Do you ever wonder what the secret is to making money online?
You’ve probably heard the expression ‘the money is in the list’. That’s because so many successful businesses, including those well-known brands that you know and love, were started with little more than a brilliant idea and a list of potential customers.
But how does one go about creating a customer list?
In this article, we’ll discuss how to make money online by outlining 3 steps you can follow to generate leads and build a lucrative business.
Step one: Create a lead magnet
To build a successful business, you need to attract and convert potential customers into paying accounts. To do this, you must establish yourself as an expert in your industry while also being uniquely positioned to speak to your target audience. That, in turn, can be achieved by creating a lead magnet that will draw in potential customers and keep them engaged until the point of purchase. A lead magnet is something special that a business creates to draw in potential customers. Think of a typical sales funnel and how a product gets closer and closer to being purchased until you finally make that jump from interested to paying customer. Well, a lead magnet is like that product but it comes with a twist.
For example, maybe you are the best in your industry at SEO (Search Engine Optimization) and you know how challenging it can be to bring in the search traffic you need to have successful businesses. You’ve got a new product that will take the work out of getting found online and that product is named SEO Spy. You’ve built an entire website around SEO Spy but you’re not doing so well financially because you know there’s a lot of competition in your niche. But, you can’t take the risk of pushing too much on the SEO front because you know that in the long term, it is a lot more profitable to have a steady stream of organic traffic.
So you decide to create a lead magnet that will allow you to gradually introduce your product while also establishing you as an authority in your industry. What you do is you write an ebook on SEO which will then become your lead magnet. In the ebook, you reveal all your top-secret SEO hacks and methods as well as how to take advantage of them. But you don’t just stop there. You then continue with a free guide to help beginner businesses get started with SEO. That way, you’re giving away some of your best information for free while also establishing yourself as an SEO expert and possible trusted advisor to those looking to get into the game. When people are searching for an SEO expert or review an SEO product, your company’s website or blog will be at the top of the search results because you’ve established yourself as an SEO authority. You can use the blog post itself to draw in prospective customers while also educating your audience on the importance of SEO.
Step two: Build your audience
Now, you’ve got your lead magnet. What do you do with it? Well, you build an audience. It’s important to note here that you are building an audience for the purpose of monetizing it. You are not giving away your lead magnet for free. You’re asking people to subscribe to your email list in order to receive future content from you. In return, you are offering them value in the form of useful information that will eventually help them generate revenue.
You can use a tool like Convertkit for this where you can set up automated email campaigns that will send out new content to people who are subscribed. You can also use tools like MailChimp to collect email addresses. You then take those email addresses and put them into a list (often called a ‘prospect list’ or ‘auto-responder list’) that you can use to send out email messages to when people comment, click, or write about your product. You can use a tool like AWeber to set up automated email campaigns where you can choose the list of recipients based on many factors such as interest, web traffic, or social media followers.
Step three: Monetizing your audience
When someone signs up for your email list, you’ll begin to receive traffic on a regular basis. But here’s the thing. They’re not just coming to you for the free content you’re providing. They’re coming because they recognize you as an expert in your industry and they want to hear what you have to say.
So now, you’ve got people coming back to you regularly for valuable information. How can you make money from this? You can sell and ship your products to them. You can also sell affiliate products that are related to your niche. For example, if you’re an astrological software company and you’ve got an affiliate marketing program where you promote a product named ‘Gold Mine’, you’ll receive a commission if someone clicks and buys that product as a result of your article or review.
There are a variety of ways to make money online. But, for the sake of simplicity, we will refer to the above three steps as the ‘money-making strategy’. And you can certainly stop there. However, once you’ve got your audience, it is a good idea to continue creating content for your audience. This will eventually build a recognizable brand around an industry that is consistent with your target audience’s interests. If you want to become a major player in your industry, you need to understand their interests, behaviors, and motivations. You can do this by creating content that is tailored to the individual needs of your audience. This will make you a lot more valuable to your audience because it is relevant to what they are looking for. In fact, the more you provide for free as a lead magnet, the more you’ll earn from those who subscribe. And it’s all about monetizing an audience. Without it, you’ve got nothing.