Step Number Four: Focus on Recurring
If you don’t have recurring income, you’re making a huge mistake. Recurring income is really the secret to success so, you have to have some sort of recurring income built into your business.
Pricing of your recurring income can be at any level in pricing strategy. It has a compounding effect, meaning that all the income that you make this month is a starting point for next month.
So, when you start promoting for the new month, your month- ly income increases quite dramatically because of what is al- ready there starting out the month. One of the biggest mistakes I’ve made over the years was that I went without any kind of recurring income in my business.
The hardest part is starting. It doesn’t need to be complicated. It doesn’t need to take months to put it together. You could put a recurring income program together in as little as a Sunday afternoon. It can be as simple as a paid newsletter or just information where you teach them something every month.
It doesn’t have to be expensive. A $10 or $20 a month program is great. You just need to get started. You can expand it later. Starting out, you may only have two, three or four subscribers and then slowly grow to or 10 or 15 people. That may not seem like a lot, but it will gain momentum and soon grow to 100, 200 or even 1,000 or more. It all depends on how much effort you put into it.
The more residual income you have, the easier it is to become more focused on it!
Step Number Five: Focus on Leverage
When I say leverage, I mean having your business on autopilot, 24 hours a day, seven days a week.
Sales letters are great, but webinars are much more important. I think webinars are probably the most perfect type of sales message that exists in the world today.
They work with any type of business whether large, small, product sales, services, consulting—you name it, webinars work. I don’t care if you’re a doctor, a dentist, a lawyer, a plumber or a candlestick maker. Webinars will do more for you than any- thing else when it comes to growing your business.
They let people get to know you, get to hear you, get to see you if you are doing a video webinar. Webinars let people experience you. Remember, how we talked about building the following in Step Number Two? This is a great way to build the trust it takes to create a following.
PowerPoint combined with a talking head is easy to make and very powerful, but you can do so much more. If you are in the creative niche, you could use the webinar to demonstrate the steps to create a product. Doctors, Chiropractors, etc. could demonstrate what they are talking about.
Real Estate agents can use webinars to give virtual tours or to show people how to stage their house for a showing. The possibilities are limitless.
No matter what market you’re in, there is information, techniques, shortcuts and more that people want to know about, and a video webinar is the best way to deliver the information to them.
It’s important that your webinar is recorded in high quality and that it gives great information that people in your market really want.
But even more important than that is the number of presentations. I don’t care how good your webinar is, people have to watch it for you to benefit from it. You need to drive a lot of traffic to it. Based on my experience, if you drive 9,000 people to your website, approximately 3,000 will register for the webinar and around 1,000 will actually watch it and maybe 50 will buy. Even if your webinar sucks, but a lot of people watch it you can do well with this. There are numerous articles and training I have done on webinars. There is no excuse for Marketing University members not to be using these to leverage your business.
Step Number Six: Focus on Traffic
Traffic is probably the number one thing I get asked for advice about. Ever since the rise in popularity of social media sites, people have been saying to forget Google and Yahoo and advertise on social media, but the big money is still in search traffic. And when I say search traffic, I’m talking about Google and
Bing/Yahoo. This is where you will get the most conversion once you’ve mastered it even a little bit. Search traffic is virtually unlimited.
If done properly, Google “display advertising” can be the cheapest ads you can get. On YouTube, I like to use “banner ads.” I also think YouTube “pre-roll” ads are good. The Marketing University Member’s area has a lot of training on this and we’ll be talking about this throughout 2021.
Bing and Yahoo are easy. There are only two ways to advertise on them—Bing and Yahoo or on their network.
The reason I like to focus on Google and Bing/Yahoo is because the traffic is always new. The person who searched on widgets today probably won’t search on them again tomorrow, but an entirely new person will. They are searching because they are actively looking for something. If our product is related to their search, we have a chance to make the sale.
While on social media, the person who sees my ad today will have the same interests tomorrow and the day after and see my ad again and again. Not to mention, these people are on to chat and read the gossip, and they just happen to see our ads while doing that.
In the past, I’ve been concerned about my CPC (Cost Per Click), but I’ve since found out that my CPA (Cost Per Acquisition) is more important. I’ve been so focused on how much it costs to get a visitor when in actuality, it’s more important to know how much it coasts you to get a paying customer.
While the CPA is still important, the bottom line is, how much did it cost me to get a customer.
This is an excerpt of Armand’s State of the Internet Address held on December 30th, 2020. The training is available for all levels of Marketing University in your member’s area.