How To Avoid Failure and Multiply Your Online Profits: Rule #1

This post was guest blogged by Gaj Subudhi of prosperpreneur.com, A site dedicated to helping entrepreneurs prosper in internet age.

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I am sure you must have heard from many home study courses, news letters, ebooks, guru’s and live events etc.. that

    “Getting targeted traffic to your web site is the life blood of your online business”

I do agree with it .

However how good is the traffic if they don’t find your offer relevant, useful and more importantly addressing their most pressing needs ?

Why should you spend any time, money or efforts to drive traffic to your offer if that doesn’t convert your visitors into buyers or even doesn’t persuade them to take action.

Whats the point in putting together an offer and driving traffic to it, if there is nobody looking for it or see any value in your offer ?

Hope you are getting my point.

In this post my goal is to make you aware of a scientifically proven and most popular business principle that will let you think differently and start your online business with a right foundation.

In fact this could literally help you avoid any mistakes from the beginning and challenges you may encounter during the course of action of making it a successful online business.

That is called Ocham’s Razor Principle ..

      This principle states that the explanation of any phenomenon should make as few assumptions as possible, eliminating those that make no difference in the observable predictions of the explanatory hypothesis or theory.

In our case the phenomena is making money online or generating profit online.

If you follow the traditional way of thinking and building a online business. We try to put together a web site based on what we have to offer and try to drive traffic and make a sale based on our value proposition but we never pay attention to what your visitors or audience need.

the fundamental shift we need to make is give what they want rather than what we have to offer.

The second part of the challenge i see in traditional way of thinking is we assume a lot of things while putting together a business online.

for example if we have a mom and pop business , we try to use our creativity in terms of how to package and present the existing inventories nicely and and sell them as it is .

The assumption here is we think the way we have packages is the best way to address the need for the buyers however if you try to apply Ocham’s Razor principle, things could come out totally different.

First you would go out and see are there anybody online looking for the solution you are offering.

If answer is yes, you will try to find out how are the expecting it to be delivered and at what price point .

Then the next step would be how much of personal attention and help they would need after the things are delivered to them etc..

Did you see how different the approach is and how it is changing the way you think, plan and act on your business idea ?

Given the research tools, market research data available online, it is very easy to pin point the exact needs of your audience and the languages they speak to express their problem or concerns and package your solution or offer accordingly.

In fact now you can test the profitability matrix and customer satisfaction as well as business viability of your offer or solution in matter of weeks .

Believe it or not now you can know if your business is going to be profitable or not within few days and do necessary course of correction to lock in the success instantly unlike in the traditional way, where you have to do things for months or years and see if it is profitable or not before you decide your next course of action.

With PPC marketing you can even find out who are your targeted customers and what is your best selling proposition for your offer with a very little investment of time and money.

What more do you want ?

    If you translate Ocham’s Razor principle and apply it into your online business it boils down to these 3 simple steps.

  • Do enough market research and find out if there is a demand for your product and or service.
  • Spend enough time in the beginning to find out what is the real problem and pain your target market has and position your offer accordingly.
  • Pin point your profitability matrix using the power of PPC and other traffic generation mechanism and do the necessary course of action to make your business profitable at the beginning .

Ultimately you are eliminating all the assumptions and discarding all the factors which doesn’t support the phenomena of making money online in less time and multiplying your profitability.


This post is in continuation to Gaj’s earlier post on “Success Mindset and Making Money Online” which you can read by clicking here

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  • PS The link to Gaj's first article appears to be broken. 404

  • Srini, of all the newsletters I subscibe to, I look forward to reading yours the most. You're not constantly trying to push a product or service and the posts are brilliant. What a great idea to have guest posts. Obviously you have outstanding guests that provide a lot of value such as Gaj. Thank you both.

  • Srini

    Thanks Steve,

    By saying that, you further raised the bar on me. All I can say is I am trying...trying really hard. :)-

    Some amazing new content is coming up...Please stay tuned

    Srini

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