5 Basic Steps to a Million Dollar Information Marketing Business Model

Building a million dollar information marketing business doesn’t start with buying the latest article or blog submitting gizmo or list of 5 million subscribers for $27! It also doesn’t start by investing in ever more popular fly-by-night tactics that work today and are obsolete (or banned) tomorrow.

Instead, information marketing millionaires first build strong foundations for success by focusing on developing an effective business model that allows fast growth.

There are five key components this business model must include. All of them are equally important for long term success, stability, and profitability of your business.

Once you have a specific business model mapped out you can identify the specific strategies you want to focus on. This in turn will dictate what specific tactics you need to employ, and what action steps to take to reach your objective of building a million dollar information marketing business.

So let’s explore those five key components of an effective business model.

Component 1 – Generate Traffic

The first step on this model is to generate traffic. You’ve got to have “duplicate-able”, repeatable, sustainable ways to generate traffic.

You can get your traffic for free – but it will take a bit longer to get it. Or you can buy it and have people visiting your website in a matter of minutes.

Some of the free traffic generation strategies include article submissions, blogging, social media presence, like video and audio podcasts and accounts with popular online networking sites including LinkedIn, MySpace, Facebook, or Twitter.

And let’s not forget something as simple as a “Tell a friend” button somewhere on each page of your website.

The fastest way to get traffic to your website is to buy it. Bying PPC (pay per click) like Google’s AdWords is probably one of the most known paid traffic strategy, but there are many others.

You can also buy text links, banner advertising, display ads on other people’s sites and blogs. You can also buy classified ads in other people’s ezines and even solo-mailings to other people’s lists of subscribers.

A lot of savvy marketers also use strategic alliances or JVs (Joined Ventured) to quickly drive massive traffic to their websites. While it’s a very effective strategy, it’s not free. Your JV partners will typically want to get a hefty percentage of the sales they generate with their promotions of your site. But – it will be quick!

Component 2 – Lead Generation

One of the biggest mistakes most people make is they try to get a sale too soon! Instead, a much better approach is to generate a lead first, then convert that lead into a paid first-time customer.

Let’s take this one step at a time – converting visitors into subscribers of some sort – a.k.a. “leads”! This is a critical step because it will allow you to continue communicating with people interested in your products or services.

You’ve probably heard that in any business your money and success are in your list, in your database of subscribers and your relationship with them. It’s very important to learn how to get people to come to your site and then entice them to want to give you their name and email.

It used to be enough to just say something like “subscribe to my newsletter,” or “get updates about my business,” somewhere on your website to get people to opt-in to your database. But those days are long gone.

Today you must be really good at presenting great value fast and making irresistible first offers to your visitors to persuade them to give up their contact information. Strategies that still work great include giving your web visitors access to special reports, audio downloads, or informative video and audio presentations.

Obviously the better the quality of your “carrot” and the better your presentation of it, the better your conversion will be. (Conversion is the comparison of the number of people that take you up on your offer and subscribe to your list to the total number of people that visit your website.)

Component 3 – Lead Conversion

Now that you have a list of subscribers – a.k.a. database of leads – how do you convert them into paid customers, someone who would actually gives you a few dollars? Generating that first sale is your lead conversion.

Just like lead generation, lead conversion strategies will vary from business to business, depending on what you are selling and who your customers are. But the key to your success is to systemize and automate this process as much as possible. Let me give you an example.

Think of a service business, for example some like a professional life coach.

Most likely they have no systems in place. Every new client is gained a different way. A conversation with each new prospect is different from others. Every lead is generated a different way. Every lead is converted differently. It’s no wonder their businesses are overwhelming them and generating very little money. There are no systems in place.

Now let’s look at a different professional and scenario; someone like an orthodontist.

Everything is systemized. From the same lead generation mechanisms to how patients get introduced to the doctor’s office to the first experience when they come in, to how they get to meet the doctor, how their initial evaluation is presented and delivered, how the price is quoted and how the treatment is initiated.

Everything is identical for each new patient! Everything is done the same way over and over and over. Everything is a system. And that’s what you are looking for in successful information marketing business model – systemized and automated lead conversion strategies.

Component 4 – Profit Multipliers

Once you generate the first sale, you will sell more products or services to your new customer. It’s important for two reasons. First, you probably have more products and services that can help that client much more beyond what they initially received from you. And second, that’s the way to maximize the success and profitability of your business!

Here are few examples of profit multipliers.

First there is down-selling. Basically what it means is that if someone comes to your website and says, “I don’t think I’m willing to pay $97you’re your multi-media course – and I’m leaving your website,” you present them with another opportunity to purchase a similar product that sells for $47 or even less and say, “Maybe $97 is too much for your budget right now. Can I interest you in getting a similar highly quality course that costs only $20?”

A different down-sale would be to offer a payment plan. You’d say something like this, “If $97 is too much right now, can I make it more affordable for you by letting you pay in three payments of $33?”

Next, there is a cross-sale. If they pay $97 for your first program, maybe they like to add another program that will help them get more value out of their initial purchase, especially if it’s priced attractively. It’s an effective way to immediately increase the size of each initial transaction.

Then there are continuity programs. For instance, if you are a coach you can have a system in place where after the initial first sale of some type of a home study course the customer receives an invitation to join a group coaching and support program for which they would then pay monthly.

And these are just a few simple ideas of what you can do to multiply your sales and profits.

Component 5 -Scalability

Your ultimate goal is to systemize and automate your business so that its growth can be expended beyond your own efforts.

Once you have all of the key components in place, focus on simplifying, systemizing, automating, delegating – in short, you want to optimize your business for maximum performance with minimum efforts.

