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The Fastest Route To Seven Figures?

 

The Fastest Route to Seven Figures

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The internet business cycle tends to run slightly faster than the general business cycle. The opportunities in physical products are starting to get more difficult in becoming cash flow businesses.

 

The Fastest Route To Seven Figures?

The internet business cycle tends to run slightly faster than the general business cycle. The opportunities in physical products are starting to get more difficult in becoming cash flow businesses.

Wide Open West of the Digital Products World 

If you are starting a new business and want it to be a cash flow business, then the education and digital products or digital education market is where everyone should have some sort of exposure. We are due for a new golden age of people to enter this marketplace. Those who do it well will be successful.

In order to get the numbers of a physical products business to make sense and make a living through this kind of business, you need to sell a significant amount of products. The Amazon model will be around for a long time, and certain opportunities will open up outside of this. If you are in the $20-50 market, then you’ll need to sell tens of thousands of products in order to get the numbers to work.

1,000 Happy Customers

Digital products have very low or no cost of good sold because all profits are 100% profits. It only takes 1,000 happy customers in order to pass the point of freedom. These are people who will share your posts, buy your products, purchase affiliate products, and show up to events.

The Fast Lane Route

Audience

The first thing you need is a message, direction, or a hook. If you don’t have anything of value to offer, then this may not be the best model for your first business.

Channel

This is how you’ll distribute your message. In the digital products and personal branding world there are buyer channels and traffic channels. In this case, we are looking at traffic channels so we can get our message in front of eyeballs. Podcasting, Facebook, email lists, and blogs are examples of traffic channels.

Monetization 

The third thing you need is a way to turn those channels into dollars, the monetization piece. Use price as a filter.

Traffic Channels

There is no best channel for getting in front of eyeballs; there is only how you communicate your message. Get clear about who you want to attract. The best thing to do is to go where people are already hanging out. At the moment, this is Amazon published books, YouTube, and podcasting. A good measure is if you can tell someone is making his or her living doing what you want to do but monetizing it with advertising.

Buyer Channels

Look at what other companies are advertising and what channels they are advertising on. If you see an advert being played a lot on a particular YouTube channel or targeting a specific Facebook audience, then you know that company has figured out who buys their products. This is a great way to reverse engineer what products to sell as an affiliate, as your own, or get advertising from. The second place to look is ClickBank.com. People go to the marketplace looking to sell certain products in exchange for commission. You can also look at what affiliates in the marketplace you want to serve are already selling. Pay attention to what blogs are already writing about.

The people who are really successful keep a consistent message on a consistent channel and then scale the monetization opportunities. The thing that changes most often is the area of monetization.

Monetization

Advertising isn’t necessarily the best place to monetize an audience. The first $100K Ryan made on the internet was by having an audience, writing reviews of a product, sending the audience to the review via his newsletter, then having the audience buy the product. He essentially made money through affiliate products.

Product Sales

What is it your market buys or that they want to buy? You can figure this out by surveying the audience and figuring out what is already selling in the marketplace.

Coaching

One-on-one or group Skype call.

Launches or Temporary Promotions

This is a way to have quick cash coming in without regular products that have a flow or funnel thought the processes.

Ryan’s 4 Part Strategy

1. Branding

This is the foundation that is the filter for everyone that comes into your business. One of the worst things you can try to do is target everybody. Filter out the people who should not be listening to you. Do this with the graphics on your website, the way you talk to your audience, the content you deliver, the channels you utilize, and the pricing of the products.

2. The Gateway

This is the gateway drug to someone buying into your message. This is the ‘first buy,’ where you make money from a listener or viewer. This can be the primary offer or an affiliate product.

3. The River

This is a recurring offer that has cash flow whether you are working or not. This could be regular coaching sessions or a continuity program. Someone might buy the Gateway and upgrade to The River. This can be accomplished through advertising spots.

4. The Flood

Having high-end upsells, masterminds, or regular promotions or in person events are what makes up The Flood. Ask yourself what expensive thing you can give to your audience that only a small percentage will buy. This is priced to filter out those who are not raving fans.

Some will skip steps 2-3 and go straight to The Flood. If you are just starting out, focus the majority of your time in building the audience, then work on the other 3 areas. The important point to remember is that it doesn’t take a lot to test and offer. You can do it with $50 of Facebook ads that send them to a landing page that indoctrinates them into your message and sells a course.

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Links to Resources Mentioned  

How to Build a profitable Audience (previous podcast)

ClickBank

The Blaze

Smart Passive Income

Scott Volker (previous podcast)           

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