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…diversify your revenue streams. Actually, I’m going to give you seven of those so seven ways to diversify your revenue streams. I think we all would love to have multiple streams of revenue coming into our business and I’m going to go over seven ways to make that happen. Now, before I do, let me remind you, the show notes can be found at TheAmazingSeller.com/644. All right. Now, let me just say, this is why building a brand in a market in a niche, “neesh,” however you want to say it, is absolutely huge because it allows us to focus all of our energy on this. And as we build out these additional assets, whether that's traffic assets or whether that's different ways for money to come into the business assets like revenue business assets like for us to be able to do this stuff, if we’re focused on the market and what they want and what they need and how to get the attention and all of that, if we can do that, it opens up a huge amount of opportunity.
All right. Now, I’m going to put a little shameless plug in here. This is exactly what I cover in the 10-step formula to actually do this and it’s so important that you understand this before you ever even get involved in that market or if you're in the market, to open your eyes to the opportunities for the future if there is a future because a lot of times people will just pick their product and then go, “Okay. Now, I want to build a brand around it.” It’s a little risky. Sometimes it doesn't happen. Sometimes it doesn't work. It doesn’t allow you. Maybe that market doesn't allow you to do that. So, I would definitely go check out ECOMBizBook.com. There's my shameless little plug. Yes, it's a plug but it's a great resource.
[00:01:57] Scott: It will literally take you probably maybe a couple hours if you’re a slow reader like me, but you’re going to probably want to take some notes and stuff too but it's about 52 pages. You can read it in an afternoon and the thing is, is you’re probably going to want to print that out. It’s a digital version. You’re going to probably want to print that out and then from there, you can make notes and also go through that process over and over and over again and it's really going open up your eyes to the market and give you a lot of clarity so this way here you can do this stuff that we’re about to talk about as far as adding these revenue streams. All right. So, ECOMBizBook.com. Check it out. You'll buy me a cup of coffee. Yes, I appreciate the cup of coffee if you do, but it's going to be well worth your time. Okay. I promise you.
[00:02:40] Scott: All right. So, let's dig in. Let's just get right to it. All right. There are seven of these. Okay. Now, number one, and this one is a very obvious one, but a lot of people don't think about this as adding revenue streams. Okay. They just look at it like, “Well, we’re just going to add more products.” No, these are revenue streams coming into the business. The cool thing about doing this and what I’m talking about is adding products. Now, here's the thing, you don't necessarily have to add a brand-new product. You can technically take your current products if you have more than one and if they go together, you could bundle those and then you can create a new SKU, a new product, a new way for people to find you. So, think about this, if you're selling a garlic press and you sell a garlic press cleaner and you sell a garlic press storage bag and you sell them separately, you have three different ways for people to find you and you also have three different technically revenue streams coming in because each one people can buy separately.
But now if you add a fourth in there, that would be the bundle, that would be another revenue stream that could come in and you'll probably make more because you're only doing the one transaction and your profit will be a little bit higher and you’ll get a higher ticket price as far as your cart value will be higher. So, that's usually the first thing that I say to anyone. I’m like, “All right. Let’s look at your products. Is there a way that we can add something or create a variation and then bundle those? Is there a way that we can do that?” And actually, recently, we had our inner circle meeting. It was awesome, by the way, but it was all of us in a room just going through each other's businesses and figuring out how to leverage what we currently have, but then also how to add these additional revenue streams.
[00:04:37] Scott: And this was one of the main ways like what’s a quick win? How can we do this? Well, I’ve got this product and this product and I sell them separately and, yes, if someone bought the first one, they would want the second one. Well, let’s bundle those two together. Okay. And another one would be adding a premium product. So, if you’ve ever purchased something and you had options and you’re like, “Okay. Here's the basic, here's the middle level, and here's the upper level.” Sometimes they’ll just say, “Ah, I’ll take the middle. I don’t want to get the lowest. I don’t want to get the middle.” Or sometimes you’ll be like, “I want to get the best.” So, you always want to have a premium-priced product in your brand if you can and that a lot of times can be just a bundle because now you’ve given them the option of just one click, go ahead, buy it all. So, you should be adding that into your business. So, again, adding products, variations, take that one product and add a variation to it if your market wants that. Okay. And again, let me just kind of go back to this is exactly why we want to know our market and we want to know what they want and what they need.
