Someone said recently that it has never been harder to be a millionaire than it is in the world today. On the other hand (ironically), it has also never been easier to become a billionaire!
That is one of the most profound things I have ever heard and you would do well not to forget it. Your chances and the possibilities of making big money in the world have never been as rosy and as straightforward as they are today. Go home if you are a small thinker or small minded person as this is the time for big thinking and the ‘billionaire mindset’ and it is because of one of the combination of 2 factors.
First is an innovation right at our fingertips that a lot of us take for granted: the Internet.
The second is the population of the world. The sheer number of people out there that you can instantly reach with your product is just mind-boggling and if you live in Nigeria particularly at this moment, then I must congratulate you. Your location, which you have always imagined to be a problem, is actually one of your greatest assets.
Take a minute to think about it. As tough as this place is and as many people as are fleeing everyday, why do you see foreigners, especially Asians pouring into this place. From the Chinese to Vietnamese to Indians, Pakistanis, Lebanese, Lagos is flowing with them. Is it that our country is such a better place to live than theirs? Of course not! They are here to make the money because they see the opportunities! And that’s when many of us are running away!
One of our biggest sponsors on television (for the Teju Babyface Show) is a Turkish company that makes diapers. They got here just 3 years ago in 2015 and in that time, have taken over 51% of the diaper market. In fact, they have been so successful that they have introduced another brand of diapers into the market to be a competitor to their own leading brand! Can you imagine that?
Now am I saying don’t leave Nigeria at all? Of course not! I will talk further on that in another teaching titled NIGERIA: STAY BUT LEAVE NOW!
Before we go further, let me give you a little representation of the staggering amounts of money you can make in this country and to really show you just how simple it is, I will use only Lagos state as an example. There are a purported 190 million people in Nigeria but I am only going to use the 20 million in Lagos.
You will agree with me that 1% of anything is very small, yes? And if you score 1% in any examination, you have failed, no? Maybe when you were in school, but in the robust market place that is the world in which we live today, if you score 1%, you are rich!
So, do the math with me. 1% of 20million people in Lagos is 200, 000 people. Now, what if you had a 1000 Naira product that 200, 000 Lagosians bought from you in a year? You know how much that is? That’s 200million Naira! And you can do the math anyhow you like: Sell something that costs N2, 000 to 100k people or something that costs 5k to 40k people, and on and on.
That right there is the secret that the billionaires and the biggest companies in the world operate with. Usually their size of the market is percentages and you can also become as successful by just knowing what to do and as I have hinted, you are lucky to be living in the greatest time to be born: the age of the Internet.
In case you still need further convincing of the awesomeness of the times, consider the webinar where I delivered this lecture originally on Saturday night. We had people tune in from London, New York, Canada all all over the world. In times past, I would have had to rent a hall and furniture and lights and sound equipment and food and so on to do that! And all that in a fixed location. And then, the participants would have had to pay a fee, but the Internet afforded all of us the opportunity to sit in the comfort of our homes and attend an impactful meeting.
So the combination of the Internet and the burgeoning population will make you more money than you ever believed possible in a shorter period than you could have imagined.
Now let’s get into it practically and the first thing I will do is (to) debunk some erroneous Social Media assumptions, the first of which is that making money online is about the number of followers you have on Instagram or the number of retweets that you get on twitter or the number of likes and comments you get on Facebook or Linkedin or wherever else.
Yes you will need followers and an audience to sell to online but it doesn’t have to degenerate into the ego contest that most of us are currently involved in. Most of us measure our self and brand worth by the interactions we get online but that is an illusion and one so strong that even I had to consciously work to be rid of its oppression!
Let me give you a scenario that is not only practical but is the reality of what happens on social media today.
I might have 10 times the number of following you have on social media and yet not be making a 10th of what you are making because the truth of making money online is that it is not about numbers of followers but about the conversion rate of those numbers!
If I have 10,000 followers and I am only converting1% of my followers, which is 100 people, into sales but you have1000 followers but are converting 30% of your following into sales, which is 300 people, who is making more money and whose brand is stronger?
While you contemplate that, pity the man who has 100k followers but has nothing to sell! What a tragedy.
Let me tell you about my own social media numbers relative to other people in my social status bracket. I have a fair number of followers on social media, about 650k Combined. Now that might seem like a lot to you but compared to some other brands, it is just a drop in the bucket and yet, I have been consistently making 6 figures from Social media for months now, fully aware that some of those with numbers that dwarf mine are making nothing, at least not directly from social media or online.
