In our previous two posts we spoke about Starting an Online Businesss and how to create a website. In this post we will see how to take it to the next level and make a million dollars with in two years.
This method is not for people who get in to internet marketing/making money online because they are unable to get a 9/5 day job or because someone told them that there is a magic button which can make them rich overnight. This is also not for those who are solely in to black hat.
There are certain things you need to refrain from when you start out, but if you have already read a lot of ebooks and information kits, just stop and unlearn things. Information over load will get you to lose focus.
Attitude decides your altitude. Get the right attitude, you are not here to make your ends meet, there are 100s of other ways to do it. Internet gives you immense opportunity, When I was a kid I used to see a huge retail store in our neighborhood. He does a lot of advertising, gives a lot of offers and had a huge customer base. I really liked the way he ran his business, so I as a kid asked my father why he did not start a retail store like that. My father replied that the store owner was rich and that we were poor and cannot afford to do any business. Today I run 7 eStores and my total sale exceeds well over a million per month (with a commission of 1-10%). The reason being, internet is offering us all a level playing field, you don’t need 100s of thousands of dollars to do what a big scale retailer is doing. Right away you can compete with the Walmarts and Targets. So change your attitude, instead of trying to make ends meet, aspire to become a big business owner and to target millions. Literally every huge business houses that came up over the last decade leveraged the power of internet, be it the Googles, facebooks or anything.
2) The Approach
Million dollars looks like a big amount for a newbie. It is not such a big amount, when you approach is right. One should understand the concept of compounding.
Let me ask you something, do you believe that you can earn 1 dollar a month online through proper white hat techniques?
99% of you will answer ‘Yes’.
Can you double it each month?
Most of you will answer ‘Yes’.
If this is the case, then by the end of 20th month you will have well over a million dollars.
If it is as simple as this then why not many are achieving this? The answer is simple, they don’t have the right approach, they lack focus, they lack the attitude to scale up and they have an inherent internal resistance to growth.
Let us face it, Internet is not an endless source of income, it has its own limits. By 2010 the total online retail sales in the US is 175 billion USD, in addition to this there are other services and sales through online, only a small percentage of this sales happens through affiliate marketing. Even in that the net income for the affiliates will be around 1 – 8 percent. So all the affiliates of US market will make around 5 billion dollars a year. So your target should be to get a very minuscule pie in that. Which is absolutely possible, all you need to do is rank your websites in the top of google.
Proper Affiliate Marketing of Goods/Services is better than selling clickbank and paydotcom products. The reason being, the market of proper goods is far bigger than the market of ebooks and clickbank products. Agreed they offer higher commission, but the conversions of regular products will be as high as 10 – 15%, so to start with pick a niche, don’t go for micro niche or nano niche.
Step 1: Pick a Niche. How to do it? use google keyword tool, start searching the areas which interest you and have products to sell, short list a 20 such keywords. Their monthly searches should not be less than 20,000. (Know more about Google Adwords Keyword Tool)
Step 2: Go to Amazon, find the best sellers and new releases that falls under the keywords that you got from google keyword tool. Select the Top three keywords. The tip here is the value of such products at amazon should be between 100 to 300. This is the optimum price band, where the conversion is goods as well you get a good commission.
Step 3: Book a .com domain name with the keyword in it, use dashes if you don’t get an Exact Match Domain. (dashes don’t affect your SEO). (You can book your domain name at godaddy.com
Step 4: Get a 1 cent hosting, install wordpress and start a site (there are lot guides for this). Use hostgator.comas it is important to have hostgator for further steps.
Step 5: You can get a lot of free plr articles in the web (if you find it difficult, then contact me). Open 5 relevant articles to the site that you started. Put them together, edit them, create 5 such information based articles. Post one article a day (some people will ask you to post one article a week, don’t do it, post one article a day)to your site. While posting, get related images from sxc.hu or iconfinder and insert them (give a proper alt text) and then get an unbranded video from youtube and insert them in your post
Step 7: Get 5 more articles from the PLR resource, spin them and post them in 20 web 2.0 properties. Bookmark your site, in all top bookmarking sites (use automation tools if you can afford it).
Step 8: Apply for affiliate accounts in Amazon, Linkshare, CJ and Google Affiliate Network. You can easily get through. Now in Linkshare, CJ and Google, apply for companies whose product you can sell through your site. (open an Amazon Affiliate account here http://affiliate-program.amazon.com)
Step 9: Start a blogger/ wordpress website (if you have disposable income) in the music niche. Start promoting music from amazon, preferably mp3 downloads.
Step 10: Now coming back to your main site, select the best products from amazon for your website. The things that you need to look in to while selecting a product is.
Steps Involved in selecting the Right product from Amazon
a) Its price should be higher than 80 dollars
b) It should be in the best seller category
c) It should have 4.5 plus rating
d) The first two-three customer reviews should be very positive.
e) There should be some kind of offer/free shipping.
Now write a good review (don’t worry it is easy), get the best reviews written by the users, get a synopsis and write your review. At the end give options to your visitors by comparing the same product that is available through linksare, cj or google, and tell them why amazon is the better choice to make. Do this for 5 products. now again work on the web 2.0 sites, and bookmark.
Step 11: You will get $100 adwords coupon, and $25 bing and yahoo coupon with hostgator, open accounts in both with the coupon. Put one of the best product review pages as the url to promote, create a campaign, work on the keywords to get the best bid rate. target the right audience, run your campaign (our next article will be about running a cheap and successful PPC campaigns).
Step 12: Start building your backlinks for both the music/tv shows site as well as your main site. Some might wonder what running a music site has to do with this entire strategy. The reason is music converts very well, people don’t mind spending a dollar for downloading their fav songs. This will only give us 10 cents per sale, however what it will do is increase our total sales volume, and the total commission percentage that you get depends on your sales volume. There is a commission slab for affiliates in amazon. if you sell 1-6 then your commission will just be 4%, from 7 to 30 it is 6% and from 31 to 111 it is 6.5% and it goes on like that. If you sell more than 3131 products a month, then your commission rate will be 8.5% . Assume that Person A sells just 3 products a month and Person B sells 3500 products a month, now both of them sell a treadmill worth 1000 dollars that month, Person A will get a commission of 40 dollars for selling that treadmill and Person B will get 85 dollars for selling the same treadmill. So to increase the total products that we sell we should target those high selling low value products as well.. and there is nothing better than music for achieving numbers.
Now you have two options to go and try this. You will for sure make money out of this method. Just try to double it up the next month, and then double it up the third month. Create new sites, add new reviews of products. Once you have some money start outsourcing this. I set up an office where I recruited people to do this, I outsourced this from others as well. If you have undivided focus on this method, there is every chance of you becoming a millionaire with in the next two years.
P.S: One word of caution, until you reach this goal, don’t take away the income from the business, reinvest it again and again.
“No one fails in Internet Marketing, but many quit before they achieve Success”