Transcript understanding-the-opportunity

Five Minutes With Jack
Deciphering the Internet
Marketing Code
Presented by Jack Spirko
Finding Your Why?
Why I Teach Small Business People
• First I love working with real entrepreneurs
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The “how to” online market is a cesspool
I want to help people create freedom
I know people need a better solution
This is an exceptional market to be in
My system and methods are proven effective
My Commitment to You
• I will NEVER withhold “secret information”
• I will NEVER claim something works we haven’t used
• I will NEVER take advantage of a relationship
• I will NEVER share your information with anyone
• I will NEVER see a you as a “metric”
Getting the Most Out from Five Minutes With Jack
• Always watch each lesson fully
• Always take advice before asking for more
• Always pay attention to what you “already know”
• Always accept personal responsibility for your success
• Always keep an open mind
• Always follow your passion
Thoughts on Choosing a Niche
• Start with something you know and care about
• Research and evaluate your market
• Do NOT fear competition
• Determine product/s and delivery format
• Accept that first attempts will probably “fail”
• Continue to improve the system
Product Option One – Physical Products
Advantages
• Higher Perceived Value
• Production and delivery can be outsourced
• Clearly defined “deliverable” reduces complaints
• Far more difficult for competitors to duplicate
Product Option One – Physical Products
Disadvantages
• Requires inventory (initial expense)
• Requires delivery by mail (potential for error)
• Requires “shipping charges” (not always bad)
• May require sales tax
• May limit your international market
Electronic Products
Advantages
• Very high margins
• Delivery is simple and instant
• Refunds are not costly
• Easy to continue to develop and improve
• Zero inventory costs
Electronic Products
Disadvantages
• Easier to duplicate
• Lower perceived value
• May be “shared” with others electronically
• Less of a “branding” or “stick around” effect
Membership Sites
Advantages
• Create recurrent revenue
• Communities can create their own value
• Potential for many continuing up sells - cross sells
• Build a “living data base”
• Create exceptional advertising revenue potential
Membership Sites
Disadvantages
• Require updates to maintain value
• Will generate on going “tech support issues”
• Generally are a lower dollar per unit sale
• More difficult to convert buyers on the first sale
Advertising Revenue
Advantages
• No “product” so no support or delivery required
• No actual “customers” to support
• Fully automated revenue streams – passive income!
• Many turn key systems to tie into
• Excellent way to add incremental revenue
• Provides monetization in just about any niche
Advertising Revenue
Disadvantages
• Limited control (third party)
• Requires a “sales force” (direct advertising)
• 3rd Party Programs Subject to change with out notice
• Limited top line revenue
• Subject to control and limitations
• You are building someone else’s business
3rd Party Lead Generation
Advantages
• Turn key systems for most niches
• No follow up or additional efforts required
• No product or technical support issues
• Excellent for automated income systems
• No billing system or merchant accounts needed
• More stability than display/CTR adverting because you are seen as
a value added partner
• Often has stiffer approval parameters
3rd Party Lead Generation
Disadvantages
• You are building someone else's data base
• Your income is under another parties control
• No relationships/community/branding is built
• Requires far more skill than CTR or Display
• May create a negative impression with visitors
Affiliate Revenue Streams
Advantages
• Existing systems to funnel traffic into
• Some Pay excellent commissions (electronic products)
• Products for almost every conceivable niche
• Excellent way to “learn and earn”
• Can be tied into your own lead/database building
• Suppliers are easy to vet – low risk to your brand
• Can become largely a passive income stream
Affiliate Revenue Streams
Disadvantages
• Reduced total profit
• Must compete with other affiliates
• Dependent on a 3rd party for payment/product
• Very little opportunity to build your brand
• Primarily building a competitors market for them
• Some programs have 30-90 days of “payment float”
• Some programs have advertising/trademark restrictions
Hybrid Systems
Advantages
• Harness lost opportunities
• Create multiple income streams
• Extremely flexible
• Optimize revenue in existing systems
• Increase overall conversion ratios
• Provide “multiple positive outcomes”
• Can be built in a scalable expanding fashion
Hybrid Systems
Disadvantages
• Easy to loose focus
• Can cannibalize total revenue potential
• More complex to manage and track
• Inherits disadvantages of its’ component parts
• Increases complexity of your business – “may be”
The 8 Pillars of Internet Marketing
• List Building (data base building)
• Organic Search Marketing (SEO)
• Paid Advertising Methodologies
• Analytics and Tracking Methods
• Content Creation (copy writing)
• Community Building/Leverage/Social Media
• Site Design/Development
• Revenue Creation/Optimization
Why Your Opportunity is Unlimited
• Your market is global (billions of prospects)
• You can leverage currency exchange rates
• The market is constantly expanding
• You don’t have to make “decisions by committee”
• You can literally “create markets at will”
• The cost of entry is low (it is not free or cheap)
• The way to succeed is known, proven and available
The Three Rules of Product Marketing
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All valid products are either needed and/or desired
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“Needed” products have massive cost of entry = poor choice
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Desired products must be at least one of the following…
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Entertaining – People by stuff they like even when they are broke
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Profit Yielding - Selling to profit is easy – zero real cost
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Life Changing – When people want change they will pay for it
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The Golden Trifecta – All three of the above
Define Your Target Market
To Define your market you must answer 3 questions
1. Who are they?
2. What do they want?
3. How do they want it?
You then build your product and marketing around
1.
The benefits to the people who buy from you
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By giving them exactly what they want
3.
Exactly how they prefer to receive it
What To Do Next
1.
Choose/Refine Your Niche
2.
Define Your Target (who/what/how)
3.
Develop Informational Product
4.
Choose Your Product Type/Types
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Map Out Your E2E Process And Sales Funnel
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Implement The 8-Pillars
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Insure Automation Is Used At Every Opportunity
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Continually Refine What You Are Doing
The Rules of an Online Marketing System
1.
Attract targeted traffic
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Push your traffic through a marketing funnel (list build)
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Up sell, down sell and cross sell at all times
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Take multiple shots at “conversion”
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Automate your follow up systems
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Track everything you can possibly track
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Train your visitors to buy from you (make it easy)
8.
Always deliver value (especially in free products)