As with all things new, it is very easy for us to become wrapped up in the innovation, the convenience, and the excitement we experience with something never available to us before. Internet marketing is no exception. Despite the obvious advantages offered by this new medium for commerce and business in general, internet marketing does have its limitations. It is also easy for us to assume that a new product or technology can do more than it really can. Following are some factors in considering what internet marketing is not.
First to consider is that internet marketing is not a replacement for the traditional means of shopping and/or selling. Assume for a moment that you are looking to buy a diamond ring for someone special. You go online, browse through picture after picture, find some really beautiful and eligible pieces, and that's where you stop. You can't feel that ring, nor can you take a close look at the diamond. You have only a limited scope of what the merchandise will be like when you physically possess it. Are you going to pay potentially thousands of dollars for that ring, or will you go to a local jeweler instead, where you can get a much better idea of what you're buying? This is a key limitation to internet marketing for many products.
Internet marketing is also not a fail-proof system. Nearly everyone who conducts any form of business or shopping online has experienced the temporary unavailability of a website. The site goes down, and you can't get your business done when you had planned. Furthermore, you may not even get an indication as to when the site will be operational again. It can be a frustrating fact of e-commerce.
Another fact of internet marketing that many fail to consider is that it is not a "get rich quick" scheme. True, many entrepreneurs have entered this lucrative market and become millionaires. However, when you compare the number who have had such wild success, with all the businesses who have failed or never really taken off online, you will find that the “overnight” millionaires are not the standard of what internet marketing is. Most of the business realities of the brick and mortar world still apply to the virtual world. Success in internet marketing requires a lot of hard work, just as any other type of business venture requires.
Internet marketing, finally, is not today what it will be tomorrow. As fast as one model of computer replaces another, so do the options provided in the world of internet marketing. Just fifteen years ago you could go online and find little more than text-based product descriptions. Now look at what you can find on the internet. Entire stores exist online, and their number is growing. Furthermore, laws on everything from personal security to taxation are changing and promise to make a different landscape of internet marketing than the one we see today.
Tuesday, May 27, 2008
What Internet Marketing is
Internet marketing is the business of both advertising and selling goods and services over the internet. This form of business is ever-increasing in popularity, with millions of people now making purchases on the internet. Internet marketing began in the early 1990s as primarily a means of product description, consisting merely of text descriptions. As technology progressed, internet marketing rapidly advanced to include pictures and other rich graphics as part of advertisements for products and services. After realizing the remarkable potential of this means of marketing, internet-based companies started opening their virtual doors for business. As opposed to what are now known as "brick and mortar" operations, these e-businesses offer their products and services to a growing number of consumers, conducting all, or nearly all, of their business in the virtual world of the internet.
There are many forms of marketing on the internet. Among them are article marketing, blog marketing, e-mail marketing, search engine marketing (to include search engine optimization), banner ads, pay-per-click ads, and pop-up ads. It is important to note that each of these forms catches the attention of the target market in different ways, and some may be more effective than others depending on the product or service, the target market, and the strategy and goal of the business marketing itself. Among the business functions that may require use of different means in their strategies are customer service, sales, public relations, information management, and others.
Internet marketing has also become an integral component of many "brick and mortar" operations, but online-only businesses have offered some challenge in the arena of retail sales, an example of business-to-consumer (B2C) marketing, business-to-business (B2B) marketing, and peer-to-peer (P2P) marketing. However, other online-only businesses have specialized into newer approaches, such as online auctions, sites that allow you to find the best price on what you're shopping for, and also sites that allow you to name your own price. Further, affiliate marketers have emerged, offering marketing solutions to virtually all types of business. These firms typically receive what is called pay for performance. Even home-based businesses now flourish thanks to internet marketing.
There are many benefits to the concept of internet marketing. It allows consumers to shop and conduct business from the comfort of their own home, any time of day or night, or from virtually anywhere provided they have a connection to the internet. Businesses work much more effectively with partners. Efficiency and speed have increased dramatically as business and shopping have moved to the internet. Even costs have been dramatically reduced. Furthermore, at this time, it is rare that you must pay any tax for the items you purchase online.
The most noted disadvantages to internet marketing are the sometimes slow or unreliable internet connections that occur, and online security. Technology is diligently pursuing solutions to both problems, and progress is being made. Also, with the attention of the government on identity theft, it is clear that security and reliability will continue to improve over time.
