Lots of people have started online businesses, but are they making any money?
The marketplace may have relocated to the Internet to some extent, but the same rules of business which have worked since the dawn of time for brick and mortar companies, still work for successful online businesses. It’s all about multiple streams. There are thousands of successful online businesses. What makes them tick is multiple streams of income and multiple streams of traffic. Let’s take a look at these two very important streams.
Successful online businesses generate multiple streams of income.
Humor me for a minute, and see if I’m not right. Pull up five or six popular online businesses on and look at the websites. Most of them allow a potential customer to the site to participate in the following activities which generate income streams:
A link to ebay or Amazon where their products, book or services can also be found. The host site gets ‘click thru’ commissions and if you buy their product somewhere else, they still get a percentage of the take.
Affiliate marketing programs. Why do all of the work yourself? Enlist a group of loyal partners to sell your goods and services for you, in exchange for a percentage, a commission, if you will, for selling as your partner on your behalf. It’s like the original Avon or Mary Kay concept. A representative sells your product for a piece of the profit. The harder they work, the more money they make for you and for themselves.
Rewards programs as incentives for repeat customers, or discount coupons to snag new customers. Statistics are that 30-50% of all customers who buy from you will buy from you again. You will make a lower profit margin on your initial sale, but you may have them hooked on your product for life! This translates into indefinite money in your pocket.
We have looked at multiple streams of income, but there is a new stream for the Internet age, and its multiple streams of customer traffic.
Successful online businesses generate multiple streams of traffic.
Return to your online business experiment and look at how these same successful online businesses drive multiple streams of traffic to their website. Most of the successful online businesses have:
Google Ads. They let other companies pay money to Google to place advertising for their company on your related online business site. The company receives income for ‘click thru’ customers, who leave your site to shop on another related site.
Twitter and Facebook feeds. Successful online businesses know the importance of ‘spreading the word’ about their products and services by not only launching and announcing sales and new products through these feeds, but also by letting their customers sign up as Twitter and Facebook followers. This way, your customer gives your company a ‘word of mouth’ endorsement, and you are able to keep your online business name and logo constantly on the minds of your demographic.
Blogs. Successful online businesses have blogs. They can be free to set up, and they are another way to dive traffic to your online business. The key here is to constantly have new content, a poll, coupons, incentives, and other activities on the blog, to engage your customers and to get them to give you their email addresses.
Affiliate marketing partners. Developing an affiliate marketing program as an aspect of your online business, will result in your affiliate partners driving traffic to your online business. They will take out paid ads, and design blogs and websites solely to promote your product and services. The harder they work, the more traffic comes your way. Their customer base becomes your customer base.
Make your online businesses profitable and successful with multiple streams of income and traffic. It’s that easy!