Many people try Internet Marketing and achieve great success but many have failed too. According to the statistics, more than 95% of people failed in Internet Marketing; ONLY about 3% succeeded. The statistics are not pretty.
Why so many people failed in Internet Marketing?
Well, there are many reasons why people fail in Internet Marketing but the 3 most common ones are:
1. Lack of focus. They switch from one system to another and always search the next big secret. But unfortunately, there is no big secret in Internet Marketing, you just need to focus on what really works and ignore the rest if you want to be successful.
2. Follow the wrong system. Although there are a lot of good training programs available but there are also a lot of scams that teach you the wrong way to do internet marketing. And the bad news is that most people fall for the wrong system or learning from the wrong guys.
3. Give up too easily. Success in internet marketing is a process; there is work involved and success will not come immediately. You need to work on it consistently. Most people don't have the persistence to go through the process, most will quit half way.
There are 4 elements of success in Internet Marketing, if you want to succeed in this business, you need to have these elements in place.
I. Customer Focused
Always remember that your customers are the most important assets in your business. Without customers, your business will fail. So make sure you understand your customer's needs and focus your effort to satisfy their needs. To understand your customers, you need to do some market research to find out what are their requirements, what are the problems they are facing and how your products can solve their problems. You need to have two-way communication with all your customers in order to really understand what they really want.
II. Multiple Streams of Income
Another element for a successful Internet Marketing business is to have multiple streams of income. Make sure you are making money from a variety of sources. Not only will this boost your overall profits but it will also ensure that you keep making money and keep your company's cash flow healthy. If one source dries up then you'll have many other sources for making money. So make sure you build as many streams of income as possible. Multiple streams of income need time to build but you should start building them from the start.
III. Affiliate Program
To be successful in internet marketing, you need to leverage other people's effort. You can achieve this by creating an affiliate program and recruit as many affiliates as possible. Imagine if you have 100 affiliates promoting and selling your products, you will achieve your goals much faster than if you are working on your own. Of course, you need to split the profits with your affiliates but having other people to promote and sell your products will give you an incredible leverage.
IV. Network with Like Minded People
If you are serious about building a successful Internet Marketing business, you need to network with other Internet Entrepreneurs. You can find them on online forums and social networking sites. You can also learn from like minded individuals, share your experiences and explore partnership with other online entrepreneurs. Networking and partnering with the right people will definitely speed up your success in this business.
I have shared with you some of the most common reasons why people failed in internet marketing and the 4 elements of success in internet marketing in this article. Hope you find the information in this article useful.
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