5 Keys to Successful Internet Business
The contest from my last post is still running. If you want the chance to win a free copy of the full Internet Lifestyle Retirement System, make sure you read that post and enter your comment…
I’ll pick a winner for the contest on Monday morning. Please note that comments are moderated and it may take a while for your comment to show up on the blog.
Let’s boil down a successful internet lifestyle retirement system to it’s five most important steps. If you want to make good money online while living a lifestyle you enjoy, these are the key issues. Just about any online system can make you successful if you have a lot of money to invest and 80 hours to work it every week, but that most definitely is NOT what I want. This is all about having an Internet Lifestyle and the money that goes along with it.
I’m sure you’ve read ebooks about marketing online that leave you more confused than where you started. They list a few dozen different steps or principles. And it seems they just keep you running in circles not knowing what to do with your online business.
Forget about it. When you understand a subject, you can make it simple. Here are the five principles of being successful in your business. Write all 5 out and post them on a post-it note right to your computer monitor. Type them up and post them on your fridge. Quote them till they’re memorized. Tattoo them on your arm.
OK, that last one may have been going a little too far, but you get the point.
If you want an Internet Lifestyle business, KNOW these keys. LIVE these keys.
Key #1: Choose the Right Market Idea
Find out what people are already looking for online. Then sell it to them. Too many beginners ask the wrong question. They say, “I Have this product, how do I sell it?”
Wrong question! A much better question is, “I have this list of potential of customers I can easily reach, what should I sell them?”
It seems everyone is looking for a market where there isn’t any competition. That may have been possible 10 years ago, but it’s not today. No matter what market you enter, you will have competition. In fact, if I don’t see any competition in a market I get really nervous. It means all the competitors most likely couldn’t build a successful business. The best case scenario is when you find a market with a lot of competitors who all do a poor job. Then you know you have an open market.
Since you’re going to have competition, you have to figure out what your unique advantage is. Why should a customer choose you over all the other options available to them?
Check out this previous post on 18 Possibilities to Build Your Unique Selling Position…
Key #2: Prolific Product Development
Don’t build a business on only one product. Develop multiple products and services for your audience. Which one is safer, earning $50,000 a month from one product or earning $5,000 a month from 10 different products?
Go for the base hit instead of the home run on each product. It’s hard to tell which product is going to be the big winner, but if you’ve developed 10 products one or two of them is much more likely to become that big home run winner for you.
But the problem is how do you develop all these products? You have to develop a system to do them quickly. Research your market to find out what they want. Create it quickly. Get it out there and selling. Do it again.
Check Out this post on Prolific Product Development…
Key #3: High Conversion Made Simple
Traffic eventually ends up at whoever has the highest conversion. They can bid the most on the PPCs. They can afford to hire the most effective team for promoting their site. They’re the ones everyone wants to promote as an affiliate.
That’s why a majority of the business books I end up recommending to clients are copywriting books. If there was one skill you could learn that would almost guarantee the success of your internet business, it would be copywriting.
If you can sell, you can create profitable online business. If you can’t sell your way out of a paper bag, it’s going to be tough making ANYTHING you do profitable. You have to sell yourself. You have to sell traffic on visiting your site. You have to sell people on joining your list. You have to sell people the products or services you’re offering.
If you don’t want to have anything to do with selling, you’re in the wrong business.
Click here to read Monday’s post about Traffic and Conversion…
Key #4: The Truth About Traffic
Let’s now do a little correct to that big question on every marketer’s mind. “How do I generate more traffic?”
Wrong questions produce wrong answers. And it’s not just traffic you want at your site. A much better question is, “How do I generate more BUYERS at my website?”
It’s not the traffic that’s important. It’s the quality of the traffic. Let’s say one site gets 100,000 visitors a month and another one only gets 500. Who is more successful? You can’t tell from just that stat. What if we add in that 100,000 visitors a month are coming from a site such as Digg which generates traffic quickly that is often quite unresponsive to any offer? And what if the site generating 500 visitors was a real estate agent who focused only on selling million dollar homes to relocating executives?
So that’s why you must quit focusing on “generating traffic” and start focusing on generating more buyers. So how can we send more buyers to our website?
Check out the 10 Ways to Generate Traffic for Beginners…
Key #5: Create Systems That Do the Work For You
Your next step in leverage is bringing in team members. As a small Internet Lifestyle business you may never want a single employee. It can all be done by outsourcing. Need someone to manage your own customer support ticket system? Outsource it.
Need someone to do modify your website or do your daily marketing activities, bring on a virtual assistant from anywhere in the world. Need someone to track down experts for your interview products? Create a step-by-step system for it and hand it off to your assistant.
Don’t like writing your own emails? Have a team member do it for you. Absolutely everything in the business can be turned into a system. Some projects are more difficult than others to hand off, but all of them are doable. Right now I have over 70 systems documented in my business, including such activities as writing blog posts, creating press releases, submitting to social sites, setting up new autoresponders, mailing out my print newsletter, handling the customer ticket system, and finding JV partners.
Is every one of these used every day? Definitely not. Mailing out my print newsletter is only done once a month for example. Although other mailings are done at times with the same system.
See this video on Creating Business Systems…Related Entries:
- 5 Keys to Making Money With Affiliate Programs
- 10 Ways to Lose Money Online
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- Truth About Internet Niche Marketing
- 5 Keys to a Beginners Fast Start