How to be a Millionaire? Sell $1,000 product to 1,000 people?

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Hey guys, just thinking about it. How one can become a millionaire these days? By selling $1,000 product/service to 1,000 people?

That will make $1,000,000 in gross sales. (not profit actually)

Yes we can make a high value product and try to sell it 1,000 times.

Or if it's a service than I guess managing 1,000 clients at a time will require a lot of human time.

Building an app/game and if it becomes a hit, one can make tons of cash with ads and paid versions. And if it gets acquired big then can expect to become millionaire (if not billionaire)

What are your thoughts/ideas on this? please share.
#millionaire #people #product #sell
  • Profile picture of the author sasuke120
    Sales. Get enough sales and you will make a million. It depends on how much traffic you can bring in
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    • Profile picture of the author gemmalouise
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      • Profile picture of the author Sarevok
        Originally Posted by gemmalouise View Post

        I suppose so.

        I don't know whether it would be easier for:
        1,000 sales at $1000
        10,000 sales at $100
        or 100,000 sales at $10

        I would probably say that getting 10,000 sales at $100 each is much more feasible that getting 1,000 sales at $1000 each. Ofcourse, it depends on the nature of the product/service.
        Why not a combination of everything in a funnel formation? :]
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        • Originally Posted by Sarevok View Post

          Why not a combination of everything in a funnel formation? :]
          My senior billionaire friend and client gave me advice on this topic before I got into marketing.

          A lot of people think it is harder to sell a product that is expensive that a product that is cheaper. But he said its like having a fine dining restaurant. Sure not everyone can afford the lobster and expensive wine but there are people who can . And plus there are people who once in a while wants to eat at fine dining. Then again someone from the gutter has the drive to make it his dream to one day eat in that restaurant and feel like a millionaire.

          My point is if you have a system or sales funnel catering to different levels of faith and status, you are connecting bridges to people's dreams. And when you deliver dreams to people, they throw money in your paypal and bank account

          Plus if you are going to invest already on time and paid ads for people to see your affiliate or products with the same budget, why only show products that will make you peanuts?

          Instead have a custom sales funnel, that has low tickets at front and high ticket products at back end in order to maximize your roi (return on investment)

          I would rather sell 1 x 1k product in one month than 100 x 10$ products and spend the same work and ad costs.

          The peanut earnings at front end should only help you break even or make little profit when list building . And not your be all and end all.

          Or else your biz will never grow to what you hope for and dream of.

          No halfway crooks, no halfway marketer all in or nothing!


          Joe
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          • Profile picture of the author Steve B
            This thread also speaks to the importance of repeat customers.

            Test after test has revealed this truth: marketing to your own satisfied customers is way easier and cheaper than constantly marketing to new prospects.

            It's not always about the price of the product. Business models that are great at getting follow-up or repeat sales often give the best chance at building a very large income.

            Steve
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            • Profile picture of the author Steve B
              Ah Lexy, you beat me to it - I was typing before I saw your post.

              Steve
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            • Profile picture of the author tamalanwar
              Correct! I have made a mistake to lose the current customers while trying to get the new ones. Now I have learned my lesson and going to follow that route.

              Originally Posted by Steve B View Post

              This thread also speaks to the importance of repeat customers.

              Test after test has revealed this truth: marketing to your own satisfied customers is way easier and cheaper than constantly marketing to new prospects.

              It's not always about the price of the product. Business models that are great at getting follow-up or repeat sales often give the best chance at building a very large income.

              Steve
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          • Profile picture of the author Chri5123
            Originally Posted by Joseph Villanueva View Post

            My senior billionaire friend and client gave me advice on this topic before I got into marketing.

            A lot of people think it is harder to sell a product that is expensive that a product that is cheaper. But he said its like having a fine dining restaurant. Sure not everyone can afford the lobster and expensive wine but there are people who can . And plus there are people who once in a while wants to eat at fine dining. Then again someone from the gutter has the drive to make it his dream to one day eat in that restaurant and feel like a millionaire.

            My point is if you have a system or sales funnel catering to different levels of faith and status, you are connecting bridges to people's dreams. And when you deliver dreams to people, they throw money in your paypal and bank account

            Plus if you are going to invest already on time and paid ads for people to see your affiliate or products with the same budget, why only show products that will make you peanuts?

