One of the coolest things about an online business is that you can create cash windfalls on demand. Unlike a traditional job where you have a set salary, as an entrepreneur you can create cash windfalls on demand. For me, some of the most exciting times in my business were my first $1,000 day… my first $5,000 day… my first $10,000 day.
And hitting those milestones came as a result of continuously growing leverage in my business. Building my list of subscribers and turning those subscribers into raving fans.
The secret to creating these cash windfalls is to create a killer offer and promote it to your list.
I know, not exactly rocket science ;)
But let me give you an example from my own business…
In June I created a ‘Birthday Blowout Bundle’ for my subscribers – which included all of my very best products for a HUGE discount. (9 of my best products for $77)
As you probably know, people LOVE to get a deal.
The headline for our sales letter was…
“You Can Grab All of My Very Best Products for 90% off the Normal Price…”
The other cool part about creating a special sale or product bundle is that you immediately have a unique hook for the sales letter. The headline above could be used as a template for literally ANY business online.
Really simple formula here. We put all of our very best products into a special, time-limited bundle and gave a HUGE discount.
Completely no-brainer offer.
Using this strategy we made 211 sales of $77 each which gave us a total cash windfall of $16,247. Pretty nice birthday present :)
You’ll notice a few key elements in this promotion that made it extremely successful…
One of the best ways to create a cash windfall in your business is to include an element of scarcity.
In the case of the Birthday Blowout, the massive discount only lasted for 72 hours. We had a countdown timer on the page and after that it was taken down completely. You’re giving people a REASON to act now.
When I started using different forms of scarcity in my business a couple years ago, I immediately doubled my sales for any promotion. I never thought it would make that drastic of a difference but when I put it into action, I started doubling and tripling my conversion rate.
For affiliate promotions, I would give an exclusive bonus package to the first 30 buyers. Or (for higher priced products) I would give a one-on-one coaching call for the people who bought in the first 24 hours.
The key here though is that you MUST have legitimate scarcity. In other words, DO what you say you’re going to do. Don’t give bonuses after the first 30 buyers or after the first 24 hours, etc…
This trains your list to take action and lets them know you’re the real deal.
Themed Promotion. (Turn your marketing into an event.)
We centered the promotion around an event. This is extremely powerful because you’ve now turned your marketing into an exciting event! Which is really the whole purpose of a product launch.
We also created built-in scarcity because it was centered around my Birthday. So there’s a definite beginning and end date.
You can use this same strategy in your own business by centering your promotions around holidays like Christmas, Valentine’s Day, Halloween, and Thanksgiving.
You can also create sales around life events such as your birthday, a new child, anniversary, etc…
Get creative and have fun!!
As an entrepreneur, you can create these cash pops anytime you want in your business. But I suggest limiting them to once every 3-4 months. This way, they’re truly special and unique.
Also keep in mind that in general, your list is going to purchase exponentially more from YOU than from someone else. Your own offer will always outsell an affiliate offer because your subscriber list already has a pre-existing relationship with YOU and people buy from people they know, like, and trust.
In the example above, we created a product bundle to create a nice ‘cash pop’ in our business. But there are lots of ways to do this. In fact, here are 6 ways you can create a cash windfall within the next week…
1. First, if you have an existing product, run a time-limited discount.
I generally like to do 48-72 hours.
This works incredibly well because people LOVE to get a deal.
If you’ve heard of Frank Kern’s “4-Day Cash Machine” – that’s basically what this is.
You take one of your products, offer a discount, pile on some bonuses, and infuse an element of scarcity by limiting the sale to 48-72 hours.
2. Product Bundle. If you have multiple products, then why not bundle them all together for a special price. In fact, they don’t even have
to be your own product!
You can license other people’s products and sell them as part of the bundle. I had 2 licensed products in the Birthday Blowout Bundle. There are literally thousands of products online that you could license for a couple hundred bucks and sell them for 100% profit.
That’s what I call instant product creation :)
3. Update an existing product. If you have a popular product that you sell, create version 2.
We could easily create Traffic Dashboard 2 and relaunch it to our list and to our affiliates. This allows you to piggyback on the success of the first product launch.
4. VIP Coaching Days. You can create your first $1,000 day by having a VIP Coaching day where you sell 1-hour blocks of your time.
People LOVE one-on-one coaching. However, the drawback is that long-term coaching is incredibly intense.
So instead, you can offer those same benefits – but in one-hour blocks. Set up 2 days of coaching calls and you’ve created an instant cash windfall in your business. (I suggest charging AT LEAST $100 an hour. I personally charge $250 per hour for one-on-one coaching.)
5. Pick a top-notch affiliate product and do a webinar with the product creator. This works best with higher priced products or continuity
By doing a webinar you’ll get MUCH higher conversions and then add on some time-limited bonuses. You will ALWAYS make more sales when you add a deadline. You can either give an exclusive bonus to the first ‘x’ number of buyers or to the people who buy within the first 24-48 hours.
6. Create a product on the fly. One of my favorite product creation models is through LIVE webinars. This allows you to literally launch a product within 48 hours. Survey your list. Find out what they want most and then create a video sales letter around that topic.
You’ll then deliver the product over the next 5-6 weeks via LIVE webinars. And now you’ve created a cash windfall in your business on the fly.
Way too many people over analyze the product creation process. They spend months or even years creating a product. But you can actually be PAID to create the product itself using this model.
Plus, you now have instant accountability because you have an audience waiting for you next webinar.
Speed of implementation is one of the biggest keys to creating a successful online business.
LESS thinking. MORE doing.