How to Make Money Online with Product Offerings
I know… learning to make money online can seem a little intimidating at first. There are thousands of different products you can sell on the internet. So where do you start? How do you pick the right products so you can make money online?
In this article I am going to give you some advice on where to start… and that begins with a strategy. Without the right plan or strategy, it will be a tough battle to build a sizable profit online. Learn from the mistakes of others and accelerate the time it will take to meet your financial goals.
VIDEO: How to Make Money Online with Product Offerings
In this video I talk talk about the basics on how to pick the right products for your business to make money online.
Ok, so now you know the basics on how to make money online by selecting the right products… it’s time to roll up our sleeves and dive even deeper.
So let’s start with the beginning…
The Trip Wire
A trip wire is a low ticket item that introduces your leads to buying products from you. That is an important step because it is a sign of building trust with your customer. It also establishes that you have a buyer lead now if you hadn’t already made sure you had buyer leads (buyer leads are people who have already bought products similar to what you are promoting).
The ideal trip wire is $7 or $17… something relatively inexpensive that complements your overall solution product suite. There are a lot of things you can offer… they can be low priced tools, or low priced products from Clickbank (though MAKE SURE you try the products out and make sure they are good… the idea is to build trust).
For people that want to make money online, what I like to use is a combination of offering low priced tools (such as autoresponders) in addition to IPAS2 to help make sure I have a good range of offerings.
Once your customers have bought a tripwire product from you, the odds of them buying another product is greatly increased. Plus by selling these tripwires you start paying the cost of having to do paid advertising for your leads…. and that helps with scaling up your business. If you know you have a good system in place to make sure your advertising is paid for… you can put more money into paid advertising… and then your business really starts to grow. 🙂
The Funded Proposal
The funded proposal is where you offer a low priced item to your customers. This is typically more expensive than your tripwire offering.
You need to pick a funded proposal product that will answer the need of the majority of your customers. In the case of people looking to make money online, I like to focus on the number one need of any marketer: getting leads. As part of my free bootcamp, I have a session on selecting the best funded proposal and my recommendation. You can check it out by clicking here.
Make Money Online Using Residual Income
By now your advertising costs should be covered between your tripwire sales and the funded proposal. Basically at this point once you get going your email list should be basically growing for free.
Your product offerings should include an opportunity for you to make residual sales, or sales that generate income monthly. I would rather make one $100/month sale every week than a several $100 sales a week. The reason is that over time you will have a large residual income that will continue to generate pay you even while you vacation, while you will have to stay on point to make sure you make those $100 sales every week.
Wouldn’t it be nice to take a few weeks off and know you will still have income?
That is basically the point of having an online business, right? Part of the dream?
Well residual income (or reoccuring income) is a key part of that dream.
There are two main products I recommend to make up your residual income: Viral Blogging System and the Inner Circle Audios. Add in some other residual income products like autoresponders (yeah I called them trip wires too because the cost to do the trial is very low or free, and then they are inexpensive after that) and you can start building a sizable residual income.
Medium and High Ticket Items
The nice thing about medium and high ticket items is that it doesn’t take many sales to start making some serious money.
These types of sales can make you $500, $1000… $3000… or even $5k or $10k… or more.
Ok… you are probably thinking… “Mike, I don’t know anyone who is going to pay $3k for their internet business.”
You need to drop that way of thinking. Just because you don’t know anyone willing to do that, doesn’t mean they don’t exist. There are people out there who want to really accelerate building their online business and can dip into their savings or use a credit card to pay $3k or more to get things going.
And for you it won’t take many high ticket sales to build up a sizable income.
Plus it is just as easy to make a high ticket sale as it is a low ticket sale. The same amount of effort on your part. You already have your mailing list paid for… so be prepared to offer some medium and high ticket items.
For medium and high ticket items I recommend the Empower Network products. They have a range of products that help people promote anything online, and they have a great commission structure.
Package It All Up
So there you have it. Start building up your product offerings to make sure you have both solutions for your customers, plus the complete range of income producing products to ramp up your income.
Now roll up your sleeves and make money online the right way.
1. What Are Autoresponders and Which One to Pick?
2. How to Keep Readers Engaged with Your Blog Posts and Reduce Website Bounce Rate
3. How to Blog – 10 Tips to Create a Six-Figure Blog