Making Money Online – What Does It Take?

Most internet marketers begin their internet adventure by moonlighting. Moonlighting occurs where entrepreneurs use the income of their daily jobs to fund their online ventures. It implies that when the income of their online venture matches or exceeds their regular income they will leave their daily job in search for higher income and better quality of life. This is exactly how I began my internet career. I was working 45-50 hours a week as a logistics manager and decided to switch careers once I saw the true potential of an online business.

How do you achieve success online?

There’s no such thing as a success formula, there are in fact many paths to success… there are also many challenges along the way. Most people will try to sell you their secret formula to success for a ‘moderate’ price. I want to make this clear from the beginning, my sole aim is to educate by recommending certain strategies and tools that you might find useful. This is not a sales pitch. This is free advice that I hope you will find valuable in your online careers.

There is clearly an excess of information on the internet and this can be very daunting and confusing if you are just starting. The recommendations I make are by no means the only way to conduct business online, they are the result of ten years of successes and failures as an online entrepreneur.

Getting Started

There are two components required to be a successful internet marketer. You need (a) a product or service that will add value or solve a problem to the consumer and (b) a hungry audience. The good news are you don’t have to produce and develop your own product or service. You can simply recommend, review or promote someone else’s product and service and receive a commission for the referral. This is an excellent way to get started as you don’t have to deal with the long process of product development, creating marketing tools, training a support team, handling order, credit card payments, returns, fraud, etc..

Finding a good product to sell on commission is easy. The trick is to choose the right product for you. I suggest you choose a product based on your interests and hobbies. If you are passionate about a certain product you will enjoy selling it. Remember, that you’re choosing a career as an internet marketer because you want to enjoy your work and reap the rewards. So if you’re passionate about health and fitness, why not choose a product that you truly believe will help people lose weight, build muscle, eat healthy, etc.

Finding and retaining a hungry audience is the real challenge.

Metcalfe’s Law implies that the value of a product or service increases as more people use it. The telephone is a classic example, the more people own telephones the more valuable the telephone is to each user. Similarly, Facebook has over 500 million users and is the most valuable social networking site because of its potential to sell online advertising. Therefore, your objective should be to build a website with as many members as possible. In my opinion, the best way to do this is by building a relationship with internet users.

Your aim should be to build a relationship with your users.

Many marketers claim that you should cash in with each transaction, with each member because you will only receive a commission from each user once. That is a key mistake internet marketers often make… Look at the following business model.

Direct traffic from your pages >>> Merchant’s site

This is Affiliate Marketing Craziness. If you are using this business model, you are leaving a ton of money on the table!

In this model, the Internet Marketer searches for Internet Users by paying for ad space on others’ websites, paying for banner ads, email campaigns, keyword search, pay-per-click campaigns, etc. Internet Users will then click on the banner that will forward them to the Merchants’ sites. Your task as Internet Marketer is complete and you receive a commission from the Merchants. In fact, that’s all you receive! This model places Internet Marketers at great risk because you spend all your financial resources, time, skill and effort to advertise and build the Merchants’ businesses! Additionally, you lose contact with the Internet Users and have to start the whole process again for a mere commission.

You have very little control over the process because you don’t have any real assets, you don’t retain customers, you take all the risks and you work for someone else on a commission basis. This means that you are easily replaceable too. The Merchants don’t care who brings them customers and they might easily give your commission to someone else. Furthermore, they will replace you themselves once they have collected the Internet Users details.

Merchants will collect the details from the users, such as email address, credit card information and conduct all further transactions directly with the Internet Users. The Internet Users receive the product they purchased and are oblivious to the middle man’s input, ie. the Internet Marketer’s existence and role within the transaction. The Merchants get all the benefits, they save money by paying you a commission to do the hard work and they keep the larger portion of profits from the transaction. In addition, they keep the personal details for further transactions with the Internet Users, for which you don’t receive a commission.

I played this game for years before I realised that without my own product I needed to intervene and change this business model. The Internet Marketers do the hard work, so why should the Merchants reap all the benefits? How can I change this process and play a bigger role? The answer lies in building a relationship with the internet user!

By building a relationship with the Internet Users I would retain access to them. More importantly, I would be able to take ownership and accountability for my performance. I would minimise risk and become a valuable, irreplaceable part of the process. In simpler terms, by retaining access to the Internet Users I can have greater control over my financial income.

Whoever controls the Internet User has control over the money!

Stay tuned for my next article on Changing the Status Quo and Using the Right Business Model to Build a Sustainable Online Business to be posted here soon.

Until then, cheers

Heide Holtz

Source by Heide Holtz

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