Growing Your Blog’s Income
In today’s episode, I want to talk about growing your blogging income, particularly when you’ve already started building some traffic and income streams on your blog.
This one will be most relevant if you’re at an intermediate to more advanced level. If you’re just starting out you’ll learn things that may not be relevant for you today, but will be good to know going forward.
Series on Growing Traffic to Your Blog:
- 2 Questions to Ask to Help You Find Readers for Your Blog
- 2 Types of Content that Help You to Find Readers for Your Blog
- Turn Surfers into Blog Readers by Building a Sticky Blog
- Find Readers for Your Blog Through Commenting and Relationships
- Grow Traffic to Your Blog Through Guest Posting and Creating Content for Other Blogs, Forums, Media and Events
Podcast on Autoresponders:
Check out our two courses – ProBlogger’s ultimate guide to start a blog and the soon to be released 31 Days to Build a better blog:
Join our Facebook Group
Hi there and welcome to episode 236 of the ProBlogger podcast. My name is Darren Rowse and I’m the blogger behind problogger.com, a blog, podcast, events, job board, series of ebooks, and courses, all designed to help you as a blogger to grow your blog and to build profit around your blog which is exactly what we’re talking today in today’s episode. You can learn more about ProBlogger at problogger.com. Also, check out our two new courses, How to Start a Blog course for those of you who are wanting to start a blog. You can get it at problogger.com/startablog or 31 Days to Build a Better Blog which will be launching in March which is more relevant for those of you who’ve already got a blog whether it’s a relatively new one or you’re at that intermediate stage. You can find that at problogger.com/31days.
In today’s episode, I wanna talk to you about growing your blog’s income, particularly those of you who’ve already got a bit of a start with building some traffic and income streams to your blog. This episode will be much relevant for those of you are perhaps at more of an intermediate level, maybe more of an advanced level. You’ve got a start but you’re not satisfied with the level of your income. Those of you who are just starting out, you’re probably gonna hear some things that may not be relevant to you today but you might also find them useful to have in the back of your mind as you go forward.
Today’s show notes and full transcript of the show are at problogger.com/podcast/236.
Today’s show is inspired by a conversation I had this week with a blogger who had been blogging for a couple of years now. She built some traffic up to her blog. She’d already started to experiment with selling sponsored content on her blog. She was in sort of a style, fashion, beauty type niche and had been selling sponsored posts on the site but was not satisfied with the level that she was at. She’s been blogging for two or three years and when she started out had hoped she’d be full time by this point. Whilst she had some success so far with building the income on her blog, she came to me asking, “How do I double what I’m doing?” She really needed to double what she was doing to get to a full time level.
On one hand, it was great, getting to a half time level with your blog is something that many bloggers dream of but she also had this thirst for more because she wanted to be able to give up other par- time work, children were going to school now and she had a little bit more time on her hands and so she wanted to really sink herself into her blogging, and to justify being able to do that full time rather than having to have a bitsy kind of life doing lots of different things. She came to me asking, “How do I double my income?” Now, it’s a tricky question and to answer it, I actually took her back to my own kind of tipping point of my own blog.
Back in, I think it must have been 2004, I’ve been blogging for a couple of years by this point, and for the first year I didn’t even know you could make money from your blog. I hadn’t made any money and then the second year, I started to dabble with some Google AdSense ads on my blog, some Amazon affiliate income. Many of you have heard me tell the story before, I did not start spectacularly, I had a few dollars a day really in those first months or so. But it did gradually grow and I got to a similar point to the blogger that I had this conversation with this week where I was starting to see it as a part-time job. I began to have this dream that it could be a full time job.
To cut the long story short, I realized I needed to really escalate the growth of my income. Because it was a very slow, steady growth, and it eventually was going to get to be a full time thing if it kept growing the way that it was, but it was gonna take me 10 years to get to that point. Vanessa and myself decided that really, if I wanted to be a full time blogger, I needed to escalate the growth of the income. We set ourselves a six month time limit to do it which perhaps is not the most realistic deadline saying, “I’m gonna be full time in six months,” isn’t something I would recommend every blogger do. But we kind of sensed that I really needed to have this deadline because I was treating it as a one-day thing. We set ourselves this deadline.
