Christopher Reid Internet Marketing Entrepreneur (Photo credit: Wikipedia)The Internet is peppered with stories of online financial success. It seems like every time you jump into the world of internet marketing, you stumble onto a website whose owner boasts of making a six or seven-figure income. So many people achieve so much money on the internet that you can't do a web search without reading about it. Yet, this road to online riches is also saturated with stories of frustration, disappointment, and failure. I imagine that millions of people around the world jumped into the world of internet marketing with diamonds in their eyes and dreams of a future paved in gold.All too soon, they realized that they might not have had that Midas touch.
If you are someone who has experienced some level of disappointment online, you may be walking down a path that will ultimately lead you to a failed dream of creating a passive income online. By exploring the following topics, I hope that I can help you identify certain internet marketing pitfalls. And by identifying them, I hope it will assist you in avoiding them entirely.
Here are five common reasons why you may fail in your online business:
You move from product-to-product. You started out in this business hoping to make money by promoting a product. You landed on a squeeze page, sign up for the emails, research the product online and finally decide that this is the product that they want to promote. And you think, "Man alive! This is the greatest product I have ever seen. I am going to promote this!" You then spend the next week to ten days popping out article after article, updating your website, participating in forums. You see people visit your website, but you aren't making a sale. So, after about a week or so, you are swept up in another sales pitch and you repeat the process all over again.
You've just committed a grave error. By abandoning a product so quickly, you have demonstrated to people that you don't believe in the product. You have no idea if someone bookmarked your page to return to it later in the week when they had more time. You have no idea if someone was waiting until payday to buy a product from you. But because your sales were not happening quickly enough, you abandoned the product and moved on.
You promote the wrong products. Another mistake you make is you end up promoting the wrong products. There are a couple of ways of committing this mistake. You might spend time developing a website about Topic A. You have high quality targeted traffic and people really respond to your content. You think the time is right to use that traffic to jump into affiliate marketing...but you chose a product that doesn't resonate with your traffic or provide your customers with a service.
Additionally, so many newbies promote products that are thinly veiled scams, products that over-promise and under-deliver, or products that offer no real value or service to potential customers. Choosing and promoting the wrong product leads to certain failure in attempting to create a passive income stream.
You do not have a strategy for success. You might be inching towards failure because you do not have a strategy for success or a plan of action. Spend some time developing a business plan. Think about how you are going to promote your product. Think about how you are going to generate targeted traffic. Develop different types of goals and objectives that are realistic and achievable. Then stick to the strategy you have developed.
You are not developing a list. Develop and cultivating a list is probably the most talked about and most often ignored step in internet marketing. If you do not develop a list, then you probably will not reach your financial goals. A list is a way that you can keep in touch with people who have visited your website. I conceptualize the list as a way to continue a conversation with people long after they left your website. Find a way to budget for the $20 a month it takes to sign up for an autoresponder.
You spend too much money too quickly. Hopefully, you are not among the millions of people who abandon their goals of internet marketing because they have discovered that they spent too much money too quickly.You can only buy so many $47, $97, or $137 products before you realize that you have more than enough information to implement your business plan. Unfortunately, people fail at attempting to use internet marketing as a means to securing their financial future due to the fact that they have blown through any extra money and can no longer afford the basics.
Now, here's the great news: You are not a failure! You now realize what the major pitfalls are that may lead you down the wrong path. By increasing your awareness about these five issues, you have just increased your chances of succeeding in making money online. Here's to your success!
Jay Monroe is passionate about people making money online by creating smart passive income streams. He believes that it is something everyone can participate in, regardless of education level. Follow his free step-by-step approach to financial success.
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