The 5 Step Money Formula And How To Use It To Grow Your Business
If You See Your Business Slipping, Go Back To The Money Formula
The 5 Step Money Formula is a formula that everyone should use when marketing his or her business online. It is a formula that top producer’s use consistently. And when you stray from the formula, you will notice that your business generally starts to slip. The formula keeps you focused away from all the new shiny things that are available to online marketers. It keeps you focused on list building, leads, results, and revenue.
The 5 Step Money Formula is TLVOD. TLVOD? Yep.
Traffic, Leads, Value, Offer, and Duplication. Let us break down what it means.
Traffic – In order to sell anything, you need to drive traffic to your website or offer. I use several methods to generate traffic, both paid and free methods. Free methods include blogging, article marketing, video marketing. Paid methods include pay-per-click on Facebook or YouTube and co-op opportunities. The marketing system I use has taught me all of these methods, teaching me how to focus on driving traffic to my opportunities.
Leads – When you drive traffic to your website or offer, you need to drive it to a lead capture page. This is simply a page with a description or video that will get your traffic to opt-in (provide their name and email), thus becoming part of your list. I’ve talked about the importance of lists in other blog posts, but again your list is your most valuable asset. It’s important to focus on building your list so you can provide value to people that have signed up and you can give them what they need. This list is one that you own and can use forever. This way, you can market to your list and continue to provide value to them.
Value – You always need to show value to your list. The more value you show, the more they will be likely to know, like and trust you, and ultimately buy from you. Showing value is simply sharing or teaching what they originally came to your list for (product or market information, training, tools, or other topics that will help them with what they are looking for. Repeatedly show value to your list from the day they join.
Offer – Once you have members in your list and you have established trust by showing them massive value, you can promote offers to your list. This could be your primary opportunity, marketing tools, or other products that you think would be of value to them. This is where you can make money from your list, but not unless you have consistently shown value and established trust with them.
Duplication – All top producers understand that duplication is key to success and longevity in your online business. Once you have a team (even a team of one!), teach them how to do the same thing. Teach them this 5 Step Money Formula. Produce a video series that shows them how to generate traffic, how to build a lead capture page for list building, how to provide value, and how to promote offers. Get them to duplicate and teach people on their team. Once you have that, you have a cycle of growth in your business that is unstoppable.
To summarize, the 5 Step Money Formula (TLVOD) is essential for putting the focus back on results in your business. If you find your business slipping or you are too focused on the newest shiny thing, remember TLVOD and get back to basics. You and your business will thank you for it. If you want to take a tour of the marketing system where I learn all of my traffic strategies, take a look here. We’ll talk to you next time.
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