The problem was to get to that deadline, I needed to not double my income, I needed to quadruple my income. I was a quarter time kind of blogger, if you like, at the time. I wanted to get to a full time level.
Having that deadline really did help me to spur myself on. One of the things I actually said to tis blogger this week was, “Maybe you need some sort of a deadline.” In my case, we actually said that if I didn’t get to full time level in six months that I would go and get a real job, and that would kind of put a real halt on my blogging. Potentially, could have even had to give it up, that six month mark. I wouldn’t suggest you do that but at least having some sort of date in mind, some sort of a deadline in mind, can actually be helpful. It certainly helped me. It motivated me incredibly.
Some of you heard me tell the story before, but the day I set that deadline was the day I started doing things I always knew I should do, but I had no real reason to do. Like ringing up an advertiser for the first time and saying, “Hey, will you advertise on my blog?” Thinking seriously about growing traffic and all the things I knew I could be doing and I should be doing, I actually had a reason to start doing them. That deadline really did help in that regard. Over the next six months, I worked really hard on the things that I knew should be doing. I got to the point after a few months, I think it was three or four months, where I did reached that full time level, things just took off as a result of me doing things I knew I should do.
The first thing I encouraged this blogger to think about was, “What are the things you already know you should be doing that you’ve been putting off?” Most bloggers I talk to have this someday list, one day I’m going to do this, or one day I’m going to do that. I really wanna encourage you to look at your someday list and ask yourself, “What have I been putting off doing?” It’s such a powerful exercise to do, and to write out your someday list, and then to identify the things on that list, the things you already know you should be doing, identify those and start with those because you already probably know what you need to do to get to a full time level.
I’m gonna suggest to you, five areas that will help you to grow your blogging income. I wanna encourage to just pause this podcast for a moment and to ask yourself this question, “What do I think I need to do?” Because I suspect, that as I go through this list, if you have paused and you’ve asked that question, you’re probably gonna already have the answer. Once you do it, go listen to the rest of the podcast. I also wanna encourage to listen to you because I suspect you already intuitively know what it is that you need to do.
Some of you will remember I did a series of podcasts. I think it started back in episode 66 and then went for 10 more episodes over the next few weeks. It was called 10 Things That You Can Do Today That Will Payoff In Your Blog Forever. The whole idea of that series was to identify the things on our someday list and to do those things today, to bring those things forward. I suggested ten things in that series that will help to escalate the growth of your blog. Things that you can do today that are gonna payoff forever. I wanted to say right up front, for me, this is the key. This is the key to escalating the growth of your income in your blog, to take off of your someday list and start doing them today.
I think it was episode 66 right up to I guess episode 77. You might wanna check out that. But as I think about the growth of my own blogging income back at that point, in 2004, but also eversince. Since 2004, I’ve been full time pretty much the whole time. My blogging income did dip for one short period after that where Google decided to deindex me from their search result but apart from six-week glitch where I felt out of Google’s result, I’ve been a full time blogger ever since 2004. My blogging income has gone up and down over that time. But there’s been these spikes or there’s been these periods where the blogging income has escalated really quickly. I think it was back in 2004 things really took off and I got to the full time. But 2008, it plateaued, it was steady, and then it took off again.
What I’ve put together today for this podcast episode are five things that I can see over the last 15 or so years that have led to spiking my income and growth in my income. As I think about it, there’s five main things that have led to that type of growth. I wanna share them with you today. These are not tactical things, these are more general things, and then I’m gonna sort of dig into some tactical things as well.
The first thing that almost always has led to growth in the income is spikes in traffic. I can see very clearly as I look at my earnings over the last 14, 15 years that there’s a correlation between an increase in traffic and an increase in income. It’s not always exactly correlated. Different types of traffic can lead to different increases in income. A spike in traffic from Google for me pays off really well when it comes to Google AdSense earnings. But it doesn’t necessarily lead to a massive increase in affiliate earnings, but other types of traffic do convert with affiliates. It’s not an exact science but in the general principle I will say if you can increase your traffic, you’re going to increase your income, at least potentially.
