Making money online is actually way simpler than you think.
Many people tell you about the types of businesses you can do online: e-commerce, drop shipping, Shopify, digital product selling, memberships sales. You might be wondering, which of these has the highest chance of success?
I’m going to share with you three ways to make money online based on the online business and marketing I’ve been doing for 13 years. I got started when Yahoo was popular. Before even Google was popular I was running ads on bulletin boards, and on Overture, the first pay per click search engine on the Internet.
I feel like a dinosaur talking about my online experience.
But I have been marketing online for many years and I’ve seen people come and go. They leave the online world to do something else. I’m one of the people who stayed and now I’m utilizing social media.
So whatever I’m sharing with you comes from experience, my area of expertise. I’ve made a lot of money and continue to make a lot of money online. I want to help you to understand how the online model works.
It doesn’t matter what you sell, when it comes to making money on the internet, there are three elements you must master in order to make money online.
Watch this video about three ways to make money online.
1. Your offer
What is it that you are selling? A physical product? A low ticket item that costs less than $1000? A high ticket item that costs more than $1000?
Do you have one particular offer or do you have multiple offers like a line of products? The offer can be supplements, e-books, or memberships.
Regardless of whether you’re selling a low ticket or high ticket item, one product or multiple products, you want your offer to be so irresistible and compelling that they want to buy it.
How do you make your offer irresistible? There are many ways to do this. You can present your product as the solution to a problem your customer is having. You can appeal to the customer’s emotions by associating your product with a particular occasion. For example, birthdays are the time to use your product and feel nostalgic.
Your product should also be something that people search for online. There needs to be enough volume out there that people do a keyword search for this particular item. For example, people search for leather office chairs but few people search for painite (a gem).
Your offer needs to be something that you are passionate about, and a solution that people are willing and able to buy.
How will you get traffic? There are so many ways you could drive traffic to your particular offer. Here are just some suggestions to get you started:
- Run ads on Facebook, Instagram, YouTube or other social media.
- Launch an affiliate program so other people will promote your product.
- Run banner ads on social media.
- Content marketing to educate people about your offer.
- Use landing pages.
The more traffic you can generate, the more potential customers you’ll have seeing your product or service. The more potential customers you get, the more potential sales you’ll have.
This is the most important element of your online strategy.
You need a conversion mechanism. Here are some suggestions for conversion mechanisms:
- A sales page
- A video sales letter (VSL) explaining your product with “an add to cart” button below the video so they can click and buy.
- A funnel
- A webinar that explains the purpose of your product or service
- A booking time so your closer can close a deal over the phone
- A visit to your office or attendance at your event.
- Scheduling a demonstration or a virtual conference
- Asking a prospect to walk through a demonstration of your product with you
It doesn’t matter what you are offering online. If you want to make money with it, it boils down to these three things: offer, traffic, and conversion.
If you have these three things and you’re not making money, then examine each of these three more closely. What can you improve to generate more sales?
How To Increase Your Sales
If your offer is a hundred dollar product, the problem is you can only afford to spend so much to drive traffic to it. If it costs you $95 for every single sale that you make and if your cost of the goods is $20, then you’re losing money on every sale. You can’t test many ways to drive traffic to your offer.
If you sell something for $1000, you can afford to pay for more traffic to drive the right type of eyeballs to your offer.
Once you have more traffic, look at your conversion. Let’s say your conversion on your sales page is converting at 2%. That means out of every one hundred people, only two are buying. How can you improve your conversion rate?
Maybe what you need to add are more testimonials, social proof, a stronger guarantee, a different headline, or a name capture for people who go to your website but don’t buy. With a name capture, you get their email address and give them something for free with value, also known as a lead magnet.
Now they are in your email list and you can follow up with an email. Now your conversion rate looks like this:
That’s how you make more money because you nearly tripled your earnings with the same amount of traffic.
The platform might change over time, the way to drive traffic might change, or the way you convert traffic might change, but the principles remain the same.
It’s the same questions:
- How can I make my offer more compelling?
- How can I use different ways to drive traffic?
Get those eyeballs on your offer and then constantly work on the conversion. Improve how you can articulate your value more effectively or communicate your vision better. That’s it.
Final Thoughts On Three Ways To Make Money Online
If you’re not making money, you have to work on one of those three things. Improve your offer, or drive more traffic to your site. Or you may need to improve your conversion.
Even if you are making money, work on how you can make more money.
What is one way you drive traffic to your business? Comment below.