It makes it so much easier for us to be able to add more products that that one customer could buy and if you haven't heard this before, I’m going to tell you now, it's a lot easier to sell that one customer something else that’s similar than to go out and find a new customer. It's a lot easier. You can do some really cool things when you start building external channels and can do like these little mini funnels that someone buys one thing and then you can give them like an order bump as we call it, and then a little one-time offer like there's a lot of cool things that you can do when you have multiple products. And I don’t mean a ton. It could be three or four but if they go well together then it's going to make it a lot easier to do this stuff. So, adding products and a lot of time just taking your current products and then bundling them or at least adding something that's a variation off the other one so you’re not reinventing the wheel. All right. That’s kind of like low hanging fruit. And a premium product is another idea but again, you got to know your market, you got to know what they want, and what they need, and what they're willing to buy. All right. So, something to think about. That's number one.
[00:06:44] Scott: Number two, again, low hanging fruit. If you currently have a product and it's selling on Amazon, you need to go over to eBay, you need to go over to Etsy and you need to see are they selling over there or stuff similar? All right. And you can get ideas over there by going through eBay and Etsy of maybe products you're not currently selling that you could be selling in the future. All right. So, it’s another way to actually tap into the market in another platform or another channel and see something that you might be missing. So, that's another reason why you do it, but you can just take that one product and list it on eBay or list it on Etsy or both and not with a lot of work. Now, yes, you’ll have to fulfill them by merchant, but there are third-party plug-ins that you could actually use. If you’re using Shopify, you can have all your inventory on Amazon and Amazon will still pick and pack. You won’t pay the Amazon fee. You’ll just pay the pick and pack fee.
So, something to think about. It’s another way to add revenue to your business without you doing a ton more work. Why not take that product and leverage it on other channels? Whether that’s your own, whether that's eBay, whether that’s Etsy, and then the other will be international. My good friend, Kevin Sanderson, also helping us with Brand Accelerator Live, he’s my event planner, just recently quit his 9-to-5, a pretty good job too by the way and went out on his own because he’s built an e-commerce business and he's now starting to get into showing people how to do international selling. And one of the easiest ways to get into the game is to go on Canada. So, you can go over to Jungle Scout and look at the international different countries and select Canada, select your type of product, and see what kind of sales are being done over in Canada. Maybe that's your first move. You should be thinking about that stuff, but not right upfront if you're just starting to launch your product.
[00:08:41] Scott: Okay. We first got to get launched. The easy, the quick wins are what we’re going after right now. All right. If you’ve already exhausted all those other ones, we start thinking about international, start looking at that opportunity if it's even worth doing. But, again, we’re not reinventing the wheel. We’re taking something we currently have and bringing it over to other marketplaces. All right. Now, let’s move on to number three, adding related products to the blog, to the website as an affiliate. Okay. Not your products. You may never sell a Jon boat which is basically a little two man boat. You can throw it on the back of your pickup truck, drop in a pond, drop in the lake, whatever, and you can go fishing. And they range. They’re $350 all the way up to $1,500 to $2,000. You may never going to sell one of those yourself, okay, but you could link people over to Amazon where it’s for sale and you're going to get a percentage of that sale. It's like low hanging fruit money if you have traffic.
And that's why we want to build blog content and our website content and we want to build these other ways for people to find our business so this way here we’re not just relying on that one traffic source or just the buyers. Because if someone lands on our site and they’re looking at like what are the five things you need to bass fish in a pond, one of them is going to be a good Jon boat. You might recommend that, you have a link, points over to your Amazon or through Amazon, through your associates link, they call an affiliate, by the way, an associate. And then from there, and it's free to sign up so you'll get between 4% and 8% of sale and here's the cool thing. When people go over there within 24 hours after they click your link, anything in their cart you get compensated for. Like right now we’re generating anywhere between $750 to I think as much as a little over $1,200 per month on just links that are on our site that are directing people over to related products or products that are similar that we don't sell. Okay. It's like free money. Okay, why wouldn't you do that? All right. So, think about that stuff.
[00:10:41] Scott: Another little side tip and I mentioned this before. Another way to go out there and get attention in your market, okay, and start really going after products that you're not going to sell maybe but are going to be related to what you sell is to take that product and jump on video, do a review of that product. Now you're getting search traffic for that product on YouTube, on your blog, and then you possibly could get people to buy through your link and so you're able to capitalize on a popular brand that you're not going to ever sell or product and then from there, people are going to come over. They’re going to see you and they’re going to see your brand and then they’re going to go, “Oh, well, he doesn't sell but Jon boat. He’s giving me recommendations but he does sell a reel and he sells a pole, and he sell lures so maybe I’m going to buy that stuff through you,” because you helped me find the best Jon boat. You did like a five different Jon boat review or something.
