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Am I doing this right? (Possible business model)

by LittleMike
19 replies
Hello all,

I know, I know, I lurk, I lurk, I don't log on in forever, then I start lurking some more until I finally chime in with a question. I'm a bad Warrior You guys are still the best, that's why I keep coming back.

Anyway, as to my question(s). I've been toying around with IM for about 2 1/2 years now and still have gone nowhere. Now I'm not sure if it's because I don't devote enough time, and as such treat it like a "hobby" *ducks* or because of the rampant information overload that plagues all the other newbies. In either case, I've made a couple bucks here and there (literally) and lost hundreds more. I have a day job, and that's one reason why I think I don't follow through. I guess fear is another roadblock for me. I want to own my own successful online business to have the freedom to sit back and collect residual income but I am not sure if that's really an attainable goal (can you REALLY make $10,000 a month?). I mean obviously it takes work. I'm not afraid of that. But it also takes time. I've taught myself everything I know about IM through lurking here, lurking at other sites, asking questions, and spending way more than I should have on ebooks and training. Still nothing. Do I do affiliate stuff? Do I make adsense sites? This, that, the other things. It's all too much for a person to focus on one thing. How do I drive traffic, SEO, PPC, link exchanges, etc. Well I decided that 2009 is my year to change all that.

Okay, sorry for the long-winded preface, but here's where I would like some advice from you kind folks. I've finally decided on a non-IM niche that's very competitive, yet I still think I can do something with. I'm about to outline my plan and I would love for all of you to give me your input on it. Ready? Here we go:

I'm in the middle of creating an ebook. It's a basic primer on my niche. I plan to put up a website with just a squeeze page on it and offer the ebook as an ethical bribe to people who sign up for my mailing list. Then I plan to use PPC to drive people to that squeeze page. Now this primer I'm writing really could be a full-fledged product. I've been working on it for weeks writing it, as it's a topic I'm passionate about, and I didn't want to go with the same old "free report" that I see everywhere. I figured I would give the subscribers some *quality* free content as a thank you for subscribing. Anyway...

So PPC to drive traffic to the squeeze page, they sign up, they get this big ebook I'm writing. In the autoresponder, I have set to go off the day after they sign up a message reminding them to download their free ebook if they haven't already. Then after let's say 3 days, I have an autoresponder set up to ask them something like, "I hope you've had a chance to go through the primer. We'd like to know what you'd like to learn next about [niche]" or something to that effect. Then I would have a link to an ask database survey asking them some questions about what they want to learn next and try and drill down to divide the list into subniches.

After surveying the list and getting enough responses, I would use their answers to create another ebook or possibly more than one, depending on the answers to the survey (like one ebook for each sub-niche). This ebook or ebooks, I would send a broadcast message to the list about and try to sell them on it, hoping that being it is tailored specifically to their questions, they would purchase.

Depending on the results, if I got to the point where I created at least one ebook to sell, I would add that to the autoresponder for day 7 let's say. (Now that you've read the primer, how would you like to learn this?). Only new subscribers would see that (as my subscribers at that point would have been members for more than 7 days).

If I end up writing more than one ebook (because of the initial survey results), instead of asking them what they would like to learn next with an ask database, I could ask them which of the products I have at that point that they'd be interested in.

Okay, sorry this is wordy and I'm probably rambling. I'm just sick of never making it in IM and I came up with this plan of action and I want some advice on whether or not I got it right this time. Next step is to actually do it, but like I said, I'm already in the midst of writing this giveaway ebook, so that's not a problem. I'm committed to taking this all the way.

Thanks gang,
LM
#business #model
  • Profile picture of the author jkatzenback
    lol... summarize that in about half the words and i am sure one of us will speak up.
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  • Profile picture of the author LittleMike
    LOL I did apologize for rambling. Okay here goes:

    I'm creating a big fat content rich ebook to use to ethically bribe people to sign up for my mailing list. That ebook is VERY basic and also very broad in the niche.

    PPC to a squeeze page - only page on the website

    Set up the autoresponder to do the following:
    Day 2: Remind them to download the ebook if they haven't
    Day 7: Ask them what they want to learn next, send them to an askdatabase survey

    Take survey results, make ebook or ebooks out of them (depending on survey results)

    Broadcast message in autoresponder trying to sell them new ebook (or books and divide list into subniches more targeted)

    Change day 7 once ebook is created to sell them on ebook or to divide list into subniches if multiple books are created.

    I think that about sums it up. Better?
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  • Profile picture of the author travlinguy
    Okay. 844 words and I have no idea what you're talking about or what kind of opinion you're looking for. If your ebook is written like this post, you're dead. I understand that most people are guarded about their projects because they think someone else will come along and steal the idea. 99 times out of 100 that's complete nonsense. If you want someone to critique your offer put it on the table for evaluation.

