Have you heard about the Internet marketing "system" called the 7 Dollar report? There are some unique twists in the 7 Dollar model. Here are some points to consider in determining whether it is a good fit for your online business.
In early February 2007 a new "system" was added to the Internet marketing mix. Created by Jonathan Leger, a programmer/marketer from Dallas, the system continues to yield results for those who apply it. But does it fit your online business model?
The original report, which has now sold thousands of copies, explains the simple system:
- Create a report
- Sell the report
- Make it *very* easy and attractive for others to sell your report
- Provide a one-time offer to increase your immediate revenue
- Repeat
On the surface it sounds like a traditional information marketing model. But there are a few twists that make the 7 Dollar model unique.
1. While you can create the report from scratch, it could just as easily be one of those resale rights or private label rights ebooks you have sitting idle on your hard drive.
2. People who purchase your report can immediately sell it with no special instruction and no affiliate registration.
3. They keep 100% of the sales price.
4. You get the new customer's name and email.
5. The 7 dollar scripts, which are included in the original ebook, put the whole operation on autopilot.
As a result of this system a cottage industry of new listing sites, new template formats, and experienced web designers who specialize in setting up 7 dollar sites has been created. And there's no end in sight!
While the system is attractive, it has its drawbacks. For one, you either need to be fairly comfortable with HTML or you need to have someone who is. Installing the scripts is relatively easy. Getting all the pieces to work flawlessly is more complex and time-consuming.
Second, as would be expected there is a proliferation of 7 dollar products in the "making money" category. Yet while those seem to be the most popular and more profitable, there are people making money from other topics. One site lists over 400 products using the 7 dollar system, in 18 different categories
Third, you are essentially giving away your front-end profits in order to build a list. While this won't hurt if you have a profitable "backend" to your product funnel, it does present a dilemma for newbies. After all, which do you need more - $7 in revenue or a new subscriber? And could you purchase a new subscriber for less than $7 with another traffic method?
So given all of that, should the 7 Dollar System be a part of your online business? It all depends...
You can easily use the scripts to automate your sales process, particularly if you have a one-time-offer that converts well.
You can refer people on your list (or via other traffic methods) to the 7 dollar products that you recommend - putting the $7 in your PayPal account immediately.
You can start making profits or getting subscribers from those "dead" resale products sitting on your hard drive.
You can even build your list using this method. Just be aware of the "cost" per subscriber.
It's all up to you and how you want to take advantage of this "new" online tactic.
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