The #1 Killer Reason Why Millions of Small Businesses Fail Online and How You Can Avoid It
How do you avoid the #1 killer reason why millions of small businesses fail online? You can apply the 80/20 rule to your integrated marketing strategy. You can save a lot of time and money. You can work less and make a lot more money. Read on…
Building an integrated marketing strategy is the most powerful way to attract your customers and generate revenue as well as build brand awareness. You can build an effective integrated marketing strategy using different tools, such as, advertising, public relations, social media marketing, direct marketing and online marketing.
Millions of small businesses fail online because Internet entrepreneurs don’t take the time to develop an effective marketing plan.
Many newbie Internet entrepreneurs build a website and they assume that they are “marketing online” with their website. They wait for traffic to come automatically — and for most newbies, money-making traffic never comes. Sadly, this leads to a failed business.
Other newbies actually try many marketing strategies. Instead of focusing on the few strategies that really work, they end up doing too many marketing activities that are not very effective. They end up working too hard and spending too much money because they’re using too many ineffective marketing strategies. Unfortunately, this also leads to a to a failed business.
What’s the solution? How do you avoid the #1 killer reason why millions of small businesses fail online?
Just focus on the top marketing strategies that work for your small business online. You need to limit yourself to the most essential marketing activities that can help build your small business online.
How do you know which marketing strategies work for you? Check your traffic and your sales record. Even if you’re not bringing in massive amounts of traffic yet, you may start seeing a trickle of sales. Your increasing number of traffic and/or sales can give you clear hints on which marketing strategies need most of your time, money and energy.
If you’re just starting out, you can just focus on ONE marketing strategy — the one that uses your strongest marketing skills and most effectively brings in more traffic and/or sales.
The easiest way to track which marketing strategy really works for you is to use Google’s Analytics tool — it’s free. If you’re a newbie, it might take you a little bit of time to figure out how to set up tracking of your first website. But, it’s really worth taking the time to learn how to use it.
There are many features that can help you save time and money as well as help you make more money:
* It can tell you which search engines and referring sites bring your website traffic and money.
* It can tell you which keywords have good search engine ranking and are bringing your site traffic.
* It can tell you which content brings in traffic. For example, it can tell you how many pageviews an article generates and how much time is spent on the article page.
There are many more advantages of using Google Analytics tool. So, I strongly suggest you check it out.
==> Here’s the link: Google Analytics
How to apply the 80/20 rule to your marketing strategy and limit yourself to the most essential marketing activities
If you’re using too many ineffective marketing strategies, you’re working way too hard and wasting too much time. To make matters worse, you may be keeping yourself from making more money online.
Just like millions of Internet entrepreneurs, you’re probably constantly bombarded with an overwhelming amount of marketing solutions. It can be very confusing to figure out which marketing activities can really help your small business succeed.
It’s really tempting to use many marketing strategies, but that can actually hurt your business. Why? When you have too much to do… when you feel too overwhelmed, you won’t be able to do your most essential marketing activities consistently and effectively.
To make matters worse, doing too many marketing activities that do not effectively generate income can cause you to run out of money rapidly before you can succeed. You can end up failing even if you have a great business idea!
When you’re using too many marketing strategies, you can not master any of them. So, you can end up not getting maximum results. So, you can get the wrong impression that these marketing strategies do not work — when in reality, they can catapult your small business to success.
If you’re like most Internet entrepreneurs, you’re probably starting your small business online with limited time and money. Especially if you’re just starting out, it’s important to avoid being overwhelmed by having too many marketing activities to do.
Instead of trying to use many marketing strategies and working so hard, you can change your mindset. Just focus on the most effective marketing strategy for generating maximum results.
How do you accomplish this?
By applying the 80/20 Rule or Pareto’s Principle to your marketing campaign, you can focus on 20% of marketing strategies that can generate 80% of your results.
To give you a brief background: The 80/20 Rule is based on an observation by an Italian economist, Vilfredo Pareto (1848-1923). He made the observation that 20% of the people of Italy owned 80% of it’s wealth.
Since Pareto’s time, other studies have also shown that in other areas of life, 80% of results are generated by 20% of activities. The 80/20 Rule also applies to sales and marketing.
A huge advantage of applying the 80/20 Rule is that you can avoid wasting a lot of time and money by NOT doing 80% of the marketing activities that will only generate 20% of your results.
This makes it a lot easier for you to focus on the few marketing activities that can generate the bulk of your income. Using less time and money, you can make more money and work less.
By taking massive action on 20% of marketing strategies that can generate 80% of your results, you can focus on the best use of your time and money. You can master a few marketing strategies that can catapult you to success.
By learning how to apply the 80/20 rule to any marketing strategy you want to use, you can limit yourself to the most essential marketing activities. You can avoid the #1 killer reason why millions of small businesses fail online. You can work less and make more money online.
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