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
