Today we are going to look at how to maximize profits for your online business.
Some of the more obvious ways to make sure you get the most “bang for your buck” when creating content is using good keywords, proper SEO, and seeking out good quality traffic.
But for this post, we will look at ways to boost income from the content already created. Let’s get to it.
Welcome to Fearless Affiliate.
My name is Irma and I help new bloggers to learn the ropes. There is a lot to take in that first year of blogging, from choosing a niche to changing your mindset from worker bee mentality to that of successful entrepreneur.
I like to focus on practical information and positive thinking, so if that sounds good to you please sign up for my weekly newsletter of tips and help for bloggers and online marketers.
Be sure to grab your copy of 5 Minute Guide to Internet Marketing Success guide. Once you have read through this guide, your will have tons of ideas for an online business that will help you earn extra cash or even full-time income!
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What Is Maximizing Profits?
You have probably already heard of some of these ideas but you may not be applying them as often as you can.
The idea is this: it takes work to find traffic and customers.
So once you have some, either customers or traffic, you should:
- Do your best to provide excellent value content to help them
- Over-deliver to encourage repeat customers
One way to over-deliver is to make more offers. Let your fan club know what you have and how it can benefit them.
Take a look at some of the ideas below and figure out how you can wedge them into your current sales and marketing efforts.
Online Business Tips: Maximizing Profit
1.Make an upsell
I have read this countless times in newsletters, blog posts, videos and within books on marketing, and the gist is this:
Many online marketers make the bulk of their income from their first upsell.
Read that again…the first upsell.
In fact this is why you see so many people offering a free book for the cost of shipping.
The free book gives people value for very little money, so they do not see it as a hardship to buy the first upsell from the person who gave them a free book.
It is irrelevant that the upsell probably costs twice as much as the shipping for the free book.
It is the illusion of a “good deal”.
How it works:
You sell a product online, let’s say for $19.
When the person goes to check out they are presented with a higher priced companion offer. The price is higher than the initial offering, hence “up” sell.
This works when you are offering a product that goes with the initial offer, not one that competes with it.
For example, your initial offer is an eBook on how to make fun toys for your pet. The upsell might be a course on new pet discipline.
Not everyone will bite. But your fans who have already bought and enjoyed your products will understand the value when it is presented to them.
Similar to up-selling, a cross-sell is when you offer a similarly priced offering during checkout.
This is a good spot to offer a higher priced product that is now discounted for the customer…a good deal.
How it works:
You sell a $19 eBook. At checkout, the customer is presented with an offer for a $49 product that is discount priced at $19 just for them.
It is important to note in your marketing that they will never see this price again if they do not buy right now. The product is usually a companion item that does not compete with the main offer.
You may be wondering why you want to offer a down-sell?
The answer is: it is better to get a small sale and introduce your content to a buyer than to have them walk away empty handed.
And all the clicking around gives you valuable data for marketing.
How it works:
You offer a $49 course on your niche topic.
The customer scrolls all the way down the sales page and does not want to buy.
Near the bottom of the sales page is a “hey, don’t leave empty handed” message offering them a discounted price (or even a freebie) for another related product.
They click the link to get the cheaper product (or freebie). You get a sale or subscriber. Win-win.
4. Freebies & Tripwires
In this situation, you offer a free item in exchange for an email address…typical email marketing.
Subscribers are normally added to some kind of welcome series and your weekly newsletter.
How the tripwire works:
After they click the “subscribe me” button, they are redirected to a special sales page. The sales page has a countdown timer and a great offer.
The subscriber has however much time is on the timer to buy at the discount price. Once the timer runs out, so does the offer.
The subscriber is still added to your newsletter, so even if they do not buy, you can make offers to them later.
I have seen discount coupons for forever, but only recently have I notice people offering “credits” when people buy. This works best with higher priced offers (over $299 and up) but it can work on lower priced offers too.
How it works:
You offer your subscribers “credits” for buying your higher priced offers.
For example, you have a course that sells for $299.
- You offer a $50 credit to customers who pay full price for the offer.
- They then get to use their credit later or for another course or product you promote.
You have to manually keep track of this, but only so many people will take advantage of the offer…mostly your fans.
6. Offer your newsletter subscribers better deals
You need to be promoting your offers constantly to your subscribers, so they get used to
- What you have to offer
- How much it usually sells for
- Why it will benefit them
Once they have seen your eCourse for $49 multiple times, they will recognize when it is being offered at a good discount.
FYI – people do not buy because they got a good deal (some do, but not all).
People buy because you have sold them on buying…you have given them all the information they need to see that this is a phenomenal deal that will help them.
If people need your products, they will pay full price.
If you are not making sales, it is because:
- You are not convincing enough in your sales copy
- They have not seen your offers enough to know what they are
- They do not understand the value of what you offer and how it will help them.
Your newsletter is the place to practice this.
I hope that this has been informative and helpful for you. Business skills are important because many new entrepreneurs are used to being an employee and are not used to the business side of business.
But as an internet marketer, you have to wear both hats: employer and employee.
If you are not quite ready, but want more info get your 5 Minute Guide to Internet Marketing Success guide. It is full of helpful information on what Internet Marketing is all about.
Until next time, happy blogging and follow me on Pinterest!