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I’ve recorded a short 5 minute video because I wanted to share something that is on my mind, that has made a pivoting impact on our business and I believe could be seriously helpful for you and the direction you’re leading your business. Take some time to watch it now:
What I mean by the internet is maturing is that I see it as a teenager and that excites me! The reason it excites me is because people are online in droves, there’s absolutely no shortage and they’re ready to buy, they’re comfortable doing so.
What we do know, and I’ve been saying this for a while now, is that the of traffic is continuing to rise and it’s not going to be any cheaper then it is right now.
The Commoditisation Trap…
So, we know traffic costs are rising. What we also know that thanks to more and more competition, the sale prices of physical goods is decreasing… So we have something that looks like this:
If you’re relying on buying your customers, that may work for you for next few years IF you have some very sophisticated marketing funnels supporting you in the background, e.g upsells, downsells, email follow ups, one time offers and more.
I don’t believe that is going to be a true win for you long-term.
You may have heard previously me speak about this concept of “Plant Now Harvest Later”. I believe the internet has truly made this a difficult one because in recent years, and still in some cases, it’s been like a cash-spitting machine. You put a $1 in and it spits $7 out type thing, we’ve seen this often for our clients. But it’s not going to be like this forever.
It’s so important to be thinking long-term strategies that are going to see you profitable in the future without having to rely on ‘buying’ customers through media as much.
Start asking yourself, have I built or acquired a sticky site (an authority blog/podcast/info site) that is going to bring my business millions of customers without having to buy them through media channels?
Start thinking what markets do I want to be in long-term and can I build a amazing media property that is going to attract the hundreds of thousands or millions?
I hope you get some great value from what I’ve shared, I know for us we made a quick pivot in the direction we were heading so that we could start planting in the right market so we can harvest profitably in the future long-term. Maybe it’s a season of pivoting for you too.