4-piece symphony - Preparing for a marathon. Day 6 - Profit Hunter

4-piece symphony - Preparing for a marathon. Day 6 - Profit Hunter

Introduction

Here we are. I want to discuss another important thing before we move on and get the first bumps in the first module. The main thing that needs to be understood is that any business is based on 4 main things.

A magnificent four-part symphony

What do people usually do when they want to start a business? They start to think: " I think I can create a new kind of bicycle ", " I think I will improve the mousetrap mechanism ", ” I think that ... ” Blah, blah, blah ... People build their ideas in the brain, make them big and important, juicy and promising. They rush into battle, spend a lot of time and energy. And the result? Null. The heat dies away, the result is zero. Then they do nothing and their ideas remain on the shelves of the brain and gather dust on the big earnings.

This is the strategy of 95% start-ups. This is a CRIME against your own business. Such an approach involves tremendous risks — time, effort, and results are incommensurable. The Internet in this regard is very profitable. It reduces the risks to almost zero, since it allows to increase the efficiency of the result with less time and effort spent. Efficiency is much higher.

We cannot determine the extent of your success. But we can say that the training will give you clear guidelines on how and where to go. Risks can be reduced to a minimum even at the first stages of creating a business, and not to deal with the mills in consequence.

Part 1. Market research

This is a very important part in building a business. If you do not conduct any marketing research, you should not do business. You will fail your whole company. Why? Imagine you are a coffee shop owner. And imagine that you don’t know what kind of coffee is bought better, how many customers visit your store every day or month, how much money they spend and what kind of coffee. You do not know the age of your best clients and their gender. But you know for sure (for yourself) that you need to buy a batch every month for as many pieces of coffee, you need to pay salary to employees, taxes, etc. How successful will your store be? One day, you will be horrified to find that hundreds of units of unclaimed coffee were stored in stock, both in price and (not) customer preference.

Having conducted a study in demand, the risks and costs decrease significantly. You will deliver to the store that product that is in demand now (season, prices, coffees, price, etc.). You will be able to plan deliveries for the needs of customers in advance, to carry out promotions and other promotions. Market research is an extremely important part of the business.

When creating your product, find out who is in the market with such an offer, where they sell and how, what prices, etc. Collect as much information as possible, analyze it and draw conclusions. Maybe this niche is already so full that you should not be thrust? Or maybe not, and you have an obvious advantage over competitors.

Part 2. Traffic

We create a business on the Internet. So we need visitors for our site, i.e. traffic. Without visitors, your entire business is worth nothing. You can create the best coffee shop in town, with exquisite gourmet varieties, the best promotions and discounts. But, if no one comes into your store, then ... you know. Traffic is your profit.

To get traffic, we need a domain and website. How your site will be found, how to distinguish it from competitors, etc. - lessons from future modules. The main thing that you need to understand for yourself is that the site is your reputation, the face of your business, and the presentation. What will be the site, its content, this will be the business.

Part 3. Conversion

How many people commit the act that we want them to do when they come to our site? Or so, how many people who come to our site can buy goods?

This is an endless conversion. There are many ways to make our visitors passive to active: mailings, promotions, bonuses, etc. The more interested a person is, the higher the conversion. The higher our income.

Conversion is a very important part of the business. It needs to be measured, tested. Regularly. And the tests will be better, the more traffic from our site. We will be able to measure the number of clicks, by what requests, time of day, in which regions, etc. Knowing this information, we will be able to make changes to increase the conversion. And so in a circle. Measurements and tests, measurements and tests.

Conversion is demand. You can say "What is this demand? This is the ratio of the number of clicks of visitors to the number of visitors themselves." Yes, it is. But what causes the click? and funds in vain. Then why people click and do not buy anything? So, non-target users come to you, and onlookers just passed by. This is already a part of marketing and traffic testing.Understand the connection?

Conversion is a consequence, not a cause. Never look for answers in a conversion. Look for them in marketing and traffic and more in the product. Who comes to the site, where and why? Small conversion is a result of your low information content and market analysis.

Part 4. Product

Perhaps this is the hardest part in business. What to sell? Which product to choose or create? This is a whole series of uncertainties. And this scares most start-ups. Thoughts of risk here are just going wild. Fear of losing the investment, burn.

What is the right thing to do in order not to be mistaken with the product and occupy a good niche in the market? To conduct a study. The Internet will give you the answers to most questions. Interrogate your acquaintances, friends, relatives. Get their opinion. Go shopping. Is there such a product for sale or not? Where it is located? In good places or somewhere in the outback, where is the little traffic? There are sales of this product. If there are a lot of them, then the product is not much in demand. In the end, you can ask the managers of the stores. There are many options to find out the information we need.

There are two options to make money on the product. The first is to sell someone else's product and receive a commission. The second is to create your own and get a net profit from your sales, as well as from sales of your product to your partners, to whom you will pay a commission.

Do you like articles? Subscribe to the newsletter!

Search

Related Articles