Learning About By-Product Income
April 20, 2010
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When we build things, our focus is often geared toward the finished product. How do we market it? What improvements can be made? Can we increase sales? All these things are important to being to creating a successful product.
But I’d like introduce you to a different train of thought: By-product income.
I have a web design business. I strategize, design, develop and market websites for small businesses and non-profits. So I asked myself, “outside of what I offer my clients, what else MUST they have for their website to work”? Web hosting, email campaigns, content management systems.
I don’t build or offer all these things, but I personally pay money for all of them. I’d also recommend my clients do the same.
What if I could find a why to make money off of these services too? I don’t want to charge my client extra money. I simply want to find a way to get a portion of the price of these services. I provide business to a web host and, in return, I get a portion of the sale. Sounds fair, right?
Fortunately for you and I, a lot of great companies have built affiliate programs. Do you know about them? I’ve signed up for a handful of these programs and am using them to generate income.
The trick is to find products you believe in and see if they have an affiliate program. If they don’t, offer them a proposal where you drive them costumers in return for a portion of the sale.
It’s a win-win situation.
Affiliate programs are just one example of by-product income, but there are lots of others.
My challenge to you is to answer these questions:
- What are your by-products?
- How do you monetize them?
Then go and do it.
