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Are you maximizing the online potential for your business?This is just the question I asked myself during a “business brainstorm” session over a cup of breakfast tea yesterday morning.

That train of thought got me thinking about how I could best categorize the different types of “Internet Business” possible. You might also think of this listing in terms of income streams.

This is by no means exhaustive, but captures the essential methods to make money online.

To illustrate how one person could make use of all four areas, I’ll use “Bookseller Bob” as our case study. Mr. Bookseller owns a small but growing bookstore in his hometown and is thinking seriously about taking his business live on the web.

Each area begins with a “You” statement to sum-up the basic form of doing business – perhaps something like what I might say to Bob as his Internet Business Consultant.

1. Offline-Online Hybrid Marketing
“You can use the Web to enhance your offline marketing systems.”

Technically, we all fall into this category. As the late, great Gary Halbert often insisted, the Web is a “delivery system” and nothing else. While that is debatable, I think Halbert’s point is worth taking.

The offline-online hybrid takes Halbert’s advice very seriously and applies the most conservative approach to using the web.

For our case study, Bookseller Bob would begin very simply by putting up a primitive website with basic information about his store and his products. He might also include an opt-in form to collect email addresses and ramp up his email marketing campaign.

2. Affiliate Marketing
“You can create content to promote other people’s products.”

Now that Bookseller Bob is running a website, he might also consider adding a blog for his musings about books, book business, and other topics of interest.

Of course, one approach is to use the blog as a means of promoting his website and thus his bookstore. Or, Bob could monetize the blog to generate some extra cash from Google Adsense or other affiliate programs.

3. Single Product Marketing
“You can promote primarily one or a few products that “live” on the web, but can also be ordered by phone or mail.”

With a great landing-site and a thriving blog under his belt, Bob is becoming quickly convinced of the true marketing power of the web.

A lot of his readers and friends are even beginning to ask questions about his business model. Like any smart entrepreneur, Bob decides to diversify even further and thus pursues his next project: creating an information product.

Info products fit nicely into virtually any business model, but Bob is especially suited for this - he loves to write and knows how to convey information well for others.

Bob comes up with a working title, “Bootstrap Bookshop Marketing,” and starts working immediately on composition and layout. He then buys www.bootstrapbookshop.com, hires a sales-page copywriter, and arranges for credit card processing.

4. Wholesale or Drop Ship Middleman
“You can market other people’s physical products and use drop shipping or wholesale purchasing methods.”

Bob is still on a quest to maximize his web marketing system and is now thinking about increasing his product sales.

He learns about the simplicity of drop-shipping and begins making plans to open up a Yahoo or other merchant store on his website. Instead of only selling his physical inventory, Bob makes arrangements with a wholesale book distributor to drop ship and make light wholesale purchases for his online customers.

While this case study offers a seamless progression through these business growth stages in web marketing, it is by no means a step-by-step guide. Think of each example as a possibility and then position your business accordingly.

That said, if Bob’s process can help you navigate towards higher process, go for it!

Reader Toolbox:
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The best definition I have heard for an EXPERT is “one who knows more than most people about a topic.”

By this loose definition, most everyone is an expert in at least one area if not many.

Think about it. What things do you know more about than most people? You should be able to generate a list of about 5-10 topics immediately. Even if 2 or 3 of these topics are just interest areas for you, there’s still potential to become an expert through more reading and experience.

What truly separates the recognized expert from the rest of us is not related to knowledge at all. I learned this very quickly when I started teaching other people what I know.

Let me back up one step and offer my own definition for “niche expert”:

A niche expert is a trusted authority on a topic.

The key word here is “trusted.” Of course, part of earning an audience’s trust is demonstrating knowledge and experience. But that part is actually very small.

You might have all the knowledge and experience on Topic Z, but that’s not going to guarantee that your audience will *trust* your authority.

The students in my business & writing classes are not persuaded by my knowledge of copywriting, business communication concepts, and so on. I cannot show it to them and thereby guarantee that I am the expert – at least not until I have earned their trust.

