August 15, 2008

4 Ways To Make More Money From Your Website

As far as I know, there are only 4 ways to make more money form your website.

You can do one of these things:

1. Get more traffic

2. Increase conversions - make more sales per number of visitors

3. Increase the size of the sale - charge more for the product
4. Ad more back end sales
The problem is that most people only focus on step number 1.  Now don't get me wrong, traffic is great and at the end of the day there is almost no problem that your website has that can't be solved with more traffic.  If your sales letter sucks but you can get 1,000,000 people to view it, you will still sell something.  The problem is that traffic is hard to get and it is expensive if you have to pay for it.

The trick in all of this is to focus on the other 3 points.  Because they don't cost you anything to tweak.  You can change your headline to get more attention, you can tweak your site (change the bullets, add bonuses, check your guarantee, etc) and these things don't cost you anything to improve.  Try changing your price - and, believe it or not, a lower price does not always mean more sales.  The problem is that you can have a great sales letter, build up your product so that it seems like it is the best thing in the world and then you actually devalue it by selling it for $7.  If it is so great then why on earth are you giving it away.  You will make a lot more money if you would build up the product and add a few bonuses and sell it out for $97.  And you may be able to do this without a significant loss in conversion rates.  BUT you won't know until you test it.

Another way to increase the size of the sale is to upsell the customer at the point of purchase.  Is there something else that your customer needs or something else that will compliment the product they are buying?  Sell it to them right away - when they are already making their purchase.  Right in between the period of time after they decide to purchase and before they enter their credit card number.
And don't forget your back-end!  After someone buys something from you, MAKE SURE you collect their contact info into your autoresponder and make another offer next week.  If you aren't doing this, it is like watching money walking out of your store.  Here is someone who just came to you and purchased something, there is a pretty good chance they will spend money with you again.  Try it.

NOW, once you have all this in place and you have a good idea of what the life-time value of your customer is, you will have no problem buying more traffic because you know what you can spend and still make money.

Go over your website, increase the value of every click that comes to your site and then, after that, you can get more traffic.

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