5 Simple Strategies To Monetize Your Business
Would you like to monetize your business more effectively?
If so, you’ve come to the right place.
The problem most online marketers face is they completely miss the boat when it comes to creating a monetization strategy for their businesses.
Without a monetization strategy in place… there’s a good chance you’ll find yourself tirelessly grinding away…
… to earn scraps!
They’ll typically have only one income stream or product.
Unfortunately, one income stream or one product alone… is NOT a monetization strategy.
And without a clear monetization strategy… you don’t have a real business!
I’ll explain why in a moment.
So, how do you effectively monetize your business?
By creating a tiered product mix.
What does that mean and how does it look?
I’ll reveal it to you step by step below.
By the end of this article you’ll be equipped with the same monetization strategy that all the top marketers use for their own businesses.
And it’s not nearly as difficult as you might be thinking.
Monetize Your Business With A Tiered Product Mix
If you currently have only one income stream or product, then you’re most likely missing out on both customers and revenue opportunities. .
In order to monetize your business so you can…
- Acquire as many customers as possible
- Extract the maximum amount of profit as possible
… You’ll need a tiered product mix and a Profit Maximizer.
Typically, the tiered product mix looks like like this…
- Lead Magnet
- Trip Wire
- Core Offer
- Profit Maximizer
- Continuity Program
Let’s dive into each of these 5 tiers so you know how monetize your business to it’s fullest potential.
1.) Lead Magnet
We start with the free Lead Magnet – (Ebook, Checklist, etc.)
The purpose of the Lead Magnet is obviously to generate a lead so that you can market to this person in the future via your email subscriber list.
However, the Lead Magnet also serves the purpose of allowing the consumer to
- Get to know you better
- Gauge the type of value you provide
A successful Lead Magnet will among other things, shift the relationship between the consumer and the marketer.
What I mean by that is, a successful lead magnet will do more than just educate the consumer.
It will also get the consumer to think beyond this particular resource and think…
“How else can this marketer help me beyond just what I see here?”
Now that this person has become a lead, you’ll want to make more offers to them down the line.
So your lead magnet has to be good and it has to get them results.
Even though a monetary transaction hasn’t occurred yet…
… you’re planting the seed for future transactions to take place.
Which leads us to the next step of our monetization strategy…
The Trip Wire.
2. Trip Wire
The next offer in the tiered product mix is called the “Trip Wire” offer.
A Trip Wire is lengthier and more detailed than the Lead Magnet and is priced anywhere from $7-$49.
The Trip Wire doesn’t necessarily have to be on the exact same topic as the Lead Magnet, but they should serve to compliment one another.
For example: if your Lead Magnet is “10 Ways to Lose 10 lbs.” your Trip Wire shouldn’t necessarily be “40 Ways To Lose 10 lbs.”
However, your Trip Wire could provide a detailed daily exercise routine over the course of 10 days or perhaps a week’s worth of healthy recipes.
If you’re like most people you might be thinking…
How am I going to create a profitable business by giving Lead Magnets away for free and selling Trip Wires for only $7???
Remember, the purpose of your lead magnet is to generate leads.
The purpose of the Trip Wire is to fund the advertising costs associated with obtaining those leads.
Trip Wire’s aren’t intended to generate profit.
They’re intended to pay for your advertising.
In fact, if all your Trip Wire does is cover the advertising costs associated with your lead generation efforts…
… then you should be very happy.
That means that your leads are free!
Another reason for the Trip Wire is to further build upon the relationship with the consumer that began with the Lead Magnet.
Remember, most consumers are very skeptical these days.
Building the Know, Like, & Trust factor is critical if you want people to purchase products from you.
This is why the first financial transaction (the Trip Wire) is priced so low.
We want to make their decision to pull out the credit card and give you money for the first time as easy and risk free as possible.
Now we move on to the Core Offer where you start making money…
3. Core Offer
The 3rd tier required in your efforts to monetize your business is the Core Offer.
A Core Offer is your “bread and butter” offer.
For example if you’re in the information space, this will be multi-module, digital information product ranging in price from $197 – $497.
Or if you sell physical products, this will be the main physical product that you sell.
The core offer is what pays the bills and employees if you have them.
In essence, this is what keeps your business running, and if done well your core offer will also yield you a profit.
Most marketers already have their core offer in place and it’s likely that you do too.
However, as you’re probably starting to see…
… without the Lead Magnet and Trip Wire in place, there’s a good chance that a large percentage of your audience isn’t seeing your core offer.
But even though a core offer is what keeps your business running, in most cases it’s not enough to yield you big time profits.
Which is why we have the…
4. Profit Maximizer
The 4th tier in our strategy to help monetize your business is the Profit Maximizer.
A Profit Maximizer is exactly what it sounds like.
A product that is specifically designed to maximize your profits.
This is what most online business’s are lacking.
Profit Maximizers typically are priced anywhere from $5,000 all the way up to $50k.
Often times they’ll come in the form of very high end coaching packages or weekend mastermind sessions.
For example, I’ve seen profit maximizers that were 3-5 day retreats at exotic locations.
I’ve seen profit maximizers that were weekend long masterminds at a hotel.
I’ve also seen profit maximizers that were 6 month long coaching packages that involved extensive mentoring and accountability.
But no matter what shape or size the Profit Maximizer comes in…
… it’s crucial that you have one in your business!
It’s the difference between barely scraping by and creating an extremely lucrative and profitable business.
5.) Continuity Program
The 5th and final level of the tiered product mix is the Continuity Program.
The continuity program or membership program, is a great way to add an additional income stream to further monetize your business.
There’s a good chance that you participate in a continuity program already.
Are you a member of a program where you pay a monthly membership fee?
Do receive a monthly product – like a “wine of the month” club?
Those are examples of continuity programs.
In the online marketing space, an example of a continuity program would be something that provides weekly webinar trainings.
Or perhaps “Insider Access” that the general public doesn’t receive.
Also, some blogs have their own continuity program by creating premier level content for members only.
So as you can see, a continuity program is a great way to create a recurring income stream that will grow over time as you add more members.
So… What Next?
Now that you’ve read this article you see how important it is to have a tiered product mix as well as a Profit Maximizer.
But you might be wondering how you’re going to implement all of this into your own business.
Creating lead magnets and trip wire offers can take a long time and require graphic design and copywriting skills.
Furthermore, creating your own Profit Maximizer requires you to be an expert in many aspects of online marketing.
So instead of trying to create all of things for yourself…
Why not leverage a system where this is all done for you?
CLICK HERE NOW to see how our system will provide you with a tiered product mix and a Profit Maximizer…
… so you can rapidly increase your income without having to struggle through the process to create everything.