A search in Google on “how to make money online” will come up with hundreds of websites on ways at creating passive income online and how to be successful at it. You will inevitably come across stories of people making thousands of dollars a month through writing blogs and selling information on the web “from the comforts of their homes”. And if not all, some of these claims are true and many people are indeed making a lot of money through their online skills and business. Reading these stories make it very tempting to take the plunge and jump on the bandwagon of internet marketing.
Is internet marketing right for me?
Before taking the plunge, it pays to assess clearly whether internet marketing can be successful for me. It is said that 90% of online businesses fail within the first four months of starting, and this statistics looks none too encouraging at all. There have to be reasons why people fail so disastrously despite internet marketing looking like a walk-in-the-park venture. But a 90% failure rate is pretty abysmal. So, for someone who sets out on an internet business journey, he should be doing all in his capacity to remain in the 10% people who find that almost elusive-looking success. So what should you not be doing so that you do not fail? There are some common reasons why people fail and reasons that lead to online business failure.
Is my knowledge good about the niche in which my business operates?
To those who are familiar with internet and a bit of HTML codes, setting up a complete website is just a matter of a few minutes. Every information is there on the web and advances in information technology have made things easier for anyone to start an online business. The ease with which we can launch a website or an e-commerce store, without even a basic knowledge of business makes everyone think that being successful in internet or affiliate marketing is easy. Alas! Things are not as simple as they look. You need to have a good knowledge of the products or services that are going be “sold” through your website. If you are not going to have an edge over others who are in the same niche as yours, in terms of knowledge and expertise, you will be lost the melee of mediocrity. A poor knowledge of the things promoted is reflected in poor communication with the target audience and hence, the connect is lost. This is a recipe for disaster.
Do I have a properly defined business identity?
In every business, including online ones, a very clear idea of one’s business identity is essential for success. There are a few self-questions and one needs to answer these honestly to have a better perspective on things and to be able to position oneself well in the pretty crowded internet business space.
- What am I offering through my business?
- Who are my customers?
- Why is the product/service I’m marketing demanded?
- How could I be of benefit to the customers?
- What is my unique selling point (USP)?
- How is the competition within the niche?
If you have difficulty answering these basic questions, then you need to seriously rethink your business and the strategies for an early exit. If you are not able to differentiate your website from others, it means there is something wrong with the “purpose”. You are not going to stand out from the crowd. You should understand that there is no magic formula to drive traffic to your website that you can actually monetise the visits. With a clear identity and better-defined purpose, you can build an attractive website and optimise it for search engines through the use of specific keywords.
Do you have a long-term business goal?
Businesses fail because of not having a clearly-defined business goal or objective. No goals mean no expectations. Let it be known that without goals, we cannot have a clear direction for our activities. If you set a clear goal but your achievements fall short of a realistic target, then you have a measure of the shortfall and therefore, have the statistics to plan out better to rev up the marketing activities.
Learn the important concepts and skills
Even though an internet marketing looks like a relatively easier activity compared to the usual brick-and-mortar business, it takes some specialised skills to actually start earning money online. An internet business cannot survive without proper grounding and training on the latest tools of the trade. These skills include web tools like WordPress, HTML codes, SEO and CSS. Get into a training course. The safest bet at present seems to be kind of training provided by Wealthy Affiliate. (READ THE REVIEW)
There is heavy competition within the internet space
One of the biggest reasons why internet business fails is because people are not able to cope up with the competition. There’s too heavy competition with many businesses selling the same products as yours using the same techniques. This makes it difficult to differentiate out your business from the others.
Internet marketing requires self-discipline
People think that getting a website built and getting a domain name leads to success. To be successful in internet marketing requires self-discipline. There is no short-cut to success. And like all businesses, it takes time for an online business to grow and take shape. There is no magic key to have massive internet traffic to a website instantly. Internet marketing does not run on auto-pilot. A lot of hard work goes behind to establish one’s identity in the internet space. Success does not happen overnight.