Black Entrepreneur Blueprint 521 – Jay Jones – 99% Of Entrepreneurs Don't Know The Real Money Doesn't Come From Your Product Or Service

[00:00:07] Welcome to Black Entrepreneur Blueprint, the number one podcast and resource for black

[00:00:18] entrepreneurs.

[00:00:19] I'm your host Jay Jones and Black Entrepreneur Blueprint was created specifically to educate

[00:00:25] and inspire black entrepreneurs to launch, build and grow successful, sustainable businesses.

[00:00:32] Join us as we help build an economic power base in the worldwide black community by building

[00:00:39] and supporting black owned businesses.

[00:00:42] If you're currently an entrepreneur or want to be an entrepreneur, you're invited to join

[00:00:46] us each and every week here at Black Entrepreneur Blueprint.

[00:00:51] Welcome to the BEB family and get ready to elevate your entrepreneur IQ.

[00:01:00] Welcome to the Black Entrepreneur Blueprint, episode number 521.

[00:01:08] I'm your host Jay Jones and today we have another outstanding and informative show in

[00:01:12] store for you.

[00:01:14] Today we're going to be doing a rebroadcast of one of our most downloaded and impactful

[00:01:18] episodes of August 2022.

[00:01:22] Guys I want you to lock in for today's show because I'm going to talk about something

[00:01:26] that is super important and it's actually going to give you a different way to look

[00:01:31] at your business.

[00:01:33] Today's show topic is titled 99% of entrepreneurs don't know the real money doesn't come from

[00:01:39] your product or service.

[00:01:41] 99% of entrepreneurs don't know the real money doesn't come from your product or service.

[00:01:47] So there are many misconceptions about how to become a successful entrepreneur and really

[00:01:52] guys entrepreneurs are divided into two sections.

[00:01:55] There's the 99% that most of us are as entrepreneurs and then there's the 1%.

[00:02:01] And on today's show I'm going to make you totally look at your business in a different

[00:02:06] light.

[00:02:07] We're going to talk about what the 1% know and the 99% don't know.

[00:02:13] Now you may know it but you probably haven't implemented it yet.

[00:02:16] If you're looking to transform your business from bad to good or from good to great this

[00:02:21] is the episode for you.

[00:02:23] So make sure you stay locked in.

[00:02:24] Before we jump into today's content I just want to share a few things with the Black Entrepreneur

[00:02:29] Blueprint family.

[00:02:31] First and foremost I want to welcome all first time listeners to Black Entrepreneur Blueprint.

[00:02:36] Welcome to the BEB family.

[00:02:38] Please stick around until the end of today's broadcast and I'm going to share all my social

[00:02:43] media contact information and resource links like the new revised revamped BEB Academy

[00:02:50] which is our online learning portal.

[00:02:53] We have all types of resources downloads and master classes to help you elevate your entrepreneur

[00:02:59] IQ.

[00:03:00] So go to newbebacademy.com for more information.

[00:03:05] So let's dive into today's content.

[00:03:07] 99% of entrepreneurs don't know the real money does not come from your product or service.

[00:03:15] And when you understand this concept that I'm going to talk about you're going to look

[00:03:19] at your business in a totally different light.

[00:03:22] It's going to be like you ever see when you look at magazines and they have these images

[00:03:27] and you can see one of two things.

[00:03:29] Some people see one thing other people see others and then when you kind of go away from

[00:03:34] it and come back to it you'll see what the other people were seeing.

[00:03:38] And this is literally what this does to your business.

[00:03:41] So I want you guys to lock in make sure you go get the newsletter because we have the

[00:03:45] show notes in the newsletter.

[00:03:47] Just go to blackentrepreneurblueprint.com on any page on the bottom.

[00:03:51] It'll say newsletter or join us and you'll get the newsletter and you'll have all the

[00:03:56] notes and links that I'm going to talk about.

[00:03:59] So if you're driving in your car you know whatever doing whatever and you can't write down this

[00:04:04] stuff.

[00:04:05] Go to blackentrepreneurblueprint.com and get the newsletter.

[00:04:08] So the title is once again 99% of entrepreneurs don't know the real money does not come from

[00:04:13] your product or service.

[00:04:15] Guys where is the real money in your business?

[00:04:18] And the answer is this the real money is in owning the data not your product or your service.

[00:04:25] It's owning the data.

[00:04:27] Once you have the data you can sell anything and we're going to discuss why owning the

[00:04:31] data is important and how to get that data.

[00:04:35] I'm going to start off the show guys by giving you a couple of examples and then we're going

[00:04:39] to start to break it down.

