Ever wonder why so many internet businesses fail? In this episode, I outline the three main reasons new internet businesses fail and what you can do to keep from being one of them. I also break down a real-world brick and mortar lead magnet and discuss what it should tell you about your lead magnets.
Lead magnets are universal idea. If you still don't have lead magnets working on your site, have one. Lead magnets are important as they capture emails and get new customers. But is your lead magnet getting you the right kind of customer? Your offer in your lead magnet should match your buyers.
Also, are the kind of offers you are presenting for your customers whom this offer is for, appealing? Your customers are buying your offer with their email address, so you must deliver value that is worth that cost.
It is equally essential that your lead magnet properly qualify your leads and a lot of times, what we see in internet marketing is that, the lead magnet that people are offering has not direct relevance to the thing that they eventually want to sell people.
Why Online Businesses Fail
Unrealistic Expectations – Online businesses fail and they fail all the time. Is it because internet marketing is not a real thing and that you can't make money? We know that is not the case as we see people making money on the internet all the time. And upon observation, they don't seem to have any special, magical, mystical characteristics — some have degrees but some barely finished high school; some are men and some are women; some are from the United States and some are from other countries. But the only consistent thing I see with all these successful folks is hard work.
So, I think the first reason that people fail when they start an online business is the misconception that they have about the amount of work required — and I blame marketers for that. When you go and look at a sales page for a business opportunity on the internet, it will talk about transformation and what you might be able to achieve. But what sales letters usually don't talk about in full is the work involved in order to be successful in business. You've got to create value and creating value usually requires tremendous amount of work. Their expectations for how much work or time it’s going to take is out of whack with reality. And so when they start encountering challenges, they feel like it's not working and they quit. People fail because of unrealistic expectations.
Quitting Too Soon – I'm not saying that you should never pivot nor recognize when you're on the wrong track but you do want to be careful about absolutely quitting and giving up too soon.
Following the Wrong Plan – One of the things that continues to concern me about internet marketing business opportunities is that there are a lot of people out there that will sell you a bill of goods but don't know what they're talking about. It's hard to weed out these people and understand who's for real and who's not but it’s important that you make sure that whoever it is you're following to execute a particular plan, that it is a credible person. You need to stay with people that you can really trust based on their track record, and the number of people that they've helped.
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Why Internet Businesses Fail Episode Transcript
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