There are only two things you must do to achieve incredible success as an Internet marketer.
You must get people to view your offer and you must give them a reason to go from being merely a prospect to being your customer.
Getting people to view your offer, whether via email, on a website, or offline advertising, such as on radio or television or in print ads, is called Traffic.
Getting them to go from being a prospect to being your customer is called Conversion. If you master Traffic and Conversion, there is no limit to the success you can achieve. The key to your success will be developing your ability to get total strangers to know, like, and trust you.
Let me say that again because it’s that important. The key to your success will be developing your ability to get total strangers to know, like, and trust you.
“How can I do that,” you ask? You have to develop a relationship with them. You must show them that you are genuinely interested in their success and have something of value to offer them… That you are not just after their money. Some people call that “Paying it forward.” In other words, you must give before you expect to receive.
You must share some useful information, about yourself
and/or about how you can help them.
It sells every day for $97, but I have offered it to my prospects for either no cost or for only $7. There are pros and cons of offering that first product free. On the plus side, when I offered the initial product for no cost, I definitely got more takers.
Since they received a product from me, they technically were considered customers.
But clearly, the value of a paying customer — someone who has actually opened his or her wallet and parted with money — is much greater than the value of someone who has merely accepted a free item.
One very big disadvantage of giving away a free product initially is that people are much less likely to use — or even look at — an information product that they have gotten for free. And if they don’t use the product, they really won’t be able to appreciate the value of what you have to offer and are less likely to spend money with you in the future.
Because of that, I have adopted a new — and much more effective — strategy for converting customers into buyers. I offer a very high-quality information product at a very low cost, typically $7, instead of free.
That price point has been extensively tested and found to encounter very little resistance; it’s low enough that people will generally not hesitate to buy an information product at that price, as long as they perceive that it has a value much higher than $7.
Once I have converted a prospect to a >b>paying customer and have delivered a valuable product at very low cost, I have a satisfied customer,
who then knows that I am legitimate and have a lot of valuable information to offer.
When I have gained a satisfied customer, I continue to build trust and over time, I send valuable free information mixed with new offers of increasing
value and increasing cost.
A customer who initially invests only $7 may end up buying a $5000 coaching program. So profiting on the initial offer is not important. What really
matters is the lifetime value of a customer, i.e., the total amount that he or she will spend with you over time.
Therefore, I can afford to make no profit at all on the initial sale. In theory, as long as I can calculate or estimate the lifetime value of a customer, I can even afford to lose money on the initial sale. I want to emphasize the fact that although I don’t need to make any profit at all on the initial sale, it’s very important that the customer pays something!
One consequence of the last point is that I can afford to use viral marketing to promote one of these products and allow affiliates to keep 100% of the cost
paid by the customer. With this strategy, every affiliate who promotes the product gets to keep the entire $7, which provides an incentive to promote my product for me.
Moreover, every customer who buys the product for $7 — whether from me or from one of my affiliates — automatically becomes an affiliate and gets the right to promote the product and keep the entire $7, so I end up with an army of people promoting my product. However, everyone who buys the product, whether from me,
from my affiliate, or from a customer of my affiliate, goes on my mailing list.
Note that the quality of such a list is much higher than the usual list of prospects, because I know that every person on the list has opened his or her wallet and made a purchase, even if only for $7.
To make it very simple for customers to become an affiliates, I don’t even ask them to fill out a form to join an affiliate program. They automatically become affiliates and all they need to do to promote product is append their Paypal address to the URL of my product’s sales page like this:
http://doctorduplicator.com/7dollar?e=customer@domain.com
They merely substitute their actual Paypal address in place of customer@domain.com.
This strategy is very effective for improving both traffic and conversion. It improves traffic because it generates an army of affiliates who promote the product for me.
It improves conversion because of the combination of very high perceived value and very low cost.
Copyright 2007 Richard N. Rubinstein, M.D.
Dr. Rubinstein is a practicing psychiatrist who has replaced the income from his lucrative medical practice through online marketing. He not only offers a wide range of products on dozens of websites, but he also teaches Internet marketing through an online multi-media training program (http://doctorduplicator.com/ycmylo) as well as a personal mentoring program.
Contact info:
Email: ezinearticles@doctorduplicator.com
Telephone: (219) 864-2501
URL: http://doctorduplicator.com
Tags: Email Marketing, Get Customers, home business, internet marketing, make money online, online marketing
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