[00:04:41] First thing I want to do is talk about two companies that are one of them is a billion

[00:04:46] dollar company and the other one is a couple hundred million dollar company.

[00:04:50] The first one is Amazon and I'm just going to give you a couple of quick notes on Amazon.

[00:04:56] So Amazon has 300 million active users.

[00:04:59] That's actually twice the entire population of Russia and we're talking about data.

[00:05:04] Okay the real money guys is in the data.

[00:05:07] So listen to what I'm saying.

[00:05:09] They also have 153 million Americans will be on Amazon Prime by the end of 2022.

[00:05:16] Data.

[00:05:17] Amazon.com received 2.2 billion visits just in February of 2022.

[00:05:25] Data.

[00:05:26] Amazon does not share their data to third party sellers.

[00:05:30] Okay so if you sell on Amazon like I do and you do FBA fulfillment by Amazon what Amazon

[00:05:36] tells you off the bat is hey these are our customers we're going to let you sell to these

[00:05:41] customers but you're not going to get the data.

[00:05:44] You're not going to know who buys your product.

[00:05:46] You'll know the name and all that but you won't get the email and all of that good stuff

[00:05:50] because guess what Amazon owns the data.

[00:05:54] So that's the biggest example.

[00:05:56] Now let me give you another example.

[00:05:59] So there's a company called Touch of Modern.

[00:06:02] So you guys may have heard of it.

[00:06:03] It's really a it's an e-commerce company that actually focuses on selling products to men

[00:06:10] upgraded or unique type products man cave type products.

[00:06:14] They have watches clothes they sell swords they sell all kinds of stuff geared toward

[00:06:19] men.

[00:06:20] Let me give you a little stat or a couple stats on them.

[00:06:23] They were founded in 2012 and headquartered in San Francisco.

[00:06:26] The company has over 20 million users data.

[00:06:30] Okay 20 million users in 2021 annual revenue was close to 200 million dollars.

[00:06:39] Touch of Modern does not share their data to product sellers on their platform.

[00:06:45] Okay they don't share their data.

[00:06:47] So if you sell a product say I own a watch manufacturing company this is how it works

[00:06:53] and I'm going to tell you a quick story a real story about Touch of Modern and my cousin

[00:06:57] and his company.

[00:06:58] But what happens is they say okay how many watches can you allot to this sale that we're

[00:07:03] going to do and say the watch company says oh we're good to promote 200 watches at a

[00:07:10] at a sale price or whatever.

[00:07:12] So what happens is Touch of Modern goes out and they start marketing that sale for those

[00:07:18] watches those 200 watches and once they sell those 200 watches they go back to that watch

[00:07:24] company person and say okay we sold the 200 watches we're going to buy them from you now

[00:07:29] at wholesale and we're going to deliver them ourselves to the people that bought them.

[00:07:34] Now that watch company does not even know who bought that watch they have no idea why

[00:07:42] because Touch of Modern owns the data.

[00:07:45] I want you guys to understand this so here's a real life story with my cousin he has a

[00:07:51] high-end cognac business so he's selling cognac for I think they're retailing for like $197

[00:07:58] a bottle so it's high-end unique type of cognac and I told him about Touch of Modern about

[00:08:05] two years ago and they finally reached out to him this year and so they had been in negotiations

[00:08:11] with him to basically offer their cognac on the Touch of Modern platform.

[00:08:18] So I told you how their system works right they'll say hey how many bottles do you want

[00:08:23] to sell what's the sales price you can give us we'll go market it and then once we sell

[00:08:27] it we'll send you the money at wholesale and now we'll deliver it to our customers the

[00:08:33] Touch of Modern customers.

[00:08:35] And so when my cousin and I were talking he was like dude he said man you know I said

[00:08:40] man that's a great business model but he said cuz he said the money is really in the data

[00:08:46] he said it's really in the data and I started thinking about it and we started talking about

[00:08:51] him like yeah you know why because now anytime they bring out another cognac they have the

[00:08:57] database of people that purchased your cognac so now they can market that that cognac to

[00:09:04] those particular people and so that's why I'm saying guys the real money is in owning

[00:09:09] the data your product or service I mean once you own the data you can sell anything you

[00:09:15] can sell any product or service that's why it's so important when I tell you guys to

[00:09:20] build a database that's why it's so important because the data is the biggest asset of your

[00:09:25] business you could have 5,000 razor blades sitting in your garage all right if you can't

[00:09:31] find people that need razor blades guess what it's not going to make you any money the asset

[00:09:39] is having a list of people that want to buy razor blades that buy a certain type of razor

[00:09:45] blades that's where the money is guys and I'm telling you when you start to look at

