Is It Still Possible To Make Money On The Internet

Is It Still Possible To Make Money On The Internet

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'll 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 is​ called an​ Unique Selling Propostion or​ USP and then effectively convey that USP to​ your target market via your marketing efforts and business performance.

This is​ 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 determinants of​ your internet business' 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; advertisements cost 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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