So now you know the importance of having to adapt and change to your market and your subscribers’ needs, instead of just relying on one product or one email campaign, here’s how you can set your online business up for success.
There are really two ways to continue to make money from your subscribers over the long run:
- Create more products to sell to your list
- Find more affiliate products to promote to your list
So either way you need to sell more products to your list – the only difference is if you want to create your own products to sell, or focus on promoting affiliate products instead.
There are benefits to both options, but overall it is usually much more profitable to create your own products, especially when you are going to be spending most of your time selling to your subscribers.
Now let’s say you’re going to create your own products, another major consideration you need to make with your products is the price range.
One option you can take is to create new products that are about the same price range and quality as other products your list has already purchased.
The other option is to create products that are larger, more substantial, and therefore more expensive than the products your subscribers are already purchasing.
The idea with creating more products at a higher price range is that you are able to target your subscribers who are able and willing to pay a higher price for high level training. Obviously there will be a lower percentage of your list who will be able or willing to pay more, but those who are will usually become your most loyal customers.
This gives you the opportunity to continue to provide them with even more solutions and better training, which means you are also able to sell more higher priced training to them.
So how do you go about doing this?
The simple answer is you need to have a sales funnel.
A sales funnel is a collection of products within the same niche that you present to your subscribers over time. The longer they remain on your list, the further they progress through your sales funnel and the more products you will present to them.
Usually a profitable sales funnel begins with building a list of free subscribers when you offer a free gift to visitors in exchange for their email. Once they’re on your email list, you build a relationship with them and offer them a low priced product first that is designed to give your customers a ‘trial’ of what you have to offer and the level of value you provide in your products.
Once your subscriber has bought a product from you and entered your sales funnel, he will be presented with even more higher level products at a higher price tag over time.
A typical sales funnel might look something like this:
– A free offer where you build your list of free subscribers
– A $7-$27 product, which is the front-end product that introduces buyers to your paid products
– A $47-$77 product, which can be a 100 page ebook
– A $97-$297 product, which can be advanced video training
– A $497-$1000 product, which might be a coaching or mentoring program
Obviously the type of products can be altered, and the price points changed as well, but this basic sales funnel should give you an idea of the different types of products you can create and the different price points you should be targeting.
So let’s take a look at how this type of sales funnel might work. Let’s say you get 5000 free subscribers who signup to your email list. You send them a few content and free gift emails to start off with, then you present them with a low priced entry-level product at $7. Now maybe 10% of your subscribers might buy that product.
Now you have 50 customers, who used to be free subscribers. Those 50 customers are then immediately moved to your buyers list, where
you will only promote products of a similar or higher value and price point as the one they already purchased. You then present them with the next product in the sales funnel, which is a more extensive product at a higher price point, and over time you continue to promote the other higher level and more expensive products to your buyers.
The key is to continue to move people through your sales funnel; from free subscribers to buyers of low-priced products, then to buyers of higher-priced products, and then buyers of even higher-priced products.
Obviously the value you provide has to justify the price point for each product, so instead of providing just an ebook, maybe you could create a membership site, or a coaching program. Whatever it is make sure it is far more extensive and far more valuable than other products at a lower price range.
You should of course also continue to provide a lot of high quality content for free as well. The difference now is with your buyers, the free content needs to be even better than it is for your free subscribers.
So you need to always be giving more content, as well as giving better content.
This is part of email marketing course series of posts. I hope you have enjoyed this email marketing training course, and that you go out and actually implement what you have learnt. Don’t just go through this training course and then do nothing with it.
Don’t miss this complete series of email marketing course:
- What’s The Purpose Of Your Email Campaign?
- How To Organize Your Email Campaign
- How To Create Credibility With Your Subscribers
- How To Create Rapport With Your Subscribers
- How You Should Write Your Emails
- Writing Headlines For Your Emails
- Writing A Call-To-Action In Your Email
- How To Write Content Emails
- How To Write Free Gift Emails
- How To Write Promotional Emails
- How To Write Feedback Emails
- How To Write Emails That Generate A Response
- How To Properly Format Your Emails
- Why You Must Write Your Own Emails
- How Often Should You Be Mailing Your List?
- How To Track The Success Of Your Campaigns
- The Biggest Email Marketing Myth
- How To Make Money From Your Subscribers In The Long Run