Many people start their own businesses by first determining the industry and product, while self media entrepreneurship is exactly the opposite. It involves having ideas first, accumulating users, and producing products based on user feedback. Through WeChat self media entrepreneurship, the author has summarized four parts and shared them with you.
The risks and costs of entrepreneurship are too high now.
The order in which many people start a business is to determine the industry and product, then rent space, recruit employees, and finally find users and sell products.
However, starting a business through self media is exactly the opposite. It first has ideas, then accumulates users, receives user feedback, and finally determines the product, and then directly sells the product to those users.
The logic of self media entrepreneurship is to first deposit users in the private domain, establish trust, find or create products that users want through user feedback, and then sell them to them.
WeChat private domain × We Media is an asset light Internet startup with low startup cost and low risk.
Anyone can do it, as long as you want and have strong execution ability.
The private domain profit model=social dividend x private domain value
Social dividend=Content x Interaction x Trust x Value
Private domain value=number of user pools x reach ability x seeding ability x conversion rate
The four elements of making money: demand, traffic, products, and marketing.
Requirement: Who are the users? What are their needs, pain points, and issues? Why? How do you do it?
Traffic: What are the ways to obtain traffic? How can we obtain a continuous stream of traffic? Why? How do you do it?
Product: What kind of products can we provide to better meet users’ needs and solve their problems? Why? How do you do it?
Marketing: How to promote products, how to do marketing planning, how to write copy, if doing activities, etc. What content should be used to reach users and make products easier to sell? Why? How do you do it?
To use WeChat self media, there are four steps.
1、 Target users
Firstly, it is necessary to clarify what products one has, and then target the audience to attract traffic.
If there is no product, you can first roughly list who you want to earn money from, choose an industry, or list what products you want to make in the future, and then determine the target audience. Generally speaking, mothers, company owners, and young women have higher willingness to consume.
2、 Private domain diversion
Secondly, find traffic and import it into your personal WeChat account.
If you want to make more money, the more target users in WeChat, the better.
Quantitative changes can lead to qualitative changes. WeChat only has hundreds or thousands of target users, and there are not many transactions at all.
So to start a WeChat self media business, you need to register 10 WeChat accounts first,
Why register for 10 WeChat accounts?
Firstly, increase the number of friends added daily,
Secondly, to reduce the risk of account suspension,
Then it is possible to operate on multiple projects, and continue working on other good projects,
Finally, there are exceptions in the account and backup accounts.
The WeChat account we registered requires internal promotion and advertising by people, all of which belong to marketing accounts.
It is recommended to log in to about 3 WeChat accounts for each network of marketing accounts. It doesn’t matter for regular accounts, but it is important to pay attention to marketing accounts.
You can sign up for more broadband or buy a data card to open a hotspot.
If you want to register for 10 WeChat accounts, it’s best to buy 5 second-hand phones, with one phone running two WeChat clones. Buy 10 data cards, with low monthly rent and high data usage.
Second hand mobile phones like Xianyu are also very cheap, and you can buy one for three to four hundred yuan, and they are also very smooth to use.
After registering on WeChat, a person can only authenticate 5 WeChat accounts. After completing the real name authentication, they need to maintain an account before they can do marketing. It is best to maintain it for more than 10 days and send normal WeChat Moments, chats, and red envelopes every day.
Traffic attraction also needs to be clear, identifying the target users through the channels where they gather, using copywriting (titles) that can capture their attention, and finally using attractive bait and value to attract traffic.
The source of traffic, let’s just talk about the simplest one without any technical content.
It’s about WeChat group traffic.
Add 10 groups per WeChat every day, add 30 people per WeChat every day, and 10 WeChat accounts can add 300 people per day.
WeChat marketing can also utilize tools, many of which have the ability to add group friends in bulk and send bulk advertisements.
The source of the group can be purchased, changed, or created by oneself. There are many groups on Douban and Tieba, which can be searched by keywords.
3、 Product selection
To choose products with high profits, high demand, and high repurchase rates, the higher the repurchase rate, the more money you can earn. If you buy once or twice and no longer generate transactions, you need to constantly develop new customers, while products with high repurchase rates will keep customers generating transactions. Even if there are no new customers for two or three months, there is no need to worry.