And least you think it is because I am a ‘celebrity’ as we put it around here, I know a young man who at the time of writing this has about 33,000 followers and has been making 7 figures online consistently for over a year now, again far more than many of the people and handles that have hundreds of thousands of followers!
It seems most of us just want followers without an end in mind. I know a person who wanted followers and so he became a content aggregator and dispenser, which means he just aggregates whatever is trending online and puts it on his page in a bid to get a lot of followers, which he does have now, and I have noticed that many people seem to favor this model: post whatever gets peoples’ attention and they will follow you in their need to sate their appetitie for hot content.
Good, but the question is this: where is the money going to come from?
Somebody said it is from people paying to have their products/services advertised on his page. Well that is, in my own opinion, the lowest and most restrictive way of making money online for several reasons.
First, there is nothing special about that model of business and almost anybody can do it and so the bar of entry is set very low. To that degree, there is a limit to how much he can charge people to post things for them because if he becomes too ‘unreasonable’ in his pricing, then they find someone else to do it at a more ‘reasonable’ price and there are loads of people and accounts doing this on Instagram and other social media platforms without any brand distinction.
This particular point goes to the very heart of the branding issue. When you are strictly a content aggregator and the model for your business is exclusively to aggregate everybody and anybody’s content, you are not exactly setting yourself up for unusual profitability in online business.
And this leads to the second point, which is that this model does nothing for his brand.
Argue all you want but we are now living in the age of brand power and the people who will make the big bucks in this era are those who are able to successfully show the world and the markets not only why their product is valuable but also why it is different from every other product and offering out there.
I googled one of these non-branded Instagram content aggregator and dispensers (I typed his name into the search engine) and what came up was his Instagram account only. That ties him in with that platform and he has no brand outside it. What if his account is hacked and he loses it (and this actually happened to one of my friends)! People will just find another account doing the same thing and again, there are loads of them out there with no distinguishing features.
I also don’t like the fact that with this model, he is not in charge of his own income generating machinery. The only time he is going to make money is when somebody else decides to advertise on his page. In short, he has to wait for his phone to ring before he makes money and as a serious entrepreneur that cannot be your entire business plan.
Now, do not think I am knocking this model all the way!
If you have made your account attractive enough to the degree that you have tens of thousands of followers or more, you have done awesomely well and are already set up to start converting some of those numbers to direct sales and that is what it is about in the end: sales.
However, your entire social media or online business model (assuming you even have a business model in the first place) cannot be to just post anything that you think will generate traction in hopes of attracting advertisers. Even if the advertisers come, they will force you to charge competitively with others because they can always find another person who does what you do.
So, content aggregation and dispersion is a good place from which to start but you cannot build your entire business around that.
So let’s settle that first. Making money online is not a function of the numbers of your following. Yes it is nice to have the numbers but what is nicer is to turn those numbers into direct sales.
Another assumption I must debunk about social media and the Internet of things is that you are too late and that the Internet/Social Media has already taken off and left you behind.
There is a degree to which you can feel like you have missed the boat or the bus or the high wave that is the social media revolution and this is not a myth, as it has been documented that those who get in early on any new social media platform go further much quicker than those who join later.
I mean you can imagine if you are just joining Instagram today how overwhelmed you might feel. “Where do I start from?” is a question you might ask yourself, as it will seem as if you have missed out on the momentum and you have joined too late. Again when you see people with thousands and tens of thousands of followers, there is a great chance of being discouraged.
Well, don’t be.
That you are too late to social media is just an illusion, at least as far as making money online and being impactful is concerned. You are not late at all and if you are just joining at this time, you are right in time.
So, what about all the other people who joined before you? Well, they were just early. Let me use an analogy to underscore or illustrate this.
Imagine that the world of social media as a cinema or movie theater billed to show the blockbuster movie of the century and you have a ticket to see that movie. Everyone who got on social media before you are the people who got to the theater early and sat through the ‘Coming Soon’ movie previews or trailers. If you are just getting on social media now, you have missed the trailers but have entered just as the movie is about to start. Especially if you live in Nigeria! Most of the country doesn’t even have Internet access yet and we still do a lot of things the analog way.
So, you are not too late by any stretch of the imagination and I personally bid you welcome to a world of possibilities.
So, lets get into the meat of the matter: how can you deploy your social media handles and online presence to make a 6-figure income starting today?
Well, I will tell you that in part 2! (This is why you should have attended our live webinar on Saturday. I told them everything in that hour but surely you know speaking goes faster than writing, right?)