What I’ll Do To Make Money In Recession...
Most part of the countries is expecting recession. Whether you're experiencing it personally or not, that's another story but this matter is important because it will AFFECT how you make money online.
(Note that affecting does not means you're making less money-- knowing how to leverage on it will make you more.)
The question is, how you turn it around to your advantage?
I've figured mine out and feel free to take this idea to work out a plan for yourself:
When economy goes down, where do you think business owners and companies will spend their money on?
Advertising.
And that's where I want to be- to sell advertisements to prospects and collect fix monthly fee.
If you have a content site, start taking advertisers. If you have a blog, you can do the same as well and charge a premium. To get advertisers, you can either get them directly or use third party websites to hook you up with advertisers. There are a lot of them out there, just search in Google.com.
Generally, there are two main selling points-- traffic or high Page Rank. If you don't have any sites with any of those two, there's still another way how to do this.
Become an advertising broker. Match the advertisers (those who wants to advertise) and publishers (those with websites that accept advertisers) to earn commission, just like how a real estate agent works. You don't need a website, mailing list or spend a single cent to do this. Email and a phone. Now, you got to figure out the nitty gritty stuff yourself because I'm running through ideas with you-- not writing a step-by-step ebook here.
Instead of rambling how bad the recession's going to be, I like to invite you to think this-- how you can take advantage of this matter and make even more money online.
Put up your idea at the Comment below. IT CAN BE ANYTHING-- even offline methods (which have plenty).
Now, when you share your idea below, make sure to include your name and email because of 2 things-- someone reading your comment might like to work with you and also, I'll send you a gift.
The gift is private label rights of an ebook that will sell very well in recession. It's yours free and I'll email to you, just make your Comment below and get some positive energy going. :-)
Patric
P.S: If you're an American, I like to wish you, "Happy Independence Day!"
--------
(Note that affecting does not means you're making less money-- knowing how to leverage on it will make you more.)
The question is, how you turn it around to your advantage?
I've figured mine out and feel free to take this idea to work out a plan for yourself:
When economy goes down, where do you think business owners and companies will spend their money on?
Advertising.
And that's where I want to be- to sell advertisements to prospects and collect fix monthly fee.
If you have a content site, start taking advertisers. If you have a blog, you can do the same as well and charge a premium. To get advertisers, you can either get them directly or use third party websites to hook you up with advertisers. There are a lot of them out there, just search in Google.com.
Generally, there are two main selling points-- traffic or high Page Rank. If you don't have any sites with any of those two, there's still another way how to do this.
Become an advertising broker. Match the advertisers (those who wants to advertise) and publishers (those with websites that accept advertisers) to earn commission, just like how a real estate agent works. You don't need a website, mailing list or spend a single cent to do this. Email and a phone. Now, you got to figure out the nitty gritty stuff yourself because I'm running through ideas with you-- not writing a step-by-step ebook here.
Instead of rambling how bad the recession's going to be, I like to invite you to think this-- how you can take advantage of this matter and make even more money online.
Put up your idea at the Comment below. IT CAN BE ANYTHING-- even offline methods (which have plenty).
Now, when you share your idea below, make sure to include your name and email because of 2 things-- someone reading your comment might like to work with you and also, I'll send you a gift.
The gift is private label rights of an ebook that will sell very well in recession. It's yours free and I'll email to you, just make your Comment below and get some positive energy going. :-)
Patric
P.S: If you're an American, I like to wish you, "Happy Independence Day!"
--------
posted by Patric Chan at 7:09 AM
30 Comments:
My idea Patrick is to use online radio channels which I create to run audio ads that drive traffic to a marketplace area of my website so I earn affiliate commission.
That way I dont have to sell advertising in a recession as I select the affiliate programs I want to promote.
hi patric..
are you sure when economy goes down..businesses spend on advertising?
i don't think so..i think most business will take the traditional approach and cut cost..and the typical US business will always slash jobs.
there are even reports in the Sun newspaper few weeks ago that year 2008 expenditure on advertising is lower compared to same period last year..
and if you read today's newspaper, even Starbucks in US is closing down 600 branches and slashing more jobs.
though yes businesses shld be spending more ..most will take the traditional approach of cutting costs til their employees suffer too.