    On the upside, you're not a bad writer but you need to understand that brevity rules in today's market. People today have no attention span at all. If you don't touch a nerve with your headline or in your first sentence or two, your expensive targeted PPC visitors will click away as fast as you can say, "nice knowing you." Get to the point right away. Tell people what you want from them and you might have a chance of getting it. Good luck.
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    • Profile picture of the author LittleMike
      Originally Posted by travlinguy View Post

      Okay. 844 words and I have no idea what you're talking about or what kind of opinion you're looking for. If your ebook is written like this post, you're dead. I understand that most people are guarded about their projects because they think someone else will come along and steal the idea. 99 times out of 100 that's complete nonsense. If you want someone to critique your offer put it on the table for evaluation.

      On the upside, you're not a bad writer but you need to understand that brevity rules in today's market. People today have no attention span at all. If you don't touch a nerve with your headline or in your first sentence or two, your expensive targeted PPC visitors will click away as fast as you can say, "nice knowing you." Get to the point right away. Tell people what you want from them and you might have a chance of getting it. Good luck.
      Travlinguy - I reiterated in the comment below canuck1972 the plan. What I'm looking for is a critique on the business model laid out there. Does it sound like a viable plan?

      And don't worry, I'm not as wordy in the ebook or my ad copy. I write, proof, and re-write when it comes to that. I thank you very much for the compliment, though. I appreciate that.

      Thanks!
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  • Profile picture of the author LittleMike
    Originally Posted by Rhyno View Post

    Wow, this is good stuff!
    Are you saying this is a good plan?
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  • Profile picture of the author LittleMike
    Just to clarify, because I'm not sure it came across (judging by travelinguy's response), this is not copy. I'm not asking for a critique on if my post is an affective pitch (honestly I'm not sure how anyone thought that's what I was doing). I'm seriously asking if the business model/plan I mapped out (see my comment under canuck 1972 for the abbreviated version) is a viable plan. Is doing what I said a good way to start up a niche business?
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    • Profile picture of the author FG
      Little Mike,


      Say it ain't so.


      Weeks to write an ebook on a subject that you are passionate about?

      No idea what product your list wants to purchase after downloading your free ebook?

      What would you say if I wrote that as a possible business model?

      Floyd
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      • Profile picture of the author LittleMike
        Originally Posted by FG View Post

        Little Mike,


        Say it ain't so.


        Weeks to write an ebook on a subject that you are passionate about?

        No idea what product your list wants to purchase after downloading your free ebook?

        What would you say if I wrote that as a possible business model?

        Floyd
        Hi Floyd,

        Thanks for the input. It's taken me weeks so far because well for one, I've only been able to put in 2 hours a day or so on it. Secondly, I'm not making a 20 page "report." This is basically a full fledged product in and of itself. I kinda had what Eben Pagan has taught in mind - give them great content for free so that it whets their appetite for what I'm going to sell them. The subject matter itself takes a lot to cover as well.

        As far as not knowing what they want to purchase, it's not that I don't know what product they'd want. It's that I want to target the niche tighter. Without telling you what the niche is, it's a little difficult for me to explain. I guess the best example I could give you would be that the free ebook would be about training your dog and include things like how to house train it, how to get it to come when you call, how to get it to do some tricks etc. Then me surveying the list would be to find out what else they want to train their dog to do. Or maybe how to train a cocker spaniel or a border collie. Does that make more sense?
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  • Profile picture of the author travlinguy
    The shortest path between two points is a straight line. You seem to like to travel all over the place to get from A to B. Until you can get right to the point you're going to be lost. Good luck... You really will need it to make any progress.
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    • Profile picture of the author LittleMike
      Originally Posted by travlinguy View Post

      The shortest path between two points is a straight line. You seem to like to travel all over the place to get from A to B. Until you can get right to the point you're going to be lost. Good luck... You really will need it to make any progress.
      Do you have anything to add to that? Not for nothing, but that statement is a little offensive. I thought that my second comment made it pretty clear the plan I'm trying to lay out. Do you have any suggestions?
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  • Profile picture of the author artwebster
    Hi, Littlemike,

    At the moment I am being critcised and generally denigrated because I have written a valuable report and have been seeking advice on how to market it.

    You have, at least, avoided a lot of the advice I have been given because you already accept that the effort and time that you expended on your report is of absolutely no value except as a maggot on a hook to catch a fish.

    People who sign up to lists to get a freebie are (read the WF - there are many streams covering this) generally of no real value. They collect the freebie and either opt out of the list or ensure that your follow up emails are sorted into the junk folder.

    Now let's look at what you are suggesting:-
    1 - You give away your effort, passion and expertise
    2 - You actually PAY (ppc) to give people your effort, passion and expertise
    3 - You build a non responsive list having now used up valuable time and money.