            Instead have a custom sales funnel, that has low tickets at front and high ticket products at back end in order to maximize your roi (return on investment)

            I would rather sell 1 x 1k product in one month than 100 x 10$ products and spend the same work and ad costs.

            The peanut earnings at front end should only help you break even or make little profit when list building . And not your be all and end all.

            Or else your biz will never grow to what you hope for and dream of.

            No halfway crooks, no halfway marketer all in or nothing!


            Joe
            This is spot on Joe!

            Gold in that post!

            All the best,

            Chris Jones
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          • Profile picture of the author Ladylavender
            Great post Mr. Villanueva, makes alot of sense
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      • Profile picture of the author celente
        Originally Posted by gemmalouise View Post

        I suppose so.

        I don't know whether it would be easier for:
        1,000 sales at $1000
        10,000 sales at $100
        or 100,000 sales at $10

        I would probably say that getting 10,000 sales at $100 each is much more feasible that getting 1,000 sales at $1000 each. Ofcourse, it depends on the nature of the product/service.

        yes you need lots of traffic, and traffic is getting very expensive these days.
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        • Profile picture of the author criniit
          Originally Posted by celente View Post

          yes you need lots of traffic, and traffic is getting very expensive these days.
          It dosen't matter how expensive traffic gets if your funnel is properly setup. With one of my main funnels (in the IM/MMO niche) I can spend up too $50 per optin and still break even on my main product, then be making the profit on the upsells.
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  • Profile picture of the author JensSteyaert
    There are a lot of ways to make a million dollars, selling 1000 products that cost $1000 is just one way.

    My assumption (for what that matters) is that it would be easier to create a $100 product and sell it 10000 times to achieve that number.

    If you have a great software product for instance then $100 for it is a fair price. So that means in 5 years (1825 days) you would only have to sell 5-6 copies each day to achieve that goal.
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    • Profile picture of the author cyberzolo
      Originally Posted by JensSteyaert View Post

      There are a lot of ways to make a million dollars, selling 1000 products that cost $1000 is just one way.

      My assumption (for what that matters) is that it would be easier to create a $100 product and sell it 10000 times to achieve that number.

      If you have a great software product for instance then $100 for it is a fair price. So that means in 5 years (1825 days) you would only have to sell 5-6 copies each day to achieve that goal.
      That is a really good perspective on how to make a million dollars, that makes it seem more attainable.
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      • Profile picture of the author Alexa Smith
        Banned
        It's pretty rare to sell $997 products to people to whom you haven't previously sold $97 and $297 products, or something of the kind.

        Selling a larger number of lower-priced products is worth a lot more money, because it builds a bigger buyers' list, and that's where the real money is.

        But in reality, the choice isn't between selling 1,000 products for $997 or 100,000 products for $9.97, or anything of the kind. It's much more realistic to sell a large number of lower-priced products, a medium number of medium-priced products and a smaller number of high-priced products.

        The way the figures work out (for affiliate marketing, anyway, and for many vendors too, I know), most of the income, in the long run, comes from making repeated sales (ideally at increasing prices) to the same captive audience. Which is, of course, just one of the countless reasons why the people trying to do this without building subscriber-lists tend to be so unsuccessful.

        .
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        • Profile picture of the author Ben Gordon
          Originally Posted by Alexa Smith View Post

          It's pretty rare to sell $997 products to people to whom you haven't previously sold $97 and $297 products, or something of the kind.

          Selling a larger number of lower-priced products is worth a lot more money, because it builds a bigger buyers' list, and that's where the real money is.

          But in reality, the choice isn't between selling 1,000 products for $997 or 100,000 products for $9.97, or anything of the kind. It's much more realistic to sell a large number of lower-priced products, a medium number of medium-priced products and a smaller number of high-priced products.

          The way the figures work out (for affiliate marketing, anyway, and for many vendors too, I know), most of the income, in the long run, comes from making repeated sales (ideally at increasing prices) to the same captive audience. Which is, of course, just one of the countless reasons why the people trying to do this without building subscriber-lists tend to be so unsuccessful.

          .
          I've had different experience. People who had never bought anything from me and whom I went on a 20 minute consultation call with, have signed up for $10,000 - $20,000 masterminds.

