Never Put All Your Eggs In One Basket
One of the main reasons people get into financial trouble is they have all their money eggs in a single basket. For most, that’s their job. If something were to happen to it, they are in deep trouble with nothing to fall back on.
Unfortunately, a lot of people do the same thing when they’re trying to make money online. They stick to only one revenue stream. Adding multiple revenue streams to your online portfolio is always a good idea. I’ve seen too many webmasters who lived by the Google, only to die by the Google. However, there is something even more important than multiple income source, and that is the class of products you need to promote.
In order to make the really big money in this business, I believe you need to concentrate on promoting three classes of products. Yes, you can make good money just promoting a single class, but the really big money will be made when you do all three.
1 – The Freebie or Entry-Level Product
These products range in price from free to around $49. They are not really designed to make money. Their main purpose is to get you the customer. Too many Internet marketers try to make their riches with entry-level products. That’s why ClickBank is so popular. But entry-level products are not where the money is, and if you’re spending all your efforts trying to make money with them, you’re just banging your head against the wall.
To repeat, freebie and entry-level products are to help you get the customer. If the customer likes your entry products, he’ll be more willing to buy from you again, and it’s the sales after the first sale that makes you the big money.
Some examples of my entry-level products includes my free eBook, MTTB, HostGator web hosting, and Blogging with John Chow.
2 – The Continuity Product
The next group of products you need are the continuity products. They are subscription based, like your cell phone plan. You have to pay for it every month. I love continuity products because it’s like free money. You do the sale once, and you get paid for it over and over again.
Once you get the customer in with a free product, you should try to lock them up with a continuity product. Some example of the continuity products that I promote include Aweber, LeadPages, LinkTrackr, and IM John Chow. All these products will pay you a percentage of the monthly bill for as long as the customer remains subscribed to the service.
3 – The Top-Tier Product
A top tier product is an high-end product that pays a big commission, and this is where the really big money is made online. You can bang your head against the wall trying to sell 1000 ten dollar eBooks, or you can achieve the same result by selling one $10,000 mastermind (or two in 23 hours in my case).
If you want to make the big money online, you absolutely need to add top-tier offerings to your product mix. This is the main ingredient that most Internet marketers are missing, and it’s why they make very little money. Yes, it does take more effort to sell a $10,000 products than a $10 product, but it won’t be 1000 times more effort. It might take four, five, maybe ten times more effort, but it will never be 1000. Yet, selling a $10K product will give you 1000 times more income than a $10 eBook.
Selling high-end products requires a more personalized approach. You generally need to get on the phone with the leads and talk to them. This takes away from living the Dot Com Lifestyle. My solution to this problem is promote a top-tier product that has their own phone team. I just send them the lead (the ones I got from the entry level products), and they do the rest.
Creating The Ascension Model
All three product classes are tied together using an ascension model. You start by offering a low-priced, or free product to get the customer. Then you offer the customer other products that increase in price and value. This is basically how Apple works. They start by getting you hooked with a $49 iPod. The next thing you know, your house is filled with ten of thousands in Apple products!
Creating and marketing the ascension model is beyond the scope of this blog post. If you want to learn how to do it, I have three options for you.
- The Home Business Summit – Happening July 11-13 in Salt Lake City, the Home Business Summit will show you exactly what it takes to make $100,000 in the next 12 months. I’ll be speaking there, along with other experts from the home business and Internet marketing industry. Not only is it a great place lean, but the networking is unmatched. This is my number one option for you because we’ll get to work live together.
- My Top Tier Business – MTTB is MOBE’s 21 step system that will teach you how to make your first $1,000, $3,000 and $5,000 online. My Top Tier Business will give you all the tools, training, and personal 1-on-1 coaching you’ll need succeed.
- Ultimate Online Product Model – My free eBook details the methods and business models I use to make six-figure monthly income, and live the Dot Com Lifestyle. The book is a free download. If you haven’t got a copy, I recommend you get it right now. It will change how you view your online business.