Success in online network marketing can be boiled down to 5 main ingredients that combine to form what I like to simply call the “Profit Formula.”
There are hundreds and even thousands of different methods you can
use online (or off) but all of them end up falling under one of these 5 main categories.
Just like an algebra equation that balances itself out, when you put all
of these 5 ingredients together, the only possible outcome is a money-making business.
But just like with a recipe for baking a cake, you need every one of them in order to produce the results you want.
Here’s what you need to make your business work:
Traffic + Content + Conversions + List + Monetization =
A Money Making Home Business
Let’s look at each one…
This is the glamorous part of online marketing. Or nowadays it’s actually not so glamorous. Anytime we think about making more money we naturally assume that the only sensible way to do this is to get more people to our website.
This is true to an extent – but it’s far from being the only thing you need.
Too many people are led astray in a never-ending search for the “holy grail” of traffic generation. The “silver bullet” that will solve all their problems and flood their website with more traffic than an eight lane superhighway during rush hour.
Well, in case you’re still looking, here it is:
The Secret To Getting More Traffic Than Any One Person Could
Ever Want Is To Get The Rest Of The Formula Right
The truth is, traffic generation is the easy part… IF …
… If you’re faithfully implementing the other four ingredients.
Of course that doesn’t mean traffic generation should be ignored. Nothing happens until someone sees your message!
Here is what your traffic-getting strategy should be:
If you’re just starting out, the incredible power of social media is the way to go. It’s free, it’s leveraged, it doesn’t require any complicated knowledge of search engines to get initial results, and it builds powerful relationships with prospects and customers.
Then, as soon as you can, you want to move in to paid methods as quickly as possible (while continuing to build and leverage your social media traffic streams).
This is the oh-so critical “value” component of the equation that I’m always ranting and raving about. The reason this is so important is because this is the biggest part of the equation that has been missing from network marketing for decades!
This is the “uniqueness” that you and you alone provide to the world. It’s what sets you apart and gives prospects a compelling reason to do business with you over everyone else.
Your content should educate your prospects and solve their most pressing problems. And there are many different types that you can use at different stages of your marketing funnel. There are basic forms like articles, blog posts, videos, emails, etc. And there are more advanced forms ranging from webinars to ebooks to coaching to home study courses all the way to full blown in-person live events.
The goal is to gradually progress to more and more advanced levels of content. It’s very simple:
The More Content You Create And The More Advanced
Forms Of Content You Create, The More Leads You Generate
It’s crucial that you understand this component of the formula because the people who own and control content have the most leverage. They control the traffic. They have the most joint venture opportunities. They have the biggest lists.
It’s basically like controlling the oil supply.
This is what my free report The Attraction Marketer’s Manifesto is all about. If you haven’t read it yet, it’s 45 minutes wisely spent.
While value (content) attracts the audience to you, it and it alone is not enough to get most people to take action. A decent amount will, but not the majority. And not the amount you need to make a full time income.
In order to do this you have to learn how to motivate people to take action. That’s what a conversion is: Whenever any type of action takes place. To put it in more layman’s terms: You have to learn how to close.
But just so we’re not mistaken: Learning how to close doesn’t always mean having people give you their money. That is the end goal of business, but there are conversions points along every single step of your marketing funnel that require people to take action.
Believe it or not, you still have to sell the value you’re giving – even if it’s free!
If you’re struggling to make money, my greatest advice to you is to become a voracious student of copywriting. It has a dramatic impact on every single aspect of your business.
It determines whether or not people decide to…
• Read your ads
• Click on your ads
• Opt in to your email list
• Read your subject lines and open your emails
• Read past the first paragraph of your emails
• Click on the links in your emails
• Read your articles or blog posts
• Watch your videos (and continue watching them)
• Ultimately buy your product
Copywriting is basically what moves the whole process along. It makes sure that a prospect goes smoothly from point A to point Z without getting stuck or lost or distracted along the way.
Which one of these ingredients you need to focus on depends on where you’re at with your business. But the goal of all these activities is to be continually building your list of prospects.
See, building your business online really isn’t that different from doing the warm market/cold market thing after all The point is still to build your list. The difference is how you get people on the list and what you do with them after that.
The Turning Point For A Network Marketer Comes When They Truly Begin To Learn The Science And Business Of List Building
All – I repeat ALL – successful marketers have a list.
One of the single biggest factors that has allowed me to have the success I’ve had time and again has been the list I’ve been building over the past six years online.
Big pay days never happen overnight. But if you continue to grow your list it can.
There is one overarching golden rule to always remember when it comes to list building…
The quality of the list is more important than the size. There are a few things that affect this.
• How did people get on the list?
Did they come from a glowing endorsement by another marketer? Did they come from pay-per-click? Did they come from your Facebook account? Were they opportunity leads that you purchased? Every traffic source produces different quality leads.
• What steps did they take before getting on your list?
Have they already consumed a lot of your content before they opted in? Did they double opt in or single opt in? How much information did you require they give you to get on your list? In some cases you want to make it easy as possible to get on your list and in some cases you actually don’t. Just know that the more hoops someone jumps through the more qualified they are.
• The most important: What is your relationship with the list?
Do you continue to provide them with tons of value once they get on your list? Do you relentlessly pound them with offer after offer? How often do you follow up with them?
Monetization is simple: Offering products that relate to your prospects needs.
This is where your MLM fits in. Building a list comes first, not building a downline. Monetization is the fun part and it’s where you really want to start thinking outside the box. Obviously you want to generate income with your business as fast as possible.
This means asking yourself:
What Else Are My Prospects Looking For?
What Else Could I Offer Them?
Affiliate programs are the fastest and easiest way to begin selling other people’s products to earn commissions. But my biggest tip for you here is to begin developing your OWN products.
It’s much easier than you think and the benefits are beyond what you could imagine.
Having your own products (info products are the best) gives you more profits, more control, more credibility with your prospects, more lead generation power, more advertising options… and… it makes selling other things like affiliate products or your MLM a thousand times easier!
The goal is to have automated monetization so your income isn’t dependant on you always having to work. But if you don’t have a huge list yet, a great way to begin making serious money with yours right from the get-go is by offering consultations.
It’s an easier sell than most products because your prospects are desperately looking for one-on-one help (it has to be value based though and not a pitch-fest). This is how I got started and it’s one of the quickest ways that many of my students have gone from zero to $2-3k/mo.
Just imagine what you could do for your business and your life with an additional two to three thousand a month. Things start to get very exciting when you can…
• Buy more money-making tools for your business
• Buy any product you need to keep learning new skills
• Expand your advertising
• Have less stress and more free time because the bills are being paid
The key to selling your own products or services is to simply be a couple steps ahead of your prospects. And believe me, you already are.
Traffic + Content + Conversions + List + Monetization =
A Money Making Home Business
That’s the profit formula. Tape it to your computer desk and never lose sight of these 5 ingredients.
If you’re not making money you’ll know it’s because you’re missing one if them.
To Your Success,
P.S. In my free ebook, The Attraction Marketer’s Manifesto, I offer 133 different ways to create content that attracts interest in the forms of leads and new customers. Click the graphic below to get your copy.