If you follow baseball, this is the time of year people start talking about “magic numbers.” As I’m writing this the Cubs’ “magic number” is 4. That means any combination of Cubs wins and Brewers losses totaling 4 puts the Cubs in the playoffs. It could be 4 Cubs wins, 4 Brewers losses, 2 Cubs wins and 2 Brewers losses or any other combination of Cubs wins and Brewers losses that totals 4.
Do you have a “magic number”? Let’s say you want to make $1,000 every time you send a promotion to an email list. If you know 10% of your list will take advantage of each offer you make and you’re selling an information product for $100. Your “magic number” is 100. If you send a $100 offer to a list of 100 people and 10 of them buy, you will have made $1,000. Of course, instead of an email list it could be visitors to a blog. But why aim so low?
Maybe you have another “magic number” like earning $100,000 in one month. All you have to do is ratchet up the numbers. Make the same offer to a list of 10,000 and you’ll make $100,000. Increase the price of the offer to $10,000 and you’ll make $100,000. If I remember correctly Frank Kern sent an email to his list offering a $10,000 seminar (Serializer?) about a year ago. It sold out in minutes and he made way more than $100,000 so don’t think it’s not possible. You could also increase the conversion ratio to something higher than 10%.
It could also be some combination of a bigger list, a higher priced offer, and/or a higher conversion ratio. The number of combinations is endless but here’s one example: increasing the size of the list to 100,000, making a $50 offer, and converting 2% would get you to your “magic number” of $100,000.
Are you kidding me? 2%? Converting only 2% of your own list would be pathetic if you’ve built any kind of relationship with them but even so you’d still make $100,000. Think about it. A 98% failure rate makes you $100,000. There’s big money in small numbers. When would now be a good time to work on building a bigger list or driving more traffic to your blog?
Who’s got access to Cubs World Series tickets? I’m in.
Tags: Monetization, Article Marketing
Popularity: 15% [?]
Post a Comment