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Archive | July, 2018

How to DOUBLE Profits in Your Existing Business

Just a side note: What you’re about to discover here can also be used to help others squeeze more profits out of their online businesses, as well. In fact, you could build an entire business out of making other people’s businesses more profit using these simple methods.

How to DOUBLE Profits in Your Existing Business

Before you create new products and new profit streams, it makes good sense to maximize the earnings in your existing business.

To show you how this might be done, I’m going to use a membership site as an example. I love memberships because of the continuity of payments you receive. After all, why get paid just once on a sale if you can get paid every month for several months or longer, right?

Let’s say you (or your client) have a membership site. Naturally, the first thing you want to look at is increasing your conversions. First, you work on increasing conversions on your squeeze page, to get as many new (free) subscribers as possible. The more subscribers / prospects you have, the more of these you can turn into PAID subscribers.

Next, you’ll want to work on increasing conversions on your immediate upsell to the paid membership. And then you’ll want to work on increasing conversions with your autoresponder sequence as you follow up with prospects who haven’t yet subscribed to the paid membership.

Odds are you already know all about this. In fact, you’ve probably read numerous articles that tell you the exact same thing. The problem is, this is the point where those articles STOP, and also the point we will jump off from.

Now that you’ve maximized conversions on your funnel, what else can you do to increase revenue?

In fact, what can you do to DOUBLE the revenue you receive from paid subscriptions?

You can choose from several methods, ALL of which I highly recommend you implement.

First, offer your current paid subscribers a yearly payment option.

For example, if your membership is $25 per month, you might offer an annual membership for $175. This is a great deal, since it saves your subscribers $125.

“But won’t I be LOSING money if I do this?”

GREAT question. Your first step in deciding how much an annual membership costs is to find out how long your average subscribers stay with you.

In this example, if the average subscriber keeps their paid subscription for 5 months (5 x $25 = $125) then you are making an extra $50. If your average subscriber stays for 3 months, then you are making an extra $100.

You’ve got to know how many months your subscribers stay with you, multiply that number times the monthly subscription rate, and then charge an annual fee higher than that number, but lower than 12 times the monthly rate.

Confusing? It’s simple math, so just read the previous paragraph again and you’ll catch on.

Another example:

You charge $40 per month for your membership. Your average subscriber stays with you for 6 months (that’s really good at this price point, btw.) That’s $240 that you are currently making on the average subscriber.

You offer an annual membership for $320, which is $160 off of the normal rate. Your subscribers save $160, and you make an additional $80.

Your numbers will vary, but you get the idea. Adding this option can potentially bring in a very nice chunk of money very quickly.

You might want to offer the annual rate for one week only, so that subscribers don’t procrastinate.

And be sure to give new subscribers this option, too. New subscribers are generally the most excited, and thus the easiest to convert to an annual membership.

Second, you’ve got some prime real estate on your members page that’s most likely not being used right now.

Choose some hot affiliate offers your members are bound to like and add those to your member page.

You can do it in the form of banners or ‘personal recommendations.’ Switch these out every so often. This isn’t likely going to be a huge source of revenue but guaranteed, you will get some sales from this page.

An alternative is selling paid advertising on your members page. Basically, you are doing the same as before, except the banners or ads go to someone else’s offer instead of your affiliate links. You’ll find that fellow marketers would LOVE to offer something free to your members in exchange for their email address, and they will pay you nicely for the chance to get their offer on your member’s page for a month or two, or longer.

Third, create an entirely new page in your member’s area, and call it “Member Benefits.” Be sure to use that exact name – we’ve tested other names like Member’s Discounts and so forth, and “Member Benefits” out-pulled everything else we tested.

On this page, you’re going to place discount offers that you’ve negotiated with other marketers.

These might be discounts on products, free courses and books, free consultations, free coaching sessions and so forth.

Everything on this page benefits you. The courses and products with discounts earn you affiliate commissions. The free items cookie you in for commissions on anything purchased in the future, and so forth.

And again, you can place paid advertising on this page if you want to.

You might think this sounds like a lot of promotion, but we’ve found that almost no one complains. After all, what member is going to complain that you’ve found them a discount or something valuable for free? Occasionally someone will quip about banners, but it’s rare and nothing to worry about, as long as you don’t go crazy overboard with advertising.

Best of all, if you implement all three methods above, you’ll see a big cash boost from day one.

Your results will vary. And what if you don’t have a membership site? You do have a download page, correct? You can place ads for products there.

You can also bundle products and offer a discount. If you create products on a very regular basis, you can sell ‘memberships’ to all of your forthcoming products for a certain period of time.

And you can create a ‘Subscriber Benefits’ for your email subscribers. Add to the page every week, and also send out a weekly reminder email, letting them know there are new goodies to go collect – goodies that are available for a short time only.