So, maybe that's what it is. You see what I’m saying? That's how we can really capitalize on the traffic in our market and not just going after the buyers but going after the people that are interested in that market. All right. So, a little bit of a side note there. Number four, okay, build traffic through content on the blog and also on YouTube, but let's just say the blog to make it simple and once we build this traffic through what I just kind of explain to you, that's an easy win by doing that, now we can start getting traffic to that blog. Now, we can turn on ads on that blog. Okay. What I mean by ads is it's going to be like AdSense which is run by Google, okay, or we can go to Mediavine once we hit 25,000 to 30,000 impressions per month and then we can go to AdThrive once we get to 100,000 impressions per month. Now, this alone right now is generating between I would say $1,800 to $2,200 per month in clean money like there's no fees like this is just pure profit okay coming into our business right now.
[00:12:44] Scott: Now, I just want to take a timeout here for second. Everything we’re talking about too by the way like this is all doable. I think you agree, right, like this is totally doable. The only thing it's going to take is some work on your part to actually go out there, understand your market, what do they want, what do they need, what are they searching for, and then deliver some content, deliver some resources for them to basically help them through their journey of going and winning their next bass tournament. So, it's doable to do all this stuff and just got to put in the work. But here's the cool thing, okay, after you build out these different revenue streams even if we just look at the affiliate and then the blog traffic and turning that into ad money like right now, just at a low-end we’re about $3,000 to $4,000. Okay. Just that part, $3,000 to $4,000. Let's just keep it easy and let's say it's $3,000 for a year, that's $36,000 if I can do quick math.
So, $36,000 extra to your business that's pretty much pure profit to your business. Most people starting this business would love to just take 36K and let that be in their pocket as a salary. That's a pretty good salary for just basically going out there and building out not even selling your own products on Amazon. That's additional, okay, so that's what I'm talking about. If you bring that up to 5,000 then again that goes way up. But here's the cool thing too. You take that 36K, but let's just say it's 40 to make the math easy for me. When you go to sell or if you ever go sell, that extra revenue stream is actually going to help you sell it. It’s going to attract investors and take 40,000 × 3 because you can usually get a 3X, you’re talking 120K an investor would be willing to buy your brand additional to what else is bringing in or what the other resources and different items and revenue and all that stuff.
[00:14:39] Scott: An extra 120K. Six figures. So, just understand, sometimes it seems a little small, you know, you're hearing people throwing out these revenue numbers. These are like profit numbers, those are. Like, the affiliate stuff from Amazon, that's like after everything. Here it is. Thank you. $1,000 for the month. Thanks for referring people over the Amazon for us. Oh, the ad stuff, yeah, thanks for getting traffic to your blog. Here's $2,000. Thanks for that, but that's it. Just those two components and I'm not to go into what we’re doing right now. I’ll talk a little bit about it but we’re actually we just did an experiment with our traffic on the blog and we turn that into in two weeks on a little test like $1,000 like $1,002 to be exact in 15 days from traffic coming over to a digital offer and I'll talk about that here in a minute but it's pretty crazy, but these are ways to do this over time. We need to know the market. We need to know that we’re able to do this stuff when we get to that point.
It’s not going to happen overnight. Okay. All right. Now, let’s move on to number five. Add content on YouTube once we get up $1,000 subscribers and I believe it is 4,000 hours of use, which over time is not that long or is not that much, okay, just a slow steady, keep it going, keep producing. I actually had one of our listeners who did this over the course of the year. He put out 52 videos just teaching how or teaching what he was learning so he was learning how to distill, you know, and then from there he created a channel and I actually had him on and he created a channel that's got over 16,000 subscribers and he’s making $1,000 per month just on that. And AdSense is a part of that. So, AdSense on YouTube videos, to me, it's not going to unless you have huge channel, it's not going to allow you to technically leave your job depending on what you need to make but it will be a nice side revenue stream.
[00:16:45] Scott: And it could be $1,000 to $5,000, who knows, depending on the channel and your market and all that stuff. So, adding content to YouTube is huge but you got to do that stuff consistently and you got to understand every video is not going to be something’s going to get 1,000 of views. They might get a couple hundred but it’s still a couple hundred and over time that can grow because that's a piece of content you’ve created that lives there forever until you say not to. So, that’s number five. Okay. And again, one side note here, again, I’m going to bring it up is a way to do this is just find products in your market that you might never sell but yet you know that it gets traffic for you. You can do like this fishing rod versus this fishing rod but you sell lures. So, now you’re going to get traffic because people are going to be comparing those two side-by-side. You may do that review, you put it up on YouTube, you get that search traffic, and then, oh by the way, if you want to check out my lures, here they are or check out some more of my videos, build up your subscriber base, all of that stuff. So, that's YouTube, a huge opportunity, doesn't cost you anything. It takes a little bit of the time.
