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.
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.
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.
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!
Going for the “big bang” instead of testing
This can be described best as rolling out a full advertising campaign without having tested the 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.
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.
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!