OK, if you remember from the last article, we have assumed you are now sophisticated marketers that are blogging, writing and using social media effectively.
One of the big mistakes that I see people make, and that I have made, is by focusing on the big picture too much.
Lets take a business example of this first. You probably know certain metrics for your business.
- How many customers you have
- How much money you spend
- How much money you make
- How many hours you work
Good, you can calculate your profitability divided by your hours and get a clear sense of what you are earning.
But what would happen if you broke down each client as a profit center?
Unless you are selling widgets at the same price to everyone, you will see that some customers are much more profitable and take up less time than others. If your business model is designed around maximizing value AND profit while minimizing your time involved PER client, you will have a successful business.
Internet Marketing is Exactly the Same
Instead of thinking of your Internet Marketing, start thinking about various Internet profit centers. This can get tricky, because one could generate the lead and the second can generate the revenue.
Let me take my email course as an example. It costs roughly $20 per month. Our main website and several blogs generate the people that sign up for it, and this email system actually generates sales for us when people are interested in our products or affiliate links. It has a high profit margin but by itself does not pay enough to support me.
I have other websites that do not sell anything, but they do generate leads for the eNewsletter, so the better they produce email subscribers, the more profitable they are even if they do not directly generate a penny.
This can all get fairly complex, which is why you have to think of each individual web effort on its own merit and with its own goals.
The outcome can be one of three things:
- Actual Revenue
- Links and Traffic
Actual revenue might be a micro-site that is a one page website that sells something. Since it probably costs less than $5 a month to host, you should be able to turn any website into at least a minor profit center with a solid product and good copywriting.
Links and Traffic are the currency of sites that you host, hopefully with minimal effort, that point to your higher value sites and drive traffic to them, as well as help them rank better. These are “profitable” based on the total value of each visitor and link minus the cost to maintain.
Lastly, audience. Also called the list and referred to as the most important asset a business has. Have you given some thought to setting up a website that does nothing but offer a free white paper to build your list? The long term value of your list, if used well should make your one page website & white paper download a big profit center, although not via direct sales.
Buzz Marketing is most effective with simple things that are easy to pass along. If you keep focusing on the big picture, you are building bigger and more complex things and you may not know which parts are working. If you create targeted efforts with clear potential for eventual profit, you will get more referrals and buzz. It is just an easier message to communicate.