Best Method Of How To Make Money Online Fast
We are going to cover the two main things you need in order to make money online fast. But we're also going to make you aware of a problem you will encounter with these methods that no one talks about, and how you will need to solve it.
How To Get Started Fast
Let's start with one of the best methods to get started fast. You've probably heard lots of positive promotion about this due to marketing by companies. But there's a key problem with this approach which we are going to lay out for you in great detail.
So the best way to make money online fast is to find a product or service to sell that already has an extensive online infrastructure in place. This means that you have the ability to tap into a sales funnel that begins with a marketing message that appeals to your prospects, captures their e-mail through compelling content, sells them your product through a video sales letter, completes the sale through an already set up shopping cart, and has an e-mail follow-up system where you are able to market to those who haven't purchased yet, as well as send follow-up messages to your customers.
We call this a plug and play system. Many companies offer this to prospective sellers by letting them become a representative or affiliate. The products sold can be physical or they can be informational services or systems.
So that's the first thing you need and it sounds good so far, right? The second thing you need is a good source of prospects. Where is the best place to find these? Where all the eyeballs are online, like Facebook, for example. And the fastest way to get your product or service in front of these people is through paid advertising.
The Big Problem
But here is one of the biggest problems you will encounter. Because the commission rate you receive with these plug and play system products usually varies between 10-50%, you are unlikely to earn enough money to afford paid advertising and still earn a profit.
This means that you will be unable to move your marketing into an efficient and productive well strategized paid advertising campaign with these types of plug and play systems. So you will be forced to find alternative ways of marketing. And this can result in you not making the amount of money you had hoped you would.
Proof Is In The Math
Let me give you a real life math example of how your commission rate can prevent you from doing paid advertising on Facebook, and then I'll give you a few tips on where and how you can still market a product or service using one of these already built systems.
Here's an example of how the math would work if you were trying to use paid advertising on Facebook to sell a $175 product:
Let's say that your commission rate is 50%. This is on the high end for selling a product or service as a representative or affiliate.
Cost Per Click for your ad $0.90
Click Through Rate 3%
(this is where a person clicks on your ad and goes to your landing page)
Landing Page Conversion Rate 20%
(where the prospect gives you their email address)
Sales Page Conversion Rate 3%
(where you actually make a sale)
Cost Per Customer Acquisition $153
Now, I'm not going to backtrack through all the math, but take my word for it, what it comes down to is this: it took 170 people clicking on your ad to create 1 person to buy your product, so at .90 per click x 170 people, that's $153.
So what you end up with is that it cost you $153 to get a customer to buy your $175 product. So you're thinking, okay, I still earned $22. But wait, remember that you are only getting a 50% commission on that $175 product which is $87.50. That means that although you earned $87.50, you paid $153 to get it, which leaves you with a loss of $65.50. So, unfortunately, the commission rate severely hampers your ability to get the math to work with this paid advertising method.
What To Do
What this means is that you will need to find free or low cost ways of marketing your product. This can be accomplished through dialog on forums, placing low cost banner ads on content sites, or better yet, creating free educational videos on YouTube where people are actually searching for answers to their questions that relate to your product.
So to summarize, the best way to make money online fast is to be a representative or affiliate of a company with an existing online infrastructure already in place. But the low commission rate frequently prevents you from making a profit when placing ads on the most popular sites where people hang out. This means you are forced to find free or low cost ways of marketing your product which may not be as effective and you may find it hard to make much money.