|
How
to avoid being another Dot Com Bomb
AND increase
your Profit Margin - part
3
|
|
2.)
Increase your profitability
|
In today's competitive marketplace, unless you have unique or highly desired product and little or no competition, the chances of your overwhelming success are slim indeed. The experts all agree that the smart thing to do is to develop multiple income streams. But what do you do? Where does this additional income come from? Affiliate programs are in endless supply, their products touted on almost every banner that you see on most every web site you visit as well as in the endless deluge of SPAM that no doubt bombards your email as frequently as it does mine. But what are your chances of success at affiliate programs? Generally speaking, not very good. That is not to say that there aren't good programs out there, some promoting excellent products. But unless you have that especially unique product that the masses clamor for, or carved yourself an unusual niche in the vastness of the Internet, or your web site receives and incredible flow of daily visitors, the odds are just not in your favor. Face it, just like in gambling, the odds are in the houses favor - the house being the program itself. For example, if you are one of 10,000 affiliates in a particular program, and each participant sells one product in a month, you only receive a small commission for that one product, but the house made 10,000 sales that month. Yes, there are very successful stories in the affiliate world, but they are few and far between, and a lot of work went into making that success. In most cases it became a full time effort. Are you ready to throw away all of the effort you've already put into your online business, just to go back to work for someone else? So, what do you do? Well, if you can find affiliate programs that tie in with your present business, that is, if they have products that are complimentary with your present products, then you might realize a little extra cash flow at the end of the month, and if searching though all of the possible programs and setting up and monitoring the program doesn't detract from your daily business then you might actually end up on the positive side. If the numbers are in your favor, if you have enough traffic to warrant the time spent, if it's a product that your customers & your visitors need and want. This isn't about affiliate programs. This is about maximizing the spending potential of each one of your existing and future customers. Let's say, for the sake of argument, that you are a Web Designer. What is the life cycle of a particular customer? In most cases you design a web site for them, refer them to a hosting provider, and if you're lucky, you might end up with a monthly maintenance contract, and if you're even luckier, they will refer another customer to you and the whole cycle starts all over again. You might even get a small referral fee from the hosting provider that you sent your customer to, but then, where do you go from there? Does your hosting provider send you all of their web design business, the same way that you send them all of your business, or is it more like an affiliate type program, where they divide it up among all of the other web designers that send them business and dole you out your small portion? This is about you expanding your business in an area that you're already familiar with, about taking your customers and keeping them your customers. This is about not giving away your business to anyone else and providing a COMPLETE service to your customers without having to do any more work than you are already doing. This is about developing that extra income potential from monies that your customers were already going to spend somewhere else. This is about YOU, no matter where in the world that you are, building on your own business, one that you are completely in control of, with no additional expense. Email business@wdda.org now for information on how the WDDA can help you grow your business! |
|
|
|
©WDDA
1996-2009
|