Do you have an online business that is not performing as
well as you would like it to? If so, you could be making one
or more of the following online business mistakes. Let's
look at each one and ways they can be avoided or rectified.
1. Being too caught up in the hype and excitement of getting
rich quickly.
This can be a very discouraging mistake. The lure of easy
money and instant riches leads to hasty actions and poorly
thought out strategies for success. When success is not
instant, discouragement sets in and the business person
quits or moves onto another venture without learning from
their experience.
To avoid this mistake, you need to stand back from the hype
and excitement and realise that the only way to get rich on
the internet is to work hard. Study successful web sites and
internet business models to see what they are doing that
works. Then consider how you can use this knowledge in your
own business.
2. Impatience for success (or not knowing how success is
achieved)
A key factor causing online business failure is being
impatient for success. This usually means that the business
owner does not know how success is achieved within the
business they are in. Due to impatience, research is not
conducted and time and money is spent on fruitless
activities.
In each business, there is a process involved in making
money. In simplest terms, you need a continuing supply of
prospects, a product or service they are prepared to buy at
a price they are willing to pay, a way of providing this
product or service in a timely and satisfying manner to the
client, and to be able to run your business process at a
profit.
Make sure you know your business and how money is made. Then
concentrate on the activities that will give you the
greatest success.
3. Failing to determine who your target market is
This takes one of two forms: "everyone will want to buy what
I am offering" or "I know they are out there somewhere - I
hope they will find me". In either case, the end result is
ineffective promotion and advertising of the business.
Significant time and money is wasted on promotion that does
not reach the potential customers.
In every business, a profile can be developed of the likely
people who will buy the product or service. When you
understand the best targets of your offer, you are then in a
strong position to concentrate your marketing efforts on
reaching them. This will be more profitable than trying to
market to the whole world!
4. Going for the "big bang" instead of testing
This can be described best as rolling out a full advertising
campaign without having tested to see whether the ad works.
The ad variables have not been identified and tested. The
result again is usually significant disappointment with the
results and wasted time and money.
Always test and fine-tune your efforts. To jump into a major
marketing campaign with a significant budget without testing
is a sure-fire way to financial disaster. Test and be sure.
Change ad headlines, wordings, offers, etc., until you know
you have your best chance of success. Test everything -
including the target market your ad or campaign is aimed at.
5. SPAM!
Don't get caught up in the lure of easy money through
sending millions of emails to people who did not request
them. The normal thinking in this process is that if 1% of
people respond to my offer then I'll be very rich. However,
your ISP will close you down, denying you access to the
internet, your web site and email is bombed, and you are
published as a spammer and people are discouraged from doing
business with you.
This is not the way that a professional conducts business. A
professional is in business for the long run and is keen to
develop relationships with prospects and clients. SPAM will
NOT enable you to achieve long term business success.
6. Conclusion
Always remember that long term business success requires
hard work, an ethical and professional approach, knowledge
of your market, a success system that works, and flexibility
to test and change and grow. To be successful online is no
different. Master the basics of online marketing and you
will see your business grow for long term business success!
Article by Kevin Sinclair, CPA, of Be Successful! Business &
Personal Success Resources (http://www.ksinclair.com/). He
is the author of 2 free ebooks: "Success Secrets" & "How To
Choose A Home Based Business". Kevin is also the publisher
of "Be Successful News" - to subscribe, send a blank email
to pbsr-subscribe@listbot.com
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