The “Oprah Way” of Making Money
This morning while I was watching E! Online’s show about the top money-making TV earners. They stated that Seinfeld in 2006 earned ($60,000,000), but Oprah in the same year made his look like lunch money.
She earned a whopping $260,000,000 that year.
Yes, that’s one year’s earnings!
As the show begin signing off, the announcer was summarizing how Oprah makes her money. Then it hit me, that it was exactly what I have been teaching people repeatably about making money online!
It inspired me to right this post so you can see how her journey for success relates to yours as well…
Oprah made her money in a systematic way. I don’t know if she had this plan from the beginning, but at some point like all of us if you work constantly work towards something the pieces of the puzzle start to come together. So, what is the Oprah way of making money?
A) The first thing Oprah did was choose a career. She knew she wanted to be a journalist, so she did that. So, you’ve made the choice, you want to become an internet or network marketer.
B) The second thing Oprah did was choose a mass (think, popular) medium – TV. She didn’t choose to be a journalist in some obscure sector. This was perhaps one of the smartest things she did. You’ll see why in a sec.
C) Build a mass following: As she had the right medium (TV), she could now go to work building her following. How did this happen? She was spotted by some hotshot TV producer to host a morning show in Chicago.
Just being herself garnered Oprah a huge, loyal following (keep this part in mind). When she got her own show, she had a built-in audience.
D) Monetize the following: Oprah is the master at this. Once the Oprah talk show was established, Oprah deepened and widened her brand via tv, movies, magazines and radio and a host of other products and services.
Some of her holdings include producing the Dr. Phil show and The Rachel Ray Show; producing a Broadway play (The Color Purple); and hosting a radio show on Sirius satellite radio.
All Oprah has to do is mention a product on her show and it produces massive profits for the seller (think Oprah’s book club and O’s List of Favorite things (from her magazine).
What if you could sit down, write an ebook and sell 10, 20 or 30,000 copies just by releasing it to your subscriber list?
This is the power of monetizing a brand.
But, as you can see, it’s a systematic approach – and this is where most marketers fail. Now, I’m not going to tell you that it’s going to take one, two or three years to make money online.
As my experience has proven, it doesn’t. But, you have the big picture in mind before you can take “shortcuts” to make it work for you. This is the point of this post – to give you an overall picture so that you can pick and choose the best ideas – and take legitimate shortcuts to online money-making success.
Now, that ends our Oprah segment.
Back to our lives …
The 4 Fundamentals of Making Money Online:
1. Content: Before anything happens, you must have content. Why? When you think about how the internet works, it naturally makes sense. People use the information to find information.
Now, how they find and use that information will drive the two other points I’m going to discuss in a minute. But, you need the content first.
The best way to provide valuable content is to just simply teach to others what you have learned yourself.
By teaching the knowledge that you have acquired online to others, it is inevitable that you become in demand and draw a following. You will quickly find yourself in a position of leadership and it will drive you to want to learn more and product more quality content.
2. Online Presence: Once you have content, you need an online presence. And, I don’t necessarily mean a blog or website. In fact, you don’t need either of these to make money online. But, you do need an online presence, which can come in many forms.
They will all have a great part in positioning yourself as a leader and creating a presence online…
3. Search Engine Optimization: Once you have your content and set up your online presence, you need to know how to get found on the internet.
Just because you have an online presence does not mean that visitors will start coming to your site. Many online web marketers find it hard to get a few hundred visitors a month – no kidding. You need much more than this to make any kind of sales, so you have to work on driving traffic to your site.
This is how many online entrepreneurs get sucked out of a lot of money. They spend money for get-traffic-quick schemes without fully understanding how traffic is driven to a site or how to even capture that traffic.
Remember, search engines are the motor of the internet. They, for the most part, determine whether a user finds you – or not.
4. Choosing a Monetizing Model:
The fourth piece to making money online involves choosing how you are going to go about it.
There are two basic ways to make money online:
1) create and sell products of your own; or
2) sell/promote the products and services of others (Affiliate Marketing).
When you began to create a substantial amount of traffic and you have created some influence online by providing value packed content than you will need to use that influence to turn a profit. As you start to build up your audeince you can sell products to them to help recoop the costs of your paid advertising to drive that initial traffic. This is also called a funded proposal.
I hope these short list of tips helped to clarify the real fundamental steps that are involved in not only making unlimited money online but also on any type of arena.
To Your Success,
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