Then simply start driving more traffic through this “profit machine”, and, if you designed it well, it will work like a charm and continue making you more money. It’s like of like turn the faucet knob on full blast.

So to have an effective business model first you need to generate traffic to your website, then you need a way to convert that traffic into leads, then convert leads into first-time customers, and then use profit multipliers to maximize your sales and profits.

Apply for Small Business Loan: Information About Various Online Funding Options for Small Companies

Learning how to apply for a small business loan can be difficult – even if you want to apply online. Different lenders ask for information in different ways, but having an idea of what they’ll likely ask for so that you can prepare is a step in the right direction. Every lender wants to see your company’s financial statements and your own credit report. It helps to have a detailed analysis of how you plan to spend the money you are requesting to loan as well.

Regardless of anything, the longer you’ve been in business and the better your credit score, the more loans will be available to you, and the easier it will be to apply and be approved. If you have poor credit history or only little credit history, you will want to look into short-term loans.They are set up similarly to medium-term loans, except that they are shorter and offer smaller amounts of capital. You will be expected to pay it back over a short term, usually from 3 to 18 months.

Hopefully, you’ll be able to pay it all back within a short period. Like with larger loans, you’ll be expected to demonstrate that your business plan will be good enough to guarantee profits. The good news about short-term loans is that the qualification process is less difficult so you’ll have a better chance of approval. Just keep in mind that the interest rate will probably be higher if your credit isn’t great.

If you’re just starting out, you might also want to look into start-up loans. These can have interest rates ranging from 7% to 30%, with terms from one to five years. To apply for small business loan for a start-up, check with private lenders. A start-up loan might also serve as a precursor to seeking extra funding from venture capital groups or “angel investors”. If you can create a really unique, attractive marketing plan, consider crowd funding websites as well.

Reasons to Apply for Small Business Loan

When applying for small business loans from online lenders, you’ll probably be asked to select a reason why you need the money during the application process. Viable reasons include:

• Buying new or used equipment for your business

• Purchasing inventory to sell

• refinancing debt

• Hiring new employees

• Creating “bridge loan” for construction project

• For taxes

• Other reason

If you have another reason why you need money for your small business, you might be required to enter a specific reason. The more details you can give about your business plan and how exactly you are going to use the money, the better.

So, what website should you turn to if you want to apply for small business loan? It’s a good idea to start with US Business Funding. It’s Business Accredited with BBB and has 95% approval rates!

Florida’s Information Privacy Act

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The author of this article is an information security specialist, not an attorney. The opinions contained in this article should not be construed as legal advice. The reader should consult with a licensed attorney if legal counsel is required relative to FS 501.171.

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Cybercriminals prowl the Internet looking for openings in computer systems to exploit. They want to steal, alter, destroy or otherwise illicitly gain access to the confidential information held by businesses and organizations. Both vulnerabilities and threats are growing. Law enforcement officials have been unable to put a “dent” in cybercrime.

Law-makers in Florida, however, have decided who should have the lion’s share of the responsibility for protecting PII (or Personally Identifiable Information). Individuals now have the responsibility of protecting confidential information if they are a “covered entity” or business in Florida.

Do you know what the law (FS 501.171) requires? Are you a “covered entity under Florida law?” Is your data processing system set up to be in compliance with Florida’s privacy law? Can you prove that you have taken the “reasonable measures” that the law requires to protect the confidential information that you possess on employees, customers and others?

Is your information system strong enough to deter a cyber attack?

Would you successfully be able to defend yourself against a compliance audit?

What can you otherwise do?

You can consult with an attorney to determine if you are covered by the provisions of Florida’s Information Privacy Act. The wise and prudent thing to do would be to assume that if you are acquiring or maintaining confidential personal data on people, you are likely considered to be a covered entity.

Florida’s law includes a lengthy definition as to what is protected. It is: any material, regardless of physical form, on which personal information is recorded or preserved by any means, including, but not limited to, written or spoken words, graphically depicted, printed or electromagnetically transmitted that are provided by an individual for the purpose of purchasing or leasing a product or obtaining a service.

The personal information covered under Florida’s Privacy Act would include a person’s social security number, a driver’s license or identification card number, passport number, military identification card or other similar documents used to verify identity. Additionally included are financial account numbers, credit or debit card numbers with any required security codes, access code, or password that is necessary to permit access to an individual account; any information regarding an individual’s medical history, mental or physical condition, or medical treatment or diagnosis by an individual’s health care professional; or an individual’s health insurance policy number or subscriber identification number and an unique identifier used by a health insurer to identify the individual.

The storage of confidential information would appear to include all “hard copy” or paper records and those stored by a cloud service. The covered entity is solely responsible for securing the information it collected and cannot transfer its responsibilities to a third party (such as a cloud storage company).

FS 501.171 states that each covered entity, governmental entity or third-party agent shall take reasonable measures to protect and secure data in electronic form that contains personal information.

The Law states, among other provisions, how the breaches will be reported to authorities (including the number of compromised records and notification requirements). Possible fines are included.

Florida’s Information Privacy Act, FS 501.171 requires that organizations must take reasonable measures to handle confidential information. The Law doesn’t precisely dictate, however, the details of what information policies and procedures should be used.

There are a number of information security controls and standards, none of which carry the force of law. However, many are considered to be very robust security models that are used in business and industry. Organizations, in the opinion of the author, should at least have an information security policy.

Otherwise, guidance from management is likely absent. Meeting the test of “reasonable” measures to protect under the FS 501.171 would be challenging if the organization had failed to address the topic of how it officially handled or processed confidential information.

You should always take aggressive steps against possible intruders and protect the confidential information in your possession.