22 Aug How We Grow Businesses: The Digital Profit Formula
What is the Digital Profit Formula?
The “Digital Profit Formula” is a developed multi-step process that funnels warm qualified leads off of the internet into your business and converts them into lifetime customers.
Regardless of the industry, customer demographic or cost of your product/service, this system is the foundation or ticket to consistent and cost effective lead/customer generation. It has worked successfully for a number of different niche industries whether it be small ticket ($5-$100) items sold on an e-commerce platform, mid sized ($100-$800) fitness/beauty services or even multi-thousand dollar construction & consulting service contracts.
You may be reading this and thinking, “there is no way that selling a phone case, is anywhere near the same as selling a home remodel.”
If you are, then you are both right and wrong. Depending on the product or service being sold the individual steps within this process do change slightly. However, for the most part, this system functions in almost the same way for every business.
One of the biggest and most important components is the ideology that the common goal of each step in the process is to simply get your prospective customer to engage into the next step of the process. Certainly, this seems simple and easy but somehow we still see people executing incorrectly.
This system works. It is the process in which we generate clients for our business & it is the process that we implement for all of our customers.
Because I want to be sure that all of our customers and followers understand the logic behind our strategies, I’m going to break the entire process down step by step.
Stages Of the Profit Formula:
Crafting your offer
Crafting an offer is the first and one of the vital steps in this entire process. Your offer is the hook, it’s the beginning of a mutually profitable relationship with your next life long customer. From beginning to the end it will be the foundation of this entire process. There is no room to be stingy here because in business there is no time for lost opportunity.
If you feel your product/service is valuable enough to pursue opening a business and investing your money into advertising it then you have nothing to lose and everything to gain. It’s a matter of getting qualified customers into your doors so that you have the opportunity to show them what you do best.
The perceived value of your offer is critical in capturing the mass appeal of your desired market. Crafting your offer is this simple, provide free value. Similar to many other aspects of life, when advertising online the more you’re willing to give, the more you will receive. This does not mean you need to put yourself in jeopardy by offering too much. But, we need our prospects too feel the opportunity is too good to pass up. Too enticing to not click on to the next step.
When crafting our “winning” offers we always determine the value of a given customer (visit our blog to learn this process).
Traffic is a term used to describe when a “cold” buyer is channeled from the world wide web onto your website or landing page & then converted into a paying customer. There are three reliable ways to drive traffic.
Paid advertising is when you pay for your ad placement. With paid advertising, we allocate a portion of money toward the owner of an ideal ad space in exchange for use of that space. The cost is determined by the performance of the given ad. There are several different measurements used, including cost-per-click (CPC), cost-per-impression (CPI), cost-per-
view (CPV), and click-through-rate (CTR). We have found that when executed effectively, the return on investment (ROI) timeline for paid advertising is usually between 10-90 days from the initial campaign launch.
Generally speaking the most common and best platforms for paid advertising are Facebook/Instagram Ads, Google Adwords & the increasingly common method of Influencer Marketing.
When driving traffic with Paid Advertising the volume of traffic your site/landing page receives is contingent on a handful of variables: quality of the offer, audience targeting, visual content used and quality of the ad copy.
Search Engine Optimization (SEO)
SEO stands for search engine optimization, which is typically a long term strategy. This a practice focused around increasing traffic to a website through an increase of organic (free) search engine results. This is achieved by a handful of strategies but basically, works through implementing a process that manipulates your website’s content to include a higher volume of industry specific “trending” keywords and backlinks to sources that Google thinks to be credible.
The intention of this is to have your website pop up on the first page when a consumer searches for a term relevant to your product or service. While the strategy itself is free, implementing it is very time consuming and costs a fair amount of money.
Too many times we have met and consulted business owners who frantically request for their website be “SEO’d.” While this is certainly an important aspect of maintaining a profitable web presence, unlike paid advertising, with SEO the ROI time line is typically between 6 -12 months.
Social Media Activity
Similar to SEO, using social media is also a long term strategy. It’s extremely important to brand yourself, build followers and distribute amazing content. But, this does not usually drive instant profits. The reason I say usually is that there are times and circumstances when social media posts do drive great returns. Social media acts more as a support system to paid advertising and helps keep customers coming back.
