Many people are saying that the internet is dead. So is therestill money to be made on the Internet?
The answer is a definite YES.
Research shows, time and again, that consumers want to spendmore online, and that the internet is fast becoming an integralpart of their lifestyle and it'll continue to be so. Internetconsumers are cautious and they want sites that are credible andworth shopping before they part with their money.
The traditional brick-and-mortar rules of business still applyto internet business. It's prudent to remember that the internetis not your business goal; it's a medium in helping you achieveyour business goals.
Adhere to my following Rules and you'll be on your way tobuilding a viable, sustainable and successful internet business.
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1. Develop a viable business plan
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The biggest reason why so many dotcoms failed is an inadequatebusiness 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 meaningto you and your business. Your main focus should be to 'plan toprofit within a set period of time and this would require you toallow time for thoughtful researching, planning, execution andtesting. You'll need to test out your business model first andensure that it's viable and sustainable.
Don't make the same mistakes that many dotcoms made - trying tobuild a global brand before their business model even worked asit'll lead you into receivership faster.
Regardless of how fanciful and good your website is, if your aimis not to make profit, you'll go out of business.
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2. Model someone successful
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It's always wise to learn from the mistakes of other peoplerather than to learn from your own mistakes as this can sometimesbe very costly and painful.
Track and learn from benchmarked success stories, be they yourcompetitors or otherwise. Why would you want to spend timere-inventing the wheel when you can learn from those who havealready been there and done it successfully. Learn how theydesign their website, create products, write salescopy, theirsales process, etc.
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3. Focus on a niche market
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Don't be everything to everybody by trying to dominate a hugeand general market because you just simply can't do iteffectively.
Focus your internet business on a targetable portion of themarket or a narrowly defined group of potential customers.Address the need for a product or service that's not beingaddressed by mainstream providers. The advantage of this is thatit's less competitive in such a market as large businesses won'twant to be in it.
For this to be effective, the market niche that you're targetingmust be fast moving, its customers accessible and there must'ntalready be a dominant player in that particular market niche.
The key here is to find a niche market, assess the needs of themarket and then offer them your products and/or services thatmeet their needs.
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4. Differentiate your business
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To capture a larger market share and be viable, sustainable andprofitable, you need to differentiate or distinguish yourbusiness from your competitors; make your business special inthe eyes of your customers and/or prospects.
You can do this by creating what's called a Unique SellingPropostion or USP and then effectively convey that USP to yourtarget market via your marketing efforts and business performance.
This's particularly crucial if you're operating in a highlycompetitive market.
A USP is the one thing or idea that sets your business favourablyapart from your competitors. Think about these questions:"What's the one thing that makes your business unique anddistinct? Why should people buy from you and not from yourcompetitors? Do you promise great value, benefit or service?"
Your USP is the focal point around which the success andprofitability of your business is built and so you must be ableto state it and fulfill it honourably and effectively.
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5. Spent your funds wisely
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Costs is one of the major determinant of your internet business'ssurvivability. You'll need to carefully track and control yourcosts from the outset and make sure you can start to show aprofit soon, as unmindful spending with no thought given toincoming resources will bleed you to death.
Credible websites not only require money to set up but also tomaintain; advertisement costs money. Driving traffic to yourwebsite where you lose money on sales made is suicidal. Do yoursums; consistently refer back to your vision to ascertain whetheran expense is warranted or meaningful.
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6. Superior customer service
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In addition to a viable business plan, a superior customerservice will be key to your success.
Superior customer service must be a high priority in your actionplan. Build a trusting and long lasting relationship with yourcustomers and prospects, send your staff for customer servicetraining, fulfill your orders promptly, and constantly remindyourself the reason of your very existence.
This is crucial as it costs five times more to win a new customerthan it costs to keep an existing customer. Moreover, adissatisfied customer will tell, on average, five or six peopleabout your bad service. The point I'm driving at here is thatlooking after your customers saves money and boosts profits.
Learn and apply what I teach you, do it right, and you'll riseabove your competition and blow them out of the water in no time.
About the Author
Copyright 2004 by Larry Lim, MarketingSphere.com
Larry Lim is a practising marketing strategist and tactician who dishes out highly effective marketing strategies and tactics that will enable you to successfully start and grow your business on the Internet.
His Internet Marketing Strategy website is jam-packed with internet marketing secrets and softwares that will skyrocket your sales, and shoot your profits through the roof. |
