Make Money Online How You Can Generate 4X Internet Income Streams
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If you can come up with one idea, you can come up with one product.
And with one product, I’ll show you how it can generate 4 streams of income.
It’s really amazing how much opportunity lies on the Internet.
With some business and marketing knowledge, you’re on your way to earn a part-time income, or even to quit your job (as many of my students have successfully done that).
How to achieve this?
By following this simple four-step formula to your internet business:
- Multiple Product Variations. If you rely on one product – one stream of income – to support your business, then your entire business is going to go belly up if your one stream of income dries up. That’s why you need to create multiple streams of income – and you’ll find out how in this report!
- Market Expansion. This is another way to create multiple streams of income. And you don’t even need to create an entirely new suite of products in order to do it – you’re going to love this simple way to grow your business!
- Licensing Opportunity. You’re already selling your products to end-users. Now imagine selling your products for five or ten times the price to other marketers. Best of all, this option gives you plenty of backend money-making opportunities, too.
- Other People’s Networks. There are marketers in your field who already own profitable assets, such as big customer lists, popular blogs, bestselling products, and good reputations for themselves. Now you can leverage these assets by working with these marketers – you’ll find out how in this section!
Let’s take a sneak peek at each of these strategies in more depth…
Multiple Product Variations
Trying to support yourself by selling just one product is like trying to support yourself on a stool that only has one leg – you’re bound to come crashing to the floor sooner or later!
And that’s why you need to get diversified by creating multiple products – and thus multiple streams of income.
Think about the many businesses that you patronize.
Do any of them sell just ONE product or service?
It’s highly unlikely.
And if they do, they’re probably leaving a lot of money on the table.
They’d be short-changing both themselves as well as their customers.
- Your car dealer sells cars. But he also sells financing and car maintenance and servicing.
- Your vet, of course, sells health care for your pets. But she probably also sells a wide variety of pet products, from flea prevention to dog collars.
- Your freelance copywriter primarily creates sales letters. But he probably also creates supporting sales materials such as classified ads and email solo ads.
Point is, no matter what kind of business you have – whether you sell products or services, whether you sell online or offline – you need to get diversified in order to increase your revenue.
There’s a good chance that you’re in the business of selling information products online.
So let me show you how to diversify your business by creating five distinct categories of products and services…
1. Create Your Own Small Reports, Ebooks, Or Videos
In this case, you don’t create just one ebook, small report, or video.
Instead, you create a variety of products, which gives you the opportunity to set up a sales funnel.
Example: Let’s say you sell weight-loss information. Here’s an example of the types of reports and ebooks you might create:
- $10 report that gives an overview of nutrition and exercise guidelines.
- $50 ebook that gives more in-depth information on losing weight.
- $100 video package that offers advance weight-loss information.
- $40 video about motivation.
- $30 video about maintenance.
- $15 report about weight loss supplements.
- $10 report about getting flat abs.
You get the idea. You can offer a variety of products under a variety of price points so that you always have “something else” to sell to your prospects as well as your existing customers.
Tip: Even though I’m referring to you creating these reports, ebooks, and videos, don’t take that in a literal sense. You can certainly outsource these tasks to a competent team of freelance writers.
2. Build Membership Sites
One of the main advantages of building a membership site is that it gives you the opportunity to create a passive income stream.
That’s because you sell your prospects once on joining your membership site, and then they keep paying a recurring monthly membership fee, which generates residual income for you.
There are three main types of membership sites you can create:
- Vault-style membership site. This is where your customers pay one time in order to receive instant access to a large number of resources all related to one topic.
Let’s suppose you sell golfing materials.
You may provide a wide variety of resources such as ebooks, reports, blog posts, audios, videos, software, and similar resources.
All of these resources would be focused on improving the member’s golf game.
You don’t have to provide extra content on an ongoing basis for this site, nor do you receive ongoing monthly membership fees.
However, this site does give you an opportunity to build a customer list, so you can email these existing customers a variety of backend offers… thus diversifying your income.
- Traditional monthly membership site. This is where your customers pay an ongoing regular membership fee.
Usually, members are rebilled monthly, but you may set up other payment options, such as weekly, yearly or anything in between,
In exchange for these regular membership fees, you provide your customers with new training materials or other resources each week or each month.
Example: In keeping with the golf example, you may provide your members with a new golf lesson every week, such as how to improve their swing or how to improve their plays on the green.
