How Fast Can You Move Into The Profit Zone?

August 22nd, 2009 by admin

CURRENT AFFAIRS
The past few months we have seen some changes and steps in the direction of economic recovery but we have also been hit with continuing lay offs and unemployment in North America.
Forbes recently reported, “the big cause of the baby boomers’ anxiety: stock market losses in their 401(k)s and other accounts. While young adults have suffered more job loss, pre-retirees have sustained by far the biggest investment losses.”
The road to recovery seems to be an arduous one filled with many potholes and boulders along the way to trip us up and slow us down but the good news is many have their chin up and most are hopeful, putting their best foot forward to keep their family’s finances in reasonably good standing and also keep their spirits high

DRAWBACKS
On the business front there is much going on and many times because so much is going on, we can easily miss important trends and rich niches which have the potential to make a big difference for a lot of people today. So it is wise to keep your finger on the pulse of what’s taking place online in terms of business. For many entrepreneurs, existing skills coupled with some new learned skills in marketing online (importantly) can prove to be quite profitable
However, with so much information available to marketers on the internet, it can become quite a headache sorting through fact from fiction, and getting to the meat and potatoes. In addition you seriously need to be careful who you team up with when you are getting into business! Sometimes finding the right information and partners is like hunting down a needle in a haystack! So watch your step!
People continue to flock the internet in staggering numbers in search of a second income and in some cases a first income, as the economy delivers crushing blows. Now, the number of people succeeding online and making a decent income monthly is still low but the possibilities for the future are very good. Why?

HOPE
Because doing business online is incredibly multi faceted. There is a huge variety in terms of industry, products, delivery of products and countless ways to make a significant profit. In addition, there is a continuous growing movement of traditional brick and mortar, businesses getting online in an effort to expand their customer base and an exponential growth of people buying and doing business on the internet worldwide
In fact eMarketer recently reported that the affluent are flocking to the internet, making more online purchases. In addition, 34 million moms in the USA go online at least once a month. So the market is there and it is huge!

The big question is; can we collapse the time frame and get internet marketers into the profit zone in a shorter period of time? Rather than drag out the trickle of income for years?

Without doubt, I firmly believe this. And I will go on to highlight a few points below, but let me say this unequivocally, marketers can get into profit much, much sooner than they do but in their haste and many times in their new found excitement, and amidst the hype - most forget that when all is said and done, ‘he who understands and practices the fundamentals & strategies of marketing best, will reap the biggest rewards’
I have been running businesses for over 10 years now, and the most money I made both online and offline was and still is, when I put together critical marketing skills, applied that to the business; without getting emotional, without losing focus and with steadfast continuity. In addition to showing respect for self-imposed deadlines and time, all while honing leadership skills in the effort to keep my team motivated and close to me (yes, a mouthful!)

WHAT WILL IT TAKE TO WIN IN BUSINESS?
So from years of experience, I can say to you that most of your money will be made when you put together in an equation the above techniques and tactics I just mentioned:
Niche in Demand + Strategic marketing + Deadlines + Leadership + Focus + Continuity = BIG PROFITS!

Of course, there are other peripheral factors, but irrespective of the economy, the above equation will hold strong
But what about product? You may ask. Yes, product is important but without the above equation, you can have the most magnificent of products and still make zero dollars!
But, but what about company? You may ask. Yes, company is important too but without the above equation, you can have the most magnificent of companies and still make zero dollars!
So let’s tackle briefly each of the above points in that equation. Neither space nor time would allow me to go into great detail but enough is here to get you on the right path.

NICHE IN DEMAND – Give people what they want!
Too many marketers are trying to sell what they like! Marketing is not about your preferences. Marketing is profitable when you supply at a competitive price products & services which the market place demands and is willing to pay money for.
So do your due diligence. Use tools like GoogleTrends, Google free keyword, Alexa and others to figure out what is hot and what’s not before you put money, effort and time into a business endeavor.

STRATEGIC MARKETING – ‘Business is war!’ Jack Trout
In simple terms, strategic marketing means putting together a product and target market in a manner that would maximize customer experience and profits. With the emphasis on marketing, the biggest profits would come in with the best marketing strategy given the product and the market.

