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.

---

PARLOT.COM: Turnkey Money Making websites

How Merchant Accounts Can Save You Money

We all know that accepting credit cards is the key... Read More

Grow Your Business Using B2B Emarketplace ? Part II

Selecting the right emarketplaceAlthough, IT spending has been staying flat... Read More

How Do You Make Money Online?

If you learn how other people make money online, I... Read More

Pitfalls of Doing Big International Brokerage Business Online

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

Web advertising e-Marketing Places!

Overview:What is web advertising?Internet Advertising is popularly known as web... Read More

Turn Your Rusty Junk Into eBay Gold

Often times people to stop to realize the income potential... Read More

Getting Started in ECommerce ? Part Two

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

Online Lead Generation: Can it Work for My Business?

Business-to-business service providers have a wide range of tactics they... Read More

Selling Online for Newbies

If you are interested in selling online, it is quite... Read More

Online Customer Service - The Cornerstone of a Successful Online Business

Online customer service is still one of the most frequently... Read More

Is Your Website Credit Card Friendly?

In my last column I discussed the process of credit... Read More

The Secret Science Of Online Shopping

In theory you could create a retail web site with... Read More

12 Powerful Ways To Use Autoresponders That Will Take YOU To The Top

If only I had known that autoresponders are a necessity... Read More

Start doing online business using B2B Portals in Six Steps

I registered with a B2B site but what's next?This is... Read More

Accepting Credit Cards For Your Online Business

Did you know that one of the best ways to... Read More

How To Find the Best Merchant Account For Your Business

What a great idea! Start accepting credit cards and watch... Read More

Top Ten Qualities to Look for in an Online Pharmacy

As you may have noted, there are thousands or even... Read More

Get Out of The Way

Get out of the way and make it easy for... Read More

Direct Marketing isn?t all Brute Force

There are so many metrics surrounding direct marketing. So many... Read More

Creating The Perfect Ecommerce Website

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

The Five Steps of E-Commerce

You set up a retail business, you advertise in your... Read More

Shopping Cart Usability

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

How to Get Free Internet Merchant Accounts

This article will show small businesses how to get free... Read More

Are You Making These E-Commerce Excuses? (part 2)

Last time, we started to take a look at the... 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