online marketing strategies – Page 12 – Getentrepreneurial.com: Resources for Small Business Entrepreneurs in 2024

It’s never a good thing when you rely on one stream of income. That stream dries up and you’re, ahem, up that creek without a paddle.

That’s why having multiple streams of income is so valuable. One stream dries up, you’ve got a few other ones to depend on.

(On another note, have you noticed how money is often referred to in water terms? Cash FLOW, multiple STREAMS of income or just income STREAMS. Just something to think about.)

But talking about getting multiple income streams and actually implementing them in your business are two entirely different things. That’s why today I’m going to share 3 quick and easy ways you can start adding more streams right now.

1. Information products. Creating a product based on your expertise is a fabulous way to start diversifying your income. This is especially good if you’re a service provider — now you’re providing other ways for your customers to work with you rather than them paying you to work with them one on one.

But information products doesn’t mean you have to sit down and write a book. You can do a teleclass or a series of teleclasses. Or maybe you do a video. Just make it easy for you to create. (The idea here is NOT to spend months or, worse, years crafting your product — the faster you get it done the faster you’ll make money on it.)

Still feeling stuck? Try this. What’s the biggest problem your customers come to you to solve for them? Can you do a teleclass or write a special report walking them through how to solve it themselves? Granted working with you would probably get the faster, better results, but remember not everyone has the money nor even the inclination (there are a lot of do-it-yourselfers out there, and you don’t want to exclude them.)

2. Licensing or certification programs. Do you have a special process you take your clients through? Why not package it up and sell it to other consultants like you? Lots of people are looking for proven methods and systems they can add to their business income streams. So in essence helping other people add income streams to their business while you’re also adding income streams to your business.

Now this one may not be all that quick to do, but I wanted to include it so you weren’t just thinking “info products” as your only option. Open yourself up to other options to making more income.

3. Offer advertising or sell other people’s products. With this one, you’re capitalizing on an asset you’ve built — your list. You have people who follow you, right? They’re on your list, they’re following you on social networking sites, they listen to your podcasts and/or teleclasses. Well, with this one you make money either by promoting someone else’s products and getting a commission, or you charge for advertising.

For advertising, think bigger then just selling spaces in your newsletter or web site or blog. What about offering sponsorships?

Sponsorships aren’t just for corporate — they can also be your colleagues who want to reach your target market.

Of all the options, this one is definitely the fastest to pull together and takes the least amount of time for you to manage. However, if you don’t think it through, it does have the potential of diluting the impact you have with your list. If you’re interested in this option, do your homework. Find one or two people who have successfully offered this and ask them about it.

If you’re starting a business right now, marketing can be one of the first efforts to take a hit. After all, why should you market products aggressively to customers who aren’t ready to spend?
Cutting back on marketing efforts right now is actually a pretty risky move- studies show that companies who increased or maintained marketing budgets during lean times are rewarded with more sales as the economy begins to pick back up. According to McGraw-Hill research, companies who increased or did not change marketing budgets during the ’81-’82 recession saw significantly higher sales growth within five years- over twice as much as those companies that chose to cut back.
So how do you design and implement an online interactive marketing strategy on a shoestring budget? What can you save on when contracting for services? Here’s a quick primer on choosing an online marketing company and forming the contract you want- at a price that’s within your budget.
Evaluate your requirements.
Do you already employ online marketing strategies such as email blasts, customer follow-up emails, or search optimization strategies? If you’re already working with an online marketing firm and are unhappy with the services you’re receiving, the price you’re paying, or both, figure out exactly what you need before you switch or begin to negotiate. Do you want to build relationships, increase brand visibility among certain customer groups, or stay in touch with existing clients? Evaluate your needs before choosing- or choosing to stay with- a company: List the services you want and how much you’re willing to pay.
Re-negotiate.
If your current online marketing firm is meeting your needs, you can still negotiate on price. Most of the time, this means contracting for additional services or a longer term- a better deal in the long run if you’re working with a reputable company. You may be able to get discounted services simply by asking, especially if your contract is about to expire. Trying to re-negotiate your existing contract- if you have one- is a step you should take before looking for a new provider.
Use smart bargaining tactics.
If you’ve narrowed down the field of providers to a few worthy contenders, try to negotiate with each to get the best deal for services. Most vendors are a bit more flexible and open to bargaining near the end of the month or the end of a sales quarter. You can ask for more services, an extended agreement, a payment plan, or any other compromise that reduces your out-of-pocket-cost. Up-front payments (retainers) are usually not negotiable- most vendors will require some monetary outlay before beginning work.
Get a written estimate or service quote.
These usually serve as previews for the final contract. It should be specific, but not too specific- it can be a good idea to split projects into phases if you’re using several different strategies. You should have access to all necessary information (graphics, advertising agreements, affiliate information) in the event that you ever decide to use a different company for later efforts. Make sure that you compare several different service quotes to get an idea of the “going rate” for services- this places you in a better position to negotiate.
Make sure you can track efforts.
Make sure you know how results are tracked. Will you be able to monitor key information (web traffic, conversions, etc.) yourself? Make sure you know how results of the marketing strategy will be measured.
Online marketing is one of the most effective methods of sales generation. Make sure you shop around for a company, compare price quotes, and ask for references. A good firm won’t ever “guarantee” a certain search engine result or output, but will be able to accurately track the results of their efforts. Spending on marketing is effectively investing in future sales- make sure you invest wisely.
Merrin Muxlow is a writer, yoga instructor, and law student based in San Diego, California. She writes extensively for Resource Nation, a company that provides resources for business owners, and is a frequent contributor to several sites and programs that offer tools for entrepreneurs, including Dell and BizEquity.