How to tap the profits hidden in your internet business!
I'd like to show you five secret strategies to extract profits hidden in your Internet business. Pay particular attention because any of these can boost bottom line revenue fast.
Upsells
Upsells are additional sales made at the initial purchase. McDonald's does it when they ask to super size your order. When you sell an ebook for $30, you can add an upsell to the order form. The upsell offers an expanded version of the ebook with an extra bonus for $10 dollars more. This increases your initial transaction size. Done properly, at least 20% to 50% of your customers will buy the higher priced item.
Lifetime Value of Customers
Lifetime Value refers to how much a customer is worth. Customers tend to buy more than once. Say you sell vitamins online. It costs you $50 to bring in every customer. But they buy from you for six months at $30 per month. Even if you lost $20 on the first sale you profit $160 per customer over six months. Knowing this, you can break even or lose a little money upfront to get a new customer and profit from the repeat sales.
Back End Sales
The big money is made from repeat sales to satisfied customers. Create more products and resell them. It always costs more to get a new customer. The hidden profits are in what you do with them once you've got them. Build your business around a group of products you keep selling to your database.
Joint Ventures
Joint Ventures are project-specific partnerships. There are many ways to set these up but here's one idea. Find other businesses that have comparable products to what you sell. Make sure they are not in direct competition with you. Ask them if they would like to sell their product to your list. You get a 50% cut of gross profits. Everybody wins.
Create Higher Priced Products
Believe it or not, a $20 ebook can be repackaged and sold for hundreds of dollars. Take the ebook and expand on it so it's at least 150 to 200 pages. Record the ebook and make CD's of the recording. Add a few bonus materials and now the perceived value is no longer $20. You can easily charge $300 to $1,000 for the same information properly package. Of course, it goes without saying, that what you sell must be valuable.
By taking these strategies and modifying them to your needs you will tap the hidden profits in your Internet business. The money is there waiting for you. Using the above five strategies you should double or even triple your gross profits in the next 6 to 12 months.
John Anghelache is a copywriter and marketing strategist who develops high-ticket information products. His FREE book "How To Turn Your Expertise And Ideas Into A Business That Can Make You Rich" is available at? http://www.TurnIdeasIntoProfits.com
Article Source: Messaggiamo.Com
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