Fundamentals of Internet Marketing -002- Teddy Wu

Setting your Internet Marketing Business Goal

The process of goal setting and designing the strategies for attaining them is essential when starting any kind of business. This is what we called a Business Plan.

Here are some questions you have to ask yourself first before setting your new business plan:

What product or service can I offer to the people on the Internet?

Just to make some suggestions on what types of product you can sell online, below I listed the Top Selling products for your consideration:

  1. Clothing
  2. Online Games
  3. Children’s Toy
  4. Electronics
  5. Computer
  6. Softwares
  7. DVDs
  8. eBooks
  9. Greeting Cards
  10. Home Furnishing
  11. Jewelry
  12. Health Care
  13. Travel
  14. Automobile
  15. Real Estate
  16. Online Investment
  17. Online Trading
  18. Music
  19. Food
  20. Sports
Before you identified a need do some market research as part of your must do homework. The fist steps should be to find out what it means to do business online and to determine the best ways for you to fit into the exploding field of Electronic Commerce (E-Commerce). The more information you have on the following aspects of the Internet, the more likely you are to succeed in doing business on the Internet.

Competition: Familiarize yourself with other online marketers that are already doing what you want to do. One of my mentor have shared this with me and I think it will be very useful for you “There is no such thing as a Competitor, Only a Partner who we doesn’t know it yet”

Customers: Research the various kinds of customers who will shop on the Internet and who might want your products or services.

Environment: Explore the special language and style of communication on the Internet, know the culture and get yourself familiarize with it. The best way to pick up this skills is to subscribe to ezines (Electronic Magazines) and newsletters for your reading. Ask yourself this question “What do I have that people are looking for on the Internet? Take your time and do a thorough market research on the Internet.

What if you don’t have any products to sell?

I would like to take this chance to get a Huge Myth out of the way. If you think you Need to have a product to sell to make money on the Internet, then you are dead wrong! You can make money on the Internet without having to create your own product and there are many ways to go about it.

Affiliate Marketing will be the answer for you, you can be a referral to earn commissions on your website, blog or newsletters.

Buy Resell Rights Products from someone who have created the product and start selling it on the Internet, all you need to do is to buy the resell rights and upload it to the Internet and drive traffic to it.

Buy Public Label Rights Products from a creator, it’s like resell right products you can sell it and for Public label rights products you can even put your name as an author or the creator of the product.

Picking an online business model

The next thing to do after you decided what you want to market on the Internet, you have to figure out which Internet Marketing Model will be right for the type of products or services you intend to offer online. When choosing your Internet Marketing Business Model, you will want to take the following factors into consideration:
  • Profit Margin – the higher the profit margin, the better.
  • Delivery – can be easily delivered to your customer via a system.
  • Shipping Cost – as low as possible or even zero.
  • Marketing – different Internet Business Model have different marketing strategies. Choose the one that most fit for your products or services.
Internet Marketing Business Models

These business models below have made many Internet Marketers very wealthy, some of them involve more Time than money to run. Some involve more Money than time. To win you either have Time or Money, it’s really depends on you!
  • An online store or better known as Retailer model. Having to own a retail store online with no physical store, overhead or employees and able to selling thousands of products without keeping stocks or fulfillments.
  • Make money with a single page website, it’s favored by a lot of savvy Internet Entrepreneurs out there.
  • Sending out email regularly without spamming to people willing to pay you for it! This is one of the lowest costs Internet Marketing Business Model.
  • Viral Marketing or words of mouth marketing, all you need to do is to create something that people will not be able to resist telling their friends about it. When their friends see it too, they will in turn tell their friends about it and it goes on and on…
  • Gather people from all over the world together to talk to each other for free and make money in the process! This can be one of the most enjoyable models to do. You are also able to leverage your efforts through the efforts of some members of your group for free.
  • Provide the right tools or information for your visitors to use and make money in the process! Give your visitors a very useful tool or information to use and they will make money for you in ore ways than one. Your tool or information can sometimes be found readily available on the Internet!
  • Freebies Business Model, offer something free for people and make them wants more of your stuff.
  • Be a consultant or an expert to others even without any deep knowledge of your subject, and still make money at the same time. You don’t have to be a professional or degree holder to be a consultant to others under this model. All it requires is some time and effort and the right strategies and tactics.
  • Be a Super Affiliate, upgrade yourself with more advance Internet Marketing Strategies and Tactics, then trash your competitors and earn more when selling similar products or services.
  • Be an author or a product creator, having your own product and start building your brand and profit from it.
  • Be an publisher, publish advertisements on your websites and blogs, and make money from it.
Above are some general Internet Marketing Business Model that you can start with, sometime and most of the time you can work with more then one model. You have to decide what will be best for you!

To Your Success!

Teddy Wu

Filed under Getting Started #

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