Planning a Successful Online Business Part 1: Mindset Part 2: Research & Monetisation Part 3: Online Business Models
About me…• Founder/Owner of three successful online businesses.• Replaced my income and now work full time from home with my amazing, handsome and sexy husband.• Been working from home & online since 2008.• Sacked the boss officially in 2012.• Other interests are travel and property investing.
Every new business starts with an IDEA. But how do you turn it into a GREAT IDEA?
Where to start… Business Idea CREDIBILITY• Q: How would this business idea translate to the offline world. – Would it sell? – Could you become the authority on the topic? – How credible is the idea? – Is there a market? The WEB only takes a good business idea and makes it more efficient.
$$$• How to determine if your business idea is profitable.• Google Adwords Keyword Tool – How many searches (Aust / Global) – How much competition – How much money…? • Product price X volume of converting traffic = $$$ – How much profit.
Case Study: Body Wraps– Google Adwords Keyword Tool • 6,600 Local Monthly Searches for (Body Wrap)– Traffic Estimate if #1 Organically • 6,600 multiplied by 36% = 2,376 Visits • (19,700,000 results in Google)– Conversion Rate Average is 3-5% (Australia) • 2,376 Visits multiplied by 5% = 118 Sales / Month– Income (body wrap = $180) • 118 sales x $180 = $21,240 / month ($250k/year)– Profit % multiplied by Income = Earnings
Great Idea!• Mindset. – The Who, What, When, Why & How…• End Goal?• How much money will I make?• How much time?• When will I take ACTION?• Who will be involved?• How much money will it cost (outlay)?
No Shortcuts• Don’t look for shortcuts.• Fail, do it often, do it cheaply and learn from it.• Learn to do what you can do, outsource what you simply cannot. – Learn how to: • Buy a domain name & hosting. • Build a simple 5 page wordpress site. • Learn how to drive traffic to your site. • Learn how to write content. • Make your first sale online. • Rinse and Repeat.
Online Business Models• Making money online can be broken down into: – Selling products (digital / physical) – Selling services – Selling other peoples products / services (affiliate marketing / drop shipping) – Selling advertising space
Innovation?• Innovators (3% of the market will respond) – New, unique, original (eg Tablet)• Mass Market (60% of the market will respond) – Capture the movement (Apps)• Laggard (37% of the market will respond) – late adopters (Mum is on facebook – Finally)
Competitor Analysis• Competitors: – Who are your competitors? – What are they doing well? – What could be improved? – Try their products / services if possible. – What will be your point of difference. • Price / Quality / Service?
In Summary• Start with an Idea.• Research your market.• Do some math.• Make a plan.• Take action.• Fail, Learn.• Rinse & Repeat.• Succeed.
Part 8: Marketing & Traffic(in a Penguin-Panda World)
Inbound Marketing includes…• SEO• Google+ Local (Google Places)• Adwords / PPC• Social Media (+social media PPC)• E-mail & Newsletter Marketing• Affiliate Marketing (as a merchant)• Video Marketing
SEO• What to avoid: – Low quality links – Over optimised anchor text – Keyword stuffing – Thin content – Content farms – High bounce rates
On-Page• Tips – One keyword per page. – Title tags: • Keyword #1 – Keyword #2 | Business Name – H1, H2 and content • don’t aim for a keyword density, just include the keyword naturally. – Technical infrastructure • Wordpress is SEO friendly (use plugins) • Create an XML sitemap and submit to WMT
Off-Page• Tips – Google Account • WMT (submit your xml sitemap) • Analytics – Link building • Quality not quantity • Use the business name + URL primarily as the Anchor Text • Social Profiles, Local Business Directories • Don’t pay for link building packages you will get stung
Google+ Local• 30% of searches include a local search term• Source of traffic on Google, Smart Phones and Tablets• Only for businesses that serve customers at their physical location.• Claim and verify your listing – it’s free.• NAP – keep consistent.• Citations = high rankings.
Adwords• Pay-Per-Click• Can be used while your rankings improve• Can be used to boost traffic volumes• Can be very costly.• Do the math: – Cost per conversion > profit on product then it’s not worth the expense.
Adwords: Case Study• Perth Plumber – Well optimised campaign – Average CPC >$10 for “Hot Water Service” keywords – Tracking shows conversion rate is 5%. – Cost per conversion is $220!!! – Even though the sale is >$1000, at $220 the cost of gaining that customer is too high.
Let’s get Social• Assisted Conversions – Can track in Google Analytics (eCommerce enabled campaigns) how many assisted conversions came from Social Media• Google+• Facebook – Facebook have a very good PPC platform that is inexpensive – Have a strategy…how does one go from ‘like’ to ‘purchase’• Twitter• YouTube• LinkedIn
E-mail / Newsletter Marketing• Making the most of your database. – Remember a conversion is the collection of an e- mail as well as a sale. If possible do both.• Free program: Mail Chimp (up to 5000) – Keep it regular. – Add value. – Make the sale.
Video Marketing• Think ‘How To’ videos.• Google owns YouTube. – Optimise your videos titles, descriptions + tags.• Bunnings do this very well… – Great content – Highly valuable to the end user – Optimised for the search engines