What if you can increase sales drastically, pile on massive profits and build a huge tribe (of raving fans) who are happy to buy from you again and again without additional effort and resources?
The most common question I get asked by people is how I am able to make money online and also help my students and clients do the same when so many others are actually losing their pants.
If you’re an Internet marketer, online network marketer, or entrepreneur, you’ll want to know and apply this stuff.
It can be one of the most beneficial and profitable lessons you’ll learn… or one of the most damaging thing you’d have ever done if you miss it.
The 3 Magic Bullets of Profitability
If you think about it, there’s probably 3 main methods you can immediately deploy to make more money in your business.
We’re talking about legit and legal ways; no stealing, no cheating, no bait and switch.
So here we go… The legit ways.
Magic Bullet #1: Get More Customers
This is the one thing most people focus on. “Let’s just get more customers, and we’ll be okay.”
You spend either more time or money to get more traffic.
Assuming you’ve 100 visitors to your offer a month and your conversion rates are 5%, that makes it 5 sales. You then increase your traffic to 200 visitors a month, and based on the same conversion rates of 5%, it’s now 10 sales.
100 visitors X 5% conversion = 5 sales
200 visitors X 5% conversion = 10 sales
I mean, its quite straightforward, right?
Hence, more traffic into leads = more sales.
And you can scale up your traffic without a lot of additional effort and resources in a few ways:
• Uncovering more quality keywords on Google to bid for.
• Uncovering more interests and custom audiences on Facebook to target your ads .
• And if you’re into content marketing, simply distribute your videos and articles to more video and document sharing sites.
You can have your traffic remain the same, but improve your conversions.
Assuming you’ve 100 visitors to your offer a month and your conversion rates are 5%, that makes it 5 sales. You then increase your conversion to 10%, and based on the same amount of traffic, its now 10 sales.
100 visitors X 5% conversion = 5 sales
100 visitors X 10% conversion = 10 sales
Hence, better conversions = more sales.
And you can improve your conversions without a lot of additional effort and resources in a few ways:
• Improving your lead magnet’s headline.
• Offering a risk-free 7 or 14 day trial and then bill them after the trial period.
• By offering bonuses to your leads when they buy from you.
However, getting more customers is actually the least profitable way to grow your business because of acquisition costs.
See, it costs you time and money to make that first sale, doesn’t it? You’ve got to place ads, get traffic and leads, turn those leads into prospects, follow up on those prospects and hopefully turn them into customers.
You may also have to spend time answering their questions about your product and service before they actually buy anything from you.
It’s the hardest type to sale to make because you’ve got to work your ass off to win the buyer’s trust.
When you discover the other two ways to get more money, you’ll start seeing how you can really make a fortune without a lot of extra effort.
Magic Bullet #2: Raise Your Prices
Revolutionary, I know. It’s so deceptively simple that few marketers think about it.
What? Did you just say that its greedy and evil?
Now just hold your thoughts for a second.
First of all, you shouldn’t be afraid of charging more for your products or services because consumers have been conditioned to believe that if something costs more money, then its more likely to be better.
So the secret here is to offer 2 similar versions of a product or service.
Have regular and premium versions of whatever you’re selling.
For example, if you’re selling an ebook, you can offer a premium version that comes with the ebook plus an audio and physical copy delivered to your customer’s address.
And marketing statistics have long showed that 10 – 15% of your customers will always choose the higher priced option whenever they’re given the choice.
Using this method, you get to make more money while still spending the same amount of time and money for the same level of traffic and conversions,
If you really feel the need to justify the higher price, just build more value into your product.
One very common strategy used by web designers and agencies to raise their prices is to package the web design service together with search engine optimisation.
Magic Bullet #3: Have More Products to Sell to Existing Customers More Frequently & Monetize Your Marketing Activities
Of all 3 strategies, this is the most powerful. Unfortunately, it is also the most misunderstood so you really have to pay attention here.
Before I teach you Magic Bullet #3, let’s first go through some of the reasons why people lose money in most opportunities.
On average, 97% of your prospects are never going to buy your products or your opportunity. That’s just a fact.
You need to understand that there is a cost associated with acquiring targeted traffic and finding good quality prospects.
Let’s say you’ve to spend $100 to acquire 100 leads and spend an average of 10 minutes on each of them..
2 or 3 out of those 100 people MIGHT buy your products or join your opportunity. That means you’re spending at least $33 and 5.5 hours to acquire 1 paying customer.
That should be a massive epiphany for you right now.
You should be shocked and appalled by the fact that if your sole goal is to market your company products and opportunity, then you’re going to miss out on 97% of your potential income.
Not only that, but the reality is that if you don’t go out and find a way to monetize the other 97 leads that said no, you’re probably going to go out of business, and that’s all there is to it.
If your prospects are mainly other network marketers, internet marketers, entrepreneurs or sales reps, think about what they’re already spending money on, right now.
Most likely – marketing training, tools, or marketing events.
In order for you to successfully sell more stuff to your customers more frequently, they must already be spending money on these products and services in the first place.
This way, there is little to no extra effort on your part to get them to buy from you instead.
If they’re already spending money on these things, wouldn’t it be super easy for you to monetize the 97% who said no to your products and opportunity by offering them marketing training, tools, and events instead?
And you don’t even have to break a sweat to create anything from scratch. Ever heard of affiliate marketing or partner programs? These are programs and businesses which pay you a commission for every customer you refer them.
Here’s a few common websites you can sign up for affiliate programs:
Training – Amazon.com, Clickbank.com
Tools – Hostgator.com, Getresponse.com
By using Magic Bullet #3, some of my students and clients have effectively doubled or tripled their income while still spending the same amount of time and money on their business.
So if you’re sick and tired of
- Getting stuck in an endless cycle of spending more and more money to acquire customers,
- Anxious to find a way to grow your income without having to sacrifice more personal & family time,
- And would like to effectively triple your income without having to put in a lot of additional effort