Last updated on February 9th, 2022. Posted in Additional Business Ingredients.
What are the components of online business? Now here, I'm not talking about things like your products and your services, your website, and so on. You know about these things already. Instead, I'm talking more about the parts of online business that are rarely seen and not often discussed...and if you miss some of them, then your business can struggle and not be nearly as profitable as it could be. So here, let's detail out these other, less obvious components of online business.
Here are links and resources mentioned in today's video. Enjoy!
Alright now, there are a handful of these business components...and I actually detailed them out in my book, Online Business Building Blocks, which you can check out if you're interested.
And again, these are the less commonly known business components that often get forgotten, ignored, or passed over...but these can really amp up your business and your profits.
You could think of these as additional business ingredients, if you like.
This first "extra ingredient" absolutely will "make or break" your business...and that's because if you mess this up, people from the government will show up to your house with guns!
Now seriously, while you do have to take your accounting and tax responsibilities seriously, the truth is that this stuff isn't nearly as complicated as you might think. Many, many thousands of people have come before you, so this is a well-trodden path.
I can't offer you specific advice here because rules and laws are unique region to region. But what I will tell you is, contact your accountant and follow their advice -- that's what they're there for.
Next up is customer service. Now most businesses see customer service as an added expense that occurs after the sale, that takes resources away from attracting more sales.
What they miss though is that rather than customer service being a drain, it's actually a function of marketing.
Really great customer service encourages repeat business from happy, satisfied customers who know that they're in good hands when they do business with you.
Here's another ingredient, and this one isn't mandatory, but it can go a long, long way to your business's success: Putting your personality into your business.
The reason why this is so powerful is because we want to work with and do business with people who are like us, who we can relate to, who've been where we are and can guide us to where they are.
There are plenty of examples of businesses who inject personality into what they do, and I encourage you to do the same...
...otherwise, you wind up looking faceless and kinda bland...just like all your competition.
The next business ingredient is your communications. This can be anything from your branding, copywriting, your logo...and really anything else that sends messaging to your market.
Now despite what every copywriter and graphic designer on the planet will tell you...this stuff is sorta important...but not nearly as important as it's all made out to be.
I'm sure you and I could list out tons of examples of businesses who have terrible branding, logos that look like they were designed by 8-year olds, and so on...and guess what?
They're all insanely profitable!
So even though I come from a visual arts and a design background, I know that this stuff is really great to have...but it won't prevent people from buying from you if your product's a perfect fit for them.
Okay next up is handling customer objections. A customer objection is anytime a potential customer raises a concern, a question, or an issue with your product or service.
You know things like, "does it come in other colours?" or "how long does shipping take?" or the dreaded, "why is it so expensive?"
But here's the important thing to remember: Your customer is still there, humming and hawwing over your product.
In other words, they haven't walked away yet. They're thinking about it.
So what's the best way to handle customer objections? That's easy, in fact...
...all you have to do is anticipate them, and have a really good response lined up!
Now of course you can't know all objections ahead of time, but I'm sure you can anticipate most of the common ones you'll get.
Alright, here's your next ingredient: Anytime an economic transaction takes place -- which is exactly what happens when a customer buys your product -- they're taking a risk.
They're risking something that's very valuable and important to them...their money. And they're hoping that your product or service is actually going to give them the results you're promising.
So, they're taking a risk...which is why many of your customers hesitate and don't buy, by the way.
But a great way to reduce their hesitation and concern is to eliminate their risk. And we can do this by offering some kind of money back guarantee.
In other words, something that essentially says, "Let me take on all the risk in this transaction. If my product doesn't work for you, I'll give you your money back."
Now if you were to ask me, the standard 30-day or 60-day money back guarantee is beige, bland, and boring.
This is an opportunity for you and I to come up with something that really cooks, that even becomes a marketing tool.
For example, with Ten Ton Online, we have a "Spaghetti Salad-Proof guarantee," which is over the top, different, and certainly puts my student's concerns at ease.
Now on the issue of risk, again what your customers want most is reassurance. We instinctively don't quite believe everything that businesses tell us.
And that brings us to your next ingredient, which is customer reviews and customer testimonials. Here, people who have purchased from you report back their experience...
...and us business owners can put these reviews and testimonials all throughout our website and marketing materials.
This allows our future customers to hear from people who are just like them, who were wresting with the same problems, who had similar concerns...but who went ahead and bought, and got amazing results.
Last but not least, our final business ingredient is productivity and systems...and this one's huge...
...and that's because there are only 24 hours in a day...less than 8 of them where you and I are firing on all cylinders.
So a great way to get more out of less is through productivity and systems. This means automating tasks and delegating work wherever we can.
This means putting together strict procedures to follow to complete tasks rapidly...whether the tasks are being completed by ourselves or someone else.