Online Wealth Growth With 3 Powerful Strategies

Posted: May 01, 2009 | Comments: 0 | Views: 20 | Bookmark and Share

Regardless of the size of your online wealth business, there are only 3 ways to grow your business:

1. Get more customers
2. Increase how many times a customer buys from you
3. Increase the transaction amount

Now, most people focus on trying to get more new customers, even though methods 2 and 3 are easier and less costly. Typically, one of the most costly ways to grow your online wealth business is to get more customers, yet that's what everyone tries to do.

Instead, you should look at each method and grow your business with the goal of generating the most profit with the least amount of effort. At least that's what I try to do.

Let's take a look at each of the 3 methods in more detail. Another problem with getting new customers is that many businesses just focus on 1 or 2 ways to get new customers. What happens if things change and those sources no longer work as well? They're left scrambling and could lose everything. You wouldn't invest 100% of your savings in a single stock or investment, or at least I hope you wouldn't, but that's another discussion.

You want to have multiple streams of traffic, just like you want multiple streams of income and diversified investments.

If you want to grow your online wealth business by increasing how many times a customer buys from you, it's really not that difficult. Make sure to follow up with your customers via email, direct mail, and other methods. Look at your sales funnel and your products. Do you start out with free "products", then have a low-entry product, a mid-level product, and higher priced products? How do you move your customers through your sales funnel?

Consider adding a continuity program, either a web-based membership site, a print newsletter, a CD or DVD of the month club, a monthly auto-ship of your product if applicable, etc. Auto-bill your customer each month. Continuity programs are great because they provide a predictable income stream. Your accountant will love this approach!

Last, but not least, you can grow your online wealth business by increasing the transaction amount. I love this one because it can be 100% free and it's simple to implement. There are 2 approaches here, upsells and cross sells. When someone signs up for your free or low cost product or service, immediately give them another offer for a higher priced option at a special price that is only available to them at that time.

You can also offer an extra product or products during the checkout process to increase the transaction amount. Be careful with this one and don't get carried away. I've been through some checkout processes where the add on offers seem never ending and I get frustrated and decide not to buy at all.

If you are not implementing all 3 of these strategies you are leaving business on the table.

And now I would like to invite you to claim your Free Access to "15 Ways To Grow Your Business Online". Just click here to send me a blank email and you'll start receiving valuable information that can help you get more traffic to your website or blog and make more money from your visitors.

(ArticlesBase SC #896737)

Rate this Article
  • 1
  • 2
  • 3
  • 4
  • 5
  • 0 vote(s)
    Feedback
    RSS
    Print
    Email
    Re-Publish

    Source:  http://www.articlesbase.com/wealth-building-articles/online-wealth-growth-with-3-powerful-strategies-896737.html

    Article Tags:

    Business Growth

    ,

    online wealth

    ,

    online wealth business

    ,

    wealth growth

    Small Business Advice - Financial Health

    Simple wealth creation strategies for small business owners can also be a great long term investment and create retirement income. (05:23)

    How to Sell: The Professional Introduction

    Business tips and ideas | How to develop great rapport with anyone in a selling situation. Easing tension levels and developing the relationship is critical in any sale. Discover the professional introduction that leads into a sale. (02:05)

    How to Sell: Attitude and Positive Mental Attitude

    Business tips and ideas | Attitude and preparation are essential for any sale, learn how to prepare yourself and be motivated to close the sale. (01:32)

    How to Develop Rapport

    Business tips and ideas | How to develop great rapport with anyone in a selling situation. Easing tension levels and developing the relationship is critical in any sale.Discover the 3 magic words that will help you to make friends with anyone. (01:40)

    Effective opportunity questioning techniques

    Business and sales tips and ideas | Effective questioning techniques for sales and communication. (01:36)

    steve kimball

    Back end sales are where massive profits are made in both traditional business and internet business. A back end sale is the sales that are made, usually without spending marketing dollars, after a low cost initial sale has been made. People like to buy from companies they can trust and after a sale is made a relationship is formed between buyer and seller which leads to more sells.

    By: steve kimball l Business > Online Business l Feb 23, 2009 l Views: 6

    Many people have got the desire to reach and achieve financial freedom and achieving this status has proved to be a very tedious task.

    By: Mary Hooper l Internet > Affiliate Programs l Dec 18, 2008 l Views: 18

    The private label bottled drinking water is a growth industry with double digit growth and profit opportunities for the entrepreneur. But like most opportunities care must be taken to seek out and exploit the most profitable niche in the market.

    By: Sarah Danes l Internet > Affiliate Programs l Nov 25, 2009 l Views: 21
    hardeep

    The private label bottled drinking water is a growth industry with double digit growth and profit opportunities for the entrepreneur. But like most opportunities care must be taken to seek out and exploit the most profitable niche in the market.

    By: hardeep l Internet > SEO l Jul 29, 2009 l Views: 2
    hardeep

    The private label bottled drinking water is a growth industry with double digit growth and profit opportunities for the entrepreneur. But like most opportunities care must be taken to seek out and exploit the most profitable niche in the market.

    By: hardeep l Internet > SEO l Jul 29, 2009 l Views: 22
    Elle Wong

    Network marketers are often looking for the secret formula that will kick start the growth of their mlm residual income. Some people are still stuck and frustrated with what they really need to do. As a result they jump from trying one formula to another formula, testing and reinventing. Eventually they burnt themselves out with no wealth creation really.

    By: Elle Wong l Marketing > MLM l Mar 20, 2009 l Views: 10

    The private label bottled drinking water is a growth industry with double digit growth and profit opportunities for the entrepreneur. But like most opportunities care must be taken to seek out and exploit the most profitable niche in the market.

