Case Study – Lead Generation Arbitrage Website That Made $61,796.49

It’s one thing for me to sit here and talk the talk but it’s another thing to actually walk the walk.  Given I got started making money online in 1998 I’ve had a ton of experience in almost every monetization facet out there.   I want to share with you one of my lead generation arbitrage websites I created a few months ago.  In total I made $61,796.49 in revenue.  Most of this was made in a two-month period as it took me about one month to get everything tested/optimized with the other month being a good bit of profit (some days nearly $3K+).

For this website I decided to monetize the biz opp niche.  There is literately hundreds of creative ways this traffic can be monetized and it’s by far one of the most lucrative verticals out there.  I decided to capture name and email addresses then go from there:

Before developing my offer I mapped out my conversion funnel:

It’s really important to map out your conversion funnel before developing your site.  By doing this I was able to put a time-line on important tasks and work efficiently at getting my offer launched, tested, and profitable in a timely manner.  I began by generating incoming traffic with Google Adwords then moved to some self serve media buys and eventually the Convert 2 Media affiliate network.

Here’s one of my optin forms.  I split tested a BUNCH and obviously I’m not going to put them all on the blog as I don’t want everyone copying…  Anyways notice how the colors help garner a user’s attention and I create a sense of urgency:

Once a visitor entered their data and they became an unconfirmed lead (single optin) I sent them to an offer wall to recoup some of my advertising costs as well as to get them to become confirmed (double optin).

All unconfirmed leads are automatically sent a confirmation email through my email service provider (in this case AWeber) before they enter the “back-end” of my offer.  Here’s one of the confirmation emails I tested:

When the visitor clicks the link in their email they then become a confirmed lead (double optin).  Again I monetize with an offer wall:

On the back-end of this offer I further monetized my confirmed leads with a daily automatic email sequence:

Also on the back-end of my offer were five niche-based websites with even more offer walls/monetization opportunities:

Like I said above, this offer made me $61,796.49 in about a two-month period.  Given the creativity I explored here my return on investment was fairly high.  Obviously at first I was in the black, but after optimizing and tailoring the CPA offer walls towards the higher EPC I started to knock down solid profits daily.  Think affiliate marketing is dead?  I’m just scratching the surface here…


  1. says

    Great case study. I see how building big can be very profitable. I think I should start building big instead of building for an offer.

  2. DH says

    If this is a preview of what the forums are going to be like, I'm so in.

    Great post Ryan. I won't call you Ruck.

    • Ryan says

      You know, I failed to mention that. I did send a good bit of PPV traffic to this as well. Drove traffic to my landing page that LOOKED like the sites I was bidding over. Was paying less than $1 for single optins 😉

      Thanks for your comment!

    • Ryan says

      Thanks bro 😉

      Those are five websites that contain "offer walls". Since I'm not promoting them via PPC/SEO directly, I'm not really concerned about having a lot of pages full of content, but I do have an about us, contact us, privacy, disclaimer, etc.

      I did build these myself… Since then though, I've found some sick tools that help me crank these out in just a couple of minutes.

  3. says

    he ryan – great post thanks. Are you still running this campaign now or has it ended? How would you change the campaign so that it can run over a longer timeframe?

    • Ryan says

      Oh yeah this campaign is STILL profitable. I've made even more optimizations (and changed domains) but it's still good.

  4. sean says

    Assuming it's a successful campaign (this was obviously profitable but I'm speaking in general) and you've scaled it to multiple traffic sources…

    Is there a certain point when you know the campaign is over (even in a long term market like "make money from home" where there are tons of traffic sources you can tap into)…?

    • Ryan says

      Yeah this campaign is long term for sure. Now as I've said above, I move domains, optimize more, etc. But in the end the model still works for me very successfully!

  5. Mediastar says

    Brilliant Ryan. What kind of volume were you pushing through the funnel to see those numbers? Optins p/day etc.


  6. JohnnyBetts says

    The coolest thing about this too is you still have the leads i imagine.

    My question is, did you/have you had problems with your adwords accounts doing this? Or is it a churn and burn on your accts?

    Great stuff Ruc… Er Ryan.

    • Ryan says

      Yeah, you retain the leads as an asset but you MUST keep fresh ones coming in (they have a lifespan).

      Regarding your Adwords question, yes I did have a problem BUT I've since fixed it. It is absolutely essential that you build out a QUALITY website with a LOT of unique content. I go into much more detail on our community about what I did wrong and how I fixed it.

      Thanks for your comment bro!

      • Alexander says

        Could you please here to be more detailed too ?:) I mean like it seems you obviously didn't send adwords traffic directly to opt-in form like above ? You made it sound easy like adwords – opt-in form

        If it's a content site what it looks like and from what I know it even needs to be on at least second click away from homepage to which you sent adwords click, right ?;)

        Cause without that step explaining that whole scheme of traffic looks broken;)

  7. Dave_FM says

    Nice post, very focused. Gave me some ideas for a new campaign I'm starting up, been out of the game for a while. Came over from a link on WF, added into my reader, looking forward to more posts.

  8. Artur says

    Absolutely awesome post. Thanks for sharing it for free :) I would like to know one more thing. How big % of revenue comes from this 60 day email series? Or most people convert on the front-end offer wall and back-end offer wall?

    If i join imgrind forums do you have examples of those 60 day emails as well? Quite a lot of work to write them or even outsource.


  9. tim says

    All I can say is that it's awesome what you've done, I've done some lead arbitrage as well but I did not plan it as well as you did. This gave me a lot of ideas, thanks a lot for sharing this kind of information.


    • Ryan Gray says

      Thanks Tim! Don't give up, keep grinding it out, and you'll find success. Post some of your problems in our Community and get some advice from some of the lead gen arbitrage veterans!

      • tim says

        Thanks Ryan for the encouragements, unfortunately being a member of your community is out of my budget for the moment :), but someday I will 😉

  10. tygoldber says

    I'm liking this, I have a 'make money' domain and it's been in a what to do phase. Looks like I know what do to now.

    thanks for the idea.

  11. says

    Hey Ryan, this is a great study, thanks for sharing it. Can you tell us what are your best converting CPA and affiliate offers? Thanks again.


  12. Martin says

    Good Post – but would be nice to see some replies (from you) here, to the interesting questions being asked.

    For my part (assuming you used an Aweber Double-Optin List to automatically manage the clicks to confirm each subscribers Double Opt-in) I'd like to know if you had to manually migrate those Double Opt-in Subscribers to a new Aweber List, so as to avoid ending up with a List containing both Single and Double Opt-in Dubscribers?

  13. Williams says

    Glad you talked about this method. I am on list and I had been trying to see how I could TRANSFER their method to do the same thing in the IM industry. You beat me to it bro. Glad it worked out for you.


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