There are many insightful ways to create and monetize a lucrative e-commerce business
The first step is to clearly define your passion, and zero in on your business concept or model. Once this is done, creating an effective revenue model for your business is a crucial step. It can be a simple idea of the product you want to sell, or a service you can facilitate, or provide. Regardless, having a well-defined business plan will increase the chances that your business will be successful.
Formulating your business plan, and creating an outline using Microsoft Office is always advantageous in identifying your revenue model and business details. You can always outsource this task to a CPA or professional if you find the task too difficult or tedious.
After your business model is set up, the next step is monetizing your e-commerce business. We want to direct traffic to our website, or blog and make them more efficient in order to generate revenue. The easiest ways to accomplish this is by pay-per click campaigns, affiliate programs, search engine optimization, social media, email advertising as well as numerous others.
Google Adwords is a great way to utilize pay-per click campaigns to monetize your business. You can create an effective web presence utilizing keyword advertising. However, be careful to budget and track your advertising dollars. If your website or blog is not easy to navigate you could have a poor conversion rate, despite the fact you are getting many visitors to your site. If you are not getting at least an average conversion rate of 3% you may have to track your advertising dollars more effectively and optimize your website or blog to augment your conversion rates. Google analytics is a great tool to utilize and understand the phrases people use to find your site or blog.
Testing and tweaking your keyword ad campaigns is also important in order to improve functionality, and present clear content. Google provides you with conversion tracking and this can be an important tool to implement in order to improve your results. Make clear attractive keyword ads, and remember content is always king.
Search engine optimization requires implementing quality internal and external links that contain content marketing on your website, blog, and social networks sites like Facebook, Twitter, Flicker, YouTube, and LinkedIn. Designing more descriptive headings, titles, meta tags, and links also make your business rank higher on leading search engines like Google. The more visible your websites and blogs become to search engines, the more traffic and revenue you generate.
Finally, affiliate programs can offer an additional revenue stream for your blog or website. These can include Google AdSense, Banner ads, or marketing associate programs. If you are unsure of what affiliate program to market on your site or blog check out clickbank.com to get some excellent ideas. They provide commissions of 50-70% on some of the products. Amazon and eBay also have some good affiliate programs that can help to monetize your website or blog. However, too many Banner ads can detract from the visibility of your website or blog, and make your site difficult to navigate.
If you want some more great ideas to help monetize your web business check out John Chow’s new eBook. It is called, “The Ultimate Blog Profit Model.” It is the business model he used to make over $500,000 last year.
I look forward to hearing your ideas and comments.