November 1, 2007
Low priced products build lists and make money.
I am always testing new ideas to see whether or not they may be a viable part of my long term business goals. To that end, you may recall, I created the $7 Secrets scripts (which I recently sold to Don Morris, who is doing a fine job of improving and maintaining the product). My tests with that product proved to me that low priced products (sold for $7) can be very successful.
My most recent test went even further with that idea. “Okay,” I thought, “$7 sells very well, but what about $1?” It seemed to me that a product selling for $1 would sell very well, and have almost zero refunds. To that end, I created 3 “ideas” (simple one-page mini-reports) which I sold for $1 each: one which gave details about a high-converting pay-per-lead program, another that shows you where to get very cheap content created for your sites, and another which details how I got thousands of free one-way links to one of my web sites and ranked it well in Google.
Here’s the link to the site where the reports can be found:
My results were so positive that I wanted to report my findings to you in case you could use the idea yourself.
We’re all interested in the immediate cash that can be earned from any new product we promote, and my One Dollar Ideas were not failures in this regard. I earned about $3,500 in 5 days from sales of the $1 products themselves plus the back-end offers I mention in the report.
The conversion rate of the first $1 product was about 25%. That means, on average, every single visitor I sent to that site earned me 25 cents. I wish AdSense paid out like that!
In order to build a subscriber list, I had people who wanted to be affiliates for the product opt-in to a mailing list in order to receive information on how they could get 100% instant commissions on the reports (plus 50% of back-end commissions for two out of the three products).
From that opt-in form I built a list of 1,458 subscribers in those 5 days. Certainly a successful test. About 50% of people who purchased the reports opted in to find out how they could become affiliates.
Having a list of 1,458 people who are willing to break out their wallets (or PayPal accounts) and spend even $1 is a great business tool. These are not freebie seekers. Each one was willing to part with a little money for some valuable information, and each one is wanting to be an affiliate for valuable products.
My conclusion is that low-cost informational products that have back-end products (or a one-time-offer) attached to them can certainly be a strong leg of your business. People are willing to pay a small amount of money for a useful tip or idea that you have which they haven’t thought of yet.
So if you’ve got some information that you’re using in your business, and you know that information would be useful to other people, then take the time to put together a one-page report on how to use that information. Turn around and sell that mini-report for $1, and watch the funds (and subscribers) roll in.
(FYI, I used the $7 Secrets scripts to power the sales process of the mini-reports.)
Post your thoughts and questions in a comment below!
Robert Lang @ 8:57 pm:
The first report was useful. For a dollar I was able to see how a stronger industry than Internet marketing properly managed an affiliate network. And the methods they used to increase their worth to affiliates. I’d pay a dollar for that. Otherwise, the actual dollar program you had was indeed a starting point to creating an entire info product on it’s own if one were to include sales mechanisms such as a squeeze page report with instructions for setup. Among other things.
The second dollar report was more of “Here’s how I made alot of money.” But totally useless for the newbie, unless they were going to invest in software development.
And I am aware of the rebuttal of “video being tied into your dollar idea and this has value.” There was nothing new here that you did not already include on your website already for free. I could care less about the dollar. You’d have to pay me more just to ask for a refund.
Yet, if you want to continue putting out your dollar reports, I’ll gladly pay for them, because I would always pay anyone a dollar to save me my own precious time in marketing research.
Want another money making idea Jon? Open a website and do these crazy marketing tests. Ask people who visit your website what results they would like to know about. Then each week pick five tests to run. (The ones with the most votes). Categorize the request on a blog. Let people post to their category on a website called, “whatireallyneedtoknow.com You can make I am sure $3,000 to $5,000 a week doing your little dollar tests.
You can even setup a membership site and get people to subscribe where they can get all your crazy little tests for a set price. Bundle them or sell each for a dollar.
Think about it: People will easily pay you a dollar each when they are able to duplicate your results. Think “alacarteim.com (internet marketing). I would gladly pay for you to waste your time doing each one of these little tests rather than me. I know I come off completely jaded and sharp in my tone, but to the point Jon.
You could easily turn your “wasted time” into a profitable time by selling the results 1,000 times over. The best part is you would keep selling your results over several months at least into the future as well to new people and you could easily allow new people to your website to pick one report for free if they sign up. This alone will balloon your email list.
The people who like what they red and find it useful will buy from you again. How about a weekly and monthly membership? How about an easy $20 monthly membership fee to get say 20 Internet Marketing Test Result Reports?
You liked making one dollar a thousand times over? How about $20,000 a month and growing? If you think you will run out of ideas for testing, try asking in any forums what people want to know. Here let me get you started:
1. I want to know the effects of one rss feed in any market. I would like you to create a content feed of 100% unique content and then promote that feed back to your website.
At the end of a week, I would like to know:
1. How many subscribers you got.
2. How many sales you got from your links in your feed.
3. How many email sign ups you got. (Use a free dollar report.)
4. How many websites were publishing your feed.
I’d gladly pay a dollar for that information. And I am sure you could get a thousand other requests to keep you busy for an entire year. Call your new site “iwanttoknow.com” or something like that. “Waste” your time dong other people’s tests until you are getting paid so much, it is no longer a “waste of time” for you, but a very handsome business with endless back end possibilities.
For everyone else reading this, here is one formula for your online success: Take something that is not even worth the breath to say, nor the effort to type as far as time to money is concerned. And create it and sell it so cheap, thousands of people will buy it. Then you will make a very nice income online and be paid well for your time.
If you are still not sure what to create. Take everything you ever learned on the web, write it out in sections. Proof read it. Hire one of those people on the web who make a complete website and ebook cover for about $125. (you can get this even cheaper at Internet Marketing Warriors Forum). Get your document made into a pdf book online for free. (do a search for “free online pdf maker”)Go to PayDotCom.com and register as a merchant for free. (First set up your PayPal Account for free as well.)
For everything else you need to know, such as a email catcher and auto responders, encourage Jon to open the above website and then ask him to set up a complete test result of doing just this. LOL.
Then instead of surfing for answers, you’ll spend all your time marketing your new e-book in forums, article and web directories and such. The you can start to get paid enough money to keep doing this over and over again. Welcome to your new online income.:-)
Sincerely, Robert Lang
Digital Media Products Producer