  • Control – you are in control of your database, and you own it
  • Security – no one can take your database from you
  • Sales – you can generate sales at any time by soliciting your database

EXAMPLE OF WHY YOUR DATABASE IS IMPORTANT:

  • Business owner A – sells a $79 steam mop to his database of 1,000 people with a 3% conversion rate. That means he has 30 sales at $79 apiece for revenues of $2,370
  • Business owner B – sells the same $79 steam mop to his database of 15,000 people with a 3% conversion rate. That means he has 450 sales at $79 apiece for revenues of $35,500

You Can Create Your Own Amazon Prime Day Any Time You Want

HOW DO YOU INCREASE YOUR DATABASE?

By getting traffic to your lead magnet (the lead magnet is a piece of valuable content your audience wants or needs)

HOW DO YOU GET TRAFFIC?

With media: there are only three types of media OWNED, EARNED, & PAID

  • OWNED Media – the best type of media because you control it and it doesn’t cost you anything to connect with your audience (blog, podcast, email, newsletter, video, etc)
  • EARNED Media – media attention you get from a magazine or website interviewing you, a podcast interview you do, somebody sharing your social media post, etc.
  • PAID Media – media you pay for like social media ads, billboards, direct mail, tv and radio commercials, etc.

LET’S LOOK AT WAYS TO GROW YOUR DATABASE

Owned Media

  • Build your platform – a platform you own and control (website, blog, podcast, newsletter, etc)
  • Create consistent content that your audience wants and needs
  • Transition your customers consumption of your content into them signing up for your database (lead magnet, newsletter, video, audio, white paper, case study, etc)
  • Nurture that owned media and create a consistent communication schedule with your audience (example a weekly podcast)

Earned Media

  • Create a PR kit about your business and send it to media companies
  • Hire a PR company to get media exposure
  • Actively solicit for media coverage by creating a one-sheet about yourself and your business
  • Send information to social media influencers
  • Comment on social media posts with pertinent information or responses and quality information
  • Be active and comment in appropriate FB groups
  • Volunteer to be a guest on podcasts and radio shows
  • Newsjack – Newsjacking is the art and science of injecting your ideas into a breaking news story, so you and your ideas get noticed. https://www.newsjacking.com/
  • Buzzsumo – find top performing content https://buzzsumo.com/

Paid Media

  • Advertise your lead magnet / solution on social media, print, podcasts, written, digital, billboards, radio, tv, etc.
  • Do joint ventures with people or companies that make sense
  • Hire social media influencers

ASK ME A QUESTION LIVE ON-AIR: ON TOMORROW’S ASK JAY LIVE – I’M GOING TO DISCUSS “THREE LITTLE-USED PLATFORMS THAT CAN EXPONENTIALLY GROW YOUR DATABASE AND DRIVE RECORD SALES.” To subscribe go to www.AskJayLive.com

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