          It's not necessarily having people buy from you before, or making repeated sales; it's building a personal touch with your prospects. This results in good, high ticket sales (if you do it properly, of course).
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          • Profile picture of the author David Daygin
            John Reese did it --- 1000 sales of $1000 without prior $10 reports. At least a gross amount before affiliate payments.
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            • Profile picture of the author celente
              Originally Posted by David Daygin View Post

              John Reese did it --- 1000 sales of $1000 without prior $10 reports. At least a gross amount before affiliate payments.
              this was ground breaking, and for john reese who has been through alot did it for him, he finally made it.

              He is a smart cookie.

              I have a fried here in OZ that sells planes to the rich. yes like small lear jets. He is not a millionaire, but he only has to make one sale a year to do very well. And yes He has a funnell. :-)
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            • Profile picture of the author Walter Parrish
              Rather than focusing on the money try focusing and visualizing yourself living the life you want to live. Then pay attention to the answers your mind and environment give you to get there.
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          • Profile picture of the author SteveSki
            Originally Posted by Ben Gordon View Post

            I've had different experience. People who had never bought anything from me and whom I went on a 20 minute consultation call with, have signed up for $10,000 - $20,000 masterminds.

            It's not necessarily having people buy from you before, or making repeated sales; it's building a personal touch with your prospects. This results in good, high ticket sales (if you do it properly, of course).
            For me to personally make one million per year, I would need to get 1000 people a year into my portrait studio.

            That's doable at just 25 clients a week... I still be able to take off two months a year. Some clients will buy $500 packages, Some will buy $995 packages, others will go for the $1695 and a few will invest $2000 - $2500 while some will only take the promotional print and won't order any extra prints at all.

            Here's what I found... When using a personal touch by showing and selling images face to face in person or online via a screen sharing app with VOIP my sales average is about $1000 per session.

            But that's a lot of shooting and selling for one person to continuously do themselves so I tried to leverage my time by building a private website to upload my clients portraits to.

            When the client opens the page with their images... a countdown timer starts counting down to zero. When the clock hits zero, any unsold images are auto deleted. Instead of higher priced packages of canvas wall prints the website offers a number of smaller paper prints with the digital negatives on a CD so clients can still get their own canvas enlargements made. Three prices.... A $99 package B $349 Package C $495 package.

            But without the personal touch of a sales rep showing them the images and speaking with the client face to face or over the phone my sales average was under $100 because with that system most people would let the countdown timer run out without placing a order.

            But as soon as I went back to face to face or my PC to their PC while also having them on the phone with me while they look over the images... my sales average shot back up to around $1,000 per person.

            The Internet is a great tool but a personal touch results in much bigger sales and profits!

            Cheers,
            SteveSki
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        • Profile picture of the author Chri5123
          Originally Posted by Alexa Smith View Post

          It's pretty rare to sell $997 products to people to whom you haven't previously sold $97 and $297 products, or something of the kind.

          Selling a larger number of lower-priced products is worth a lot more money, because it builds a bigger buyers' list, and that's where the real money is.

          But in reality, the choice isn't between selling 1,000 products for $997 or 100,000 products for $9.97, or anything of the kind. It's much more realistic to sell a large number of lower-priced products, a medium number of medium-priced products and a smaller number of high-priced products.

          The way the figures work out (for affiliate marketing, anyway, and for many vendors too, I know), most of the income, in the long run, comes from making repeated sales (ideally at increasing prices) to the same captive audience. Which is, of course, just one of the countless reasons why the people trying to do this without building subscriber-lists tend to be so unsuccessful.

          .
          Awesome stuff Alexa,

          Totally agree - it would be VERY hard to go straight into a $1997 sale for instance.

          People buy from you based on their confidence that you can get them to where they want to be.

          This (in most cases) has to be proven with a $7, $17. $27 product first and then if you keep moving them closer to where they want to get and you "prove" yourself, only then can you do the big stuff!

          All the best,

          Chris Jones
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          • Profile picture of the author Snow_Predator
            Originally Posted by Joseph Villanueva View Post

            Plus if you are going to invest already on time and paid ads for people to see your affiliate or products with the same budget, why only show products that will make you peanuts?

