Welcome to Part 2 of the Ultimate Paid Traffic Plan
Let?s continue on our epic journey to learning and using paid traffic. ?If you missed the Traffic Master Series overview, go back and have a quick look as it will prepare you for the rest of the series.
We?ll be looking at each piece of the system in depth for the rest of the series.
Here?s the quick outline from part one of the series just to refresh your memory.
1. Product
2. System
3. Tracking
4. Advertising sources
As we discussed previously the number one requirement for mastering traffic, is building a return on your ad expenses. ?In other words, you need to have a product or service where you get paid each time a visitor makes a purchase or takes a desired action.
#1. Product:
Note, I?m taking a wide view of the word product here. ? Essentially, this is any type of mechanism that generates cash money. ?It?s an absolutely critical component that determines your total success or failure when dealing with paid advertising. ?If you aren?t generating some kind of revenue from your paid traffic you will eventually go broke. ?If your budget is extremely low to start, this won?t take long at all so it?s very critical to pay attention to this full series and especially this first stage.
What we need to do first is become very familiar with the different methods for getting paid from traffic. ?Pick one and incorporate it into your full traffic plan. ?We?ll talk more about how to build a system around it in the rest of the series, but for now I want to look at the many different types and how to decide between them.
Product Types
There are many ways to generate money online which is why we needed to break this plan up into several posts. ?I want to make sure you understand each component as we go along.
Let?s start with the most obvious?
1. Your own product
For many beginners this is the hardest level to reach, but the most obvious goal. ?It can also be the most profitable when done correctly.
It?s a relatively easy task to pick out a group of people or a topic you want to focus on, but an entirely different level to build and create quality products they want to purchase online.
When choosing your own product it can be nearly anything from a short digital ebook to an offline tangible product that you ship. ?There are virtually no limits here, as long as you have found something you know others will want to purchase and have made it available with a big ole? buy now button.
The problem with this approach is that creating your own product is one of the most time consuming tasks requiring a lot of effort and expense before you even get setup to take your first order. ?Being the most obvious approach to generating revenue, it can also cause a mental block to other opportunities.
Like most people you may not be ready for this level, so let?s take a look at some easier methods
2. Someone else?s product?
One of the most commonly known ways to generate revenue from other people?s products is affiliate marketing. ? There?s a slight problem with this model over your own product. ? With affiliate marketing you make as little as half the selling price in commissions.
You?re essentially trading your traffic generating skills with another product creator in exchange for a percentage of sales. ?You?re the digital version of a sales representative.
The upside however, is huge. ?You can cross into as many markets as you wish. ?You can even test against competing product creators to find the best selling. ?With your own product it?s a huge undertaking to revise your sales process and improve conversions. ?With affiliate marketing it can be as simple as changing a link.
For speed and profit this is hands down one of the best ways to get paid from your traffic efforts.
The major downside is that you?re essentially giving away your best visitors and customers to someone else. ?Still, if it allows you to survive as a new website in a big market you can afford to eventually build in more systems to capture the visitor contact or even create your own successful product.
This method in general works well with a targeted and focused market.
It?s fairly obvious for example, to provide a ?how to hit longer drives? course to golfers, or recommend a certain type or brand of clubs.
In contrast, gossip, celebrity, or lifestyle sites are a bit harder to pin down specific products that would be of interest to the majority of the group.
Which brings us to the next type.
3. Advertising
Getting paid to advertise is often a low return approach. ?In other words, it will take a large volume of traffic to make as much as you might with just one affiliate sale.
However, with enough traffic you can easily out earn any other method. ?There are even automatic targeting features that can rotate and serve ads specifically tailored to each visitor and their past search histories.
Visit any major news outlet, or gossip site and you?ll instantly see what I mean. ?Banners line the site as they flash, blink, and serve up varying ads with each refresh of the page.
These can be setup through advertising networks such as Google adsense, or Value Click Media.
Alternately, you may even choose to sell individual blocks of advertising space.
This can be done in all types of creative ways. ?With enough traffic, selling advertising can be a billion dollar industry (hint, think about what Google actually sells?)
If you understand how to drive traffic, you can place advertising on any location the visitor lands and profit from it. ?You can even sell ads to go into your email list. ?I know of at least one person that makes over six figures simply coordinating this type of advertising between list owners and product creators.
The trick is to simply find those that need more traffic, (which is just about everyone!) and let the bidding wars begin.
You can arrange to get a flat rate fee, per view, or for each action a visitor takes.
Next, let?s look at one of my personal favorite ways to get started online.
4. Services
The beauty of selling services is that ?you only need to develop your service options, pricing, and a sales process to get started. ?All of which take a very short period of time compared to product creation.
For example, if I have a skill or service to offer such as web design, I could essentially sell that skill immediately with as little as a short ad and sales page. ?Nearly all the work is after the sale, which is ideal for the beginner that is looking to grow and build up a revenue stream in order to grow and expand their business online.
The options are nearly endless and limited only by your ability and imagination. ?You may not even have the skill yourself. ?I know of at least a few people that run app development companies but don?t even know how to program. ?They have built up a team of programmers and simply outsource the technical portions while they focus on generating more sales from their traffic.
The trick to this method is recognizing the needs of your particular market, and being able to solve them with a service.
Now, I mentioned several different methods because each site and each market is different. ?What works for one person may not be right for another.
Here?s how to decide what?s right for you?
Return on Investment
It?s time for some math, yuck! ?Except this is how you can ?dramatically scale your profits. ?So you should be saying, ?dude, sweeeet!? right about now.
No matter what method you choose, this is where you will discover wild success. ?With each source of paid advertising you will get X number of visitors for Y amount of money spent.
We will talk more about this in tracking but I want to introduce the concept now. ?It will look basically like this ? $/visitor ?or cost divided by number of visitors. ?At this point you?ve essentially put a value amount on each visitors.
It would look something like this? you buy an ad that costs $100 and in return get 1,000 visitors. ?You would have a cost per visit of $0.10.
Logically, it follows that you need to earn at least that much per visitor to break even.
For example, if my cost per visitor is $0.10 than at minimum I want to earn $0.10 for each visitor.
The trick here is that you generally won?t get a specific amount for each visitor. ?It may look more like for every 2,000 visitors I make about $200 in commissions and therefore get $0.10 per visitor.
In order to decide the best method of product you have to match up your cost to acquire visitors, with your return. ?This is single handedly the most important part of the entire decision making process, and should not be overlooked.
If you are fortunate to get a large volume of free search traffic you can calculate average monthly visitors against the cost of the server, and your time spent maintaining the site.
But once you step up to paid traffic you absolutely need to consider these two numbers.
Start thinking about these now and in the next part of the series we?ll look at how to setup your main system.
Enjoy,
Questions, comments, insults welcomed below!
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