Create Cross-Selling Websites or Commit Polygamy?

[kwes]

Hello Fellow Fastlaners,

I have a slight dilemma that you may be able to shed some light on.

The majority of leads I gather for my website business all have the same problem. There are 4 main solutions to this problem. My business provides one solution (which is arguably the best solution). However, many of the leads will still end up utilizing the other solutions instead.

So, realizing this, I can see that I am potentially leaving a lot of money on the table by not offering the other 3 solutions to my same pool of leads.

I could start up new website businesses that provide the other 3 solutions to leverage the same pool of leads. There will also be opportunity to cross-sell existing customers that have purchased other solutions and now want to try a different one.

Each new solution will involve a separate service ( to cater to a different customer mindset) - so if I did provide the other 3 solutions, I would need to start separate websites, brands, business names, etc.

Do you think it is a good idea to leverage my pool of leads and create multiple solutions that can be used to cross-sell the same group or will I be spreading myself too thin and in fact committing business polygamy that will decrease profits and scalability overall?

 

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[Brander]

Anyone yet offering those other solutions?

If so, contact them, propose a profit share, if they have affiliate programs, you are set to test if people really buy the other solutions, if so and in sufficient quantity, then make your own products for those solutions.

Good luck.

 

[kwes]

Anyone yet offering those other solutions?

If so, contact them, propose a profit share, if they have affiliate programs, you are set to test if people really buy the other solutions, if so and in sufficient quantity, then make your own products for those solutions.

Good luck.

Yep, that is what I would do, except they wouldn't just be products. They would be different websites, names, merch accounts, branding, etc.

That is why I asked the question - am I spreading too thin by engaging in these other businesses even though they leverage my existing lead pool (they would probably add at least an additional 7 figures to my revenue - that is unless they take away my focus and bring total profits down like MJ says)...

 

[Sasha]

He's saying to JV with someone, and based on the profitability of that partnership, you can decide whether or not it would be a good move.

Wait a minute, did you say at least an additional 7 figures?..... Should you pursue the JV/Affiliate route, Roark would like 30% of your gross revenue increase as his consultation fee... of which he'd be giving me 15% as his agent.

kthnxbye

 

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[Brander]

Should you pursue the JV/Affiliate route, Roark would like 30% of your gross revenue increase as his consultation fee... of which he'd be giving me 15% as his agent.

LOL, so nice of you to volunteer I am sure someone doing 7 would already know these things, hopefully...

 

[Sasha]

Hey, I'm just throwing it out there... You may never know.

Besides, nothing ventured nothing gained and all that jazz.

 

[kwes]

I am not sure where either of you are going with this - seems there may be a misunderstanding of the original question...

I am not asking about jv or affiliate opportunities. I am concerned with spreading myself too thin. There are so many ways to make money, that it is definitely hard for me to focus on a single business. That is why MJs chapter on Monogamy vs. Polygamy hits home for me.

I could stay focused on my existing website and just attempt to continue to grow that or I could go create another solution for the same niche of people (not another product, but a whole new website business). Would this be polygamy or good leverage? Does MJ do personal coaching, heh?

 

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[Brander]

I am not asking about jv or affiliate opportunities. I am concerned with spreading myself too thin.

There is a misunderstanding, but it's not from me or Sasha

 

[kwes]

There is a misunderstanding, but it's not from me or Sasha

Yeah, actually you still don't seem to understand. It's ok, thanks for trying... :eusa_clap:

 

[ITA]

Do affiliate deals with other businesses first. You will learn how profitable those other offers are, and with some simple maths you can decide whether it'll be worth your time to diversify, or whether you should keep growing your main business.

You could have the best of both worlds, if the other offers are profitable enough to hire a bunch of people who will develop your own offer under your supervision. You can still focus 80% of your time on your main biz.

 

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