    Unless you are a ppc expert, I think this method of promoting might be better left until you are.

    As I am discovering - many internet marketers have different ideas about how to move forward, some because they read it in the ebook they are promoting, others because what they say sounds good and then the real gems, those who have actually been there and done it. The difficulty is knowing who is whom.
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    You might not like what I say - but I believe it.
    Build it, make money, then build some more
    Some old school smarts would help - and here's to Rob Toth for his help. Bloody good stuff, even the freebies!

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    • Profile picture of the author LittleMike
      Originally Posted by artwebster View Post

      Hi, Littlemike,

      At the moment I am being critcised and generally denigrated because I have written a valuable report and have been seeking advice on how to market it.

      You have, at least, avoided a lot of the advice I have been given because you already accept that the effort and time that you expended on your report is of absolutely no value except as a maggot on a hook to catch a fish.

      People who sign up to lists to get a freebie are (read the WF - there are many streams covering this) generally of no real value. They collect the freebie and either opt out of the list or ensure that your follow up emails are sorted into the junk folder.

      Now let's look at what you are suggesting:-
      1 - You give away your effort, passion and expertise
      2 - You actually PAY (ppc) to give people your effort, passion and expertise
      3 - You build a non responsive list having now used up valuable time and money.

      Unless you are a ppc expert, I think this method of promoting might be better left until you are.

      As I am discovering - many internet marketers have different ideas about how to move forward, some because they read it in the ebook they are promoting, others because what they say sounds good and then the real gems, those who have actually been there and done it. The difficulty is knowing who is whom.
      Hi ArtWebster,

      Thank you for your response. This is exactly what I was looking for - advice specifically related to what I was posting about. Have you figured out what the next step for you is going to be? I know it may not be the same for me, but it always helps to get opinions.

      I agree with your maggot on a hook analogy, but I disagree that it only serves to grab freebie seekers. What about Caldini principles, like reciprocity? Or on the other side of the coin, what would you suggest I do, sell it for a low price and use it to build up some cash as well as a list? I've heard people doing that successfully as well, but honestly I think giving something away for free will have a higher perceived value then giving it to them at a deep discount. I could be wrong, but I think selling it cheap lowers the perceived value, as if I'm trying to make a buck on a product that is worth nothing rather than giving it away. It's a tough call and that's why I am asking. Good luck to you!

      -LM
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  • Profile picture of the author LittleMike
    Anyone else have any advice on any part of this plan? Is "Moving the Free Line" a bad idea? Is surveying the list to get ideas for the next product to make a wise choice?
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  • Profile picture of the author BizBooks
    develop or promote an existng product that does well.
    THEN
    build your list using relevant freebie
    THEN
    keep that list healthy and the people hungry for more VALUABLE information wou will keep on proving them, aalog with offers for other RELEVANT products....
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  • Profile picture of the author LittleMike
    Originally Posted by Razer Rage View Post

    I will say this: quantity =/= quality. In other words your product does not have to be huge in order to be good.

    For example, you can just make a report about 7 techniques that can be used to generate large amounts of traffic, and give that away in order to build your list.

    Don't make this harder than it needs to be. Make it as simple, as easy, and as short as possible.
    Hey Razer,

    Thanks! You make a great point there. Because of the particular niche, this ebook will be a bit big, but I understand what you're saying. I *could* have made it smaller, but I feel that the quality would suffer.

    What do you think of the rest of the plan?

    @Bizbooks:

    How do I develop and existing product? Promoting an existing product, I could understand. I see tons of those sites "Don't buy Day Job Killer until you read my review" stuff like that. Then download the free report - that would be part 2 of what you're saying. How would you segment your list to find out if (using the IM niche example) they would rather buy something that shows them how to build their list as opposed to help with AdWords?
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    • Profile picture of the author Steve Steinitz
      Hi LittleMike,

      I'm not sure if you have signed up for the private War Room forum but Allen Says himself wrote an inspiring and detailed essay there about your very question.

      Cheers,

      Steve
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  • Profile picture of the author LittleMike
    Steve, no I have not. That's a private area of the forum, correct? I will have to take a look at that. Thanks!
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  • Profile picture of the author LittleMike
    Okay, revised plan

    Finish the big ebook I'm writing, but instead of giving it away, create a "free report" on it, use that as the giveaway and use this as the actual product.

    OR

    Create another product once I'm done with this ebook (like videos showing how to use what's in the ebook), then using something like the Butterfly Marketing Script, give 100% commission on the ebook and then upsell to the video package and keep the profits from that all while building a list virally. Then maintain that list by sending out maybe weekly emails with additional tips not found in the ebook.

    Any thoughts on that?
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