3 Crucial Instruments Needed For Your Online Business to Succeed
Everyday people are signing up for subscriptions to magazines
, newspapers, RSS feeds and auto ship programs. People are rehashing (buying more than one item) products and upgrading all the time. What still surprises me today, is that most home based entrepreneurs still do not see the need to offer the same. When it comes down to it, they have NO CLUE! Here are 3 crucial instruments needed for your online business to succeed.
1. You need a low cost retail product. E-book, small course or educational material like a CD or DVD would fit this description. By offering a low ticket item for immediate purchase, you have a small amount of revenue that can now be used to acquire more customers. We call this a hook and we turn it back around to gain more exposure. You see this with fast food restaurants when they offer a.99 cent menu. That is just the hook. Where they make their real money is by offering more addons with higher profit margins.
2. A medium to high cost product. Now that you have a prospect in the door with the hook, you can also offer them a higher ticket item. This is your back end product that could be considered your bread winner. This is your sole purpose in generating traffic to your doors. You want your customers to buy this even if they pass the first time. As long as you expose and offer the opportunity to purchased this item, you will increase your income exponentially. In fact, McDonalds almost doubled their revenue by simply asking "would you like fries with that?".
3. A long term continuity program. Easily described as a subscription (monthly or yearly) service. This is where you can really start to rake in the "big green". Just imagine over a 5 year period where you acquired 5,000 new customers with your low cost retail product. Then, because of their purchase, you offered a subscription service of $49.99 a month. For the purpose of this demonstration, let us just say that 25% of those customers signed up. That would mean you would make an extra $62,437.50 in the given period. Just imagine what you can do with thousands more of subscribers and what that means to your bottom line (like offering new products).
If you are marketing online and not offering these 3 product lines, then you might want to consider doing so on the account of how much money you might me losing by leaving it on the table. You need to have a "hook" product of great value and offer it at a cheap price. Then when you have your customer in your door, offer them an upgrade or the best of what you can offer. You might be surprised that since they are in the purchase mode that they might buy that too. Then at the very end, you can offer the continuity program to continue to offer them "special deals" and provide more value. By applying these 3 crucial instruments in your business, you can increase your profits almost overnight.
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By: Dereck Arreguin
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