These 4 elements are actually the basics of making money online but when it combines as a whole, it will form a strong foundation for your internet business.
Making money online though not meant for everyone, but it is the easiest way to have an extra income or as your full time job. With online business, your opportunity of making cash is limitless as compared to working for other people. However, there is a need of patience, commitment, acceptance of loss and good marketing strategies if you want to succeed.
Before you create an online business you need to remember the 4 elements of making money online and they are:
1. Product
2. Conversion
3. Traffic
4. Backend
These are actually the basics of making money online. In fact these are the most important elements that you need to apply to your internet business. Making money online can be very simple and straight forward if you focus on these elements.
Now let’s get into the details of each element.
Product
This is the very first step of creating an online business. You can’t do business if you don’t have a product. The meaning of a product is any information or services that can be offered to the market. Such products can be ebooks, ezines, softwares, newsletters, ecourse, email, videos, audios or even this article is a product.
The products can be from your own creation or created by other people. But selling people’s creation needs a special license or in other words the resell rights. By having the resell rights you can resell the product and make a 100% profits. Another way of having a product to sell is by being affiliated with the product owners, and for every sale you make you will receive commissions.
Before you choose a product to sell, you must know whether the product is profitable. One way of knowing this is by doing a research at http://freekeywords.wordtracker.com/gtrends. Use words that people used to search for your products and the system will tell you how many competitors you will have and how many searches a day for your product. It will be profitable if your product has less competition and lots of people searching for it.
Conversion
This is a process which measures the rate at which you can convince your visitors to buy your product. Meaning if you get 100 visitors and 50 of them bought your product, then you have a 50% conversion. Successful marketing depends on conversion rates. Marketers used conversion rates to compare whether their marketing techniques are effective.
Conversion is a huge subject and this involved with many different methods. The most common topic in getting a good conversion is your copywriting. Your words act as a bridge between you and your potential customers. If your copywriting is not convincing enough to get your prospect interested, you may have the best product in the planet but you’ll never get them sold.
Before you decide to create or change your copywriting to increase your conversion, there are 3 most important principles you need to remember, and they’re:
1. Persuasive communication to influence your prospects to take action.
2. Trust and creditability so your prospects believe you enough to take action.
3. Urgency and special offer so your prospects are motivated to take action.
Other factors to increase conversion are by adding graphics, testimonials, real life proofs, video or audio. It is also advisable to ensure that your website converts well before sending traffics to it.
Traffic
There are many ways to get traffic but you need to apply based on these 5 factors:
1. Focus on highly-targeted and market-specific traffic.
2. Leverage on all traffic that you get.
3. Master at least one traffic strategy.
4. Plan your traffic generation.
5. Monetize your traffic; add different profit streams within your website.
There are many methods of generating traffics to your website but to obtain a huge amount of traffics require some work. Such methods to generate traffics to your website are pay per click, joint ventures, articles submission, ezines, website submission and press release.
To stay profitable in your online business is to always look for any new advertising ways or methods to get traffics to your website. You must track your advertisements to know its effectiveness and change your copywriting to stay ahead with your competitors.
Backend
Backend profits are important to making the biggest bulk of the money and can be done in 3 different ways. They are:
1. After the sale.
2. During check out process.
3. Follow-up emails.
A huge portion of your backend profits comes from follow-up emails. So it’s important to have a list of your own subscribers and be in a good relationship with them. If you can gain trust from your subscribers, you will have the opportunities of making money from them over and over again.
Affiliate products make good backend offers as you don’t have to create a product of your own and you can offer to your customers immediately. When offering a backend products make sure it’s related to your market and website topic.
Knowing these 4 elements is crucial to your online business and when these elements are combined as a whole, they will form a strong foundation of your internet business.
