7 Tips to Build a Highly Profitable Online Business - Make Money Online with This System
- Peng Joon. - Peng Joon. - Peng Joon is here. (driving upbeat music) - I want you to set your expectations high because I will massively exceed them. (mouse clicking) (air whooshing) Let's talk about what number one is. .
Number one is understanding that whatever it is that you are selling, (tapping marker) you must think about what is the unique mechanism? Think of it as if you're selling a product or a commodity, then it would be red ocean, and it would be a price war that's a never-ending war to the bottom of the barrel. However, if you have a unique mechanism, that is what's gonna separate and differentiate you, your product, and your brand from everyone else.
So if you think about, for example, let's say weight loss. What is the weight loss latest fad right now? It would be the keto diet, for example, and if you had a keto product and if you told people the benefits of the ketosis process and that your products has ketones.
Now, it's important distinguish that ketones, by the way, I'm not familiar with the weight loss market, but I'm guessing that ketones would be the ingredients.
The ingredients is the commodity, and the commodity's red ocean, so if you said that the key to weight loss in the keto diet is ketones, then what your audience will be thinking would be, "Well, okay, so let me go get ketones, "which is available in pretty much every other "keto supplement product out there," so without the unique mechanism, you're going to be in a red ocean.
So, the first thing to ask yourself in order to build an ultra-profitable business is, "What is my unique mechanism?" And the unique mechanism can't be a commodity.
It can't be an ingredient. It needs to be something that's proprietary. Right, what is the thing that makes it proprietary? Is it the way it's being delivered? Is it because it comes with some sort of training, a 90-day action plan? Is it because you are going to be put in a community where it's fun and exciting to do workouts and consume this product together? Does it come with a 21-day challenge that enables you to track your progress of weight loss? Does it come with a live event, where you're be able to meet other peers that is in this same movement as you? You see, these different things is what will make a product or a commodity unique.
So, for me, to give you an example, so couple of months back, we launched this challenge called the Videos Challenge. The topic, the part that's red ocean, is video marketing.
Right, think about Video Mareting for a second. There's tens and thousands of free content on video marketing on how to optimize a video, how to shoot a video, how to do all things related to video marketing.
What if I could deliver (bell dinging) training on video marketing? But what if I turned it into a challenge, a 21-day challenge, where they would put in a community, where there's prizes to be won. They'll post their videos up.
They'll be able to compare with other people that's on the same challenge, so video marketing was the red ocean, but I created a unique mechanism to deliver that product. Number two, number two is something that I learned in one of my first, I would say, 100 websites.
Yes, I've built a lotta websites, and one of the markets that I went into was teaching people debt management while I was serving a hungry market, people that's hungry for information that was borderline desperate.
I realized that no matter how grateful they were, they had no money, and number two is understanding that you should never sell to a broke audience, and number two (tapping marker) is the question (tapping marker) of are you marketing this to your right audience or your ideal audience? The way I think about number two is people who have the money, people who have deep pockets, what do you think is the other resource that they will value even more? That would be time.
So, how can you turn your messaging that attracts the right audience? For example, let's say I am a videographer, and I wanted to teach people video editing, okay, so I created this product, eight hours long, teaching people video editing. Now, to market this product, there's two ways to do it. Method number one would be, "Hey, I've got a product "that will teach you how to create videos.
"Therefore, you do not need to hire your own videographers. "Therefore, you can create your own videos "and create marketing videos on a budget." That's a first angle.
Second angle would be, "One of the best ways to get ROI "as a business owner would be through creating ads "that is actually compelling, that stand out, "that is a pattern interrupt, that stops people "from scrolling when they're scrolling on Facebook.
"What if I could show you how to create "these simply 59-second videos that will hook your audience, "help you get more leads, and help you get more visibility "as well as sales." You could be selling the same thing, but notice the different messaging angles that will in turn attract different audiences.
In this first example, who would be the audience that I'm attracting? I'll be attracting people who wanna skimp on money, who want to learn this skill so that they don't have to pay another freelancer, so chances are, they're doing it because they're on a budget 'cause that's the way it was marketed.
But notice the second messaging, it was about targeting business owners who want to utilize video marketing, and how you can help them get more leads, more sales, more visibility.
When I first started out, I wanted to teach people how to start a business, and a lot of things that I did in my marketing was teaching people how to make money online.
In fact, I'm doing that right now, but the difference is in my sales process, something I didn't realize back then was that I was attracting broke people.
At the same time, I realized that the hardest crowd for me to cater to was people who have never made a dollar in their life 'cause going from zero to $1, I had to fix so many things. It could be their mindset, their beliefs, their attitude, tons of things, but when I started attracting right audiences, my ideal clients, people that already had an offer that converted, some sort of message, some sort of skill set that they believe in.
For those audiences, I could put in minimal effort and help them get maximum results. Number three is whenever you market anything, doubling back down on messaging again is really just two angles. It is said (tapping marker) that people are motivated by either the carrot or the stick, (tapping marker) which is basically pleasure versus pain.
