Internet Marketing Expert Series: If You Really Used Internet Marketing Well…

I spent a couple of days away and also had some time this weekend to consider the implications of internet marketing in the bigger business. Why is it that there are a lot of people who are internet marketers but don’t make much money?

I thought about it, and I realize that sometimes, the full brick and mortar business plan has probably not been thought out. The business or income streams that should be built around your internet marketing business should include the following:

1. Public speaking. If you don’t do any form of speaking, you will be severely limited in your ability to earn, not to mention the fact that public speakers are able to develop teleseminar skills as well as coaching skills more readily. Take the time to learn about running events like this. How big. How to charge.

2. Coaching programs. If you have an area of expertise, then develop a coaching program. Sometimes, you need to tweak your coaching program to feed demand. Many internet marketers fail at “feeling” the market – that’s why they can’t “feed” it. Just putting up something that is “coaching” may not be received well by your market. I mean, do you really want to set up a coaching program to pump tyres for bicycles?!

3. Create product! If you don’t create product, you are basically leaving money on the table. You may think you need talent, or you need ideas, but really, you just need common sense. Look at people who have created product, and you will realize that a lot of the content that is created comes from research. Look at Shrek – it’s a bunch of digitized pixels. It’s a multi-million dollar project! I’m not asking you to be a producer. I’m asking you to consider that it’s just information. Information that you could put together as well. If you are not an expert, become an expert. If you are not well read about the topic area, you can even hire a coach for it. Information products sell well especially if you have a good brand. Build your brand to increase your value.

4. Physical merchandise! You thought I would only think of creating digital products? I actually have a whole host of products that are created as offline products. Things like posters, post cards, t-shirts, caps, etc. If you don’t do these when you have a following, then you will be left to a point where you’re not carrying your brand further. Yes, they require a little more spending, but if you calculate the raw costs of it, it increases the revenue you have. Period.

5. Membership sites. If you have good content, structure high quality stuff in your membership site and sell it. It works well if you want to have a higher chance of monetizing by having members be involved in high-quality content (see, content again) that they can’t get from anywhere else.

6. Licensing! Once you establish yourself as a brand, then go for licensing. Part of this licensing can go into what we know as private label rights (which sells for more) as well as resell rights. By increasing the distribution channel, you can turn this into a residual stream of income. Franchises come under this as well, and you might want to consider this as part of your eventual plan. Preferential rates, at-cost products, management fees are all part of the licensing route.

7. A service department. A good service can earn a decent amount of income right now. If you are going to set up a service that can create huge amounts of convenience, you can then become far more flexible in terms of time. This way, your employees can then be responsible for running your department instead of yourself.