It’s time for another income report!
Like many other Internet entrepreneurs, I use these monthly statements to show what actually works with an online business.
These reports are designed to be motivational to anyone interested in making money online and/or people who want to take their existing business to the next level.
Plus, they provide me with a bit of accountability because I know every month I have to report back how much I’ve earned
Every report is broken down into two sections:
- What I’ve earned
- Lessons I’ve learned
Kinda rhymes, doesn’t it?
Anyway, let’s get to the good stuff…
Here’s the monthly breakdown for August 2012:
I. Authority Affiliate Site: The bulk of my income comes from a few websites in a single affiliate marketing niche. I don’t reveal the specifics of these sites to avoid competition and having people “reverse-engineer” what I do online. To learn more, check out the six-figure affiliate marketing strategies I’ve listed here.
I find most of the products on Clickbank. But I also promote a couple of “self-hosted” affiliate offers.
Here’s how much was earned last month:
- Clickbank (Email Marketing): $4,169.08
- Self-Hosted (Email Marketing): $652.00
- Thank You Page: $1,900
- Total: $6721.08
- Last Month: $6791.38
- Difference: -$70.30
II. Information Product: I also have an information product in this niche where the bulk of the earnings from an extensive autoresponder sequence.
I have over 50 emails that provide a mix of great content and direct affiliate offers. So in a way… My information product income also comes from affiliate marketing.
- Total: $1022.31
- Last Month: $1057.60
- Difference: -$35.29
III: Niche Sites: While I no longer build niche sites they still generate a little bit of income. Here’s what happened in July:
- Google Adsense: $10.16
- Amazon Physical Products: $24.05
- Clickbank: $230.64
- Self-Hosted Affiliate Programs: $100
- Total: $364.85
- Last Month: $380.80
- Difference: -$15.95
IV: Amazon Kindle: Right now, I only have two Kindle books: 55 Ways to Make Extra Money Online & Affiliate Marketing for Beginners in 2012. But right now I’m working on my 3rd and 4th titles (more on this later.)
Here’s what I earned with my existing titles:
- Total: $707.86
- Last Month: $403.16
- Difference: +$304.70
V: Steve Scott Site: I also promote affiliate offers and my own information product on this blog. I haven’t done any sort of promotion in the last few months. So my earnings reflect this lack of activity on my part:
- Aweber: $5.70
- Niche Profits Course: $35.11
- Write Like Freddy: $62.86
- Welcome Splash: $16.61
- Affiliate Marketing without the B.S.: $471.19
- Total: $591.47
- Last Month: $422.82
- Difference: +$168.65
VI: Mobile Apps: Right now I have a total of four apps:
- Funny Sound Effects Library
- Siren Sound Effects Maker
- 20 Scary Halloween Sound Effects (Just launched last night)
- Whip Crack Sound Effects (Just launched today)
- Total Installs: 3226
- Chartboost.com Earnings: $23.65
- iTunes Purchases: $10
- Total: $33.65
- Last Month: $0
- Difference: +$33.65
Combine all six income streams and you get a…
Grand Total of $9441.22
- Last Month: $9,055.76
- Difference: +$385.46
Again, my income has hovered around the $9,000 mark for most of 2012. I guess this is pretty good because it’s been fairly consistent.
With that said, I’ve learned three important lessons that I’m going to apply – In the hopes that I’ll take my income to the next level.
One of the main reasons I’m now posting income reports is to find ways to increase my bottom line. My hope is each month I’ll learn a valuable lesson that I can then pass along to you.
August provided a few significant lessons. Although my income didn’t really change, I did have a few “ah-ha” moments that I’ll be exploring in the months to come:
Lesson #1: Find the Right App Monetization Model
August marked my official entry into the app business. Frankly, it started with more of a whimper than a bang.
I was excited to see my apps get over 3,000 downloads for the month. But these installs didn’t equate to a whole lot of money:
- Total downloads: 3226
- Revenue generated: $33.65
- Revenue per install (RPI): $0.014
When you work out the math; each install is worth about a penny.
One. Damn. Penny.
That means I would need 10,000 installs – PER DAY – Just to break the $100 daily mark.
The math simply doesn’t work out.
My mistake was I didn’t explore the different app monetization models. I went with Chartboost.com; thinking it was best advertising network.
