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Episode 189: Online Business Terms and Acronyms Made Easy – with April Beach

SweetLife Entrepreneur Podcast April Beach

This episode is for those in Phase 1 – 2 – 3 – 4 – 5 of the Lifestyle Entrepreneur Roadmap™ Not sure what Phase your business is in?

 

Episode Bonuses:

Ultimate Guide to the online business model that’s right for you

Who This Episode is Great For:

This show is for established companies looking to scale with online business models and new entrepreneurs launching online and feeling lost in the terminology and acronyms.

Summary:

Online entrepreneurs speak a different language and for companies who are looking to scale with online business models, the terms can be confusing and time consuming to learn. To help you be in the know and talk like an online pro faster, this show is a glossary of online terms made easy.

Highlights:

  1. Know what the most common online business terms mean
  2. Stop feeling confused with online business lingo
  3. Have confidence and knowledge to make decisions 

Resources Mentioned:

 
Join Our Community to Scale Online Faster
 


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Full Show Transcript:

You’re listening to the suede life entrepreneur podcast, simplified strategies to grow your service business and launch a life you love faster with business mental and entrepreneur activator, a probate<inaudible>. Hi everyone. And welcome back to the show. This is episode number 189 and everything we’re talking about today, including the bonuses and the resources that we’re providing with this show can be found by visiting Sweetlife podcast.com
forward slash one 89. So if you’re on the go and you can’t take notes or you can’t pause and go to another website on your phone. No worries. Just remember Sweetlife podcast.com forward slash one 89. We’ll give you everything that you are looking for when you have an opportunity to go grab it. Welcome to the show. My name is April leach.
I’m the host here on the show and we’re coming up almost on four years of this podcast. Thank you so much to all of you. Who’ve been crazy faithful, awesome listeners for so long. And if you’re new to this show, I’m super glad to be connected with you. I teach small businesses and entrepreneurs how to grow their company by scaling online and everything we talk about here on this show are proven and trusted business trainings to help you do that.
In fact, a lot of our shows are so valuable that a lot of coaching and consulting firms charge thousands of dollars for the tools and the strategies and the action items that we bring to you here on this show. So I’m really, really glad that you are here. If you haven’t clicked subscribe yet, or if you haven’t clicked subscribe in a while,
please do. So. We are on all of your favorite podcasts. We’ll see devices including obviously where you’re listening to us right now. So just go in and make sure that you’ve clicked subscribe, and we do really appreciate all of the reviews. You guys leave us on Apple podcasts. So at the time of this recording, it’s the end of August.
And if your life is like mine, which I’m assuming it is we connect. And that’s why you listen here to this show. That’s means that things are about to get even crazier than they were before, regarding whatever is happening with school and your kids and running and managing and owning the company that you do. And so many things are up on the air and it’s just a hard time.
And actually when this show drops, I am on my way to drop my oldest son off to college. So I’m right there with you. And I want you to know that you’re not alone and we’re still here consistent behind you, giving you the tools you need to grow your business throughout all of the unpredictable world of 2020. So I just want to take a pause for a sec and just say kudos to you for being here for listening to this show,
whether you’re listening to it live as soon as it drops or you’re coming back to this, you know, years later, this going to be one of those shows. I think people refer back to a lot because it just really covers a lot of online business basics that don’t change. I just want to say you’re doing awesome job. So let’s go ahead and dive into what you can expect with today’s episode.
We are talking about online business terms, acronyms made easy. And so this particular show is for those of you who have established businesses, and it’s time to scale your company by utilizing online business models and strategies and funnels, or those of you who are new to launching a business, and you’re launching your company online. Here’s the deal online entrepreneurs speak a different language.
There are some words that we use in the online business space that, you know, I really actually have to catch myself sometimes when I’m talking to people because all of a sudden this blank look will come over their face. And I will have said a term or an acronym that just doesn’t make sense to anybody else, unless you’re already in the online business space.
And so if you’ve ever been talking to somebody or reading a blog or listening here on the show, and I’ve said something that just kind of went, Whoa, I have no idea what that is is April. Well, this particular episode is designed to fix that for you, because the reality is is that, that we don’t want you to be confused.
These things are not hard as long as you know what they are. So I want you to be confident. I want you to know what other people are talking about. I want you to know what you’re talking about. I want you to know what you’re looking for in certain functions of software and in website things that we’re going to be discussing today. And it all comes back to understanding the terminology and the acronyms that are used to describe functionality of software in different results and benchmarks.
Frankly, you need to hit in your business in order for it to grow. So the end of this episode, you’re going to know what the most common online business terms mean. You’re going to stop feeling confused if you’ve felt confused before with all this online business lingo, and you’re going to have the confidence to move forward, continue in conversations, ask intelligent and educated questions.
