Knowing how to make money on Facebook is something that involves a fast-growing group of online entrepreneurs and none moreso that than the Enimen-type Mike Buontempo who celebrates his laconic, school dropout cred to wave his multi-million dollar earning in your face.
So how does he do it?
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And is he still doing it – making close to (or more than) $2 million dollars a year on Facebook. And that was in 2013 – we’re now closing 2014 and heading for the big ’15.
Mike Buontempo wrote his five key lessons for those seeking to make money on Facebook by listing five of the key attributes needed to make big money on the social network.
The five for ’15:
1. You need a scalable hungry market.
I was in the Halo niche for much of 2012 with a partner of mine and I spent most of my days working on that business. Trying to make it profitable, dumping tons of advertising into it, trying to make the money back for my partner and I. It was a HUGE time suck and a big waste. Why was it a big waste? These people aren’t that hungry for a solution on how to become a better Halo player.
There’s probably a pool of 5,000-10,000 people out there that would actually pay for a guide. Are they going to pay big money for it? Nope! No offense here, but a lot of gamers are kids 15-19 and they don’t have money. If you want to make a Million Dollars a year, you need a bigger market then just 10,000 people that are not gonna pay more than $40-$50 for a product. My thinking was, we can get these guys to pay $200-$300 for coaching. Nope, didn’t happen.
So what did I do in 2013 that made the difference? I focused heavily on big CPA offers with HUGE Markets (10′s of millions) and my own Facebook Marketing funnel. Now the pool of prospects was increased 1000x and it was a lot easier to scale. I was able to go from $1,000 to $10,000 a month very easily because the market was hungry for what I was after, and they had money. It’s a lot easier to get someone to pay $5,000 for coaching if you can show them how to make $5,000 a month. It’d be EXTREMELY tough to get someone to pay $5,000 for coaching in playing Halo.
2. You need to systematize.
I moved over my funnel from Clickbank to Infusionsoft and everything changed. I could now control everything. No more waiting on Clickbank to approve this page, that page, I setup my pages and went. My funnel then systematized everything, if the prospect bought Upsell 2 and not 3, they’d be getting followups for Upsell 3, if they bought upsell 3 and not 4, they’d be getting Followups for Upsell 4. With Clickbank, it’s very hard to do that. I also could employ True 1 click upsells a lot easier.
This is the biggest tip I’m going to give you if you sell products online, YOU NEED TRUE 1 CLICK UPSELLS. It will dramatically change the ROI of your business. You will be able to track easier, scale faster, and crush your competition.
3. I hired employees where I needed to.
I immediately hired an assistant to deal with all my support requests, things I didn’t wanna deal with, answering the phone etc..
I think a lot of people drop the ball here because they don’t want to give away part of their business. You NEED help. If you want to grow you need someone to handle the little tasks that you shouldn’t be doing. You should be doing $100-$1,000 an hour work in your business. Not $10 an hour jobs.
You should be creating marketing funnels that sell. You should be driving traffic. Become good at one of those two things and you can make a Million Dollars a year. You can hire for the other.
I also hired one of the best Infusionsoft tech guys out there. The guy is an absolute monster, he gets everything done same day, very competitively priced, and is overall great to work with. He knows Infusionsoft like the back of his hand, and I would not know where I’d be without him.
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4. Be prepared to lose money.
Get over the hump of losing money. It’s gonna happen. For my funnel I’m looking to break even and grab all the customers I can. When you can do that, you can scale to infinite! Ryan Deiss has mentioned it numerous times, the person who can spend the most to acquire a customer wins! You’re damn right I’m gonna go as far as I can to attain that customer.
If that means I got to take a 50% loss on my traffic upfront, I’m going to do it. I’m looking to scale as fast as possible. That’s what you should be looking to do.
5. Track everything!
Right now I use Improvely and Visual Website Optimizer to track and test my funnels. In my opinion they’re the two best tools in my arsenal. One tracks all my links for all my traffic, the other tests all my pages very easily. If you are going to scale, you need to know what is working and what is not. If you don’t, you will never get to the BIG Bucks! I can tell after I buy a solo ad from someone, what they made me right after the last visitor has hit my site, can you do that? If not you need to start tracking ASAP!
These 5 lessons I just went over really can change your business and life. They have changed mine. I’d really appreciate it if you would share this article for me, it would definitely mean a lot! If you have any questions, just shoot me a message on Facebook.