Top 5 things I've learned after 4 years online...

45 replies
Hey all,

4 years ago this week I began my journey online. Though I'm not yet a millionaire I can tell you that I've experienced many successes online. I've also seen my share of failures but as the saying goes I have indeed learned the most from them.

This post is intended to give back to the WF as it's helped me and my development greatly over the years.

There are things that I know, things I don't know and things that I don't know I don't know. After 4 years online this list is of the things I know and are true from my experience:

5. At the end of the day it just comes down to numbers

Do you know your acquisition costs? Do you even know what an acquisition cost is? How much revenue does a lead bring in over their lifetime? What is your profit per lead? What is your acquisition payback period?

These are examples of some of the numbers you MUST know in order to become successful. Here's a simple formula for success:

Lifetime value per lead - acquisition cost = Gross profit

Simply put a lead needs to bring in more revenue then what you paid for it to turn a profit.

If you don't generate leads then that should be your first step. Start building a list and generating lead flow.


4. It ALWAYS costs you something to generate a lead

"Free" traffic is a load of garbage. I prefer to call it "0 acquisition lead flow".

Why?

Because I value my time. There's nothing wrong with using free traffic methods just remember that there's always a cost...be it time or money.

Don't fool yourself into thinking that you're getting something for nothing.


3. Get control of your thoughts

The number 1 person that stands in your way is you. Doubt, fear, disappointment and all the other garbage in your head all lies within you.

You are far more likely to talk yourself out of moving forward than anybody else. I know this all to well.

The problem is that when you live in fear/doubt etc. you block your ability to see solutions.

Read up on how to master self talk and learn the art of mental toughness. It will become your greatest asset.

2. Chill out and let the solutions come to you

Far to often I found myself trying to force solutions out. I would say to myself that I'm the leader and I need to find a solution NOW.

That's working out of fear and it doesn't work.

Instead LET the solution come to you. Ever notice that some of your best ideas come to you in the strangest places? I started my first business from an idea I had in the shower.

That's because when you let go you allow ideas to come to you. Ideas that would normally get lost because you're too busy looking.

A farmer at some point needs to let go of the seed in order for it to be planted and turn into bearing fruit.

1. For god sake, figure out what your lifetime lead value is

I know I already mention this before but it's very important.

YOU NEED TO KNOW WHAT A LEAD IS WORTH TO YOU

If you don't figure out this key metric then you'll never really know how much you can pay for a lead.

People loose their shirts everyday on Adwords campaigns because they don't know what the max they can pay for a lead is.

Figure out this number and focus on growing it. The DNA of a business is to profit and if you don't know the lifetime value of a lead you can never figure out what your profit is.


To be honest I've learned a ton more than this but these are some of the bigger ones to look out for.

I hope this helps,

Brandon
#learned #online #things #top #years
  • Profile picture of the author Alex Blades
    Subscribed to the thread incase I need to send someone here for motivation
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  • Profile picture of the author moneyblogger1
    I forgot to add one more thing. Let's call it 1a:

    1a. Abandon the belief that your business is "on the verge of exploding!"

    Believing this has cost me some cold hard cash. Looking back I always believed that we were just about to explode...if we just did one thing here or there we strike it rich.

    Not true.

    I laugh now as I think about this because even in year 1 I often thought I was "just about there". The truth is that I was still miles away from anything big.

    Aim for consistency. I'll take the person who puts in consistent hours and consistently works at getting better any day.

    It's easy to work when you're excited.

    It's easy to work when you feel like it.

    The true champion is consistent and that requires working during all periods of time.

    Thinking that "big results are just around the corner" is a lottery mentality. Instead commit to consistently getting better and taking action.
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    • Profile picture of the author AlexCN
      This is a really good point, and one that I think all marketers go through. Sure, there are some that have astounding success right out of the gate, but these are few and far between.

      Thanks for the post.


      Originally Posted by moneyblogger1 View Post

      I forgot to add one more thing. Let's call it 1a:

      1a. Abandon the belief that your business is "on the verge of exploding!"

      Believing this has cost me some cold hard cash. Looking back I always believed that we were just about to explode...if we just did one thing here or there we strike it rich.

      Not true.

      I laugh now as I think about this because even in year 1 I often thought I was "just about there". The truth is that I was still miles away from anything big.

      Aim for consistency. I'll take the person who puts in consistent hours and consistently works at getting better any day.

      It's easy to work when you're excited.

      It's easy to work when you feel like it.

      The true champion is consistent and that requires working during all periods of time.

      Thinking that "big results are just around the corner" is a lottery mentality. Instead commit to consistently getting better and taking action.
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    • Profile picture of the author Freedom Media
      Originally Posted by moneyblogger1 View Post

      I forgot to add one more thing. Let's call it 1a:

      1a. Abandon the belief that your business is "on the verge of exploding!"

      Believing this has cost me some cold hard cash. Looking back I always believed that we were just about to explode...if we just did one thing here or there we strike it rich.

      Not true.

      I laugh now as I think about this because even in year 1 I often thought I was "just about there". The truth is that I was still miles away from anything big.

