5 Ways to Earn More Money (by Using What You Already Have)

Image of Number 5You don’t need more website traffic to boost your bottom line.

You may just need to analyze your current processes in place. You might even get away with not having to optimize every page of your sales funnel or increase your ad spend for Google clicks.

You certainly don’t need to drop your prices (unless you want to be the discount, bargain store of your industry).

Here are a few thoughts on what you can (and should) do if you want a quick surge of green.

Make more money by…

  • Increasing your prices. Afraid of charging more? Think of brands like Coach, Mercedes, BMW or even public speakers like Chris Brogan who command well-deserved, high fees for their products and services. They are sought after in spite of high rates; they aren’t racing everyone down to bargain basement pricing.
  • Deepening the sales funnel. You can do this by offering one-on-one coaching if you don’t already. Send out emails to your current subscribers letting them know you’re offering a short session (if you normally charge for longer ones) or a live webinar class and gather sign ups.
  • Making more offers. How many offers or promotions did you make last week? How about last month? If your online business isn’t making you enough money then sell more and sell often. Content marketing and connecting on social media is useful but if you aren’t selling (and earning a profit) then you’re simply an online marketing hobbyist.
  • Bundling and running specials. Discounting your product just waters down your brand. Offer a “gift” to your market by bundling products and services for promotional periods.
  • Upsells and one-time-only offers. Somewhere in your sales process there’s a gap. There’s always an area of opportunity. One such area is the web page in your sales process directly following a purchase. Are you offering a one-time-only purchase at the point of sale?

For an upsell example, if you’re selling a text-based product you can offer mp3 recordings as an upgrade.

You can either take the time to create audio versions of your text or create text for audio (or video) and offer the upsell any time during the sales process. You can even offer the upsells via email marketing later on.

Targeting email subscribers

If you approach your marketing from the hard sell or linking to sales pages, you may want to try offering a teaser (if things aren’t working). Try offering a sample or preliminary e-course that will segway into your main product.

Some people won’t be sold on the first or second visit. They need to feel all warm and fuzzy about the offer which drip-fed email reminders help accomplish.

So, try offering a lower barrier of entry to your product by giving more upfront to entice your buyers. Educate them over time as to why you’re the best choice for them and advise them of their next step (to buy from you).

Your Turn

What do you recommend for adding impact to the bottom line? Is your first instinct to have a discount sale and hope buyers come beating down your door?

I value your input so let’s talk this out in the comments…

Photo: randomurl


4 Responses to 5 Ways to Earn More Money (by Using What You Already Have)
  1. Adrienne
    July 8, 2011 | 2:20 pm

    I just read a post somewhat similar in nature to what you are sharing here Jon. How a lot of people build a site and wait until they have plenty of traffic and then they start charging for things. Because they have been known for their “free” information, most of their readers aren’t too pleased. But aren’t the majority of people here to make money? And without charging for what your information is worth, you can’t grow your business.

    The bottom line is if your product or service is what people want, charge us for it. I recently surveyed my list to see what kind of product they would want from me and they were asking for information I gave them in my blog. Obviously people want to pay you for information so make it worth their while.

    Great tips as always my friend. Key points here and hope others will take your advice and run with it.

    Thanks for sharing.

    Adrienne

    • Jon
      July 10, 2011 | 2:11 pm

      Right, I’m sure you remember we chatted about this, Adrienne. It’s a balancing act but it’s easier to sell later on if people understand you’re running a business from day one, not a hobby blog.

      Your readers wanted you to package things up all easy and pretty for them. Who has time to read articles and pull the data they need? :) How funny it is they’ll pay for you to curate your “best of” before they invest the time to connect the dots themselves (for free).

  2. Hector Avellaneda
    July 8, 2011 | 11:14 pm

    Hey Jon! Good stuff here, man! I am also a believer of you don’t have to lower your price so have people come knocking down your door to buy whatever it is you are selling. But I also think that in order for you to be able to charge what you feel your produce may be worth you have to have some serious credibility in your market niche.

    You either can either earn it over time or have some well respected players in your niche give you some nice testimonials about your product.

    As you inferred in the example about BMW, Mercedes and Coach – it’s all about the brand. Similarly, I would not pay $60,000 for a Hyundai.

    What do you think about this point?

    • Jon
      July 10, 2011 | 2:07 pm

      Hector I agree it takes time before you’re charging $2k for membership access or $20k for a public speaking event. It takes time to build that trust and every market is different but I’d be careful about deep discounting as an angle to drive business.

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