The secret to success in the online marketing business

2019-06-08 Business No comment

I'm thinking about making the title "How to succeed in business," because these techniques may apply to any business, not just to online marketing [or MLM]. Is the business right? I am going to write to see if I have come up with something unique to internet marketing… If I do, I will rewrite a little… but at the same time…

Have their own brand

The first step to success is to have your own brand. If you are an XYZ dealer Joe, then you are promoting XYZ. Create your own brand… maybe Joe Smith, Internet Marketing Coach or Joe Smith; what distinguishes you from all other dealers in the company.

Increase value

If you are just "you can also buy from me" then you have not added any value. You have to add some value. For example, not long ago we made beautiful baskets and sold them as products. By reorganizing our products in our way, we add value to our products.

If you do door-to-door, write a book, consult other internet marketers; you are adding value. Maybe you can charge an extra fee. Extra products are definitely what customers want, otherwise they will only choose the lowest cost products closest to home.

Have your own product

In online marketing, we usually represent companies and their products, but…we may have our own products, such as recipe books that feature our products [for example]. We have our own "Attractive Marketing" or "Black Box Recruitment" website, which is a free service, but it is a product in itself. You can also treat our blog as a product. Brainstorm and learn what products you can offer to your customers or others who might join your business.

Consider your image

Images are very important in business. Have your own company name. Position yourself as an expert. As a unique thing expert is even better. Have a resume that people want to associate with. Not necessarily a Word resume, but you can point out the achievements. If you don't have a relevant achievement, you can build a list of achievements over time.

Avoid the negative effects that may damage your image. Take care of your customers. Don't do illegal or unethical things. Be prepared to meet the challenges and carefully consider your options.

Make the numbers important

While all of the above are the foundation of good business, numbers are a measure of success. The most important thing is profit. Profit is your business income [income] minus expenses. No profit… At some point… no business can survive.

Cash flow is also an important measure. Although sales are good [or commissions], keeping cash business is a matter of life and death. We often sell by credit, that is, we invoice someone, and if they spend too much time paying, they can be very nervous. If we don't have money, we will go bankrupt.

We can improve cash flow by selling at a certain profit. Margin is the selling price minus the cost, divided by the selling price… usually provided as a percentage. For example, a price of $10 and a price of $15 have a 50% margin. Many items are purchased or manufactured at very low cost and sold at a profit of 100% or more. The higher the margin, the better. Especially when you have to cover a slow paying customer.

For example, you sell $10,000 a month to a customer with a 100% margin. This means your cost is $5,000. If they pay within 30 days, once they make the first payment, you can pay for two months. So your business can survive for two months before you need more cash [for example, just because we don't consider other fees]. If your margin is low, you have more risk of cash flow problems; if you are higher, your risk will be lower. Your best margin is the difference between a business and a business.

Now, if you only earn commissions, there are not many margins, you only need to put the commission far higher than the business expenses.

If you are using an accounting package such as QuickBooks, you need to pay close attention to your income statement and cash flow statement.

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