Web 2.0 Is Necessary For Business Survival
60Starting An Online Business Cost Effectively
For Businesses, especially small to medium size businesses, the Internet is the most profitable way to launch a business. It may take some time to figure the correct format because it is a different animal than traditional business. Once your online business presence is successful, you will have acquired the best of both worlds. Permit me to elaborate:
* You can perform market testing cost effectively
* Advertising is dramitically less expensive
* Ability to communicate instantly
Comparing this media to the direct mail of the real world, a trip to the print shop to get your letters stuffed, take your mail and send it out into the real world, all the while keeping your fingers crossed hoping that your mail all gets delivered. ( roughly a third of the mail in bulk mail does not get delivered anyway) When you go onto the Internet, these tasks can be performed in a matter of minutes instead of a matter of days, or weeks, or months, and the response can be procured immediately.
Identifying Online Marketing Campaigns That GENERATE CONVERSION
We performed a test at my business recently. An attempt was made to determine which of four different marketing approaches would perform the best. Four tests were conducted where we mailed 10,000 e-mails a piece.
Each of these approaches were a seperate and different test... different headline, different offer, and a different price point. After only one day, twenty-four hours, we were able to determine after sending out 10,000 e-mails, that one of our methods was, hands down, the best campaign. The results: one offer generated 400 responses, roughly a 4 percent response rate. No other offer on the same idea closely compared to that response. One offer generated only one response out of 10,000 e-mails instead of 400 responses, meaning that one offer was 400 times better than the other offer!
If the test had been performed in the real world, with all of the time constraints, sending out direct letters and testing which offer may work, first of all, the cost would have been in the neighborhood of $40,000.00, $30,000 of which would have been a complete loss. It would have taken between a week to two weeks to get the full responses back. We were able to perform the exact same test in 24 hours and identify which of the four offers generated the most response. Now not only did we save because it did not cost us much to test these other ideas, but we also have speed on our side. Now we know in 24 hours which offer works and can integrate the marketing campaign, accordingly.
If you can crack the code of the Internet, figuring out how to find the customer and how to deliver your product and/or service offering in a way that is profitable to you, then you will acquire all the advantages of the Internet. With all of the efficiences of cost and all of the speed, there is just no better place to be when it comes to a new business launch!
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Comments
AEvans,
Thank you for stopping in to read my Hub! I am really, really busy these days or I would spend more time reading and learning also.... I follow your hubs frequently and apologize for not having the time to comment more!
Craig
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AEvans says:
13 months ago
This intereting as I wiould like to learn more, I have an on-line business and I am trying to get more traffic. Another Good Hub!! :)