Nail Your Product Market FitThere are a myriad of prominent marketers who are constantly referencing how to “nail your product market fit.” In layman’s terms, this simply means that you should build something that other people care about. Your products and services should deliver value to a particular market. This concept is simple, but not necessarily easy. One of the most common mistakes that marketers make is not knowing the core needs and desires of their audience. Instead of creating products that deliver value to a particular market, they rely on their own expert positioning. Your prospects will seldom possess the same level of knowledge as you. So how do you create products from scratch that resonate with your audience and boost sales? Let’s first address what you shouldn’t do. You shouldn’t resort to guessing. You shouldn’t even make educated guesses. Instead, you should assess what constitutes legitimate value to your particular niche. This will require you to define the positioning of your brand.
Your Core Value PropositionIn the over distracted world of eCommerce, you can’t scale a business to the $1,000,000 benchmark by selling generic products. The harsh truth is that Google has made it virtually effortless for people to access free information. If your prospects can find similar content through the search engines, it’s highly unlikely that they will spend money with you. Your core value proposition will distinguish you from the other competitors in your niche. These three questions will help you create a unique marketing hook that will make your brand visible:
- How is the story of your brand different from the competitors in your niche?
- How can you deliver the benefits that your customer is looking to glean in a unique way?
- What are the specific reasons that your customer would purchase from you, rather than an authority in your industry?
Create No Offering Without ValidationIf you don’t have concrete validation from your audience, then don’t waste your time creating products. Unfortunately, this is a prevalent approach that seldom generates revenue in eCommerce. Before you structure your sales funnel, you need to determine exactly whom you are selling to. This will require you to know the objectives and objections of your target audience. Today, I am going to share three techniques that you can use to create offers that resonate with your customers needs. Strategy #1 – Model The Best In Your Industry Whether you’re a novice marketer or have experience, there is absolutely no need to reinvent the wheel. Success leaves clues, and digital marketing is no exception. The fastest, most efficient way to create high selling products is by modeling the authority brands in your industry. As a general rule of thumb, you should strive to find an eCommerce business that generates $1,000,000 annually. Every niche is different, and some are much larger than others. If you’re in the fitness, dating, or finance niche, you’ll discover businesses that are grossing up to a billion dollars per year. First are foremost, you should ask yourself these questions when analyzing authority brands:
- What types of products are they selling?
- What are the trends that appear to be popular with their audience?
- What types of products are they promoting?
- What topics are these people discussing on forums?
- Why did you purchase from me?
- What is the core benefit that you are looking to glean?
- What did you like most about this recent product?
- What is the biggest obstacle that you’re encountering?
- What would hold you back from purchasing future products from us?
- What did you not like about this recent product?
Master Your Traffic SourcesOptimizing the traffic sources was the conduit to scaling Science Of Skill to the $1,000,000 benchmark. When you nail your market fit, it will drastically increase your sales conversions across every medium of traffic.
“Nail It And Scale It”There are a myriad of traffic channels on the web. Here are some of the core methods of traffic that Dan leveraged in growing his eCommerce business:
- Social Media
- Affiliate Marketing
Shoot Bullets, Then CannonballsOnce you determine the traffic sources in your niche, you’ll need to test each channel pragmatically. If a particular traffic strategy appears to be working for you, it will seldom generate revenue over the long-term. The key is to incrementally test various methods of traffic before spending the bulk of your resources. When you can steadily rely on a particular source of traffic month over month, you can begin increasing your investment. Science Of Skill employed this strategy to scale their monthly recurring memberships by a multiple of five.
Optimize The BackendIn the world of information marketing, some of the most prominent brands have virtually no backend at all. For Science Of Skill, the vast majority of their time is spent optimizing conversions on the front-end. However, they still spend roughly 20% of their efforts on the backend of their eCommerce business. Dan has spoken at length about back-end optimization in a number of interviews in the past, here’s two that are worth listening to if you’re interested in optimizing revenue with back-end email messaging:
- Dan Faggella on the FunnelDash Podcast: The Anatomy of a 200k/mo Funnel
- Yaro Starak Podcast: How Surveys and Email Segmentation Drive Higher Revenues, w/Daniel Faggella
Why Dan Faggella has a Metrics ObsessionOne of the biggest challenges in the world of eCommerce is determining the core metrics that are conducive to your brand. If you don’t know the precise numbers that matter most, it will be virtually impossible to scale your brand to the million-dollar benchmark. Determine The Right Metrics The business model of Science Of Skill is predicated on continuity driven offers (subscription revenue). Therefore, the metrics that provide the most reliable data are:
- Current active memberships
- Memberships sold last 24 hours, last 7 days, last 30 days, last 90 days
- Revenue collected this month, projected membership revenue from remainder of month (based on active memberships set for re-bill)
- Email deliverability, weekly open and click-through rate trends
- Weekly membership revenue collected per subscription program
ConclusionThese three core tenants that Dan articulated in his video (and subsequently, this article) are ubiquitous for any niche in eCommerce. ScienceofSkill.com utilized these techniques to scale their online business to $1,000,000 annually in just three years, and the same principles are likely going to get them into the 3-4 million dollar range this year in that same business. If you haven’t already – get that metrics dashboard set up, and your customer surveys out! Happy marketing.]]>
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