The 5 Step Online Business Model
Loading ...Stacey Barr is a specialist in performance measures. This means she is brilliant at simplifying business into easy measurable steps and knowing what you need to track and measure at each step so you can grow your business. Just as importantly, she knows what you DON”T need to measure at each step.
Stacey has identified 5 main business processes for the online entrepreneur. If you can measure and analyse these 5 processes you have the secret to working smarter, not harder in your business.
The Marketing Process
The Marketing Process is the series of steps that build your list of targeted leads. The outcome from this process is leads. There are 3 steps to achieve this:
1. Eyeballs: how many times to people see your message and know about you? Such as see your ad, see an article you’ve written, heard you talk on a teleseminar etc
2. Clicks: how many times to people take action and click on your ad, on your link in an article etc
3. Contacts: How many times do people take action and actually call you or join your mailing list (the final outcome)
The Selling Process
The Selling Process is the series of steps that convert targeted leads into profitable customers. The outcome here is profit but also a customer that you can sell to again and again.
This is where you measure conversion rates, upsells etc
The Delivering Process
The Delivering Process is the series of steps that meet your customers’ expectations and fulfil the promises of your products and services. Interestingly the outcome here is not just that your customers use your product and services. The outcome here is that your customers become true fans.
The Developing Process
The Developing Process is the series of steps that create profitable and valuable information products and services. This is a process many entrepreneurs shortcut in their enthusiasm to get their product to market. It involves research to make sure their is a demand for the product or service and also that it will be profitable.
The Managing Process
This is the process where an entrepreneur manages and tracks the 2 resources they have: time and money. The outcome here is to get the best return for your time.
The beauty of concentrating on these processes when deciding what things to measure and analyse in your business is it keeps you focused. Stacey has identified 55 things you can track but stresses that you should NOT measure all 55. In fact, if you are a start up you probably only need to measure 5 things. To find out what stage your business is at and which measures you should be tracking at each stage, why not do Stacey’s quiz? It’s free and will give you great insight into where you should be putting your energy.
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