Is It Still Possible To Make Money On The Internet?

Many people are saying that the internet is dead. So is there still money to be made on the Internet?

The answer is a definite YES.

Research shows, time and again, that consumers want to spend more online, and that the internet is fast becoming an integral part of their lifestyle and it'll continue to be so. Internet consumers are cautious and they want sites that are credible and worth shopping before they part with their money.

The traditional brick-and-mortar rules of business still apply to internet business. It's prudent to remember that the internet is not your business goal; it's a medium in helping you achieve your business goals.

Adhere to my following Rules and you'll be on your way to building a viable, sustainable and successful internet business.

---------------------------
1. Develop a viable business plan
---------------------------

The biggest reason why so many dotcoms failed is an inadequate business 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 meaning to you and your business. Your main focus should be to 'plan to profit within a set period of time and this would require you to allow time for thoughtful researching, planning, execution and testing. You'll need to test out your business model first and ensure that it's viable and sustainable.

Don't make the same mistakes that many dotcoms made - trying to build a global brand before their business model even worked as it'll lead you into receivership faster.

Regardless of how fanciful and good your website is, if your aim is not to make profit, you'll go out of business.

---------------------------
2. Model someone successful
---------------------------

It's always wise to learn from the mistakes of other people rather than to learn from your own mistakes as this can sometimes be very costly and painful.

Track and learn from benchmarked success stories, be they your competitors or otherwise. Why would you want to spend time re-inventing the wheel when you can learn from those who have already been there and done it successfully. Learn how they design their website, create products, write salescopy, their sales process, etc.

--------------------------
3. Focus on a niche market
--------------------------

Don't be everything to everybody by trying to dominate a huge and general market because you just simply can't do it effectively.

Focus your internet business on a targetable portion of the market or a narrowly defined group of potential customers. Address the need for a product or service that's not being addressed by mainstream providers. The advantage of this is that it's less competitive in such a market as large businesses won't want to be in it.

For this to be effective, the market niche that you're targeting must be fast moving, its customers accessible and there must'nt already be a dominant player in that particular market niche.

The key here is to find a niche market, assess the needs of the market and then offer them your products and/or services that meet their needs.

------------------------------
4. Differentiate your business
------------------------------

To capture a larger market share and be viable, sustainable and profitable, you need to differentiate or distinguish your business from your competitors; make your business special in the eyes of your customers and/or prospects.

You can do this by creating what's called a Unique Selling Propostion or USP and then effectively convey that USP to your target market via your marketing efforts and business performance.

This's particularly crucial if you're operating in a highly competitive market.

A USP is the one thing or idea that sets your business favourably apart from your competitors. Think about these questions: "What's the one thing that makes your business unique and distinct? Why should people buy from you and not from your competitors? Do you promise great value, benefit or service?"

Your USP is the focal point around which the success and profitability of your business is built and so you must be able to state it and fulfill it honourably and effectively.

---------------------------
5. Spent your funds wisely
---------------------------

Costs is one of the major determinant of your internet business's survivability. You'll need to carefully track and control your costs from the outset and make sure you can start to show a profit soon, as unmindful spending with no thought given to incoming resources will bleed you to death.

Credible websites not only require money to set up but also to maintain; advertisement costs money. Driving traffic to your website where you lose money on sales made is suicidal. Do your sums; consistently refer back to your vision to ascertain whether an expense is warranted or meaningful.

----------------------------
6. Superior customer service
----------------------------

In addition to a viable business plan, a superior customer service will be key to your success.

Superior customer service must be a high priority in your action plan. Build a trusting and long lasting relationship with your customers and prospects, send your staff for customer service training, fulfill your orders promptly, and constantly remind yourself the reason of your very existence.

This is crucial as it costs five times more to win a new customer than it costs to keep an existing customer. Moreover, a dissatisfied customer will tell, on average, five or six people about your bad service. The point I'm driving at here is that looking after your customers saves money and boosts profits.

Learn and apply what I teach you, do it right, and you'll rise above 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.

---

The ClickBank E-Commerce Solution

ClickBank.com can offer you multiple solutions for your e-commerce business.... Read More

Cheap Cigarettes, Discount Tobacco and Cigars Online - Is It Legal?

Many people online today still believe that buying tobacco products... Read More

Something new in e-commerce: the Echo System Build

How four partners build and manage an exclusive art posters... Read More

How E-commerce Web Site Design Differs From Normal Web Design

When it comes to e-commerce everything is a little bit... Read More

The Top 10 E-Commerce Ways to Follow up with Clients - Part 2

Did you know that 80% of all sales are made... Read More

Credit Card Merchant Account Basics

Knowing which credit card merchant account to get can be... Read More

Using Drop Shipping for E-commerce

Thanks to the ubiquity of the internet, online virtual businesses... Read More

Pitfalls of Doing Big International Brokerage Business Online

Nothing has helped international brokerage business more than the internet:... Read More

Shop: Is Shopping Online Secure?

Is shopping online becoming popular and safe enough for you... Read More

Shopping Carts For The Faint Of Heart

The chief criteria for judging an ecommerce shopping cart are... Read More

Say Something Worth Talking About

I recently published a short e-book called 'One Thing I... Read More

Chinas Online Shopping May Be Booming In The Next Few Years

Data from China Internet Network Information Center (CNNIC) shows that... Read More

Working With Drop Shippers

Drop Shippers, the manufacturers or distributors who are willing to... Read More

A Beginners Guide To Setting Up A Successful Online Store

A beginner's guide to setting up a successful online store... Read More

Eleven Things You Must Know About A Drop Shipping Directory And Its Company

1. Balance - You want to find a directory rich... Read More

Shopping Cart Usability

Usable Shopping Carts Increase SalesE-commerce has been around since 1993... Read More

Business Online ? Blind Hunt

Do you sell something online? Do you have a business... Read More

Six Components Of A Good E-Commerce Site

Businesses, which are still sitting on sidelines and not doing... Read More

Database: The Secret of Success

BENEFITS OF A DATABASEBy maintaining your list as a database,... Read More

How To Start An Internet Business ? Content, Content, Content

When it comes to e-commerce, the time-tested cliché is, "Content... Read More

Short Story: The Benefits of Shopping Online

Maria's new lifestyle: Short story about the benefits shopping on... Read More

Intranet Project ? RAD or Waterfall?

Building BridgesI have often used the analogy of building a... Read More

Old Habits Die Hard in the Third Age Years

I spent a lifetime in retailing and I'm still at... Read More

Getting Started in ECommerce ? Part Two

In Part One we talked a little bit about what... Read More

Alternative E-Commerce Solutions

Over the past several years, the Internet has emerged as... Read More

Internet Merchant Accounts For Innocents Abroad

If you want to sell on the internet, your need... Read More

Is It Still Possible To Make Money On The Internet?

Many people are saying that the internet is dead. So... Read More

Creating The Perfect Ecommerce Website

If you're thinking of jumping on the bandwagon and going... Read More

Choosing An Internet Merchant Account

Surf to Google and perform a search on "Internet Merchant... Read More

Intranet - The Benefits Realisation Plan

The Millennium ExperienceA successful project is one that delivers on-spec... Read More

Leading eCommerce Consultant Admits You Should Only Listen to One Real Expert! (And its not him!)

Let me share with you a secret that most marketing... Read More

How To Sell Websites Fast !

This article will explain in depth the steps needed to... Read More

Selling Globally Through a B2B Exchange

Participation in B2B Exchanges is increasingly becoming one of the... Read More