There are many forms of marketing on the internet. Among them are article marketing, blog marketing, e-mail marketing, search engine marketing (to include search engine optimization), banner ads, pay-per-click ads, and pop-up ads. It is important to note that each of these forms catches the attention of the target market in different ways, and some may be more effective than others depending on the product or service, the target market, and the strategy and goal of the business marketing itself. Among the business functions that may require use of different means in their strategies are customer service, sales, public relations, information management, and others.
Internet marketing has also become an integral component of many "brick and mortar" operations, but online-only businesses have offered some challenge in the arena of retail sales, an example of business-to-consumer (B2C) marketing, business-to-business (B2B) marketing, and peer-to-peer (P2P) marketing. However, other online-only businesses have specialized into newer approaches, such as online auctions, sites that allow you to find the best price on what you're shopping for, and also sites that allow you to name your own price. Further, affiliate marketers have emerged, offering marketing solutions to virtually all types of business. These firms typically receive what is called pay for performance. Even home-based businesses now flourish thanks to internet marketing.
There are many benefits to the concept of internet marketing. It allows consumers to shop and conduct business from the comfort of their own home, any time of day or night, or from virtually anywhere provided they have a connection to the internet. Businesses work much more effectively with partners. Efficiency and speed have increased dramatically as business and shopping have moved to the internet. Even costs have been dramatically reduced. Furthermore, at this time, it is rare that you must pay any tax for the items you purchase online.
The most noted disadvantages to internet marketing are the sometimes slow or unreliable internet connections that occur, and online security. Technology is diligently pursuing solutions to both problems, and progress is being made. Also, with the attention of the government on identity theft, it is clear that security and reliability will continue to improve over time.
Ways of Making Money Online
Making money online is not necessarily going to be easy, and there is certainly no proven way to get rich quick, but your opportunities to go into business on the internet are virtually limitless. Whether you are looking to make a go of it online as an individual, or if you're looking to expand the prospects of your existing business, the internet offers you the chance to do just about whatever it is you wish.
For the established brick and mortar business, taking your business to the web is going to offer you some spectacular enhancements. When you build your website, you are offering a convenient alternative to your customers that they will certainly appreciate. When they don't have the time to make it to your location, they can go to your site and do many of the same things they would do in person. You can also collect e-mail contact information from your customers and clients and use this as a cheaper, faster means of contacting them and delivering important information.
Businesses existing primarily on the internet can make money in a variety of ways. Large or small, these businesses can take the form of retail, wholesale, auction, clearing houses, affiliate marketers, specialized marketers, banks and other service firms, publishers, weblogs (blogs), and innumerable other forms. Whatever you can possibly imagine a market for, you can make a business online for it. Interestingly, the internet has even allowed for the creation of never before seen markets with a voracious consumer appetite.
The individual can also benefit tremendously from internet marketing. If you're not looking to start a business, per se, you have many other options. Many sites offer you the opportunity to market your skills as an independent programmer, web designer, writer, and many other disciplines. Many have chosen this path, while others have chosen to either market their own products, or to market products with resale rights, on web auction sites. Authors can now publish their own books and market them online, retaining much of the profit lost otherwise to a publisher. The point is, whatever skill or interest you have, there is probably a market for it on the internet. And where there is a market, there is an opportunity to make money.
The chances for making money online will depend on many factors, but the most important of those factors is you. Knowing what you want to do, how you want to do it, and what obstacles you will face are important. Drive, determination, and an attitude of success will serve you well online. While the innovations of the internet provide new paths to success, the values that achieve success are still the same.
For the established brick and mortar business, taking your business to the web is going to offer you some spectacular enhancements. When you build your website, you are offering a convenient alternative to your customers that they will certainly appreciate. When they don't have the time to make it to your location, they can go to your site and do many of the same things they would do in person. You can also collect e-mail contact information from your customers and clients and use this as a cheaper, faster means of contacting them and delivering important information.
Businesses existing primarily on the internet can make money in a variety of ways. Large or small, these businesses can take the form of retail, wholesale, auction, clearing houses, affiliate marketers, specialized marketers, banks and other service firms, publishers, weblogs (blogs), and innumerable other forms. Whatever you can possibly imagine a market for, you can make a business online for it. Interestingly, the internet has even allowed for the creation of never before seen markets with a voracious consumer appetite.
