Category Archives for Strategy

What Is Passive Income?

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hen people see the term “passive” income, they often think of earning money with no work. However, nothing can be further from the truth. The fact is, it does require work to make passive income. However, the work you do is done once, and then you keep making money later on the work you did before. It’s different from service-based work where you must do the work each time to produce income. With passive income you create something today that keeps earning money later.

 Examples of Passive Income

Some examples of passive income that you may be aware of are savings accounts, investments, and real estate; all of these enable you to spend money one time, or spend some money one time, and keep earning income into infinity. But, you can also earn passive income online today. Some examples are information products, membership websites, eCourses, and eBook sales.

The Benefits of Passive Income

People who want to earn money from passive income understand how trading hours for dollars can be limiting. They want to put their time and money to use one time and keep earning from those efforts. It's the way insurance sales people have made money for years. They earn a little commission from each person that buys and keeps paying for insurance; then the more people they sell the insurance to, the bigger and bigger their monthly income becomes. It might take a lot of work to get there, but eventually through momentum it seems like everything becomes a lot easier.

The Two Types of Passive Income

If you would like to earn an income via passive income, there are several ways to do so online. However, mostly you can break it down to two different ways.

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    Promote Other People's Products - This is one of the fastest ways to get started. Figure out who you want to sell to, know the audience well, and then find products and solutions for them to promote. There are even membership websites where you can promote to them so that you can earn a monthly residual income that grows.
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    Create Your Own Products - This is another way that you can get involved with making passive income online. At first, creating the product is a lot of work, but once you get a number of affiliates promoting the product, the income will grow exponentially, month after month and year after year.

The main question now is who your audience is, and which way you'll go. Most people actually choose both methods. They sell other people's products, and they create their own. Most people start with selling other people's products, then eventually create their own after they get some experience with building a list and other marketing methods.

How to Turn Picky Shoppers into Buyers

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ost shoppers are picky these days. People are turned off by the hard sale and by many of the tactics used by professional sellers. But, the fact is that some of the tactics work. If they did not work, people wouldn’t do them. Here are a few tried-and-true practices you can use to turn shoppers into buyers.

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    Nurture the Relationship - Get them to sign up for an email list to receive news about your products and or services. This works for bricks-and-mortar businesses and digital businesses alike. People like feeling special and getting special notice of sales and events happening surrounding the products they like.
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    Automate Your Processes - Thankfully, you can put things on autopilot with the right email marketing software like AWeber.com or MailChimp.com. These systems allow you to send people information automatically, leading them through the buying cycle with information that they long for.
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    Consider Pop-Ups - Yes, some people hate them, but the truth is they DO work. They increase sales by more than 20% in some cases. You can make beautiful pop-ups using software like Thrive Themes, which helps you create converting sales pages and pop-ups.
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    Retarget Website Visitors - A really useful feature of online marketing today is the ability to put a cookie on your web site that any visitors automatically receive on their computer. Then when they go to Facebook or Google, the things they left in their cart, or the things they looked at, are shown to them again.
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    Always Include a CTA - You'd be surprised at how many people forget the CTA. This includes actual bricks-and-mortar stores. If a sales person doesn't ask for the sale, or you don't send them a reminder of what they want, you may not make the sale. 
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    Incentivize Your Sales Process - Give your customers incentives to buy. The more they buy, the larger the discount. Let them have an opportunity with each purchase to win their purchase. Give the 1000th buyer a prize!
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    Encourage Referrals - Ask current customers to recommend and refer their friends and family and earn incentives. You can do it by points, by monetary reward or any number of ways, but make sure they want to refer you and that they're real customers. 
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    Add a Live Chat - When you sell high-priced items, it's a good idea to have a live chat open at least part of the day to help people with questions that they have. A live chat can push shoppers over the edge to purchasing.

Turning picky shoppers into buyers will work on all your customers and future customers. It's important to know your audience and then leave no stone unturned to make those sales effortless.

Why Product Launches Begin Weeks in Advance

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aunching a product doesn’t start on the actual day of the product launch. It starts weeks in advance, building up to the day of the launch – sometimes even before the actual product is actually ready for prime time. Shoot for starting 8 to 12 weeks prior to the date you’ve chosen for your product launch and you’ll have that much more of a successful launch day.