-super blogger-
http://thesuperaffiliateblogger.blogspot.com
Dear Patric,
To capture this opportunity is always to create one.
I will choose to be a project manager (because you dont have to know everything).
Step #1 :Organize a talk abt "How You Can Make Even More Money During Recession!"
Step #2 :Get speaker like Clemen Chiang (you can be Success Resources Affiliate www.srpl.net) to speak abt Option Trading. Whether it go up or down, you still make money.
Other great speaker would be of course yourself (Patric) on how you can make money on the internet (hopefully ppl dont spend alot of money stuck in learning - thats the key point).
The other good area to explore are Option Trading, Forex Trading, Internet Marketing.
Step #3: After you got the idea - the key thing is, no matter how bad the market / industry is - ppl are still looking for tremendous way to make more money! Make sure you can spot on it! Especially the seize opportunity on the Petrol.
More and more people is hunger for success!
Thats my 2cent.
Regards,
Nicholas
Hello patric,
Could you please help me understand how business owners spend on advertising when there is recession?
AJith
There are some niches that will do well regardless of recession, like entertainment, gambling, pornography and technology.
More and more people will also want to spin money out of the web now. They will stay more at home. So creating courses for people to study online can be a good thing.
many people will be bound to stay home n cut on gym membership maybe. so, home exercise may be a good niche too.
Whether recession or not, if you have advertising space, you'll make more money by using it to promote products yourself than by selling it to other advertisers.
The ONLY exception to this rule is when the advertising space you have is not worth the money you're asking other businesses to pay for it.
When business is going down, the first thing that business owners will think is how to get more sales into their business. Common reaction.
Cutting cost is a common behavior, something that is ongoing all the time.
But costs are normally cut from operations and admistration, not sales. Sales people are probably being hired more.
"Consultants" will probably not spend more on advertising but guerilla marketers know for the fact that advertising generates customers and it's the ultimate medium to make a business grow.
We're not referring to a billboard advertisement that does not have a way to track the ROI.
Look into the direct mail order business- it's huge, bigger than the internet marketing world. These types of advertisements are tracked with ROI just like most internet marketing techniques.
For instance, when my internet business is slow, I'll buy more Google Adwords because with more traffic, I'll be able to generate more income. Of course if business is not slow, I'll use free methods so that I don't have any financial risk.
When business is slow, the ONLY way how a business can pick up is to reach more prospects. You can do all kinds of planning or cost reduction but it's not going to double your income instantly.
Patric Chan
www.youchandoit.com
---
yes, the income opportunity/business opportunity niche will continue to grow regardless of resession or not. As a matter of fact, done properly, it'll generate even more sales.
If you know how to do this properly, it's always a highly profitable market to get into.
Hi Alan,
I do agree with you. At the same time-- sometimes, publishers (those who take advertisers) still sell ads on their site because they would prefer to get a 'guarantee' income each month and also, their own product might not convert that well.
Cheers,
Patric
---
Patric,
I like the idea of mixing it up on your sites. I continue to throw up new sites, theming them and monetizing with Adsense, Amazon and affiliates and of course, some of my own products. At what point do you feel that you can start selling advertising space on your sites and what measure would you use for the fee?
Patric,
Having over 23 years experience working with very small (5 people or less) lifestyle businesses - AND having lived through several recessions, US entrepreneurs tend to "focus" their marketing efforts. This translates into two actions:
1) cut back on more expensive advertising that offers little or no ROI.
2) increase in activities with less cost, (regardless of ROI - this also means increasing direct sales efforts).
As these business owners feel the pinch, they become a little deperate, this is where you have an opportunity.
My plan is to assemble a team of small business marketing, pr, advertising and sales specialists to conduct solid Q&A teliseminars (questions sent in advance) targeted to a specific industry (like Insurance or Hair Salons)as a free "front end" to which we will sell a modest monthly membership program for more action and implementation group coaching offered on the back-end.
Why? Simply put, as business owners get desperate they are willing to spend a little to get real tactical, practical proven techniques and strategies to acquire more business that are relevant to their business.
Check out http://www.ffphx.com/as as one variation I am launching now.
Heard about recession everywhere we go now. Good to see when people are getting ready for it. Maybe we learnt good lesson during 97 recession.
My opinion, during recession, people tend to save and cut cost (even more).