Okay. Number six, adding digital products to your business. Now, not every business will allow you to do this because you just don't have a market that cares about digital products but I would argue that most businesses there is a play there for a digital item of some kind. It can be a book it can be a guide, it can be a training series of videos, it could be a digital affiliate product. So, if you don't create something, okay, or if you can't create something or don't want to create anything but you know someone that has, you can then refer someone over to that person or that business and then they’ll usually pay you between 30% and 50% of the sale. So, if someone sells something for $100, you would get $50. There's a site called ClickBank, if you go to ClickBank.com I believe that’s the URL still and just search for your market, you'll see what's happening.
[00:18:43] Scott: Guitar training is a perfect example, learning how to play guitar. I'm sure there's one there on bass fishing or some type of fishing. I'm sure there's something there on fitness. I'm sure there's something there on cooking. I'm sure there's probably something there on, let's see, how to crochet. I don't know. There's a whole bunch of resources there that you can probably bolt something onto your business if you have the traffic, if you have an email list, if you have traffic coming to a blog, if you have traffic coming to your YouTube channel. All of that stuff can be turned into revenue later. That's why it's important that you understand the market, what they want, what they need, be the best resource out there. And the thing I hear a lot of people say is, “Well, yeah, but, Scott, it takes too much time.” Really? Like, if you build something today and it’s going to pay you know for very long time, would you be willing to put in the work now to eventually do that?
I mean, look at people that invest. They invest $1,000 now so in 25 years they can actually make like 10% on their money like really? Like, so you wouldn’t put the time in that something that could produce way more than 10% of your time? Like, what’s your time worth? What are you making at your job? Figure that out right now and then base that off of an hour, an hourly rate. What is that? So, if you're getting paid $25 an hour and it took you two hours to do that which would be long, let's say it did, that’s $50. So, $50 for you to put up that one piece of content that that one piece of content can produce revenue for you over and over and over again without you ever having to do a piece of work on that content again. So, you got to think about it like that. Okay. Alright. So, digital products, there's a huge play there for that. We’re actually testing that in the new brand right now and it's doing really well and the reason why is because we have traffic and now with that traffic, we can then put offers in front of that traffic and go, “Let’s see what happens here. No, let's tweak that. Let's do this. Oh yeah, cool.”
[00:20:41] Scott: So, within a day, you get that information. Now, the cool thing you can do is with Facebook and Facebook ads, you can throw up offers in front of your audience pretty quickly and get a result. But the thing is with your own blog traffic, a lot of times it's a little bit warmer traffic, meaning that they kind of already know you, they can kind of feel their way around there and see what you're about. With an ad, a lot of times depending on how you're doing it, it can be for cold traffic and then from there you got to warm those people up a little bit. So, again, that’s for a whole other conversation. So, anyway, that is digital products and I think that anyone listening should ask themselves is there a digital product play whether that’s a guide like 10 steps or not even 10 steps, 10 things to know before you and to your next bass tournament or something, or 5 tips to win your next bass fishing tournament. Like, if I'm a bass fisherman, I want to know like what are the ways that I’m going to go out there and I’m going to have an advantage over my competition so I might buy that.
It might be a digital book kind of like my digital book. You should check it out too, by the way. It's a guide. It’s a book technically, but it's a digital version and that is ECOMBizBook.com. If you kind of want to see what that's like, you can go check that out and basically what that is, it’s a resource that’s going to help you get from point A to point B and my hope is that you're going to get a lot out of it and you’re going to have a clear vision to build your business in the future and then eventually, if you want to work closer with me and you want to join ECOM Business Formula, well then great, but now at least you’ve kind of already validated it before you get to that point. So, it’s a way for me to show you that this is what's possible, this can get you started, this will give you a clear vision. You can go out there and do it all by yourself, but eventually, you might want to work with me or maybe want to attend one of my live workshops.
[00:22:38] Scott: We’re going to be having some live workshops here hopefully in my new lake house which is I'm turning into an Airbnb which is for a whole another episode but, yes, so I’m going to be doing that and I’ve got a live event coming up, Brand Accelerator Live, in September. So, these are ways for me to give you value without you really having to invest a ton and here I am showing up on a podcast and giving value again, giving you all of these steps, but again this is what you need to do in your marketplace. So, that's what you got to do. Check out ECOMBizBbook.com, by the way, if you want that 10-step formula. So, see, that’s all you got to do. Just let your market know that you have something that's going to help them and then direct them to that. That's it. Okay. So, the last one, number seven, okay, create sales funnel and use Facebook ads to drive sales. So, this here is my last one of the seven because it's probably the one that you want to do last because it does require you to test with some money. You're going to lose some money, okay, and if you're losing money, but you're gaining intelligence on your market and also what converts and what doesn't convert.
