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5 tips on how to leverage your profits and improve your overall ROI
When you start to make money online, you will start thinking of how you can constantly increase your overall ROI. Sure, you can boost one website and get it to a point where you're happy with it, but that might not be the best it could be performing. Many people fail to leverage their profits and improve their overall ROI because they get too comfortable with what they're earning. What if I told you that online income isn't stable and you should always be thinking of other revenue streams in order to have some sort of income stability?
People tend to get complacent when the profits are good, then they begin to panic when the money starts to dry up, and it's usually because they rely on one revenue stream. What you'll want to do is broaden your horizons and get your hands into multiple things you're interested in. Of course, you'll have to streamline and automate your original business to a point where you can focus on other things. You could do this various ways such as bringing on staff or hiring some VA's from the Philippines, but in the end, if you're not writing scripts to automate it with a hands off approach, you will need people helping you out.
In this discussion I'll be going over 5 ways you can leverage your profits in order to improve your overall ROI, and they are:
Continue branding your business
Branding is a major thing when it comes to boosting your profits. A great way to do this is to get on social media platforms and get your image out there, as well as your websites URL, in order to be seen by the masses. One thing that a lot of people are gravitating towards is Influencer marketing through Instagram, since it gets a great deal of traffic and works well for branding and increasing sales.
Influencer marketing isn't really anything new, companies have been paying people to advertise for them since the beginning of the internet. Instagram is one of the newer platforms that have been on the rise with influencers gaining massive followings that you can utilize for your own branding. You can contact people directly and see what they charge for a post, if they accept business deals, and then pay them via PayPal or however they prefer and then they usually put together an advertisement for you that will last around 24 hours.
You will need to do influencer advertising with the same accounts multiple times before you see anything beneficial, but it does work, and you need to be patient Branding will always boost your sales, people will trust you due to your branding campaigns and they will even refer friends and family members to you
Invest in PPC campaigns
This may seem like an obvious way to boost your sales, but you'd be surprised how many people aren't leveraging their profits and putting it into any sort of PPC campaign to boost their overall ROI. All you have to do is set your daily budget to an amount you're comfortable with, then let it run. Of course, you'll have to set up your campaign so it targets the right people and your CPC isn't ridiculously high. You can profit a great deal of money by placing second or even third within the paid rankings, you don't always need to be on top
PPC campaigns have been proven to boost your sales if you set them up right. Be sure to split test your campaigns so you know exactly what works and what should be deleted, then keep the ads that are converting the best
Bring on additional team members and marketers
Building up your own team is a great way to boost your overall ROI because you're going to get more work than you can do on your own done in a single day. Sure, it will cost money to hire someone to do a task for you, but if you hire the right people, they can help you bring in leads and that will pay their own way. You never want to bring someone on board if you're just tired of doing everything, you need to only bring them on board if you're overwhelmed with everything and you can easily afford to pay someone to help you out.
Building up your own team will help you build your brand as well, you can make it mandatory for your employees to write up content to post to your blog in order to boost your rankings within the SERPs in order to make more money if the articles rank well. You can also have them multi-task for you by writing the content, answering support tickets, posting to social media for you, and many other small things that don't take much time on their own but combined together would eat half of your day.
Develop services related to your niche that you'll give away for free
This is one of my favorite ways to boost sales and my own ROI. I will actually set up a website, that is 100% free, and it will help people out in some way. The website and service doesn't have to be anything crazy either, it can be as simple as hiring a programmer to smear an image in a funny way or ad dog ears and nose to any picture you upload. The possibilities are actually endless, and people love free stuff, so set something up that will help your industry and it will usually take off fairly quick.
How can you profit from this? Well that's easy, you just place your own banners and links on the website so people can click through and make a purchase if they want to. Your profits will be enough to cover the amount it takes to have your free service on a decent hosting account, which will keep your free service running smoothly
Start additional websites and businesses in other industries.
Pushing your profits into other industries is another great way to broaden your horizons, and I usually tell people to only do this when they are sure their first business is starting to plateau. That means your profits are starting to stabilize, and you don't think they will be able to go much higher. Usually a business doesn't hit this point very often, but that doesn't make this a moot tip.
You don't always have to wait until your profits are starting to slow down and plateau, you can always jump into different industries and try to dominate, just be sure your current business model is in good hands since you will likely have to be away for a while setting up a second industry leading website.
You'll always need to be branding your business if you want to profit more than your competitors, so be sure to push your profits into it in order to boost your overall ROI. Putting money into a PPC campaign isn't anything new, so be sure to get the right campaigns up and running in order to boost your profits. Setting up free services as well as targeting other industries are similar, they require you to set up industry leaders and eventually take over, so doing one or both of these is great at boosting your overall ROI. Eventually, after you do all of the above, you will be able to see your profits rolling in and that means you can rinse and repeat the entire process to double or even triple your profits and ROI
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