Last updated on January 3rd, 2021. Posted in Find Your Business Niche.
A lot of folks -- especially those new to online business -- get hung up on all the wrong things. Specifically here, what I mean is what could be called "vanity metrics."
Here are links and resources mentioned in today's video. Enjoy!
Vanity metrics are things like views, likes, shares, traffic, and so on. But will more views, likes, and shares make your business profitable and successful? Maybe...but there's something that's much more important.
What could possibly be more important than views, likes, and shares? For an online business, SALES! Sales are far, far more valuable than any other metric. Remember, "Sales cures all, right?"
And how do sales come? There are many factors, however a big one is an engaged audience. See, as online business owners, we don't need a huge audience of hundreds of thousands of followers to be successful.
In fact, there are a near unlimited number of examples of people who have hundreds of thousands of followers online...who have no idea how to monetize or become profitable.
So rather than a big audience, what we really need is an engaged audience! Think of it this way: At the time of this recording, about 4.5 billion people (a little over half the world's population) is online.
That's a lot of people. And we know that in the coming years, more and more people will be coming online, right? And while the numbers are hard to wrap our heads around, here's some numbers that'll mash your brains even more...
If just 1% of people who are online bought from you, you'd have 45 million customers! Can your business handle that kind of capacity?! Probably not. That's way, way too many customers!
So in order to build an online business that supports your ideal lifestyle and allows you to continue to do work that's fulfilling to you...
...that allows you to continue serving the sorts of people you want to work with day in and day out...really, you'd just need a tiny fraction of a fraction of the number of people online.
How many, specifically? It's hard to say because it depends on how many products you'll offer, what your pricing will be, and many other factors.
But I'd hazard a guess at somewhere between 250 and 2,500. Yeah really, that few. That's not that many people. That's a teeny-tiny town.
Hope you enjoyed. See ya next time!