Your current client base
is a gold-mine. Statistics show that 28-42%
of the people who have bought something
from you will buy again if you have something
similar to offer. Think of the potential
here. This is where a lot of your income
can come from.
Let's say you have 500 customers
who bought something from you for $50.
You send all of them an email (costs you
nothing) and sell 200 of them another
$50 worth of your product (or a back-end/similar
product). That's $10,000 in sales that
you would have never seen. Some people
even lose money on their first product
with the intent to sell them on a back-end
(a back-end is a product that you intend
to sell your customers after they have
bought your first offering/product). Many
marketers (including myself) believe this
is where all the real big money
is made.
For example. A marketing
guru by the name of Jay Abraham (he charges
a $3000 consultation fee PER HOUR!) instructed
one of his clients to offer a rare coin
collection to new customers for $19.00.
He was actually losing a couple of dollars
on every sale. Of the 50,000 people who
bought the coin collection at $19, nearly
10,000 came back and bought a back-end
coin collection for $1000 or more. That
one back-end made $2 million.
And that was only the first
step. Every three months he mails the
10,000 people who bought $1000 or more
and gets almost 1500 of them to spend
an average of $5000.... That's another
$1 million plus in sales!
Do you see how important
back-ends are now? If you are selling
a product, you MUST develop a backend
if you don't have one now. If you can't
come up with anything related to your
original product to sell in the future,
then split your current product up somehow.
For example, if you were selling a book
on finding your blood relatives through
computer databases, you could offer a
basic version for $9.95 and then 30 days
later offer them an advanced version for
$29.95.
Also, it is proven that you
should keep in contact with your customers
every 21 days for maximum sales. This
has been proven time and time again by
gurus such as Jay Abraham, Ted Nicholas,
and Gary Halbert. These are the kind of
marketing consultants who charge $15,000
up front just to write a sales letter
for you, and then they get 5% of
the gross sales from your product (this
is usually hundreds of thousands of dollars!).
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