            Instead have a custom sales funnel, that has low tickets at front and high ticket products at back end in order to maximize your roi (return on investment)
            Yes, this is something I've been planning on implementing.

            The game, Candy Crush, offers something for freebie seekers, and offers the option to buy stuff as well. It offers a graded level of purchasing - you can spend nothing, spend less than a buck, spend a few bucks, or spend a few hundred bucks.

            Why only have a $1000 product? Why not have different versions of that product that cost $20, $60, $100, $250, $500, and $750?

            With books, you can have multiple small $10 reports, and combine 10 of those reports into a big $100 book. Some people will buy just one $10 report. Others will buy 2 reports, others will buy all 10. Those who have the money will buy all 10 reports separately, AND buy the big $100 book.

            If you only had the $100 report, you would never have sold to the guys who didn't want to spend more than $10. Those who don't like to spend $100 on a book, are more likely to end up spending $100 with you, by buying one $10 after another.

            Think about how awesome this is in terms of product creation. Rather than labour for MONTHS creating a massive $100 product that you're not 100% sure will sell, you can simply create the product in small, 10-part chunks. Not only do you make money as you go, but you also get to gauge your audience's interest on the various topics in your project.
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        • Profile picture of the author dunkinbbb
          Originally Posted by Alexa Smith View Post

          It's pretty rare to sell $997 products to people to whom you haven't previously sold $97 and $297 products, or something of the kind.

          Selling a larger number of lower-priced products is worth a lot more money, because it builds a bigger buyers' list, and that's where the real money is.

          But in reality, the choice isn't between selling 1,000 products for $997 or 100,000 products for $9.97, or anything of the kind. It's much more realistic to sell a large number of lower-priced products, a medium number of medium-priced products and a smaller number of high-priced products.

          The way the figures work out (for affiliate marketing, anyway, and for many vendors too, I know), most of the income, in the long run, comes from making repeated sales (ideally at increasing prices) to the same captive audience. Which is, of course, just one of the countless reasons why the people trying to do this without building subscriber-lists tend to be so unsuccessful.

          .
          I agree with Alexa.

          Perry Marshall has popularized the 80/20 principle for sales and marketing.

          Indeed , taking it several levels deep.

          So, if you have a list of 1,000 people paying $10.

          Statistically, its highly likely that 200 will buy a $40 product from you

          100 will buy a $70 product

          10 will pay $500, etc.

          and at least a couple who will pay big bucks for greater value from you.

          assuming the value is there.

          source:

          80/20 Curve


          Bill
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    • Originally Posted by JensSteyaert View Post

      There are a lot of ways to make a million dollars, selling 1000 products that cost $1000 is just one way.

      My assumption (for what that matters) is that it would be easier to create a $100 product and sell it 10000 times to achieve that number.

      If you have a great software product for instance then $100 for it is a fair price. So that means in 5 years (1825 days) you would only have to sell 5-6 copies each day to achieve that goal.
      I just find it very cool when people try to find different ways to reach the 7 figure mark. It's an exciting thing to think about, and there are definitely possibilities of reaching those numbers if you do just the right thing to make it happen. Seeing all these different possibilities does spark up some thoughts for everyone, I'm sure.
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  • Profile picture of the author tamalanwar
    Think about the iPhones, they sell like millions or copies, if each of the new iphones profits just $100, they are making millions or billions per launch.

    I think product creation (tangible or intangible) is the key here in order to make the big money. Then again sell to someone and then sell them again (the iphone model, they make new versions) is where the big money is, don't you think?
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    • Profile picture of the author Angshuman Dutta
      Originally Posted by tamalanwar View Post

      Think about the iPhones, they sell like millions or copies, if each of the new iphones profits just $100, they are making millions or billions per launch.

      I think product creation (tangible or intangible) is the key here in order to make the big money. Then again sell to someone and then sell them again (the iphone model, they make new versions) is where the big money is, don't you think?

      Product creation is important, but a good product alone won't make you a mil. It took some time for the "Apple" brand to take off and secure a foothold in the market. Credibility counts a lot. If you look credible, people will even buy junk from you and call you "innovative". On the other hand if you don't look credible people wouldn't even bother to "test" your product.