I was sooooooo wrong.
In August, I learned that the RevMob.com advertisement network is what the top dogs in the app market are currently using.
One figure I’m hearing is that some developers get as high as $150 per thousand installs. This works out to be $.15 per install.
I’ve done the math – That’s 10x the amount I’m currently making with my existing apps.
Of course, I won’t have an exact number till I’ve tested it on my own.
The lesson here is to keep testing different monetization strategies. You’d be surprised at how a few simple tweaks can lead to a dramatic increase in income.
Right now, I’ve updated ALL my apps using the RevMob advertisements. Hopefully next month, I’ll report back some awesome results.
Lesson #2: Determine Your “Dollar Per Subscriber” Metric
I’ve had a successful affiliate marketing business for more than five years. During this time, I’ve NEVER taken the time to figure out the dollar value per visitor or subscriber.
Colossal mistake on my part.
You see, I once thought it was enough to simply keep track of the “per-email-profit.”
Now I’ve come to realize that I’ve left a lot of money on the table by not determining the average earnings per subscriber metric.
Why is this important?
The simple answer is paid traffic.
Getting a subscriber value is the first step towards scaling (and exploding) your affiliate income.
Having an exact number gives you a benchmark for how much you can spend to acquire a list subscriber. With this metric, you’ll know a campaign is profitable just as long as you’re spending less than you’re earning.
Recognizing my mistake, I decided to start tracking the income for my major affiliate marketing website (not SteveScottSite.com).
I sat down and got an EXACT number on my front-end offer from January 2012 to August 31st 2012:
- Total subscribers: 11,831
- Total clicks from the thank you page to my primary affiliate offer: 9,663
- Avg click-thru-rate (CTR) on the thank you page: 81.7%
- Thank you page income: $10,800
- Income from first email message: $3,800
- Total income on the front end: $13,800
- Average income per subscriber ($13,800 / 11,831): $1.17
So if I decide to explore paid traffic than my goal is to spend less than $1.17 to acquire a list subscriber.
More importantly, I haven’t started tracking the earnings from the rest of my autoresponder sequence. Without a doubt, I earn way more than the $1.17 per subscriber. I’m sure it’s close to two dollars for every person on my list. That means I can spend more on any paid advertising channel I pursue.
The lesson here is you want to track everything online. Paid traffic is all about knowing your metrics. And the #1 metric of them all is knowing the value of each visitor and list subscriber.
Lesson #3: Publish More Kindle Titles
I’ve written extensively about how Kindle publishing will become a major source of online income.
Right now I have two titles in the marketplace. And I was happy to see a $300 bump in income from the last month.
But there’s only so much testing and tweaking that can be done before you hit an earnings plateau.
The best (and only) way to experience long-term growth with Kindle Publishing is to get more titles into the marketplace.
More Kindle Titles = More Money
What I learned in the past month was the importance of creating more titles that people want. I can’t sit around resting on the success of what I’ve previously published. I have to get stuff into the marketplace.
Fortunately, I’m about to release my 3rd Kindle Book:
“How to Discover Best Selling Amazon Kindle Non-Fiction Book Ideas”
Then in a month or so I’ll publish the “Get 100,000 Visitors” title I discussed here.
The lesson here is you need to create a system for releasing Kindle titles on a regular basis. Some might be duds and some will be home runs. The important thing to is to set up a publishing schedule where you’re getting titles into the marketplace.
Recently I determined four online business models I’ll pursue in the future:
- Affiliate marketing through paid advertising
- Developing mobile apps monetized through RevMob.com
- Publishing Amazon Kindle eBooks
- Marketing quality Internet marketing offers on SteveScottSite.com
No matter what business you’re in, it’s important to have a plan for how you’ll increase your income. The key here is to figure out what propels your business forward and focus on that.
I’ve identified the four steps for growing my business.
Now it’s your turn.
What are you doing to increase your Internet income?
Respond below and let me know your thoughts…Take Action. Get Results.
P.S. Struggling with your Kindle books? Don't know how to get started on Amazon? Looking to generate an additional stream of income?
If so, click here to grab "Kindle Publishing Checklist: The 46-Step Plan for Turning an Idea into a Best-Selling Book"