Are you struggling to find people that are interested in your products and services? If so, you're not alone.
Customer acquisition is one of the biggest challenges faced by companies of all sizes. It's an especially big challenge for one person businesses that are just starting out.
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When starting out new businesses have to find a way to bring in a consistent stream of new people they can talk to about their online businesses.
Selling to consumers one by one or relying on referrals is not enough to build a robust revenue stream. As a new business owner you'll need income generating systems that are easy to implement, that work to help you reach your goals.
The Reality for New Business Owners
According to data found on career planning site Zippia, the success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%.
Customer Acquisition Data
The gap between the success rate of selling to an existing customer versus a new customer is huge. The challenges are even greater for a new, one person business that are just starting out.
This post will outline the income generating systems that are crucial to any business that wants to thrive in a competitive, crowded market.
Understanding "Your Why" Is Important
If you're like most entrepreneurs, you started an online business to change your reality from one that requires you to trade time for money, one that is reliant on a physical location, and one that offers limited opportunities for growth.
This is a consistent theme we hear from entrepreneurs that start an online business. It's also important to write down any other reasons you had for starting an online business. These reasons can help you stay focused during challenging times.
Your goal in starting this venture was to move away from relying on a conventional 9 to 5 and moving closer to earning a living from home, or any location.
And now after time has passed, you've found that the methods you thought would work, are not getting the results you had hoped for. You're confused and frustrated about how to get started making your original dreams come true.
What Are Income Generating Systems?
The reason you're running into a bump in the road may be related to the systems you're using (or a lack thereof) to perform tasks that have a huge impact on the success of your business.
Read on to receive ideas and insight you can use to turn things around. Learn about income generating systems and how they can help you build the business of your dreams.
Income generating systems are well designed processes and procedures that ensure that your business can consistently earn from your products and services.
They allow your business to be in many places at once, reaching an unlimited audience of consumers who need what you have to offer.
These systems are crucial for new business owners because they provide a solid foundation for growth, efficiency, and sustainability.
They are even better when they are automated so that they run on their own (on auto-pilot), enabling you to focus on other things.
It's important to note that generating consistent income doesn't one rely on one system. Most businesses require a series of systems that work together to make the magic happen. We've outlined three major systems that you should implement as soon as possible.
The First Income Generating System to Implement - Audience Attraction
Attracting an audience involves providing content that makes sense to the people who would be a perfect fit for your business.
Creating content that resonates with your target audience is crucial in this stage, because this is where people become aware that they have an issue that needs to be resolved.
The issues consumers and business owners need help with can range from upbeat, happy events (like weddings, parties and get togethers, buying a house, a new baby) to sad, stressful events (like a job loss, the loss of a family member, a divorce) and other situations that need to be addressed.
When events happen they will try to find ideas, resources and solutions online using the following methods:
- Many consumers and business owners will perform a Google search, so it's important to optimize your content for SEO so that it can be found by search engines.
- There are also social media sites like YouTube, TikTok, Pinterest and Instagram that consumers and business owners use to find solutions. It's important to have a presence on these platforms so that your content can be found.
The best way to have a presence online is to use content management systems (also called platforms) (for example, blogs, video channels and podcasts) that were designed to help you connect with a wide audience.
However you want to narrow your focus to concentrate on a specific niche audience to receive the best results.
To get people to your content, social media, paid ads and partnering with influencers and other business owners can drive traffic to your platform where you can show them what you have to offer.
The Typical New Business
What is the one thing business owners want and need more than anything when starting out? An audience of people they can talk to about their business. Once you have content that you can share with an audience, and you've got a presence on social media it's time to take the next step. Unfortunately, many new entrepreneurs go about this all wrong.
The ones who get it wrong will market to anyone with a pulse. They are all over the place because they are trying to appeal to everyone. In doing so, they are confusing their audience and therefore not connecting with the people they want (and need) to work with.
On the other hand there are other marketers who are more particular about the people they work with. They don't want just any old audience.
They have done their market research and crafted messaging using content management systems that connect with people who have a need for what they are promoting.
