July 29, 2008

Lot’s ‘o Moolah 101

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Believe it or not…

Here’s the formula for success on the Internet:
Traffic + Copywriting + Product = Lots ‘o moolah!

This “formula” was originally coined by James Brausch as:
Traffic + Copywriting + Product = Internet Business Success

My version is WAY better. 🙂

Let’s talk about the various parts of that formula.

Traffic

Traffic is silly term that really just means people. You need to be able get people to see your message in order to get any kind of success in a business. Most times it’s called advertising and/or promotion.

Traffic is absolutely critical. You simply MUST have traffic in order to succeed on the Internet.

Traffic is king. Without it you are sunk. It doesn’t matter how awesome your product is if nobody knows about it. You can have the best product in the world but without traffic (people) you won’t sell any. It would be the same as building the best widget ever created and then putting it in your closet where no one even sees it.

Enough about traffic, you get it. Traffic is just the first part of the formula. You can have all the traffic in the world but then you need…

Copywriting

This is another goofy word that really just means “message.” We already talked about getting a message in front of people in order to sell your fancy widget. Copywriting is the message they see.

What if you followed the first part and have tons of traffic? You have to have a great message to explain your product. What the hell are you going to say? What’s your “message”?

The message you use is called copywriting. Copywriting is nothing but words, BUT simple words are very powerful.

In your business you will measure the effectiveness of your message with a “conversion rate.” That’s heady way of saying, “How many people actually do the stuff I’m trying to get them to do?”

You want people that give you money…customers. You want to “convert” your traffic (the people) into customers (purchasers).

The words you use to tell them about your product will have a direct impact on how many of those people (traffic) will purchase.

You could say…

“I have a the best widget ever. It’s only $1. You can buy it from me now.”

Let’s say that message makes 1% of the people that hear it (traffic) purchase your widget. If you added something to your message — like a money back guarantee and an explanation of how it works and a list of ways that it is better than other widgets and a list of people who have tried it and what they thought about it — you will most likely get more people to buy it. That’s copywriting. What you say has a huge impact on your conversion rate.

Copywriting is just as critical as traffic.

But even with massive amounts of traffic and the best copywriting you still must have…

Product

There are tons of different kids of products. Even services are products. Your product could even be selling the previous to parts of the formula, traffic and copywriting. Just understand that a product is not just something that comes in a box.

Many people starting out in their own Internet business start with affiliate programs as their “product”. This just means that you are selling someone else’s product. It’s still a product.

Your product choice is very important. The “market” you choose is even more critical and can help narrow down your product choice. I always recommend that you start with the largest markets.

Usually when I start to teach about starting in large markets my students start to freak out about competition. I’ll put it very simply.

Competition is good! If there is no, or very little, competition, in the market you choose, it will be very hard for you to make money. It’s also a telltale sign that the market is not viable, otherwise there would be other people in that market selling stuff!

In later posts I’ll give you detailed teaching on why competition is good and how to use that competition to grow your business. For now just start with what many call the “happiness” markets. People will pay money to be happy. I’m sure you can think of the markets yourself.

Everyone wants to:
1. make more money

2. lose weight

3. look better

4. live longer

5. get along better with people

6. be entertained

Start out in one of those markets, or at least a market very close to that. Don’t try to sell to one-legged, hippy surfers who are also Ford drivers. The lack of competition will cause you massive problems and your market is so limited you won’t make much money. You want a market that you can “scale” into. Just make sure the market you choose is BIG and you will be OK.

Alright, those are the basics. I’ll go into much more detail in the future.

For now, get the free market research tool and start using it to brainstorm a product.

Don’t forget sign up for my blog announcement list in the form at the top right of this page so you don’t miss any of my incredibly insightful posts.

Now, get off your ass and do something productive!

Later,

Matt

Matt Trainer

Click Here to Leave a Comment Below

mark - August 23, 2008 Reply

hey Matt, I would be interested in more how to info on how to make a product. Or in my case, a way to set up an info product.

I offer to write articles for musicians in what I call,
The Musicians Instant Press Kit.

But as usual you guys at Digital Media are always on cutting edge
ways to bring more traffic and sales to sites.

Thanks guys,

Mark Grove

foxy fox fox - January 1, 2011 Reply

YES! We should focus on top 3 markets.

Health

Money

Relationships

learned this from Eben. + You

Al - April 20, 2015 Reply

Hey dude, it’s cool to finally be dealing with a straight up guy, love your attitude, it’s a lot like mine.

Paul Biggs - April 28, 2015 Reply

Matthew I understand now what you are talking about after Reading this thank you!!

Kim Grashoff - May 2, 2015 Reply

Love the way you write. You make it so easy and you say like it is! Had a smile on my face while reading it. Looking forward to your next post and I although I am sitting on my ass right now to write this comment I am ready to kick ass.

Vee Dell - May 2, 2015 Reply

Matt, thank you for what you are doing! I am so incredibly excited to be working with you.
I have never been this upbeat about anything online since my very first venture into online
business. Unfortunately that one was a bust and the rest is history. Everything I have gone
into in the past six years has been with trepidation (and I have usually been right to feel that
way). But…now….I feel excited again. I have a vision of actually cracking it on the net and
that is all because of you!
ETERNAL GRATITUDE!

Mark Dean - May 4, 2015 Reply

Great stuff. A big strong oak tree needs a solid root system. Also, those who make large and life-changing income need the right foundation (stated here) to make A LOT of MOOLA!!!!

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