Expansion in all opportunities
Look for Opportunities for Expansion If you’re like many new business owners, your enterprise relies almost entirely on a few concentrated sources of traffic and buyers.
Outside of this fixed pool of buyers, it isn’t clear to you how you might expand your business, scale it up, and bring in more profits as a result. For the time being, you might think this is fine for expansion.
But once you’ve expanded to your business’s maximum size within this pool of customers, you’ll need expansion so keep an eye open for opportunities to expand and market. For starters, consider each of the following marketing strategies for locating new leads:
Expansion with different tools.
1. Banner ads 2. Pay per click ads 3. List-building 4. Social media, such as Facebook and Twitter 5. Viral videos 6. Product giveaways 7. Joint ventures 8. Firesales 9. Paid email advertisements 10. Print advertisements 11. Free reports 12. Creating an affiliate program 13. Blogging 14. Forum posting 15.
Expansion with Joint Ventures
Article marketing -you have many options for expansion . And it may be the case that none of these is the best for you, but at a bare minimum, you should consider each. You should also pay especially careful attention to new channels through which you can market.
For instance, viral videos and social media marketing expansion have become two powerful channels for driving traffic to websites. Even if you don’t feel comfortable using these channels yourself, you could hire a freelancer from upwork.com to do the work for you.
At the end of the day, your open-mindedness, flexibility, and willingness to consider different advertising channels will reward you with constant growth while other businesses plateau or stagnate.
Seek Out Talented expansion JV Partners, we spoke about outsourcing work that you don’t feel competent to complete yourself. Another way in which you can do this is to form a joint venture partnership with someone who has different skills or resources and both will see expansion.
For instance, let’s say you own a site that provides resources for dog owners. You might have an excellent product for dog owners, but no list to audience to market it to. As a result, you don’t move your product; and you don’t make profits.
Now, if you’re willing to venture outside of your comfort zone, you might be able to make thousands of dollars. And all you have to do is propose a joint venture partnership that involves your resource to a pet site that generates traffic, but is in need of a product to sell.
Start by making a list of these sites. In particular, look for any site in your niche that generates a lot of traffic. You can do this by performing a simple Google search and seeing what organic and sponsored results show up on the first 1-3 pages.
You can also check Alexa.com ratings for sites you are already familiar with to find out whether they receive a lot of traffic. Once you have your list of sites, sit down and decide how you want this joint venture to work. If you’re bringing nothing other than a product to the table, you won’t want to ask for too much in your proposal.
After all, they have the customer base. As an example of what you might do, consider the following joint venture proposal letter: —————-
Dear Tom, I recently discovered your site, www.fakesite.com, and noticed that you provide your visitors with high-quality resources and products. I’m contacting you because I’m planning to launch a product in the near future and wondered if you are interested in participating in a joint venture partnership.
Specifically, I’m planning to launch a new product, which I will release only to my readers and the readers on one more site. If you’re interested in working with me, I will select you as the sole additional distributor and allow you to sell it at an 80% commission.
Let me know if you’re interested. If so, I will send you a copy of the product, as well as more information about my launch plans. I look forward to hearing back from you. Sincerely, Jeff Thompson ————–
Again, the particular form of the letter is not critical. The most important part is that you make an effort to start contacting people, pitching your role as a JV partner, and finding good matches for your expansion plan.
Make it Easy for Others to Help You No matter what you’re doing with your business, it’s always a good idea to remind yourself that you should make it easier for others to help you.
After all, the easier it is to help you, the more people will do it. Take for instance affiliate programs. A casual browsing of www.clickbank.com will make it obvious that you have thousands of different affiliate programs you can promote.
But when it comes to selecting a program, which one will you choose? If you’re not terribly worried about making money, you might just pick any program at all. If you’re profit-oriented, you’ll probably spend some time making a careful choice.
You’ll probably consider: 1. Whether a product is relevant to your site’s niche 2. Whether the product has a history of converting and is popular with affiliates, as given by Clickbank’s rating system 3. Whether the product pays a large commission And last, but perhaps most importantly, you will consider the convenience of each affiliate program.
For instance, you will check to see whether they have pre-made text ads, pre-made banner ads; and whether they provide lists of relevant keywords for PPC advertising.
You will also look for a program that provides additional sales materials, such as squeeze page code and salesletters…all stuff that would make it easier for YOU to make a profit.
Keep this in mind when trying to get others to help your business do well. Whether you’re doing this through viral marketing campaigns, an affiliate program, or joint venture marketing, make it extremely easy and virtually costless for them to promote you. The better you do this, the better your exposure will be.
Find Ways to Generate Leads As a rule of thumb, spend at least 50% of your time each week trying to generate new leads when your business is new and unprofitable. Once your business expands to become profitable and to maintain a steady customer base, aim to spend at least 15% of your time looking for new sources of leads.
Once your business becomes successful, it is very tempting to ignore new leads and to focus on shoring up consistent profits with your customer base, but in the long run, this is the model of a dying business.
For expansion, you need new leads and new sources of leads, so find time during each week to make sure you do this. If you feel like you’ve run out of good ideas for generating leads, spend some time spying on your competition to find out what they do.
There’s a good chance you’ve overlooked some of their most profitable sources. Join Forums and Contribute While paid forms of advertising can be highly effective and targeted, one of the best ways to promote your business is through the passive approach of posting on forums and blogs and be prepared for expansion.
The goal here is to make yourself useful; and to make an overt attempt NOT to sell anything directly. As you build rapport and as people come to appreciate your posts and advice, you will want to use very subtle ways to make your business grow.
These methods include, but are not limited to, the following: 1. Create a high-quality report and give it away for free. No matter what niche you sell in, forum readers will appreciate this…especially if your content is good.
In order to get some kick out of this approach, be sure to include links to resources on your site in your book. Also, include links to the opt-in page for your list. 2. Include a signature with each of your posts that explains who you are, in which areas you are an expert, and why people should contact you. Also, include a link to your site, your product, or your list.
Become a moderator on the forum without asking for anything in return. This will involve a little bit of sacrifice on your part, but it will pay off in terms of the credibility and authority you gain among members of the forum expansion.
If you’re not sure where to start, simply do a search on Google for “niche” + forum, where “niche” equals your industry/topic. Most importantly, do not show up on a forum with the express purpose of reaping a profit and then taking off.
If it becomes clear that you have no interest in contributing to the community, forum members will be unlikely to respond well to you if you they don’t see any expansion in their business.