The new principles of business success involve multiple streams of revenue, and a lot of them can be accomplished online. The new wealthy are achieving an insane level of business success online using a variety of outlets, including social media, digital marketing, affiliate marketing, sales funnels and passive income.
However, these streams of income cannot be fueled without a community of loyal clients and customers. The new wealthy gets it done by engaging and nurturing a growing community while discovering ways to produce value for that community’s time. Having an audience in the modern digital age is the most precious and vital asset for any business. If you’re ready to be on the path for business success, it’s time that you’re privy to the methods of their “insanity.” Here are four tips you can follow to emulate their business success.
1. Engage Your Community by Establishing Yourself as an Authority
Before you can leverage multiple streams of income, you need a supportive community of followers. These followers are integral to spreading your message, as they communicate to others what they enjoy about your brand and the products or services you offer. However, you can’t build a community of dedicated followers without establishing trust.
You can establish trust and engage your audience by positioning your business as an authority. Creating authority is not as intimidating as it sounds. It results from frequency of communication, accuracy of information and integrity. For example, you can establish authority by writing guest blog posts on industry-specific websites as a paid contributor. This allows you to gain a revenue share based on views while creating buzz for your brand. You can also take advantage of social media and search engine optimization on a local level to target prospects in a specific geographic location.
2. Nurture Your Community by Enhancing the Customer Experience
Nurturing the consumer relationship is key element and principal of business success. Nurturing your community requires producing and maintaining the valuable services or products they need to stay engaged. This also means providing solutions that make their lives easier. One simple way to accomplish this is by offering payment solutions that offer flexibility and automation. For example, you can offer business payment solutions that accept credit cards and take direct debit payments online. Or you can offer innovative small business payment solutions, such as in-video payments. You need to meet your customer where they are. By taking care of your audiences needs, you enhance their experience. The trade off is gaining their continued loyalty and increasing the odds they will buy your products or subscribe to your services.
3. Create Value for Your Community
To create value for a community, you have to know what drives value for its members. You need to understand them better than they understand themselves. One way to do this is simply to ask them. You can use online surveys or polls, or just ask for their opinions. The information you receive will point you in the right direction, so you can determine where to create value. Value often comes in the form of products and services that solve problems for individuals or businesses. Use the feedback, and convert it into content that your community can appreciate. Here are a few examples of content that can create value for your community and lead to a consistent stream of revenue of your business:
- Webinars. Think web conference online. It’s educational but not as in-depth as an e-course.
- E books. These provide in-depth content that goes beyond free blog posts, and it is easy to convert them into premium content.
- Whitepapers/case studies/reports. Use white papers, case studies or research reports to solidify yourself as an authority in your community. Provide valuable content that explains trends or tells a story about how a real issue was solved with a product or service you offer.
- E learning courses via a popular third-party platform. Generate revenue to a wider audience to gain additional clients who may be intrigued by your educational content and want to know more.
- Affiliate Marketing. You can sell other people’s items and earn a percentage or set amount for each product sold. This works well if you are an influencer. Just be sure that you are open and honest about the affiliate commissions to maintain your brands image and integrity.
- Curated Kit. Offer your community a package of items that you or your brand use to accomplish a goal, such as a five-minute makeup kit or a starter kit for filming.
4. Leverage Your Sales Funnel for Business Success
Your sales funnel is what will help you convert prospects into real customers. However, you can’t get to that point if you don’t leverage it. If you notice your sales funnel isn’t increasing conversion rates, it’s time to take a hard look at why. The new wealthy are constant learners and are efficient because they use problems as a way to learn about opportunities and create solutions that fulfill prospective and existing customer needs.
Evaluating the efficiency of your sales conversion funnel is vital to enhancing its performance so you can guide prospects to the actions you want them to take. Do all you can to optimize your sales funnel, whether that means ensuring offers for lead generation are customized to resolve specific issues or you provide opportunities for upsell later in the process.
Being successful in business calls for having an action plan in place, especially if you want to be successful online. You can expand your business to be a part of the new wealthy by leveraging different opportunities and creating multiple income streams, such as affiliate marketing and passive income. When you take the necessary steps to build, engage and nurture your target audience while offering valuable content, you significantly improve your chances for building wealth.