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How to Find The Fastest Path to
Profitability
By Dr
Rachna Jain
Being profitable has always been
a topic that is dear to me. One
of the biggest undertakings
owners have when growing their
business online is trying to
figure out the best plan and
fastest path to profitability.
It's confusing, in part,
because, many times, people dive
into into online marketing
without having a real plan.
They know they want to have
their own business. They have
skills they want to offer, but
the direction they need to
convert their skill set to
profit is confusing.. They may
not have a clear sense of their
offer, but, if they do, they may
not realize how to develop a
sales funnel that leads from one
offer to the next.
Or, let's just say that the
offer is crystal clear- then
what's not fully formed is the
marketing plan and means to get
that sales funnel filled up.
So the first step is to
recognize that you need an
overall blueprint for your
business- what you will sell,
how you will deliver it, and how
you will sell it. These three
distinctive pieces often get
mixed together.
Then what happens is the
business owner is putting in
lots of time, lots of hours, but
is not making any money.
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Jessica's
General Info |
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Gender |
female |
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Location |
Sherwood
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Alberta,
Canada |
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1458 |
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So let's take a closer look at each of
these, one-by-one, and dig deeper.
The first part is what you will sell. What
you can offer is your service or your
product, both as separate items to offer or
a combination of both items, for example
offer your e-book and a few hours of
consulting services..) Although direct
coaching or consulting can be slow and
tiresome, it is often the quickest way to
sell anything, and doesn't need a lot more
organization than a basic web page, a means
to accept payment, and then a way to deliver
services, either in person or by phone.
The second component is how you will deliver
what you sell. If you are offering coaching
or consulting, you can offer this in person,
by phone or videochat, or in some
combination. How you deliver your services
will often have impact on your pricing
models and client availability. If you only
deliver services in person, for example, you
are limited by your immediate geographical
region. If you only deliver services online,
it might be difficult to command the highest
fees, as, often, high fee ranges lead to an
expectation that there will be direct in
person contact with you.
The third component is how you will sell
whatever you are selling. There are many
ways to stimulate interest in your products
and services- blogging, social media, joint
ventures- are just a few. But even in this
component, there is a fast path to
profitability and a slower path. The longer
path is blogging, social media, video
marketing (most of the time) where the fast
path is through direct networking and joint
venture. The reason for this is that direct
networking and joint ventures tend to lessen
the barricade of hesitancy where people
don't know you that well and therefore don't
want to consult with you.
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If you want to find the fastest
path to profitability, it is
found where you sell, how you
deliver, and how you sell- you
might call this the right offer
to market watch..
Often times when I am consulting
with owners about how to grow
their business, it is often
clear they are troubled because
of a lack of offer to market
match. They are, generally,
adopting longer term marketing
approaches, like blogging, when
they really need cash flow right
now. Many new online business
owners spend a great deal of
time with social networks and
fail to recognize that social
media should be considered as
lead generation or a way to send
people to free webinars or
trainings, lower cost products,
to develop an interest in your
product or service as opposed to
trying to sell..
As a business owner you must
work towards your goal, and that
should be to offer and market
match as best as you can and
advertise your offer in an
efficient and cost-effective
way.. An effective way to do
this is to limit your marketing
efforts to focus only on what's
been most successful so far-
with the thought that if it has
worked before, it will work
again.
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Start and think backwards to the
method that worked the best to bring
you a client, or how you developed
your technique to get people signed
up for your recent program, and you
will start to see where and how you
might focus.
You must commit to those strategies
once you determine where to focus
and put all other things on hold.
Work to become profitable, first,
and then you can bring in all the
other marketing tools and avenues
you want or need after that.
To be successful you must find the
fastest bath to profitability in
your business and at the same time
maintain a strong cash flow as the
foundation building a successful and
lasting business.
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Free Internet Business Building Newsletter
Jessica Prince 