1. Three forms of products
Selling services: consulting, skills, etc
Selling virtual products: courses
Selling physical products: middlemen, no hoarding
① Selling services
For example, one-on-one consultation, using your skills to help others make PPTs, resumes, online training camps, online promotions, etc.
② Selling virtual products
For example, online courses and creating resume templates for them to download, use, and watch for a fee.
The above two require you to have your own professional value.
Earning money through one’s own strengths/interests/strengths/skills/knowledge.
Consciously turn your “strengths/interests/strengths/skills/knowledge” into profitable services/products.
③ Selling physical products
Selling physical products, it is best not to stock up, similar to a store without a source of goods.
If someone places an order, you can place another order and ship it to the user from elsewhere.
2. Three ways to sell products
(1) Selling other people’s products
It’s best not to invest. If someone places an order from you, you can place another order from somewhere else to earn a price difference.
(2) Sell your own products
It’s best if your product is virtual, with zero cost.
Another way is to sell physical products, establish one’s own brand, that is, OEM, and find someone to do OEM.
This investment can also be minimized, and if it sells well, others can help sell it together.
5 types of virtual products that sell well:
① Tutorial class
② Membership category
③ Formula category
④ Software category
⑤ Material category
4 types of physical products that sell well:
① Skincare category
Such as facial mask, BB cream, acne elimination, weight loss products, etc.
② Health and wellness category
③ Customized category
Such as customized T-shirts, avatar designs, comics, phone cases, gift flowers, etc.
④ Makeup and accessories category
Such as silver jewelry, Buddhist plaques, jade bracelets, etc.
4、 Marketing conversion
After starting, you need to set a profit target, such as earning 100000 or 200000 yuan per year. Based on the selected products, services, and pricing, break down the target into monthly, weekly, and daily averages. Then calculate how many users you need to attract each day, the conversion rate, and how many transactions you need to complete each day. Finally, think about how to acquire customers, convert them, and the transaction process.
Revenue=Traffic X Conversion Rate X Customer Price
To make money, we need to focus on these three indicators in our execution.
For example, if you want to earn 1000 yuan every day.
① Drainage: Stable drainage of about 3000 people per day,
② Conversion: Conversion rate is between 2% and 5%, with a median of 3%
③ Product: Per order price of 100
300 × 3% × 100=900 yuan
To earn 500000 yuan a year, the product is priced at 300 yuan and only 1666 people need to pay.
To earn more money, it is necessary to continuously optimize products, optimize traffic flow, and optimize conversion.
To improve conversion rates, it is necessary to design a transaction process.
The transaction process is divided into user journey design, user interaction design, and transaction path design.
① User Journey Design
From unfamiliarity, user knowledge, user interest, user attention, user familiarity, user recognition, user trust, and finally to user purchase and user sharing.
② User Interaction Design
From front-end traffic diversion, content output, trust promotion, classification follow-up, user activation, promotion of transactions, to the final fission sharing.
③ Transaction Path Design
From identifying you, remembering you, familiarizing yourself, trusting you, to purchasing you.
The transaction process cannot be separated from user interaction, the creation of friend circles, and the output of content.
The final execution ability is very, very important. The intensity of execution determines the speed of success. Set goals for yourself every day, add how many groups and people to each WeChat account every day.
The conversion rate for new WeChat accounts is generally between 2% and 5%, and the conversion volume depends on the number of WeChat users. If the number of WeChat users is too small, the transaction volume will definitely not be high. Adding ten or twenty WeChat accounts every day is definitely different from adding one or two hundred WeChat accounts every day.
When hundreds of people join your private domain every day, and the added users can be continuously reached through Moments, private messages, and communities, and trust can be increased through content and interaction. It is not difficult to convert a few people every day.
Adding 300 people in a day will result in 110000 private domain users in a year, and these are all your assets.
As long as the project you are working on is related to your private domain users, you won’t have to worry about food.
Author: Lao Chen, official account: Lao Chen’s deep thinking
This article was originally published by @ Lao Chen’s Deep Thinking on Everyone is a Product Manager. Reproduction without permission is prohibited.
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