      Aim for consistency. I'll take the person who puts in consistent hours and consistently works at getting better any day.

      It's easy to work when you're excited.

      It's easy to work when you feel like it.

      The true champion is consistent and that requires working during all periods of time.

      Thinking that "big results are just around the corner" is a lottery mentality. Instead commit to consistently getting better and taking action.
      Hmmm, ah yes, this looks irritatingly familiar!
      Yes, I've certainly been here...thinking I'm about to make some huge stride...end up very disappointed and usually takes me months to get back into gear.
      I think I'm finally over this...
      Consistency - It just works!
      ~Natalie
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    • Profile picture of the author easyincomeguide
      Thanks for your valuable 5 experience that you share. I think its beneficial for both of old people and people who involved with IM.
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  • Profile picture of the author JasonBennet
    Thanks for sharing the 5 valuable experiences. I agree with you that knowing the numbers in our business is very important. For instant, doing the work to increase 1% in sales conversion means that I will be doubling the profits. It is worth to track the numbers so that I will know whether the things that I have done is correctly or not.
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  • Profile picture of the author Gengis
    Figuring out the lifetime lead value is HUGE! Thanks for the post man!
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    • Profile picture of the author moneyblogger1
      Hey Gengis,

      I agree 100%. In my opinion it's the only true way you can calculate ROI per lead. Which, at the end of the day, is the most important thing...


      Originally Posted by Gengis View Post

      Figuring out the lifetime lead value is HUGE! Thanks for the post man!
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  • Profile picture of the author Kate Luella
    Yeah, good old fashioned hard work isn't it. So many people say "work smart, not hard", but it's way more than just being smart... thanks for the tips!

    Kate
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    • Profile picture of the author moneyblogger1
      Originally Posted by Kate Luella View Post

      Yeah, good old fashioned hard work isn't it. So many people say "work smart, not hard", but it's way more than just being smart... thanks for the tips!

      Kate

      Hey Kate,

      I think it needs to be a combination of both. You need to work both hard and smart.
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  • Profile picture of the author c0de
    80% of your profit online comes from 20% of your business.

    And,

    80% of your stress comes from 20% of your work.

    Just focus on quality not on quantity and eliminate less profitable task (The 80/20 Rule).
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    • Profile picture of the author moneyblogger1
      Hey c0de,

      Good point. I never thought of it that way. I can already think of the 20% that's causing the stress

      Originally Posted by c0de View Post

      80% of your profit online comes from 20% of your business.

      And,

      80% of your stress comes from 20% of your work.

      Just focus on quality not on quantity and eliminate less profitable task (The 80/20 Rule).
      Signature

      Suck a video? Hate creating them? Let us do it for you. Get a custom video for 1/10th the industry standard price: http://www.angulusmarketing.com/Video.html

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  • Profile picture of the author mstrmindmktg
    Fabulous! Thanks so much for sharing your experiences.
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  • Profile picture of the author TanyaRebrov
    Good thing I read your story from start till the end, especially number 4,
    4. It ALWAYS costs you something to generate a lead
    Paid traffic is always targeted, and that is by far the most effective method to bring the best customer to view your landing page. Cheap people will gamble their page view by letting unrelated people view their site. Well, you have to pay the iron price to get what you want. Cheers.
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    • Profile picture of the author FredJones
      For many, they have more time at hand and less money. So they would not use the paid route.

      "Cheap" traffic is not necessarily "gamble" - it depends upon whether your definition of "cheap" is and how the traffic has been obtained (other than paying money, there can be many ways to get traffic free from direct monetary cost). And if you literally meant "cheap people" by that then I don't have any comment there!!

      Originally Posted by TanyaRebrov View Post

      Good thing I read your story from start till the end, especially number 4,
      4. It ALWAYS costs you something to generate a lead
      Paid traffic is always targeted, and that is by far the most effective method to bring the best customer to view your landing page. Cheap people will gamble their page view by letting unrelated people view their site. Well, you have to pay the iron price to get what you want. Cheers.
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  • Profile picture of the author Heart Cardio
    Great post. I never allow myself to feel that my business is going to explode. I just feel that if I do feel this way, I am doomed for failure.
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  • Profile picture of the author Malcolm Thomas
    A very solid post and one that can help benefit many people positively.

    At the end of the day it really does basically come down to numbers. How much profit are you actually producing. Great post.
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  • Profile picture of the author Tanya E
    Great post, especially the way you have reversed the order of your five points!

    The true value of a lead is something that most people miss out on. Once you have a lead it is up to you how you use the lead - whether you build a lasting relationship or use it to only push offers frequently.

    If you can build a relationship your leads will follow your recommendations for a lifetime.
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  • Profile picture of the author ymest
    Excellent motivational piece, especially on a Sunday night....when the blues kick in!! Arfff!! Thanks, Dude!

    Have a nice week!

