Archive for the Marketing Category

How to Run a Web-based Business

How to Run a Web-based Business

JerryDRoss.com - Business Success Solutions

With the state of the economy, more and more online businesses are showing up. They have the distinct advantage of having a low overhead which is appealing to most people. But, do you have what it takes to run such a business?

 

One thing that you need to know if you are thinking about a website or web-based business is that it is still a business. While there are advantages for the entrepreneur with little start-up capital, you won’t stay in business long if the enterprise is treated like a hobby.

 

Online businesses are a great alternative to a brick and mortar establishment. You might just find that your website business grows big enough to one day be housed in an actual building. The possibilities are endless.

 

To run a website business takes a certain kind of person. You are working it alone in most cases and there are a few things to consider.

 

1. Be motivated.

Unlike in an office, there is no one to look over your shoulder and tell you to get on your computer and get to work. That is up to you. Be aware that the monster of procrastination lurks behind every corner waiting to get you occupied with everything but work.

 

2. Have a plan.

A plan is necessary to map out a path to get started. You may not end up on that same path three years down the road but you will go nowhere fast without one. Decide what type of business you want to start and where you want it to go in the future.

 

3. Be computer savvy.

For some, the computer seems like a foreign object. Surfing the net is nothing like running a website business. There is a lot that goes on behind the scenes of a website that you will be responsible for. You can learn as you go, but it is more cost-effective to have some computer knowledge before you start.

 

4. Have a niche.

Website businesses pop up every day. What will make your business different? Research the Internet and see what type of business is thriving. Starting out in a saturated niche can spell your doom.

 

5. Be familiar with Internet marketing.

In order for people to find you, they need to know that you exist. Internet marketing techniques are used to build a customer base and bring in sales.

 

There are also other alternatives to beginning your own business from scratch. If you have the money and the skills, you can buy out another entrepreneur looking to sell their website or web-based business. It is similar to buying a brick and mortar company. You assume the daily operations and manage the workers (if any) who will probably be freelancers.

 

A website business is an excellent idea. If you have a business plan but little starting money, you can use a website business to realize your dreams of working for yourself.

 

Here’s to your Success!

Jerry D Ross

 

Give us your thoughts and/or suggestions. Please leave your Comment below. Feel free to contact me with questions or suggestions.

Is Your Marketing Making You Money?

Is Your Marketing Making You Money?

jerrydross.com - Business Success Solutions

Some businesspeople love marketing. They enjoy analyzing their target markets, finding ways to create publicity for their endeavors, and designing and placing advertisements. Others hate it and wish there were no need for it. But love it or hate it, it’s important to remember the ultimate purpose of marketing: to make money.

 

A business wouldn’t be a business if it were not out to make money. Yet when it comes to marketing, many business owners forget this. They either do as little marketing as they can get away with, or they spend a lot of time on the marketing itself but little on the necessary research. In both cases, they’re probably not getting a very good return on their investment. In fact, they may even be losing money.

 

Tracking Your Marketing Results

The first step in determining whether your marketing is making you money is to track its results. This means finding out where paying customers are finding you. It may sound difficult, but there are ways to do it.

 

Tracking your customers is actually pretty easy if you’re doing business online. You can add tracking codes to your URLs to signify where each customer came from. Or you can create separate pages for each of your campaigns. Then you can simply view your web stats and see which customers came from where.

 

In the offline world, finding out how your customers found you can be a little trickier. You can always ask if you see them in person, but if you have other people serving customers for you, they may neglect to do so. You can also ask how customers found out about your business on mail order forms, but they may or may not answer. Still, it’s important to make the effort. If you ask every customer, you should get enough answers for it to be useful.

 

Crunching the Numbers

Once you have determined how much you’ve made from a campaign and how many customers you have versus how many prospects, you can start analyzing your data. The most important figure when determining how much money your marketing is bringing in is return on investment, or ROI. This is calculated by dividing your net profit by the amount of money you’ve spent on marketing. This will give you a percentage. If it is greater than 1, then you’re making money, and the higher the percentage, the better.

 

Another figure that is important to know is your conversion rate for each marketing campaign. This is figured by dividing the number of paying customers by the number of prospects. While this doesn’t give you a monetary figure, it is useful in determining whether a campaign is converting well enough to continue with it.

 

One of the biggest mistakes a business can make in marketing is not tracking its effectiveness. This can result in money wasted unnecessarily. Don’t leave your marketing to chance. Run the numbers and make sure it’s making you money.

 

Here’s to your Success!

Jerry D Ross

Give us your thoughts and/or suggestions. Please leave your Comment below. Feel free to contact me with questions or suggestions.