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John Pfeiffer here thinking about what Mega-Rich online marketers do differently than most small business owners …
The other day while reading, an article referenced the book “Rich Dad, Poor Dad” by Robert Kiyosaki…
You know the book about personal finance where Kiyosaki compares how his biological, well-educated but fiscally unstable dad relates to and handles money versus his best friend’s 8th grade dropout, multi-millionaire father?
The two “dads” have a totally different mindset, approach and relationship to money.
The poor dad experienced lifelong financial problems based on what the poor and middle class are taught—basically to get a good education and work hard. And more importantly that you “work for money”.
Meanwhile the rich dad gave Kiyosaki a completely different approach and philosophy teaching him that the rich don’t work for money, but instead “have money work for them”. In other words, they don’t work hard, they work smart.
It got me to thinking…
What are the primary differences between the marketers who get ultra-wealthy from the Internet, versus the ones who make average money?
Why is it that some succeed where many scrape by?
What do they do differently from their less successful competitors?
So here in a nutshell are some of the things companies who make millions online do that companies who make comparatively little from the Internet do not.
Swipe and Deploy Successful Models
Rich online marketers do copy-tested and proven strategies and ideas from successful marketers, even if the marketers they are borrowing from are outside their niche.
Average marketers copy strategies because their competitors are doing it, often without knowing if it’s a strategy that works or not.
Lesson: Don’t implement a strategy simply because a competitor is doing it. Find out what is truly working and use that idea instead. Always be on the lookout for new sales techniques both inside and outside your niche. Do small tests of your new ideas before rolling them out on larger scale.
Use the Power of the Four Keys to Cheap Traffic
Rich online marketers set up a traffic generation system which consists of an optimized Adwords campaign. To make sure it is properly set up, their campaign includes four key elements: keywords, direct-response copy, an optimized destination URL, and an optimized landing page.
Average marketers often miss one or more of the key elements, with the most common element missing being the optimized landing page.
Lesson: Use all four elements. Plus, make sure each element is optimized for maximum conversion.
Focus on the Lifetime Value of a Client
Rich online marketers determine the lifetime value of a client and customer prior to marketing. Then because they know the majority of their profit will come after the initial sale, they know how much they can afford to spend to acquire a new customer (even it means incurring a slight loss).
Average marketers often don’t know the lifetime value of a customer so they focus on and are more concerned with, the cost of making the initial sale.
Lesson: Take time to determine what the lifetime value of your customer is. This will help you decide what you can spend per lead.
Find Out What Your Best Lead-Magnet Is
Rich online marketers continually test new products, keywords, offers, and more to find the one thing that is their “hot” lead-magnet. Then they advertise their hot lead magnet everywhere to drive more traffic into their funnel.
Average marketers do a shotgun approach to new sales offering thinking the best way to boost sales is to lower their price.
Lesson: Test to figure out what drives the most traffic to your site. Look for the thing your customer perceives as the most relevant, best information, etc. Run inexpensive tests by doing landing page split tests, testing offers on webinars or tele-seminars or using PPC campaigns to test keywords and headline offers to see what offer consumers respond best to.
Run Advertisements Consistently
Rich online marketers continue to run their ads once Adwords campaigns and Adgroups are running for a while and they can sense a predictability in terms of how much traffic comes to their site. This creates a continuous source of leads for them while they focus on other aspects of their business.
Average marketers run ads or do media buys when they feel they have the budget, need customers or launch a new product which leads to unpredictable sales results.
Lesson: Sporadic marketing gives sporadic results. Run your ads continually and consistently.
Follow Up On Leads
Rich online marketers know their fortune is made in the follow up they do with leads. They know the majority of their sales and income will come later, NOT from the immediate and initial sales made right away when visitors hit your sales page for the first time.
Average marketers go for the immediate sale instead of capturing a lead and often have no system or a poorly constructed follow-up system in place for returning leads to their sales pages again and again.
Lesson: If you’re not capturing the contact information of visitors to your site and product sales, then you only have one chance to make the sale. According to online marketing research companies, that means you only have 2% chance of making a sale.
Always capture email addresses and have a strategic follow-up system in place.
Test Products, Offers, Headlines and More Continually
Rich online marketers know that sometimes you win, sometimes you learn. They never consider testing as a failure or a loss, they simple take what they learned and apply it to the next test. In fact, even when they have a winner, they continue to tweak and test copy, offers and more to try and make it the best and most successful they can.
Average marketers set copy, landing pages and other marketing pieces in place and then forget about them, often not returning to them for months, even years. Also common is that they often do not have analytics in place so they don’t know what is working and what isn’t.
Lesson: Add analytics to your site so you can see what is working and what isn’t. Tweak and test new headlines, new copy, new ideas, new offers until you are getting the best results you possibly can. Adjust copy and layout for best results. Then revisit at regular intervals and look for signs that response is dropping off. Ideally you’ll have your next promotion ready before drop-off is a problem.
Rich online marketers view marketing as a tool, an asset that makes them money. They know the true value of a customer and look at long-term results. Average marketers view marketing as a necessary expense. Don’t know the average amount a customer will spend with them over their lifetime. And are looking for the immediate sale right now.
If you’re looking to ramp up the amount of money you’re making from your online marketing, employ one, two or all of the strategies wealthy online marketers use and you’ll find you’ll add zeros to your bottom line in the long run, creating a much more profitable business with less stress and struggle.
Making more money online is all about having the right mindset towards your marketing efforts. The key to success is not to work harder, but to do things a little better, and a little smarter than your competitors do.
To your online success,
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| John Pfeiffer
P.S. If you’d like to know more about what works and what doesn’t, get ideas for what you should test or do first or want to know how the best way to follow up with leads, email me today. I’ll be happy to help you get a strategy in place that will boost your profits and get you a few steps closer to the “rich Internet marketer” status. |