Which do you think is a more powerful force? Do you think people in most cases will move towards pleasure or away from pain? Why do people just stay comfortable even though they could be in pain? It is because it's not painful enough for them to take action.
So, the next thing that you wanna think about is how can you transition your messaging so that it's more towards going away from pain because that's when people are more likely to pay.
If you can find this thing that seriously keeps them awake at night, that they're obsessed about, that's constantly in their mind, and they're thinking about it even when they're having a conversation with someone else. That's going to be a whole lot more powerful than moving towards pleasure.
Once you understand that, (tapping marker) number four is if you are in a market that is extremely red ocean, highly competitive, then the next thing you wanna think about is can you niche down? In order to build this business model, it's highly profitable, it's not about serving everyone.
One of the most common things people have, myths that people think about is they think that in order to make more money, it's about serving more people, and they think it's about serving a broader audience, when in fact, being a generalist and being broad actually weakens you.
It does not strengthen you; it weakens you. So, let's take, for example, Facebook ads. Facebook ads is extremely competitive. There's tons of Facebook ads groups out there. There's tons of Facebook ads agencies out there, digital marketing agencies, so if you were someone that's running a Facebook ad agency, and you try to cater to everyone, you would not stand out.
You'll be drowned in the sea of sameness. However, if you could niche down and say, "You know what? "I just want to help dentists with digital marketing, "and I'm gonna brand and position myself as the number one, "the best, the only logical choice, "the authority that dentists will go to "when it comes to digital marketing.
" Now, that is when you stand out again, and by the way, that's my friend, (bubble popping) Anissa Holmes, specializes in that, and she's amazing at it. Same thing for my friend (bubble popping) Alex Hormozi, who helps gym owners scale through digital marketing, through better retention, totally crushing it. But what did he do? He niched down.
Rather than saying, "I teach everyone digital marketing," he said, "You know what, I'm just gonna help gym owners." Now, think about your market. How can you niche down? Again, specificity. Rather than being broad and being a generalist, niching down would actually serve you because that is when you would stand out again and become the only logical choice in that market.
That brings us to number five. (tapping marker) Can you have a traffic advantage? How can you get people to come to you? How can you get more leads? By having some sort of traffic advantage.
In a market where everybody's running Facebook ads, how can I do things differently? Can I reach out and get more leads and more visibility through a YouTube organic video, like this one? Can I run Instagram swipe-ups, Instagram ads? Should I be going on TikTok, right? How can I get a traffic advantage? Think about what everyone else is doing.
And how can you reach your ideal audience based on a conversation that's already taking place? Your ideal audience is hanging out somewhere. They could be on LinkedIn. They could be on Twitch. They could be on some Facebook group.
They could be on Instagram. How can you create a traffic advantage that will separate you from every other marketer when it comes to acquiring leads as well as sales? Number six, (tapping marker) how can you be number one? I mean, just think about this for a second.
Can you remember who the third person on the moon is? In fact, I don't know who the third person on the moon is. Third person on the moon, Charles Pete Conrad. So, what's the point I'm trying to make? You probably know first man on moon, Neil Armstrong.
Maybe you would know the second, Buzz Aldrin. Most people will never know who number three is, okay. The same thing's happening in business.
Chances are, people might not know who's the number one toy review YouTuber? (fist punching) Chances are, people had known who's the number one in this specific thing, but if you asked them, and chances are, if you did a search on Google, you're probably just looking at the first page.
The point I'm trying to make is nobody remembers who number three is and beyond, and if you can't be number one or two, most likely you're last, and if you have this mentality, then the question you gotta ask yourself is, "What can I "position myself to be the best in the world at?" Even if it's serving that super-small community.
So, for me, it could be, like, I'm thinking, "How can I make this thing to be the best training "for seminar leaders and speakers? "Can I be known as the number one guy for repurposing "and multiplying content? "How can I position myself so that the moment "somebody thinks about multiplying content, "they think of Peng Joon's Content Multiplier Formula.
" So, rather than saying, "You know what? "I wanna teach social media, "which is what everybody else is doing, I wanna be able to niche down and think about what can I be number one in? That brings us to number seven. Finally, number seven, last one is, and this is gonna sound basic, (tapping marker) but it's going to be the one that is probably the most important.
Is this something that you actually love, something that actually matters to you? If you are not gonna get paid for the next three years, 12 months, five years, can you find joy and fulfillment in doing that thing? And I know this is stuff we hear of all the time on social media,
"Oh, you gotta do what you love "and love what you do," but literally, what if I told you that this thing is really one thing that made all the difference for me, when I transitioned to doing something that was meaningful for me, that gave me joy, then work will never feel like work anymore, right, so ask yourself if you want to change your business and run an ultra-profitable business, ultimately, you gotta love what you do.
If not, it's gonna require willpower, and anything that requires willpower is limited, it's finite, and it's only a matter of time before a person quits when they meet the next roadblock or struggle or challenge. So, these will be the seven things.
As always, let me know in the comments below. I would love to hear your thoughts. Make sure you have subscribed to Blog for future Articles like this, and I will see you in the next one.
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