Ian Wynne is the Founder of Mythical Media, Co-Founder and Chief Operating Officer of Orbis Interactive (www.OrbisApps.com) and the creator of the Total Online Profit Strategies (“T.O.P.S”) system – as well as Co-Founder of Merchant University , a free virtual university for the Merchant Services industry.
Prior to entering the entrepreneurial arena, Ian spent five years with Blizzard Entertainment where he identified, proposed and executed global payment, fraud prevention and analytical initiatives. In this role, Ian had an international influence in the eCommerce and payment sphere, assisting companies like Costco, Best Buy, Walmart, EA, Sony, Lego and LA Fitness to implement strategies that resulted in annual loss reductions of hundreds of millions of dollars.
He has been a passionate contributor to the global commerce discussion as a Chairperson for the Merchant Risk Council, where he has sat with Visa, Mastercard, American Express and Discover to establish both digital and micro-transaction related policy. Through Mythical Media, Ian turns his years of expertise into tangible strategies for businesses to increase revenue generation through consumer engagement. A corporate America convert to lifestyle entrepreneur, he’s dedicated his career to creating resources that allow others to succeed without sacrificing life, and live without sacrificing success. In short, this guy knows a thing or twenty about increasing profits online and he’s bent on showing you how.
For more information visit Ian Wynne at http://www.mythical-media.com/blog
How Offline Businesses Can Make Online Profits
It still amazes me how many businesses lack an online presence that establishes their service in a positive light to the online world.
Let me take that a step further, many businesses actually sabotage their profit margins by lacking a solid online foundation.
Here’s an example:
I recently spoke with a business owner that did over three billion dollars online last year. You read that correctly, and no it wasn’t a typo, that’s Billion, with a capital B.
Here’s the kicker… his back end eCommerce engine had not been upgraded in well over a decade.
That’s right, in over a decade. When learning of all their limitations I was amazed how they were ever able to achieve such a feat. In all honestly, I have to give them some credit. Who would not want a business doing three billion a year?
As opposed to using the limiting mindset that three billion dollars is plenty, we posed the question “how much more could you be making if the system was updated to industry standards?” Imagine if they had upgraded an actual eCommerce platform that allowed for product recommendations, data mining and reporting, or even coupon code and special offers? What about something as simple as an email campaign?
How much more would they be able to do? Another $100million? Maybe $200million dollars in revenue? Why not another Billion – again with that capital B?
What shareholders wouldn’t perk up at that? Let’s put this in a scale that most people can understand. What would another 10-20% revenue online mean for you, your business and your shareholders?
There are simple, and in most cases fairly inexpensive steps you can take to increase your site’s conversion rate, the rate of return business or even the average sale price. Here are some ways that you can increase the profits from your site TODAY:
Create a Sales Funnel At the end of the day it’s simple. You create a linear series of enriched interactions between your business and your potential customer where you step them closer each time to buying from you.
You may start from something as simple as a thoughtful image through Facebook that incites inbound traffic, which prompts them to subscribe to your email, which sends them a notice of your free product, that entices them with an exclusive sale price for your new eBook, ultimately resulting in a fan that wants to work with you forever.
This concept will work for any product you have, and encourages clients to buy more than once, and more than a single product at one time.
Communication With the advent of social media communication is required and expected. We have moved into the world where we must provide value, educate and instill trust in the buyer before they are ever willing to purchase from us. Make sure your business has a process where all three of the above take place in an authentic way for each future client.
Don’t be afraid to openly discuss customer service with your audience in public. The recipient will be thrilled and their peers will be impressed by the reach and quality of your service.
Understand Client Interactions If you can’t measure it, then it does not matter. Truer words have never been typed. When your business is able and willing to understand whats taking place, and then react accordingly you’d be amazed at the results you’ll see. There are many analytics solutions to choose from, many of them free. There’s no excuse if you don’t know how your visitors are browsing your content.
These are simple and powerful concepts that when put to use in a space of instant interactions you’re sure to see positive profit results.