[00:09:50] your business from that perspective of database building all right that's what creates companies

[00:09:56] that are around for hundreds of years it's longevity products can come and go you may

[00:10:02] have a hot product here and is selling you remember the fidget spinners that all the

[00:10:06] kids were using four or five years ago you go online Oh fidget spinner fidget spinner yeah

[00:10:12] you can make money off of it but that's a trend okay it's a fad it's not gonna last a long time

[00:10:19] okay but when you own the data guess what you're building longevity that's why I had to bring back

[00:10:25] up five day lead gen system.com five day lead gen system.com when you generate leads you're

[00:10:33] building and owning data make sure you go it was $27 now it's 37 it's about to go to its regular

[00:10:41] price go to a five day lead gen system.com step number one okay is to be able to generate a

[00:10:48] database the number five day why lead gen system.com so any of you entrepreneurs that are just slinging

[00:10:56] stuff against the wall selling products or services it's going to be very hard for you

[00:11:01] to become a business that can sustain itself without a database all right I talk about it

[00:11:07] all the time borders and Barnes and Nobles borders went out of business Barnes and Nobles bought their

[00:11:13] database out of bankruptcy they didn't buy their stores they didn't buy the books they didn't buy

[00:11:18] the products they bought the database okay once again your real money is coming from your data

[00:11:26] if you have no data then it's going to be hard for you to be successful and sustainable and be

[00:11:33] able to scale your business yes you can make money but can you make consistent money so what we want

[00:11:40] to talk about now is why owning the data is so important okay we understand what did it what it

[00:11:45] is and I want you to look at your business from that standpoint of a data gathering business how

[00:11:53] are you doing when it comes to gathering data meaning creating database subsetting databases

[00:11:59] tagging certain people that like certain things or that have taken certain actions how have you

[00:12:05] been doing with that and if you haven't been doing that at all then you need to start doing it if

[00:12:10] you're doing it half-ass then you really need to step your game up this is the difference between

[00:12:15] the 1% and the 99% business takes work guys it's not just getting up there and connecting with

[00:12:22] somebody and having an influencer mention your product or service and all of a sudden man you

[00:12:28] good you selling everything that if that happens great but that's not building a foundation for

[00:12:34] your business okay so we're going to talk about why is owning the data so important right now

[00:12:39] number one data tells you what people are interested in and what they want to buy data

[00:12:45] tells you what people are interested in and what they want to buy okay I use the example of the

[00:12:51] cognac so a touch of modern sells my cousin's cognac guess what when they sell another cognac

[00:12:57] they're gonna have data from all the people that bought my cousin's cognac and guess what they're

[00:13:02] gonna do they're gonna send that the new cognac offer to these people it's data let me give you a

[00:13:10] real-life example of how data works and how important it is several years ago one of my

[00:13:16] best friends and his wife were having marital problems and so he was telling me that at work

[00:13:22] he had a female friend that they were real cool they've been working together for about five or

[00:13:26] six years and he started to tell her or divulge some of the things that were going on in their

[00:13:32] marriage some of the things that you know oh man my wife isn't doing this or you know we got this

[00:13:38] type of problem she doesn't like this or whatever and I told him I said bro I said all you doing is

[00:13:45] giving up the blueprint I said because if this young lady likes you everything that your wife

[00:13:50] doesn't do guess what she's gonna say that she does everything that your wife doesn't like she's

[00:13:56] gonna say that she likes and so I said literally you've given her the blueprint to basically get

[00:14:04] at you and he was like damn I ain't even think about it like that I said yeah I said not saying

[00:14:09] that she is but if she wanted to you gave her all the data and that's what we're talking about

[00:14:14] that she needs to convert you from a prospect to a sale so that's how important data is so

[00:14:21] it tells you what people are interested in and what they want to buy or what they want and so

[00:14:27] when you give up that data like that to that young lady you're basically giving her the blueprint

[00:14:33] to come in and mess your situation up and what we're talking about now is why owning the data

[00:14:40] is so important so number one data tells you what people are interested in and what they want

[00:14:44] to buy number two data allows you to put the right offers in front of the right people case in point

[00:14:50] the example I was talking about my wife it doesn't do this oh I'll do that my wife doesn't like this

[00:14:56] oh I like that same thing number three data allows you to grow and scale efficiently okay so if you

[00:15:03] have these these data points and these people in your database that are tagged guess what it's

[00:15:09] super easy now to promote offers and products and services to them that they're going to accept right

[00:15:15] because you have the data the number four reason why owning data is so important you can sell the