    By: Tom Smith l Marketing > International Marketing l Nov 14, 2009 l Views: 7

    The private label bottled drinking water is a growth industry with double digit growth and profit opportunities for the entrepreneur. But like most opportunities care must be taken to seek out and exploit the most profitable niche in the market.

    By: Joan Winehouse l Internet > Internet Marketing l Nov 23, 2009 l Views: 3

    Now the non-trader can enjoy the profitable trading rewards of experienced traders in an auto-traded private brokerage account that you set-up!

    By: Steven Kinney l Finance > Wealth Building l Feb 10, 2010
    Jeremiah Carstarphen

    There are a lot people making money on the internet. There are probably even more people selling products teaching you how to make money on the internet. It can be difficult for a internet marketing newbie to navigate through all of the convincing sales messages that promise to teach you how to get rich online. Keep reading to find out why the internet makes it even more possible for a person to get rich.

    By: Jeremiah Carstarphen l Finance > Wealth Building l Feb 09, 2010
    Vickie a Jimenez

    Learn how you can create a lucrative home business in as little as 30 days by investing in foreclosures. No money, no credit, no problem. You can easily build wealth.

    By: Vickie a Jimenez l Finance > Wealth Building l Feb 09, 2010 l Views: 1

    What it really means to be financially free is always having the money you need without having to go out and get it. That is why you must earn passive income now if you want financial freedom later. There is no other way that you are going to get it.

    By: Ben Frank Jr. l Finance > Wealth Building l Feb 09, 2010

    One of the best-liked source of passive income is the network marketing business, also popularly known as multi-level marketing. You need not come up with a huge capital unlike the common or conventional way of doing business. It does not require any employee. You do all the work yourself. But it requires hard work and patience. You must be committed and it takes time to realize a six-figure per annum income.

    By: andre l Finance > Wealth Building l Feb 09, 2010 l Views: 2

    Retirement is something that many hardworking people are anticipating as they reach the twilight years. Some may anticipate it with excitement or some may dread it the nearer it comes. It all depends on how people prepare for their retirement that will form their own outlook about this always interesting subject.

    By: Dennis l Finance > Wealth Building l Feb 09, 2010

    Importance Of Financial Knowledge And Preparations To Creating Wealth

    By: andre l Finance > Wealth Building l Feb 09, 2010 l Views: 1
    Lawren Smithi

    Often, struggles are a part of life, but in particular if you are trying to build a successful business. There are a number of reasons why this is; one of which is, as an entrepreneur, you have selected the road less challenged which implies, entrepreneurs will encounter roadblocks. But, when building a business online, what are some of the internet wealth creation challenges an online professional will encounter and how does he or she overcome them?

    By: Lawren Smithi l Finance > Wealth Building l Feb 09, 2010
    Karen Sielski

    Online article marketing is one of the best ways to generate free online targeted traffic to your website or blog. But what should you write about? Some people worry they don't have anything to write about. The possibiliates are really endless. I worry about how I'm going to write about everything I know! There are authors with thousands of articles.

    By: Karen Sielski l Marketing > Marketing Tips l May 23, 2009 l Views: 10
    Karen Sielski

    The online video marketing community is buzzing these days with news that YouTube is on a rampage. They are shutting down accounts right and left, without any warning whatsoever! Thousands of online video marketers have been affected by this already, and YouTube is still on the war path.

    By: Karen Sielski l Marketing l May 21, 2009 l Views: 77
    Karen Sielski

    Today, I'm going to share with you my strategy for getting maximum retention and benefit from books on personal development. Unfortunately, on average we only retain 10% of what we read. But there are ways to increase the amount of information we retain and can benefit from in the future.

    By: Karen Sielski l Writing > Book Reviews l May 20, 2009 l Views: 79
    Karen Sielski

    If you want to succeed online and create online wealth, don't think about how you can make a lot of money. Instead, start thinking about how you can help the most possible people get away from their anxiety or pain or get the desired result they want the fastest. Want to make a lot of money? Then ask how you can help a million people get this result the fastest.

    By: Karen Sielski l Finance > Wealth Building l May 19, 2009 l Views: 12
    Karen Sielski

    There are many online wealth gurus on the internet, but Eben Pagan has quickly emerged as one of the best in a short amount of time. His products cover diverse topics such as internet marketing, productivity, and dating. Does he just talk the talk, or does he walk the walk as well? Eben is the real deal. He has generated millions of dollars online, and provides detailed and valuable information in his products and trainings.

    By: Karen Sielski l Finance > Wealth Building l May 18, 2009 l Views: 79
    Karen Sielski

    What if you could pay a virtual assistant less than $5 per hour to do all of the tedious, time consuming tasks in your business that keep you from doing the things you love and the things that make you the most money? Would your business grow faster? Would you make more money?

    By: Karen Sielski l Internet l May 17, 2009 l Views: 40
    Karen Sielski

    Elance is a 1-stop shop where you can find web programmers, web designers, copywriters, marketers, administrators, IT consultants, grant writers, researchers, translators, graphic designers, video producers, etc. Choose from over 80,000 independent professionals around the world. I have found excellent internet virtual assistants on Elance and highly recommend this service.

    By: Karen Sielski l Internet l May 16, 2009 l Views: 18
    Karen Sielski

    I have personally found online article marketing to be one of the best ways to get free targeted web traffic to my blog and increase my online wealth. But don't just take it from me, here's what a top online guru has to say about article marketing:

    By: Karen Sielski l Marketing l May 13, 2009 l Views: 9

    Add new Comment

     
    * Required fields
    Author Box
    Articles Categories
    All Categories
    0