I constantly see people claiming that you can't make money online anymore.
While I understand the frustration, these all or nothing statements annoy me.
Here’s an email I got the other day:
THANKS for the continuous bombardment of emails.
I've tried for so long.
Adwords, Sitebuildit, authority site building, Empower Network, Social Marketing, affiliate marketing.
It didn't work.
The average Joe with a 9 – 5 and a family to take care of isn't going to make it online. Period.
No matter how hard he tries or how positive his attitude.
In 2013, I spent $6,500 to earn $2,000.
Now I'm broke. Thanks to online marketing.
Prove me wrong.
Saying it’s impossible to make money online is like saying it’s impossible to lose weight.
Neither losing weight nor making money online are easy. But it’s definitely possible because millions of people around the world are doing it as we speak.
They both require hard work, determination, focus, consistency and following a clear plan.
Similarly, there are many different paths to both losing weight and making money online.
Over the past 15 years I've wasted a lot of time and money trying to figure out what is the most effective way to get an online business to grow.
However, over the years I've learnt a lot and have consequently refined the processes and figuring out for the most part what works and what doesn't.
A few months ago I decided to try to create a clear framework of how to grow an online business. I did this to improve my focus and also to share with others.
The end result is my not so creatively named “Growth Framework”.
Essentially it's just about working consistently hard with a lot of focus on some specific key areas whilst dogmatically ignoring other areas that tempt you to waste your time on them.
That’s where the power is.
You can download a mind map of the Growth Framework below.
Maybe you could print it out and then pin it beside your computer as over the coming weeks, we'll be going through it carefully and I'll be answering all your questions about how to apply it.
Now it’s easy to skim over each section and say, “yeah yeah… I know all that stuff – this is nothing new”.
That’s a bit like looking into a pantry full of food and saying “yeah yeah… I know all those ingredients” and still being a terrible cook.
It’s about how you combine these elements into a system that works for you to generate significant income.
So let me give you a quick overview of it. You can download it below.
You'll notice that there are some obvious things missing. There are also some very important things included that give you superpower leverage that makes all the difference between success and failure.
For example, I focus very little time and effort on social media. Unless you’re building a BIG powerful brand, you should be doing only the bare minimum that people would expect of an online business. Just a presence and fairly consistent posting (as in not more than a few times a week).
You'll also notice that everything is heavily leveraged off one another. So there are many parts of the plan that reuse work in many ways. For example, blog posts are then turned into auto responders and also into online courses.
It may also be apparent that everything ties back to the 3 levers as outlined in the calculator I shared with you last week. If you haven't already, I'm super serious that you need to really understand how these levers work. Their exponential nature is the secret sauce to growing a significant business.
Check out that article here if you haven't read it.
Remember this simple before and after example?
Daily Traffic Current: 300
Daily Traffic Optimized: 600
Conversion Rate Current: 1%
Conversion Rate Optimized: 2%
Lifetime Value (LTV) Current: $30
Lifetime Value (LTV) Optimized: $60
Current Revenue: $2700 per month ($32,600 annually)
Optimized Revenue: $21,600 per month ($259,200 annually)
It’s insanely powerful stuff when you see how small incremental improvements in the right places can have a dramatic impact on the bottom line.
The Parts of the Growth Framework
So let's take a closer look at this growth framework. There are 3 main cores to this growth framework. If we break it down, it covers the 3 big questions you need to be answering to grow your business. They are:
- How do I get more traffic? (Traffic)
- How do I convert more of that traffic into buyers? (Conversions)
- How to I increase the profit I get from each buyer over their lifetime? (LTV)
Within this part of the framework, we'll be covering the differences between traffic sources, the ones to focus on, the ones to ignore and the ones to do the bare minimum with.
Traffic is often considered a big mystery and is the first big hurdle that people try to jump. Unfortunately most people spend the bulk of their time blindly posting on social media, writing blog posts that don't have any impact and trying to get crappy inbound links.
I'm going to be showing you how to rethink this whole approach and start from the ground up with a clear strategy, not random misfires.
The conversions part of the framework is probably going to be new to some people, however, I'm hoping it will invigorate you into action.
Doubling your conversion rate is better than doubling your traffic and usually a lot easier to do.
The framework outlines 6 focal points to increase your conversions as well as including a feedback loop to increase your email list as well as increasing relationship which increases traffic and conversions.
It's powerful stuff.
Lifetime Value (LTV)
This is one of the most important, least talked about concepts in marketing.
I'll be showing how to increase the profit you get from each customer so you don't need to find as many new customers to make your business sustainable.
Are you ready?
Are you ready to follow along? It's exactly the same framework that I used to help build a business from 1 employee just a few years ago that now has 150 employees and millions of dollars in sales each month.
This stuff works and it can work for you. You just need to get focused and work hard on applying it.
Let me know your thoughts and any questions you have below.