How to Build a Long-term Brand Online

Lesson 1: The Basics of a Strong Brand

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.

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.

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:

1. Define the person (ideal target customer)
2. Get in front of the people / Collect those people (IG/FB ads / content)
3. Communicate your difference
4. Send them to AMZ

ASSIGNMENT

#1 WHO is the person behind your purchase?

What group of people most enthusiastically pursue the benefit our product or service provides?