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    Invite Influencers Early – Send anyone who can influence your audience review copies or partial review copies and information about your product that you’re planning to launch. Ask them if they can talk about it, announce it to their lists or do a review on the product.
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    Seed Your Social Networks – Every now and then you should mention the exiting new product that you’re creating. Getting your audience involved in some way helps, too, such as asking them to pick names of products and even prices.
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    Seed Your Blog – Like with social media, you want to tease your audience with mentions of the new product that is coming soon.
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    Submit Press Releases – When you have any event related to your new product launch, send out a press release.
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    Create Sneak Peak Videos – At some point during product creation, the bones of the product are good enough to offer some sneak peeks via video to your audience to get them super excited. If you show excitement, they will too.
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    Create Interesting Infographics – If your product is solving a problem, make infographics that depict the problems to get your audience aware of these problems and salivating for the solution to the problems.
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    Plan a Launch Event – A great way to launch the product is with a series of webinars with limited entry. Get your affiliates involved in having branded webinars to talk about and give early, limited access to your product.
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    Create Bonuses – Early purchases by early adopters often include bonuses and discounts that no one else will get. It’s a great way to entice people to buy your product early.

Aside from creating the product, you have to plan and organize all the events surrounding the product. These activities can take some time to create, and it’s always better to build up to the big launch date. To start, choose a launch date based on how long you think it’ll take you to create and finalize your product. Next, organize the creation of all the content, reviews, webinars and bonus products that will accompany your product launch.

Move through your calendar, creating the dates that each item must be finalized. Some things will be done simultaneously but others have to be done in a particular order. You’ll need to organize all the parties involved including your vendors, affiliates, and reviewers. What’s more, things don’t end with the launch date. Keep producing more content about your product or service and keep the buzz going for the best results in the days, weeks and months to come.

Why a Lack of Integration Can Cost Sales

All parts of a business work together.  I like to break it down into People, Process, and Technology.  They need to do more than co-exist, in such a way that it is seamless.  Whether it is planning, marketing, sales, delivery, or customer service, it all needs to work together so that you can please customers and make more sales.  All businesses must figure out the following for themselves.

  • Put Your Customers Needs First – Everything you do must be thought of and seen from your customer’s perspectives, not yours or your workers’.  If your workers are not on the same page they might accidentally insult your customer.  Create a mission statement that you can use to share your vision with your team.  Using a customer relationship management (CRM) service that works with your shopping cart will help.
  • Be Able to Explain How Your Solution Is Different – Everyone in your industry is marketing to your customers, often offering the same things that you are.  But, if you can explain how you are different you will win the sale.  The only way to do that is to continuously watch the competition, incorporating the lessons learned into your product development and delivery.
  • Distribute Your Products/Services How Your Customers Want Them – The channels you use to sell your products or services are important, too.  If you are not selling where your customer is, you will not succeed.  You may need to invest in professional shopping cart software or have something built especially, but it should work with your CRM system so that sales and customer service can communicate.
  • Know How you will Advertise and Market – When you put all the above together, which ways will work best to advertise and market your business? Will you use a website, a blog, video, pay-per-click marketing, email lists or something else? Can your CRM help better segment your market?
  • Understand Your Budget Inside and Out – Everything comes down to money.  You can only do what is within your budget to do.  If you are on a shoestring right now, do not waste time looking at solutions outside that budget
  • Ensure Strategies Are Doable – Each part of your business will start with a strategy, the big idea, and you may have to tone these down based on your budget and resources.
  • Know What Tactics you will Use to Reach Your Goals – Tactics are based on strategy and what consumers will respond to.
  • Understand How It All Works Together – Finally, you need to know how all these activities will work together effortlessly.  How People, Process, and Technolgy works is that you define your process based on your strategy and tactics, then you select the right technology, and then train your people to follow the process and use the technology.

The aim is to put together the strategy, operations, finance and marketing of your business in a way that each works together seamlessly.  When you make a list of everything you need to do in your business, it is important to then seek out solutions that help these items work together.  Remember, it’s all People, Process, and Technology.

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