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Tag: Business Formula

Leaning on the Back-End

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When people are at your website, you’ve gotten through the creation of interest, credibility, and rapport. They believe in you. They’re ready to order from you, trusting enough to give up serious information. You’re not some guy in boxer shorts in some basement stealing credit cards. They don’t know who you are. You’re a webpage, but you’ve satisfied that most important question to the casual web surfer—what’s in it for me?


Now you have to convince them to buy something. Make an incredible, compelling offer, and then get them to fill out an order form or checkout or whatever. You have to ease understandable objections but having a secured site (Whatever the costs do it! You don’t want to be the site that was hacked or broken into for credit card info. It’s hard to recoup from that if you’re not one of the giants).

Once they’re convinced, you want them to fill out the whole order form that’s user-friendly, simple, yet detailed. What did they order? Is it a product that is used consistently? If so, about when would you expect this customer to be most open to buying this product again, and maybe something else, something that costs even more?

Here’s where the backend marketing starts. Great customer service and reliable producers and movers are musts, but your marketing costs are absolutely zero in terms of your ability to follow with hundreds, thousands, hundreds of thousands of people (depending on the product/service). By having a system in place that captures key information, that database becomes your genie for when you are most likely to make your next sales. You can literally predict about how much money you’ll make at intervals you determine.

Let’s say you have a repetitive product like vitamins.  You sell a bottle of Vitamin C to one customer that amounts to a 45-day supply. Guess what they’re going to get 30 days later? On your order form you’ve captured name, email, product, date, all the key data you can manipulate any way you like to automatically kick a personalized email to that customer when they’re most likely to by that again. Throw in a 10 percent discount. Make them an offer hard to refuse.

Now think about the up-sell, and the limitless people you can reach on the web. And what did that cost? Zero. Nothing. Nada. Zilch. No time at all. It’s done automatically. If 10,000 people order today, 10,000 people are going to get an email 30 days from now to remind them of that.

Think you’re going to get any extra business from that? And even if you don’t, so what? It’s free! It didn’t cost anything to do it. If it didn’t work, just fix the content of the email, go back and do it again. It’s so easy and simple, the power of Net. That’s backend marketing.

Once you have that email address, it’s free to market to them forever. Backend marketing is the key to online business. The old way of backend marketing meant sales aggressive sales calls or mailing catalogues, both expensive. By email, you can reach as many people as you can bear and do it free all the time.

And this doesn’t just apply to strictly online businesses. Next month we’ll look at how a few extra seconds of effort with your in-store customers means the beginnings of a database and more sales!

Putting a Face on Frustration

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When we get frustrated by our conditions, we inevitably end up becoming frustrated with ourselves. It can take us over and we tend to run with it. It can creep into every aspect of our lives, from how we relate to the people around us, to how it will impact our business.

If the frustration builds for too long, pretty soon we might forget altogether what the hell we were frustrated at in the first place, yes?

This happens in business all the time, especially when, in the early stages of the business, cash flow can fluctuate maddeningly, which then leads to all other kinds of frustrations from payroll to profits.

There’s an energy attached to frustration that sucks the life out of your business, and if you’re not dealing with this as a business owner, it’s only going to go downhill from there.

Moving back away from whatever the problem is, step one toward a solution is simply being able to classify your frustrations. Is it with your team? Your results? A process that doesn’t seem to flow efficiently?

Some typical early-stage business frustrations include time (there never seems to be enough of it), feeling like you’re too bogged down with menial detail-work instead of bigger-picture tasks, or relying on people to get things done that don’t follow through. Just to name a few.

This is where the importance of systemizing your business processes plays a huge role. First you name your frustration, and then you develop the system to address it.

So if you’re having problems with freeing up your time yet ensuring that essential tasks still get done, then the real problem is the absence of a system that will hire the right people rather than you doing it all yourself. That way, not only is your time freed up, but the right people will also help micro-manage the way processes continue to develop and flow.

The good news is that frustrations within your business are fairly easy to identify and deal with, though they may take time. Inner frustrations, on the other hand, not only take more time and energy to deal with, but may also be harder to identify in the first place. You could be mad at yourself because you’ve done something poorly for so long, and you get frustrated about not seeming able to turn the corner. Or worse, you externalize that frustration toward everybody else—the customers, the suppliers, the vendors, the client; everybody but yourself.

We know the power of blueprints, so we won’t address that here.

When it comes to outer frustrations that we can identify, though, the questions are much simpler. What’s my frustration? What’s the gap in the system? What system is missing altogether?
If your frustrations begin with ‘I’, it’s about you. It’s inner directed. If it’s about ‘them’ or ‘those people’ or ‘those lousy clients’ or ‘those suppliers’ or ‘that lousy machinery’ or ‘that way’ of doing something, it can then be addressed systematically and objectively.

What do you think? Have you experienced similar or even different kinds of frustrations, and how did you address them? Did systemizing play a role? The Millionaire Mind Community wants to hear from you!

Register for a Millionaire Mind Intensive near you HERE

Funnel Into The Market Of Success

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Beyond the funhouse mirrors of what people think it means to run a successful business, at the end of the day there’s a science to it, like most everything else.

The definition of a scientific formula is something that has been developed, tested, then tested again and again by geniuses compared to most of us. The benefit we get is those formulas can now be used successfully by just about anybody who applies them. We’re surrounded by formulas that we can simply follow. It may have taken them years to develop, but now we can use them with just a little effort.

There are formulas for business success. Some of them need to be applied before you invest your first dollar into any enterprise. The businesses that fail are the ones that fail to specialize, differentiate, and segment their core customers.

Specialization means you specialize in a particular product or service; a particular market area; a particular industry or geographical area. You target this like a marksman. What do you specialize in? What is your focus?

The next part of successful marketing is differentiation. Every act of professional selling is differentiation; that is, identifying your area of excellence. Specialization focuses on who you’re targeting and what the product is going to be. Differentiation takes it a step further—how are you going to deliver that product and/or service differently than the other businesses your customers could be going to? What are you going to be excellent at? What is it about your product or service that makes it better or superior to anything or anyone else?

If you want to earn the highest possible income, it’s worth taking a week, a month, a year—as long as it takes—to excel in a particular area because that’s where all the money is. Real money is not for the average, the mediocre, the well meaning or the hopeful. It’s for people who are really good at what they do.

Segmentation is deciding who your best customers are based on what you sell, what you specialize in, what you’re already good, and who can most benefit the fastest from what it is you sell. These are the customers that are the easiest to sell to. You focus single-mindedly on them. You identify the 20% of customers who can account for 80% of your sales.

Wave a magic wand and imagine your perfect customer. As silly as it may sound, it is actually the most appropriate analogy to make. Your perfect customer is literally on the verge of buying, all you have to do is meet them, and they’ll take it right out of your hand. Who is that person?

Now by the time they are arriving at your door, you already know what they need because you’ve focused on your specialization, differentiation, and segmentation. You begin talking about your product or service, showing them that all things considered yours is the best choice. You answer their objections or hesitations, close the sale, and get re-sales and referrals from them. Marketing Success 101.

You do this prospecting so you don’t spend a single minute talking with people who are not good prospects. Your job is to identify the people who are most likely to buy, and then connect with them immediately with a benefit that they want now. All you have to do is prove that you can deliver.