The Future of Marketing for Online Business in 2024
Episode 808: Show Notes
I recently sat down with Mariah Coz to talk about what we think the future of online business might look like. If you missed it, listen to that episode here before jumping into today’s episode. On today’s podcast I’m sharing what these predictions mean for the online business world and marketing your business.
I’m sharing best practices for tailoring your marketing strategy based on your business model. It doesn’t matter if your business serves customers in a one-to-one, one-to-many, or even a hybrid model. There isn’t a one-size-fits-all marketing plan, and at the end of the day, you have to market your business in a way that works best for YOU.
We’ll also talk about finding the proper niche, and Identifying exactly what types of customers you’re trying to attract. Online audiences have changed quite a bit, and we’ll talk about how and why. Staying visible and nurturing leads is dependent on your audience, and I’m sharing advice on what next steps you should take to stay visible and relevant. Tune in to learn what you need to know today about the future of marketing for your online business!
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There Isn’t One Universal Solution
Marketing is not a one-size-fits-all endeavor, and a singular method does not universally apply to all types of businesses. Each business model operates uniquely, demanding varying levels of personnel and conversions for optimal functionality. Consequently, your marketing strategy should align with the specific characteristics of YOUR business model, whether it leans towards one-on-one interactions, adopts a hybrid approach, or targets a broader audience. It's essential to recognize that your business is not confined to a single model indefinitely; you have the flexibility to evolve and adjust deliberately over time. So, what approach should you take in your marketing strategy for each of these distinctive models?
One-On-One
In a one-on-one business, you're mainly connecting with individuals or other businesses (B2B or B2C), making interpersonal marketing the key. You don't necessarily need to worry about juggling multiple marketing channels, being a social media guru, or creating tons of content. Sure, you can have those things if you like, but they're not essential for rocking a one-on-one business. You can totally fill up your schedule through good vibes, referrals, and top-notch conversions!
One-To-Many
Embracing a one-to-many model means you're in for some serious audience expansion, and the key is to keep growing that crowd steadily. Typically, when you're exclusively in the one-to-many game, you're looking at having thousands of fantastic people in your audience. If you're contemplating the shift from a one-on-one business model to one-to-many, just make sure that boosting your audience is a cheerful part of your marketing game plan!
Hybrid
In a hybrid business model, establishing an audience is crucial. In this approach, you begin offering services in a group context, such as a group coaching program or a similar setup. You don't necessarily require a massive audience for a hybrid or group program to be successful; some individuals have thrived with as few as 1,000 to 1,500 followers, though it does take time. However, continuous audience growth is essential as you advance. If you halt audience expansion for sales, you risk depleting your pool of potential customers.
Niche Your Audience & Offer
How does your business model influence your conversations? In a one-on-one scenario, the strategy that tends to work smoothly and gets people to say "yes" most easily is crafting a specific offer for a very particular audience. When you address the unique pain points of that specific person, it makes the selling process much smoother.
Now, when you're running a hybrid or group business, you'll need to choose between broadening the solution or expanding the audience. I'd advise against doing both simultaneously because it makes it harder for people to determine if your offer is the right fit for them.
For a one-to-many approach, what I've observed working exceptionally well is addressing a super-specific problem for a more extensive audience. Selling as an all-in-one solution for an all-in-one audience isn't as effective as it used to be! This underscores the importance of being able to articulate the specific problem you're solving and illustrating what life will be like for your audience once you've addressed it for them.
How Visibility & Nurture Channels Work Together
If you find yourself needing to shift your target audience and adjust your communication approach, how does that influence your strategies for gaining exposure and nurturing relationships? And what sets these two approaches apart?
Building visibility differs fundamentally from nurturing an audience. Visibility is all about being discovered—it's where individuals encounter you for the first time, connect with you, and have the chance to discover a new offering that excites them. It's important to note that immediate conversion isn't the primary goal here, and that's perfectly okay because that's not the purpose. This is where the importance of your nurture channels comes into play!
Nurture channels are where individuals progress from learning about you to feeling a sense of trust and exploring their interest in making a purchase. Typically stemming from a visibility channel, like joining an email list after reading your blog or signing up for a workshop following exposure to your TikTok videos, these channels require a focus on content that makes people feel understood. The goal is to ensure they feel heard and seen, understanding that you recognize their experiences and are ready to serve them!
Here’s How Audiences Have Changed
These days, folks are way more clued in about marketing, and it's totally changed how they deal with brands and stuff. Back in the day, potential customers would be like 50 to 60% sure about buying before hitting you up. But now, people are pretty much 90 to 95% ready to seal the deal before even reaching out. Also, they want to get all the info without having to chat with someone. So, don't hide the good stuff—make sure it's easy for them to find what they need. If you make it a treasure hunt, potential customers might just bounce, find someone else, and make a purchase elsewhere!
Take the Next Step
When it comes to getting your online business out there with marketing, I want to make it super easy for you to jump in! That's why I've taken our recent workshop and made it available for anyone who wants to catch the replay on their own time! If you're keen on diving deeper into the world of selling, understanding how your offer clicks, and getting the lowdown on pricing strategies based on your model, Watch our seminar and learn how to take your marketing to the next level!
Quote This
Nurture channels are where people go from learning about you to feeling like they can trust you and become interested in buying from you.
Highlights
There Isn’t One Universal Solution [0:03:27]
Niche Your Audience & Offer [0:13:48]
How Visibility & Nurture Channels Work Together [0:24:11]
Here’s How Audiences Have Changed [0:37:54]
Take the Next Step [0:42:47]
OUR HOST:
Abagail Pumphrey
Boss Project on Instagram | Facebook
Abagail Pumphrey, the Co-Founder & CEO of Boss Project, has been a driving force in the creative entrepreneur industry since 2015. With a passion for empowering service-based business owners around the globe, she became internet-famous after the launch of the transformative training, "Trello for Business." This innovative system revitalized the operations of over 10,000 business owners, making a significant impact on the online business landscape.
Under Abagail's leadership, Boss Project has been featured in prestigious publications such as Forbes, Marie Claire, INC, and HuffPost. Her twice-weekly podcast, The Strategy Hour, is a staple in the business community, continuously topping Business and Management Charts on Apple with millions of listeners from around the world.
Abagail's superpower lies in her ability to break down complex concepts into easy-to-implement, duplicatable systems. As an expert in online sales and a data-driven strategist, she has turned a layoff into a 7-figure work-from-home business. Abagail's mission to help more female founders become financially free, without letting their businesses take over their lives, continues to inspire and guide entrepreneurs on their path to success.
Key Topics:
Visibility, Niche, Marketing, Business Models, One-to-One, Hybrid, One-to-Many, Online, Social Media, Audience