Business will cut cost on marketing and will maintain low operation cost while making just enough profit to sustain during that period.
Maybe in whatever business we do, need to think more on how to make people/business can save money?
Educate the business to go for internet marketing/advertising instead of high-cost conventional media.
Educate the people to shop online to save (get discount and petrol etc)
And list goes on with other ways that can save people/business money.
Just my 2 cents.
Hi Patric
I tend to agree with you on the advertising. Also focus more on products that offer a solution to peoples' problems e.g. how to pay your debt fast/ How to save on your grocery bill.
Just my opinion
My opinion...... i do agree with "super blogger" that major corporations might just cut down their advertising budget (i know this b'cos I've dealt with ad coy).... though patrick has its point too on guerilla marketing...
perhaps, another opportunity that could be explore is to go into "investing" in stock markets or property....during recession (if you have the extra cash). 1996-1998 crisis hit US badly, and many investors panic and left the market totally burned... but those, who hold on the shares... made millions today. It may be a good option, if you don't mind a longer holding period.
Patric: When recessions occur the best business to be IN is a Home Business. The added tax savings for any business owner currently is a minimum of $5,000 per year, so that allows them to spend for advertising.
So you increase income, increase tax savings and are not as impacted as most.
I worked for a jewelry company in their IT dept during a real recession a few years ago. The FIRST thing the company did was offer amazing incentives to salespeople who increased their sales by 15% or 20%. When I complained ("why aren't WE getting bonuses for working harder?"), the response was simple: IT only saves money - sales brings in more money.
During a recession, companies WILL advertise. They may, as someone suggested, make their ROI more efficient.
Great idea Patric, and thank you for pointing out that internet marketing means more than just "buy the next big product launch."
Hello Patric
Recession will slow down the economy. MLM is going to make waves in the industry. Wondering your views on MLM is the same as many other out there?
Hi Patric,
You have provided an innovative ideas on how to make money online or offline . Could you send me the steps on how to do it? Will there be an ebook on this?
Hi Patric
When the Recession realy takes hold, more and more people are
going to come online looking for
ways to make a buck. That means
more customers and more compition.
Thanks for the insight its always
nice to be a head of the game.
Paul Perry
http://www.PerrysClickbox.com
artartexing45@btinternet.com
The principle of offering people what they want/need (at that point in time)is also applicable during a recession. However, it might be something like how to keep your car running longer or how to grow your own vegetables.
Hiya Patric,
I agree with you on that because in times like these, it's harder for businesses to bring in buying customers.
It's also at times like these where smart business owners start spending their advertising dollars more wisely and start concentrating on targeted advertising.
To get in on some of that smart business advertising dollars, I plan to start fully utilizing my free membership at Search Big Daddy, and the great local advertising program they have.
Search Big Daddy also has another program for local business that involves giving away gas cards as incentives to bring in buying customers.
It's working for Chrysler and others that are using gas as an incentive. Chrysler reported a 25% increase from April To May, so they have extended the program.
Others using gas as an incentive have reported similar increases. So the rising cost of gas, and recession that has everyone concerned... makes Search Big Daddy's, program a no brainer.
Oh yeah, I found an easy way to get in touch with local business owners without spamming. Simply utilize the local Chamber Of Commerce directories or put an ad in their newsletter.
Hope that last tip gives others ideas in their marketing efforts to businesses.
Wishing all good fortune.
I think some of the comments are getting off track. That is, we are here to make money guys. And in order to do that we need to create value...yeah yeah we all know that. But Once I was in a chess chat...making a point about something...(and it was a mighty good point if I may add) but someone totally ignored my point and brought up the fact my grammer was not perfect. So let's not concentrate on the advertising increase or decrease. My number one idea would be showing a company how to take existing resources that are under utilized and turn them into a productive money maker that they may not have thought of. I read a book by Jay Abrahams once and he talked about joint venture brokering in the millions with companies. Now you would think these big companies are smart enough to see where they could be making money with existing assets but many times they just don't see the obvious. If they have equipment but they only use it on the weekdays and not the weekends maybe another company will be open to paying for that weekend use. If a company has a mailing list for one product we can find another company with a complimentary product to offer to each others customers. Now everybody wins with no additional outlay of cost. This is also covered at a website I found called
http://wwwArea51Marketings.com the "toll gate method".
