Be Creative About Monetization

Written by Dominic Lee

Topics: Business Opportunities, Ecommerce, General Business, Internet Marketing, Retailing, Yahoo Store

“Guru’s Guru” Rich Schefren at one of his seminars

So I listened to a webminar by Russell Brunson and Rich Schefren the other day about ways to monetize an online business. While some may not apply to ecommerce, I jotted down those that do, and I’ll post it here to share.

Some of these ideas I don’t know will work with a Yahoo store, so hopefully developers or vendors here can shred some light on that as well.

Here’s the list:

  • Send mailing piece with all the packages you send out. You can be either an ad or offers from your own business or you can charge related complementary business to put mailing piece in your package.
  • Setting up a premium customer club, essentially a frequent customer will automatically become members of this club, at which you will provide better customer service and guarantees (i.e. say you charge restocking fee from regular customer, you don’t for premium customers; 24/7 support…). And you can further monetize it by charging non-frequent customers a fee to be in this club
  • Cross-selling AFTER order confirmation. Now YStore offers cross selling before finish checkout. The ideal way of doing cross selling is in fact AFTER they have confirmed an order and then you show them you can also get these products for less if they take action NOW. Ideally, they dont have to retype any information, they will just click and charge again combined with their original order.
  • Check out - they offers shipping rebate to customer if they join. You get a commission out of it.
  • - check it out as well, they offers this widget to put on your site and it shows what price is item is selling at at other sites, and you get paid when ppl click on those links. Don’t worry about seeing lower prices, you can set it such that it never shows lower prices.
  • Sell or offer at transactional emails - supposingly these emails have higher clck thru and open rate than regular marketing emails, so if you make offers there, it’ll be more likely you get sales out of it. Plus there’s no spam filter for that.
  • Those are couple ideas I have now, if you got any others, please share the wealth! =)

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