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From the face of it, making money online seems like a simple business. Everyone looks like they are raking in the cash out there. As a result, you try your hand at it. Why not? Online seems like a gold mine waiting to be explored. But along the way, you come to realize that an online business is not as simple as it looks. You are not alone. There are millions of people who are struggling to achieve online success. At the same time there are millions who have made it. Here are some tips to making money from an online business.
Horses for courses
You must have heard of it before. Some horses are meant to run only in specific racecourses. It’s the same for your business. Each product or service requires a custom marketing solution. Just because pay per click or PPC is popular doesn’t mean that your business must go for it. SEO is not a magic wand which you use to earn big bucks. There are many ways to market your products. Have you considered email marketing? Have you tried to get affiliates? What about referrals? You will start making money only if you get it right and this means analyzing your requirements first. An online business is just like any other. Unless you position your business in the right manner, there will be issues. Overall, your online strategy must be robust and include as many marketing channels as possible.
The 4 P’s of Marketing – Product, Pricing, Placement and Promotion
B2B has a different connotation – Back to Basics. Marketing is the same everywhere because people are same – whether online or otherwise. The only way you can make money online is to go back to the old ways of selling. Don’t ever think that a good looking site would do the trick. Maybe some will wink at it or even spend some pleasant time on your site but eventually they will buy when it makes sense.
You need a good product to start with. If you are trying to sell substandard stuff just because the customer cannot yell at you, there is a problem waiting to happen. On the other hand, a good product will sell like hot cakes.
Pricing is critical to any online venture. Buyers usually browse through a hundred sites before buying and everyone is looking for a bargain or a discount. You must utilize this craze for coupons and discounts. Be liberal and go out of the way to provide quality stuff at bargain rates. Price is the king of online marketing.
Placement is another crucial aspect you should keep in mind. You can choose to sell on eBay or Amazon. You can have your own e-commerce site. The decision on where to sell your product solely depends on the product. There are hundreds of places online, but only a few which suit your product. Making money online can be fun if you know what sells and where.
Promotion is an inevitable cost which is like a cross to bear – it has to be endured by you if you plan to make money online. PPC or AdWords of Google works well for some. You can buy banner ads or even create your widgets which can be placed on other sites. It is often seen that the mindset of an online seller is that of a miser. Almost everyone thinks that online means free for all. Remember that you have to give first before you receive – an old business concept which is very much applicable online.
How is online business different and exciting?
Despite all the differences between traditional business and an online one, the internet is a cache of huge opportunities. The flexibility provided by an online venture is incomparable. You can open an online store selling shoes and end up selling caps and that too profitably. It doesn’t cost much to start a business online. You can change strategy or even try a few different options simultaneously. You can target one set of customers for a product and another for an altogether different product. You can toy with the pricing and decide what works best for you.
The biggest advantage of an online business which creates massive prospects and money is the size of market. You can sell to the whole world. As Shakespeare, the venerable playwright has said – the world is your stage. The market provided by the internet is phenomenal. The opportunities are limitless. Making money online is easy if you know how to exploit the size of market.
Fast changing world of online business
You must remember that online world is fast paced. Audiences and visitors are fickle minded. Consumers are spoilt for choice. You should never expect loyalty from customers. Here the online venture is very much different from traditional one. You must create situations and effective sales pitch which would capture sales here and now. No doubt you see hundreds of banners cajoling customers with discounts and coupons and what have you. The lesson is clear – make them buy now or you will miss the bus.
Making money from an online business can be fun and frustrating. You must never assume anything and be ready to move on if required. Your product must be unique, if possible and have a worldwide audience. Unless you are a restaurant with a local clientele or some such business, your attempt must be to reach out across the globe. You must allow your imagination to soar and ambitions to be unleashed without hesitation.
Always remember the four P’s of marketing. They are as true online as they were in the old days. Choose your product or service carefully, price it modestly, let people know that you are selling and know your customers. You will probably conquer the whole world with this advice. If not, you can always go back to the drawing board. After all, an online business can be created and destroyed at will. Meanwhile have fun and make loads of money online.