Now that you’re kind of past this entry level threshold of online business terms. And I do have a resource for you today. So if you’re just getting into online business scaling, if you’re taking your established business and you’re wondering what to do, should I launch a course? Should I launch a video series? Should I launch a membership or a digital, or even an in person type of retreat?
Some of you guys are even wondering, should I launch a podcast? I have a completely free 14 page resource for you. It’s called the ultimate guide to the online business model. That’s right for you. You can go grab that in our website for the show notes again, which can be found@lifepodcast.com forward slash one 89. So to give you more clarity on actually what you’re building and how you’re scaling your company,
today’s show, make sure that you go grab that ultimate guide to online business models in our podcast, show notes totally free, and that will save you years of time and really thousands of dollars of building the wrong kind of online business. Okay. So let’s go ahead and dive into today’s show.<inaudible> Okay. Today we’re talking about online business terms made easy and I’m going to go through,
I’m good. Literally going to name the term and give you the definition of it. So it’s just like English one Oh one, except for, for online business and making sure that, you know what things mean. I’ll give you some examples of things so that you can listen to this show and get out of here and understand all the weird language of online business owners.
So the very first thing I want to cover is the term business model. So a business model is the type of business you’re building. Your business model is how you serve clients and how you make money. So what services you offer, how you deliver those services and what actually does that exchange of delivery look like some different examples of business models are in-person services delivered,
virtual services delivered. And again, I gave you that whole entire go grab the ultimate guide to online business models. We have masterminds, we have courses, we have membership sites. We have webinars, whether they’re recorded or on demand, the sky is the limit. And you really need to understand what your business model is, or you need to understand what the injuries result that a business model is going to give your company in order to scale smart.
We don’t want you to just going out there and launching a course cause everybody else is doing it because it’s not necessarily actually in a lot of cases, even the right thing to do to scale and grow your company. So understanding term number one is your business model. Again, that is how you make money, how you serve clients and what that delivery of service looks like.
Next term is lifestyle business. Now this gets a little confused and it’s not a really common online term, but I wanted to throw it in here because if you are a listener to the show, you know that I’m a lifestyle business development expert, and that might seem a little confusing. So I just wanted to clarify that to you and lifestyle business is creating a business model that works with your life.
It’s the way you plan to live your life and then reverse engineering that to build a company that’s going to get you there. It doesn’t mean that the business itself is necessarily a lifestyle business. So you can have a lifestyle business. It gives you the owner, the freedom to be with your family and hang out with your kids more and travel, whatever that looks like for you.
But the business itself, you know, you don’t have to sell surfboards the business itself, whether you’re in marketing or consulting or, you know, video editing, whatever it is that you do, the business itself doesn’t have to be lifestyle focused, but you are building a business that is designed around your lifestyle. And hopefully that kind of clarifies that a little bit.
As a matter of fact, 90% of the companies that I work with to help them grow and scale are not actual lifestyle businesses, but the owners of those companies want a business. That’s going to give them that lifestyle that they want to, hopefully that clarifies that a little bit for you. The next term is I see a, I see a stands for ideal client avatar.
This is used a lot, and you’re going to hear it a lot, especially when you’re new to the online business space, your ideal client avatar, or your ICA, but really the perfect clients that you are called to serve that need, want your offers. So they’re very specific people. This is a very specific set of grouping of people that are ideal to buy your product or buy your services.
That is your ICA. So if you ever hear that term thrown around, if somebody is saying, Hey, well, you know, what are you marketing to? And what are you selling? And who’s your ICA. It means what is the specific subset of people that need and want what you have the next term is IP, which stands for intellectual property.
So this is turning your ideas and your services and your methods. It could also be your secret sauce, your formula, your steps of delivery into your intellectual property. So intellectual property protections allow for creators and owners like you to actually go ahead and make sure they patent and trademark your process. So you don’t necessarily have to do that, but intellectual property,
it’s connected to the ownership of things that are created from your mind. So an example of intellectual property is my start to scale business system, or in the past, it’s been called the sweet life entrepreneur roadmap. They’re my five steps that I share here on the show. A lot that take people from the beginning of your business, all the way through the end of that life cycle of a successful company,
growth over a period of years, that’s my intellectual property. It’s my system. It’s my methodology. I own that. So if you have a method or a system or something, that’s your secret sauce. That is your intellectual property. So the term IP is thrown around a lot, both online and offline when it comes to the ownership of things that are created by your mind,
