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<\/p>\nJust a side note: What you\u2019re about to discover here can also be used to help others squeeze more profits out of their online businesses, as well. In fact, you could build an entire business out of making other people\u2019s businesses more profit using these simple methods.<\/i><\/p>\n
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Before you create new products and new profit streams, it makes good sense to maximize the earnings in your existing business.<\/p>\n
To show you how this might be done, I\u2019m going to use a membership site as an example. I love memberships because of the continuity of payments you receive. After all, why get paid just once on a sale if you can get paid every month for several months or longer, right?<\/p>\n
Let\u2019s say you (or your client) have a membership site. Naturally, the first thing you want to look at is increasing your conversions. First, you work on increasing conversions on your squeeze page, to get as many new (free) subscribers as possible. The more subscribers \/ prospects you have, the more of these you can turn into PAID subscribers.<\/p>\n
Next, you\u2019ll want to work on increasing conversions on your immediate upsell to the paid membership. And then you\u2019ll want to work on increasing conversions with your autoresponder sequence as you follow up with prospects who haven\u2019t yet subscribed to the paid membership.<\/p>\n
Odds are you already know all about this. In fact, you\u2019ve probably read numerous articles that tell you the exact same thing. The problem is, this is the point where those articles STOP, and also the point we will jump off from.<\/p>\n
Now that you\u2019ve maximized conversions on your funnel, what else can you do to increase revenue?<\/p>\n
In fact, what can you do to DOUBLE the revenue you receive from paid subscriptions?<\/p>\n
You can choose from several methods, ALL of which I highly recommend you implement.<\/p>\n
First, offer your current paid subscribers a yearly payment option.<\/p>\n
For example, if your membership is $25 per month, you might offer an annual membership for $175. This is a great deal, since it saves your subscribers $125.<\/p>\n
\u201cBut won\u2019t I be LOSING money if I do this?\u201d<\/p>\n
GREAT question. Your first step in deciding how much an annual membership costs is to find out how long your average subscribers stay with you.<\/p>\n
In this example, if the average subscriber keeps their paid subscription for 5 months (5 x $25 = $125) then you are making an extra $50. If your average subscriber stays for 3 months, then you are making an extra $100.<\/p>\n
You\u2019ve got to know how many months your subscribers stay with you, multiply that number times the monthly subscription rate, and then charge an annual fee higher than that number, but lower than 12 times the monthly rate.<\/p>\n
Confusing? It\u2019s simple math, so just read the previous paragraph again and you\u2019ll catch on.<\/p>\n
Another example:<\/p>\n
You charge $40 per month for your membership. Your average subscriber stays with you for 6 months (that\u2019s really good at this price point, btw.) That\u2019s $240 that you are currently making on the average subscriber.<\/p>\n
You offer an annual membership for $320, which is $160 off of the normal rate. Your subscribers save $160, and you make an additional $80.<\/p>\n
Your numbers will vary, but you get the idea. Adding this option can potentially bring in a very nice chunk of money very quickly.<\/p>\n
You might want to offer the annual rate for one week only, so that subscribers don\u2019t procrastinate.<\/p>\n
And be sure to give new subscribers this option, too. New subscribers are generally the most excited, and thus the easiest to convert to an annual membership.<\/p>\n
Second, you\u2019ve got some prime real estate on your members page that\u2019s most likely not being used right now.<\/p>\n
Choose some hot affiliate offers your members are bound to like and add those to your member page.<\/p>\n
You can do it in the form of banners or \u2018personal recommendations.\u2019 Switch these out every so often. This isn\u2019t likely going to be a huge source of revenue but guaranteed, you will get some sales from this page.<\/p>\n
An alternative is selling paid advertising on your members page. Basically, you are doing the same as before, except the banners or ads go to someone else\u2019s offer instead of your affiliate links. You\u2019ll find that fellow marketers would LOVE to offer something free to your members in exchange for their email address, and they will pay you nicely for the chance to get their offer on your member\u2019s page for a month or two, or longer.<\/p>\n
Third, create an entirely new page in your member\u2019s area, and call it \u201cMember Benefits.\u201d Be sure to use that exact name \u2013 we\u2019ve tested other names like Member\u2019s Discounts and so forth, and \u201cMember Benefits\u201d out-pulled everything else we tested.<\/p>\n
On this page, you\u2019re going to place discount offers that you\u2019ve negotiated with other marketers.<\/p>\n
These might be discounts on products, free courses and books, free consultations, free coaching sessions and so forth.<\/p>\n
Everything on this page benefits you. The courses and products with discounts earn you affiliate commissions. The free items cookie you in for commissions on anything purchased in the future, and so forth.<\/p>\n
And again, you can place paid advertising on this page if you want to.<\/p>\n
You might think this sounds like a lot of promotion, but we\u2019ve found that almost no one complains. After all, what member is going to complain that you\u2019ve found them a discount or something valuable for free? Occasionally someone will quip about banners, but it\u2019s rare and nothing to worry about, as long as you don\u2019t go crazy overboard with advertising.<\/p>\n
Best of all, if you implement all three methods above, you\u2019ll see a big cash boost from day one.<\/p>\n
Your results will vary. And what if you don\u2019t have a membership site? You do have a download page, correct? You can place ads for products there.<\/p>\n
You can also bundle products and offer a discount. If you create products on a very regular basis, you can sell \u2018memberships\u2019 to all of your forthcoming products for a certain period of time.<\/p>\n
And you can create a \u2018Subscriber Benefits\u2019 for your email subscribers. Add to the page every week, and also send out a weekly reminder email, letting them know there are new goodies to go collect \u2013 goodies that are available for a short time only.<\/i><\/p>\n
That last paragraph may have slipped by your attention almost undetected, so I\u2019m going to recommend you read it again. Go ahead\u2026<\/p>\n
I hear from so many marketers that they have trouble monetizing their lists. But if they would simply create a \u2018Subscriber Benefits\u2019 page and keep it filled with interesting things that result in commissions and send their readers there each week to collect those benefits, they could earn a six-figure income from this one technique alone.<\/p>\n
Bottom line: Take a good look at your current products, funnels and business. Get creative and find ways to squeeze more money out of what you\u2019re already doing, and it\u2019s entirely possible to double your income without creating any new products or businesses. Until you do, you\u2019re probably leaving thousands of dollars on the table that could be yours.<\/p>\n","protected":false},"excerpt":{"rendered":"
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