Believe it or not, being selective and finding a niche can go a long way to finding the success you're looking for in your online business.
Once you have selected a niche and you know who you're selling to, implementing a well-designed audience attraction system ensures that you are driving a constant stream of the "right" consumers to your business. Consumers who are more likely to make that first time purchase.
It's important to reach people who meet the following criteria:
People use a variety of methods to find the products and services they need to maintain what they currently have and to locate things that make their lives better.
On the other hand, entrepreneurs need a platform that they can use to communicate with and provide valuable content to an audience. They need to find the people who are looking for (searching online) what they have to offer.
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The marketing platform they choose (for example a blog) serves as a content marketing system that when done well allows business owners to reach their financial goals.
Marketers (bloggers) create content like blog posts, product pages, sales pages and lead generation pages.
They also use cart functionality and payment processing systems. These systems will attract an audience and support a well functioning online business.
Let's Build Your Audience Attraction System!
Drive Traffic and Talk to More People
Take a look at, Attract New Customers and Skyrocket Your Business Video/Workbook Bundle. Once you complete the exercises in the workbook, you'll have a system that drives traffic to your business, helping you build an audience of people you can talk to about products and services you have to offer.
Once you create an attraction system, it will be easier to build an audience of people who want to work with you. And you'll never have to worry about having frustrating, awkward conversations with the wrong people (people who aren't interested) again.
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The Second Income Generating System to Implement - Lead Generation
Once people visit your platform, you want them to hang around. As a business owner it's your job to help your ideal customers come back again and again.
It's your job to create a system that enables your business to follow up and provide potential customers with valuable content that helps them reach their goals.
The reality is that building an engaged email list is not a mere stroke of luck or guesswork. It requires a strategic approach, careful planning, and a deep understanding of your audience's needs and desires.
Let's Build Your Automated Follow up System!
Keep More Potential Customers Around
Discover how to build your second income generating system that inspires more visitors and potential customers to return to your site again and again. That's where "The Beginner's Guide to Building an Engaged Email List" becomes your trusted companion.
Once you've established a system for lead generation, it's important that it's automated and connected to your audience attraction system to continue the workflow.
By establishing clear workflows, standard operating procedures, and an automated processes, systems minimize errors, reduce redundancy, and increase productivity.
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The Third Income Generating System to Implement - Sales and Transformation
Once you've provided valuable, relevant content via your lead generation system, the next step in the process is for your prospects to buy your (product) solution. Through your products, you help your leads make a transformation from a problem state to a solution state.
You'll also ensure that you're only working with people who are a good match for your business, because people who are not interested will not opt in.
There are some who may subscribe to your list out of curiosity, but they won't stay subscribed once that curiosity is satisfied.
Your lead generation system is a valuable tool that helps to sift out tire kickers, ensuring that you're working with a majority of people who know, like and trust you.
When done well, it will help people find your products and services to solve a problem or to get ideas that will help them improve their lives.
The Fourth Income Generating System to Implement - Customer Retention
Systems promote consistency and quality across different aspects of your business, enhancing customer satisfaction and building a strong reputation for your business.
Furthermore, systems allow for effective delegation and scalability, enabling your business to handle increased workload and expansion.
More Benefits of Using Systems
Systems promote consistency and quality across different aspects of your business, enhancing customer satisfaction and building a strong reputation for your business.
Furthermore, systems allow for effective delegation and scalability, enabling your business to handle increased workload and expansion.
Once you have a system that works, it can be repeated across multiple products, enabling you to earn from many streams of income.
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Systems Can Be Duplicated and Expanded to a Wider Audience
This is the best thing of all... once you create systems that help you sell one product, those same systems can be duplicated and expanded to a wider audience to help you sell other products! Once you have several income generating systems in place you can test various scenarios and collect data that will enable you to improve your income generating systems to make them even more efficient.
With automated systems in place, a new business owner can confidently navigate challenges, adapt to changing circumstances, and build a resilient organization that can thrive in a competitive marketplace.
This is a huge deal for online business owners who are ready to reach their financial goals online.
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