In a previous blog post, I discussed the four main strategies you could use to make money on the internet. In this post I will discuss the ten key elements you need to successfully make money using the internet. The ten key elements to successfully make money online are:
2. Target Market
4. Generating Traffic
5. List Building
8. Recurring Revenue Stream
9. Multiple Streams of Income
10. Joint Ventures
In order for you to make money online, you need to be marketing something that is in demand. If you try to promote something that is not in demand, then you will end up making little or no money.
You need to target a market as well. Your target market could be broad or narrow. A broad target market could include people looking to start a home based business or making extra money from home. A smaller niche could include stay at home mothers, professionals and network marketers.
Self branding is also important because people are not just buying the product. They are actually buying you. You want to present yourself and your website in a way so that people will want to do business with you as opposed to someone else. Of course, you can market a company-replicated website, but you will not stand out from the crowd if you do it that way. You want to also include a strong selling proposition.
Generating traffic is very essential and one of your biggest humps as an online marketer. There are many ways that you can generate traffic, but you can become overwhelmed with all the methods that you could use to generate traffic to your website. You need to start out with a couple of methods until you have mastered them.
Once you have been able to get traffic to your website, you will need a way to capture your visitor`s information including name, email address and phone #. You should offer a free gift such as training. You will want to do that with an autoresponder like Weber so that you can automatically follow up with them promoting multiple educational low-cost products.
You will also need to work on improving your conversion rate. You will convert a certain percentage of Traffic to Leads and then a certain percentage of Leads to paying customers. At first you might convert at a 10% rate. Therefore, you would convert 10 out of every 100 visitors. As you get better, you could increase your conversion rate to 20% meaning you will double your conversion to 20 out of 100 visitors. With a higher conversion, you will make more money putting in the same amount of effort.
You might decide to create a new product that you can sell to people and make money. You can recruit affiliates to market and sell your product if you end up creating your own product.
You will want to have products with a recurring revenue stream so you will not have to keep working as hard to recruit new people. In addition, you will also want to have multiple streams of income. you can promote multiple streams of income by promoting products through an auto responder and marketing system.
Furthermore, joint ventures can be created so that you can market and sell each other`s products and share each others databases.
By following these 10 steps, you will have success with making money online from home.