This is a no-brainer in some ways. I know most of you kind of understand this. But one way that I grew my income back in 2004 when I went from part-time blogger to a full time blogger was to put a lot of effort into growing my traffic. I learned SEO in that period. I started to write content based upon the words that I felt people would be searching google for. I put a lot of effort into creating guest content for other blogs and participating in forums. Back then, there was no real social media, but today I will put more time into social media. These types of activities can drive more traffic to your site which can lead to an increase in your earnings.
Another one that you might wanna try is advertising your blog, investing some money into driving some traffic. Maybe you wanna spend some more time on a new social network, maybe it’s time for you to really invest your learning into Pinterest. There’s a variety of different ways that you can grow traffic to your blog.
I don’t wanna get into the nitty-gritty of growing traffic to your blog in this particular episode because I’ve covered it so many times in the past. I would encourage you, if traffic is the thing you know you need to grow and particularly if you’re a new blogger, this is probably the one that’s going to lead to the biggest growth for you in terms of income. You really need some traffic.
Go back and listen to episode 33, 34, 35, 36, and 37. There’s five episodes there that I did as a series on growing traffic for your blog. I talk about the different types of content that can grow traffic. I talk about creating guest content in different places. I think I talk about using challenges to grow traffic. There’s five episodes there that will help you to think about how to grow traffic to your blog. Again, I don’t wanna promise if you double your traffic, you’re gonna double your income because it does depend upon where the traffic is coming from, and the type of traffic you could get.
I remember there were times, way back in the day, where I got a lot of traffic in from a site like Digg which is similar to Reddit today. That really did not grow my income at all because it was the wrong type of traffic. It was teenage boys who were there to make fun of my content, some even went viral because it was funny but it didn’t really lead to an on-going growth to my income.
Part of the process is to try and work out what type of traffic and what type of reader you’re going to get as well. But in general, if you’re gonna grow your traffic, you’re gonna grow your income.
Again, that’s a bit of a no-brainer in some ways but it just has to be said. If you can grow your traffic, you’re gonna hopefully grow your income as well. So that’s number one, traffic.
Number two, and this has happened time and time again for me, to grow your income, one of the ways that you can do that is to add a new income stream. One of the first times I learnt this was when I had been playing around with AdSense for a while. I think I was probably earning $30 or $40 a day from AdSense which I was pretty happy with. AdSense, for those of you who don’t know, is Google’s ad network. I was kind of managing along okay and then I began to realize other bloggers were using other ad networks as well as AdSense.
Back in the day, there were some rules around what kind of ads you can have on your blog alongside the AdSense. You couldn’t have exactly the same types of ads. But there were these other ad networks beginning to emerge. One of them that caught my eye was Chitika which is still around today. You might wanna check that out. I’ll link to it in today’s show notes. It doesn’t work on every blog but back in the day, it was a different type of ad. They were image-based ads but they weren’t sort of like the banner ads that we see today. They actually featured little products. It didn’t break AdSense’s Terms of Service to run these Chitika ads alongside the AdSense ads, and so I decided I’m gonna experiment with Chitika. I didn’t replace AdSense, I actually added these new ad units onto my page.
I remember doing it thinking maybe I’ll land a few extra dollars a day. I went to to bed the night after I did it, the reports took a little while to come in so I didn’t really know what impact it was going to have. I was a bit worried that maybe it would decrease my AdSense revenue. I woke up the next day and checked my reports and I couldn’t believe it because my AdSense had not gone down at all but my Chitika income was the same as my AdSense income. What I realized is that I doubled my income overnight. Now it took me a few days to work out this was actually true, because I thought I’ll give it a few days to work it out, but I doubled my income simply by adding a new couple of ad units onto my site. Adding this extra income stream obviously led to an increase in my overall income. This has happened time and time again for me.
I wanna say right upfront you wanna be a bit careful about adding too much onto your site in terms of ads particularly because it can have a downward effect on your Google search rankings. Google doesn’t like it when you put too many ads on your site particularly if they’re really up or above the fold, and they can’t see any content vault. You wanna be a bit careful there, you don’t want to plaster yourself with ads.