The disadvantages of this type of site are that many owners struggle with retention as well as creating new materials constantly.
- Fixed term membership (FTM) site. This style of site is like a traditional membership site, because you provide new materials to your members and they pay you ongoing membership fees. The difference, however, is that you’ve made it clear upfront that this arrangement only lasts for a fixed term, such as three months, six months, a year or more.
Example: Once again, let’s look at the golf example. Instead of sending your members new training material for an indefinite period of time, you instead fix the membership term to something like six months (24 weeks). You can then create 24 weekly lessons, such as “24 Golfing Secrets Every Golfer Ought to Know.”
The advantage is that you won’t struggle as much with member retention, because people who start a membership site and see a clear end date in the future are less likely to quit.
They’ll just stick it out in order to get the full benefits of your training materials.
Another advantage is that you can create the content once and have it delivered by autoresponder, which makes the day-to-day maintenance largely hands-free for you.
You don’t necessarily need to restrict yourself to just one type of membership site.
Example: You may decide to diversify by offering a vault- style site at a good price to use as a lead generator. Then you can upsell your customers into a fixed-term membership site.
3. Sell Services
Earlier I mentioned how car dealerships – which are primarily in the business of selling cars – also sell services such as car maintenance and repair.
You can do the same thing by offering services that are directly related to the products you’re selling.
- You sell “how to” copywriting information. You can also sell your copywriting services to those who’d rather have an expert create a sales letter as opposed to spending the time to learn how to do it themselves.
- You sell career information, which includes how to apply for jobs and create stunning interviews. You can offer a resume service which includes proofreading, tweaking and formatting resumes for maximum effect.
- You offer information for classic car restoration enthusiasts which shows them how to rebuild a carburetor. You can offer a rebuilding service for those who’d rather not do it themselves.
Please note that you don’t necessarily have to offer these services yourself. Instead, you can serve as a “middleman.” This means that you accept the orders from your clients, but then you outsource the actual work to a competent freelancer.
Example: Maybe you offer ghostwriting services to online marketers. You can certainly build your own team of qualified writers. Then every time someone places an order with you, you outsource the task to the best-qualified writer on your team.
4. Offer Coaching and/or Consulting
This is a premium type of service, as you’re selling your valuable time and your expertise to your customers and clients.
Indeed, you can easily charge $100, $500, $5000 or more for coaching and consulting, depending on your niche and what you’re offering.
- Let’s suppose you sell weight loss information. You can offer personal coaching, which may include designing personal nutrition and exercise plans as well as helping to motivate your clients and hold them accountable.
- You sell online marketing information. You can offer personal consulting where you help people choose a business model, a niche and develop a business plan.
- You’re in the business of selling tools and information to businesses to help them do their taxes. If you also have the necessary qualifications (such as being an accountant or tax attorney), you can also provide consulting to help businesses uncover ways to save money on their taxes.
5. Promote Affiliate Offers
Yet another way to get diversified is by selling other peoples’ products and services.
In exchange, you get a cut of the commissions.
This can range from a very low percentage, such as 5% to 10% for physical products, to a surprisingly high percentage for digital products.
Indeed, you may even find 100% commission offers from product owners who’re looking to build their customer lists.
Example: Let’s suppose you sell dog training books, membership sites and offers of your own. You might also promote affiliate products like this:
- You can promote dog-training offers from other product creators to those people on your prospect list that haven’t yet purchased any of your products. Perhaps your products aren’t a good fit, but an affiliate product will appeal to them.
- You can promote additional dog-training affiliate offers on the backend to your existing customers.
- You can promote affiliate products while you create your own suite of dog-training products.
The disadvantage of promoting affiliate offers is that you miss out on building one of the most important assets: The customer mailing list.
As mentioned, however, if you’re promoting affiliate offers to your list of existing customers, then clearly this isn’t an issue.
The benefits of promoting affiliate offers include:
- No customer service hassles. You don’t need to deal with customer service inquiries, fulfillment, delivery, refunds or anything else.
- No risk on your behalf. You don’t have to risk months of your time or thousands of your dollars to see if a product sells well in your market. Indeed, you can use affiliate offers as a risk-free way to test a product. If it doesn’t sell, you just move on. If it does sell well, then you may consider creating a competing product (and keep all the profits).
Hardly anyone gets rich off of just one product unless you’re amazingly lucky.
