Overview Of Monetization Options

Andrew Lantz:

Overview Of Monetization Options

Hey, welcome back. It's Andrew Lantz. I am the Content Director of Lurn. In this video, we're going to talk about something that you're probably quite interested in, which is how you're actually going to make money from your list. You might be thinking, wow, it's a little early to be talking about this, Andrew. I mean, I saw that diagram from the introduction saw you got to do an opt-in page and a free report and emails and get traffic and all that. It seems a little early to be talking about making money and don't worry. We're going to get to all that in this course. In the coming modules, we're going to focus on each of those steps, but I believe in one of Stephen Covey's habits of highly effective people and that you need to begin with the end in mind. In all businesses, you want to help people and you want to make money.

You want to do those two things. And it's good to have an idea of how you're going to do that at the beginning of the process, that way as you're going through the course, you're learning the system and then you're implementing. You know where you're going. You have an idea of what you're trying to accomplish in the end. So in the next two modules, this module and the next one, we're going to talk about those two things, how you're going to make money, how are you going to help people? We're going to do that in this module, by talking about different monetization options. The next module, we're going to talk about picking a niche. Now, monetization, right? How you're making money from your list. There are a lot of ways to do it. You're building an audience with your email list and you're going to promote some kind of offer to them.

And there are really five major things you could be promoting to your list digital affiliate offers, your own course, some kind of cost per action offer, a high ticket offer that you or someone else has created, or some kind of coaching and consulting offer. Now at Lurn, we do all five of these. When you're starting out, you probably only want to focus on one of these. By the end of the module, I'd like you to kind of narrow it down a little bit, have a couple in mind that you might want to initially pursue. So let's start with the first one, which is digital affiliate offers. Digital affiliate offers, like I said, this is probably the easiest to get started with. The idea is that other people create some kind of product. Maybe they create an eBook or a course, something, and then you promote them for a commission of the sale. And usually, these are offers that, you know, are in the mid-ticket range, mid-ticket being, you know, anywhere from, you know, 50 bucks to a couple of hundred bucks, that'll vary based on the niche that you're in.

So here's specifically, how it works. I made you a little diagram here. So when you're promoting an affiliate product, there are three players here. There is the

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product creator they have who they are the person who's actually made the product. In this example say they have created a course. There is the affiliate network or program. That's basically the, the service that's going to track the sales that are made for those products. Then there's the affiliate marketer, the affiliate marketer, in this case, will be you. So let's say this person has created a course. Let's say they publish it. It's like a hundred bucks. They put it on this affiliate network. You, the affiliate marketer are looking for courses to promote to your list. You see this course, you say, Oh, it's a good course. I think my list will like it. It's in my niche.

It looks like it's high value. So then what happens is you go to the affiliate network and they create a tracking URL for you. That is a link to the sales page of the course that has a special ID in it. And that special ID is going to tell the affiliate network who is generating the lead. So then you go to your list, your email list, and you send that URL to them. You promote this product, you say it's a really great course. I think you're going to get a lot of value from it. You give them that special URL. They click on that URL. They go to the sales page. Some of them buy. For every sale that is made, if it's like a 50% commission, you get half the product creator gets half. So you each get 50 bucks every time there is a sale. There's going to be a little bit taken out for the transaction fee, but that's in essence how this works.

So that's promoting an affiliate product. This is the easiest kind of offer to promote. It's the easiest one to get started with. Like I said, we at Lurn, still do this all the time. Recently, we had a promotion for a program called the KIBO Code. It's a program that helps people start an eCommerce store. We had a great promotion and we made a ton of sales, got a bunch of sales. We got some prizes. There's, you know, some affiliate products will actually give away prizes to people who make a lot of sales, got a bunch of leads out of it, added to our social media and our podcast. It was a very successful promotion. Now we're a big company. We've been doing this for a long time. We're very good at it. We got great, you know, promoting great products. So, you know, these aren't the results you're going to be getting right away.

But again, we've been doing this now for over 15 years and it's still a reliable way to generate revenue and provide value to our subscribers. So affiliate products popular. Awesome. It's a, it's a great option getting started as an email marketer. Another option is you can create your own course and this is a personal favorite of mine. I've been creating courses for almost 10 years now. Huge fan of it. All right, courses, what's going on here? Well, it's, it's the name speaks for itself. You're creating a digital course. You are creating something that's going to help people get results. It's a course, you know, it teaches people how to use Photoshop. It teaches people how to find more success with online dating. It teaches people how to use Facebook marketing to drive more leads to their business. You know, it's, it's a course that helps you train your dog.

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Like there are all kinds of courses that you can create. And what's nice about courses is that you control the content. So if you are passionate about what is being taught, courses are great because you have full control over what is being taught and how it is being taught. You also get all the profit. So that's pretty cool. Affiliate marketing, you know, you don't have to create a course, but you still, you know, you, you still got to like put in some effort, you only get whatever the commission is. If you create a course and you promote it to your list, every sale that you make to your list, you get money for it. Another nice thing is that you can recruit affiliates to promote your product. So you can actually get other digital marketers to, you know, promote your product to their list. I have to pay them a commission, of course, but that's free money, especially if it's a digital offer.

