Business, Simplified
Running an online business doesn't have to be difficult and it definitely shouldn't be a chore.
Let’s cut to the chase.
To run a successful online business, you need:
1 acquisition channel
1 retention channel
1 conversion channel
That’s it.
Let’s break it down.
Acquisition Channels
The purpose of your acquisition channel is to ACQUIRE customers.
It’s important to note here that not everyone you acquire will be a customer. Some might just be followers. Some are going to be freebie seekers.
The goal is to go for numbers.
For every 100 people you interact with as a result of your acquisition channel, you should convert 10.
That’s a high goal, but a good one. 10% conversion is great.
Examples of Acquisition Channels
Social media
Conversations/Word of mouth
Website/blog
Substack!
Ads
Usernames and profiles that make people want to know more
Personal Experience
I’ve tried all of the above for YEARS.
I’m currently experiencing my greatest success on 𝕏.
ONE acquisition channel.
Retention Channels
It’s not enough just to attract interest. You need to RETAIN the interested party.
Followers are great, but they aren’t really yours until you get them added to your email list.
This is the main purpose of your acquisition channel: to acquire email subscribers.
You email list is the cheapest and most valuable asset you can build.
It should be your top priority from the beginning.
You will need an email marketing platform to get started. Some platforms are free to start and some options are free forever like Substack.
However, there are some things you can’t do with Substack like sending email blasts or an autoresponder series.
If you choose to run with Substack, eventually you’re going to need a dedicated email marketing platform unless Substack adds this feature.
Most of these platforms come with a learning curve. YouTube and the platform’s own documentation should be able to help you there.
Examples of Retention Channels
Substack (needs a supplemental platform currently)
Mailchimp - Free up to 2K subs
Mailerlite - Free up to 1K subs (recommended)
Beehiiv - Free up to 1K subs
Social media followers (Get these on one of the above as quickly as possible.)
NOTE: Whatever platform you choose, with the exception of social media, make sure it has an export feature for your contacts so you can move to a different service seamlessly if things go south.
Personal Experience
I’ve had the opportunity to work with many email marketing platforms working for clients. I’ve listed the ones I like best above.
Most platforms get really expensive the bigger your list becomes, so plan for it. The exception to this rule is Substack. It’s unfortunate that they currently lack a couple features for true email marketing.
There are workarounds, but they are tedious and clunky at best.
I made the mistake of ignoring list building early on in my online endeavors.
Your list should be one of the first things you begin building, even before a website if you plan to have one.
Conversion Channels
Conversion channels are your money pages. The sole purpose of them is to CONVERT visitors into customers.
You can have just one, but most of the time, you’ll probably have more.
For example, if you write books and sell them on multiple platforms + your own website, that can equal several conversion channels with one asset.
Start with one product or service.
Build out a compelling page.
If we use our book example from above, the bookseller will take care of most of this. Your job will be to have a compelling Title, Cover, and Description.
If you’re building your own conversion page, it’s a little more complicated and you’ll probably have to tweak it multiple times before it hits optimum performance.
In fact, you’ll probably have to tweak it occasionally until you move on from that product or service.
Send people to it from your acquisition and retention channel.
This is a simple sales funnel.
I threw up a little when I said that. I abhor sales funnels, but I guess they are a necessary evil.
Examples of Conversion Channels
Landing pages
Blog
Affiliate links accompanied by compelling copy
Linktree
Substack
Emails
Whop
Patreon
Personal Experience
I’ve had pages that worked.
I’ve sold many books.
I’ve generated leads successfully from my website.
None of it has been astronomical because I often lose interest before I can truly make amazing things happen.
If you’re going to do this, set yourself up for the long game. There will be moments of failure. Pivot and try again.
Eventually, you’ll learn what works and you’ll be able to replicate it over and over.
My Current Business Model
Acquisition Channel - 𝕏
Retention Channel - Substack
Conversion Channel - Discord
How’s It Going?
No complaints.
Sure, it could be better. There is always room for improvement, but I’m in the very early stages.
It’s fun and I could totally see this carrying me through the retirement years still working on something I love.
Final Thoughts
Focusing on 1 option from each of the three types of channels is simple.
Business doesn’t have to have a million moving parts.
Keeping things simple is good for you and good for the people you’re trying to reach. There’s no reason to overthink or overcomplicate anything.
ACQUIRE=>RETAIN=>CONVERT
Over and over.
Got questions? You know where to find me. Hit REPLY or comment below. I LOVE hearing from you. You never know when your question and the discussion you create with it might help someone else over a hurdle.