Giving it your all, does not mean that you are being productive. In fact it can mean your are on the road to ruin. The only thing that can be said, is you need to make mistakes in your online business as fast as possible. You will then be able to learn from it and put it behind you.
We were being sloppy in our tracking codes. For those who don’t know what a tracking code is: it is a way in which you can measure what people are doing on your online business. If only I had seen this information earlier. It would have kept me from making a blunder.
BTW, Jeff thanks for the Ads Targeting List, at least 10+ hours of research. (You have to watch the videos in order to make a screen cast)
Most businesses fail, both online and offline, and that’s hard to face!
Do you know why? The answer is actually pretty simple.
It’s because they don’t bring in enough revenue from their product sales to cover their advertising costs and turn a profit. That’s the basic goal of any business, right? To spend money on advertising, sell products, and have some money left over after paying for all of your expenses so you can do it all over again. Why do they struggle to make a profit?
It’s because they don’t have all 3 of the things you need to create a profitable business…
Put those 3 things together and you have the perfect scenario for a profitable online business, but leave one out and you’ll struggle and most likely fail.
To learn more about the possibility of creating an online business, come back for more information.
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In highly competive market, the only thing buyers will be judging a good buy on is price. This will make the product or service a commodity. This is becuse the supply is much greater than demand.
In these kind of markets there are three things a seller can do.
1. Sell at the best price they can get, even taking loss.
2. Move to a less competive market.
3. Try to differentiate.
To differentiate your offering you have to be able to make your product or service you must be able to make it unique, rare, or increase its value.
Some ways to increase its value is to add other offerings with it. This may include manufacturing videos describing the process used to make the good. Another offering would be to include instructions and listing of materials to make the goods.
A very good way would be to include a value ladder. In other words have a high ticket item that woud cover any losses for the low priced items.
In a market that is competive be aware that you probably won’t win on price aone. Your competitors may have other offerings that defray the losses. They may also have offerings that do not even compete in the same market. An exampe would be an influencer for power tools. Since they are a infuencer they may be making most of their income from advertising with tool manufacturers. The good they then are selling are just to help defray the cost of manufacturing.