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How To Use An Online Revenue Stream To Increase Your Business

Have you considered expanding your business by going into revenue streams online? Or perhaps you want to create a brand new online business? If this is where you're headed, for a high fee, many "gurus" are poised to share the intricacies of their expertise with you. A few are good... but you'd best know specifically what kind of assistance you require or else long before you even get close to appreciating any return on your investment, you'll be shocked by how quickly your profits will be eaten up.

Put simply, building an on-line revenue stream requires skills in 2 areas:
1. Bringing the right kind of visitors to your web site
2. Persuading them to take the action you want

Let's examine an example wherein:

Selling your product for $100.
Attracting 1000 visitors monthly to your site.
Expecting 1% of these visitors to purchase your product.

Using the following formula, your short-term revenue is derived:

Product price x (# of visitors) x (% of visitors who buy)
Or, $100 x 1,000 x .01 = $1,000/month

So to grow your revenue, for a given product price, you can

increase the traffic to your site
increase the % of visitors who buy (your conversion ratio)
or both

Bare in mind, conversion ratios and traffic are not independent issues. Your conversion rate may well be hugely impacted by your visitor type and the resource that's referring your visitors.

So what options do we have when it comes to getting visitors to come to my web site? There are probably only a

few key stratgies:

1. Traffic for Purchase

Go ahead and buy traffic from options like banner ads, Pay-Per-Click (PPC), or off-line advertising to quickly bring visitors your way. Warning: these options may be complicated, and costly. And difficult to control. Many inexperienced PPC buyers lose out making avoidable common mistakes.

2. Traffic Building

Optimize your website so the site reaches the highest position in search engine results. This strategy is highly effective and delivers "free" traffic. However, constructing traffic requires experience, constant effort, and time from management to hold and achieve a desirable place on the initial page. In addition, your months of hard work can quickly lose its spot after a search engine policy change, or to competition. You must climb a sharp learning curve or pay an SEO (Search Engine Optimisation) consultant to perform this for you if you don't already possess SEO experience. So much for the claim of "free" traffic!

3. Dig for Traffic

By this I mean using your own existing customer lists and taking them to your new offer on-line. This can be an excellent approach for those who have an existing list of customers right for the new proposition. But what if you don't?

4. Use Public Relations to bring Traffic

Another approach is to create opportunities to promote your offer on radio, TV, magazines, or newspapers. Press releases, articles, or "advertorials" can include your website address for people looking for more information on your topic. If you're smart, and have good media contacts, this can be highly effective.

5. Traffic from "OPT", Other People's Traffic

Find several resources that are related to your topic. These resources contain thousands of subscribers who are on their circulation lists. Thousands of online newsletters and magazines editors are hungry for great, pertinent content. Imagine if a resource publishes your advert or article along with perhaps a personal endorsement to their circulation list, you can then expect a deluge of visitors. Unless you repeat the same act to another list or submit a new article for that first publication, this surge may soon recede.

But of course you can't do everything all at once! So what sort of start-up sequence should you consider?

To conduct a quick market test, purchase traffic from a focussed keyword-targeted source. Test the profitability of your niche, your ad copy and your offer. (Naturally, if your current client-base is ripe for your new offer, conduct your test first with your existing clients.)
Is your niche is profitable? Is your opt-in rate or conversion rate established? If so, then you're ready for "OPT". Present your offer to your target publishers and get the publisher to carry your article or ad by negotiating a deal that's good for all parties. Conduct these deals regularly and over a long period of time. Touch different market segments by using a variety of publishers.
Follow the key Search Engine Optimization rules when building your sales website. Include developing in-bound links, relevant content, a clear and focused theme, and so on in your site. By increasing your site's visibility on major Search Engines, your traffic is bound to grow over time.
Keep your news newsworthy. That is, as soon as you have news, find ways for TV, newspapers, radio and such to carry it.

As a final point, repeat these online revenue streams as long as profitable.