We all started our information businesses for noble causes… whether that was to help others, to share our passion about a particular subject, or just to get some knowledge out to the world that we feel is missing from the public arena.
However, it is a fact that in order to survive in this crazy hectic climate on the internet, you as a business owner must make sure that you are doing as much as you can to maximize your profits in your online business.
As income is critical to your businesses ability to function, and your ability to get your message out there, right? 🙂
And as optimizing each and every part of your business is a HUGE topic that cannot be covered in one article, we thought that we would give you 15 tips and tricks that you can implement to maximize profits in your business right away!
Here they are:
Tip #1: Check That You Have Your Niche Nailed
Yes, go right back to the beginning, and make sure that you have your niche 100% completely nailed.
Let me explain…
Many marketers feel like they have their niche nailed, but one of the number one problems that cause marketers around the globe to not get the sales and results that they so desire is, you guesses it – not having a solid niche that has a high enough demand for what they offer, or not being passionate enough about it.
Your passion is a large factor in whether you are successful online or not, as people will buy into you as a person if you are passionate – which increases trust, and sales.
Your market must also be willing to buy what you are looking to sell; otherwise you won’t have a business at all.
So if you are not getting the results that you want in your business, then go back to basics and make sure that you are operating in the right niche in the first place!
Tip #2: Check That There is Market Demand in Your Niche
This comes from your market research.
There are many places to do your research, but the best method is to keep your ear close to the ground by being active on niche-related forums, Social Media, visiting events and so forth, so that you can gain a real insight into what questions the market is asking.
And of course, if you have the expertise to answer these questions, concerns and gaps in the market with your products and/or services, then you will be onto a winner.
This tip and tip #1 above are about getting the basics right, but they will contribute just as much (if not more) to the bottom line of your business as all the other tips will!
Tip #3: Upgrade Your ‘Freebie’ To Make it AWESOME
The freebie that you give away on your website, or squeeze page(s) will be the first experience that your subscribers get of your content, so it is extremely important to make it extra special!
Giving away a freebie that is packed with awesome information that they can go away and implement and see immediate results will put you a step above the competition in your niche, and whats even better, it will leave your subscribers wanting more and more from you – which will of course increase your sales.
First impressions count for a lot, and this is especially true in the online world where there are so many distractions to take the eyes of your viewers away from your website, social media and products.
Develop something special to give them that will force them to never forget you!
Tip #4: Build an Email List of Subscribers
Your email list is the greatest asset that your online business will ever own.
When you have a list of dedicated subscribers who follow you on a consistent basis, then you have also have the option to sell to them on a consistent basis – generating you cash whenever you need it.
And that is extremely powerful!
A bigger email list in not necessarily better than a smaller email list, as what matters is how responsive the list is, how much they love what you do, and how much they trust you to buy from you.
Focus on building a list of responsive subscribers who love everything that you stand for to maximize sales through your email marketing activities, and with your product launches and Joint-Ventures.
Tip #5: Over-Deliver on Value
I have already mentioned the importance of this in previous articles, but it is so important that I thought I would mention it again.
If you over-deliver on value, then you will always over-deliver on the expectations of your customers, and on your own expectations of your projected sales in your business.
The truth is that most customers do not buy on price alone, they also look at the reputation of the seller and most commonly, the amount of value that they will receive from paying their hard-earned cash for your product or service.
If you can consistently over-deliver on value in all dealings with your followers and customers, then you will see your business grow dramatically over time!
Tip #6: Get Rid of Clutter on Your Website
One way that you can really maximize profits in your business is to sort out your website. A common problem with many website is that they are FAR too cluttered, as they are not actually designed around the action that the website owner wants the visitor to take.
For example, many new marketers may be tempted to put a lot of gumpf on their squeeze pages such as lots of testimonials, their own personal story or what they do.
However, if the only action that they want the visitor to take is to sign up to download their freebie (and sign up to their email list), then the content on the website should be cut back to a simple video and opt-in box.
After all, if there are too many flashy buttons on the page or any more information, then website visitors will just get distracted.
The key here is to cut back on unnecessary distractions on your website, so that you can optimize your pages, and maximize your income in the long-term.
This concept can be applied to your whole website, and it will revolutionize how many opt-ins you get into your email list, and how many sales you will get from your business!
Tip #7: Make Sure That You Are Personally Involved in Your Brand
Sadly, due to a lot of rogue traders and rip-off merchants, there is a lack of trust with many people when buying online.
People buy from people that they know, like and trust, so it is becoming more important than ever to not hide behind your brand, and to show that you are trustworthy to your potential clients.
Otherwise, they may never jump in and buy from you.
To do this, I recommend being highly visible on your website – create an ‘about’ page, film videos for your viewers and put your personality across to show that you are just a normal human being – the same as them!
Obviously it will be your (fantastic) content which encourages people to follow you, but after they have followed you for a while, it will be your personality which puts them at ease to buy from you.
To maximize profits in this manner, simply be in the limelight, be confident and do your thing!
Tip #8: Tag Unannounced Bonuses Onto Product Purchases
This point simply links to tip 5 about adding value, although it has an extra positive for your followers… the effect of surprise!
Have you ever been absolutely delighted because somebody has suddenly given you a present that you did not expect to receive?
