5 Basic Steps to Building a Million Dollar Empire
Regardless of the type of business you are in, creating, promoting and selling information products will help you build your empire. Information products consist of: written products like eBooks, books or reports. You can also sell audios and videos as information products. Information products work if you sell physical products or services. Let me share examples of how you can use information products for a physical product and a service:
You sell gorgeous women’s suits and jewelry accessories. You could write an eBook or report on how some accessories can be used during the summer and winter or a video showing how scarves change the look of a suit without the person having to invest in a new suit.
You are a virtual assistant. You could create a tip sheet or checklist or eBook outlining free or low cost technology for the small or home-based business owner.
Information products can be used if you are a multi-level marketer selling makeup, coffee, travel or legal services. Share information about how your product or service can help someone and eventually you’ll be laughing all the way to the bank!
Here are 5 basic steps you must take to make your empire a reality:
1. Generate traffic to your website or blog. You have to find a way to repeatedly drive traffic to your website or blog. You can either pay someone to do this for you, which will quickly get traffic to your website or blog or you can do it yourself. It takes a lot of work but it’s worth it. Here are some proven ways to drive traffic to your website or blog:
· Create social media profiles and regularly post articles, tip lists, checklists, etc. on Facebook and LinkedIn. Post an article on your website or blog and send out tweets on Twitter including the website link where the article is housed on your website or blog. Post helpful videos on YouTube.
· Purchase pay-per-click ads through Google Adwords or post a note on your Facebook business page and then click on the “Boost Post” button.
· Create a press release when you redo your website, launch a new product or service, are selling seasonal products, or celebrating a milestone (business anniversary), etc. Submit the press release to free press release websites (there are many of them out there).
2. Generate leads. When people visit your website or blog, you must find a way to trap their names and email addresses so that you can build a relationship with them. Gone are the days where you can put up a sign-up box and ask people to join your mailing list just to be doing so. You have to offer them something of value that is free. It can be a free report, CD, audio or a free, no obligation consultation. I use MailChimp for my lead generation.
3. Converting leads. Now that they are on your mailing list or in your database, you must start working to convert them from prospects to customers. You do this by communicating with them regularly via a newsletter or whatever you want to name your conversion mechanism. If you are using a newsletter to convert, make sure you offer valuable or timely information and make sure that you offer something for sale from time to time. How often you offer something to sell depends on the frequency of your newsletter.
4. Revenue multiplier. Once you sell someone something, they are now your customer and you want repeat sales and hopefully, they will share your product or service with others.
One way to get them to buy is to down sell. A down sale is used when, for whatever reason, a person wants to buy your product or service but for some reason (usually because they can’t afford the total amount), after putting the item in the shopping cart, they don’t complete the transaction. To entice them into completing the sale, you would offer a payment plan or a coupon discount. If you are going to offer a payment plan, you have to have in place a system which will automatically charge their credit card for future payment.
I subscribe to an acupuncture/holistic newsletter and every single month they send out a 20% coupon code; the code is always a different name or set of letters. You’d better believe the reason I’m a repeat customer is because of the monthly 20% discount code.
Another tactic to multiply revenue is the cross sale. This is when a person is willing to pay whatever you are charging for a product or service and you offer them a higher priced product or service which will give them even more value. The key is to make the price of the cross sale item very attractive – an offer they will have a hard time refusing.
5. Scalability. Once you have systems in place, automate them and watch the profits roll in. For example, you can either hire a virtual assistant or purchase software that will automatically submit articles for you to article directories or use a blog platform which will allow you to spend perhaps a Saturday afternoon creating a month’s worth of blog posts but will only release them on a specific date in the future.
Another thing you can do if you are using social media to generate leads is to use a system such as Buffer to post to social media for you at predetermined times. You just set aside a few hours to create as many social media posts as you want and Buffer will send them out for you at predetermined dates and times.
Finally, when a person makes a purchase from you, you should have systems in place that will allow the order to be fulfilled without too much effort on your part. If you are selling products that must be shipped, make sure that you have an automated email that goes out to the buyer as soon as they purchase advising their product will be shipped in 24 hours. If you are selling digital products, you should check out PayLoadz or eJunkie.
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Carmin Wharton is a certified life and business coach to women. Carmin coaches women who find themselves stuck and unable to move forward while trying to achieve a major life or business goal. Carmin’s specialties include coaching women through: the basics of starting an online business and reinventing their lives.