Once you master the fundamentals of online marketing and get the hang of it, increasing your income online usually comes down to just four factors. Applying any one of these tips will boost your earnings exponentially, thereby meeting your goal of achieving a significant online income.
All too often marketers make things more complicated than they need to be. They focus on statistics and metrics and loopholes to game the system when all they really need to do is keep it simple and do what matters.
Taking Your Online Income to the Next Level
In this article, we’ll discuss four reasons why your income is either stagnant or you’re not making as much money as you want to. It may seem obvious to some and yet, once you take corrective action, you’ll be amazed at the results.
Let’s get started…
Have Enough Products Sale to Improve Your Online Income
This basic truth escapes the majority of marketers. You must have several different products for sale if you wish to increase your income. Your sales are directly proportional to the number of buy buttons you have out there on the Internet.
Your goal should be to create as many high-quality products as you can in order to improve your online income. Too many marketers create just one or two products and expect these to make them millions. It usually doesn’t work that way.
Just look at the movie industry. Movie studios churn out blockbuster movie after movie. Despite raking in millions of dollars in sales, the machine never stops churning out new products for the consumers to lap up.
If the big guys are doing it, you can bet it works.
If you want to make more money, you need to create more products to sell. As an affiliate marketer, you need more links pointing to various affiliate offers.
You do not know who will stumble upon your products or links… but people will. They’ll click on the link and many of them will end up buying what you’re offering.
As a product creator, you can repurpose written content into an audio file or a video file. Now you have three products to sell instead of one. Different people consume information differently.
Your goal is to serve as many people as possible to increase your market share.
The good news is that your pricing can be significantly higher for audio and video products. This will further boost your online income, which brings us to the next point.
Establish New Price Points for Your Products
If you want to earn more, you have to price your products appropriately. And if you need to raise your prices, so be it. It may seem daunting to charge more but this is merely a self-imposed limitation based on fear and lack of confidence.
Very often marketers price their products according to what they themselves are willing to pay. Or worse, they look around and see what other marketers are charging for a similar product and blindly follow suit.
Do not make these mistakes. Of course you want to conduct product research to see what your competition is doing. But unless you know what the entire sales funnel consists of, unless you know what their strategy is, you could very well be shooting yourself in the foot.
You want a range of products with different pricing tiers so that you can capture a wider market and increase your profits. Low priced items are good for increasing your customer base while higher priced items will take your online earnings to the next level.
This is the beauty of high ticket pricing. You’ll not only earn much more, but the sales of the low priced products will just be gravy. You’ve made your money with the high priced items that you sold.
Be bold… charge what your products are worth!
If your products are really good, don’t be afraid to charge what they’re worth. There are people out there who will recognize the value of your product and will be willing to pay what you ask.
This is your target market and generally speaking, the big spenders are a lot more amiable and less likely to create problems such as asking for refunds or claiming the product was unsatisfactory.
You want to build a loyal customer base of people willing to pay more. This is one of the best ways to boost your online income. Selling one product that costs $197 is actually easier than selling 28 products priced at $7 each.
Once you understand this, you’ll realize that having high ticket items in your inventory is not an option but a necessity if you truly want to increase your earnings.
Having a bunch of $7 or $9.95 products to sell is all well and good; but having $97 and $197 products will boost your income tremendously. This is how to take your online earnings to the next level.
Ideally, you should have several higher priced products ranging from $97 to $497. And depending on the product, you could go even higher to $1,997. Why do all these prices end with 7? Glad you asked. It has been proven that prices that end with 7 convert better. And this brings us to our next point… conversions!
Improve Your Conversions to Improve Your Online Income
This is an area that many newbie marketers neglect. If you get 5 sales for every 100 visitors you send to your sales page, you have a 5% conversion rate. Assuming your product costs $17, you’d make $85.
However, if you improved the design and copy of the sales page, you may be able to increase your conversion rate. Let’s assume that you managed to raise the conversions to a humble 12%. This is definitely achievable.
Now you’d get 12 sales and make $204, which is an increase in earnings of $119. It’s the same product, the same number of visitors and everything else is the same. The difference is you improved your conversion rate, resulting in increased earnings.
Do whatever you can to improve your conversions. Split test your sales pages. Try out new sales copy. You may even wish to change the “look” of your product.
Track your conversion stats closely. What you can measure you can improve. Just keep in mind that increasing your conversions has a direct impact on achieving a significant online income.
Like bestselling author Jeffrey Eisenberg says, “It’s much easier to double your business by doubling your conversion rate than by doubling your traffic.”
And this leads us to the fourth and last point… traffic.
Generate a Constant Flow of Traffic to Your Offers
Once you’ve improved your conversions, you need to get your offer in front of more people. If we use the previous example of the 12% conversion rate, and you had 100 visitors to your sales page every day, you’d make roughly 12 sales a day at $17 each. This would be $204 for the day.
But what if you had 500 people visiting the page? You’d see 60 sales and your earnings would shoot up from $204 to $1,020. That’s an amazing difference!
This reflects the importance of getting more traffic to your offer. It’s imperative that you know how to drive traffic to your web properties. You could use free methods such as SEO or blog commenting. While free, these take time to implement; what you’re not paying for with money, you’re paying for with time.
Another option would be paid advertising. Whether you advertise with Google’s Pay-Per-Click program or even on Facebook, you’ll need to do your homework. You want to keep the costly mistakes to a minimum. It might even be worth it to hire someone to run your paid ad campaigns.
Once you manage to find your target audience, you’ve tweaked your ads, and you’ve increased your conversions, you can scale up and drive an avalanche of traffic to your websites and products. Your sales will skyrocket and you’ll make money hand over fist once you have a constant flow of traffic to your offers, and, yes, significantly increasing your online income.
Achieving a significant online income can be realized if you heed these four points. You need to keep things simple, shut out the noise, and apply these tips. You’ll then be on the right path to earning an online income that you can be proud of.
If you change the way you look at things, the things you look at will change.
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