[00:15:22] data guys that's what all of these companies that you work with or that you have credit cards through

[00:15:27] or mortgages are doing they're selling the data data is that important and they understand it

[00:15:33] and that's why I'm really telling you guys the real money is in owning the data not your product

[00:15:39] or service so let me just read this the global big data market size is projected to grow from

[00:15:46] 162 billion in 2021 to 273 billion dollars in 2026 okay and that's a compound annual growth

[00:15:57] rate of 11 percent and what they're talking about the global big data market meaning selling data

[00:16:03] owning and selling data it is a 162 billion dollar market in 2021 going up to 273 billion

[00:16:13] dollars in 2026 do you understand what I'm talking about so I want you to to take off the rose-colored

[00:16:22] glasses and really understand where your money is really made it's in owning the data and I'm

[00:16:28] going to give you another example right so I know a lot of you may be into or interested in affiliate

[00:16:34] marketing so affiliate marketing is a great place or a great way to make money but a lot of times if

[00:16:41] you don't have affiliate offers coming that are successful or that you can convert you're not

[00:16:46] going to make money so if you start looking at owning databases as opposed to just being an

[00:16:52] affiliate marketer then your whole concept is going to change now here's an example so if you're

[00:16:59] an affiliate marketer who just makes money by selling other people's products or services

[00:17:04] you can build a real business by actually understanding and utilizing the data that

[00:17:08] you've compiled okay so now you own that data and now you can monetize it and you can do that by

[00:17:15] offering similar products or services to that database and then eventually you can start selling

[00:17:21] your own products to that database if you want so if you have an e-commerce store that sells outdoor

[00:17:27] gear and camping gear and all of that stuff and you become an affiliate for say yeti coolers okay

[00:17:33] you have an e-commerce store you know a lot of outdoor folks love yeti coolers right so if you

[00:17:39] have a database of people that you've gotten through a lead magnet that have an interest in

[00:17:45] yeti coolers now guess what you can do you can create your own brand of coolers that are

[00:17:51] quote-unquote similar to yeti but maybe half priced and now with that database or that data that you

[00:17:59] own from the people who had an interest in yeti coolers now you can market your own product directly

[00:18:05] to them and here's a very simple way to do that say you're in you want to do a giveaway you're going

[00:18:11] to give away a 350 dollar yeti cooler sign up for this yeti cooler ba ba ba ba ba enter now to win

[00:18:20] you have one person that wins the cooler but you may have had a thousand people that signed up for

[00:18:26] the contest now that one person hey congratulations you won the cooler i'll be shipping it to you ba

[00:18:32] ba ba ba ba whatever those other 999 people hey unfortunately you didn't win the yeti cooler

[00:18:40] but we have something very similar for half the price here it is and that's your product once

[00:18:46] again because you own the data that's why owning the data guys is so important once you own the

[00:18:53] data then you can do whatever you want with it most entrepreneurs don't have a true system when

[00:18:59] it comes to marketing and generating leads so if you're just trying different things throwing stuff

[00:19:04] against the wall getting people in making sales and you're making enough sales where you're you're

[00:19:09] not going out of business a lot of times you think hey i'm doing it but you're really not doing it

[00:19:14] you're hustling backwards so you want to be able to own the data that's why it is so important do

[00:19:20] you understand when it is a 160 something billion dollar business selling data how how massive that

[00:19:28] is you understand what amazon is doing they're owning their data they don't even let third-party

[00:19:34] sellers know who they're selling their product to and they tell you right up front hey we're you're

[00:19:40] paying us basically a commission because these are our customers touch of modern is doing the same

[00:19:47] thing all right so we're discussing why owning data is so important and now we're going to talk

[00:19:53] about how do you get that data how are you going to start to look at your business differently

[00:19:59] and start getting and owning your data so you can monetize that data so how do you get the data to

[00:20:05] own how do you own your own data and the steps are pretty simple but we're not going to get into

[00:20:10] the intricacies of it i've talked about this on many previous podcasts so step number one to get

[00:20:17] the data and it could be name email phone or whatever if it's another type of business you

[00:20:21] may need the address you have to get people to raise their hand for one of your lead magnets

[00:20:27] so a lead magnet is a piece of content that somebody is interested in and they're going to

[00:20:33] raise their hand so for example once again i just used a contest right when i gave you the yeti

[00:20:40] cooler example so if somebody's in the camp and or they want a yeti cooler and they see that contest

[00:20:46] around to win a free yeti cooler guess what they're going to raise their hand so they've indicated that

[00:20:51] they have an interest in that product or service okay so now that piece of content which was your

[00:20:57] contest made somebody raise their hand and that's called lead generation don't forget guys check out

