Marketing Podcast 14. Ways to monetize your business

Marketing Podcast

"Marketing Guide To Grow Your Business"

#14 Tons of ways to monetize your online business

Here are some ways you can make money as a Digital CEO. These ideas are for your primary income, secondary income, and passive income. 

 If you are interested in doing online courses, check out Kajabi. I love that platform!

Transcript:

#14  Tons of ways to monetize your online business

 

I just got a call from an online coach and she was crying. She does one on one coaching calls and she’s tired. She’s pulling crazy hours and isn’t making enough money. I asked her if the one on one calls are her only income and she said yes.

 

That stopped me in my tracks. I knew I had to do this podcast episode to let all you digital CEOs know that you don’t need to limit yourself to just one income stream. Especially one-on-one coaching. That’s hard!!!! There are so many hours in the day. When you do one on ones, the only way you can make more money is greater volume or keep raising your prices.

 

So let’s go over some other ways you can make money as a digital CEO:

 

As most of you know, my primary revenue is online courses, so let’s talk about that first.

 

An online course is a good way to make more money than one-on-one coaching because you can have a ton of people take your course at the same time.

 

You can even make courses a passive income which is very nice to have.

 

And there are some of us digital CEOs that have online courses that are the entry point to us. We can then upsell to other courses or a membership site or to really expensive private coaching. 

 

There are cons though with online courses. And it’s a big one. No one wants online courses. Yep, you heard right. It’s a very hard sell. I go into how to sell courses a lot deeper in my teachings. But know that it’s not easy but also know it’s totally doable!

 

If selling courses is something that interests you, check out my favorite platform. I have the link to it on this episodes page on my website, just go to andreapalten.com/14

 

Next, let’s talk about membership sites. Like gym memberships that require monthly fees, membership sites are places where people can join to get whatever it is you offer. On your membership site you can have articles or reports, video tutorials, webinars, checklists, templates, mini courses and much more.

 

When you create a membership site, you’ll have to remember that people join these sites because they want help to simplify their lives or speed up learning curves or it gives them greater detail on how to do something rather than general content they can find online.

 

What’s nice about membership sites, they can offer you a steady income. Having a good membership site can enhance your reputation and it can establish you as an authority on a particular subject.

 

If your income is a membership site, it offers you a flexible schedule, which is always nice right?

 

A con is that just like courses, this is a hard sell, but again, totally doable. You just have to learn how to sell it. One other thing is that this needs updates, you can’t just create a membership site and leave it, you do need to update it regularly.

 

Depending on your business, you can also create made-for-you-services. What does that mean? Well, let’s use me for an example. I am a marketing trainer and I sell courses that teach digital marketing to small businesses. BUT I also do career coaching on the side and I have a package that I sell that shows people how to do their resume, cover letter and LinkedIn profile. So if you have any services you can package like this, do that!

 

Next, let’s talk about one-on-coaching. This is still an awesome service to have, but like the woman I told you about from my call that was tired of working so hard, for her it became too much. So you can mix and match. I do one-on-training for marketing but it’s rare that I offer this. It’s always an option for me to turn it on and off.

 

So if you are done with one-on-coaching or want to make more money in a shorter amount of time, a good next step is group coaching. You can do group coaching in person or you can do it virtually. Think about it, if you price your group coaching program at $1,000, then you only need to sell your program to 20 people to have a 5-figure launch!

 

Have you thought about writing a book? It’s much easier than it used to be. You don’t need to wait for a publisher to pick up your book. You can publish yourself on Amazon. There’s a tool called Createspace that can help you get your book in print and share it with the world.

 

This next way to create income is one I have not tried yet but I’m super intrigued and it’s in my future business plan. What is it? It’s a Mastermind. A mastermind is an accountability group for like-minded leaders to help them level up in their leadership and work. A good way to get these started is to create a mastermind for about 5 people. Having more than that will make scheduling more difficult. Fewer than 4 people then you don’t have enough people in the room with varying perspectives.

 

So most of the ideas I just gave you all can be your primary revenue.

 

Here are some ideas for your secondary revenue.

 

Go for affiliate marketing. Affiliate marketing is when an online retailer pays you a commission for traffic or sales generated from your referrals. It’s easy to do, it’s really just a 3-step process. First, recommend a product or service to your followers. Second, your followers purchase the product or service using your affiliate link. Then third, you get paid a commission for the sales made using your affiliate link.

 

Another thing you can do is create a monetized blog.  You can place ads on your blog, you can list your affiliates on it, you can promote a business or a service, and so much more.

 

Speaking engagements are another good way to make money. If it’s not a paid speaker scenario, then you can still sell your services in your presentation.

 

There are more ways to get paid, you can sell your eBooks, you can create Templates for people that they can purchase, you can get sponsorships.

 

When you branch out like this and offer multiple products and services you will attract more clients of every price point and it allows you to create passive income and you will continue to grow your audience.

 

Thanks for listening! I will talk to you next week!

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