There is opportunity all around if we introduce Mr Salt to Mr Pepper. Mr Soy Sauce to Mr Rice. You know what I mean?
thanks for a great topic Patric. Its like you put the jumper cable to our brains for a quick start!
Patric,
My two cents worth about recession:-
Rule No 1. Sell more and hire more sales people.
Rule No 2> Cut down on unnecessary cost or ROI which is slow.
Rule No 3. Use cost efficient method of gaining more market shares and drive your competitors crazy with winning strategies! How?
Leverage on whatever tools available about there.
Hope this helps.
I've been offering advertising space at my sites, www.johnwoon.com and www.johnwoon.com/blog for sometime now.
With this, I've been enjoying monthly passive income during good or bad time! I'd recommend Text Link Ad. Please check it out and good luck!
On reading the comments here, I think most people have a point, for the simple reason that not all companies will react in the same way. I used to work for a big company, and will say that, like an ocean liner that takes much longer to change course than a small speedboat, big companies tend to do more of what they've always done, i.e. traditional advertising and ways of getting sales. But smaller companies, especially one or two person owned shows are more open to using newer medium, especially where they have a chance of getting better ROI.
But having said all that, inevitably in a recession people are going to lose jobs and cannot find new ones, so like Azman says, more people will be looking to start their own business or for ways to cut costs. So those are probably two areas to service and incidentally make some income from. The important thing is to give honest real help, and not to scam them. Don't kick someone who's already down.
Hi Patric,
As businesses hit recession, takings will be reduced. Margins need to be cut to stay competitive. But the main thing is to stay alive, keep the business going and ride through the recession. So the emphasis is to stay afloat. This will translate into thin margin but big volume. So needs to have promotional sales, special offers, free upgrade, package deals so on and so forth. But if you are in a very niche market sector, you will not need to worry. It can be so niche that recession has little impact.
Thus businesses need to be diversify so that you can shift focus according to market condition and relocate resouces when required.
Comment by: William Kho
Email: willkho@gmail.com
Partic, You are absolutely right. With recession, astute business people increase Direct Response advertising. Less astute cut all costs ... then go broke! HERE is another industry that increases during recession/depression: PLEASURE! Consider the 1930's depression! As you (personally) know, I (Bill Oliver from Muar, Malaysia) am working through a 73 disc, 4 manual Dan Kennedy Info Riches program you mentioned on a previous blog entry. I will be setting up NICHE SITES; money making, pleasure/hobbies and other niches. PS: BIG thanks for alerting me to the 3 day sale. I just got in on the last day!
Bill Oliver
Methods of the Multi Millionaire Marketing Masters.
www.billoliver.net
PS: I Look forward to reprint rights!
I would take the time to offer online lesson, membership sites (or niche sites as bill told it) on stocks, as panicked people with stop and sell all their shares, while opportunists will precisely do something different. the membership site will enable them to get plenty of bonus and free stuff, relating to current situation (eg free petrol vouchers, etc) while in the same time, sending them offers to exchange useful contacts to expand the business once the recession stopped.
as the membership sites got lots of members, say 4000 or more(which i expect is less than 2 weeks with vigorous promotion), we go for "kamikaze advertising". be it the advertising broker or the ads planter himself, we will find the holes around niche businesses around (we=the member and I), sell the ads space, while in the same time, offer something special to the member who contributed the contact link to that business ads.yeah, just like affiliate system.
cool huh?just my 2.5 cents. :P
I would definitely be looking at stocks as share prices seem to be falling. Using the internet would also be a good avenue for business as a way to leverage on the advertising space as you have mentioned
American Printer magazine reported that in this recession season in 2008 that sales in Print are to go up 15%. I have seen an increase in tangible printing in the form of sales aids for passive advertising. The business' push to put in consumers hand a service list and coupons or incentive offering is driving this print consumption. If it works in direct sales on paper then we all should be recreating that pitch online.
Yes, companies need to advertise even more but be creative in where they spend their money.
I have a group where people can advertise their related company.
I will be contacting them by fax, mail, email etc.to expand on this.
I do have many even out of state companies asking to advertise on my web site.
This is a great idea to cultivate more income for my group.
Thank you,
Gladys
www.northernilrea.com
Post a Comment
<< Home