Your mission as a business owner is:
To present your offer to more traffic – continuously.
Don’t overcomplicate things.
The nuance is in the two words: Offer & Traffic.
We discussed offers last week, so let’s focus on traffic today.
Look, there are three types of traffic…
* Paid traffic is advertising traffic you get by exchanging money for views, including FB ads, Google ads, YouTube ads, sponsor ads, etc.
* Earned traffic is the organic traffic you get by “putting in the hard work,” including SEO, social media following, guest posting, etc.
(I don’t like the term “free traffic” because it’s not free. You have to invest time and resources to get organic traffic… but it can be very rewarding in the long run.)
* Owned traffic is the only traffic source you control, meaning… your email list! (There really isn’t a lot of owned traffic source…🤷)
Now, all e-commerces (actually, all businesses) should have AT LEAST one of each, because –
You don’t know if anything will go wrong with one of the platforms…
…and you don’t want to sit on a stool with only one (or two) legs.😨
- Paid traffic generates results FASTEST… but is very expensive and vanishes when you stop paying.
- Earned traffic provides you great long-term benefits with a much lower acquisition cost for new customers (compared to paid traffic)… but requires a lot of time and resources to build. Not to mention that it can be taken away by the algorithm overnight.
- Owned traffic gives you leverage, control, and raving fans… but no one starts off owning an email list. You have to bite the bullet and start growing your list.
But here’s the caveat…
You also don’t want to scatter your resources in a million directions, losing steam to grow. So, my recommendation is:
Pick one traffic source to focus on for now…
Continue to grow the revenue from this source until you’ve reached (at least) $1M+ per month…
Build systems, tools, and SOPs to standardize the process…
Then, you can move on to stack the next traffic source.
Consider this priority: (Owned ➡️) Paid ➡️ Earned
BTW: a note about Owned Traffic – your email list.
You won’t be able to scale your owned traffic to $1M/mo unless you have steady traffic coming to your site already…
It’s a chicken and egg problem…
That’s why I gave it a bracket.
But you should constantly grow this asset non-stop, even after you’ve hit $1M+/mo. And it’s always your priority.
Okay. Got to run.
I’m leaving for Japan on Saturday, and I have a lot of packing to do.
Enjoy the adventure,