      So, to me credibility comes first and then product creation.
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  • Profile picture of the author Rod Cortez
    A good answer to this question would be picking up a book like The Millionaire Next Door. The authors performed research on millionaires in different industries. It makes you realize that you can become a "millionaire" in so many different ways.

    The first million is always the hardest, because you're making mistakes and learning along the way. The 2nd million is a lot easier to make.

    RoD
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  • Profile picture of the author Caitlinz
    It depends on what way you choose. It is really hard to sell a $1000 product unless it is really valuable. If for $100, the customer will take chances to test out the product. But for selling a $1000 product, either he must be your previous customer or must have heard about your product's worth from various close sources.

    Like Steve said, you must focus on satisfying the existing customers and bringing them fresh stuff every time they look towards you.
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    • Originally Posted by Caitlinz View Post

      It depends on what way you choose. It is really hard to sell a $1000 product unless it is really valuable. If for $100, the customer will take chances to test out the product. But for selling a $1000 product, either he must be your previous customer or must have heard about your product's worth from various close sources.

      Like Steve said, you must focus on satisfying the existing customers and bringing them fresh stuff every time they look towards you.
      Exactly! Which is why utilizing a mastermind group for your customers on facebook for example is a huge marketing tool for you to keep promoting products to your buyers list in an intimate and personal level.

      At same time this see progress of others that started out with them which creates camaraderie and networking organically.

      Joe
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  • Profile picture of the author Tsnyder
    I think you all need to decide if you want to be millionaires (as the thread
    title implies) or you just want to figure out how to sell a million bucks worth
    of product.

    Big difference.

    One is relatively simple and easy... the other is somewhat more difficult.

    There really isn't any big trick to selling a million bucks worth of something but
    that won't even come close to making you a millionaire. I can introduce you to
    lots of people who've sold a million bucks worth of stuff and are pretty much broke.

    I can also introduce you to lots of people who've sold a million bucks worth of stuff
    and are earning a comfortable living. They aren't millionaires, though.

    If you want to join the ranks of those with high net worth... the kind of wealth
    that sustains itself without your direct effort... you have to learn and master a
    very basic principle of wealth creation.

    Leverage.

    You have to learn and master the art and science of leveraging time, effort and money.

    Outside of those who inherited wealth there isn't a single millionaire on the planet
    who hasn't mastered leveraging time, effort and money.

    How would you accomplish this in your current business model? If you can't
    answer that question you aren't going to create wealth... you might even fail to
    earn a decent living.

    Too many people spend way too much time learning the wrong things about business.
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  • Profile picture of the author ZephyrIon
    Originally Posted by tamalanwar View Post

    Hey guys, just thinking about it. How one can become a millionaire these days? By selling $1,000 product/service to 1,000 people?

    That will make $1,000,000 in gross sales. (not profit actually)

    Yes we can make a high value product and try to sell it 1,000 times.

    Or if it's a service than I guess managing 1,000 clients at a time will require a lot of human time.

    Building an app/game and if it becomes a hit, one can make tons of cash with ads and paid versions. And if it gets acquired big then can expect to become millionaire (if not billionaire)

    What are your thoughts/ideas on this? please share.
    Here is a question. How much money do you plan on spending to made a sale of $1000.00 is it a product based on a product or a persons reputation?
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    • Profile picture of the author tamalanwar
      Hi there, well this product will be based on personal reputation (mine) since I am a fan of personal branding. Don't want to build a product/service for IM/MMO niche, would like to go after people who have money already. For advertising, I would like to follow an expert's advice.

      Originally Posted by ZephyrIon View Post

      Here is a question. How much money do you plan on spending to made a sale of $1000.00 is it a product based on a product or a persons reputation?
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  • Profile picture of the author SoloSalinas
    I see a lot of people posting in this forum about how hard it would be to sell a $1,000 product. It's a lot easier than most of you think.

    What you post in this forum says more about you than what it says about reality.

    Just because you might have a problem with buying a $1,000 product doesn't mean the rich guy in the next town will.
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    • Profile picture of the author GoogleHydra
      Originally Posted by SoloSalinas View Post

      I see a lot of people posting in this forum about how hard it would be to sell a $1,000 product. It's a lot easier than most of you think.