your methodology, your systems, the next term, which is really important for those of you guys, for starting out, you’re brand new in business. This is something you have to know this term. And this term is M VP, not most valuable player. It actually stands for a minimum viable product. And your minimum viable product is when you develop your ideas into your new product,
your first offer and everything is being sold sufficiently to satisfied customers. So this product is designed and developed. Usually after some feedback from your first customers, your minimum viable product is your minimum service. That has to be proven in order for you to realize that your company is and will be a success. So it’s a very first offer or your first program,
your first package of services or your first product that you’ve created. We have to prove that it is at least minimum leave viable within your market space. So are people buying it? That’s your MVP. You have to hit your MVP. It is the one of the first challenges to overcome as a new business owner. The next term is lead magnet, and this is getting more into marketing.
So your lead magnet is something of high value that you give away for free, that people are willing to give you their name and their email contact information for sometimes their address. And some other information lead magnet is also referred to by some online coaches, as freemium or freebie. The reason why I don’t love that term, and we don’t use that term here on this business show is because your lead magnet is,
I said in the initial definition needs to be of high value. So I’ve done tons of different podcasts on lead magnets and how to create them of high value. So I’m not going to go on squirrel tangent right now, but you might have heard the term freemium or freebie. And those are people that give away kind of crappy stuff, free expecting to grow their lists.
That’s not going to grow your list by the way, it has to be something of high value to get high quality leads. So your lead magnet is something that you create to give away could be a video series. It could be a download. It could be a, a white paper, something of high value to prospects to gather their information. The next term is called conversion tool.
It’s also called the conversion product. This refers to how you turn the leads on your list, the names and the email address on your list and your database into paying clients. So the lead magnet brings them in and gives you the lead, but then we have to still convert them into paying clients. And a conversion tool is usually a little bit different,
a little bit more contact, more relationship based than a lead magnet. Examples of a conversion tool are live webinars, phone calls, or discovery calls, triage calls, personal assessments. It can also be just a sales page. You can have a great sales page that converts your leads into buyers. It could be a shop page. Those things are applicable as well,
but the conversion product is where you take the lead and turn them into buyers sometimes based on what it is your company does, we don’t even really need the lead magnet so much. We might be able to just take cold subscribers and turn them into buyers just with a conversion product. And if you don’t know, a cold subscribers are coming up, okay,
the next term is called a funnel. Now this is thrown around all the time. There are a bunch of different types of funnels. You guys, there are marketing funnels and sales funnels and product funnels. I’m going to give you the term here, understanding in expecting that many of you are just entering the phase in your business where you’re ready to grow it online.
So we’re going to talk about it, actual marketing lead generation funnel here. And I’m going to give you the definition for this. This refers to the building of landing pages on your website, where people can opt in and fill out a form and give you their information. And it refers to the connecting of the rest of your software technology to give them what you have promised.
So a funnel is all of your marketing. Literally imagine like a tornado. And on the top is all of your marketing. It’s all of your social media posting. They might see something that interests them. Example, your lead magnet might interest them. They say, Oh, that’s a really high value thing. I think I want that. And they’re going to go to a landing page that ideally should be built on your website,
where they give their name and email address to get that high value lead magnet. And then what happens next is you send them an automatic email. It says, here you go. Here is the thing that I promised you I’d give you after you gave me your name and email address. So the next part of that funnel is actually that welcome email and the delivery of whatever you promised.
And then it’s also sending them to a thank you page saying, Hey, thank you so much for giving me your contact information. We talked about it two weeks ago here on the show that receiving somebody’s lead is a privilege and you need to care for it. Very importantly, that’s not even a word. You need to really care about people to give you their name and email address.
That’s what I’m saying. The funnel is creating the pages and connecting together the technology, the landing page, the email marketing, and the thank you page to make sure that the delivery of what you promised is done well, that is the tech side of building a funnel. So when we’re talking about funnels, yes, there’s marketing strategy. Yes. There’s what you say and what you’re giving in this definition.
I’m giving you this, the specifics of the tech side of actually building a funnel. It includes your landing page. It includes a thank you page and includes an automatic email that goes out to give somebody what you promised. Okay. Now let’s go into warm and cold audiences. So audience are people who have never heard of your business before. And a warm audience are people who are already familiar with your brand.
