50: How a Digital Product Shop Can Change Your Business with Monica Froese
Monica Froese holds an MBA in finance and marketing and is a digital shop coach for small business owners and host of the popular podcast, Empowered Business Podcast®. She is the founder of the websites Redefining Mom®, Empowered Business™, and the popular digital product shop, Empowered Shop™.
Monica helps small businesses grow sustainable and profitable digital product e-commerce shops. She spent 11 years working for a Fortune 100 company running multi-million dollar marketing campaigns with large brands like Microsoft and HP. Now she provides online marketing education to small businesses that are looking to build a profitable revenue stream through digital products through her online programs, Empowered Shop™, and podcast.
In this episode, Monica discusses the power of digital products, the benefits of having a digital product shop, and the strategic use of sales funnels.
She explains how her product shop, Empowered Shop™, has streamlined her business and provides a cohesive shopping experience for her customers. She also shares insights into her shop strategy, including her popular FriYay sales, and the value of email marketing in driving sales and nurturing your customers.
Connect with Monica Froese
Key Takeaways:
- (02:50) From corporate marketing to blogging and meeting President Obama
- (06:45) Discovering her teaching talent through online marketing
- (09:00) Overcoming personal and business challenges in 2023
- (11:40) Sales funnels and targeted ad strategies
- (13:05) The pitfalls of building a business on Etsy and TPT
- (17:05) Strategies for online shop sales and product marketing
- (22:05) Monetizing through memberships and product shops
- (25:15) Email marketing and calendar planning
- (31:00) Embracing imperfection in business and valuing progress over perfection
- (34:55) Empowered Business™ summit
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Strategies for Digital Product Shops with Monica Froese
Today our guest Monica Froese, a former corporate marketer turned online business entrepreneur, shares valuable insights into lead generation, the importance of imperfect action, and mastering the art of digital product shops.
The Power of Imperfect Action: Progress Over Perfection
Monica underscores the necessity of making progress rather than striving for perfection, particularly in the early stages of your business.
Perfectionism can be a significant roadblock, leading to paralysis and inaction. Instead, focus on moving forward, learning from your mistakes, and iterating based on feedback.
This approach allows entrepreneurs to adapt swiftly and stay agile in the ever-evolving online market.
Demystifying Lead Generation: The Lifeline of Your Business
Lead generation stands as a cornerstone of any thriving business.
Monica highlights the need for continuous lead generation and strategic sales funnels to attract new customers and drive sales. It’s not just about drawing traffic but making sure potential customers are funneled into a well-crafted journey that leads to conversions.
To achieve this, Monica recommends leveraging various marketing strategies, from SEO and content marketing to paid ads and social media engagement.
The Courage to Price High-Ticket Items: Overcoming the Fear Barrier
Monica touches on the common fear many entrepreneurs experience around pricing high-ticket items.
She advises that the key to overcoming this fear lies in understanding and communicating the value of your offering. It’s crucial to seek feedback from customers to refine your products and justify the price point.
High-ticket items can significantly impact your revenue, but they require confidence in your value proposition and a deep understanding of your customer needs.
Owning Your Business Platform: Avoiding the Pitfalls of Rented Land
The discussion delves into the limitations of third-party platforms like Teachers Pay Teachers and Etsy.
Monica emphasizes the importance of owning your customer data and the entire buying journey. Depending on external platforms can be risky; your shop could be shut down unexpectedly, stripping you of your income and customer connections.
Monica’s advice is clear: build your business on a platform you control, ensuring you have ownership of customer interactions and data.
Strategic Use of Marketing and Promotions: Driving Sales with Smart Strategies
Heather and Monica explore various marketing campaigns and shop strategies that keep sales robust and consistent.
Monica shares her approach to featuring themed promotions, such as “template extravaganza” and “summer jamboree,” to keep her audience engaged and eager to purchase. Weekly Friday sales provide visibility and train the audience to expect regular promotions.
While they may not be the primary revenue driver, these strategies build a loyal and responsive customer base.
Email Marketing Mastery: Planning and Execution
Heather and Monica spent a lot of time discussing email marketing—a crucial tool for any online business.
Monica shares her meticulous approach to planning her email marketing calendar, plugging in launches, sponsorships, affiliate deals, flash sales, and high-ticket items. By leveraging both paid products and free trainings, she nurtures leads effectively, guiding them towards higher-priced programs.
Monica advises against the constant creation of new free content, suggesting instead to make the most of existing resources as part of your nurturing strategy.
Advice for Aspiring Entrepreneurs
Monica concludes with practical advice for those starting out: expect hard work, maintain self-accountability, and recognize that initial growth can be slow. The key is to act, gather data, and refine your strategies based on real-world performance.
Heather echoes these sentiments, encouraging listeners to study successful business models and learn from others’ marketing strategies.