      What you post in this forum says more about you than what it says about reality.

      Just because you might have a problem with buying a $1,000 product doesn't mean the rich guy in the next town will.
      You are totally correct it is not that hard it just takes time and money to get the advertising needed to sell them. The trick is not have your advertising dollars exceed your profits.
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  • Profile picture of the author whyeyeschoice
    I think it would be easier to become a millionaire by selling 10,000 Products at the $100 Dollar level...that way more people are in the bracket of affording the product...leaving you to make faster sells. ONE OF MANY SCENARIOS of Becoming a Millionaire!
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    • Profile picture of the author Shelly9
      This sounds like it would make an excellent case study. For what, I don't know. But I would read the heck out of it just to find out which path to 1 million dollars took the least amount of time:
      1000 products at $1000
      10000 products at $100
      -or-
      100000 products at $10
      Of course, a lot of factors would have to remain consistent like the niche, type of traffic and copywriting, and whether it is a physical or digital product or service.

      Actually, I would be more interested in the fastest way to make 1 million hours instead of dollars. You can always make money, but you can never get your time back.
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  • Profile picture of the author sasuke120
    You can offer services that cover these price ranges and look what sells better and then start promoting that service mpre often
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  • Profile picture of the author Mr Bill
    What is it about being a "millionaire" that attracts you to it? Is it saying that you have a million dollars in the bank? Is it that you plan to have a lifestyle that requires a million dollars in income to sustain? Or, is it just freedom that you want? Freedom is much cheaper and the lifestyle is very similar and it gives you the time to grow into a "millionaire" if that's what you really want.

    Ask "why?" before "how?". You might be surprised with your answer.
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    • Profile picture of the author tamalanwar
      Hey Bill, thanks for this question. Frankly speaking I need that status of being a self made millionaire. That way I can justify that yes after spending years in that other direction I have something to show. And also I need lifestyle where I don't have to worry about the money for years.

      Originally Posted by Mr Bill View Post

      What is it about being a "millionaire" that attracts you to it? Is it saying that you have a million dollars in the bank? Is it that you plan to have a lifestyle that requires a million dollars in income to sustain? Or, is it just freedom that you want? Freedom is much cheaper and the lifestyle is very similar and it gives you the time to grow into a "millionaire" if that's what you really want.

      Ask "why?" before "how?". You might be surprised with your answer.
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  • Profile picture of the author surfer30
    YOU Always look for what sells better and in my view point its better to sell cheap product to huge number of people than 100 dollar it looks expensive while its not unique and highly recommended. well Iphone can be sole to millions because it gives value like IPAD.

    Don't think about Million dollar but think about how to launch a small productgrow small then bigger.
    if you already made much money i expect you achieve that
    .
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    • Profile picture of the author alrenpages
      That is very possible if you have an email list of 200,000 + subscribers. I know of a blogger who has 255,000 daily visitors to his blog, he sold worth of $10,000.00 of products in just two months to only 100 buyers out of the 255.000 subscribers. To build email list is the best way for long term online business and it is done in a blog.

      In the email list, you can assume there are different kinds of people there from broke to rich and millionaire. The strategy in blog marketing is to sell from cheap to expensive products for all kinds of people.
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  • Profile picture of the author newbieleoling
    In my opinion pricing of the product doesn't matter at all. Is the QUALIFY target audience you are aiming.

    If you are selling $1000 products of course you most likely aiming high income earner, business man or any other rich guy. Because to them, $1000 is nothing as long as you can SOLVE their problem.

    The problem now is, how do you find your qualify customers who have the buying power? Many people spend too much time on target audiences but NOT qualify, is really waste time and money.
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  • I know it might sound counter intuitive, but It is easier to sell a limited amount of high-ticket items than to sell a humungous amount of low-ticket items. Why? Because most people cant tap into mass-level traffic venues.
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    • Profile picture of the author JensSteyaert
      Originally Posted by Anonymous Affiliate View Post

      I know it might sound counter intuitive, but It is easier to sell a limited amount of high-ticket items than to sell a humungous amount of low-ticket items. Why? Because most people cant tap into mass-level traffic venues.
      It depends on the time span you want to achieve this goal. The OP just talked about making a million dollars, then it would be easier to achieve if you sell lower ticket items.

