As autumn and cold crawl their way into Canada and the sun sets before 4 p.m., this darkness and quietness bring along a time of reflection for all of us. The assessment I want to share with you is about internet marketing. Although my list of things to do seams never-ending, I am very happy to realize all I have accomplished in less than a year ( over 40 active web sites, a hypnosis for childbirth program that already got international recognition, over 100 published articles on the net, etc)
I have been in internet marketing for a little less than a year and I have attended ten internet marketing seminars in 2006. I am the kind of person who likes to get to the bottom of things. For more details go to: www.internet-marketing-word.com I want to share my findings with people who are starting, thinking of starting or even stalling in the internet marketing business.
The ten biggest pieces of wisdom I want to share with you about internet marketing I have learned are:
1) The price of Internet Marketing products is highly exaggerated. Many marketers are comfortable taking hundreds of dollars for useless e-books or software. They are able to overcharge such big money for two main reasons: their customers believe their well-written sales letter promising them to become a millionaire by working only two hours per day. The second reason is that since other people have raised the bar before them, they feel comfortable with overcharging for their products.
I encourage everyone who is about to purchase any internet marketing product to take a deep breath, backing up and do an internet search. Most probably, the product or its equivalent is already available for a fraction of the price on the internet.
My opinion is that no e-book is worth that much unless it provides me with the code of the safe at the bank for this internet marketer.
2) In the internet marketing business there are dreamers and there are doers. I have repeatedly met some people at internet marketing seminars who have not taken action and just keep buying the next product promising them a fast an effortless income. My experience is that it takes work (but then again I don’t see it as work as I enjoy it very much) at least in the beginning to secure a decent income in the internet marketing business.
3) Many internet marketers made their fortunes by selling products to people who want to make a fortune in the internet marketing business. Willie Crawford draws the parallel that the people who got the richest during the gold rush were the ones selling shovels and sticks to the gold diggers.
Anyone interested in internet marketing has to ask themselves if they have just been enriching the people selling them promises to make millions in the internet business.
4) There are basically three categories of internet marketers out there: the ones who just want your money, the ones who give you a good deal for your money and the ones that genuinely care about helping you making good money by sharing their efficient tactics.
I will, of course, not name any names here and I think that deep down people know what kind of marketers they are. I can tell you that upon trying to do a mental list of the genuine, caring ones, I had enough of my ten fingers to do the complete list.
5) The real successful internet marketers are often not on stage at seminars. I have met some very successful and knowledgeable people by talking to the person sitting next to me at seminars. I highly recommend you get to know the attendees at any given seminar; you will be surprised to sometimes find out that they know more than the speaker upfront and wiling to share everything with you…for free.
6) A masterminding group is a great resource to learn and share tricks and tips about internet marketing. The rule is to be part of a group that is about (or even better, a little above) your level of knowledge and accomplishments in internet marketing.
7) Action is power. Whatever piece of gold nugget you learn is useless if you do not take action on it. Many people are eternal course takers but have yet to get their first web site up. For can visit to: www.secretly-spy-your-internet-competition.com Even the best intended internet marketer will not make a penny if he doesn’t get his product out there. I have heard numerous times the advice to put out your product and fix the fine details later. It has been a little challenging for a perfectionist like me but, honestly, it works great. Often, customer comments allow me to go back and improve my product in ways that I would have never thought of.
8) Internet marketing is a number’s game. If you put all your eggs in one basket, you might rise very fast very high and then tumble down as fast. Diversity is the foundation for a solid business.
9) There will always be new things to learn. One cannot stay in their basement and hope that the world will not change. The internet marketing world is one that changes at the speed of light and one has to keep informed of the new trends and developments.
10) The Internet is here to stay. Internet has been growing at an astonishing rate and those who got in the game will be ahead of the pack in this exciting and powerful window to the world. The possibilities are infinite.
Now, the last thing I want this website to turn into is a place where I recommend all of the stocks I write about. If you want that, just watch Jim Cramer’s show. Remember when Yahoo! rejected a ridiculously high offer from Microsoft just over a year ago? Jerry Yang felt $30+ per share wasn’t a reasonable valuation for his company. It has been rumored that Jerry Yang also felt that $30 wasn’t a reasonable valuation for his half-full can of flat Pepsi.
Well, Yang isn’t there anymore, but Yahoo’s share price has since dropped to about half of that proposed takeover amount. I believe that the market has kept a $2-3 takeover premium on the stock, but the chances Microsoft makes another run at the company are remote. Yahoo continues to lose search market share to Google and the aforementioned Microsoft, which is spending $300 million to advertise its new search engine “Bing”. Yahoo’s ad platform is terrible and the company is barely posting a profit. Google’s growth is being slowed by a soft economy and reductions in marketing budgets, but at least its revenues and profits continue to climb. Google’s P/E of around 30 is lofty, but at least the company is generating positive earnings.
So why would you buy Yahoo at these levels? Maybe you think that Microsoft will make another run and offer shareholders $25 per share? As I mentioned, I highly doubt Microsoft wants anything to do with Yahoo anymore – spending $300 million to market its own new search engine has to be considered a pretty strong signal that it would rather build search market share from the ground up than pay a premium to purchase it. But maybe you just think that Yahoo is an innovative company that will turn itself around as the economy strengthens? In that case, buy some shares of a search engine that actually innovates and has growth potential (Google or even Baidu fit those criteria). Yahoo will continue to wallow in it’s own mediocrity and I don’t want to own mediocre stocks.
The Stock Guy’s Official Ranking: 2 out of 10
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Prices For Different Types of Web Sites The following prices are based on sites that IRD has built. Whether a site is new or is a redesign doesn’t change too much in the way of its cost.
ONLINE STORES, SHOPPING CARTS
3 item, PayPal ‘buy now button’ with 4 page site, custom visual design ($450)
200+ items, lightly customized 3rd party cart, custom visual design, blog ($1275)
6000+ items, extensively customized 3rd party cart, training, custom visual design ($5350)
3rd party directory script, very slight tweaking, 3rd party visual design ($675)
Custom-built events directory with basic searching, basic admin options, no visual design ($2100)
Custom-built membership directory with basic searching, basic admin options, no visual design ($2100)
Custom-built product directory with basic searching, advanced filtering, advanced admin options, member profiles, custom visual design ($4500)
CONTENT MANAGEMENT SYSTEMS
16 simple pages, stock 3rd party CMS script, custom visual design ($731)
14 complex pages, articles sub-pages, customized 3rd party CMS script with searching, 3rd party directory script, 3rd party classifieds script, 3rd party banner management script, 3rd party visual design ($3150)
Added to existing site: simple custom-built system with event selection, online payment, minimal admin options ($750)
15 pages, custom-built system, custom visual design, events registration, payment, workshop selection, complex admin area, support ($3094)
BASIC WEB BROCHURES
9 pages, 3rd party template visual design, four simple forms ($244)
7 pages, custom visual design, one simple form ($469)
16 pages, custom visual design, simple home page Flash animation ($731)
30 pages, custom visual design for home page, another for internal pages, two complex forms ($1313)
52 pages, custom visual design which is slightly different for every page ($1800)
BLOGS AND FEEDS
Add blog to existing brochure site ($225)
Add blog to existing ecommerce site ($300)
UPGRADES AND ADDITIONS
Install and configure email newsletter script, and provide training ($113)
Create .mobi version of existing 5 page site ($131)
Add complex form to existing site ($244)
Complex upgrade of a shopping cart ($488)