Do You Have a Product or a Business?
One of the most heard phrases for an internet marketing coach is, “I have this product, how do I sell it online?”
If that’s your attitude, you may find yourself in a difficult situation.
While it’s possible to make a very good living with only one product, you’re going to find it is getting harder and harder to do as the internet grows.
For example, let’s say you use Google Adwords for traffic. You will find some of the longtail phrases produce profits on the very first sale to a customer. Not too difficult to do this if you’re choosing the right terms.
BUT that’s only a small amount of the traffic you can generate. If you want to expand your business and advertise on the higher traffic terms it’s likely you will NOT make a profit on your first sale. You’re much more likely to simply break even or even lose a little of money on every new customer.
When you see competitors in many industries spending $2, $3, or more per click, how are they doing it?
They’re doing it because of the lifetime value of each customer. They don’t just have a product. They have a business.
This means they have immediate upsells. They have an email follow-up series to generate more income from their other products/services. Maybe they promote some affiliate products for additional income.
I know several very successful marketers who have their BREAK EVEN point from their Adwords advertising at 3+ months. This means their goal is to get people on a list. They sell multiple low cost products and promote a higher ticket item regularly to the list.
On average they don’t break even on each new subscriber for AT LEAST 3 months (one of them is pushing close to 9 months before he is profitable off his leads).
It’s easy to get spoiled with just the “easy terms.”
You might say, “Well I don’t spend money on my advertising. I just use free techniques.”
That’s fine. Hopefully it isn’t only you doing all the article writing, press releases, affiliate marketing, etc. Part of being a business means you’re outsourcing this work to others. And the moment you outsource…you’re now paying for your advertising. Those free articles are costing you money to have written and distributed.
What if you do all the work yourself? Well even then I hope you’re earning a good wage off your work. Everything has a cost…either in money or time. So nothing is really free when you’re looking at it this way.
That’s why I tell clients I never want to be in a business when I have to make a profit from my first sale to a customer.
The goal is to create a strong lead generation system:
1. Freebie offer to get people on list.
2. Low Cost Lead Generation Item Where You Overdeliver
3. Immediate Upsell Again to Try Earn Back the Money On Your Advertising
4. Follow-up Emails and Related Product Offers (your own or affiliate offers)
5. Mixing in high ticket or continuity related items.
As your business grows you may find you create SEVERAL of these types of systems (multiple lead offers and lists) which you then cross-sell the products and lists.
I always think at least a couple of products ahead. So while I’m writing an ebook for Life Coaches and Business Coaches I’ll be thinking about what comes next in the series for those customers. It may be a 6 week coaching eclass that I’m considering while creating the ebook. The ebook itself is simply a lead generator for what comes after it.
Some of my clients can tell you that I’ve looked at their product outlines and I’ve had them break up their outline into separate products they’re create. We create a beginner version to get people started and then we expand out into the other related products and services.
I know this may NOT be what you’re used to hearing. The “common wisdom” is to just create a product or grab an affiliate product. Promote it like crazy using free techniques (which don’t really exist because you spend time or money). And watch the dollars roll in.
The real truth about making money online is you choose a group of customers to serve. You look at all the competition…and figure out how you can serve customers better, quicker, and/or lower cost. Then you create a SERIES of products for that market or you create an initial product while promoting affiliate products in addition.
You’re building a business…instead of just a product.
If you’re interested in each and every step you need to build this profitable business online (without all the hype), check out The Truthprints which I did with Glenn & Sharon Livingston, Fred Gleeck, and Mr. D.
It’s unique because all 5 of us had ONE goal in mind…putting together a complete solution for you to run your internet information business. Each of us taught about some of our best subjects, but here is where we didn’t just break the mold. We obliterated it.
As each person was speaking, the rest of us took the role of your advocate. We asked questions. We interrogated the witness. Each of us made sure everything shared could be understood by beginners…AND applied to those already doing millions online.
That’s something you won’t find anywhere else.
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- Sell High Ticket Items For Big Profits