Hi, and welcome back. As promised in our previous post, let’s now look at the alternative to selling your own product as a means to making money online. You are now entering the world of internet marketing (or IM as some may call it) where making money online without your own product is definitely possible and in many ways preferable. Sounds exciting? Great! Let’s begin…
What Is Internet Marketing?
Internet marketing or IM is also called so many other names – e-marketing, web marketing, i-marketing, digital marketing, online marketing and the like. However, in plain and simple language, it can be defined as the marketing of one’s products or services that a business or person offers through the use of the internet.
This type of marketing encompasses a very broad area of the subject as it also includes many types of marketing strategies like e-mail and wireless media marketing. Under this general scope of internet marketing also falls the aspects of ECRM or electronic customer relationship management and digital customer data.
Why is internet marketing a big advantage to many businesses?
The world wide web has given us many unique and essential benefits. This technology enabled the entire world to be connected with each other in a matter of seconds. In terms of online businesses, the internet has provided a global portal in which goods and services can be sold and bought by almost anyone and in any part of the world.
With internet marketing, all types of businesses have enjoyed the lower costs of information dissemination and advertisements. The internet’s interactive nature has benefited business marketing through instant responses and its ability to elicit them in the fastest way possible. Furthermore, internet marketing has tied together all the aspects of creativity, technicality, advertisement, sales and product development.
With its inexpensive cost, internet marketing has also enabled businesses to save on their means of reaching their target market or audience. Through a small fraction of the cost of traditional advertisements, businesses can further allow their customers to conduct research and eventually purchase their products in the most convenient way. This also makes them more appealing to their clients because they can provide results in a very short span of time.
Internet marketing has also allowed these businesses to measure their statistics in a much easier and inexpensive way. Since almost all the aspects of this marketing type can be measured, tested and traced through the use of ad servers, advertisers can easily use and observe their data as to which ads reap the most customer views or purchases. This way, online businesses will be able to determine which of their advertising messages are more appealing to their target customers. The results of all their campaigns can be tracked right away since this marketing initiative simply requires a customer to click the ads, visit a certain website or perform a desired action like filling out a form or purchasing a product or service.
The Role Of The Internet Marketer
Now as a beginner in the world of internet marketing, you will be responsible for the task of bringing in potential clients by providing them the services or the company that suits their needs or preferences in various internet venues. You will help these customers find the product that they are looking for. The targets are the people who have computers with internet access. Entrepreneurs like you can visit your online store anytime. Consumers can also do the same whenever they want. The future of the world wide web is so bright with its projected online consumer traffic reaching almost 60% and over 80% of these customers shopping online. So if you are determined to make it successful for you, you may just find yourself enjoying the benefits of having an online business that will give you more profit in the long run.
With that said, internet marketing brings you many advantages of incurring minimal costs in starting up your business including cheaper advertising options, a global marketplace, becoming your own boss, promoting stuff that you are passionate about and profiting from these passions along the way. Sounds amazing doesn’t it?
Though there are many benefits from internet marketing, it does come with its own share of risks and investments. You must understand that this process will not let you rake in a lot of cash quickly. Your time, diligence, persistence and passion for learning more are very important in your success in internet marketing.
Internet Marketing Is Not A Get Rich Quick Scheme!
Those who think that this is a get rich quick scheme are bound to be disappointed. Though many businesses have become extremely successful, you will find that those who have failed in this venture have simply wished to become overnight millionaires. The realities of a physical business are still applicable to your online store, including tax payments, customer services and even hiring employees.
Furthermore, it is important that you know that starting an online business is not free. There are costs that may be less than what will be used in building a physical business, but you will still have to shell out for web design, software, hosting, domains and advertising costs. Another reality of having an online business is site downtime. Yes, your site may go down due to technical difficulties or glitches, and this will probably bring a lot of frustration not just on your part but also on the customers’ end. Every single minute or second that your site is unavailable to visitors and potential customers, you will be losing money. You need to be prepared for this.
Furthermore, you cannot just rely on a certain system and have it run on autopilot to generate profit. Technology changes and the industry evolves rapidly, making any “autopilot system” that is supposed to generate cash a complete lie. A marketing tactic that worked for someone in the past may not work for you at all in the future. Therefore, it is very important to keep yourself updated with new technologies and marketing trends.
Competition will always be around so if you do not keep yourself informed and you do not work hard, you will not stand out in the crowd. You have to make an impact! Work hard because if not, you can be sure that one of your competitors is out there doing so. Besides, if you want your business to be a long-term investment, your first profits should go back to your site’s services and advertising efforts. Maximize your profits and do not just cash out your first earnings. It will also be helpful to learn about taxation and other related laws that affect this industry. This way, you know what your tax and legal advantages are once you set up your business. This will also help in protecting your assets, thus, it should never be overlooked.
With all these realities in mind, you will need to be very determined to stand out in this industry. Internet marketing is not for the person who likes simple routines. You should be flexible in learning new strategies and trends in order to keep up with your competition.
Now that you know what internet marketing is and all the good and bad that comes with it, you will now learn the marketing methods that online businesses have been using in order to promote their services and products to the global marketplace.
There Are A Number Of Internet Marketing Methods
The following list are all methods of making money online that come under the umbrella of Internet Marketing which will be discussed further in the next few posts:
- Affiliate marketing
- Article marketing
- E-mail marketing
- Blog marketing
- Niche marketing
- Selling physical products online
- Pay per click ads or PPC
- CPA (cost-per-action) marketing
- Social media marketing
These internet marketing methods all provide an alternative to selling your own product as a means to making money online and are not equal at all. Each of them have strategies to reach a target market and will produce varying results based on your goal, marketing pitch and relationship with your customer. Whether you are going to market your own website or choose to get involved in affiliate marketing, you are most likely going to use a couple of these methods at various times. Remember, what you earn in this industry is always proportionate to all the effort and time you have invested in developing your website.
Now let’s proceed to the juicy part of this subject. In the next few posts, you will learn each of the internet marketing methods mentioned above. You will get to know what they are, what they do, how they work and why they are effective.
If you missed the first post in this Online Money Making series you will find it here.