Hey, what’s up? Kaiser here and we’re up to day six. You hung with me for a long time. We’ve been at this for a while and I know your mind is probably racing. We have thrown a lot of good information at you and now it’s really starting to heat up.
If you remember in day five, what we talked about was closing sales but when it comes to making money online through fitness, that’s really the first part of the process. It’s really the very beginning and that’s not where the real money is made. The real money is made on the backend and what that means is getting lifetime value out of your customers. The first sale is just a starting point and a lot of cases, depending on what the costs are for you to do business, that first sale might just help you break even or you still might end up with a loss and the real money is going to come in when you get that lifetime value.
So in getting that maximum lifetime value out of your customers, there are three things that we need to keep in mind. The first thing is upsell. Now this can happen at the time of purchase on that first product or later on. What an upsell is, is that you sell them something in addition to your initial product. It could be a gold version, a platinum version. For example, if you’re a yoga instructor and you sell a basic course, well the upsell could mean the advanced program to that and there’s always a way that you can upsell and you could even have multiple upsells. So this is something always to remember that once you have that first customer, they’re really just a lead for your upsell.
Now the second thing that you can sell or the second way you can get value is through – I don’t think I spelled that right. Let me put a dash in there. It’s through cross-selling and cross-selling is a little different from upselling. It’s not adding to the initial product. It’s selling them something right by the side of it.
Like for example, if we stick with our yoga example, if your initial frontend product was a specialized yoga program, your cross-sell could be a series of mats or those blocks or tools that people use in yoga because really without those tools, the yoga program isn’t as effective as it could be. So it makes a lot of sense in an actual cross-sell and that’s just one example of cross-selling. It’s something by the side of the initial product that your customer is going to find valuable and again this can come in multiple layers, in multiple waves.
You don’t have to have only one cross-sell. You can sell other products that you have in your catalog or you can sell products that other people have, other people in your niche are selling and those could be your cross-sells. In your case, the way that you can make money is by cross-selling your products to other people in your niche. That’s why it’s always good to have that strong group of affiliates that you can do business with and sell each of these products.
The last thing, last but not the least, is continuity. Now this is one of the most intriguing and can be one of the most lucrative ways to get a lifetime value out of your customers and what continuity is, is basically something that people buy over and over again. It’s recurring money that you can count on, that you can really bank on and depending on what you’re giving out, what you’re offering, the value of it and what it is, the product, the nature of it, this can be a really strong source of income for months, even years on end from every customer.
A few examples of continuity can be a membership site where your customers, they go and they meet up and they talk about different issues related to the niche. Don’t underestimate how [0:04:17] [Indiscernible] it is, how hungry people are to interact on the web and interact with people that have the same interest with them. So you can charge for that ability if it takes place on your site.
The second one is some sort of ongoing information. It can be a CD of the week, a DVD of the week. It could be a special membership area that’s not a community but it’s a place where you give them information. Really what you would be giving them is a CD or DVD except it will be on your site, not mailed to them. So those are two options and the last one is some form of coaching program or something where there’s some ongoing need for them to have direct contact with you and this can be your biggest ticket item in your arsenal.
It can be the most expensive and as long as you have it in a system where it’s easy for you to deliver that information – for example no particular client takes you more than an hour or maybe two hours a month, then it can work for you to not – won’t take up too much of your time but it will bring you a lot of money.
So that’s one way that someone that comes in on your initial product can fall through the entire cycle and come in here. So someone that buys something for say $100 at the top end can be sold all the way up to $1000 in the backend. These three examples here are probably showing you how valuable, how important it is to have this whole backend in mind from the very beginning even when you just have a frontend product that you’re trying to put together.
All right. So I hope you got a lot of value out of this part of the program and this lesson. I know this is kind of a little more advanced. There are a lot of gaps that you can be having right now in understanding of each of these points. That’s what the Big Money Program is for. We fill in all the details, how to set up every phase of this, of your cross-selling, upselling and continuity, how to set a payment for it and how to deliver your products and really put the maximum value in them.
So that’s why you need the Big Money Program and if you haven’t gotten it yet, I recommend you really jump on it and use it to take the information that we’ve covered so far and really take it and to apply it.
All right. So again, that wraps up for today and I will be back with your final lesson tomorrow and yeah, I mean that’s going to put the whole thing together. So I know you’re really going to like it. So I will talk to you tomorrow.