Achieving niche expert status depends entirely upon your relationship to your audience. Let’s recall that definition:

A niche expert is a trusted authority on a topic.

Once you gain the trust of an audience, you become the expert. We’ll look at the process for successful niche expert positioning in another post.

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These are real treats for you this Wednesday! I’ve had the joy of stumbling upon a few great web resources over the past week that have truly impressed me. Click your heart out…

Dan Kennedy’s Unbelievable Free Gift
I refer to this first link as an opportunity to “partner with an expert” because Dan Kennedy is THE expert. Visit his website today and sign-up for what Dan himself is calling a “the most incredible free gift ever!”

InfoMarketer’s Zone
Now that you have Mr. Millionaire-Maker on your side, it’s time to start working on that information product you’ve been putting off. I’ll be honest: I just came across this subscriber-site today and I am not a member (yet!), but this definitely looks promising. Take a look and start building your information product empire!

Sales Funnel Article
Yaro is at it again. I can get enough of this guy… Entrepreneur’s Journey is such a key resource for Internet Entrepreneurs, you should already know about this latest series from Mr. Starak’s site. If not, check out part one and part two AND part three now!

Enjoy!

If you have any recommendations for next Wednesday, send me a line.

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In business, making a sale is the ultimate aim. That’s why we do business in the first place – to provide a product or service in exchange for some form of revenue.

Most entrepreneurs and business owners spend lots of time working to attract customers or clients. Without buyers, our businesses would not exist. It all boils down to the back-scratching exchange that benefits both parties.

While it is definitely important to get new customers in the door (or on the website) and make a sale, it’s just as important to get more business from the customers already hanging around.

What is an Upsell?
Think of a restaurant. Once customers are seated and ready to begin their meal, a sales transaction begins. The typical diner will spend an average amount during their stay. The restaurant owner certainly can congratulate herself on winning the customer’s business. It takes a lot of effort to get the customer to the table in the first place.

But the selling process does not end here. The restaurateur’s goal is to “upsell” the existing client. More expensive drinks? Side dishes? Entrée add-ons? Dessert? So on and so forth.

Virtually all business models can adopt the upsell approach to increase sales and keep marketing costs low. Here’s the basic formula behind this concept:

Once you gain the customer’s trust and respect, your upsell marketing costs drop significantly. Upselling may even lead to even greater revenue than generated during the initial sale.

How to Get Started – Ideas for Internet Entrepreneurs
For internet entrepreneurs, upselling is especially important. With millions of websites and products available online, retaining a customer’s business can make or break internet entrepreneurs. What follows is a range of options for getting repeat business on your website. These options are based on my experience in online business, but could apply to brick-and-mortar businesses as well.

• Keep your customer’s attention.

Even if you’re selling a great product, your customers want to know that you’re thinking of them. Newsletters, promotional announcements, product updates, holiday/birthday messages, etc. Customers want to feel important; they want to feel worthy of your attention. Try to make these attention-grabbing newsletters personal and warm.

For creating autoresponse messages and newsletter programs, I highly recommend AWeber. It’s never too late to get started with email updates and announcements. Just be sure you’re effectively collecting email addresses before or after the sale.

• Appeal to the big spender.

If you’re selling a product, you’ve likely priced the item to make the most profit from the greatest possible number of consumers. This is a logical strategy. But once the product is sold, many of your customers will still have more spending potential untapped by that initial sale.

Here’s an example from my own business. My home business startup ebook costs $24.95, including its accompanying bonus package. That book includes all of the essential information a new business owner could want for getting started and finding success. Many readers will be perfectly happy with that material alone. But for those who want to take their business to the next level, I offer business consultation for $100 per session. The product upgrade is intended for the business owner who sees the value in the upgrade. Their $100 investment might help create thousands of dollars more in revenue during the life of their business.

• Personalize an existing product.

