e-Business-Formula Internet Marketing Discussion Forum

[Kevin Robb]

Online marketing is a numbers game, yes it’s all about numbers.

Almost all of the key factors that apply to an Offline bricks and mortar business also apply to online enterprises.

Think about it, to be successful you need a good location, a product or service that is in high demand, willing and hungry buyers, a way in which to promote yourself and your business, an ongoing follow up system and an additional product or service to offer to ensure you get repeat business.

So in developing your Online business you need to consider these points carefully, are you willing to undertake some research first or are you just going to forge ahead and hope that luck will be on your side?

Now let’s bring in the numbers…

- How much are you willing to invest in your new venture?, I’m not only talking about your time and energy but you hard earned cash as well.

- Have you considered how you are going to present your product or service to your potential customers?

- Do you need a website, a blog maybe or are you going to try and work with a partner on a joint venture basis?

- Have you researched the market potential of your product or service and do you know how to contact those that may be your customers?

- After the initial contact and possible sale to your new clients what is your strategy to retain them so you they become repeat customers.

- Is the product or service that you offer something that your customers will need to replace on a regular basis or is it a one time purchase.

- Is your product or service market competitive?

- Do have you a follow up product planned or are you intending to offer a product or service provided by a third party.

- What is the initial cost of setting up and then the ongoing costs of running your business.

- To sustain yourself and your business what sales volumes do you need to achieve.

This is not an exhaustive list but just a brief overview of some of the things you need to consider before venturing online.

As mentioned initially, It’s a numbers game, dollars, products, customers…

Treat your proposed online venture the same as you would an offline business by doing the recognised basics and considering both the positive and negative aspects before committing yourself.

A good measure as to whether your business plan is sound is to get your Bank Manager or Accountant to take a look at it, ask him if they would be willing to lend you any money against your idea.
He or She may or may not say yes and clearly he or she cannot state whether your business will be a success or not but if nothing else an independant view from an experienced individual will certainly help.

Just do the numbers and ensure that you have covered all that you can think of, and whilst a good researched business plan is not a guarantee of success if you add in a touch of luck then you will be better placed than most first time business ventures.

Cheers

Kevin Robb