To make this happen in synergy:
Step 1: JOT DOWN. Given that you already have a product in mind. What would be the possible methods to reach your target market? It is email? Direct mail? Doing an offline promotion and tying that in online? Doing online promotions? Harnessing social media? Doing collaboration with a related business partner?
Step 2: CHOOSE. As you can see, a whole host of methods exist that can be used but wisely choosing which would complement your profit and customer projections - would be the key.
Step 3: WORK WITH A WRITTEN STRATEGY. Get this all typed up, not in your head! With that done, now you get into the tactics which would work to maximize the strategy you have in mind.

EXAMPLE:
· Your strategy is to get 3000 opt ins in the next 4 weeks
· You project that with 3000 opt ins, your back end sales would be 4%. 4% of 3000 = 120 Units sold
· The back end offer - your product is, let’s say an eBook on ‘Famous Recipes’ (just for an example) priced at $50
120 Units Sold X $50 = $6000 in sales $ (Subtract your cost of business to get the profit figure). Let’s say your projected costs for advertising etc = $1000
· Then effectively your projected profits = $5000

So if your strategy is 3000 opt ins, leading to 120 units sold; now what would be the best tactic to implement to get these numbers? Are you going to run a free related giveaway online? Is Pay per click a part of the campaign? Etc
This is the way to organize and think when you are running your business, not hit and miss and hope for the best. And don’t keep jumping around buying up every new project launch, looking for the secret sauce! You are the secret sauce…

MASTERY OF TIME – ‘Use time as a tool, not as a crutch’ John F Kennedy
The biggest error I see being made is people lamenting that they don’t have time to win in business and using that as a way to sabotage their business profits! I tend to vehemently disagree with this. Here’s the reasoning; everyone has the same number of hours per day. Now, it’s a given that people have varying circumstances, some married, some single, some with kids, some with illness, some juggling 2 jobs, some with a non supportive partner, etc, etc.
No two people have the exact circumstances, that is also a given. People may have similar circumstances. But lack of time is the easy way out of winning in business. Anyone who wants to get something important or worthwhile doing in life – makes the time to get the job done; irrespective of circumstances.
Yes, I know that people do struggle with the allocation and respect of time and deadlines but making an excuse is not the answer. And yes, ‘not having time’ is an excuse.

Step 1: The real key is to value what your time is worth and work with that worth. Are you valued at $200 per hour or $400 or $1000 per hour? Once you decide on that figure, you would be startled at your new found respect for your time and what can be done in minutes instead of dragging it out for hours and days!
With only 24 hours in a day, and knowing that your time is your most valuable asset and your time is your profit, how do you make your 24 hours work to the maximum?

LEADERSHIP – ‘Leaders always find a way to make things happen’ – John Maxwell
Over the years it seems the value and emphasis on leadership has seen a downward slid. In a time when the world is in dire need of strong leadership, this is not a good indicator. Leadership is one of my favorite topics, because without leadership no one’s going anywhere except in circles!
What I am urging many more entrepreneurs to do is to take up the baton of leadership and hold it high. People follow those who are going somewhere special. People want to hang out with and be around people who convey that big things are happening and know how to get things done. People want to interact and stay close to those who believe that there is a better way to get the job done, those who inspire, have hope for the future and are willing to lead the way. That’s why leadership is so magnetic.

No one wants to follow someone who is lost in the woods or a darn cry baby!
I want to get rid of one notion that too many people have and this is; leaders know almost everything. NO! Leaders don’t know everything, but they usually know where to find the answers. So today would be a good day, to start practicing your leadership.

FOCUS & CONTINUITY – Rome wasn’t built in a day!
Yes, even when you do everything correctly, it will still take some time to keep winning in business! But that’s all good. By not losing time and effort you will have collapsed time frames and you will get yourself into the profit zone much quicker
Here are some quick tips to staying in the game and earning profits continuously
· Do keep your finger on the pulse of the trends taking place online and offline
· Do keep track of income and expenses in your business. This way you know the numbers and are not misleading yourself
· Don’t jump too quickly the next time the ‘hottest’ product or biz opportunity is hyped up. Do your homework
· Don’t ever stop learning. Those who continue to learn and apply new ways of doing things, will continue to make profits for a long time to come

Together we are UNSTOPPABLE! Giddy up!

Nadira Haniff
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