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Is It Still Possible To
Make Money On The
Internet?
By
Larry Lim
Many people are saying
that the internet is
dead. So is there still
money to be made on the
Internet?
The answer is a definite
YES.
Research shows, time and
again, that consumers
want to spend more
online, and that the
internet is fast
becoming an integral
part of their lifestyle
and it'll continue to be
so. Internet consumers
are cautious and they
want sites that are
credible and worth
shopping before they
part with their money.
The traditional
brick-and-mortar rules
of business still apply
to internet business.
It's prudent to remember
that the internet is not
your business goal; it's
a medium in helping you
achieve your business
goals.
Adhere to my following
Rules and you'll be on
your way to building a
viable, sustainable and
successful internet
business.
1. Develop a viable
business plan
The biggest reason why
so many dotcoms failed
is an inadequate
business plan of how and
when they will achieve
profitability. To have a
successful and
sustainable internet
business, developing a
viable business plan
from the outset is
crucial.
Your plan must have a
clear and sincere vision
that has meaning to you
and your business. Your
main focus should be to
'plan to profit within a
set period of time' and
this would require you
to allow time for
thoughtful researching,
planning, execution and
testing. You'll need to
test out your business
model first and ensure
that it's viable and
sustainable.
Don't make the same
mistakes that many
dotcoms made - trying to
build a global brand
before their business
model even worked as
it'll lead you into
receivership faster.
Regardless of how
fanciful and good your
website is, if your aim
is not to make profit,
you'll go out of
business.
2. Model someone
successful
It's always wise to
learn from the mistakes
of other people rather
than to learn from your
own mistakes as this can
sometimes be very costly
and painful.
Track and learn from
benchmarked success
stories, be they your
competitors or
otherwise. Why would you
want to spend time
re-inventing the wheel
when you can learn from
those who have already
been there and done it
successfully. Learn how
they design their
website, create
products, write
salescopy, their sales
process, etc.
3. Focus on a niche
market
Don't be everything to
everybody by trying to
dominate a huge and
general market because
you just simply can't do
it effectively.
Focus your internet
business on a targetable
portion of the market or
a narrowly defined group
of potential customers.
Address the need for a
product or service
that's not being
addressed by mainstream
providers. The advantage
of this is that it's
less competitive in such
a market as large
businesses won't want to
be in it.
For this to be
effective, the market
niche that you're
targeting must be fast
moving, its customers
accessible and there
mustn't already be a
dominant player in that
particular market niche.
The key here is to find
a niche market, assess
the needs of the market
and then offer them your
products and/or services
that meet their needs.
4. Differentiate your
business
To capture a larger
market share and be
viable, sustainable and
profitable, you need to
differentiate or
distinguish your
business from your
competitors; make your
business special in the
eyes of your customers
and/or prospects.
You can do this by
creating what's called a
Unique Selling
Propostion or USP and
then effectively convey
that USP to your target
market via your
marketing efforts and
business performance.
This's particularly
crucial if you're
operating in a highly
competitive market.
A USP is the one thing
or idea that sets your
business favourably
apart from your
competitors. Think about
these questions: "What's
the one thing that makes
your business unique and
distinct? Why should
people buy from you and
not from your
competitors? Do you
promise great value,
benefit or service?"
Your USP is the focal
point around which the
success and
profitability of your
business is built and so
you must be able to
state it and fulfill it
honourably and
effectively.
5. Spent your funds
wisely
Costs is one of the
major determinant of
your internet business's
survivability. You'll
need to carefully track
and control your costs
from the outset and make
sure you can start to
show a profit soon, as
unmindful spending with
no thought given to
incoming resources will
bleed you to death.
Credible websites not
only require money to
set up but also to
maintain; advertisement
costs money. Driving
traffic to your website
where you lose money on
sales made is suicidal.
Do your sums;
consistently refer back
to your vision to
ascertain whether an
expense is warranted or
meaningful.
6. Superior customer
service
In addition to a viable
business plan, a
superior customer
service will be key to
your success.
Superior customer
service must be a high
priority in your action
plan. Build a trusting
and long lasting
relationship with your
customers and prospects,
send your staff for
customer service
training, fulfill your
orders promptly, and
constantly remind
yourself the reason of
your very existence.
This is crucial as it
costs five times more to
win a new customer than
it costs to keep an
existing customer.
Moreover, a dissatisfied
customer will tell, on
average, five or six
people about your bad
service. The point I'm
driving at here is that
looking after your
customers saves money
and boosts profits.
Learn and apply what I
teach you, do it right,
and you'll rise above
your competition and
blow them out of the
water in no time.
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