Internet Marketing Strategy
On business failure rates: “The data shows that, across sectors, 66 percent of new establishments were still in existence 2 years after their birth, and 44 percent were still in existence 4 years after.” - US Census
Why do businesses fail? Well there are many reasons, but you could say that they are all grouped under the category of “Problems.” A problem comes up in the business model, that the business does not solve, and then it ceases to exist.
It could be...
An owner who manages the corporations money poorly.
A competitor who enters into the market.
Changing government policy that mixes things up in a way that the company cannot recover.
Internet marketing could be called a highly competitive industry. Members on the forum have often thrown out numbers such as 95% or 97% of people fail at internet marketing. Whatever the number is, most people do not appear to be achieving their goals.
I would like to make the case that almost everyone does not achieve their Internet Marketing goals because of problems. A problem comes up that they are unable to solve, and then they lose money.
The problem could be...
Not enough traffic
Not high enough conversions
Traffic cost is too high
Lack of products
Price competition
Etc.
Whatever it is, there is something which is stopping you from achieving your internet marketing goals. All of these are problems within the businesses model for success. When these problems occur – which the US Census statistics show they often do – its important you are able to solve them. Thus enters the concept of strategy. The art of anticipating and defeating problems, with ease and grace.
Strategy is a set of methods, ideals and concepts, which are used to overcome obstacles, and create victory. An online Google search defines strategy as: “A plan of action or policy designed to achieve a major or overall aim.” I would like to further this point and state that a strategy can anticipate and overcome most obstacles before they occur. Which is what you will now learn.
In order to overcome the obstacles you face to your goal, you first require three pieces of information.
1. Your goal or outcome
2. Your current situation
3. Your plan for bridging your current situation with your desired outcome
Once you have these three pieces of information you can begin by critically looking at what course of action you intend to take. Think of each part of your plan as a link in a chain. If a single link should be broken – the integrity of the entire chain can collapse.
The same is true with your plan. Every piece of your plan requires complete integrity if it is to succeed. If you are currently trying to implement an existing plan but have not succeeded with it, you can identify the reasons why by asking questions:
Why is what I am experiencing not the same as what I had planned to do?
Why do I not have the things I had expected I would?
What is stopping me from getting the results I desire?
If I had a magic wand what would I add to this situation to make my plan succeed?
Once you have identified the problems or obstacles you are facing, the next step is to get critical about them. Get feedback from other people about these problems and verify that these really are the problems you are facing. Once you have a clearly defined set of problems or obstacles that are stopping your plan from succeeding – you can go about solving those problems.
Problem solving is a creative faculty. You problem solve by applying new perspectives and outlooks to a current situation. You can do this by:
1. Changing your perspective through questions, and creativity exercises
2. Bringing in new people to address the problem with fresh perspectives
3. Looking at other possible answers to the problem you had not checked before
4. Redefining how you approach the problem (for example instead of trying to raise sales to increase revenue, you may try to raise profits – or even lower both but add in a new product line that would raise your overall revenue and market share)
The next step is testing your solutions. Take the solutions you have devised for your problems and rank them in order of probability of success. Then begin executing the one most likely to succeed immediately.
Track and follow the results of your test. If the results are unsatisfactory, get critical – discover why it did not work and use those new insights to create better solutions. If the results are good then also uncover the positive reasons behind it, and see if you can find even better solutions to drive future growth.
Continue to use this process until you have achieved your goals. Stay tuned for part 2 which shows you how to better anticipate and defeat problems ahead of time, before they occur.
Why do businesses fail? Well there are many reasons, but you could say that they are all grouped under the category of “Problems.” A problem comes up in the business model, that the business does not solve, and then it ceases to exist.
It could be...
An owner who manages the corporations money poorly.
A competitor who enters into the market.
Changing government policy that mixes things up in a way that the company cannot recover.
Internet marketing could be called a highly competitive industry. Members on the forum have often thrown out numbers such as 95% or 97% of people fail at internet marketing. Whatever the number is, most people do not appear to be achieving their goals.
I would like to make the case that almost everyone does not achieve their Internet Marketing goals because of problems. A problem comes up that they are unable to solve, and then they lose money.
The problem could be...
Not enough traffic
Not high enough conversions
Traffic cost is too high
Lack of products
Price competition
Etc.
Whatever it is, there is something which is stopping you from achieving your internet marketing goals. All of these are problems within the businesses model for success. When these problems occur – which the US Census statistics show they often do – its important you are able to solve them. Thus enters the concept of strategy. The art of anticipating and defeating problems, with ease and grace.
Strategy is a set of methods, ideals and concepts, which are used to overcome obstacles, and create victory. An online Google search defines strategy as: “A plan of action or policy designed to achieve a major or overall aim.” I would like to further this point and state that a strategy can anticipate and overcome most obstacles before they occur. Which is what you will now learn.
In order to overcome the obstacles you face to your goal, you first require three pieces of information.
1. Your goal or outcome
2. Your current situation
3. Your plan for bridging your current situation with your desired outcome
Once you have these three pieces of information you can begin by critically looking at what course of action you intend to take. Think of each part of your plan as a link in a chain. If a single link should be broken – the integrity of the entire chain can collapse.
The same is true with your plan. Every piece of your plan requires complete integrity if it is to succeed. If you are currently trying to implement an existing plan but have not succeeded with it, you can identify the reasons why by asking questions:
Why is what I am experiencing not the same as what I had planned to do?
Why do I not have the things I had expected I would?
What is stopping me from getting the results I desire?
If I had a magic wand what would I add to this situation to make my plan succeed?
Once you have identified the problems or obstacles you are facing, the next step is to get critical about them. Get feedback from other people about these problems and verify that these really are the problems you are facing. Once you have a clearly defined set of problems or obstacles that are stopping your plan from succeeding – you can go about solving those problems.
Problem solving is a creative faculty. You problem solve by applying new perspectives and outlooks to a current situation. You can do this by:
1. Changing your perspective through questions, and creativity exercises
2. Bringing in new people to address the problem with fresh perspectives
3. Looking at other possible answers to the problem you had not checked before
4. Redefining how you approach the problem (for example instead of trying to raise sales to increase revenue, you may try to raise profits – or even lower both but add in a new product line that would raise your overall revenue and market share)
The next step is testing your solutions. Take the solutions you have devised for your problems and rank them in order of probability of success. Then begin executing the one most likely to succeed immediately.
Track and follow the results of your test. If the results are unsatisfactory, get critical – discover why it did not work and use those new insights to create better solutions. If the results are good then also uncover the positive reasons behind it, and see if you can find even better solutions to drive future growth.
Continue to use this process until you have achieved your goals. Stay tuned for part 2 which shows you how to better anticipate and defeat problems ahead of time, before they occur.
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Randall Magwood -
Thanks
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