Mastering Secret Monetization Techniques – If you are like me, I bet you thought you had a pretty good handle on how to monetize your online business. After all, getting cash flowing into you bank account was your top priority when you got started online.
You are not alone. This is normal and even wise, as long as the other important issues are addressed, too – such as the needs of the customer, long-term branding, and all the SEO considerations that make your sites most efficient in bringing you traffic.
But where you might go wrong is in limiting your approach to monetizing your business.
You may be unaware of all of the different ways to earn money, yet you may still fail to maximize your profits when using your favorite monetization method.
The ways to generate online profits continues to evolve. And you want to create substantial earnings in any way that is possible, as long as it is in line with the ethical way you want to do business.
Below, you’re going to see how you can push the boundaries of your profit potential in ways that go beyond traditional, well-known means. You’ll discover new techniques and be able to apply ideas to take your current monetization strategy to the next level.
Increased Monetization for Product Creators
Many eager online marketers become info product creators because it is one of the most lucrative options for them to profit from their knowledge and passion for a niche topic.
But where they often go wrong is in limiting themselves with their earnings. Sometimes, they’ll put out a single front end product without an upsell funnel in place or any back end earnings in mind.
But even those are still basic in terms of the profit potential you can benefit from.
One thing you can do is known as product stacking. This means that instead of developing a one-off slant at a time, you are being strategic with your info product development so that you maximize earnings as time goes on.
The idea behind this is that each time your customer purchases something from you, the next product is going to be of more interest to them in terms of value, and your pricing can increase at each level.
You want to turn a single product buyer into a returning customer. In order to do this, not only do you have to show value, but you have to make sure they are able to easily implement your strategies and see results at each phase.
When this happens they’ll be eager to get the next item in your suite of products so they can continue to experience rapid growth in their earnings.
The best way to go about this is to look at your customers’ needs and wants and develop an initial product that serves as an entry point into the niche for them to get started with.
After that, you will stack the value and the topics in a logical order so that you’re expanding upon what they have already learned and helping them move along in their journey towards success.
Not only will you be able to increase the amount that you are earning with each phase of the delivery, but you will also be able to bundle these products together as package deals.
You can do this whether you sell the products in a separate product launch or as part of an upsell for your next launch.
An example of this might be if you have an initial product about affiliate marketing for newbies, and your next launch is an advanced course.
Or, you could have a product that has ready made content for them or offer some sort of coaching to get them to the next level of success.
Each of these would be valued at a higher price point but also deliver more in terms of what your audience wants.
Whenever you are selling info products or other digital downloads, you always want to maximize the lifetime value of your customers.
This includes not only increasing the price point and value, but getting better conversions because you’ve developed a loyal customer base.
Another thing you can do as an info product developer is implement a subscription model to monetize your knowledge.
The subscription model is a new trend in modern industry, as exemplified by Microsoft’s move to a monthly fee for their services.
This gives you immediate growth and stability with a recurring income option because people are paying month after month.
You can even create tiers of subscriptions so that people can tailor their purchase based on what they need as well as what their budget for the month is. This gives you the ability to not only earn from those who only have a little bit of money to spend, but also those who are not limited in any way.
Make sure that each tier provides additional value than the one below it. For example, the lowest tier might offer some sort of basic information while the mid tier provides more perks and the premium tier has something very specialized at an expert level.
You may have to tweak your strategy a little bit as you go. You’ll have to review your data analytics to see what is converting and possibly tweak what you are offering so that you get maximum conversions on each tier of your subscription level.
You can also provide your buyers with the opportunity to prepay for several months or a year in advance at a slightly discounted rate instead of paying on a month to month subscription process.
Make sure that when you are pricing any of your info products, you’re considering different pricing strategies so that you earn more with your business. It’s not just a numerical decision, but a psychological one that is based on the perceived value you are offering.
Strategic Affiliate Involvement for Launches or Promos
Another way you can increase your income is through different affiliate strategies. There are two ways to look at this – as a vendor who needs to recruit affiliates and as an affiliate who needs to find the right programs and strategy to earn money from.
You already know the basics probably that a vendor would use to simply create an affiliate program and hope that people get onboard to promote. And as an affiliate, you know to sign up for popular affiliate programs and promote items that are likely to convert for you.
But you can also consider multi tier affiliate programs whether you are a vendor or an affiliate. As a vendor, you can have your affiliates bring on more affiliates by using a sub tier affiliate program where you pay affiliates to bring other people onboard to promote your products.
This type of incentive not only helps increase the sales you earn based on what affiliates convert in terms of customers, but it also expand your entire network because you’ll have more people promoting for you.
As an affiliate marketer, you can increase your own revenue by becoming an affiliate for a program that offers this multi tier commission. Not only will you get paid for the products that you promote, but you can earn commissions when you recruit someone as an affiliate for the program and they make a sale.
Vendors and affiliates can both increase their earnings by using a predictive analytics tool to help you with your monetization strategy. As a vendor, these artificial intelligence tools can help you identify the most likely affiliates who would convert well promoting your products.
As an affiliate, the AI tools can help you conduct a predictive analysis to determine what your audience is most likely to buy, and which programs are the best option to earn from based on data it has access to.
Monetization Through Fans of Your Brand
Now more than ever, consumers are becoming more than just buyers of products from a brand. They are becoming loyal advocate who want to be part of a community based on what you have to offer.
You might want to test the waters to see if your target audience would respond well to a paid membership option that is more of a community rather than delivery of a product. There are many people who pay to become members of a forum or group where they are able to interact with like minded customers.
You still need to be able to offer something of value to the community, such as exclusive content or interaction that they wouldn’t necessarily have access to in a regular product launch.
You can also offer to give them perks to be part of this community, such as early access to our product or a discount that the general public will not receive. Pricing will depend on how you want to position your exclusive community to your audience.
You could make it affordable, but that would undercut the exclusivity of the offer. You could also price it high, but that might exclude many prospective members. A better option is to find some middle ground that would allow enough people to join while still making sure that it reflects some sort of elite purchase.
Many online entrepreneurs are now allowing the consumer to play a role in the development of products. For example, Kickstarter is a platform where your audience can crowdfund something, playing a direct role in whether or not it it comes to fruition.
You can also allow them to sponsor you as a content creator on certain social media platforms. You can use platforms like Patreon to deliver exclusive content or perks to people who pay you a monthly stipend for the entertainment and information they received from you as a creator.
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