How to Make 2008 Your Most Profitable Year Ever
Last modified on 11th January, 2008
For those of you who have been waiting for an update from me, sorry to keep you waiting. Things cropped up just when I planned to sit down and get back to my regular work routine. Nothing major though, so here I am. Welcome back to me 🙂
In addition, while Iâ€™ve started working since a couple of days ago, I didnâ€™t feel motivated enough to do tasks that require too much attention.
As much as a workaholics that I am, shifting gears to return to work would be as hard as going away in the first place. I guess the thought of having to return to my regular routine, with all the disciplines it demands takes a certain amount effort.
With no boss watching over my shoulder or expecting me to return to the office, I can easily use those as an excuse to sit back and extend the vacation. Then again, that wonâ€™t help a bit if making 2008 a better year is one of my New Year resolutions. To overcome that thought, I reminded myself about the potential income that would be generated this year, which can only be done if I start working. That helps set the ball rolling.
Thereâ€™s not better time to start ramping up your online business than now. Make sure to get your business off to a great start in order to make more money in 2008. Here are some of the strategies you can use to generate more profit this year.
Improve Your Blog
OK, thereâ€™s nothing new about this but some bloggers fail to realize that it usually takes a year or longer to generate a reasonable amount of income from your blog. You have got the whole year ahead of you. If you plan to make blogging as one of your major source of income, you should start providing useful and valuable content for your readers. Get some links from other reputable blogs, even better aim to get into the front page of the social networking sites like digg.
Good content will usually attract links from other sites and help improving your blog’s authority. You’ll rank well in Google and other search engines as they continue to serve relevant links to what their users are searching for. However, keep in mind that writing the best content in the world wonâ€™t be enough if nobody knows your blog exists. Continue to promote your blog in any opportunities you have. The amount of traffic you have can make or break your blog.
Explore Pay Per Click Marketing
Pay per click marketing is big in 2007 and itâ€™s going to be even bigger in 2008. Market analysis firm comScore reports that American online spending during the end-of-year holidays increased 19 percent compared to that of last year. In total, consumers have spent over $29 billion during the 2007 holiday shopping season.
With the increased in consumer trust in online shopping, more and more consumers will continue to value the convenience of online shopping and more will choose to shop online. Itâ€™s likely that this upward trend will continue this year.
So what can you promote? The fastest growing product categories in 2007 holiday season will give you some clue:
Video games, consoles & accessories was the fastest growing online retail category, jumping 129 percent versus the 2006 holiday season, with popular consoles like Nintendo Wii and Sony PlayStation and games like Halo 3 driving strong sales in the category. Furniture, appliances & equipment (up 67 percent), event tickets (up 24 percent) and consumer electronics (up 23 percent) also experienced above average growth. After seeing substantial softness early in the season, online apparel sales picked up considerably in the latter part of the season, finishing up 18 percent. Meanwhile, sales of jewelry & watches declined marginally versus year ago as rising costs in precious metals like gold and platinum may have dampened consumer demand.
Fastest Growing Retail E-Commerce Categories by Dollar Sales for 2007 Holiday Season
Non-Travel (Retail) Spending
Excludes Auctions and Large Corporate Purchases
Nov. 1- Dec. 31, 2007 vs. 2006
Total U.S. â€“ Home/Work/University Locations
Source: comScore, Inc.
Percent Change in Category Sales ($)
Video Games, Consoles & Accessories
Furniture, Appliances & Equipment
Apparel & Accessories
Sport & Fitness
Music, Movies & Videos
Books & Magazines
Pay per click,as usually, will be one of the areas that Iâ€™ll concentrate most of my effort on this year. If you donâ€™t know how to get started, check out the AdWords category in my blog for some tips and tricks.
Just remember that PPC marketing changes frequently. New development occurs everyday so keep yourself informed by frequenting industry blogs and pay attention to the news. In addition to Google AdWords, you should start exploring other PPC search engines such as Yahoo! Search Marketing and Microsoft AdCenter.
Develop Your Own Products or Services
If you are serious about running your own business, start thinking about offering your own products and services. While promoting other people products has its own benefits, you can potentially make more money by selling your own products.
Think about it, if you promote a US99 ebook from a merchant and get 30% commission for each sale, youâ€™ll have to sell 44 ebooks to make US1000. However if you are the product owner, you can keep 100% of the profit and essentially earns over US1000 just by selling 11 ebooks.
The best products to sell online are those that donâ€™t require physical delivery, manufacturing, stocking and packaging which can take a significant chunk of your profit margin. The type of products that fit these criteria is digital products such as ebooks or software. You just have to create them once and then ready to make countless copies of it virtually at no additional cost. Creating your own products is a big topic in itself. Iâ€™ll write more about this in my future posts.
Once you have your own product, you can start to set up your own affiliate program and let other people to do all the work promoting your product. You donâ€™t even have to pay them until you see the profits they bring in.
Like anything on the Internet, having your own affiliate programs wonâ€™t make you rich overnight unless you follow the correct strategies. I outline some of them below:
- Offer great commission – Seriously, nobody will promote your products if you give them 1 dollar commission. The more you pay the harder they will work for you. I would recommend paying at least 30% commission if you are selling digital products such as ebooks or software.
- Provide marketing tools for your affiliates â€“ OK I have to admit that I am guilty of not doing this myself so 2008 will be the year to do things better. Provide your affiliates with banners ads, product boxshots, good salescopy and great headlines.
- Find the super affiliates â€“ Super affiliates are the top 2% of your all your affiliate that bring in more than 90% of your sales. These are affiliates who make good living by selling other people products. Sometimes super affiliates could generate more sales in a few hours than nearly all of your regular affiliates will make in a year.
Of course there are many other ways you can make more money in 2008 and the above are just a few of them. Start making some resolutions, and get busy growing your ideas into reality. One thing to keep in mind is that you have to keep your focus in what you are doing.
Youâ€™ll risk achieving nothing significant if you try to do everything all at once. Choose a strategy, and work on it until it starts to make money for you, and only then move on. Itâ€™s 10 January 2008 today, what will happen on 10 January 2009 depend on what you do, starting today.