So if you hear those two different terms thrown around, or if you’re planning doing an ad campaign, somebody who’s helping you with that might say, are we running these ads to a cold audience or a warm body? And that is the difference. Okay. Three more terms, are you with me? And by the way, all of these terms are going to be written out for you.
For those of you guys who are in our online business community and our app over at mighty house, you can join for free. I’ll put a link in the show notes, or you can just go to sweet life, community.com. If you’re like, Oh my gosh, I want to, you know, write all these down. I’m going to go ahead and upload all these terms just right into our community app.
So for those of you guys who are joined there with us@sweetlifecommunity.com, you don’t even have to opt into it. I’m just going to put all these terms there for you so you can always reference, okay. The next term is S E O S E Oh, stands for a search engine and optimization. It basically means how visible is your website or organically to search engines like Google.
So are people going to your website, are people Googling things or searching for things? And is your website coming up S E O like the terminology for it? Search engine optimization is the practice of increasing the quantity and the quality of the traffic to your website, through organic search results. So this doesn’t mean pain to have your site show up on Google AdWords.
These are things that you do within the copy of your site tags within your site. There are tons of different ways that you can optimize your organic search results for your website and you need to, and that is what we call SP Oh, the next terminology is copy. So the next term is, copy. We hear this all the time and we’ll work with new clients.
And you know, I have to be careful again, I’ll say, okay, give us the copy for your website in the division of my company, where we build Kajabi websites, I’ll say, give us, you know, don’t forget, you need to have a copy of your website. And sometimes new businesses will be like, Oh my gosh, what are you talking about?
What is that? So copy is just your text. Copy. It can refer to the text and your website. It can refer to the text and your social media posts. It can refer to the text in your email, body or other places. It’s literally just the writing of your text there. The words you write. And I will say that every company should have a good copywriter as an essential part of your team.
There are people that have a gift for copywriting, and there are people who don’t. So if you really want to grow your company online, it is going to be important that you learn how to become a good copywriter, or that would be one of the top priority roles I would recommend for you. If I was working with you to scale your business is bringing a really great online sales and marketing copywriter aboard your team.
So copy, just reverse to your text. And then the last term I want to cover is swipe files or swipe copy. So this refers to texts and images created by other companies that you’re allowed to swipe like swiper, no swiping, except for this is like swiper. Yes. Swiping those of you that have older kids like me. You know what I’m talking about?
So this basically means when you are promoting something in conjunction with somebody else, that company may send you what’s called swipe copy or swipe files. They’re literally pre done social media posts that you can just swipe and put out on your own social media to make your life easier. So swipe, copy and swipe files literally means that you can take it and steal it and copy it.
And that’s what it’s designed for. So today we covered a lot of online business terms and acronyms that we usually find that companies new to the online space aren’t really familiar with. We defined business model. We define lifestyle business. I see a, I P am VP. So again, ICA ideal client avatar, IP, intellectual property, MVP, your minimum viable product or service lead magnet,
conversion tool funnel, warm and cold audience. S E O copy and swipe files. Wow. Okay. That was your online business. One Oh one glossary class. I hope you guys, this is very, very helpful. You know, we’re here to help you. We’re here to level up your entrepreneurial IQ because you are amazing at what you do and no successful business owner has time to sit there and wonder what a stupid acronym is.
So we’re just going to tell you, because I know you don’t have time to figure it out and we are here to make you a success. Thank you so much for tuning into this show. Let me go ahead and recap a real quick, where you can find the resources that we’ve talked about. First of all, you are invited to join our online business owners and entrepreneur app.
It’s not a Facebook group anymore. We dumped Facebook months ago. Thank heavens. We now have a custom community app where you can create your own business profile and network with other businesses and get tools here from the show. And you can join that for free by visiting Sweetlife community.com. I’m going to drop in all of these terms into that app, for those of you guys who are in there.
So if you’re listening on the go and you want to come back and reference it, make sure that you join us in our app also for you. Go ahead and grab our online business model guide. So I have 14 pages of the ultimate guide to choosing the online business model. That’s right for you. You can get that in the show notes of this episode by visiting sweet life podcast.com
forward slash one 89. Okay. I hope you guys have an amazing turnover of the month at the end of this show. We’re rolling over from August to September, and this means you have three months left to close out this year, strong and prepare for 2021 here on the show. We’re going to be working on a lot of 2021 prep and helping you like we do at the end of every year,
prepare your business for the next year, prepare your signature offers, level up your marketing, and really scale your business online. So make sure that you’re subscribed because we are about to dive in and roll up our sleeves with you even more over the next 12 weeks to make sure that 2021 is the best year yet. And sure as shit, all of us need that.
Oh my gosh. All right. Well, you guys have an awesome week. Thank you again for tuning into the show. I’m April beach.