If you are in the information business, proclaim yourself as their information source...as their data detective. You can follow them for life and refine and adapt your database to their changing lifestyle needs. In the early eighties the baby boomers on my data base wanted nothing down real estate. But as they moved through the decade they became consumers for dozens of other information products such as:
How to invest/make money
How to find bargains
Mid life crisis counseling
How to make 200% per year in the stock market
Making a fortune on the Internet
By tracking their needs, as their information detective, I am able to supply to them what they need at all the various stages of their life. Once they are in my funnel, I try to keep them there forever.
Just how quickly can you turn an idea into cash?
Well, having established this foundation, let's explore a 12 step Getting Started Action Plan so you can get some cash flowing into your life. Do you remember the definition of a straight line from you days in math class? It is the shortest distance between two points. So what is the definition of a money line? It is the shortest distance between an idea in your head and a check in your mailbox. Suppose you wanted to see how fast you could turn an idea in your head into cash. What would the actions steps be? There are at least 12 of them:
12 Step Surefire Getting Started Action Plan
Step One. Identify/create a database that matches your P/E ratio.
If you want to prosper in the information business for a long time, you should be marketing information that matches your passion and your expertise. I call this the P/E ratio. It is possible to market information that you are not passionate about. But at the very least you should be an expert in that subject. Conversely, it is possible to market information that you are not an expert in....but at the very least you should be passionate about it. Better, of course, to be a passionate expert.
Let's suppose your subject is making money fast..... a subject that you are passionate about and have some expertise in. You would like to share this information with the world and make millions doing it. The first step would be to find a data base of people who have shown an interest in money. By exploring the Standard Rate and Data Survey publication at your local library you can see lists and lists of publications, newsletters, magazines, etc. that cater to people who are interested in making, saving and investing money.
By consulting with one of the many list brokers advertised in Direct Marketing magazine or from a referral source, you try to identify a current mailing list of potential customers for your information. The characteristics of this mailing list should match what we discussed earlier: your audience should be a large and growing school of fish that is hungry and ready to be whipped into a feeding frenzy.
If you have an existing data base of your previous customers, you should probably test your new idea on them first. But if you are starting from scratch, then you'll have to build a new database from the names of your closest friends, family members, the groups or associations you belong to, your co-workers and anyone else you meet for the rest of your life. ( Other than finding and keeping customers, the most important function you must perform as an info-preneur is to constantly build your database.)
Using your current customer data base or a cold list, as selected by your list broker, you need to determine the profile of your ideal customer. Who is your target audience? How old are they? Where do they live? What are their interests? What magazines do they read?
Of course, the Internet is the hottest place to build your own database rather than rent one. Notice how we acquired your name. You must have visited my site and requested to receive my netletter along with 3 special reports. I hope you’re enjoying the free information. I’ve tried to give great value for you click. Every time people request the free information, I acquire their e-mail address. And periodically, I send out a special netletter packed with more money making ideas. This builds a loyal customer base that has specifically requested information about my subject….how to make money.
I’ll never forget when the power of an internet database was demonstrated to me for the first time. A colleague came to my house to show me how to make money from the Internet. I was expecting it to take days….but I was astounded with what happened. He typed in a short message to his growing e-mail subscriber list offering to sell them one of my tape packages….normally priced at $60….for only $30…half price. I agreed to the low price as a test….realizing that at this price my costs would be covered and I could still earn a modest profit. He sent the e-mail to a small list of his Internet newsletter subscribers and within seconds, the orders started pouring in……people giving their credit card numbers in their e-mails wanting the special offer. I was amazed….it was so easy.
The power of building an internet data base is that most people will NOT be interested in your offer at any given time….but that a tiny percentage will be VERY interested. Suppose you have a list of only 1,000 people. What kind of response would you need to make $1000 a day. Only one person in a thousand to buy your $1,000 hands-on training, two people for your $500 home study course. 4 people for you $250 special package deal, 10 people for your $100 kit. You only need a 1% response rate!!!!!! And the larger your list, the more money you make……or the lower response you need in order to make at least $1,000 a day!
The key is the list. Now, you are on my list. Eventually, I’ll offer something that is so enticing, so valuable, so interesting to you, so rare that you, too, will want to be one of the few who take advantage of that week’s special offer. And we’ll both win.
So, how do you create such a list?
Step Two. Discover what information is vital to your chosen database.
This is called market research. Just what do your customers want? Have you ever asked them....called them up on the phone? Are you trying to sell them what they want or what you think they need? Ask. Ask. Ask. Find out what information is vital to them and how they want that information.
There are many levels of information. At which level do your customers want to be informed?
Do they want raw data? (i.e. the number of foreclosures in Los Angeles County or the number of cars on the freeway at rush hour.)
Do they want preliminary information? (i.e. A special report on the main causes of cancer in females over 50 and how to prevent it.)
Do they want in-depth know-how? (A complete home study system on how to raise happy and healthy children.)
Do they want skills training? (A hands-on experiential 5 day training on how to be a successful public speaker.)
Do they want personal consulting? (Toll free or face to face coaching on how to invest your personal money in stocks.)
The deeper the level of information, the more expensive the product. How much information do the want? How much are they willing to pay? These are all important questions and you would do well to ask these questions to a hundred people before you ever put your fingers to the typewriter keyboard.
Step Three. Discover who is already providing information to your database.
Ask your target database where they are currently obtaining their information. Your objective is to discover who are the top information providers in your subject. Who are the best? They must be doing something right. Make a list of the top 5 information providers.