5 Steps for a More Profitable 2011 Online

Successful 2011 Online2010 has now come and gone. It was what it was. For you it may have been a massively profitable year with your internet businesses, or you may be at more of a beginner or intermediate stage and still be finding your feet and testing and measuring new things to see what works and what doesn’t.

Either way, no matter what your results last year it’s always possible to, and it should be a goal to make this year bigger than the last.

Let’s get stuck straight into our 5 steps to make your Internet marketing businesses more profitable in 2011…

1. Speed of implementation

This is a concept I can honestly say I really only ‘got’ in the last few months. How it came about for me was that I was doing pretty well online in that I was already a full-time Internet marketer, but my consulting business was demanding more of my time than my other ‘Real Passive Internet businesses’.

When I thought about it my real goal was to be in the ‘lifestyle creation business’ meaning that I really needed to get my passive income streams cranking more, rather than adding additional active income streams.

I got some advice to go see a man by the name of Richard Bandler, the co-creator of NLP (Neuro-Linguistic Programming) and get my head right. So I got on a plane to London and did exactly that. As luck would have it on the 2nd day of my Licensed Practitioner of NLP course I got hypnotized on stage by Richard and he made it plainly obvious to me that if I wanted my passive income streams to grow then I needed to focus on those businesses with the same amount or more energy as I was doing for my active income streams.

The other big learning was the speed with which I needed to implement to achieve the results that I was after.

Following that trip I am now implementing in my businesses at roughly 12 times the rate that I was previously.

Now think about this for your businesses. Are you treating your Internet business like a hobby or like a real business with urgency? Give yourself tight deadlines, hit those deadlines and make things happen quickly.

Effectively you will test and measure more techniques, niches and product offers more quickly. This will dramatically reduce the amount of time it takes to achieve the results you are after.

2. Build your list faster

When you know what niche(s) you are going to specialize in online you really need to build a list (database) of prospects and clients that you can market to over and over again.

The most common way of building your list is to give away something of high perceived value to your target market in exchange for their contact details so that you can follow up with them again via your auto responder software.

There is an art to this so that you create a good relationship with your prospects and customers by providing them great information and value, while also implementing enough offers to them so that you make a profit while actively building your list.

This point is also closely related to the first one we covered – are you implementing quickly with building your list? Do you have a sense of urgency with it?

Ultimately the bigger you build your list and the better your relationship and offers with it the more money you will make in your business. So what can you do in 2011 to actively and rapidly build your list?

3. Work on your mindset

Have you ever noticed that people who win the lottery are after broke again after 5 to 10 years? It’s amazing isn’t it? I often thought about how could this be, and then I heard Pat Mesiti say “you can’t stay a millionaire if you have a two dollar mindset”.

This is pretty clever. What it means is that as your wealth creation mindset expands so will your opportunities and your prosperity. It also means that you can do all the clever Internet marketing traffic and conversion strategies etc but if your mindset is not right you will never get wealthy – sad but true.

There is no easy way of getting your mindset right, and in many ways it is a journey rather than a destination. For me learning NLP has made a massive difference because I now understand how the unconscious part of my brain works and can control it better rather than letting it run it’s own programs. For you it may be different, but ultimately this mindset area is a field of study that should get as much of your attention as the Internet marketing area in 2011 and beyond.

4. Test and measure like a pro

With our Internet marketing strategy and consulting business we get to see the inner workings of hundreds of businesses that do marketing on the Internet. The great thing about this is that we no longer guess about what is going to work online, we can gather data and observations across a number of industries and identify trends and traits of successful businesses online.

One thing that we notice about all successful Internet marketing businesses is that they test and measure consistently. There is a saying that “you can’t manage what you don’t measure” and this seems true with Internet marketing 100%.

We measure our stats like clicks, opt-ins, sales, conversion rate, cost per lead, cost per sale etc on a weekly and also monthly basis. We have monthly goals that then roll up into annual goals. This works beautifully because at all times there is visibility of what is working and what isn’t and it allows for quick adjustments along the way.

The other part of test and measure like a pro is to be constantly working on improving your conversion rates. Google website optimizer is a fantastic free tool to help with this as in its simplest form it allows you to run two versions of the same web page against each other and see which converts the best.

You then declare the page that converts the best as the winner and try and create a new page that will convert better again. What this means is that for the exact same advertising spend over time you start to get better and better return on your investment (ROI). Professional marketers do this constantly and you should too.

Now think about your business, do you have a spreadsheet with your weekly, fortnightly or monthly stats on it? If not how quickly can you get one implemented? Do you have Google Website Optimizer implemented for the main landing pages of your website? If not how quickly can you get it implemented?

5. Cut the dead wood

Over time as you test and measure new products, niches, sites etc you incur both monetary costs and also tasks that require your time.

On the financials in your business, if you take it back to the fundamentals to make more profit you either need to make more sales revenue or reduce your expenses. With this cut the dead wood theme, review your business credit card statement – is there any software tools or other expenses that you don’t need anymore? If so then cancel those services and reduce your expenses where ever possible. In our businesses we review all our expenses quarterly and anything that is not actively being used gets culled. This one technique will save you thousands of dollars over the course of the year.

The other part of cut the dead wood is look at all the different aspects of your business such as the websites and product offerings you have. Are there any there that are taking up a lot of your time but not significantly increasing your profits? If so look at them with a critical eye to see if you can cull them to free up your time and make space for new opportunities to enter your business life.

We like to think of it as “run your winners long and cut your losers short”…

Treat your business with priority, efficiency and urgency. Implement the 5 strategies above in 2011 and watch your results improve.

Comments

  1. Thanks for the reminder. Building a list faster and puting urgency into the game is what I am doing right not. No more fluffy some day maybe deadlines. 2011 is my p”Pay Day” and your help has been great.

    Thanks Jeff Muir

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