For those of you who still love to work with people "live" (as I do), consider doing teleclasses or teleseminars, where you can be present but it is by phone or Internet, where you can literally reach people all over the world. These are great venues for people who want and need your expertise but can't afford – or it's not practical – to hire you one-on-one.
In my last article I talked about how my client "Suzanne" could add additional streams of passive income by leveraging her expertise and putting them into various information products. Let's look at what Suzanne's "marketing funnel" could look like and what kind of income she could derive:
TOP OF FUNNEL: Your Freebies
People get to know, like and trust you by subscribing to your COMPLIMENTARY weekly ezine (an online newsletter).
The next level after that is to offer something of high value on your website in exchange for prospects' email and/or snail mail info. Typically, that could be a free special report, quiz, or self-analysis. A CD is perfect if you'd like to collect mailing addresses. Regardless of what list-builder you use, be sure that it contains a strong call to action.
MIDDLE OF FUNNEL: Leverage
Here is where you want to look at doing the work once to create highly leveraged information products, using your existing passion and knowledge. Examples:
- $297 – 5 cds and 1 binder
- $495 – 5 cds, 1 binder, and a workbook
- $997 and up – 10 cds, 2 binders and a workbook
BOTTOM OF FUNNEL: Your Ideal Clients
The above two levels are typically what leads your ideal clients into your higher-priced individualized offerings. Examples:
- Private, one-on-one coaching/consulting ($997+/mo.)
- Small group Mastermind program ($2,997/mo.)
Running the Numbers
Let's take a super-conservative approach and say that you only sell 10 information products per month, priced at $297. In the first few months, you’ll be recuperating your costs of developing your product:
- Month One → $990
- Month Two → $1980
- Month Three→ $2970
- Month Four→ $2970
- Month Five→ $ 2970
- Month Six→ $2970
Just for starters, you've generated an additional $14,850 or almost$2,500 extra per month! You only had to do the work once with an information product that is relatively inexpensive to produce. On your $495 info product, you'd generate an additional $19,800 and on your $997 product, $39,800.
Is Information Marketing Right for You?
Most entrepreneurs who are successfully generating passive income today did not start out to be professional online marketers. Instead, they are people like YOU who already possess the knowledge and expertise and (a) want to share it with more people than they could otherwise reach, or (b) want to make serious passive income while working less hours.
Make no mistake – the key to this is to take your passion for what you do, and share it with others via the Internet. Somehow, the Universe knows if you just throw something together to make money and you're really not contributing the most important factor – the unique essence of YOU.
But done properly and with integrity, by making this paradigm shift in how you attract new clients and what that new business will look like, you too can take advantage of the information age. It has never been easier or more cost-effective than it is today.
Why not take a few minutes right now and figure out what you could put into YOUR funnel? Take a look at where there are gaps in your niche, and start thinking about what products you can add to make it easier for your prospects to get to know you and want to buy from you.
One last thing: don't worry if you find other people on the Internet who appear to be doing what you are thinking of doing. Remember, there is enough business for everybody – and no one does it exactly like you!
Until next time remember to market authentically and attract new clients by design!
Don’t know how to grow your business and make more money? Want to work less without seeing your income shrink? Karen Dodd looks at ways you can create passive income so you can increase your cashflow with a little extra work now, for less work later. She also looks at a real-life case study of someone who was having trouble seeing how she could grow her business.
This case study in viral marketing is the result of a wonderful experience I had recently participating in a business networking event. A friend and business acquaintance, retired from a career in tradition marketing, recently started learning about social networking. He got the brilliant idea to help business owners using a combination of tribal marketing and social networking, with an emphasis on New Thought spiritual practices. How cool is that?