In this week’s article, we take a look at Nick Peroni’s advice on how to get the Million Dollar Mindset for E-commerce to see what it takes to build the million dollar mindset you need to succeed in the industry.
What are your business values?
What are your business commitments?
Why are you in business?
Your business will be a direct reflection of YOU and what you believe. You can never outperform yourself:
If you believe all you are capable of is 1 million dollar business, you are never going to achieve more than that. If you believe you are capable of a 100 million dollar business, everything, including your results will be a lot different.
If you believe people deserve the absolute best and you should treat everybody with the absolute highest integrity, your business will reflect that, in the culture, in the way you treat your customers, employees, etc.
It is going to make a difference to know what you are committed to and know what your values are since you will have a stronger mindset, vision and dedication to success, than someone that is just in it to make quick cash and get frustrated when they don’t see results from day 1.
You will have to re-evaluate this as you keep growing, but always have a clear idea of where you are, where you are going to and what you want to achieve.
In an ever-evolving E-commerce marketplace, you don’t need a business plan - you need a business roadmap:
You have to know where you want to go, then constantly evaluate your progress to find the gaps and adjust accordingly. Just like a GPS system.
You have to know where you want to go first. If something fails, then evaluate the reason and change your route towards the same goal. Keep evaluating your progress towards the same goal and fill the gaps.
Short-Term thinking will kill long-term goals. Don’t focus on making a couple of dollars now, when the real prize is building a lasting business.
E-commerce is about building a BRAND that can be sustained in the future, or evolve into something bigger.
Abundance Over Scarcity
There is no shortage of opportunity. The only limitations your business has are in your mind. Even if it seems like there’s a lot of competition, there are unlimited opportunities.
If you are delivering value, being creative and innovative; then there will never be a shortage of chances to succeed.
You do have to deliver value to your customer, making their life better in some way with your product.
Creativity Over Competition
Be innovative, don’t get stuck in a race to the bottom by copying everybody else. Stand out from the crowd through innovation. Create a better message, or better packaging, or improve the overall experience that you provide.
No matter what you sell or who your competition is, you can always win by being more creative. Your business will live or die based on how good your marketing is. YOU are the marketer and YOU need to learn how to stand out.
Creative Marketing is what builds brands. It’s how you stand out in a crowded Online Marketplace. Creativity is the key to success and it is make-or-break for businesses.
Money flows from IDEAS and the more VALUE you deliver the more money you will make.
The idea is NOT to sell cheap crap that doesn’t work or add value. Value can take many forms, but you should always strive to deliver more in USE value than what you receive in cash value.
The biggest/richest companies in the world stem from the value that they created. Take Microsoft for example. They managed to change the way that people could interact with computers. Bill Gates net worth is in direct proportion to the impact his idea had in the world, to the value that he delivered. Another example is Amazon, trying to change the user experience for the customer purchasing online. Jeff Bezos innovated and his net worth is in direct proportion to the number of lives that Amazon has impacted by the service and quality that they have delivered.
Don’t be Afraid to Invest
Most people start from nothing, but you need to invest in yourself and your business if you want to grow. You have to be willing to invest to get what you want and to get to the next level. The same things that worked at the $100K level, don’t work at the $1M level.
Never stop investing in yourself and in your business.
Master Paid Traffic and Conversions
Unless you plan to outsource this to someone, you need to get good at buying traffic and optimizing conversions. This is how your store makes sales and your business grows. Free traffic is possible, but it will not get you very far. Plus, it’s generally not scalable or predictable.