How to Create Your Own Cash Cow in 3 Easy Steps
I'm sure you've heard the term cash cow. Did you know it means a business, investment, or product that provides a steady income or profit?
What would it mean to your business - your LIFE - if you knew you could have a steady income every single month? What if you knew that ON DEMAND you could add more income every month. How would THAT change your life? What if you had a whole HERD of cash cows?
To get started, all you need is one product or service, and one funnel with three parts. EVERY business can put this into practice - whether you are a traditional brick and mortar entrepreneur, a woman building an empire in direct marketing, or a coach/consultant, creative entrepreneur, or body-work practitioner.
Turn Your Content into a Cash Cow with a Three-Part Sales Funnel
Every business should have a sales funnel. In simple terms, it is a visual representation of how to attract people into the business, and then convert them into paying customers. It helps you identify the journey your customers take; from Point A (entrance freebie) to Point C (paying customer).
The term ‘sales funnel’ is a big buzzword lately yet so many business owners procrastinate or are scared to create a funnel. Most commonly, they get overwhelmed at the idea of having to have multiple offers for their prospects. Like anything else, once you start to overthink an idea, it gains a life of its own and seems impossible to create. But, think of your sales funnel as your cash cow. Once it is in place and working for you, all you have to do is create a new entry point and lead people into your funnel.
So, let’s simply the whole sales funnel idea.
Step One: Offer Something for Free
Freebies are easy to create. In fact,they are so easy, we often create too many. All of this "free stuff" spoils potential customers who would potentially purchase one of your other products. Surprisingly, it also can make them leery of buying when you do finally offer a paid item.
Some examples of easy freebies are blog posts and emails, followed by opt-in freebies. Additionally, if you add in anything shared via social media platforms, podcast interviews, or videos, you’ll notice that you spend an awful lot of time on free information. It’s all well and good to attract people to you but now it’s time to move on to the next level.
Step Two: Lower Level Paid Item
Once your prospects devour your free information, they will want more. This is why it is vital to have another product in place - but make it a paid item. Create an ebook, a monthly membership site, recordings from a telesummit, or an exclusive buyer's club.
You’ve gained their trust so now it’s really time to impress them with your experience and expertise with the value you share. Once they trust you with that first payment, it’s easier to sell them another item because they already like you.
Step Three: High-Level Paid Item
One key to a successful sales funnel (cash cow) is pricing your items accordingly and at reasonable increments.
For instance, if you have a monthly membership site offered at $39/month, offering a high-level mastermind retreat for $10,000 is too much of a jump. On top of that, it is extremely unrealistic! Your customers won't see the value and you will be frustrated.
Instead, offer a $199 group coaching/consulting program. Understanding the wants and needs of your ideal audience is key. When you do, creating your cash cow funnel is pretty easy. When you don't understand them, you’ll lose people midway through the funnel, before they ever make it to the high paid item. Why? Because your messages don't resonate with them.
If you have tangible products, bundle them up into a higher value combo. You see examples of this everywhere - from the fast food spot on the corner to the high-end boutique. If you invest the time, you can create your own high-end, premium value product packages as well - even if you are tied to prices your company sets.
No Need to Recreate the Wheel; Repurpose Your Content
Essentially we’ve broken down the cash cow sales funnel into its simplest form: primarily three products or components. You likely have tons of free content available so let’s focus on the other two paid products.
You don’t need to sit down and write thousands of words a day or record dozens of videos. Instead, sort through what you have and find a way to bundle items together or combine items into ebooks, reports, audio files, or video classes.
Before you know it, your cash cow will be mooooving along and you'll be in green pastures. 🙂
Learn How to Create Your Own Cash Cow
If this seems overwhelming, join me for my free webinar, How to Stop Trading Dollars for Hours, where I will discuss in detail how to repurpose all your content into different forms you can then turn into your low level and high level paid items.
Here’s the registration link; hope to see you there!