What you will read below was inspired by Mike Filsaime. We had a meeting in the office and this is the kind of wisdom he imparts on us. People pay top dollar for this and I get it free. I’m a lucky guy…
Anyway, just wanted to share it with you. Enjoy…
Does this sound familiar to you?
Create a product
Grab some JV partners
Send an email to your list
Count your sales
Create a new product
Now, there’s nothing wrong with adding more products to your “arsenal”. The more profit streams the better. But one thing I have noticed, and I have been guilty of, is once that initial promotion is over, we all but abandon the product. We just leave it there for the search engines to find.
That’s all fine, but what if you could increase the sales on your already existing products? Just by making a few simple changes, or additions. Let’s take a look at five things you can do to increase your profits.
1 – More leads, or traffic to your sites.
Seems obvious enough, right? But the question is, do you do this now? If not, how can you do this? Here’s a few ways to get more traffic to your sites:
– Buy traffic (ppc, advertising, ezines, etc)
– Borrow traffic (JV’s, email ad swaps, etc)
– Integration (put your ads on other people’s sites, download pages, etc)
– Create traffic
– Viral traffic (ebooks, software, giveaway’s, etc)
2- Increase your conversions.
Another one that is obvious but so few people do. Increasing your conversions will increase your profits without ANY additional visitors to your sites. So just imagine if you can take your conversion from 2% to 4%. That’s double your profit. Add to this an increase in traffic and, well, now we’re really going to see a difference.
Here’s just a few ways to increase you conversions…
– Client Chat (such as Upselldotcom.com)
– Exit Popups (irregardless of what you’ve heard, these DO work)
– Videos on sales page
– Videos on One Time Offer pages
– Testing and revamping your site (images, copy, etc.)
Doing any one or ALL of these things can send your conversions through the roof.
3- Increase profits per transaction.
What does this mean? Simply put – upsells, downsells, cross sells and bumps. The most successful and savvy marketers already know this and implement any or all of these in all of their sales processes. Even McDonalds does this:
“Uh, give me the number 3 with a coke please”
“Sure. Would you like to upsize your order sir?” (upsell)
“Sure, why not?”
“And how about a nice hot apple pie for dessert?” (cross sell)
“And would you like to add a second apple pie for only 50 cents?” (bump)
“I shouldn’t…but okay!”
Sounds familiar, doesn’t it? You see this a lot because it’s very effective. Consider doing this with ALL of your products.
4- Reduce loss
Simply put, lowering refunds. There’s a few things you can do here.
– Increased customer service
– More Help or Tutorial videos for your product
– Offer a different product in PLACE of a refund
Bottom line, there are ways to reduce the amount of dollars you give in refunds by taking simple measures or being creative with your customers. Of course, if your customers are insistent, give the refund…
5- Frequency and Continuity
Simply put, don’t forget about the customers you already have. I can’t tell you how many times I have purchased a product, got my download and never hear from the product creator again.
Whenever I create a new product, one of the first things I do is offer it at a discount to my existing customers before I do a general launch. Reward your customers whenever you can. This not only builds loyalty. It also makes them open your emails eagerly, knowing there is a possible new product with a discount coming their way.
Continuity – the holy grail product. Work your customers into a recurring continuity program of some sort. There’s nothing better than having several hundred or several thousand customers paying you over and over.
Like I said – seems pretty obvious, right? If you have a handful of products out there now, and you don’t know what to create next…don’t create anything. Revisit ALL of your products and make some changes. Drive new traffic to your products. Write articles and submit them to article directories. Set up joint venture mailings, ad swaps and integration with other products.
Doing these simple, but often overlooked things can literally double or even triple your profits.
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Michael Ambrosio is a successful internet marketer and product creation expert. You can learn to create your own products quickly and easily… go to: http://www.easyproductprofits.com. Follow from concept to profit as he creates and markets a simple piece of software and earns five figures in sales in two weeks time.