So for all those reasons, creating a course is awesome. There is a drawback though, which is that it's very time-consuming. You've got to actually create the course. You got to create the sales page. There's a lot to it, right? This is not an impossible task. Most people can do this within a month. It's not a huge deal, but you do got to put in that time, you know, it's good to have some expertise on the topic. You can, of course, like publish other people. We, we do that. But regardless of what you do, you actually got to create the course. It's not as quick start as promoting an affiliate product that you can, you can literally start that right away. Right? As soon as you're ready, you can go on affiliate marketplace. You can find affiliate products to promote with a course, you got to create it.

This is the core of Lurn. This is what we really thrive in. We create a lot of courses. We sell a lot of courses. We help a lot of students to write courses. So for all those reasons, we're very passionate about courses as a way of generating revenue. You've got to be mindful though, that it does take time to develop. Now, let's talk about the third way you can monetize your list, which is by promoting what is called CPA offers. Now, these are offers where you are an affiliate again. So there's a lot of similarities with affiliate promotions from earlier, but it's a little bit different because whereas the first monetization option we talked about, you get paid every time that you successfully promote a course to your subscribers, right? Every sale that is made to one of your subscribers, you get a commission for that.

The way CPA offers work is that you get a commission or a payment whenever one of your subscribers complete a specific action. So it could be a lead. It could be filling out a form. It could be, you know, maybe like ordering a book, signing up for a free trial. You get a con, you get a payment or a commission for that. Let me draw it out for you. Similar players here, you've got someone who like owns a website. They put their CPA offer on an affiliate network and then you, the affiliate marketer, you can promote it. So let's say they, you know, they, they have an offer where they want someone to sign up for their email list, let's say, and every person who drives a lead to them gets a buck. So every time one of your subscribers goes onto their website and signs up for their program you get $1.

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If that sounds good to you, you go on the affiliate network, you get a tracking URL, just like with selling a course as an affiliate. And then you send that tracking URL to your list, to your subscribers. You say, Hey, check this out. And then when they go, and every time someone signs up for a lead, you get a buck, pretty straightforward. Why do companies do this, by the way? Well, when you know your numbers, you can do stuff like this. If a website owner knows that every lead that they get, they generate on average $5 in revenue. That makes a lot of sense for them to say, Hey, we will pay you a dollar to generate a lead, okay? Because they know they're going to be profitable on average, on the leads that are generated. So CPA offers have a lot of advantages and we still do this.

When we promoted the KIBO code, one part of that promotion was actually a CPA offer. We got paid $2 for every lead that we generated. In addition, we got $25,000 because we generated more leads than anyone else, a little extra prize. There are a bunch of CPA offers out there. We'll talk more about them later in the course. Okay, the fourth monetization strategy is selling high ticket offers. These can be offers you create, they could be offers that someone else has created. A lot of the same principles apply from the first two that we talked about. However, because it's a high-value, high-priced product or service it really is a different level of skill and it's a different level of complexity. We talked about a high price point where it usually talking about at least $300. These are offers that you'll want to primarily sell on webinars, some of them may be even on the phone, but for the most part, the vast majority going to be on webinars.

These kinds of offers, they feature comprehensive training, strong bonuses, extension, extensive support, community, usually some kind of guarantee. These are features that you will see with high ticket offers. Email Startup Incubator is a high ticket offer. This is a product that you were probably sold on a webinar. A lot of these features you will see in Email Startup Incubator, and that's why it has the price point that it has selling an offer like that is a different skill set than selling a less expensive offers. That's why people who really specialize in high ticket offers have those special skills. Okay. That's why they're able to specialize in it because they have those skills. Usually, it's the kind of value that you're offering. It's also your ability to conduct webinars, getting people on the webinars, keeping people on the webinars, and promoting stuff on the webinars. If this is something that you're interested in, we will be talking about this later on in the program.

Coaching and consulting, is the fifth way to monetize your list. Coaching and consulting offers, you're really providing a high level of support to help people achieve goals and solve problems. There's a distinction between coaching and consulting. Usually, with coaching, you're helping people find their own solutions with consulting, you are directly solving people's problems. So with coaching, you know, you, there's a, for example, there are life coaches. People actually hire a coach to help them work through particular problems, set goals, hold them accountable. Ultimately the responsibility for execution there is going

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to be on the coachee, right? Whoever, you know, you don't hire a coach to solve your problems. You hire a coach to help yourself solve your problems. Consulting is different consulting is when you pay somebody and you're leaning on their expertise to solve your problem.

So, as an example, let's say you're having trouble with your marketing for your business. You might hire a marketing consultant to come in and give you a specific plan and even do some execution themselves on improving your marketing efforts. Maybe they give you a plan for how you can start running more ads on Facebook or other types of advertising to bring in more leads. So that's coaches and consultants, whichever, you know, kind of program that you create, it's going to be an expensive program. You know, you're going to be probably selling over the phone, things like that. So that is going to be a different skill set. All right. So that's an overview of the different ways to monetize your email list. As I said, at the beginning, you don't need to have a definitive idea right at this moment of which one you want to focus on, but hopefully, after giving you an overview, you at least have some ideas about, you know, which option you might want to focus on first. We will be breaking this down in the coming lessons and by the end of this process, you should have a pretty clear idea of which one you want to focus on first. So thanks again for watching. I'm Andrew Lantz, Content Director at Lurn, see you in a feature video.

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