I’ve spent a lot of time over the past few years looking at ways people make money on the Internet.
But more specifically, I’ve been looking at why they aren’t making money.
By understanding “why” they aren’t making money, we can draw conclusions about what they are doing wrong and from that look at how we can avoid making these mistakes and develop the correct approach to developing a website that has every chance of generating an income.
So here is my top 10 list of why people aren’t making any money on-line.
1. They don’t do any research on the market they are going to sell products to, offer services to, or acquire advertising revenues from. By market i mean – “the people you want to sell to”. This is what i mean by the term “market”A. A market can be people coming to your website using a particular keyword to see your ad in Google B. A market can be a group of people who have a particular interest and you contact through a forum, internet messenger or social network, like Facebook, Twitter, Youtube etc. C. A market can be a place where there is a captive audience of buyers, like Ebay. D. A market can come from you advertising on someone else’s website
2. The research they do is based on flawed data. They never double check that their analysis is correct by identifying and utilising other form os analysis and other data sources, to corroborate their analysis.(In other words, before putting up a website, make sure your market research has been tested and retested until you are confident that your website is going to bring you any money)
3. Their research is too broad. By this i mean to say, “If you market research concludes that there is a market for people buying computer games on-line”, then, although this data is true, you are unlikely to make any money using this data because this market is too competitive. So basically, when you do your market research, try to identify markets that are not too broad. Markets that are narrow are called “niches”. Here is how to think about niche’s.Market = Video Game Buyers Niche = A Group of Video Game Buyers Segment = A Group of Video Game Buyers with a specific requirement So lets look at a more specific examples Market = Video Game Buyers Niche = Video Game Buyers who are into Codemasters games Sub Niche = Video Game Buyers who are into Codemasters games who love football Segment1 = Video Game Buyers who are into Codemasters games who love football but want a woman’s game Segment2 = Video Game Buyers who are into Codemasters games who love football but want old time football Segment3 = Video Game Buyers who are into Codemasters games who love football but want to
4. They work alone and are not open to working with others, who can offer other kinds of skills to propel their website venture forward.
5. They think they know everything about everything, but there is always new stuff to learn
6. They decided that black hat is the best, fastest route to money. What if I told you that the top black hats in the 90’s and 00’s are now no longer black hats (is a traditional on-line black hat sense). Many of these guys realised that the real money is made by giving people relentless value because they realised the laws of nature were that what you put out you get back and sometimes a lot more than you give out.
7. They didn’t know anything much about branding a website.
8. They didn’t know much about SEO and positioning their blog for effective engagement by Google and social media networks.
9. They didn’t know much about promotions, press releases, list building, viral publishing.
10. They didn’t know how to convert traffic to their website and develop content to ensure they keep coming back.
So these are today’s Top 10.
If you have any more to add to the list, i will change it up as you comment.
So please send me your list of Top 10 reasons why 99% of projects fail and i will include them in the list.
Comments below please.