Internet marketing has some big advantages over other ways of making money.
There are some online business-methods which can be started for free and still make a profit.
Some online business methods can make you money within the first few hours.
Many ways of making money online can be started small, tested easily, and when profitable can be up-scaled rapidly and effectively.
It is also often possible to outsource the work involved in an online business, so that the owner still makes a profit without doing much of the work.
Given these major advantages, and the fact that some internet-marketers are making very significant profits (with claims of well over a million dollars a year not being unusual) it can be a very enticing area to get involved in.
Yet with failure rates for internet marketing newbies quoted at 97% or 98%, it’s clear that it’s not as straight-forward as many adverts for internet-marketing courses make it sound!
One of the most significant factors causing newbies to fail at creating a successful online business is having too much information. With very large numbers of internet marketing guides and courses being available, and lots more released every single day (in addition to the vast amounts of free information in forums and websites), it’s no wonder that information overload is very common for newbies.
Yet most people on earth today have an emotional desire to have more that they would never think to question. More money, more success, more fun . . . and more information. It can seem logically “obvious” that the more information you have, the better your chances . . .
Unfortunately, this is far from the truth.
The problem is that most of the information available is simply not suitable for most individual newbies.
Let me give you some examples of this . . .
Great online business methods, that might be no use to YOU
There are plenty of courses about selling online services to offline businesses. The sales-copy says how some beginners rapidly land clients who pay tens of thousands every month, and how some people are making big bucks within their first few weeks at this business.
But what they avoid pointing out is that for the majority of people, this kind of business-system is simply not realistic at all. The reason is that most offline methods involve selling, and for a quiet or introverted personality (which is even more common in online activities than it is in the general population), the ability to sell effectively is just not going to happen, and no amount of instructions, or even coaching, is typically able to change that (despite the success stories of the few).
Some offline methods claim that this doesn’t matter, because you can just outsource the selling (and white-label the service delivery, so you don’t need to know anything about anything), but in practice this is challenging to say the least.
I’ve outsourced a lot of work over the years, from website customization to beautiful 3D models, from simple copy-and-paste admin to challenging software creation. Most outsourcing is easy enough, but trying to outsource sales is a very different story.
Using paid traffic can be very powerful, because once a profitable funnel is found, it is usually easy to up-scale rapidly and massively, scaling-up the profits too.
There are many great online business-methods involving paid traffic, whether FaceBook ads, AdWords, PPV, PPL or whatever. They can certainly succeed for some people, with case-studies showing people going from a few hundred dollars investment to several million in profits, in under a year.
But, the basic math concepts of testing are rarely even mentioned (even in most courses on the subject), because people might start to realize that it’s not as realistic as it sounds.
For example, a newbie I was helping was trying to make a profit with CPA offers for loans. These can sound amazing to beginners, with payouts of $250 being common. But this newbie was spending $20 on leads to do a “test”, then getting no conversions at all and quitting.
What she didn’t understand was that, given the fact that random events are much more clustered than people imagine, a good “rule of thumb” for testing is that you need to spend four times your potential profit, for each test. This is because you might buy $240 of leads and get no conversions, then in the next $10 of leads you buy, suddenly get 2 conversions. That’s the way random events work . . . they are far from evenly spaced.
Which means, in practice, that to test a CPA offer which pays $250, realistically will cost you $1000, for EACH test. And that means that when you change one word in the text that visitors see, that’s a new test, each time.
So, while paid-traffic methods can certainly be profitable, unless you’ve got the necessary cash to keep testing until you find a funnel that makes more than it costs, all you’re likely to do is lose money and quit unless you can afford to do the testing properly.
Finding a good fit
The solution to these problems is to start from the other end. Instead of continually buying new methods, trying some of them and getting frustrated when they “fail”, start from yourself.
Ask yourself what your strengths and weaknesses are, and be honest about your situation. Are you a natural born sales-person with an outgoing personality who can convince anyone to do anything? Or are you a quiet type.
Do you have tens of thousands of dollars cash that you can afford to spend without difficulty, to do enough testing to make sure you can find a profitable funnel? Or do you have only a handful of dollars to invest initially?
You need to be really honest about your personality, experience and learning ability as well as your situation. Don’t worry . . . you can keep the answers to yourself, no-one else needs to know
When you’ve done that, decide to really USE what you’ve found about yourself.
Using what you’ve found about yourself
In practice this means that you don’t even consider methods which are not a good fit for you. If you like, you can keep information you come across that’s not a good fit for you right now, in another folder to look at later, but don’t spend any time at all on it yet. Only consider methods that are a really good fit for your current strengths/weaknesses and situation etc.
Sure, you can learn new skills, but leave that for later. When you start, it makes more sense to make things as easy as possible to succeed (there are enough challenges when starting a new business, without adding more unnecessarily).
Make some decent money first, then later challenge yourself to learn things that do not come naturally.
Less is more
The results of the process I’ve outlined above, is that you can ignore (or keep for later) the majority of the information on internet-marketing that you come across. This means you are no longer overwhelmed by information-overload, and you can focus on what stands the best chance of succeeding, rather than trying things that are never going to work for you.
Make sure you clearly and emotionally see the advantages in focusing on what has the best chance of success. It’s easy for your sub-conscious to continue with the emotional attitude, that “more must be better” and you find yourself buying more and more methods, most of which, if you really think about it, are not a good fit for you, right now, even though each time you do it, you then realize that you’re not really doing what works.
Hint . . . if your mind knows what you should be doing, and your emotions are still doing the opposite, the emotions usually win!
Make sure you commit to applying the information you have . . . find a method which is an ideal fit for you currently, and understand that you’re likely to make mistakes at first and need to learn and improve as you go along (which is one of the other great advantages of online-business . . . if you’re website starts out less than ideal, that’s easy and quick to fix later).
If you don’t understand the results you’re getting, ask specific questions about precise aspects of your process on relevant forums, or find relevant articles here and ask the writer.
If others can succeed at internet-marketing then so can you. When they first started it, they didn’t know anything either
If you choose your path carefully, and keep learning and improving, you too can make money online.
Final thought . . .
Emotions and attitudes play a big part in whether you succeed or fail. There are many assumptions which benefit from being questioned, I’ll leave you (for now) with one final thought on this . . .
. . . weaknesses are a PLUS (when using the method I outlined above), because they eliminate the majority of information-overload.
Think about that, and about how you feel about weaknesses and limitations in the context of the information in this article etc.
Yes, less really CAN be more, for a newbie at internet-marketing.