How to Build a Long-term Brand Online
Lesson 1: The Basics of a Strong Brand
Purpose & Plan: To get to $100,000 a mo in sales as quickly as possible, the most straightforward way.
- If you combine good products and a brand with individuals that want it, getting to 100k a month can happen very quickly
- Are you showing your product in front of the right people and are you following the plan?
- Once a 100k a month you have proof of concept, this is when you become actual “entrepreneur”
- #1 thing we have to have in place….Set the goal of 100k a month…..We need to work toward 100k a month….This is where we are GOING to get…..Got to set a plan and strategy
- Date a sticky note 6 months from now and set on desk everyday that you will have a 100k a month biz….
- 3 to 5 products selling between 20 to 40 sales a day at an avg price point of $25 is about a million dollar business.
- Can we add 3 products to our existing line, can we get them to 30 to 35 sales a day over next six month at a price point of $25??
- Fewer products at higher profit margins and more sales.
3 Things to help accelerate this plan:
- High Profit margins: Product that we sell are positioned to be high profit products. This is important so we can spend more on advertising and marketing.
- High Volume: Can you get to 20+ sales a day
- Repeat Customers: Can we turn our existing customers into repeat customers
- Price is the worst differentiating factor in ANY business. The person at the low end often wins a certain section of the market…… ALL the other action happens elsewhere
- HUGE MISTAKE: This person is selling for cheaper then me so I am going to drop my price. WE DO NOT WANT to play the low price game….
- ONLY way to do all 3…..building a brand not just selling products!
- When you have a specific brand it makes it easy to market your products to the right audience.
- Shamwow and Snuggie…..examples of choosing a product and not a brand…both companies out of business now.
- Clear customer base with multiple products, modest advertising and strong brand identity….. Is how to sell a business for $100 mill.
- Much easier to sell company that is a complete brand…..not just a couple good products
- If you brand right you keep customers longer, your profit margins go higher, the advertising is easier, and you can sell company for more money.
4 Elements to a brand
- Profit Margin: Hard to build a business without margins
- Difference: Where are you different? “My product is better, cheaper” is not good differentiator.
- Audience: Who are you launching to….Who is your product for? How big is the audience? Where do they hang out?
- Brand Story: Not how you founded the company…..Brand story is what you stand for….what you represent… that unifying web that connects all your products.
Case Study: Bullet Proof coffee great brand and brand story:
- Audience: Bio Hackers, health enthusiast, people who listen to podcasts
- Difference: Processed in mold free environment. Lab tested…..What did this do? Gave him a coffee that is twice the price of competitors.
- Since he has great profit margins he is able to spend more money on future product launches.
- Build a brand that people want to buy from.
- Case study: Organify…..3 times the price of competitors and outsell most of them
- We play the brand game not the review game not the price game….We are in control of the profit margins.
- It is very hard to sell products…..it is very easy to sell to people.
- People with very specific demands and desires….getting them to buy a product is easy.
- Who is the person behind the purchase?
4 steps to 6 figures in 6 months:
- Define the person (ideal target customer)
- Get in front of the people / Collect those people (IG/FB ads / content)
- Communicate your difference
- Send them to AMZ
- Most people are doing this in the reverse order.
- Most people struggling only focus on step 4
#1 WHO is the person behind your purchase?
What group of people most enthusiastically pursue the benefit our product or service provides?