But there’s such a variety of ways that you can monetize your site. I saw this when I added Chitika. I saw this when I began to added a job board onto ProBlogger. I saw this when I started to create ebooks for my sites, when I started to create other products like courses. I started to promote affiliate products, other people’s courses and ebooks. There was a period on ProBlogger when I offered coaching services. There was a period where I did some freelance writing for other sites, that was another income stream.
There’s all these different ways that you can explore adding a new income stream onto your site. This is probably one of the things I would encourage those of you who have one or two income streams on their site to begin to think about. Have a look at what other bloggers in your niche are doing. What are they doing to make money from their blogs? You might discover by looking around that they’re all using this one type of ad network, or you might discover that they’re all promoting this type of affiliate product, or you might discover that there’s an opportunity for you to set-up a membership area on your site where you charge a little bit of money per month for some premium content to your community area. Or maybe you could offer some coaching, or maybe you could set-up a mastermind group, or maybe you could set-up a Patreon account. This is where people donate money and you maybe give them some extra bonuses, maybe you could run a little event, maybe a meet-up in your area, or an online event. These are all different income streams that bloggers use at different times.
Again, in today’s show notes, I’ll link to a money map that I created with 30 or 40 different ways that you can make money from blogging. For me, this was one of the ways that I went from part-time to full time, adding these new income streams into my blog. It wasn’t just a matter of doing this or increase my traffic, I actually focused on both of these things, and that had this compound effect as well.
Maybe now is the time to begin to think about adding a new income stream to your blog. But for me, the most powerful one that I ever did is I doubled my income by adding Chitika but that went from $30 to $60 a day. It was significant at the time but it wasn’t huge.
For me, the big one was when I began to do ebooks and I began to sell my own products. That’s a fairly serious investment of time to create a product of my own but it paid off. I’ve talked about that first experience on this podcast before – overnight earning $10,000 or $15,000 when I first launched my first ebook. Over that first week, making $70,000 from that ebook. That blew my mind but I have to say that was based upon the first thing I talked about, building the traffic. You’re not gonna have those massive results unless you also do number one.
Again, the first one is traffic, second one was adding a new income stream, the third one is better execution of an existing income stream or better conversion, I guess you might wanna talk about. This really does apply to almost any income stream. What you are doing presently to earn income, you could possibly do it better. There’s probably some way that you can improve what you are doing. Again, this was another thing that I really focused on back in 2004.
I had these AdSense ads on my site but gradually, over time, I began to learn that I could earn more from AdSense on my site, even with the same amount of traffic. I could get better at doing AdSense. For me, Adsense, it’s a about a number of things. How many ads do you have on the site? Where are they positioned on the site? What size ad units do you have? Back then, it was also the design of the ads because you can change the colors of the texts ads. There was a variety of things that I began to learn about AdSense that improved the conversion that I was getting from that. That increased my, to get a bit technical, the CPM, what I could earn per page view.
If you’re running ads on your site, invest some time and energy, and maybe even some money to do a course on a how do you convert better with those ads. But the same principle applies no matter what the income stream you have. I saw this work for AdSense, I saw it work with Chitika.
I also saw it work when I began to think about how do I increase my earnings with Amazon’s affiliate program. I learned that sticking widgets, Amazon affiliate widgets on my sidebar didn’t really convert very well but when I mentioned the product inside my blog posts and had little calls to action that specifically said, “Get the price on this product on Amazon,” that lead to an increase in conversions. I learned that creating bestseller lists of products worked really well. Again, I can link to that in today’s show notes, a previous episodes where I’ve talked about creating bestseller links. These things led to increased conversions for me with Amazon.
The same is true for all of the different income streams. If you are selling an ebook, maybe you could convert better if you split test your sales page, run two different versions of the sales page, and there’s plenty of tools around that will enable you to do that. We talked in a few episodes ago that Thrive Architect as a tool that we’re using to create landing pages, that will allow you to split test different versions of a sales page. Test different headlines, test different pictures, test different calls to action, maybe you can increase the conversions that you’re getting on that particular page.
If you’re monetizing with sponsors, the blogger I was talking to, she’d been selling sponsored posts on her site. One of the things I encourage her to think about is what else could she be offering those sponsors in addition to the sponsored posts. Maybe she could create a little bundle of things that they could do on her site. Maybe if they pay double the price, they could get some banner ads on the site or maybe they could get a mention in her newsletter, or maybe they could run a competition with her, maybe they could do a giveaway with her audience, these extra things on top of the sponsored content.