So, it's like anything. It's like pay-per-click, sponsored product ads. You're not really going to right out of the gate be profitable, most likely, and you have to have that right mindset, but with creating a sales funnel and using Facebook ads, it could be as simple as this. You're doing a launch for your new product and you’re like, “I just want to be able to get 10 extra sales per day,” where you run an ad for 50% off of your product, you drive them to a landing page as we call it which is a place for them to enter their name and email address, and then from there they would get a special code that would allow them to get 50% off like that's it. That's the sales funnel and that would be against what we call a cold traffic or it can be warm traffic because if you have blog visitors, we can then pixel that page and then we can say, “Hey, Facebook, I want to show this so this offer to only people that have been on my website because I know that they're probably a warmer audience,” and that's it. That's what I would do.
[00:24:40] Scott: So, you can do that stuff as well and then what you can do is start building out that. You can build up custom audiences in Facebook. So, there's an asset and you can get sales in the process. Yes, you’ll spend some money. It’ll cost you a little bit of money but to me, it's money well spent. Okay. But also, it is going to be a little bit of a learning curve which is like anything, once you learn it, you know it, and now you have a skill set. So, I would definitely recommend that when you get through these other ones that I just went through. There's a lot here that you can do. What you need to do is not get overwhelmed. Pick one and go with it, right? Low-hanging fruit, if you're saying, “Well, Scott, I haven't looked at eBay and Etsy. If I can launch my product there, I haven't done that. I’ve got it on Amazon, selling pretty good.” Boom. Go over there. Check it out and do that. Start thinking about your market, where are they hanging out? Are they hanging out on YouTube? Are they searching for content? Start exploring that. How to catch more bass in a pond? Oh yeah, wow, look at that. There’s a whole bunch of stuff happening over here at YouTube. I should be on YouTube. My brand will benefit from this. I'll get traffic. I'll start building up an external traffic channel that will also allow me to possibly turn on ads on YouTube eventually and then have another revenue stream there. There are so many benefits to that.
[00:25:48] Scott: So, again, let me recap here. Number one, adding products, variations, bundles, all that is going to help with adding a revenue stream, an additional revenue stream. Two, add products to eBay, Etsy, Shopify, internationally, whichever one is easiest, do that first. Three, add related products to the blog, website, home base as we call it as an affiliate. Not your products. As an affiliate. Number four, build traffic through content on your blog, your home base, again, as we call it. I always say blog. People go, “Blogs they’re over. There's no blogs.” No, there's a whole bunch and people are creating blogs every day and blogging is still a thing and people are making six-figure, seven figures doing blogging so it still works. And then you can put ads on your site through different networks like AdSense, Mediavine, AdThrive. Those are the ones that I like.
Okay. Then number five, adding content to YouTube. Now, we can turn on AdSense once we get to 1,000 thousand subscribers, once we get to 4,000 hours viewed and all of that. Number six, add digital products, a book, a guide, training, digital affiliate products. They don’t even have to be yours but you know your market would get value from. Look at ClickBank.com for that. And then seven, create sales funnel using Facebook ads to drive sales to your current products whether that's on Amazon, whether that's on your own site, wherever, that's what you can do so this way you can add another revenue stream. So, I know it’s a lot there. You’re probably going to want to go check out the show notes to this episode. Head over to TheAmazingSeller.com/644 and you get all the details over there on the links that I talked about, also the transcripts and, yeah, all the details will be over there.
[00:27:31] Scott: And the last little call to action is if you have not grabbed a copy of ECOMBizBook, Go get it, ECOMBizBook.com and you’ll get the 10-step formula and I'm telling you, this will open up your eyes to a whole bunch of new opportunities and really building out that roadmap for the future growth of the business and really future proofing the business and adding revenue streams and giving you the opportunity to add these revenue streams in the future. So, go check it out, ECOMBizBook.com. All right, guys. So that is it. That is going to wrap up this episode. As always, remember, I’m here for you, I believe in you, and I am rooting for you, but you have to, you have to, come on, say it with me, say it loud, say it proud, take action! Have an awesome amazing day! And I’ll see you right back here on the next episode.
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