Internet Marketing: The No. 1 Factor That Affects How Much Money You Make Online That NO-ONE Talks About (Not Even The Gurus…)
By Anna Johnson on June 25th, 2010There’s one KEY factor that will ultimately determine how successful your Internet business is and how much money you make online. Surprisingly, virtually NO-ONE talks about this.
What is it? Listen, watch or download the podcast or read the article below…
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The ‘Internet marketing gurus’ certainly don’t talk about this concept. That’s probably because of one of three reasons:
- They’re too busy teaching their particular Internet marketing strategies, tactics or systems… or selling them.
- It doesn’t really help their businesses if they talk about this key success factor with you.
- Many of them probably don’t know what it is (otherwise they would be much more successful than they are).
Yet, this is the MOST IMPORTANT concept you can embed into your mind… and into your business.
If you fully understand and apply this concept you will MAKE MORE MONEY and BUILD THE GREATEST POSSIBLE WEALTH.
If you don’t understand this concept, or ignore it, you will LEAVE MONEY ON THE TABLE.
This concept can make the difference between making $100 a week… and making $10,000 or $100,000 a week (or more).
So what is it?
Well, let me explain what it is by answering some of the questions I often get from people. Questions like:
“Since you’re a lawyer why don’t you create an info product for marketers about Internet marketing laws?”
“Why don’t you create an Internet marketing product for lawyers?”
“Why don’t you add a back-end to some of your niche products?”
“Why don’t you update your websites to increase conversions?”
“Why don’t you drive more traffic to some of your websites?”
And so on.
All these questions make sense. And I can safely say that if my company did any of these things we would make more money.
So why don’t we do any of them (at least not right now)?
Simply because there is a BETTER, MORE PROFITABLE USE of our time, money and other resources.
You see, everything has an OPPORTUNITY COST. If you spend a bunch of money or time on one thing, you cannot spend the same bunch of money or time on something else.
The opportunity cost is the cost of NOT doing one thing in order to do another.
EVERYTHING has an opportunity cost.
On the flip-side, every type of investment of time, money or other resources generates a RETURN on that investment, or ROI.
So, in business, your opportunity cost is the return you GIVE UP because of the choice(s) you make.
Consequently, the ONLY way to maximize the money you make online is to invest in those businesses, products and projects that generate the HIGHEST ROI (in other words, have the LOWEST opportunity cost).
For me, that means not doing any of the things I’ve indicated above simply because our company will make MORE money by doing OTHER things that generate a MUCH higher ROI.
Whether you know it or not, the same principles applies to YOU.
You are either devoting your time, money and energy to things that make you the most money… or you are LEAVING MONEY ON THE TABLE by devoting your time, money and energy to things that will NOT make you as much money.
For example, you might identify a profitable niche in which you know you could dominate. You could spend time developing an info product that serves that market and makes you $1,000 a week.
But if you could spend the SAME amount of time pursuing another niche that makes you $10,000 a week, it’s obvious which niche you should choose.
Everything you do – whether its choosing a niche, choosing a product to develop, choosing a marketing approach, etc – will ALWAYS be a question of WHAT IS THE MOST PROFITABLE use of your time, money or resources.
You won’t always know what is the most profitable choice – that comes with time, trial and error – but after a while you will get a good idea of what it is for you.
And it will vary from person to person, and business to business, based on each person or business’s unique circumstances and resources (time, money, skills, etc).
The main thing is that you ALWAYS think in terms of ROI and opportunity cost in everything you do and let that guide you in making business decisions.
If you do this you’ll set yourself for making the most money possible. If you don’t… you’ll end up overlooking opportunities and leaving money on the table.
