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Recurring Income
Recurring income is a blessing for any business owner, and monetizing your list with recurring income sources is always a good idea. Most niches will have products you can promote for recurring income, and in markets that don't, you could create your own.
Membership sites are an obvious choice for recurring income. Not all markets can support a membership site profitably, but in desperate niches and passionate niches, they can be major moneymakers.
If there are no viable membership sites in your niche, create your own. You'll be able to keep all of the income instead of just a portion as affiliate income, and you can promote additional products inside your membership site for more income.
It's a lot easier to create a membership site than you probably think. You can use a WordPress plugin or a simple script to manage billing and logins, and all you have to do is keep the site updated with fresh content each month.
Loss Leaders
A loss leader is a product that is sold at a loss in order to profit in another way. You could create a product of your own and sell it at a very inexpensive price in order to upsell them to another product.
For example, let's say you wanted to promote a product as an affiliate. The product costs $197, and you would get approximately $100 in commission for every sale.
You could create a similar product that was not as in-depth as the product you want to promote as an affiliate, and sell it for a very inexpensive price. Then promote the more expensive product as a kind of "upgrade" inside your product.
You could also use these inexpensive products to promote physical products. For example, you could write an information product about how to knit a sweater, and include affiliate links for knitting needles, yarn, and other knitting supplies.
Loss leaders are especially helpful for getting people used to buying from you when you're just getting started. Make sure your loss leaders are quality, so they will trust you in the future.
Your Own Products
Perhaps the most profitable thing to promote in terms of cash is your own product. Not only can you promote your product to your own list, you can also have affiliates promote your product as well.
It's a good idea to create a full range of products at various price ranges so you can reach the most customers possible. Some people may not be able to afford a $997 product, but they might be able to afford a $197 product or a $47 product. By creating a full range of offerings, you'll have something for everyone.
Here's an example of an effective product range:
Simple eBook - $47
Complete downloadable eBook course with 5 books - $197
Downloadable eBook course with 5 books and 15 videos - $497
Physical course with 5 books and 5 DVDs - $997
One-on-one training or coaching - $1997
As you can see, the more work there is involved in creating the product and the more expense there is in creating it, the more you can charge for it.
Your least expensive product will be a very good way to introduce people to the quality of your products, so be certain you are creating extremely high-quality products even at the lower prices. The better quality your cheaper products, the more people will desire your expensive ones.
Don't forget to upsell your more expensive products in your cheaper ones. It's a missed opportunity if you fail to do this. People are never more likely to buy one of your products than they are immediately after they bought another one, especially if they're happy with your purchase.
It's very important to make sure their first experience with you is a good one, so make sure you provide top-quality support and always respond quickly to issues.
Your own products can be extremely profitable if you create a good sales funnel in order to get people to upgrade to more expensive products later. Never miss a chance to get an additional sale.