[00:21:05] five day lead gen system.com the number five d-a-y lead gen system.com $37 program it is a

[00:21:14] no-brainer it is step number one to owning data it is step number one to owning data

[00:21:21] it is a no-brainer if you don't have a database trust me trust me you're not going to be able to

[00:21:28] build a sustainable business and i'm not talking about sustainable being a year three years or

[00:21:32] five years i'm talking about generational business where you can pass down to your kids and things of

[00:21:39] that nature so that's step number one and how to get the data to own step number two is you convert

[00:21:44] those prospects into paying customers and when you have that data it is super simple to make that

[00:21:51] conversion i gave you the example of my friend uh who was having marital problems he's telling

[00:21:57] another woman all his problems which is basically giving her the blueprint if she wanted to move on

[00:22:03] that to to take advantage of the data points oh your wife don't like that oh i don't understand

[00:22:09] that you know i like that oh your wife doesn't do that oh i would do that and it's crazy because

[00:22:16] he's literally giving her the blueprint and i told him i said bro you never you never discuss

[00:22:23] your marital situations with another woman if you're a man and vice versa for a woman talking

[00:22:29] to another man or whoever if you got a partner same-sex partner whatever you don't do that

[00:22:34] okay because all you're doing is giving them the blueprint to get into you to tap into you and you

[00:22:41] don't want to do that as as a married person or somebody that's in a committed relationship

[00:22:46] but as an entrepreneur hell yeah that's what you want to do all right you want to get the blueprint

[00:22:52] and that's all based on data so step one make somebody raise their hand for that content that

[00:22:59] you have out there be it a lead magnet some type of content it could be a podcast it could be a

[00:23:04] giveaway it could be whatever it could be a free piece of uh you know pdf download checklist all

[00:23:10] right it could be a video to watch step two now you have to convert that prospect into a paying

[00:23:15] customer and that comes from your your sales system so there's a lead generation system and

[00:23:20] a sales system okay and those are the things that you need all right in order to be able to own the

[00:23:27] data now before we get to the last quarter of the show i just want to share my social media

[00:23:32] contact information and my resource links and then when i'm done with that i'm going to tell

[00:23:36] you about a company that you probably never heard of that is using data owning data to create a

[00:23:43] billion dollar empire billion with the b all right so let me just share this social media

[00:23:49] contact information and resource links and then we're going to jump into that now i mentioned

[00:23:53] at the top of the show guys my my latest book is out of new black wall street circulating the

[00:23:58] black dollar worldwide by building successful e-commerce businesses 14.95 for the print version

[00:24:04] 9.95 for the digital version go to the website black entrepreneur blueprint.com also i mentioned

[00:24:11] beb academy get three days free access go to the website black entrepreneur blueprint.com

[00:24:18] everything has its own individual website but just go to black entrepreneur blueprint.com

[00:24:23] and hit the learn tab and you'll see all the courses and things of that nature okay in addition

[00:24:29] to that i mentioned before be smart by black.com and hire black freelancers.com we're under

[00:24:35] construction right now we're revamping everything to a new platform so if you are interested in

[00:24:41] selling your products or your services on either platform just go to the link it'll take you to a

[00:24:46] landing page put in your name and email address and we'll alert you as soon as we're back up again

[00:24:52] and if you're interested in building a successful sustainable website my new program is out pound

[00:24:57] for pound brand builder academy elite bba elite.com you can go to the website black entrepreneur

[00:25:05] blueprint.com it is on the first page and if you're looking for the best program for e-commerce

[00:25:10] building a physical products brand or a digital products brand this is it bba elite.com 15 week

[00:25:18] implementation program go to black entrepreneur blueprint.com hit the learn tab under courses

[00:25:25] take a look at it watch the video to see if it's for you everything i'm telling you is on the

[00:25:30] website guys black entrepreneur blueprint.com now if you want to connect with me anything long hit

[00:25:36] me on my email address jjones at black entrepreneur blueprint.com j-a-y-j-o-n-e-s at black

[00:25:43] entrepreneur blueprint.com facebook black entrepreneur blueprint twitter jjones 001 j-a-y-j-o-n-e-s

[00:25:53] 001 instagram i got two ig accounts the first one is jjones for real j-a-y-j-o-n-e-s the number four

[00:26:02] real second one black entrepreneur blueprint youtube guys make sure you subscribe to the

[00:26:07] youtube channel go to youtube type in black entrepreneur blueprint and hit the subscribe

[00:26:12] button we have additional content on youtube that is not on the show if you're in clubhouse connect

