The following excerpt is from Nightingale-Conant’s book The Power of Passive Income: Make Money Work For You. We’re going to identify them using three different categories -- an objective measure, a subjective measure, and a third classification that we’ll call “ECB,” or expected customer behavior. You can find out how many people have visited websites devoted to your interest. Most of the people who share your interest are probably much like you. That’s especially true if you’ve found a specific interest. So, think about what those subjective touchstones might be for your potential customers, and make sure you put them to use. Expected customer behavior The final element in your customer profile concerns the beliefs that a customer has of you, your website, and any product or service you’ll provide. But there’s another side to this coin: Online customers also expect that you will, in fact, ask them to spend $100 or more -- so if you refute that expectation by asking for less, you have a good chance of making a sale. Finally, although it’s true that elaborate websites are a mistake, there is one aspect of a website that you need to take very seriously: You must update your website as often as possible. Visitors quickly learn how often a site is updated, and they’ll return accordingly.
You can’t make money if you can’t find people to sell to. These three tactics will help you zero in on the target markets for your passive income products and services.
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If you’ve got a business idea, it’s time to start identifying exactly who your customers are. We’re going to identify them using three different categories — an objective measure, a subjective measure, and a third classification that we’ll call “ECB,” or expected customer behavior. Let’s look at these three categories in order.
Basically, the objective measure refers to anything you can say about your customers through numbers. For example, are you able to determine what age groups are most interested in what you have to offer? Let’s use “old-time baseball” as an example. For this topic, think about what demographic might form most of your website’s viewership. You can find out how many people have visited websites devoted to your interest. You can also find out how many people have done web searches for phrases like “early baseball” or “history of sports.” But that kind of research is usually not effective in terms of cost and time.
Chances are, you yourself are probably your best source of objective information about a specific interest. Most of the people who share your interest are probably much like you. That’s especially true if you’ve found a specific interest. There may be millions of people who follow NFL football, but a lot fewer are interested in what baseball was like a hundred years ago. And remember that can work to your advantage. Even if there are only a thousand people in the whole country who share your interest, if you can get them all to send you $10 a month to subscribe to a newsletter about your topic, then you’ve got a significant amount of passive income.
Subjective measures of your potential customers are those that aren’t expressed simply in numbers. They’re generally understood anecdotally or in combination with a numerical analysis. For example, during presidential election debates, almost every candidate for the past 30 years has worn a red tie. It’s…