Internet marketing is one of the fastest growing and profitable businesses today. It is an excellent way for anyone to start a small business with little investment, no overhead, and high-profit margins. Anyone can get up and running with an online business in hours. Sounds like an easy way to make money compared it to other offline small business ventures.
Yet internet marketing failures still vastly outnumber those who have succeeded in internet marketing. For every story, you hear of someone making $10,000, a month at internet marketing there are hundreds of untold stories of those who failed to make a profit or only made a few dollars and then quit.
Why do so many fail when the potential to succeed is high? Well here is why?
Why People Fail At Internet Marketing
Failure to plan
No matter what type of business you are running, you need a business plan with well-defined goals. What are your short-term and long-term goals? What steps do you need to take to meet those goals? Write out your plan and review it frequently. You are running a small business, treat it as one. Failure to plan simply means you’re planning to fail.
Failure to work the plan
So, you already have a business plan? Are you following it? A plan means nothing if you don’t follow it. Work the plan every single day. Revise it if necessary but don’t detract from it. Use your plan as a route map and a compass, if you follow and adapt your business plan diligently it will lead you to success.
If you want to make £1,000,000 in revenue. It’s not going to happen overnight.
You will need a product or service to generate that income. If you break it down, you will need:
- 100,000 people to buy your product or service for £10 each or
- 10,000 people to buy your product or service for £100 each or
- 5000 people to buy your product or service for £200 each or
- 2000 people to buy your product or service for £500 each or
- 1000 people to buy your product or service for £1000 each.
Take these figures into account and then find out how you are going to achieve them on an hourly, daily, weekly and monthly basis to reach your ultimate goals.
Making goals too big early on
Many internet marketing failures try to do too much too fast. You are not going to create the ultimate web site for cat lovers overnight. Start small with cat training tips and add content daily. That 1,000+ page web sites took months or years to build, so will yours.
Start small and work your way up by creating residual income.
Start by getting ten people to pay $17 per month for 12 months for a product or service.
Then the next month another 10 people to pay $17 per month for 12 months for a product.
Month 3, another 10 people to pay you $17 per month for 12 months while you maintain and service the 20 people from the previous month. Before long, you will have 5000 people paying you £17 per month which is equivalent to $1,000,000.
Lack of knowledge
Do you think you would be a successful engineer without knowing anything about engineering? No. Then to be a successful internet marketer you need to learn internet marketing. Find a successful mentor willing to help you and you will be way ahead of the crowd. If you cannot find a mentor, YouTube is full of valuable resources.
You can enrol in free courses at Alison.com, Udemy and many more. Study as much as you can on the subject, find the right people online that are recognised as experts in their field. Then follow them and their methods, strategies and implement whatever they are doing to achieve their success.
Not investing in your business
You won’t get any support or very much web traffic with a free web host. Many times, the best eBooks, scripts, and tools are the ones that cost money.
You can run an online business for next to nothing, but you will achieve faster and more profitable results by investing in the right tools. Invest in Google Ads, Facebook Ads, Microsoft Ads r Pinterest Ads to generate traffic and clicks. Invest in SEO to get your articles ranking on page one on Google search.
Here are some more awesome tools, some of them even free.
“If I build it, they will come”
You can have the most comprehensive and informative website on natural healing in the world but if you don’t promote your site and work to drive traffic to it no one will know about it. There are many ways to drive traffic to your website. You should be using several of them. Use Twitter, Facebook groups, Instagram shoutout and Pinterest Pins to name a few.
Lack of patience
You will not be making $10,000 a month when you start. Internet marketing is not a get rich quick scheme. It takes time and testing to build your web traffic and increase your conversion rate.
In the beginning, you might lose money, and this is when too many people give up without giving their business time to grow. Don’t give up in the first year. Many blog sights will need at least 12 months to eighteen months to start establishing themselves on the internet. If you quit in the first year it will mean you have wasted that first year. Hang on in there, it may take 2 years but once established you will see the rewards.
So you wrote that eBook on underwater basket weaving and you are wondering why nobody is buying it? Find a niche but make sure it’s profitable first.
Too many times people create the product first then try to figure out how to sell it. Find out what the people want than to give or sell it to them. Do extensive research into your niche. Don’t go into a niche which is on a downward spiral. Use Google Trends to check your niche. Look at a niche with is trending upwards not downwards. An evergreen niche which is stable throughout the year is ideal.
Too Much Competition
Many people fail at internet marketing because they just think they can sell any product as an affiliate and the money will start flooding in. This is not the case, there are some aggressive competition out there for all the good affiliate products that the chance of getting any traffic to your affiliate site is negligible even if you work all day and all night at it.
Lack of competitive analysis is the cause of this issue. Don’t just think because Russell Brunson is killing it with Clickfunnel, you too can do the same by putting links on your website to Clickfunnel. It took Russell Brunson many years to get where he is.
There are a million low carb diet books out there, what makes yours so unique? Why should I buy your widget when Jane’s widgets are just as good, and he has been selling widgets a lot longer than you?
Stand out from the crowd and get noticed. Know your competition and do what they do better or do something different. Take a broad niche, narrow down. If it means you must narrow down two or three times to find a niche with high traffic and low competition, then so be it. You are going to be the winner of your perseverance.
Lack of commitment
To be successful, you must be committed to success. Behind every success story, there are many hours of work and dedication. You will need drive and determination if you want to be the next internet success story everyone is talking about.
Many Gurus will tell you that internet marketing is the easiest way to make money online. That’s because they are trying to sell you their latest product on traffic generation or some new brand-new software that would probably last only three months.
Print out these 11 reasons for failure and post it next to your computer monitor or tape to them to your bathroom mirror.
Everyday review your online business and make sure you are not making any of these mistakes. Do this and you are well on your way to be an internet marketing success.
The way to a successful internet marketing business is to create a simple but helpful product in a niche that has less competition but high traffic that you have an interest in. Build a list of hungry followers by giving them valuable information continually. Once they love and trust you, they will become a valued customer of your product and services.