Wednesday 23 October, 2013

Not Making Money Online? Maybe You’re Making One of These 7 Mistakes

People often ask, ‘is it really so easy to make money online?’ The truth is that it’s not. Running an online business is still running a business. It’s easier to do marketing and reach your customer base, but the basics are still the same. If your online business isn’t making money, you could be making one of these 7 common mistakes.

Too Much Promoting in the Wrong Places

Of course, you’re online to promote your business. But there are some places where it’s not appropriate. A big one is social media. People don’t get onto Facebook to be marketed to. Try to focus the vast majority of your online efforts on providing information and building connections with your audience. Make promoting secondary.

The ‘So What’ Test

One way online business is the same as offline business is that you have to set your product apart from others. This is what I call the ‘so what test.’ Look at your site and compare it to others that are similar, asking yourself, ‘so what?’ If you can answer the ‘so what’ by showing how your site is bigger, faster, better or more unique, you’ve passed. If not, you need to rethink your business model and identify your unique selling proposition.

Product First, Marketing Second

Like any offline business, focus your efforts on creating a good product or service first before you start marketing. Many internet marketers put the cart before the horse, marketing like crazy to drive traffic to a product or service that’s simply not very high quality.

The Customer Is Always Right

Yes, it’s an old cliché but totally true that the customer is always right. Okay, maybe usually. But the point is that you need to treat online customers even better than offline customers. They need to feel safe buying from you and this means you need to be extra responsive.

Don’t Tech Yourself to Death

Online marketers love shiny objects. New plug-ins, gadgets, software programs, etc. are great but they can also distract you from what you’re doing. The worst case scenario is you spending your money on info products rather than getting your business off the ground and earning money. Tech stuff helps but remember to keep it simple – you have an offer and you need to get it in front of your market. Use tech stuff that helps you do that and ditch the rest.

It’s a Business

Even if you’re starting your online business on evenings and weekends as a supplementary income, you should still treat it as a business. Take it seriously from the get-go and be legit about it. This means investing a lot of time in learning how it works. Even if you do it part-time, don’t have a part-timer mentality about it.

The Magic Profit Button

Finally, a huge mistake many make is to think that it’s easy to make money online. You just plug and play, and the money rolls right in. It’s relatively easy and cheap to start an online business. You don’t need the major investment in a physical location or workforce. But it still takes a considerable amount of work to start earning a profit.

Bob Steele

Bob Steele is an entrepreneur, software developer, marketer, and author living in the Denver metropolitan area. He’s an avid outdoorsman who loves skiing, hiking, fishing, boating, and just plain having fun. His interests include games, space, technology, physics, cooking (well eating actually), economics, business, internationalism, and team sports. With over thirty years of professional consulting experience, Bob has been exposed to many diverse business models and has gained a sensible approach to life. Bob’s company, WaveCentric is focused on commerce, marketing, and entertainment related products.

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