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Online Business 101

Karma Knot’s goal is to make advanced online business strategies easy for you to understand and implement.  I’m going to help you get the online business basics down and cover a glossary of the commonly used terms to make this the most comprehensive resource possible.  All of these terms describe concepts used in the systems and strategies that I show you throughout Karma Knot.

Online Business 101 should take you from zero to having the internet business basics in place.  Those include, an online presence, an online point of sale, a product for sale, some interested buyers, and an email list manager.  If you don’t have these things set up yet then you are in the right place!

 

Online Business Basics

To move beyond the basics your business should have the following:

Online Presence

Online Point of Sale

Product for Sale

Email List

Interested Buyers

Sales Funnel

A sales funnel is made up of all the landing sites and touch points through which visitors will find you.  It's a guided buying process that is designed to perpetually attract interest, convert, and retain new customers.

Competition

Believe it or not, a saturated market can be a good thing.  It means there already is a high demand for what you offer.  The key to overcoming a crowded market is learning how to market outside of it. Instead of thinking of yourself as one in a million, think about...

CopyCats

People naturally observe everything around them and draw inspiration from it.  It doesn't mean anyone is copying you, or that you are copying other people.  Everyone is inspired by the work of others. People tend to be worried about two things when it...

Mass Marketing

There was a time when the way to get a customer's attention was to buy a television commercial, radio commercial, or print advertisement because you had to market to everyone.  Using mass marketing, businesses had to reach the largest audience possible in order to...

Customer Lifetime Value

It's important to know the value of every customer to the bottom line of your business throughout the lifetime of your business relationship with them.  How much profit can you expect to gain from every customer? Once you know this number, you can think about how...

Social Proof

Social Proof is a psychological phenomenon that causes us to like what we perceive to be popular. Social proof helps a customer be more at ease shopping with you.  Your customers are influenced by people with similar tastes, and they'll automatically find people...

Glossary of Online Business Terms

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