The way you make money from your blog can be broken down into a cycle. Because it is unsafe to keep one income stream, you should always be willing to branch out and create more income streams. That is what this cycle is all about, proper repetition and diverse income streams.
If you read part one of this mini-series, you will find that I, and 6-figure blogger David Risley agree that the way to make money blogging is by selling products to your audience. Not affiliate products, but your own products.
I do recommend you go back and read the first part, as I’m jumping right into the main point here. It’s really an interesting read.
The Cycle of Making Money Blogging
I’m going to finish explaining this cycle by talking about the last 3 parts of it: developing, selling and reviewing what you have done. This stage of the cycle is the more exciting part where you actually create your product. I recommend you don’t go too far into this stage without having fully completed the first half.
4. Developing Your Product
You have been developing your product since the first step, but you didn’t always know you were. That is, you were getting your blog ready for a product you may have one day. Now that your blog is ready for a product and you have an idea in mind, it’s time to begin working on it.
A product can range from a variety of things, and match accordingly to your niche. So, it’s hard for me to really go into too much detail of the things you should do. However, every product has the same, basic needs for success (meaning: plans you should be developing while creating your product):
A marketing plan
Sometimes, the best marketing plans come out when you actually have a product created. It’s easier to come up with a sales pitch, and decide what sort of audience could use it the best. But when you come up with your marketing plan isn’t important. As long as you have a decent plan to spread the word about your product, you should get some sales (if your product is useful enough).
A sales page
Your sales page cannot be your Twitter account! Making a sales page is easy! All a sales page is, is a page with any information about your product. It can be as simple as Marko Saric’s sales page for his Twitter marketing eBook, or as information jam-packed as our Blogussion Theme sales page is. As long as your potential customers have a place to go and get information about your product, you should see a few sales.
A support center
A support center for any product you have is an absolute must! Problems arise for people who buy your product, and the extent of their problems depend on what you are selling. They need somewhere to go if they do experience issues, so always have a great support center on your site for their issues (no, the comments section in your blog is NOT suitable for this).
Do whatever you can to create some interest in your product beforehand. Hint at some of the cool things that will be included in your product, and do whatever you can to get as many people as you can excited. Even if it’s just two or three people, that number can change very quickly with just one satisfied customer. Remember: pre-launch hype can be just as important as post-launch.
What would you add to this list? Besides the actual product, what are some other things that are important to develop at this point in the cycle?
5. Sell it
This is undoubtedly the most exciting and nerve-wracking part of the cycle. At this point, you are ready to sell your product. Everything is ready to go, and all it takes are a few clicks to launch.
But it’s not as easy as just making a few clicks. If you want to see sales coming in, you have to use every resource you can and carry out your marketing schemes efficiently and effectively. This is where your blogging buddies come into play and your networking skills need to shine.
Once your product is up for sale, it should be up for as long as your blog is around. So, keep that sales page visible and bring up to your readers that you have a product for sale. The beauty of having a blog product is that it will sell many times over a period of time.
4 months later after launching my first product, I am still having days where it sells multiple copies and earning hundreds of dollars a day. Then there are days where I don’t sell a single copy. That’s just how it works, but the fact of the matter is that you are making money even months after your initial release!
That is what passive income is all about. If you can get a few products selling on your blog, then you have the opportunity to bring in some serious money.
6. Review the Journey
The last stage of the cycle, the reviewing part. If you make it this far, then I want to wish you congratulations in advance. Creating a product is not easy, and getting to the end of the cycle is a true accomplishment. Even if you didn’t earn as much as you’d like.
Whether or not you make serious income from your product doesn’t have to matter (that is, if you’re truly optimistic). There are more a product brings to your blog than just money:
- The traffic a product can bring in is immense. If you have enough hype built around your product, you can keep an everlasting chain of traffic coming to your blog. That’s why the Blogussion Theme sales page is the top visited page on Blogussion everyday, I have created enough hype to keep traffic and sales flowing to it.
- The potential for expanding your blog into something more will become a possibility when you launch your product. Blogussion now has a discussion forum which is being prepped for a public launch this summer (currently being used for support), and the release of just this one product has given me hopes for more later. Imagine what it will do for your blog.
- The readership of this blog has increased without a doubt. More and more customers stick around the support forum and even the community on the blog, waiting to hear something about the future of my product. Can’t the same happen for you?
- The confidence I have in myself has increased dramatically. I believe more and more that I can create larger sums of money from Blogussion from just this one product, and every sale I make makes me prouder and prouder.
So even if my product flopped, it still would have improved the community in some ways, and even restart the cycle by preparing it for another product launch.
Restarting the Cycle
Once all 6 steps have been completed, you will be back to where you started for your next product launch. You should find that as you develop more and more products, it will become easier and take less time. It can even be more rewarding if you make your product better than the last.
Do you think this cycle is accurate? When I looked back on how I developed my blogging product, I can say that I went through all 6 steps and am working my way through it again. If you have a product of your own, look back and compare your process to mine. How are they alike? How are they different?