That last paragraph may have slipped by your attention almost undetected, so I’m going to recommend you read it again. Go ahead…

I hear from so many marketers that they have trouble monetizing their lists. But if they would simply create a ‘Subscriber Benefits’ page and keep it filled with interesting things that result in commissions and send their readers there each week to collect those benefits, they could earn a six-figure income from this one technique alone.

Bottom line: Take a good look at your current products, funnels and business. Get creative and find ways to squeeze more money out of what you’re already doing, and it’s entirely possible to double your income without creating any new products or businesses. Until you do, you’re probably leaving thousands of dollars on the table that could be yours.

17 Tips to Use Quora to Drive Traffic

Quora is a leading question and answer platform with 200 million monthly users, and it can be a terrific source of free traffic for your website.

17 Tips to Use Quora to Drive Traffic

In fact, it’s used extensively by businesses and marketers to drive targeted traffic to their websites.

Top Quora answer people can get thousands of visitors to their websites, Facebook Groups and so forth with each answer they give.

By focusing efforts on Quora, you can build your email list, establish leadership in your niche, receive more and more traffic as you gain followers, drive people to your own online communities or websites and possibly even get syndicated to major publications.

Here are 17 tips for doing all of that and more:

Answer the most relevant questions. You want to answer the questions that are most directly tied to your own niche. They should be related to your business offering or lead magnet.

Optimize your profile. Write your profile attributes and tagline according to your niche, including a detailed “about me” section, your areas of expertise, your interests and experience. Remember to connect your other social media accounts, too.

Optimize your bio. All that time spent answering questions will be wasted if you’re not generating leads. Try designing your bio like a website homepage, with elements such as a relevant offer, testimonials or some sort of social validation, an eye-catching and relevant picture and links to your other content.

Optimize your tagline. Your tagline will appear at the top of every answer you give. It’s customizable for the different topics you write about and includes fifty characters.

To customize it, click the dots at the bottom right of your answer, and then click ‘Edit Credential.’ It’s generally best to stick to one tagline to create a strong brand recognition among the answers you’ll be giving.

Test your niches. Not sure which niche is the best one for you? Write for two weeks in one niche, using a relevant offer in your bio. Then do the same for another niche and compare traffic week-by-week by looking at the stats section of your bio.

NOTE: higher traffic is not necessarily better. You want TARGETED traffic, so also check to see which gives you the higher percentage of website visits, opt-ins and so forth.

Controversy gets traction. If you can find the questions in your niche that are controversial, or provide an answer that not everyone agrees with, you’ll likely get more traffic.

The key is to give a solid answer backed by facts – an answer that you believe. Don’t write crazy things just to stir the pot.

High organic traffic means more views. Use Ahrefs https://ahrefs.com/ to identify the questions that are receiving high organic traffic. These are often the best questions to answer.

What to look for in a question. You don’t want to waste your time answering the wrong questions that don’t send you leads. But if you know what to look for, your time will be well-spent.

Here are a few attributes to look for in a question – your niche may vary slightly but these will generally be what you’re looking for:

  • 7:1 (or better) ratio of followers to the number of answers provided.
  • Lots of followers with lots of bad answers.
  • A question with poor answers that you know you can improve upon.
  • A question that gives you the opportunity to use a personal image.
  • Anything in your niche with emotional pull. These questions will be easier to answer and you’ll be able to use personal stories.
  • Anything relevant to the offer in your bio.

How to identify bad answers. If an answer is poorly written, or it focuses on self-promotion, or it provides little value; then you can do better.

How to search questions. When you join Quora, it asks you to choose your topics. Naturally you’ll choose topics directly related to your niche. Go to those individual topics and find the best questions. When you locate one you want to answer, click the three dots next to it, and select, “answer later.”

Spend maybe 30 minutes finding and saving questions. When you’re ready to access these bookmarked questions, click on ‘Answer’ at the top right of your screen. Then click ‘answer later’ on the left side. You’ll see a list of all the questions you’ve saved.

How to outsource your searching. Searching for good questions is something you can easily outsource to your virtual assistant.

Have them go through a list of perhaps 100 topics to find the best questions, giving them the criteria you want. Ask them to create a spreadsheet with hyperlinks to the Quora questions, the follower ratio, topic name, and a rating of how good the other answers are.

You’re never too late to answer a question. If a question has a few thousand followers but over 100 answers, it can still be a good idea to answer the question.

And even if the question is old, you can still answer it and get traffic. That’s because Quora places a strong emphasis on promoting new answers, similar to how Google promotes more recent blog posts.

Using images. In every answer you give, use a relevant, interesting image. A study by Skyword found a 94% increase in viewership if a published article contains a relevant photo or infographic compared to articles without images.

