In this post I’ll reveal four ways to make money online starting today. Two or three times a year Sterling and I get together to strategize how we’ll offer more value and make more money over the following months.
Every one of these strategy retreats follows an outline that looks something like this.
“Make Money Online” Strategy Outline
- Ask the four “Make Money Online” questions (more on this in a minute)
- Eat at a Brazilian grill
- Brainstorm as many ideas as possible based on the four questions from step 1
- Eat at the Cheesecake Factory
- Prioritize the opportunities based on passion, profit potential and cost
- Eat at the Pie Pizzeria (where we had our first meeting ever in 2004), then go to a movie
- Set specific goals and next actions to be the opportunities into play
- Eat at a BBQ joint
The even steps are critical to this process ;). What I want to concentrate on right now is the four questions from the first step. If you ask these four questions regularly, your income is guaranteed to skyrocket. In fact, these questions have doubled our income every year for the last five years.
4 Ways to Make Money Online
He are the key questions.
- How can you attract more traffic?
- How can you convert more of our audience (prospects) into buyers?
- How can you retain customers longer or increase the Lifetime Value (LTV) of each customer?
- How can you deliver more value to your customers?
In other words, you can put more leads into your sales funnel, convert more people in your funnel into buyers, get your current customers to stay longer or offer new products to your current customers.
A Simple Formula to Make Money Online
An even simpler way to look at it is as a formula like this.
Traffic + Conversion + Retention + More Value = More Money
Increasing any of the four parts of the formula on the left directly increases your desired outcome — to make more money.
In my upcoming posts I’m going to delve more specifically into each of those four areas and how you can increase them in your own business.
Sample Brainstorm for Making Money Online
The following is an actual scan of our brainstorming sheet from our last strategy retreat. You’ll see several ideas listed under each of the four areas as well as our chicken scratch as we prioritized the ideas.
Click on the image to view it larger.
When you want to boost your income and make more money online, what process do you use? Share your questions ideas and questions in the comments below.
Voicemail Line: 877-877-7507
Man I need to get my reading prescription checked. It looked like the first time I read it Prescription #2 said “Eat a Brazilian girl”
If that is the case I would most definitely have to check with my wife and lawyers before implementing!
Reply
Sterling (Jeremy Frandsen) Reply:
hehe, yeah a second read through will definitely be warranted!
Reply
Jay (Jason Van Orden) Reply:
Ha!
Reply
Papa Reply:
Hahaha…so i thought…Glad im still …
Reply
Thanks for getting back to the nuts and bolts of making success happen. You have a knack for laying things out in straightforward fashion while making it clear that success still requires work.
Reply
Sterling (Jeremy Frandsen) Reply:
Thanks for that, our goal is to do that. If you feel we get off track from that, let me know too, cause our intent it to make it clear and straightforward!
Reply
Jay (Jason Van Orden) Reply:
Barry,
Thanks for this feedback. As Sterling said, that is what we aim for. So it’s nice to hear that from a listener.
Reply
Another great piece of content – I aspire to making the content in my business as useful as this is. I’ve temporarily dropped out of the Academy, but will be back in a month or so and am looking forwrd to picking up where I left off. Great work again guys!
Reply
Sterling (Jeremy Frandsen) Reply:
Thanks Phil, we cannot wait to have you back!
Reply
Thanks for sharing the scan of your actual brainstorming. I find it really helpful to see the actual process that you follow as a real world example.
I’ve always thought of the formula as just:
Traffic + Conversion = Money
And I’ve reminded friends that it can be a lot easier to increase your conversion with testing than get more traffic. I realize now that I’ve been leaving out the “Retention” and “More Value” parts. I’ll have to think about how I can apply these to my business.
I can’t wait to see some more real examples at the live event next weekend in Portland!
Reply
Jay (Jason Van Orden) Reply:
Steve,
I definitely plan to go more in depth into these ideas at the event.
See you there!
Reply
I think that it is very important that when your working on creating new ideas that you give your brain time to think about. I happen to think of my best ideas not when I am sitting at the computer but when I am driving in the car or eating, lol.
Thanks for the great posted, really love all your guys stuff.
Reply
Jay (Jason Van Orden) Reply:
Derek,
You’re totally right. I guess it’s that Automatic Success Mechanism that Psycho-Cybernetics talks about. Whatever model you use to describe it, it’s clear the subconscious is a powerful tool for success.
Reply
Hi Jason,
Thanks for the detailed answer on last night’s webinar. I would not have thought about these 4 things when thinking of my current biggest opportunities. My head was somewhere else but this is way more practical.
I saw on your “New Income” column that you have “Launch Silver” again… Is that still in the pipeline?
Last time you offered it I couldn’t afford it and would love to do that if it comes around again!
Looking forward to the rest of Extreme Time Mastery.
Cheers,
Charl
Reply
Sterling (Jeremy Frandsen) Reply:
Thanks Charl!
Not sure yet if we are doing the Platinum Coaching or not this year. We may just do it mixed together with Traffic Attraction Formula later this year. If you are on any of our lists you will hear about it to be sure!
Reply
Jay (Jason Van Orden) Reply:
Hi Charl,
I’m glad we got around to connecting these four questions and the biggest opportunity filter from the class. It’s definitely important. So thankfully the question about how to determine biggest opportunities got asked.
Silver Membership is an idea we’ve had for awhile, but haven’t gotten around to launching. Basically it would be a stripped down membership for the Academy that would just give you access to the monthly Q&A and maybe one piece of content.
I think what you are referring to us the Platinum Coaching Group. We talk about offering it again every once and awhile. Right now there are no definite plans, but that could always change given that we ask the “4 questions” every quarter at least.
Reply