When advertising for our business and top paying customers, we always incorporate all of the above strategies. However, paid advertising is by far my personal favorite. If you know what you are doing, running paid ads is an accountable way to drive profits today, tomorrow and one year from now. Over time we have seen the various paid advertising platforms change from billboards, television and radio ads to the internet based Facebook & Google Ads. Nonetheless, paid advertising has always been a successful method for growing business.
A lead generation page has many different names. Most commonly you may have heard them referred to as landing pages, sales funnels, sales pages, lead traps or squeeze pages.
At my agency, we call them landing pages. A landing page is any page that someone “lands” on after clicking a promotional offer or call to action.
There are two main goals for any landing page:
- Capture leads that will allow you to market to people in the future.
- “Warm-up” potential customers to the service or product that you intend to sell to them in the next step of your sales funnel.
Remember earlier, when I told you that selling a phone case was ALMOST the same as selling a massively expensive home remodel? Well, this is the part of the process that we tweak accordingly.
Most commonly, we use two types of landing pages.
Lead Generation Landing Page
The most valuable pieces of information you can get from a lead (potential customer) is their contact information. Yes, this means email address and phone number. Once you have received this, you now have their permission to follow-up and continue marketing to them.
- E-books and courses about various aspects of your business vertical.
- Coupon for restaurant or in store discounts
- Newsletters packed with free tips related to your niche.
- Subscriptions to receive continuous content via email or text.
- Webinar registration.
- Presentations using recorded video sessions/slides.
- Consultation services/booking meetings (client to schedule your time or services).
Sales Funnel or Click Through Page
This is one of those rectangle and square situations. A sales funnel will always have a lead generation landing page to capture contact information, but a lead gen. page may not continue into a sales funnel. Sales funnels are designed to be the bridge between a marketing offer and the point of sale. Similarly to selling in person, it’s not effective to just ask for the sale on your first point of contact. You must first build rapport, qualify your prospect, and educate them on your value prior to asking for the sale. An effective sales funnel provides enough information to inform your buyer, making them ready to comfortably take the next step in the funnel.
- Purchase your product or service online.
- Become a customer or subscriber to your business.
- Any of the lead generation uses listed above, if you want to use an introductory page before sending you customer onto the landing page with your lead gen form.
Why wouldn’t I just use my website Home Page?
If you compare a home page side by side with a landing page you will quickly see why having a landing page is so crucial to your marketing success. Your homepage was designed to satisfy a general purpose. It conveys your overall brand and company values. Typically a home page is loaded with distractions and navigation to other parts of your website. It was created to encourage the exploration, of your brand. A good landing page is designed with one purpose only, capture leads and convert them into customers. Think of the links on your homepage as a distraction. Each link that doesn’t represent your goal is a distraction that may decrease a leads buying temperature and thus reduce your conversion rate.
Hey ZIMA, what happens to all the traffic that clicks the ad, but doesn’t engage with the landing page?
If you’re an expert and leveraging the most advanced technologies- then no click is a wasted click. Yes, even if someone clicks the ad and doesn’t enter their information we can still profit from this situation. That’s because we always track our consumer data. Always.
The Facebook Pixel is easily installed on any website or landing page. When activated, it will track every user that comes across your brand and save data on them. This is a HUGE deal! The best part is you can easily use Facebook Ads and “remarket” to every prospective buyer who has ever laid eyes on your offer.
In reality, the next two steps will happen simultaneously. But, I’m going to break them down in the order that your new customer sees it happen.
Thank You Page
Similarly to the checkout line at any store, anytime a customer sees the “Thank You Page” they have already been sold or met your objective. WHOO-HOO!
We view the thank you page as an opportunity to accomplish a couple of things:
- Thank your new customer or lead for their purchase/information
- Recommended an additional piece of content or product (Upsell!)
- Encourage them to share the offer and spread the word (Free exposure!)
Email and Text Message Automation
Imagine how awesome it would be if you didn’t have to lift a finger and your fresh, warm customer/lead could instantly receive a text or email from you. Well, they can!
In fact, email and text message automations are an extremely important part of continuing and nurturing the relationship we have just created. Typically, we recommend three value packed emails are sent within the following seven days. This is a great way to continue building rapport while establishing authority in your niche. The goal is to be tactfully persistent with your customers, to keep them warm and interested in what you have to offer.
The Digital Profit Formula is one of our go to marketing strategies because it works and it works well. No matter the industry, clientele, or the stage your business is in- if you’re ready to grow, this is a great system to implement.
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