Becoming a "creator" and building a digital business is a skill-set. A skill-set that you can learn and build on month after month. It's important to address perspective though, it's a learning curve we work with you on step by step!
The video below is a fun and informative clip from Gary Vaynerchuk (a multimillion dollar media entrepreneur who specializes in social media optimization). What he touches upon is that its easy to make a workout video, ebook and post on Instagram. Anyone can do that. What's difficult is building a business around this content. This is where sales and marketing come into play.
You have to learn how to engage with your customers, stay consistent, and create a sales and marketing strategy in order to run a sucessful online business.
To start, you need to understand how to measure success depending on your seller type. If you plan on being a “Power seller” or “Side income seller” then here are a few rules of thumb:
- The first 30-90 days you should experience a shift in the growth and engagement on your Instagram > this is the main way you'll measure success!
- Are more and more people tagging you on their Insta photos and stories?
- Are you getting more comments per post?
- Are you getting more DMs?
- Are you staying consistent with your marketing strategy?
- The first 60-90 days, your Free Trials and Subscriber Count should be growing
- Day 90+ you should see steady subscriber growth as you become more educated on sales and marketing best practices
- 6 months in, you should have the digital game down with a clear path forward
- You’re thinking about creating more content
- Distributing your content on other platforms like Facebook, Twitter and Email
- Consider getting an intern or assistant to help you expand
While there is no right or wrong answer, it can be helpful to determine what type of seller you are. For instance, some creator's start their Channel with the goal of growing it as much as possible. Others use the app to simply supplement their current client offerings. Regardless of your motives, knowing what type of seller you are allows you to build your habits around your seller type and goals.
There are 3 main types of sellers on our platform.
1. Power seller - A power seller is someone who is willing to put in the time and effort that is necessary to grow their digital brand. They'll likely want their Channel to become a main part of their income and are willing to do whatever it takes to get there. The key to becoming a power seller is recognizing that you have a lot to learn! Stay humble, don't be discouraged, and be ready to hit the ground running! You got this!
- Growth mindset - You have a desire to learn how to sell online through training, studying best practices, execution, as well as some trial and error paired with listening to market feedback.
- Consistent - You have to develop a routine or habit around your business. There are activities you should be doing 5-7 days a week on a consistent basis.
- Hustle - You have to be a “go-getter”. You'll need to be positive and optimistic about your success, willing to build relationships, and willing to experiment and try new things.
- Evolve & Reinvest - You'll have the ability to evolve to a very high level, depending on your level of ambition. The top digital players reinvest their cash into their business - hire more people, offer more content and products, keep taking your business further and further.
- Empathy - Your content, marketing and time is less and less about you and more and more about your customers, fans and followers! Don't forget it!
2. Side Income Seller - A side income seller is someone who is looking to earn some extra cash every month or to offset having to see more clients during the week. This is someone who's content with their current career and wants to diversify their income stream.
- Consistent - You're not “super” active, but pretty active. You publish content from time to time on a pretty consistent basis.
- Passive engagement - You engage with customers a few times throughout the month, but aren't focused on it every day or week. You take a more passive engagement (it comes to you) rather than a proactive approach (you go after it).
3. Selling For Someone Else - Many of the Partners on our platform use their Channel to improve their service offering to current clients. For these partners,Playbook provides a seamless, low cost product for clients who are on the road or can’t make it to their appointment. This type of seller is not too focused on the income aspect of a digital business but rather, focuses on client satisfaction and amplifying their current business offering.
Measuring Success & Your Business By The Numbers:
When you first launch your business two things will happen. (1) You will get a surge in subscribers from your closest followers and (2) other followers will sit on the sidelines to see if this is “just another” promoted relationship. As you continue to show that you genuinely care about this product and the people who use it, your subscriber traffic will start to pick up, word of mouth will spread and your Channel will really start to take off.
To get a better idea for how many subscribers you can expect during the initial stages, estimate your followers using a conversion ratio. A conversion ration is essential a percentage that you apply to your followers to determine how many of your followers will subscribe to your Channel.
As a beginner, a conversion ratio of 1% is probably the most accurate (.50% to 3% is a good range, use your intuition). To forecast your subscribers use the following formula:
Estimated subscribers = # on email list and following you on social media x conversion ratio (1%)
Estimated Subscribers: 10,000 followers x 1% = 100 estimated subscribers
Estimated Income: 100 subscribers x $5 per subscriber = $500 per month/ $6,000 per year
Our goal is to get everyone to a minimum of 100-200 customers per month. This goal is highly achievable, especially for those who are willing to read and implement out training program.
Remember, there are millions of customers waiting on the sidelines--they just need a little effort on your part to get in the game!
50 customers = $250/month or $3,000 per year
100 customers = $500 per month or $6,000 per year
250 customers = $1,250 per month or $15,000 per year
500 customers = $2,500 per month or $30,000 per year
1,000 customers = $5,000 per month or $60,000 per year
2,500 customers = $12,500 per month or $150,000 per year
5,000 customers = $25,000 per month or $300,000 per year
Selling on digital is a skill that can be acquired by anyone will some time and education. Don’t get discouraged if you start selling and customers are not immediately flying through the doors. There will always be opportunities to improve your selling strategy through our online education platform. Keep reading, practicing and implementing the strategies we provide you and you will become a selling pro in no time!