    Yoan
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  • Profile picture of the author writeaway
    Great list. I would like to add my #1 item: INTEGRITY IS THE KEY. If you treat others like how you would want to be treated, you will go far in this industry. It's not the law that sets your limits, it is your personal morality. You reap what you sow so if you want to reap abundance, sow abundantly.
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    • Profile picture of the author moneyblogger1
      Hey Writeaway,

      This one goes without saying. If you have to tell someone to have integrity then they are probably the wrong person to be around

      Originally Posted by writeaway View Post

      Great list. I would like to add my #1 item: INTEGRITY IS THE KEY. If you treat others like how you would want to be treated, you will go far in this industry. It's not the law that sets your limits, it is your personal morality. You reap what you sow so if you want to reap abundance, sow abundantly.
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  • Profile picture of the author higherluv
    Yeah, all of these are essential principles to follow.

    Controling your thoughts is very important - esp to convert your mind from the "I'm stressed and I need to get rich quick" to "let's be patient and create a lifelong business"

    Forcing yourself to come up with ideas is counterproductive. Like you say, you must let the ideas come naturally. Intuition can come anytime. So I like #2.

    Lots of cool advice.
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  • Profile picture of the author John Ralph
    Good stuff as they say time is money
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  • Profile picture of the author erwin78
    Hi everyone,

    And thank you for good piece of advice and motivation

    If you will act to make your dreams reality
    You will achieve them!

    Thank you and let's do some work to our success


    All the best

    Erwin
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  • Profile picture of the author HzCy
    Very good tips, have nearly the same after a few years of marketing now

    But thanks for sharing.
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  • Profile picture of the author FreshAndThemes
    Great post and quality information!
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  • Profile picture of the author RachelLily
    thanks for the info. i'm done with step 1, and now going to face step 2. lol hope I will be successful too like you are.
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  • Profile picture of the author webmonopoly
    The value of a lead? You only need to know that if your paying for traffic no? How am I suppose to relate this to the time I'm putting in for "non payed" traffic?
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  • Profile picture of the author webmonopoly
    1 lead = 1 min, which brings me 1 possible profit? I'm highly confused
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  • Profile picture of the author Sue McDonald
    Good post. If you ask most people what they want by working online the answer is usually something like "I want to make money online." Very few will answer you with "I want to build a successful business inline."

    That is the mane aim to build a business and therefore treat like a business. If you want to work full time online you must treat your work as if you are the CEO of your business.
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  • Profile picture of the author rmolina88
    All of this holds true and great post.

    There are no push button solutions and all of this must be treated like any real business.
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    • Profile picture of the author moneyblogger1
      Hey Rmolina88,

      It's true...treat it like a business and it will eventually pay you like one. Treat it like a hobby and it will also pay you like one.

      BTW - I read your post about the email marketing...it was awesome. I've already adjusted my autoresponder

      Cheers!

      Brandon

      Originally Posted by rmolina88 View Post

      All of this holds true and great post.

      There are no push button solutions and all of this must be treated like any real business.
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  • Profile picture of the author EmilyAbbott
    Banned
    that is quite an impressive experience you are sharing here with us :-)
    And as you said, it is as important to share failures as well. I think if we manage to deal with each failure and make the best of it by acknowledging where things went wrong, it would be an important step to success :-)
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  • Profile picture of the author EPoltrack77
    yeah, how can you be successful working just an hour a day! Sorry but that type of advertising is wrong. Refunds are high I bet. You need to work your tail off but the good news is you can take day's or even weeks off if you wanted too. Also if you truely enjoy what you are doing you will spend more than just an hour doing it on most days. Sure my money making activities consist of about hour and half to two hours but I work a lot more than that to be successful at something.
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  • Profile picture of the author mikeac
    Good post I especially liked "3. Get control of your thoughts"

    I am a firm believer that mindset plays a very crucial part in obtaining success. One has to change their thoughts, and once those thoughts change taking action to achieve your goals will come naturally.
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    • Profile picture of the author catcat
      It really is all a numbers game. Once you figure out your stats you can work towards always improving them. Tracking and testing is the key!

      I love working the numbers game because it puts you in full control of your business. If the numbers aren't looking great you can modify things to make them swing the right way.



      Cathy
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  • Profile picture of the author Alpha123
    How would you work out the lifetime lead value?
    Especially if your a newbie like me?

    Lead - your product + any other potential products you create?
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  • Profile picture of the author jbsmith
    One huge lesson I learned early on in my business career...

    Work on something you love, at least if it doesn't work out you are still having FUN!

    Oddly enough, whenver I follow this advice it WORKS out, when I don't, it doesn't

    Jeff
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  • Profile picture of the author David Sneen
    Just get a:

    RoundTuIt!

    First, you have to create a name for yourself...next find a product or service to sell....next get started selling.

    Each step requires a:

    RoundTuIt!
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    that determines what you will be able to
    do when everyone is watching.
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  • Profile picture of the author MKCookins
    Excellent Post!

    I too agree number 3 is huge. Too many give up either due to fear, doubt or disappointing. When trying make money online - first realize it will take time and work, and nothing comes easy.

    2nd consistency and integrity are a big key factor. Treat this like you would any other job putting 8+ hours in every day and always deliver solid value to help people out. Doing these two tings alone - is what can determine if you fail or succeed online.
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  • Profile picture of the author Michael Ten
    Great advice, OP. Business really can just be boiled down to mathematics, quite often, it seems.
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