This is one of the things that we’ve done over the years is begin to offer our sponsors extra stuff if they’re willing to upgrade what they’re spending with us. It maybe some mentions on social media, it maybe a competition we’ve done, all of these different types of things. We find particularly newsletter advertising works well with our advertisers as well. They’re getting better results because they’re not only buying a banner ad on our site but they’re being mentioned in these other places which reinforces their messaging. This allows us to charge more for the ads.
What could you do to improve your conversions you’re already getting? Look at your current income streams and ask yourself, “How can I grow those income streams?” It’s not just about adding new ones but improving and optimizing the way that you’re currently earning an income.
Another quick one that you could try if you are selling a product is to add an upsell. We did a test on this just last week. We had a launch on Digital Photography School. We had a course, 31 Days To Become A Better Photographer, makes sense to me and to some of you because we use that same sort of format on ProBlogger, 31 days. We had this course and we decided to add an upsell in the check out. The course was, I think, $49 for the course, and if you paid the extra $9, we give you an ebook. It’s just like a little upsell. It was converting okay. I think the first few days we made $700 from that upsell, and that was a nice little extra $700 that we would never have had.
As I began to think about it, I was like, “$9 upsell on a $49 product, I wonder what would happen if we did an upsell of a bundle of our ebooks for a little bit more.” So we tried overnight one night, we tried an upsell of three ebooks for $19. We immediately saw that that converted at a higher rate plus it was earning more because it was a higher price. We immediately saw that that led to an upswing in people taking the upsell. I think by the end of the campaign, we’ve made close to $7000 from that particular upsell. It was converting at a high rate.
These are all the little things that you can do and it’s just about tweaking, and testing, and trying new things. Similarly, you can do an upsell after a sale. You could, in the thank you email say, “Here’s another offer that you might wanna take. It’s a great companion to what you’ve already bought.” There’s a variety of different ways to do that.
Tip number one was to grow your traffic. Put effort into that. That is going to set almost like a baseline, a foundation for the growth of your income. Adding a new income stream is number two which in conjunction with the traffic is great. Number three is better execution of what you’re already doing, better conversions, focusing upon those tweaks that will lead to growth.
The fourth thing that you might wanna try, I’ve seen this work time and time again, is what I would call extra promotional activity. You could almost argue that this fits into number three as well, it’s better execution. But it’s where you do an extra burst of promotion of something. This particularly works if you are promoting one of your own products or if you’re an affiliate as well.
For us, the best example I can give you is, I think, it was seven or eight years ago now on Digital Photography School. We started to do 12 Days of Christmas campaigns. Typically, we’re launching three or four products a year and we would see big spikes in income everytime we launch a new ebook, or a new course, or when we would promote an affiliate product of someone else. I kind of came out with this idea with one of my team members to do this intense burst of promotion of all our products at the end of the year and the lead up to Christmas.
Most of you, by this time, seen 12 Days of Christmas campaigns, you possibly even run them yourself. For us, it was a matter of sending 12 emails in 12 days about each of our products, and some affiliate partners as well which is pretty intensive. It was a lot of work. It felt a bit risky because we’re doing a lot of promotion over a short period of time with our audience. I was worried about our list but it led to a massive spike in income as well.
Our audience seemed to like it. They like this event that we put together. So we’ve run 12 Days of Christmas in different forms over the years, different times. This led to an increase in sales. I wasn’t really adding a new income stream, although I guess you could call that whole campaign a new income stream, but it was really just growing the sale of our products, and the sale of affiliate partners which we were already doing anyway. It wasn’t really tweaking or better execution of what were already doing, it was a new thing. It was this extra burst of promotion.
There’s a variety of ways that you can do that. You can do a seasonal promotion. We just had Valentine’s Day. I saw some bloggers running specials on the products that they have or some affiliate stuff around that. Christmases are our ideal time for that Black Friday, Cyber Monday. We see all these different times of the year where it’s possible to do promotion. Maybe it’s a seasonal promotion. Maybe it’s just a flash sale. This is something we did a little bit more last year on Digital Photography School.