But even then, you’d be leaving money on the table if you sold just one product or one service to your customers.
And you’d be shortchanging your customers since they’d likely still have problems that need solving.
The solution for both of you is simple: Get diversified. Read on for another…
Reach other markets.
And it’s probably easier than you think.
That’s because you don’t need to start from scratch with your products and marketing materials.
All you need to do is “niche- ify” your content.
Niche-ifying refers to taking one product (and the accompanying marketing materials) and tweaking it to appeal to a different niche market.
Example: let’s say you sell a course that teaches other people how to write and sell ebooks. And maybe you’re currently targeting internet marketers, so the book is geared towards those who want to create the ebooks and sell them online. In other words, it’s a traditional “how to make money” online course.
Now let’s look at how a few tweaks to the course, the sales letter and other marketing materials can allow you to quickly and easily reach other niche markets:
- Stay at home moms. Maybe stay at home moms aren’t looking to make a full time income. After all, they already have a full time job (raising their children), but perhaps they’re just looking for a way to pick up an extra $500 or $1000 a month. You can tweak your book and sales materials to appeal to this niche.
- Novelists. Here you can take your existing content and tweak it to appeal to writers who’re looking to reach their markets digitally. This includes teaching people how to sell their books via Amazon’s Kindle marketplace.
- People in specific fields wanting to reach specific markets. Here you can teach information marketers in specific niches how to create an ebook and sell it. For example, you can teach personal trainers how to write and sell fitness ebooks to their clients.
Perhaps at this point, you’re starting to wonder what I mean by “tweaking” the content to appeal to specific niches.
Let me give you an example…
Example: Let’s say you’re taking your general course and niche-ifying it to appeal to stay at home moms. Here are some changes you might make:
- Change the title from “The Online Marketer’s Guide to Writing and Selling an Ebook” to “The SAHM’s Guide to Writing and Selling an Ebook.” (Note: SAHM = “stay at home mom.”)
- Change the headline of your sales letter to something like, “Attention All Stay at Home Moms Who Could Use an Extra $500 Every Month…”
- Gear the sales letter towards SAHMs, by addressing the fact that they only have a few hours here and there to work while the baby is sleeping or the children are quietly playing.
- Tweak the content of the book itself, such as by creating a new chapter about time management and productivity for busy moms.
- Place your ads where SAHMs will see them, such as on parenting boards.
Those are just a few examples.
The point is, however, that you need to tweak all the content so that your new niche feels like you created the course just for them.
So far you’ve learned about two ways to diversify your business.
One way is to offer a variety of products and services.
Another way is to reach different niche markets with these products and services by “niche-ifying” your sales materials and content.
Soon you’ll learn about a resource where you can get in-depth blueprints that will show you how to take full advantage of the strategies you’re learning about in this report.
Plus, you’ll discover plenty of new ways to grow your business, plenty of which you probably hadn’t even thought about before.
But before I reveal this resource to you, let me share with you a couple more of my other business-growth strategies…
You’re already selling your content to end-users.
Example: If you sell dog training books, then you sell these books to dog owners. Or if you sell weight-loss information, then you sell these products to overweight people who’re looking to shed the pounds.
Now here’s another revenue-generating idea for you…
Sell your products to other marketers in your niche.
In other words, offer licenses to your products so that other marketers can resell your content and make money from it.
Depending on what types of licenses you offer (which you’ll learn about in just a few moments), there are several advantages to using this strategy:
- You’ll make more money upfront. Instead of selling a book for $25 or $50, you can sell a license for $150, $300 or more. It doesn’t take too many of these high-ticket sales to put a nice profit in your pocket!
Tip: If you’ve already established that your product is a proven seller – and especially if you provide the supporting marketing materials, such as sales letters – you’ll likely find that marketers will eagerly snap up your licenses!
- You get backend income opportunities through your products. You should have links in all your products where you promote additional services and products on the backend.
When you sell your products yourself, the number of people who see your backend offers is limited by your number of customers.
Example: So if you have 1000 customers, then up to 1000 people will see your backend offers.
Now let’s suppose you license your product to 25 marketers who each sell 1000 copies of your book.
You now have up to 25,000 customers viewing your backend promotions within the product.
Go ahead and crunch your own numbers – it’s plain to see that you’ll make far more money in backend offers by licensing your products then you could by selling your products on your own.
