• Mar
    17

    How to Increase Your Profits from Freelance Writing

     

    At some point, you will probably want to increase your income. There are many ways of doing this. One way is to promote other people’s products (known as affiliate marketing). Another way is to create and sell your own informational products. As for the latter, that could be a book or a series of short reports, which can be sold for a few dollars each.

    A third way is to become involved with Joint Venture Marketing (JV’s), which is what we discuss in depth here. In its simplest form, Internet Marketing involves selling your products over the Web. This is what you do as a freelance writer. Joint Venture marketing is another application of that, though in a different direction.

    The classic definition of a Joint Venture is where you have a product or service you market to a third party. One of the best ways to do this is if the third party has a list and you can market your product that way. The commission split is usually 50/50, though you might want to give more if you want to build up a great customer list.

    The number one reason for creating a Joint Venture partnership is to create a long-term relationship with a list of satisfied customers to whom you can sell multiple times. It is not a one-time deal. This is a major mistake made by many marketers.

    What many people do not realize is that a sale of your product is not where the transaction ends. Once that sale is complete, you now have a customer. Among other things, you now have trust, because this person liked your product. Once you have that trust, there is an excellent chance this customer will buy from you again.

    You could make many more sales over the long-term than the short term. This could be with new products that you create or with products by other marketers. In this case, you become an affiliate and earn commissions on what you sell.

    How to Make an Effective Presentation

    When you create a joint venture, do it slowly. You do not want to do a major presentation to a total stranger. That is an excellent way of turning off someone.

    Likewise, you do not want to use a generic form letter either. Instead, you need to do your homework. Study their Web Site to see if it is a good match for your business model. If not, move on.

    There are three different types of products, which you can offer to your customers: Physical products, digital products or a combination of both. If you are selling a digital product, a 50% commission is standard and some marketers offer up to 75% for partners. The reason for the higher percentage is two-fold. One is to attract more potential partners. Two is because of the value of building a list.

    Some marketers choose to lose on the front end because they know they can make it up on the back end. This may come as a surprise to you, but 90% of the money you will make is on the back end. If all you do is concentrate on the first sale and forget about following up, you have left an enormous amount of money on the table.

    There are several ways of creating contact with potential JV partners. It is also important to remember that Internet marketing is dynamic, not static. What worked several years ago might not work now, so it is important to evaluate your approach from time to time. If one method no longer seems effective, it is time to use another approach.

    When approaching a potential JV partner, the number one question to answer is: How can your material be of benefit to their audience?
    Here are some possibilities:

    • Writing newsletters
    • Creating content for their site (paid or free)
    • Giving away free reports which contain links to your product
    • Guest blogging

    In the next post we’ll look at methods of writing an introductory joint venture letter.

    coaching_program_text
    • The book: Secrets of Profitable Freelance Writing (PDF)
    • 5 Video tutorials which show you what to do. Over 90 minutes of content.
    • 1 coaching call per month for two hours at a time. This is a group call where all site members call in at the same time and ask me whatever they want to know about freelance writing.
    • The coaching calls will be recorded and placed online for members
    • Each month I’ll interview a successful freelance writer and talk about the strategies they use to build their businesses
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