      If you want to make that fast (couple of months for instance) then higher priced items would be a better choice.

      If you sell a $1000 product then you got a huge margin for using paid traffic, so traffic won't be anybody's worry, budget to test would...
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  • Profile picture of the author johnben1444
    There are so many ways to kill a rat so it is with making money.

    Instead of threading on other people's footsteps why not create your own path.

    Some people become millionaire by selling products worth $1,000 x $1000
    while others sell products worth $1 x $1,000, 000.

    Believe me, the market is there if you do your homework properly.
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    • Profile picture of the author Tsnyder
      Originally Posted by johnben1444 View Post

      There are so many ways to kill a rat so it is with making money.

      Instead of threading on other people's footsteps why not create your own path.

      Heck... that's an easy answer. The smart people find someone who has
      done what they want to do. They study that person and duplicate as much
      as they can.

      It's a wheel... no need to reinvent it.
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  • Profile picture of the author moneymagneto
    I deal with a lot of rich people in New York. From my experience the richer the person, the cheaper they are. You better damn well have a product they absolutely need.
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    • Profile picture of the author big tymer
      Originally Posted by moneymagneto View Post

      I deal with a lot of rich people in New York. From my experience the richer the person, the cheaper they are. You better damn well have a product they absolutely need.
      This is so true! Some of the richest customers I have, still try and nickel and dime me down in price, then later get into their $70,000 Mercedes and drive back to their multimillion dollar mansion. But I guess they call this being shrewd and that is one of the ways they became so rich by knowing how to push for a good deal.
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      • Profile picture of the author webbassets
        Banned
        I've started a series of one page blogs making $1/day and i currently run 500 such blogs with another 500 i think $1000 per day will be a great revenue to be a millionare soon
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  • Profile picture of the author Chris30K
    I don't like this approach. I understand you want to be a millionaire but the pricing isn't for you to decide, it's for the customer to decide. Ask them how much they'd be willing to pay for your product and then wake up early in the morning and work your ass off to get it to them.
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  • Profile picture of the author markeeter
    If I were working to be a millionaire then I'll start small, but then I'll expand my product line. I'll try to cater customers in both higher and lower income groups. In this way I won't be losing sales on customers who won't buy expensive, but I'll also be attracting the premium class. It all depends upon your marketing.

    you need to market each class separately, give them reasons beyond the use of product to come to your product. Create an emotional connection, and create it differently understanding the difference of all classes.

    This won't make you a million quickly, but it'll give you one with a strong foundation. you can keep growing and growing.
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  • Profile picture of the author pauljones99
    oh god.......what do "i think"?

    you don't want to know....

    10 minutes here and my head is throbbing!
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    • Profile picture of the author markowe
      Originally Posted by tamalanwar View Post

      Think about the iPhones, they sell like millions or copies, if each of the new iphones profits just $100, they are making millions or billions per launch.
      I don't think they are making that much on each phone, I could be wrong about that, but Apple really make their money from the eco-system, i.e. iTunes - tying users into the technology and then making repeat sales via the store. Relevant to this discussion, I think.

      Originally Posted by Snow_Predator View Post

      The game, Candy Crush, offers something for freebie seekers, and offers the option to buy stuff as well. It offers a graded level of purchasing - you can spend nothing, spend less than a buck, spend a few bucks, or spend a few hundred bucks.
      Case in point, they gave away a free product and yet are (or were at one point) pulling in revenue of one million dollars a DAY from sales of premium content (upgrades, boosters whatever). A DAY! We've missed a trick if we aren't doing something similar (though I personally find the freemium model a pain in the ^*^^&).
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  • Profile picture of the author skyro
    You can sell 1000 products for $1000 or you another way is you can create products and have your affiliates sell you products for you. Offer your affiliates prizes and good commissions and they will do the selling for you. Now instead of trying sell 1000 products you can work on getting more affiliates.
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  • Profile picture of the author ej236
    I plan on doing just that in late January 2015. My aim is to sell a unique SEO strategy that I've never seen anyone teach before. I plan on selling it on Udemy for $997 and my goal is to enrol 1,000 students and become a millionaire from this one product. I know it's doable and am confident I will hit my target of a thousand sales with the right marketing.
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  • Profile picture of the author Tom Addams
    I've been enjoying this thread!