- You build a list in an entirely different market. Another advantage of licensing your products is that you get to diversify your business by targeting another niche.
Example: Instead of just selling dog training materials to dog owners, you now also have the opportunity to sell additional products and services to other marketers.
These additional products and services may include additional licensing opportunities, website design, unique product creation, creating sales letters, traffic- generation services and products and anything else an online marketer may find useful.
- You can establish a bigger presence in your niche. Simply put, having a team of marketers selling your book means you’ll get more exposure in your market. Indeed, if you get enough people promoting your book, your prospects will see your name every time they open an email or visit their favorite site. And even if they don’t yet know you, they’ll just assume that you’re an expert since everyone is promoting your book.
You have to decide which of the above benefits most appeal to you.
That’s because you need to choose a licensing option that will best deliver these benefits to you.
The simplest form of licensing is to sell Resale Rights.
This is where you give people the right to sell your book as-is, without modification.
People who’ve acquired the resell rights to your products can only sell to their customers with personal-use rights only.
Offering regular resell rights is a good option for those who’re looking for some balance between making a good chunk of money upfront and establishing one’s self as an expert while also profiting from the backend offers located within the product itself.
And there you have it – you can boost your revenue by licensing your existing products.
Not only does this give you bigger upfront revenue and additional backend income, it also allows you to diversify and sell to an entirely different market.
Now let’s look at how to leverage other peoples’ assets for your own benefit.
Other People’s Network
What’s the key to growing your business and increasing your income?
One word: More.
You need more products, more prospects, more sales, more customers.
And one of the quickest and easiest ways to get “more” is by teaming up with people in your niche who already have what you want.
Here are three examples:
- Partner on a project.
- Participate in a joint venture (JV).
- Prepare an affiliate program.
In just a moment we’ll look at these three separately.
But first, let me give you a quick overview of how to find and approach prospective partners:
Step 1: Find Partners. You’re probably already well aware of many of the other marketers in your niche.
What you’re looking for are people who have good reputations, good products and the ability to reach their market (through email, social media, blogging or other platforms).
Step 2: Build Relationships. Ever notice how it’s much easier to get a friend to do a favor for you as opposed to a complete stranger or even a casual acquaintance?
The same is true in business.
Your prospective partners will be much more receptive to your proposals if you first build relationships with them.
By starting up a dialogue and building the relationship, just as you would with your personal friends.
- You can introduce yourself to a prospective partner at an offline conference. Don’t talk business – instead, talk about your common interests and start developing a friendship.
- You can email him to offer your help, for free, on some project where he’s requested help.
- You can become an affiliate. If you make enough money for your prospective partner, you can bet he’ll remember your name. And that makes it easier to start building a friendship.
Yes, it’s true that becoming friends first isn’t an absolute requirement in order to land a joint venture deal – but it certainly makes it easier.
If you decide to approach “cold” prospective partners (those who don’t know who you are), then you better make sure that you do a really good job with this next step…
Step 3: Create an Irresistible Offer. Finally, you can increase the chances of you getting plenty of “yes” responses to your proposal by making sure the offer is as attractive as possible to your prospective partners.
This means you should offer as much benefit to your partners for as little of an investment of time or capital on their behalf.
Basically, you want to make it easy for your prospective partner to say “yes.”
To that end, be sure to list all the benefits your partner will receive if he agrees to your offer. In other words, make your proposal about him (not you).
Now let’s take a closer look at the three ways you can work with others…
Partner on a Project
Here I’m referring to you teaming up with one or more marketers in your niche to create products together, such as reports, ebooks, teleseminars, webinars, and even workshops.
Here are the benefits for you:
- You get free content. And you generally only have to do about half the work in order to receive full rights to the product.
- You get your name associated with your partner’s name. This is particularly beneficial if you’re trying to establish yourself in the niche, as associating with other experts will bring you up to their level. Indeed, some marketers seeking to break into a niche start by doing interviews with the top experts, which gives them borrowed credibility and plenty of exposure.
- You get promotional help. Generally, the people who help you create a product will also help you promote it.
Here are a few examples of ways to create products with others in your niche:
- Interview a product vendor. If you’re an affiliate, invite a product creator for a telephone interview. Just be sure to use your affiliate link whenever you or the vendor mentions the product.
