If you’ve been successful with online marketing already, you’ll know what I’m talking about but because this lesson is so important I thought it would be valuable to quickly review what a full-stack business is.
Let’s talk about the 3 components of a Full-Stack business:
Phase 1: Indoctrination
Phase 2: Trust Building
Phase 3: Monetization
Let’s begin with Indoctrination.
While this word can have some negative connotations, at its core, to indoctrinate simply means to “teach thoroughly.”
During this phase we aren’t asking for any money - we’re providing pure value.
This is the phase where we offer a free book, free emails, free videos, and free instruction on how someone can go about starting an online business.
Now, just because we’re teaching at this phase doesn’t mean we’re sharing all of our secrets…
Instead, this phase focuses on piquing our reader’s interest.
That’s why we give away free books like “The 8 Figure Funnel Formula” or “3 Reasons NOT to Start an Amazon Store.”
They won’t teach you everything, but they’ll get your attention, steer you in the right direction, and provide value at no cost to your readers…
This value leads them to take action in phase two.
Trust Building
In this phase we’re selling an inexpensive product and OVER delivering on value.
Perhaps an online training course for $7 each month
For such a small fee your students will have access to step-by-step training modules, maybe a free book, possibly a private Facebook Group.
Now while you can certainly make some profit in this phase, the focus of this phase is making your customers feel like VIP members for what they get in your program.
They dish over $7 (or perhaps $97 for lifetime access) and get an insane amount of content and training that typically only comes from expensive programs.
The result?
Your customer should be HOOKED…
They should feel like they can TRUST you.
And because they trust you, you’re ready to move them to phase 3…
Monetisation
This is where we really begin to earn some profit.
In this phase, your customers are beginning to buy the software tools they need, additional training, and masterminds to take their business to the next level.
The reason they feel comfortable spending this kind of money with you is not just because those extra products are necessary to them. It's because you’ve earned their faith…
By this phase you have a rapport with your customers, you’ve built a level of trust with them…
So they feel comfortable giving up their hard-earned money.
So my encouragement for today is to ask yourself where most of your customers are…
Maybe they’re in phase one, they’re sitting on your email list and they haven’t purchased anything yet…
Ask yourself,
- “What can I do to indoctrinate them better?”
- “How can I better understand their pain points and needs?”
- “How can I better pique their interest?”
And the best way to do that is to ask them directly about their goals or what their biggest struggles are.
Ask them in one of your email blasts…
Or better yet, hit them up one by one (yes, I said one by one) in a personal email so you know it goes directly to their inbox and you can use their first name.
If they’re in phase 2, meaning, they’ve purchased the program but nothing more…
See if they’re taking advantage of the value they’re receiving…
Are they keeping up with the step-by-step training?
Are they asking questions in the group when they’re stuck?
We like to call this process “moving people through the funnel.”
Sometimes, we take it for granted when this happens naturally, but often, we need to do it manually by reaching out to those who are stuck or quiet.
To Your Success!
Steve.
Master Online Entrepreneur
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