An essential part of building a profitable Internet network marketing business is to segment your list (i.e. leads) as demonstrated in this video – this, so you can really fine-tune your marketing. However, this is an advanced strategy and not something you need to worry about until you are consistently generating 30+ leads a day on a very consistent basis.
Building an Internet network marketing business is much like building a house…you need to have a plan. Otherwise you may run out of building materials before you’ve finished, and you’ll end up having to live in a house with no roof or walls. Not ideal. :(
To create an effective plan for your Internet network marketing business, you need to first understand the three different stages of building a business…
The 1st Stage Of Building Your Internet Network Marketing Business: The Testing Stage.
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Most likely this is the phase you are in right now. This is the start-up phase where all you should be concerned about is making your first few sales.
You’re determining your target market and your marketing strategies. And here, as I discuss in much greater deail in “Her Success Blueprint”, there’s no such thing as “one size fits all”.
If you are on a shoestring budget you’ll need to resort to free methods, such as blogging, videos, articles, press releases (we call this “content marketing”).
It will take more time to create a steady lead flow with these than with paid methods, but do NOT think you have to wait to start marketing until you’ve got a big advertising budget!
No, get started NOW – even if your circumstances aren’t “perfect”. Because they never will be!
What’s a good marketing budget, you’re asking?
The answer is, the bigger, the better. That’s assuming you invest it wisely, of course. You want to be very careful while testing, then, as you see you are getting an ROI (Return On Investment), you ramp it up.
$500-$700 a month will be a decent budget for most any Internet network marketing business. With this kind of a budget you can outsource some article and press release writing, you can use Traffic Geyser to get more exposure for your videos, and/or you can invest in some solo ads or banner advertising.
If your monthly advertising budget of $700+, another option would be pay-per-click (PPC). Right now, Facebook ads is the PPC strategy I’d personally go with. Once you’ve got this technique down, you should be able to generate leads for less than $5 apiece.
If you ever pay more than five bucks apiece for any kind of leads, you’re paying too much.
At this stage in your Internet network marketing business your goal is to build to “critical mass”. 30 leads a day is what we consider to be be “critical mass”, as this is what you require to create momentum.
Your objective right now is to determine which strategies actually produce for you so that you can keep doing more of what’s working and ditch what isn’t.
Which is also why you MUST track all your traffic. Otherwise, as I discussed in yesterday’s post, how will you know where your leads and sales are coming from?
The 2nd Stage Of Building Your Internet Network Marketing Business: The Tweaking Stage.
Here, you’re focusing on becoming profitable, and then to further increase your profits. You’ve made your first few sales: You know how to get leads and turn them into profits. I want to give credit where credit is due: Many of the concepts in this post were taught to me by the brilliant Jim Yaghi (my left) and his friend David Schwind.
Now you’ll want to tweak your offer so as to increase your ROI (Return On Investment), in other words, to get more bang for your advertising bucks.
Here are a few examples of how this can be done:
You’ll likely want to do all of the above, and more (but not all at once!) When it comes to tweaking, the options of what you can do are practically unlimited, and therefore this stage of building your Internet network marketing business will usually also be the lengthiest one.
The 3rd Stage Of Building Your Internet Network Marketing Business: The Scaling Stage.
At this point you’re getting leads consistently. You’ve got an offer that’s working. You’ve determined your target market. You’ve got a funnel that’s converting, and you’ve gotten lead costs down. You’re making good money – way to go! At the scaling stage, life is not so bad.
Now your goal is to create more leverage…to get your offer in more places and in front of more people, so you can build your Internet network marketing business more effectively and in a more automated fashion. This, so you can produce better results with less effort.
If the product you’re marketing is your own, perhaps at this point you’ll start taking in affiliates who can market your products for you in return for a commission.
If the only marketing platform you’ve been using so far is Facebook ads, you may decide to add banners to your marketing arsenal. Or maybe video marketing.
Or you hire a freelancer on Odesk.com to do article marketing for you.
If your products are relevant to people in other countries, you may also want to consider marketing internationally…
The cool thing is that at the scaling stage, because you’re actually profitable and have a marketing budget, you can afford to outsource a lot of the work. :)
So, there you have it…those are what you could call “the three stages” of building a successful Internet network marketing business…
Now, they will overlap somewhat, and you’ll likely find yourself going back and forth a bit between stages 1 and 2, and between 2 and 3. But hopefully this helps you better see the bigger picture.
Does it still seem a bit daunting?
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Successfully,
5x Award Winning Marketer
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Tags: internet network marketing, internet network marketing business, internet network marketing training, successful internet network marketing business
This entry was posted on Wednesday, September 19th, 2012 at 1:07 am and is filed under Internet Network Marketing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Not sure how a scientific glass manufacturer would use this, but thanks for sharing!
Haha, I don’t know either, Debbie! But you’re on my subscriber list, so… Have a good one!
Wow, good stuff! Thanks for sharing!
You are welcome Chad & Janet! Thanks for stopping by!