Would you like to be seeing more revenue flowing into your business (i.e. sales)?
Are you looking for more effective monetization strategies?
Scratching your head? What is monetization, you ask?
What Is Monetization?
In this context, monetization is simply how you make money in business. There are a lot of marketers out there, even seasoned ones, that aren’t reaching their potential because they are missing out on these strategies. They are no doubt spinning their wheels, doing lots of “work” but not the right things in the right order.
We tackle that very thing, the right elements in the right order, in Your 90-Day Pathway to Profit Complete Coaching Experience. — [Why? Because we floundered around for a couple of years trying this and doing that, buying way more courses than you could humanly go through and still run a coaching and content-based business. Not to mention, we're supposed to be semi-retired! We would be doing you a disservice if we didn't share what we have learned and are implementing as we write this. Smart marketers implement what will give results. So join us. We'll save you years of trying to figure it out yourself.]
Why else wouldn’t your business be making profit? It could be because of monetization issues. How can we avoid these? Don’t be like the marketer who only focuses on one income stream or one product. And that’s okay, especially if you’re just getting started. But it is not a secure, growing monetization strategy that will keep you making money in business.
If you are just beginning your online business journey, it is good to know the following 5 basic monetization strategies, but keep in mind you don’t need all 5 right away. We would suggest you need a core offer (that’s what you focus on selling) and a lead magnet (an item of intense interest that will draw your customers to you). This article touches on all five of these important monetization strategies, especially if you want to make money in business.
A Tiered Product Mix
You’ll soon be equipped with the same strategies used by top marketers to make money in their business. All the answers you’ll need about money, right here. The simplicity may surprise you. But you’ll need to move toward having a “tiered product mix.” That simply means having more than one income stream, and a flow from one item to the next. We’ll show you what that looks like. Here is our 5 Tier Strategy (think of the rungs of a ladder moving up in value).
- Lead Magnet
- Trip Wire
- Core Offer
- Profit Maximizer
- Continuity Program
Don’t worry if you have never heard of these things before. It’s good to learn new things and start to move in a profitable direction. Learn how you can get a tiered system like this in your business today.
We show you how to create a killer lead magnet in our article and video training combo How to Create a Lead Magnet to Entice and Serve Your Audience. For purposes of how to make money at home online, a lead magnet is the first step because not only is it free, but it is where you attract your buyers. You need to entice them to open the door and come in to look around your business. Once someone raises their hand and accepts your lead magnet, they have given you their email address and permission to contact them. They become your lead. If your lead magnet is valuable and helpful to them, you will increase your authority and likeability in their eyes. You are warming them up for what’s to come.
Trip Wire Offer
A trip wire is an outstanding value, designed to attract first-time buyers. Much like a lead magnet, you are offering something of value that will help your lead, but it is lengthier, more packed with value, not as easy to consume at first sitting perhaps.
Because you want to overcome the barrier to first-time purchases, you estimate the value of this product, then offer it for a much lower price. The price range of trip-wire products is typically between $7 and $49 USD. Ideally, this offer should complement the lead magnet when it comes to topic or result.
You will not get rich on trip wires, but the income you do generate will help cover other expenses of your business, such as ad spend. You will also continue to build a relationship with your customers with continued value.
This is where you have been driving people, or should I say steering. When you monetize your business, you will make money at home online. This is your bread and butter offer, and the price usually ranges between $197 to $497 USD. If you have multiple physical products that you sell, this will be those products.
At some point you will figure out the numbers of how many customers you need to meet the sales goals you have set. You can begin to see how these fit together and build on each other. Many times, you are able to pay the bills with the core offer. Some marketers will also see a profit with just their core offer.
You will want to add this to monetize your business because it’s what will take your business to the next level. To make money in business, you have to think big. Most businesses don’t have a high-ticket item. Successful marketers add profit maximizers to their portfolios, and they are priced anywhere from $5,000 up to $50K (we’ve seen even higher). Examples of these offerings would be elite coaching packages, weekend retreats, vacation get-aways, etc.
Have you heard of residual income? That is income that is ongoing because of subscription, rents, replenishments, etc. It’s yet another income stream to monetize your business. The big advantage is that you don’t start each new month with zero sales. There is carry-over or continuity, customers who continue to pay month after month.
You may even be in a membership group or club yourself. Do you pay dues or fees on a monthly or yearly basis for any service or program, maybe a gym membership? Sam’s Club or Costco come to mind for sure. Remember those book or music of the month clubs?
Now we can have residual income as online marketers. We can offer valuable items to our groups, access to certain the things the general public can’t find on your website, for example. You might offer bonus member-only content, trainings, or articles regarding how to make money at home online.
So, you might be wondering how you’re going to get all of this done and make sure it’s all working properly. Do you have any ideas of what you could do to promote your own business? Are your copy-writing and graphic skills going to help or hurt your finished product? And where, oh where, are you going to find a profit maximizer?
Not to worry! While those are important questions, they are not the first ones to address in building your business. They actually belong to the fourth set in a series of foundation questions you need to consider early in the process of building your business. (See diagram.)
While each piece of the puzzle is important, you also need to be able to see the whole picture and understand where each piece fits in context.
In other words, you need a plan … a map, as it were, for building your business. To create a great monetization strategy is important, but so is knowing its place and sequence in the process of building your business. The diagram shows the place it fits in our signature coaching process, Your 90 Day Pathway to Profit. To learn more and see if you're a fit for our coaching, go to our Work With Us page and set an appointment to talk.
Blessings to you!
David & Dana
P.S. – If Your Upline Hasn’t Given You A Clear Step-By-Step Blueprint For Generating Leads Online And Successfully Recruiting People On Social Media, This Will Help You – Click Here For Instant Access!
P.P.S. – If you know others who could profit from knowing these 5 ways to monetize their home business, share this article with them on Facebook. And, if you've found it helpful, please take a moment to like and comment as well!