    I may as well chip in a contribution: Low-Ticket Items

    I'm not entirely unfamiliar with the process of generating an affiliate income from low-ticket payouts. A figure around the $5 mark suits me just fine. Add to that the fact that the products I'm promoting are free and you have a nice little combination.

    Shall we do some math?

    1,000,000 / 5 = 200,000 units sold.

    200,000 / 365 = 548 (rounded up) per day.

    To earn $1,000,000 per year, and at $5 per action, I need to get 548 actions per day.

    More maths? Heck, why not.

    I convert a certain offer at around 1 action per 15 unique visitors (not my best, but you wouldn't believe me, so let's stick to 1:15).

    15 uniques = $5
    548 x 15 = 8,220 uniques per day.

    I, therefore, need to send 8,220 uniques per day to the offer page.

    I do that and I'm on $1,000,000 per year.

    And this is one of the many reasons why I love traffic almost as much as chocolate-flavored donuts.

    Tom
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    • Profile picture of the author TakenAction
      Originally Posted by Get Rich Methods View Post

      I've been enjoying this thread!

      I may as well chip in a contribution: Low-Ticket Items

      I'm not entirely unfamiliar with the process of generating an affiliate income from low-ticket payouts. A figure around the $5 mark suits me just fine. Add to that the fact that the products I'm promoting are free and you have a nice little combination.

      Shall we do some math?

      1,000,000 / 5 = 200,000 units sold.

      200,000 / 365 = 548 (rounded up) per day.

      To earn $1,000,000 per year, and at $5 per action, I need to get 548 actions per day.

      More maths? Heck, why not.

      I convert a certain offer at around 1 action per 15 unique visitors (not my best, but you wouldn't believe me, so let's stick to 1:15).

      15 uniques = $5
      548 x 15 = 8,220 uniques per day.

      I, therefore, need to send 8,220 uniques per day to the offer page.

      I do that and I'm on $1,000,000 per year.

      And this is one of the many reasons why I love traffic almost as much as chocolate-flavored donuts.

      Tom
      Now just think if you up-sell those $5 product buyers to a $47 product.

      In average you should easily [more or less] be able to up-sell 20% of those who bought your $5 product.
      [Believe it or not, 20% conversion rate for up-sell is pretty modest, so this is very possible.]

      Now let's do some math,

      you have to sell 200,000 units of that $5 product. $47 up-sell converting at 20%

      =40,000 $47 units sold.

      How does $2.88MM a year sound compared to the 1MM doing the same thing you were going to do before...

      The only difference?

      Add an extra sales page that is shown right after people buy your $5 product...


      Seems like a little work and small investment to create the $47 product and do the sales page and copy-writing for all that extra money.
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      • Profile picture of the author Tom Addams
        Originally Posted by TakenAction View Post

        Now just think if you up-sell those $5 product buyers to a $47 product.

        In average you should easily [more or less] be able to up-sell 20% of those who bought your $5 product.
        [Believe it or not, 20% conversion rate for up-sell is pretty modest, so this is very possible.]

        Now let's do some math,

        you have to sell 200,000 units of that $5 product. $47 up-sell converting at 20%

        =40,000 $47 units sold.

        How does $2.88MM a year sound compared to the 1MM doing the same thing you were going to do before...

        The only difference?

        Add an extra sales page that is shown right after people buy your $5 product...


        Seems like a little work and small investment to create the $47 product and do the sales page and copy-writing for all that extra money.
        I already do something similar.

        The money, as you rightly point out, is certainly in owning your own product; the trouble is, we can't own every product. I can't, for instance, own SWTOR, yet I can deliver it traffic. Over the last 20 years, I've assumed many roles in the industry, built up many traffic platforms. I love affiliate marketing just as much as any other; and more than most. I reminds me of being a kid and wandering into a sweet shop. Which sweet (or Candy) to choose? Just like when I was a kid, I can never decide. Solution? Try to eat 'em all!

        Saying all that - I thoroughly enjoyed reading your reply. I like the way you think!

        Tom
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  • Profile picture of the author skmyna
    To be a millionaire you need to think as a millionaire. Its about creating a business rather than creating a one time offer.
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