[00:26:18] with me at iamjjones linkedin just look for j jones black entrepreneur blueprint once again

[00:26:26] all of this guys can be found on the website we spent a whole lot of money to redesign black

[00:26:32] entrepreneur blueprint.com so if you want to learn anything just hit the learn tab and you'll be able

[00:26:37] to go to any type of content that you need to help elevate your entrepreneur iq if you want to

[00:26:43] connect with me hit the about tab and under my picture i think or under the about tab there's

[00:26:48] all of my social media contact information and links so black entrepreneur blueprint.com utilize

[00:26:55] the site guys now let me tell you a quick story about a billion dollar company that you probably

[00:27:00] never heard of so this is a billion dollar newsletter company and it's called the agora

[00:27:06] and so what the agora does is it's not a newsletter business but their collection of

[00:27:12] newsletter businesses and more right all told their collection pulls in over one billion dollars per

[00:27:19] year with the beat reportedly it has a database of over 10 million people and over 300 000

[00:27:26] subscribers they own data on 10 million people and they have 300 000 subscribers so that's the

[00:27:34] benefit of owning data all right let me just read a little bit about them the u.s-based member

[00:27:39] companies of the agora network include agora financial laissez faire books common sense

[00:27:45] publishing the oxford club money map press wall street daily bonner and partners tradesmith new

[00:27:53] market group institute of natural healing banyan hill publishing and omnivest health okay now once

[00:28:02] again this is a newsletter based company they have all of these different newsletters under these

[00:28:09] different names okay now they have once again over one billion dollars and the reason to it

[00:28:15] of it is guys is because they own the database and i'm going to show the sales strategy or the

[00:28:22] newsletter sales strategy simple that agora uses to create a one billion dollar business with a b

[00:28:31] all right and it's funny they said in the article here's where things get really interesting with

[00:28:36] the agora newsletters all of the examples i've seen use the same growth model to sell people

[00:28:42] their subscriptions and here's how they do it step number one acquire traffic through ads or

[00:28:49] co-promotions so they acquire traffic through ads or co-promotions number two show a video sales

[00:28:56] letter that explains the problem and the potential benefit in detail shows a video sales letter that

[00:29:03] explains the problem and the potential benefit in detail step number three convert traffic on a

[00:29:10] long form sales page with a free or low priced tripwire offer i'll repeat that number three

[00:29:17] convert traffic on a long form sales page with a free or low priced tripwire offer that's the lead

[00:29:26] okay step four upsell users to a higher price paid membership or offer a down sell offer if they

[00:29:34] abandon i'm going to repeat step four upsell users to a higher price paid membership or offer a

[00:29:41] down sell if they don't take the upsell okay number five nurture the relationship and periodically

[00:29:48] offer further upsells which cycles them back into step two the video sales letter so do you

[00:29:56] understand why owning data is so important and how big a business that it is selling data

[00:30:04] if data wasn't important it wouldn't be 162 billion dollar industry looking to go up to 270

[00:30:12] something billion dollars by 2026 so if large corporations and the one percent of entrepreneurs

[00:30:20] that are making goo gobs of money understand this why don't you that's why i'm digging into these

[00:30:27] topics guys and i'm trying to hit you over the head to let you know that this is what you have to do

[00:30:35] to grow and scale your business now the agora which is a billion dollar company uses a very

[00:30:42] simple formula five steps acquire traffic through ads or co-promotions that means they're running

[00:30:49] ads or they're doing some co-promotions with synergistic type companies or entities step to

[00:30:55] show a video sales letter that explains the problem and the potential benefits in detail

[00:31:02] problem solution result that's step number two with the video sales letter step three they convert

[00:31:08] that traffic on a long form sales page with a free or low priced tripwire offer so a tripwire offer

[00:31:17] is something that gets somebody to buy your product so it could be a seven dollar pdf checklist but

[00:31:23] anytime that you start buying something from a company usually you have a higher propensity to

[00:31:29] continue to buy from them so it could be a free lead magnet or a low cost tripwire that's step

[00:31:34] number three step number four upsell the users to a higher price paid membership so you get them in

[00:31:41] there okay you got the seven dollar product or you downloaded the free pdf let me try to get

[00:31:47] you into another uh paid membership offer and if you don't take that then i'm going to try to down

[00:31:53] sell you to something else all right step number five nurture the relationship and periodically

[00:32:00] offer further upsells which then cycles them back to step number two which is show a video sales

[00:32:06] letter that explains the problem and the potential benefit in detail that is it that is their sales

[00:32:13] letter strategy for a billion dollar company they're successful guys because they own the data

