Introducing Online Business Mastery Framework for Your Online Business Success
During the early days of my online business development, I asked myself this question: “Is there a framework that I can stick to, that would guarantee me online business success over and over again”? While I could find discussions around online business ideas and short-term tactics, but nothing that would take the guess work out of this process and would help me become a serial internet entrepreneur. If you are like me and passionate about online businesses, then I have some good news for you. My real-world experiences, insights and my never-ending desire to help others, have led me to create industry’s first Online Business Mastery framework. Now, for those of you who don’t know me, I have been successfully operating multiple online businesses for the past few years.
The Online Business Mastery Framework will help you build awesome private label brands, generate more leads, sales, and profit using less time and resources.
Now, before we get down to the details, I wanna make it super clear that this is NOT some get-rich-quick scheme. If you consider yourself a dabbler who likes to jump ships from time to time without strong commitment to MASTERY and SUCCESS, then this is NOT for you. Based on my self-development philosophy, I am a strong believer that nothing worth having in life can be created without having a strong sense of Purpose and Willingness to put in the required work upfront as opposed to looking for shortcuts.
This framework captures everything you need to know to get started, grow and scale your online businesses. I guarantee, that you would find this immensely helpful whether you are a newbie who’s tinkering with online businesses as sort of a side-hustle or a seasoned full-time internet entrepreneur who’s turning over a six or seven figure income. The principles and practices discussed in this framework apply to small businesses, online or offline and even startups.
The Online Business Mastery framework consists of FOUR key areas that you need to absolutely master for long-term success. So What are they? They are OFFER, TRAFFIC, CONVERSION, and SUPPORT SYSTEMS.
It all starts with an offer. OFFER means a product or a service that you provide to your target market. Now, these products or services could be your own or you could be promoting other people’s products as an Affiliate where you earn a piece of the profit for each sale that you help make. Now, no matter how great your product or service is, without eye balls, it just doesn’t matter. What am I talking about? TRAFFIC. Traffic is where all magic starts with an online business, no traffic no joy. If you have relevant traffic coming to your website or to your product listing on Amazon, it will eventually lead to something known as Conversion. CONVERSION is the process of turning your visitors into paid customers.
When you have grown your online business to a point where you believe you are ready to scale with some external help, that’s where SUPPORT SYSTEMS come in. Now, don’t confuse Growth with Scale, those are two different things as far as I am concerned. To me, Growth is when you’re expecting addition of resources to result in a proportional amount of increase in sales. You only switch to growth and scale phases after you have established Product/market fit, i.e. being in a good market with a product that can satisfy that market. On the other hand, Scaling is about exponentially increasing your sales or revenues, while only adding incremental resources. Digital products with online business lifecycle represent the very epitome of scalability. When you’re initially building your business, you are working IN it, sort of as a one-man army, but once you reach product/market fit and enter growth and scale phases, you have to move on to working ON your business and that can only happen with the help of support systems. Anyhow, Support Systems, based on automation tools and an army of freelancers, are necessary for scaling since they allow you to leverage set-and-forget operations and other people’s time. With platforms like Upwork and Fiver, it has become so much easier to hire people for gigs. Let me tell you, without support systems, not only your business will not grow and scale, but you will also burn out, so be sure to pay attention to them. Exit strategies also are an essential part of support systems, should you decide to sell your venture.
Now, let me summarize. The four areas that we just discussed are inseparable and deeply connected to each other. Each area has its own set of building blocks, key metrics and operational activities. Building Blocks are nothing but domains of knowledge or sort of needle movers that you need to learn and master for each area. Key Metrics, on the other hand, help you measure your results, as legendary management thinker Peter Drucker said, “if you can’t manage it, you can’t improve it”. Key Activities include TESTING, OPTIMIZATION, ANALYTICS and AUTOMATION. Principles and Practices of testing, optimization, analytics and automation equally apply to the four key areas that we discussed earlier, i.e. OFFER, TRAFFIC, CONVERSION and SUPPORT SYSTEMS.
No discussion will be completed about online businesses without the mention of CONTENT, which I consider to be THE FOUNDATION of online business mastery and success. You have to commit to creating credible, unique, relevant, engaging, timely, shareable, and actionable content for your target audience. Look, I get the bar is higher but rewards are worth it. Feel free to check out my blog where I continue to discuss Online Business Mastery framework in more detail.
Now, let’s unpack building blocks, key metrics and activities for each key area at a high level. Your goal with the OFFER is to build something for which there is a market, sounds straightforward right? Unfortunately, not. Did you know that 2 out of 10 small businesses fail during their first year? Likewise, 9 out of 10 startups also fail and key reason cited is lack of market acceptance. All offers start with ideas, but key is to validate them until you have reached what I earlier referred to as product/market fit. You can measure product/market fit with net promoter score surveys and overall customer sentiment and loyalty towards your offer. Once you enter growth and scale phases, you can use revenue, profitability, $ per session or user, trial sign ups, email list growth what have you, as your metrics to track your product performance.
Internet is a very noisy medium and that’s what makes reaching to your target audience so much difficult. To cut through that noise, you have to leverage both organic and paid sources to drive relevant traffic to your website. You can also do blogs, podcasts, videos and leverage other 3rd party platforms such as Amazon, to get your offer in front of more people. You can measure traffic in the form of sessions, users, page views, bounce rates, time on site and what have you. Here is the kicker. You can have all the traffic in the world, but without healthy conversion, it would mean nothing. For conversion, just to get started, you have to go back to your business model and clearly describe your offer benefits (whether it’s faster, cheaper, better, urgent) to your target audience. It is widely accepted that on average about 2% of the visitors convert on an ecommerce website. What am I talking about? 2 percent is 2 out of 100 people, so conversion rate optimization or CRO requires perpetual testing and optimization.
Now, let me summarize. Offer, traffic, conversion and support systems are key areas or pillars of all online businesses. Each of those areas have their own set of building blocks, key metrics and activities. Key operational activities, such as testing, optimization or analytics apply to every aspect of your business to ensure your long-term business success.
Now, last but not least, I invite you to come and join me on this journey by checking out my Online Business Mastery Course where I teach these principles and practices so you can also build your financial dream and begin to live the Life on your own terms. I wish you best of luck and look forward to seeing you on the inside. Feel free to leave a comment or a question below, I will be replying to them in the coming days and weeks.