Well you can create the exact same effect on your customers. Simply give them loads of free, unannounced bonuses when they purchase any one of your products!
Now, these bonuses can be in any format; they can be content videos, useful documents or even a free ticket to a live event. The key here is to surprise them so that they feel like you are over-delivering on value.
This tip also activates the law of reciprocity; this law basically states that when you give somebody something for free, or help somebody out for free, then that person will feel compelled to return the favor.
And you can guess where you will see the returns – when your happy customers buy even more products from you!
Tip #9: Be More Clever in Your Marketing
So if you love making profits in your business, then why not make a point of tracking all of your marketing methods to see which methods are working best, so that you can increase your effort and resources into those areas?
A fantastic way to do this is to link your website up to Google Analytics. This will allow you to track how many visitors you have to your website, and where those visitors have come from.
It even allows you to see how they engage on your site, how many pages they view on average, what pages they like the most, and much more!
Obviously if you are using paid marketing such as Facebook ads or Google ads*, then they will have inbuilt tracking systems too.
Be more clever in your marketing by finding out what works and up-scaling it. That way, you can upscale your profits too!
* – You can find out how to maximize your Google Adwords (PPC) Conversions Here
Tip #10: Simply Increase What You Charge
This is a pretty simply tip, but nevertheless, it can be extremely powerful.
I mentioned earlier that customers do not normally buy on price alone, and this is especially important if you are adding massive value in your products and/or services.
You see, when you are adding huge value, you can command a much higher price for what you offer. Not so much that your offer doesn’t hold as much value any more, but just enough to increase the income from your business.
This price increase could be as little as 10% across the board – think how much an extra 10% a year from your business would benefit you as an individual?
The best thing to do is to test this and make a small raise across the board of what you charge for your products. This can be as little or as large as you like, but one thing is for sure… you will be simply astounded by how much extra income you can generate for your business by doing this simple trick!
Tip #11: Use Cross-Selling in Your Business
Cross-selling is a great technique to make additional sales in your business, and it is also very simple to do.
It is the art of offering a customer an additional product, normally at a discount, to the one that they may have just bought from you. For example, if somebody just bought your video course on ‘How to get started Golfing’, then you could also offer them your other video course on ‘How to train for Golf’ at a discount.
This is a really great way to make additional sales in your business, as it has been proven that once somebody has made one purchase, they are more likely to purchase additional products/services as they are in a purchasing mindset.
Tip #12: Don’t Forget Up-Selling
Up-selling is very similar to cross-selling, however instead of offering your customer another product to buy, you simply offer them a more expensive alternative to the one that they are buying.
For example, if you walk into a McDonalds in any part of the world and order any McDonalds meal, then you will commonly be asked ‘Would you like to go large?’.
This is simply McDonalds trying to sell you a bigger version of what you already want to buy, and that question generates them a massive amount of extra income every year!
Utilize the art of up-selling in your business to offer your potential customers your bigger and better products in a positive manner, and to massively increase the income from your internet business.
Tip #13: Nor Down-Selling!
Down-selling is the last of what I like to call the ‘core techniques of increasing sales in a sales conversation’, whether online or offline.
It is simply offering a potential customer a less expensive alternative of what you offered them previously, if they have refused the sale.
So for example, in your internet business, if a customer was not prepared to pay the $297 for your ‘Learn to Garden’ video course let’s say, then you could offer them an eBook that you have created on gardening for $27. That would be an effective down-sell, as if they agreed, then you would have made a sale instead of no sale at all!
Use the art of down-selling to make additional sales out of nowhere when customers reject your initial offer.
Tip #14: Get Joint-Venture Ready
A great way to quickly gain followers and make sales in your business is to set up Joint-Ventures (JVs) with others in your niche.
These JVs can be arranged on an affiliate basis (using an affiliate management system such as Infusionsoft, which is tracks their activity and sales extremely effectively) or it could be done using Solo Ads or Ad-Swaps.
If you do a Solo Ad, then you simply pay somebody to email their list, normally giving away a freebie through a squeeze page (so that they sign up to your list). An Ad-Swap is very similar, except that you allow the JV partner to email your list, in return for emailing theirs.
A great website for finding reputable Solo Ad providers is Udimi*, and a great site for finding ad-Swaps is Safe-Swaps. They are two of the biggest providers out there for Solo Ads and Ad Swaps, and we can highly recommend them.
Also, remember to get to events and to network online to find other marketers in your niche who you can JV with to promote your product. It truly is a Win/Win situation if you get more sales, and they also get an income!
* – You can check out our review of Udimi here
Tip #15: Don’t Forget The Customer After They Have Bought
Last but by no means least, do not forget your customers after they have bought from you!
There is nothing worse than buying a product from somebody, for them to only take your money and run off into the sunset, leaving you with no ongoing support whatsoever!
The sad fact is that many of those who buy video courses online never actually log in to get the learning that they have paid for!
That may shock you, but it is true.
To be different, make sure that you support your customers after they have bought. Send them an email asking them for feedback after a few weeks, or if they haven’t logged in, then send them an email asking if they need any help!
These little things will make your customers remember you, and they may impress them enough to want to buy from you again in the near future – increasing your income.
Now that we have covered the 15 ways to maximize profit in your internet business, we want to hear from you…
What Other Methods Do You Use To Maximize Profit in YOUR Online Business?