We decided to just do these 24 hour sales on some of our products. They didn’t led to massive spikes but they did lead to increases in sales of our products. It’s just a matter of looking at your calendar for the year. You’ve probably got some big promotions that you’re doing but what goes in between them? What could you do? Something small, something targeted, something focused, that might lead to increase in sale. So a flash sale might be one way to do this.
Maybe it’s about creating an autoresponder. Autoresponders are something that we’ve talked about numerous times over the years. I think back in episode 177, I talked about autoresponders. Autoresponders are basically a sequence of emails that you send your list. Maybe that’s something that’s been on your someday list. I know a lot of bloggers, that’s something that they wanna do. An autoresponder could be a sequence of emails that promote your old archives which drives more traffic to your site which can lead to higher income in terms of your AdSense or it might include some promotional emails as well. Maybe setting up a new autoresponder that takes your readers through some of your archives but also promote an affiliate product or one of your own products could be useful as well.
There’s some bloggers who, in their autoresponder sequences, have partnership emails. This is where they do a deal with a sponsor to have an email in their autoresponder that promotes that sponsor. That’s another income stream that you might add, or if you’ve already got an autoresponder, and I know a lot of you do, when was the last time you added an email to that sequence? Maybe, one way that you can grow some income is simply to add one more email into your autoresponder sequence. Maybe it’s an email that promotes something you’ve got that does almost like a little sale to anyone getting that particular email.
That’s something that’s worked really well for me over time as well because everyone getting that one email, anyone who’s at the end of your sequence who gets this extra email, they could potentially buy what you’re selling. But it’s also an ongoing income stream as well. There’s all the different things that you can do to promote what you do a little bit more, to drive more targeted traffic towards the thing that’s converting for you.
I guess another one that you could do is potentially set-up and begin to learn about advertising your products as well. If you’ve got a product or an affiliate product, maybe another way that you can promote that more is to do some Facebook advertising or some Google advertising or something along those lines.
Lastly, another way to promote what you’re doing more is to think about the user interface of your site and the design of your site. Maybe you’ve got this product in your shop or maybe you’ve got an affiliate product that you’re promoting but no one ever knows that you’re promoting that thing because you really haven’t updated your menu to include the fact that you’re promoting this thing. That might be another way that you might wanna try. We are redigging out our menus at the moment to be a little bit more focused on driving people to those type of activities as well.
The last one that you might wanna think about there to get more people to those activities is to create a resources page. If you go to ProBlogger and you look in our menu, you’ll see resources there. On that page, we list our affiliate partners. The people we recommend for servers, and some of the tools that we use as well. That page drives affiliate income for us. Actually having a landing page that doesn’t just sell one thing but sells a variety of things can be useful as well.
If you go to Smart Passive Income and look at Pat Flynn’s site, you’ll see that he has resource pages as well. He actually, on the front page of his site, promotes quite heavily some of his main partners as well. It really comes down to the design of your site, maybe you can actually promote what you’re doing better as well.
The last thing that I wanna talk about, the fifth thing is one that, again it’s a bit of a no-brainer, but it is something that’s incredibly powerful and it can lead to increased income as well. That is to increase your prices or at least to change your prices because sometimes decreasing your prices can actually lead to more income as well which is a bit of strange one. But in most cases, I think considering increasing your prices can work as well. We’ve seen this a number of times over the years.
Digital Photography School, we were selling our courses for a long time for about $29. We realized, one, a lot of our competitors were selling courses for $300 that were very similar to our courses. I guess having seen the value in our own courses, we put a lot of time and energy into creating them but we were underpricing them. We weren’t actually putting them forward at the value that they really had. As a result, some of our customers weren’t actually thinking that they were any good. I remember talking to some of our customers who were buying these $300 or $400 products from our competitors. I remember having conversation with one of them, I was like, “Why do you buy that product when ours is $30?” They were like, “I just thought their product was better.” And I was like, “Why?” And they were like, “Well, it’s $300.” There’s this perception there, there’s a lot of psychology behind that.
