It depends on them.
Blogging is a business – Deepak Kanakraju
Most of the articles you will find on the internet will give the following ways of how bloggers make money. First is Google AdSense, affiliate marketing, sponsored posts, and maybe have your own merchandise. Although these techniques are awesome, I feel that this income may not be consistent.
Bloggers need to have their own products and services.
In this article, I am going to tell you how bloggers make money on a consistent basis. The short answer is they have a funnel. They have many other products other than merchandise.
In this article, I am going to tell you why you should simply optimize your marketing funnel for your blogging business, where you yourself are the advertiser and the publisher. Having an optimized funnel for your products and services as a blogger will help build a strong personal brand and give you a consistent stream of income.
So let’s start.
How Bloggers Make Money with Marketing Funnel?
First, you must understand what is a funnel. There are 3 parts to a funnel which is TOFU, MOFU, and BOFU. Each part has a different set of audience and there are different types of content that you should create for the different stages of the funnel.
Your goal is to take people from TOFU to BOFU and during the process sell your products in each stage. When you’re building your funnel you must have a small price product, a medium-sized product, and then finally your flagship product or service.
Small products can be books, t-shirts, etc. Anything which your audience will not hesitate to spend money for if they have trust in you through your content. Somewhere in the range of 100 to 1000 Rs. Once people buy from you they are converted from an audience to a customer.
Similarly, your medium prized product can be an online course, your merchandise, public speaking assignments etc. And finally, your flagship products can be personal consultations, coaching, etc.
I will write a separate blog post on the different types of products for different stages of the funnel.
The more you optimize your funnel is the more revenue you will make. Which means you must get high conversions in each stage of the funnel.
Coming to optimizing a funnel, how much money can you make by blogging.
How much can I earn from blogging? Your Growth Potential.
Well, it depends on the growth potential of your blog. The formula for growth potential is
L * C * M * F = GP where,
L= Leads
C=Customers
M= Margins on your product
F= Frequency of buying
GP= Growth potential
- Formula by digitalamarketer.com
Suppose if you double your leads then the formula changes to
2L * C * M * F = 2GP.
Now, you have doubled your growth potential just by doubling the amount of leads that you can get for your blogging business.
Similarly, if you double each component in the formula for your business, then your growth potential becomes
2L * 2C * 2M * 2F = 16GP.
Yes, 16 times! You have the potential to grow your business 16 times. Yes this is an ideal scenario but, this is definitely powerful, isn’t it?
Now how bloggers make money and optimize their funnel by doubling components like their leads, customers, margins, and frequency of buying?
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Optimize your funnel: Leads
This is the step in which you have to convert the free audience into paying customers using a tripwire offer.
It can even be a time commitment from them. Here they are paying you in time by adjusting their schedule.
Few examples of tripwire offers are free or paid webinars, books, specific software, etc. Now you have increased your customers.
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Optimize your funnel: Customers
This is the step in which you have to convert the free audience into paying customers using a tripwire offer.
It can even be a time commitment from them. Here they are paying you in time by adjusting their schedule.
Few examples of tripwire offers are free or paid webinars, books, specific software, etc. Now you have increased your customers.
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Optimize your funnel: Margins
Your main margins will increase when you sell your core product. It can be an online course, a physical product, your merchandise, etc
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Optimize your funnel: Frequency of buying
Finally, you always want people to keep buying from you. In this stage, you can sell affiliate products. You can simply ask your customers how you can help them more. Also, maintain good relationships by engaging with your community and keep your customer retention rate high.
For example, Apple is not a computer company, it is a media company. If it starts to sell, t-shirts or cars, etc people will still buy it.
Conclusion
This is how you can plan out your blog strategy. I hope you understood how bloggers make money by optimizing their funnel.
I know this blog should have explained more in detail about the concepts. I will cover all the topics in separate blog posts or it will get too long.
If you have read this article till here, then comment below if you have any questions.
Also Read:
https://marketingscholars.com/how-to-become-a-content-writer-in-6-easy-steps-best-career-option/
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