[00:32:22] they own the data okay they have a database of over 10 million people and over 300,000 subscribers

[00:32:30] within all of their newsletters and they're doing a billion dollars it's not rocket science and i'm

[00:32:35] not saying that you're going to be successful at this level but the the the keys of building

[00:32:42] a business are the same you just might not be able to scale it to that level and trust me everything

[00:32:48] starts from from a concept and then grows from there but owning the data is really where your

[00:32:55] money is made guys the real money is in the data not your product and or your service okay

[00:33:02] anytime you have the data you can sell anything if there used to be an old sales manager i had

[00:33:09] years ago and he used to ask new sales people that came in if if i had a restaurant what's the one

[00:33:16] thing that i need and people would be like uh you know food this that he was like hungry customers

[00:33:23] but the hungry customers have to be at your door they can't be across the street at another

[00:33:28] restaurant they need to be at your door and so when you look at the sales strategy from the agora

[00:33:34] the five steps that i just talked about it's a simple strategy stuff that we've been talking

[00:33:39] about here at beb for the longest it's about the implementation and understanding where your money

[00:33:46] is really made once again the products and services could be interchangeable i gave you the example of

[00:33:52] somebody that was selling an affiliate product they're selling the affiliate yeti cooler right

[00:33:58] so they'll make a couple percentage points off a 350 yeti cooler but now since they have that

[00:34:04] database of people that like yeti coolers guess what we're going to come out with our own cooler

[00:34:10] very similar to yeti but half the price and now instead of making 35 as an affiliate i'm going to

[00:34:18] make a hundred dollars every time i sell one of my coolers so the data i keep telling you the money

[00:34:25] is in the data it's like my cousin said in our conversation with touch of modern you know he's

[00:34:31] like damn i'm not even going to get the customer list because touch of modern owns the customer

[00:34:36] amazon owns the customer they own the data that's why amazon is so successful it's not because of

[00:34:43] the products it's because of the data and if anybody sells on amazon they probably can tell

[00:34:49] you this there's studies in their stories that have come out in all the major news uh publications

[00:34:54] that amazon steals product ideas there was a guy that was um he was selling like crazy he had these

[00:35:01] trunk organizers so you know like the boxes that have compartments that you know you could throw

[00:35:06] on the back of your trunk and uh you can put stuff in like if you're grocery shopping or whatever

[00:35:12] and he was doing like a hundred thousand dollars a month small company a hundred thousand dollars a

[00:35:18] month selling these trunk organizers guess what amazon did amazon came up with a copycat

[00:35:25] trunk organizer that looked damn near exactly like it different color schemes though and he was

[00:35:30] selling his for like 59 bucks they were selling theirs for like 39 bucks what happened he said in

[00:35:37] the article that he damn near went out of business and he tried to sue amazon if you ever heard of

[00:35:43] the company all birds a l l b i r d s dot com all birds creates these woven or like wool sneakers

[00:35:53] okay amazon did the same thing to them all birds i think sell anywhere from 70 to 110 or 120

[00:36:00] amazon came up with a copycat brand for i think they were selling for 40 35 40 bucks the reason

[00:36:08] they knew how to do that is because they owned the data they saw how much money all birds was making

[00:36:15] with these sneakers and they were like well damn you know what instead of you know just getting a

[00:36:21] little piece of this because all birds was a third-party seller amazon usually makes anywhere

[00:36:26] from 25 to uh about 15 to 20 percent of whatever the sale price is so if they're selling something

[00:36:33] for all birds are selling for a hundred dollars they're making twenty dollars right now just

[00:36:39] imagine amazon who can produce the product or get it produced for two dollars and now they're selling

[00:36:44] at 49 they're making 47 and i'm just making up these numbers but i'm just giving you examples

[00:36:51] of why the data is so important so if you're still running around after this episode thinking

[00:36:58] about shotgun approaches to marketing and not really understanding where your revenue or where

[00:37:03] your money comes from then you're going to have a problem if you want to build a sustainable

[00:37:09] successful business that's not going to be predicated on fads it's not going to be predicated

[00:37:16] on one hit wonders you want to build a successful sustainable business you're going to start mining

[00:37:22] data you're going to start b-a basically owning data that's what you do and when you do this guys

[00:37:29] you can sell anything anything that's aligned with that customer or that audience you'll be able to

[00:37:37] sell man i can't make it any clearer to you guys man um i've been telling one of my boys i've been

[00:37:43] getting frustrated lately i've been working with some people as a mentor uh free and i'm trying to

[00:37:50] give them game give them actionable content and steps to build and grow their business

[00:37:55] and they really don't want it and it's like you know i'm spending my time for free and yo have