- Create an ebook with several experts. In this case, each expert can create on chapter for the ebook. Alternatively, you can ask each expert the same question (such as “what is the best way to drive traffic to a website?”). If you invite a variety of experts, then you should get a variety of answers.
- Create a series of interviews with experts. Not only will you be able to sell virtual seats to the live interviews, but you’ll also have the recordings and transcripts to sell again and again.
Participate in a Joint Venture
Creating a product with someone else is one way to do a joint venture (JV).
However, it’s by no means the only way. Consider some of these joint venture ideas:
- Swap blog content. In essence, you can be a guest author on each others’ blogs. The benefit is that you both get free content, free exposure for your own content and free backlinks.
- Promote each others’ products. Here you can do a co- promotion, where you endorse each other on your respective blogs, in your newsletters and elsewhere.
Example: Each of you can display a banner ad on your blog for your partner’s product.
- Help build your lists. When someone signs up for your newsletter list, you can immediately encourage them to sign up for your partner’s list (and he can do the same for you).
Tip: From time to time you may even do a “list swap,” where you send solo ads to your respective lists, encouraging your subscribers to join your partner’s list.
- Include ads in your products. As mentioned before, you should have backend offers in your products. If you have joint venture partners, then you can agree to promote their offers in your products, too – and they’ll return the favor.
- Create complimentary products for your partner. If you know your partner is working on a particular type of product, you can offer to create the bonus product. The benefit for your partner is that he gets free content. The benefit for you is that you get to promote your offers from within the bonus product.
These are just a few ways to team up with other business owners for mutual benefit.
Certainly, you’re only limited by your imagination.
Just keep in mind the tips I gave you earlier for finding and approaching prospective joint venture partners, as these guidelines continue to apply.
Prepare an Affiliate Program
probably noticed that plenty of other marketers in your niche have some awfully
attractive assets such as big prospect lists, big customer lists, high-traffic
websites, popular blogs, a large number of social media followers and so on.
One way you can tap into these traffic sources is by preparing an affiliate program for your product.
Assuming you have a digital product (like an ebook), here’s how to do it:
- Get your affiliate program set up. Be sure to offer at least a 50% commission rate in order to attract affiliates.
- Create marketing materials. Many affiliates will use their own ads and even graphics to sell your product. However, other affiliates will find it useful to have “cut and paste” solo ads, reviews, email autoresponder series, lead-generating reports, banners and similar tools.
- Pull your conversion data together. Some of your biggest affiliates will be interested in how well your offer is currently performing. In other words, what is its current conversion rate?
- Advertise your affiliate program. You can do this by listing your offer in the Clickbank marketplace, blogging about your affiliate program, encouraging your customers to join your affiliate program, advertising the offer on marketing forums and so on.
- Approach “super affiliates” directly. The biggest affiliates in your niche likely won’t notice your affiliate program (unless your product is already wildly popular). So, you need to approach them directly and ask them to join your affiliate program.
However, keep in mind that these super affiliates get all sorts of affiliate and JV partnership requests every week.
And because they’re in such high demand, they can afford to be picky about what they promote.
That’s why, as mentioned earlier, it’s really helpful if you build relationships with these prospective partners first.
Secondly, it’s also helpful to give them extra perks to make your offer irresistible.
- Offer a higher commission rate. If all your other affiliates are getting 50%, then offer your super affiliates 75%.
- Give your affiliate access to the product. No good marketer will promote a product sight unseen.
- Give their customers a special discount or bonus. A good marketer will love it if you can offer a special perk for their customers, such as an exclusive bonus or discount.
- Create a special landing page. Your top affiliates may also enjoy having their own sales page, which is more personalized. Some of your marketers may even wish to tweak your sales copy a bit.
Many affiliates will promote once or twice and then never again.
Your job is to motivate your affiliates and encourage them to promote your product in the long term. You can do this by:
- Keeping in contact with your affiliates to keep them motivated, give them new ads and creatives, etc.
- Run affiliate contests from time to time.
- Announce discounts. If you have a great product, your affiliates will be proud to share the discount with their customers.
- Offer higher commissions from time to time, such as by giving everyone a 75% commission for a week or two.
- Offering tiered commissions. This is where you give your affiliates progressively higher commission rates for higher sales.
You just discovered three ways to build your business by leveraging other peoples’ assets, including by:
- Partnering on a project.
- Participating in a joint venture.
- Preparing an affiliate program.
You just discovered the 4X to internet incomes!
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