5 Things to Grow Your Online Income
Want to grow your online income?
Of course, everyone does!
The days of the dot com boom are long gone. The Internet has grown and expectations have changed.
Believe it or not, it is still pretty easy to make money online. In this article, we will cover 5 things you can do to grow your income online.
1. Social Marketing
Advertising in the back of the local newspaper is old news. If you haven’t noticed, newspaper subscriptions are way down and continue to fall.
If you are going to connect with your customers, you need to market online.
This probably sounds a bit obvious, right? In order to grow your income online you need to advertise online.
Even now people tend to be afraid of spending money on advertising online.
The idea of having to pay someone else with no guarantee of new customers banging down their door can be frightening.
Advertising is now social, YouTube, Twitter, Facebook, Instagram and the list goes on.
Facebook in 2016 shows 1.7 billion active users and continues to grow. The tools available on these social platforms today help us to be more efficient with our marketing.
The information that is provided when setting up profiles is gathered by social sites like Facebook. It contains details that include; location, age, interests and more.
These demographics are stored and then made available so you can target market.
This is something that you couldn’t do with newspapers.
2. Track Your Results
It’s easy to make the mistake of spending time and valuable resources pushing marketing products or services that your audience has no interest in.
This is why it is so important to track your results.
Honestly, there are now tools that you can do to track every aspect of marketing online, including your ROI.
One that I use that has helped me to know where my marketing is working and where it isn’t is ClickMagick.
This is a great tool to use for tracking activity. It tracks everything and calculates my ROI so that I don’t have to waste time doing it manually.
The cost is minimal and well worth the investment.
Take the guess work out of which clients and what products or services are making you the most profit.
Then, turn your attention on them.
You may have thought that your customers wanted one thing, but with proper tracking find out that it is something completely different.
Now with proper tools and analysis you can switch gears and do more of what makes you money and jettison the things that aren’t.
3. Imitation is The Greatest
Form of Flattery
“If you steal from one author it's plagiarism; if you steal from many it's research.”
- Wilson Mizner
You can’t let your competitors take your sales from you. You have to make sure you are continually evolving and keeping your website and content up-to-date.
Not doing this is one of the most damaging things you can do to your brand. Make sure you are not sending your customers to your website if it acts and looks like one built 15 years ago.
Getting customers to your site is where the hard work is done. Making sure that you engage with them is the next step.
So, make sure your website will stand up against your competition.
Keep on top of the changes your competitors are making.
Check to see how their links work. What does their homepage look like?
Subscribe to their newsletters... if they’re doing something that works, you want to know about it so you can copy it and make it your own.
Use similarweb.com and other services to learn more about your competitors.
You’ll be able to gather information about visitors, country stats, similar sites and more. Do your homework...
4. Value Your Time
Have you heard the statement that "time is money"? This is so very true. Every day we trade our time to make money. That is just the way it is.
We have the ability to make more money, but we only have so much time and there is nothing you can do to make more time.
There are only 24 hrs. in a day and it’s a huge mistake to undervalue it.
You have to know that our time is the most important thing we have. If your product or service is worth having, people will pay for it.
It’s possible to raise the price of your product or service 50% or more. It’s true you may attract fewer customers initially, but the odds are you will make more money.
It could be possible to double your revenue using less time and effort. We all have the same 24 hours in a day, it’s how we use them that matters.
5. Efficiency Thru Outsourcing
OK, it’s now time to make those 24 hours work for us. Inefficiency in our work lives doesn’t cut it, especially when you’re the boss.
If you have heard of the 80–20 rule, then you know this is the principle we should apply to our business’ today.
Consider that 80% of our time is used doing things that only contribute to 20% of our goal. With this being so, we should be focusing on the 80% of our goal that only takes 20% of our time.
By doing this we can move our business forward at a much faster pace.
Maybe you are a great marketer, but if you’re spending countless hours learning how to use WordPress or coding, you have wasted time that you could have been using on marketing.
Outsourcing the work you’re not experienced with is an absolute must.
You may have the experience, but if it is taking you away from the things that will generate income, you should consider outsourcing them.
The cost to outsource is much less than the potential loss in revenue.
Avoid being caught up in the "I can do it myself" syndrome and stick with what you are good at.
Bring in the professionals that can do it more efficiently. There are websites like freelancer.com, upworks.com and fiverr.com that have resources where you can find great talent to outsource your work to.
Don’t gamble on learning a new skill in one month, that you may never use again.
Spend the money, hire a professional and focus on what you are good at. The results will be better and the delivery will be quicker.
The most important part is, it will free up time for you to do what you do best.
So, as you can see, there are 5 things you can do to grow your income online.
Why not put them into practice right now?
- Social Marketing - newspapers won't reach your audience the way social marketing will
- Track Your Results - without tracking you are marketing blindly
- Imitation: The Greatest Form of Flattery - do your research and know your competition
- Value Your Time - use your time wisely for the best ROI
- Efficiency thru Outsourcing - Be more efficient by using other people's talents freeing you to do what you do best
Do me a favor and let me know what you think. Leave your comments below.