To make big money, you have two options: reach a lot of people or charge a high price. How will this help you online?
Businesses have known it for years.
In the post I show you how to apply it to your own ventures.
For a business revenue is the term used to describe how much money they bring in:
Revenue = Units Sold x Unit Price
So to increase the money you make you can either increase how many units you sell (scale) or for how much you sell them for (magnitude).
Lets apply this to a situation.
If you have an e-book that is priced at $0.99, it sells 100 units a month.
Your revenue will be:
Revenue = 100 x 0.99 = $99
How can you increase your income?
You can either increase your scale i.e. sell 200 or increase the price i.e $1.99.
This will be obvious. So now I will give you some ideas applied to a blogging situation.
Tips for increasing your Scale and Magnitude blogging
Guest posting – The drafting technique
This is a great way to boost your site views, and with more people, comes more potential sales…
- Look at the top blogs in your niche (Use Alltop.com) – Below is what I look at…
- Look at the previous posts they have done, and the ones with the most responses…
- If you can write about something similar or that builds upon their posts
- Email the owners with an intro to what you would like to write about
- Wait for a response
Pretty straight forward right?
I recently did a guest post, and here are my traffic results:
Now this was just on a small site, if you land a gig at a bigger blog, this technique works even better.
I didn’t get any positive responses….
Ok the first few times I tried this I didn’t get any responses… so I went back to the list of top blogs and went further down…
Online the A-Listers won’t have time for you, so why not try the B-Listers? Going back to alltop.com I find:
Which led me to this:
Using this list I now have many more people to email!
WARNING: Do Not Spam!
Word will spread that you aren’t to be trusted.
The most common form of advertising is Pay Per Click advertising.
As I am not the expert here, I will let Kyle from Wealthy Affiliate explain the ins and outs of PPC campaigns
Bing gives you a $75 coupon so make sure you claim it.
WARNING: PPC Campaigns are tough!
I have tried a few campaigns, not to much avail, so before you begin make sure you know what you are getting into and how to use these PPC campaigns effectively.
Wealthy Affiliate (Review here) has excellent training on this front so I would strongly advise checking it out before you dive in.
So after attracting more people you may want to increase the price of your e-book.
I would suggest selling it for a low price first i.e. $0.99 and asking for feedback, so you can improve the product.
As your traffic grows, put the price up to $1.99, watch how this affects your revenue over a month say.
If the revenue stay relatively constant increases, keep the increased price, if its lower scrap it.
There is no definite way of setting the price so try a few different prices.
If you would like to know or have a question more please email me at firstname.lastname@example.org
Or drop a comment below any post and I will get back to you asap