After all, this is the promise of Internet marketing, automated “customer getting” websites that help you create residual income streams and more importantly businesses that you work on not in. It’s this scalability that will allow you to create a big business rather than be a slave to your own small business.
But, let’s get back to reality for a moment, you’re actually in this position, you’re having to spend considerable time acquiring new leads, turning those leads into customers and then fulfilling their requirements. Not to mention, chasing up payment. In other words you’re a time slave!
Where on earth are you going to find the extra time and focus to set up these intelligent customer acquisition systems. You can’t just switch off the money tap to develop and experiment with the system.
But more importantly, even if they do work where are you going to find the time to qualify and develop all the leads generated by the system. The number one mistake I made when I got into web marketing for my consulting business was the development of a web based lead generation system that delivered plenty of Leads, but cost me way too much time processing them all.
You see, you really need to fundamentally rethink your business model. Generating business leads is easy, developing relationships and building trust takes time. That’s why I developed the web chemistry business model. It’s a system that automates the development of these relationships so that you only need to spend your precious time with the highest quality clients that will pay you the highest premium.
Key mindsets for developing a Residual Income Stream
The success of this passive income stream model hinges on two key mindsets:
- Agile marketing which means building all your systems backwards from the marketplace. Why spend a lot of time figuring out a complex back-end product or service? if you haven’t figured out how to get people to a web page in the first place.
- The ladder of loyalty that incrementally makes automated sales that gradually increase in value as the customers’ trust in your service increases. Only offer your time at the back-end with well proven customers who are well qualified to pay the premium. Besides, get this right and the residual income may well be funding your retirement!
So let’s now look at the key steps in the web chemistry business model. Then tomorrow, we’ll start building the first component.
- First you need to find your target market and develop the right kind of bait that will hook them in. Yes, we’ll do all that tomorrow with about 7 minutes of my instruction and then with about 30 minutes of your time tops!
- Next you need to create a squeeze or opt in page that presents the bait in a compelling manner in return for their contact details. You will be automating this process so that you automatically build a prospect list which you can e-mail later. Ultimately this list and the relationship that you have with the list will be the main source of value in your business.
- Let’s now go and get some traffic to your squeeze page and see if your customers respond. Does the bait work? Do they provide their contact details? Get this stage right and you’re customers are automatically signing-in to your list.
- Now we begin climbing the ladder of loyalty, you’ve given them the free bait and then a day or two later you present them with the opportunity for buying something cheap. Something that doesn’t require a lot of trust on the part of the customer, perhaps a cheap but high quality e-book. Congratulations you now have your first customer.
- After a few more e-mails where you provide more value to your customers, you are now ready to offer a more expensive product. I always like to offer at some point a membership programme where I get a recurring income. This means that I accumulate sales without having to make a sale for every transaction.
- I think you get the idea, the more things they buy from you that gives them great value, then the more prepared they are to buy more and more expensive items. When the moment is right, you can start offering bigger ticket items, may be an expensive online training course or perhaps even start trying to fill events. If you’ve built the right relationship you will be staggered at the amount of money you can earn during this phase.
- Finally, you offer your most expensive services that involves your time. This could be consulting, coaching or training. But either way, you’ve earned the right to charge a premium rate. Your automated product delivery from the earlier stages has allowed you to massively leverage your time; you’ve been able to address many more people’s needs than you could ever have done with a one-to-one service. This celebrity status in your market niche will also justify your high charge rates.
It may be that you leave out step seven perhaps you’d rather put your time into building the business or relaxing on the beach either way it’s your choice.
So there you have it, the web chemistry business model and the main web components that need to be built.
Now this might all start to seem a little tedious, after all I told you that we’re going to work fast. Well relax, because tomorrow, not only are we going to find your market niche, we’re also going to build the web page and the bait that will hook them in.
You’ll also learn the second-biggest mistake that business owners make when it comes to Internet marketing.
And so till then be agile!