[00:38:01] this done before we meet people don't have the stuff done and i'm like you know what until you

[00:38:07] have the stuff done we're not meeting because i'm not wasting my time having conversation i'm trying

[00:38:12] to help you get from point a to point b and once you understand this about owning data you're going

[00:38:19] to get to a certain level but you're going to get to a ceiling and the only way you're going to be

[00:38:24] able to break through that ceiling and create a sustainable business guys is owning the data the

[00:38:31] money is in the data and i talk about database all the time and building the database but i wanted to

[00:38:37] break down and give you real life examples of companies doing billions of dollars based or

[00:38:44] predicated on owning the data amazon owns the data that's why amazon is in so many different verticals

[00:38:54] because they have all of the data do you understand guys they have the data and the way to get the data

[00:39:01] is to build a lead generation system so if you are a marketing company right i'm gonna use qvc

[00:39:09] as another example qvc they sell a whole bunch of other people's stuff but qvc has its own brands

[00:39:18] also and i forgot uh i forgot something design utensils i don't know what it's called but anyway

[00:39:26] in the home goods place they're selling all types of you know regular products under their own brand

[00:39:32] you know why because they have a list of customers that bought tupperware before or similar products

[00:39:38] and they say guess what we own the database we have the database and that they work like a touch

[00:39:45] of modern also when you sell a product on qvc you ship the product to qvc then qvc ships the

[00:39:55] the product out to the customer they have the customer data their qvc's customers do you

[00:40:00] understand why that is so important they own the customer meaning they own the data and when you

[00:40:06] own the data and the customer then anything that that customer has shown an interest in previously

[00:40:14] man you can sell it to them or you have a better chance of selling them that

[00:40:18] that's why this is about a data business like my cousin and i talked about he said man

[00:40:23] he said man you know the biggest asset man is that data they got the data so i'm selling

[00:40:28] them my cognac i don't even know where it's going they're grabbing the data so y'all gotta

[00:40:35] understand man level it up baby you got to level up man elevate your entrepreneur iq

[00:40:41] so when i keep telling y'all about the database i know you probably like yeah yeah yeah jay talking

[00:40:47] about building databases all the time but i wanted to dig in deep and give you an understanding of

[00:40:53] not just what it is but why it's so important okay how do you get it and why it's so important

[00:41:00] to own the data all right don't forget guys step number one is is basically building your database

[00:41:07] go to five day lead gen system.com the number five d-a-y lead gen system.com if you want to start

[00:41:15] building your database remember make sure you get the show notes i gave you the five step step system

[00:41:21] that the agora newsletter sales strategy is it's five simple steps and they've done that to build

[00:41:29] a billion dollar business okay the this is why there's the one percent and there's the 99

[00:41:38] where do you want to be you may not get to a billion you may not get to 500 million you may

[00:41:43] not even get to a million but as long as you understand this concept and that's why the title

[00:41:49] of today's show was 99% of entrepreneurs don't know the real money does not come from your product

[00:41:56] or service it comes from owning the data i can't even stress it no more man i'm tired

[00:42:02] i'm tired to talk about the database if this doesn't hit home for you i can't help you

[00:42:07] i can't help you because if you don't understand after listening to this then i i don't even know

[00:42:14] what's wrong all right these are how companies are transforming from concept to billion dollar

[00:42:21] companies owning the data and when you own the data everything else after that is gravy

[00:42:28] all right now uh i say this each and every week guys because it's true we get more and more

[00:42:33] downloads because of you the beb family i appreciate you guys please continue to spread the

[00:42:38] word about the podcast the blog the new website guys we want black entrepreneur blueprint.com to

[00:42:44] be the go-to resource for black entrepreneurs worldwide so we have all the resources on there

[00:42:51] make sure you go black entrepreneur blueprint.com hit the learn button anything you want to learn

[00:42:57] we have resources on scaling your business mindset we have e-commerce marketing everything that you

[00:43:04] need to know there's some content on there for you also if you want to connect with me make sure

[00:43:09] you hit the about button and i believe on the bottom of that page they're all my social media

[00:43:14] links to connect with me remember guys this is a communal thing it's it's about us it's about us as

[00:43:20] a community as a family the worldwide black family i don't care what country you're from

[00:43:26] this thing is downloaded in over 140 or 50 countries uh which is still amazing to me and

[00:43:32] it doesn't matter where you are we're all family because it's not about me it's not about you it's

[00:43:38] about us as a community it's about building an economic power base in the worldwide black

[00:43:43] community by building and supporting black-owned businesses love you guys see you same time next week

[00:43:49] peace