Customers will pay an average price for a typical product or service. The marketplace has countless everyday products available at a range of prices. Entrepreneurs who want to upsell the customers ready to buy can easily do so by offering a personal touch.

• Offer smart upgrades.

Think of the last time you bought a new car. Just when you thought the decision-making process was finished, there you were: sitting in the finance office, listening reluctantly to a sales pitche designed to squeeze every last dollar out of your pocket.

In your own business, there are likely some upgrades you could add to the product sales page. These upgrade offers should be so related to the product itself that the customer feels compelled to buy.

Upselling should not be an underhanded business tactic. In the end, the upsell should benefit both the entrepreneur and the customer. Repeat customers are much happier returning to a familiar business than taking their chances in untested waters.

upsell | internet marketing | internet entrepreneur

Reader Toolbox:

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As a business owner, you’re always looking for new ways to spread the word about your product or service. The standard approach can be useful: buy some Google ads or put up a billboard. But what should you do when you’re trying to save money? Or what about when you really don’t have a marketing budget at all?

I know, I’ve been there too.

Today I want to offer a handful of quick marketing fixes for small budgets and big dreams. I think you’ll find the list accessible and insightful AND easy to use. So let’s cut to the chase…

1. Laptop Ad - $50 to ???
That’s right: use your laptop for ad space. The next time you’re at Starbucks, you’re bound to catch tons of wandering eyes and maybe even a new customer. Consider using your own laptop or even renting space on another.

2. License Plate Frame - $40 to $70
Several weeks ago I found myself reading yet another silly license plate frame when I suddenly realized, “Hey, I could put my web address on the back of my car!” I’ve yet to do it, but someday soon you might see me cruising around…

3. Business Cards - $10 to $50
No, no – not just any business cards, silly. Exciting, eye-catching, useful business cards. Don’t let your cards end up buried in some guy’s wallet just waiting for the next “clean out my wallet” day! Make your cards colorful, memorable, and interesting. And while you’re at it, use the back. Trust me: everyone flips them over just to check. J

4. Email signature - FREE
It’s quite simple to setup your email signature to automatically display every time you write a message. Most programs even enable hyperlinks for web addresses and email. As of today, my email signature includes my name, title, blog addresses, and a quick add for my newsletters and my ebook.

5. Pens, pencils, etc. $25 - $75
Yes, these can be cheesy. But they work. You can order in bulk and have your business name and info stamped on for a small charge. People love free stuff, especially when it’s useful.

6. Voicemail – FREE
Don’t forget to take advantage of another message system where you can advertise for free. If you have a cell phone for business and personal use, go ahead and throw out your business name just in case. Who knows… someone you already know might not yet know about your business. Customers are everywhere.

7. Handbags and other novelty items – Price varies.
Use your imagination with this one. Think conferences, conventions, and trade shows. This approach might not be the cheapest or the easiest of the 10, but you’re bound to get some attention when your potential customer sees and/or uses the freebie.

8. Letterhead - $10 to $75 (cost of printing)
Include as much information as possible in your letterhead: business name, address, phone, mobile, fax, email, web address, hours of operation, services, etc. Doing so makes you look professional AND provides a quick info resource for the customer. Letterhead advertising is especially important if you get repeat business.

9. Blogs and Forums – FREE
It may not always be free to start a blog or forum, but it’s essentially free to participate in them. If you contribute insightful posts, comments, feedback, etc., to these types of websites, remember to include your web address and/or email.

10. Newsletters – Price varies. (cost of management/printing)
One of the absolute best ways to get new and retain old business is by providing an informational newsletter that appeals to your niche market. I currently run several of these online and would recommend the same to you. One of the best examples I’ve seen in the corporate world is “Sweet Tomatoes” (or “Soup Plantation”). On a regular basis, I get great updates and coupon-surveys in my inbox.

There you have it: 10 ideas to help attract new business. Have some other suggestions? Feel free to toss in your 10 cents below!
Tags: easy marketing | marketing ideas | web marketing

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