Did you know that images release oxytocin in our brains, increasing trust and likeability? In one case study, participants under the effects of oxytocin gave more money to charity than those who weren’t.
Make sure your images are entirely RELEVANT to your answer. You might be tempted to use images simply because they’re eye-catching, but if the image doesn’t relate to your answer, the Quora community will leave some nasty comments for you because they think you’re click baiting.
Use personal stories whenever possible. Open your answer with your story, and then segue into the rest of your answer, such as giving advice or knowledge. People LOVE stories.
Are you stuck for a story that fits the question? Start with the word, “Imagine,” and then put the reader right into the action. The story will almost write itself.
Write like you speak. You’re not writing to impress your English teacher, you’re writing to communicate with a friend.
Okay, maybe it’s 100,000 friends that you haven’t met yet, but if you think of your audience as one person – maybe your best friend or your goofy neighbor – and write just to that person, you’ll find your voice.
Make your writing interesting. Use short paragraphs so it’s easy to read. Bold the first sentence and important points. Make it personal and don’t be afraid to talk about your mistakes or troubles if they’re relevant.
And always end on a high note, with a positive call to action for the reader.
And perhaps the most important tip of all is this: Don’t get overly promotional.
Telling them to ‘click here to learn more,’ or to ‘start their free trial,’ is too promotional for Quora.
But letting them know where they can go to learn more works well.
For example, “If this subject interests you, I’ve written several articles about it here: [insert link]. I hope they help you with [pain point].”
Instead of sending readers to your website, you might send them to a Facebook Group or similar community because it’s perceived to be less promotional than sending people directly to your site.
Remember, don’t be over the top with promotions on Quora, answer plenty of questions that are relevant to your business, tell stories and write as though speaking to a friend and you’ll do fine.

You Are 4 Questions Away from Online Marketing Success

If you can answer these questions, you’ve laid the foundation for an extremely successful online business.

You Are 4 Questions Away from Online Marketing Success

But if you can’t answer these questions – if you’re just ‘winging it’ – then you’re going to struggle and likely fail at online marketing. Certainly, you will never be as successful as you could be if you did answer these questions.

(If I don’t have your interest now, you’re not paying attention…)

Here are the questions you must answer when going into ANY new market:

1: Where is your target customer right now in their life?

For example, what pain are they feeling or what problem do they need solving?

Let’s say your market is weight loss. Your target customer might be Rachael, a 35 year old married woman with two children and a career who has tried everything to lose those extra 25 pounds she gained since she got married and had kids.

2: Where do they want to be?

For example, what goal do they have, or what outcome are they looking for?

Rachael wants to look like she did when she first met her husband – thin and young and gorgeous.

She wants to look amazing in her business attire, when she’s out with her husband or just running errands. And with her non-stop schedule, she wouldn’t mind having more energy, too.

3: Why do they want to be there?

For example, what are the underlying issues they’re really trying to solve?

For Rachael, she’s worried her husband is losing interest in her. She wants him to be attracted to her, and she wants to feel sexy and wanted.

Plus, she wouldn’t mind being the most gorgeous woman in her circle of friends, looking amazing in her clothes and feeling younger, too.

And then there’s Rachael’s mom, who is obese. Rachael is secretly terrified she’s going to continue to pack on the pounds just like her mom did, and pretty soon she’ll be tipping the scales at 200+ pounds, too, with all the health problems her mom has.

4: What can you sell them to get them from #1 to #2 as quickly as possible?

This is your product. In this case, you want something that will enable Rachael – a busy mom, career woman and wife – to lose weight.

It shouldn’t take a lot of time or be super complicated – Rachael doesn’t have the free time for 2 hour a day exercise regimens or spending 3 hours in the kitchen preparing special meals.

Once you can answer these four questions, you know exactly who you’re targeting and HOW to target them. Plus, you know how to custom tailor your product exactly for them.

One last thing – some folks will wonder if we’ve narrowed our market down too much. “Shouldn’t we target ALL people who want to lose weight, or at least all women, or…”

No.

Consider this scenario: You’re having a conversation, trying to convince someone to do something. Except that it isn’t one person, it’s a thousand different people, each with a different life, different needs, different problems and different desires.

How can you begin to address the issues of 1,000 different people all at the same time?

You can’t. But you can talk to just one.

And as you carry on this conversation with this one person – in this case, Rachael – the other 999 can listen in.

No doubt they will relate to many of the issues that are raised and the points that you make. They might not be like Rachael, but they can relate to her and her problem because it’s not that different from their own problem.

And many of them will buy your product, too.

But if you had tried to address all of them at the same time? It would have been too confusing, too bland and too generic to appeal to anyone.

And now that you’ve answered your 4 questions, you can create a mission statement that works, that addresses your exact audience and tells them exactly why they can and should do business with you.

In addition, by answering these four questions you’ve just created a basic product outline – an outline you can use time and time again to make new products.

You’re able to write your sales copy, because you now know the pain points and your selling points.

And you can target your ads and your traffic to the right people with the right pain. Your ads, products, and sales copy are all congruent now. It all targets the right person and it all makes sense.

These 4 questions might very well be all that stands between you and a super successful product launch, not to mention potentially dominating your niche.

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