How to Run a Successful Online Business with Rich Schefren

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you right now I mean you have been focus a lot of course in the in the small business owners that also I mean these kinds of principles also applied to the bigger business sure businesses and one of the things that I keep on seeing is that right now at this point the bigger businesses are the ones which are struggling at the most what are those things that aren’t making those guys struggle what would be your advice to to these guys that I mean they’re saying well you know I have to get my social media Don and a half do I have but they have zero idea what what they’re doing or what do they want to go so what would be your your advice were a struggling business it does I mean somebody which is treading water on the online environment doesn’t matter the size okay well I you know what I would say is that it really depends on what’s being offered but obviously whatever you’re selling whether it’s a product service what have you you should have a reason why people should be buying it from you right and in marketing speak we call that the USP and so you have this USB you have this but you have this reason why people should be buying your product the the marketing which is you know using social media search engines pay-per-click facebook whatever right YouTube your goal and all of those things should be to help reinforce a single thought a belief a concept that supports that USB so in other words you know if you have the widest selection of whatever right then all your marketing should point to why having a wider selection is so vital and that it should be the convincing point that when someone gets through some of your marketing they’re like I must buy from a place that has the widest selection and then when they find you when they come to your place that has the widest selection it works if you have the narrow its election because you’ve taken it down to the few that are the best of whatever it is you sell then your marketing would be all about how you want someone else to whittle it down so that the choice you make is an easy choice to make and you know from only a few so your marketing really is there to serve the business by reinforcing certain beliefs certain ideas that if the prospect latches on to or the marketplace latches onto they see the need for your product and most most of people I see out there that are doing marketing online don’t really get that and because of that they’re you know different messages all over the place and the problem with that is is that prospects people online in general are scattered and so you can’t you can’t hit them with a different message each day and inspect that they’re going to remember all those messages so you have to have this one core idea that really supports why people should buy your USP and then that needs to be spread out through all of your marketing channels whether it’s you know social media or not and once that’s done then you can really start building on it and you can take it much further but that’s really the essence of the beginning of the marketing process and I know it’s kind of a it’s a little off topic from what the question was but i think that the then the next evolution once you have that kind of in place is to really look at two numbers in your business and those two numbers are the cost to acquire a customer and the lifetime value of a customer because those are the two numbers that really will dictate your success the lower the costs to acquire the better the more that you make per customer the better and ultimately the way most markets shake out over time is that the company that has the highest lifetime value per customer wins because they can spend the most to acquire right so those two numbers really are kind of like blood pressure and cholesterol like for the human body they don’t tell you that you’re gonna die today but they tell you what tractor on right so it’s like if the if your cost per acquisition is going down your lifetime value is going up then you’re you’ve got a healthy business if it’s going the other way then it’s like you’re getting a high cholesterol and high blood pressure and there’s going to be a problem down the road you