The individual can also benefit tremendously from internet marketing. If you're not looking to start a business, per se, you have many other options. Many sites offer you the opportunity to market your skills as an independent programmer, web designer, writer, and many other disciplines. Many have chosen this path, while others have chosen to either market their own products, or to market products with resale rights, on web auction sites. Authors can now publish their own books and market them online, retaining much of the profit lost otherwise to a publisher. The point is, whatever skill or interest you have, there is probably a market for it on the internet. And where there is a market, there is an opportunity to make money.
The chances for making money online will depend on many factors, but the most important of those factors is you. Knowing what you want to do, how you want to do it, and what obstacles you will face are important. Drive, determination, and an attitude of success will serve you well online. While the innovations of the internet provide new paths to success, the values that achieve success are still the same.
The Importance of Planning
The importance of planning cannot be stressed enough. Consider the dot-com failures in 2000 as an example. Many of the companies that failed did so, at least in part, because of poor planning. Not knowing the market, the competition, and the environment of business were just a few of the factors that could have been addressed and avoided with proper planning. Therefore it is essential in today's world of internet marketing that planning be conducted thoroughly. Consider the following as steps in your plan.
Research is the first key step in the process. You must know your product, your company's competitors, your target market, and the capacities of each. When planning you should be able to list both the benefits and the potential disadvantages of the product or service you are selling. Through planning at this stage you can avoid the potential problems associated with a product deficiency by developing ways to correct or even compensate for that deficiency.
Deciding what type of campaign you will run is very important as well. What is your budget? What is your staffing need? What will be the time-frame for the marketing campaign? These and other questions, some of which will depend solely on your unique situation, should be asked and answered at this point of the planning process. With the information laid out in front of you, it will be much easier to see just what limitations and hurdles you may have to overcome in order to effectively launch and carry out your marketing campaign. Also, don't forget, this is a company-wide effort. Marketing staff should not be the only staff involved. Interdepartmental communication is critical.
Once you have your campaign up and running, be sure to monitor its impact. Various methods exist for monitoring the effectiveness of a marketing campaign. However, be sure to rely on the most important of all means first: sales and customer feedback. No matter what business you are in, these two factors will exist in one form or another, and they are crucial pieces of data you can use to fine-tune your strategy.
When the campaign is over, perform an exhaustive review of the entire process from beginning to end. Look for any signs of trouble, and also for points of excellence, and make note of them for your next campaign. Marketing is a learning process every time you do it, and only by noting what went right and wrong last time will you know where to place your focus next time.
While this is a very compact overview of the process, one common thread must be sewn throughout: Be aware, at every step in the process, of the strengths and weaknesses of the company, of your staff, of the product, and of the market. Only through this awareness can you make an effective plan, and only through effective planning will you succeed in internet marketing.
Research is the first key step in the process. You must know your product, your company's competitors, your target market, and the capacities of each. When planning you should be able to list both the benefits and the potential disadvantages of the product or service you are selling. Through planning at this stage you can avoid the potential problems associated with a product deficiency by developing ways to correct or even compensate for that deficiency.
Deciding what type of campaign you will run is very important as well. What is your budget? What is your staffing need? What will be the time-frame for the marketing campaign? These and other questions, some of which will depend solely on your unique situation, should be asked and answered at this point of the planning process. With the information laid out in front of you, it will be much easier to see just what limitations and hurdles you may have to overcome in order to effectively launch and carry out your marketing campaign. Also, don't forget, this is a company-wide effort. Marketing staff should not be the only staff involved. Interdepartmental communication is critical.
Once you have your campaign up and running, be sure to monitor its impact. Various methods exist for monitoring the effectiveness of a marketing campaign. However, be sure to rely on the most important of all means first: sales and customer feedback. No matter what business you are in, these two factors will exist in one form or another, and they are crucial pieces of data you can use to fine-tune your strategy.
When the campaign is over, perform an exhaustive review of the entire process from beginning to end. Look for any signs of trouble, and also for points of excellence, and make note of them for your next campaign. Marketing is a learning process every time you do it, and only by noting what went right and wrong last time will you know where to place your focus next time.
While this is a very compact overview of the process, one common thread must be sewn throughout: Be aware, at every step in the process, of the strengths and weaknesses of the company, of your staff, of the product, and of the market. Only through this awareness can you make an effective plan, and only through effective planning will you succeed in internet marketing.
Thursday, May 22, 2008
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