Drilling Down In Entrepreneurship And Online Marketing
One of the biggest difficulties I had starting out was knowing what to do. Sounds weird right? When I got started in online marketing, it was also my start into entrepreneurship. I’d never been a boss before. I was used to – and trained to – have my work delegated to me, and told what to do. Yeah, within that, there was some wiggle room where I had to figure things out. But I would know what the project was. I would know what the end result needed to be.
With online marketing, I had to figure everything out from scratch. And I wasn’t used to that. Not used to having to create a schedule. Not used to figuring out my own goals and benchmarks. I would work to keep busy. I’d make some money, lose some money. But all the while I was never really sure what I was doing. Or how it all came together.
Along the way, I learned some important lessons from various people. The biggest lesson was that I had to be both the boss AND the employee. The boss had to sit down and figure out what his short term and long term goals were. Then he had to break it down into short term benchmarks, stepping stones. Then he had to figure out exactly what had to be done on a daily basis to gt there.
Then the boss would hand over those daily tasks to the employee.
That way, each day I’d sit down and my work for me (the employee) would be clearly written down. No guessing. No thinking. Just do the work that the boss (also me) gave me for the day.
This made things SOOOO much easier . Everything got done faster and it felt easier. Like I was cheating almost.
The technique that I used to do this is called ‘Drilling Down‘. You figure out your goal, then you ‘Drill Down’ all the steps backward. All the way to what you need to do right this second to get started. It means to go from a summary all the way down to an exact detail.
Think of how you double click on folder after folder on your computer, until you get to the file you want to open. Make sense?
Let’s say you start with a 6 month goal of making $200/day marketing a $50 product online. That would be 4 sales per day. If we drill down a little, then at 3 months we should be at an average of 2 sales per day. That’s the halfway mark
At the 1 month mark, we’d be around an average of 1 sale per day. At the 2 week mark, 3 sales per week. The first week, you’d be looking to make 1 or 2 sales.
This gives you an idea of the steady increase in sales that you should be watching for. To know if you’re on track or if something is off.
What do you need to do to make those sales? You do some research and figure out what the average sales % is for your product and niche (yes you can find this stuff out, and should be. Your figures are going to vary based on the price of the product and the type of selling process you’re using. Get on Google, get in the forums, and do your homework). So the conversion rate you decide you’re going for is 5%. 5 out of every 100 visitors makes a purchase.
If it takes you 200 visitors to make a sale, then that is an important sign that something needs to be adjusted. It might mean that you need to target your traffic a little more. It might mean that you need to test and tweak the copy on your sales page. This all needs to be tested one change at a time until you get the result you want. Know your variables.
If we’re shooting for 4 sales per day, then 80 visitors per day would be our targeted daily traffic. 4/80= 5%. What do you need to do to generate that traffic? Ideally you want to have a couple of different traffic sources. You could start with banner ads and complement that with a blog geared towards that niche.
Well, you’re going have to do some research on how to drive traffic to a blog. Figure out how to run a profitable blog. It might include guest posting on other blogs with already high traffic – to get yourself in front of their readership. And/or keyword optimizing for search engines.
You’ll have to research who the top sites are in your niche, and find out what they charge for banner ads. And how much traffic they get, so you can calculate how much per visitor you’ll be paying. And since you know (above) how many visitors you need for a sale, you can figure out which banner ads will be profitable for you. And you’ll probably need to tweak and test the copy on the banner, to get your click through rates up. (Check this previous post: https://jaysonlinereviews.com/banner-ads-your-secret-weapon-to-immediate-traffic/#more-5237 for an intro to banner ads)
So what needs to be done first?
- The product has to be researched and chosen
- The niche needs to be researched, so you understand your customers wants
- The website needs to be set up – clearly addressing the prospects issues
- The sales page needs to be set up, with a clear call to action
- keyword research, for high traffic site to place banner ads on
- Blog set up, schedule writing days to keep fresh content posted (or outsource)
Pretty much in that order is what you’re looking at. Start with the first one and list out everything that needs to be done to finish that.
- search sales figure on Amazon’ (book sales in your niche are a great indicator of how popular that subject is. Over 1,000 searches is usually a subject worth looking for a product in),
- check that that keyword (subject) has over 1 million searches on Google Keyword Tool
- Over 50,000 searches ‘in quotes’ on Google
- Check that people are advertising (which means people are buying). Check Yahoo for PPC ads
- Check clickbank for products selling higher then 20 gravity
- Check Saturation: Amazon search result number x 10 (to allow for other sites selling) / Google Keyword Annual searches. This figure needs to be below 5%.
That’s pretty clear step by step, right? Do the same drill down for the other parts, and you’ll have a very clear day-to-day map leading up to your 6 month goal. This is the detail you need to put yourself – and keep yourself – on track.
To Your Success,
Adel (‘Oddle’) is a longtime internet marketer and online marketing coach. Far from perfect, he has spent many years (and many dollars) learning just about every mistake there is to know when it comes to online marketing… all just so you, dear reader, won’t have to suffer through that same agony.
He now works online full time, doing things the right way. You can visit his newest blog – www.RecruitingForMLM.com – for more helpful information, to contact him or to add his Facebook page and follow him there!