I’m not saying that you all need to 10X your prices just because it’ll make people think they’re more valuable. You gotta price your product at a price that is actually reasonable and that does give value to your customers. But sometimes, I think, we underprice ourselves. If you’re like me maybe that’s you. At our events every year, people come up to us and say, “Your event’s too cheap. It’s amazing what you deliver at your events for $300 or $400. There are other people charging a lot more.” I have this internal battle going on. I wanna keep our event as affordable as possible so that people can come to it so it serves them, as many people as possible.
But at the same time, I know that the value that we deliver is above and beyond the price that we charge for it. It’s a wrestle sometimes. If you’re like me, it’s probably something that you feel, but I wanna encourage you to think about increasing the prices if you’re selling something. Or, connected to this, add a premium level to your product. This is something we discovered last year at our event that when we added a mastermind day to our event, that there was a certain segment of audience who were willing to pay considerably more to get a more intimate experience, a more personal experience with myself, and my team, and the speakers.
James Schramko, I think I heard him say once that there’s 10% of your audience who’s willing to pay 10x more than what you are charging for something that is at a higher level. I don’t know if it’s 10%, I don’t know if it’s 10x the value, but I found that to be true. There is always a segment of your audience is willing to pay more for something extra. One, they’ve got the budget, but two, they’ve got the demand. They want something extra, above what you’re doing. What could you add to what you currently sell that is at a premium price? Maybe it’s that more personal attention, maybe it’s extra content, maybe it’s more advanced, maybe it’s a mastermind group of some kind. Increasing your prices can significantly help.
When we actually did increase the prices of our courses, eventually we did, we actually realized, and it’s a bit of a no brainer really, but you don’t need to sell as many courses to make the same amount of profit. If you can sell the same amount then you significantly your profit and your income level as well.
The other thing worth mentioning is sometimes decreasing your price can actually lead to more sales as well. That’s a whole other podcast to talk about as well. But experimenting with that, you can split test your product pricing can actually be a really worthwhile thing to do to better optimize your conversions as well.
There’s five things that you can do to grow the income of your blog; more traffic, a new income stream, better execution of an existing income stream to increase your conversions, extra promotional activity to really get more eyeballs on the thing that you’re doing which I guess is 3.5 really, I say those two things is quite connected, and then the last thing is to play around with your pricing, particularly considering adding a premium level pricing to what you do as well.
As I’ve said all through this podcast, you don’t have to do any of these things in isolation. It’s actually probably the combination of two or three of these things that’s going to lead to the growth in your business. This is the reason that I went from a very part-time blogger to a full time blogger within a few months because I worked so hard on increasing my traffic.
Over that six months, I increased my traffic significantly but I also added new income streams, and got better at what I was already doing. As a result of those three things that I focused on over those months, my income more than quadrupled over the six months. I went from being someone who dreamed of one day being a full time blogger to being a full time blogger, and actually growing the income beyond what I ever thought I would do from anything that I would ever do.
I really wanna encourage you to do that. Again, pay attention to what you already know. You probably already know the answer. It may not be doing something completely new that you never thought of, it might actually just be learning SEO, or setting up that autoresponder, or sending some emails to your list, or creating a product. These are the things that you’ve probably already been dreaming of doing. I encourage you to put those things on your today list instead of keeping on dreaming of doing them one day.
I hope this has been helpful to those of you who are listening. This is literally life-changing stuff. I went from, in 2004, from being part time to full time, my dreams came true because of the intense amount of action that I took over those six or so months. Your life can really change in many ways as a result of this burst of today action, just remember that, and keep at it.
If we can serve you and encourage you in any way through that process, head over to our Facebook group and let us know the questions that you have. Let us know what you’ve decided to do so we can keep you a bit of accountable to that as well. Just search for ProBlogger Community on Facebook and you’ll find our little group as well.
Also, check out our 31 Days to Build a Better Blog course which is coming out in March. I think it’s perfect alongside this particular podcast because a lot of the activities that we’ll be teaching in that 31 Days to Build a Better Blog are about increasing the traffic to your site as well. That certainly is gonna help you with that. problogger.com/31days and you can sign-up to be notified when that particular course goes live.
Thanks for listening. Chat with you next week in episode 237, I think it is. Thanks for listening. Chat next week.
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