|
By Jay Abraham
A few years back, I advised three different financial newsletters. None made a particularly large amount of money, even though they had respectable subscriber bases. So I focused on better developing additional back ends for them.
First, I developed the most logical back end - better renewal rates. Then I created advance and lifetime renewal programs that pulled in tens of millions of dollars for my clients. After that, I looked at some logical products and services these newsletters could host.
Second step: we made deals with book publishers, then we made deals with investment seminar producers. Finally, I went to mutual funds, brokerage dealers and financial service firms and engineered joint ventures and endorsements of their products by my client editors and even got one editor to buy and another to start their own investment businesses.
The result? Newsletters that were lucky to make $200,000, when I first encountered them, were making more than $20 million in back-end income in less than 18 months.
Or consider a man I was speaking to today. He writes books. He breaks even on the books, but they get him attendees at his one-day seminars. The seminars make him reasonable money, but they are the front end for his real back end, which is $10,000 on-site consulting.
Because he understands "back end" and uses it wisely, a break-even front end makes him almost a million dollars a year on the back end.
Another case-in-point: Two friends of mine decided to go into the simulated diamond business. One had a front-end-only strategy in mind. Let's look at the dramatic difference in how both friends fared. It's highly illustrative of my basic message:
|
