Internet Marketing Business Opportunties
If you have been thinking about starting a small business, the field of internet marketing is full of opportunities. As consumers’, we are constantly bombarded by marketing and advertising messages everywhere we go and look. Or at least that is how I feel. Anyway, businesses, large and small, are all trying to get our attention. They want us to feel like we need their product. They want us to want their product or service enough to buy it right away. From a consumers’ standpoint, all of these ads can be very frustrating.
Yet, this competition for the consumer’s attention creates a lot of internet marketing business opportunities. Companies NEED help getting the consumer’s attention. They are willing to pay for this help. The most successful businesses are those that are serving a need.
I first started working on writing this post right after Thanksgiving Day. In the United States, the seven days that follow Thanksgiving make up the busiest shopping week of the year. First there is Black Friday, then Small Business Saturday. The following Monday is Cyber Monday. During this time, retailers are trying to capture the shoppers attention. Everyone seems to be having a sale.
I found myself wondering, “What does a company need to do to stand out among all the competition?” What does a store or company need to do to get the customers attention? A company can offer the best service. They have the best quality products at reasonable price. Yet if people are not aware that the store or product even exits, they will not spend their money at store. Maybe people are aware of that the store had something they wanted but they forgot about the store when it came time to make the purchase. Both scenarios result in lost revenue. Stores and companies HAVE to find a way to capture the potential customer’s attention. This is done through marketing and advertising.
4 Types of Internet Marketing Business Opportunities
While thinking about that question, I’ve found myself also thinking about the different type of online business opportunities that exist as a result. I’ve decided to break these opportunities up into four types:
- Marketing consultants,
- Affiliate marketers,
- Advertising sales,
- Online marketplaces & consignment shops.
The cost of starting a small online marketing business can be less than $100. On the other hand, the startup costs will quickly increase as the need for staff members, equipment purchases, consultants and the size of the advertising budget increases.
Due to the diversity of types of companies that require marketing assistance, an internet marketing business is well suited to focusing on a niche or specific type of product, store or service. The possibilities are limited only by the business owner’s imagination.
1. Marketing Consultants
In today’s world, it takes more to standout online than it did when most people made their purchases or acquired their services from places with brick and mortar buildings. If a business or organization can not attract paying customers, clients or donors; it will not survive. Thus the ability to be found online is extremely important for most businesses that serve people beyond their immediate neighborhood or town.
The American Marketing Association stated that online marketing (digital marketing) is no longer an add on. It is imperative.
The American Marketing Association defines marketing as “The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
In other words, marketing is what companies do to:
- -Help consumers’ discover items or services that they would like to purchase.
- -Encouraging the consumers’ to actually buy the item or service offered by the company
Business and organizations of all sizes can benefit from market research, planning and implementing the marketing plans. At the same time, not everyone can afford to employ an entire marketing department. Instead, it is better for them to seek the assistance of marketing consultants when they have the need.
Marketing consultants may conduct marketing research. They may prepare marketing strategies and plans. Marketing consultants may also analyze results and communicate the results of marketing campaigns.
Some marketing consultants may specialize in very specific niches within the online business world. For example, they may specialize in search engine optimization (SEO) processes, online branding or social media.
People that would like to start a business as a marketing consultant should have marketing experience.
2. Affiliate Marketing
Affiliate marketing is a type of online business that does not require a lot of money to start. With this type of small business, the owner does not have to have its own inventory of products or services to sell. Instead, the business owner uses his or her website or blog to market other company’s products or services.
Both large and small companies use the services of affiliate marketers. Amazon, Walmart, EBay, Etsy, Home Depot are just a few examples of company’s that have affiliate marketing programs as part of their overall marketing strategy.
Company’s like to use the services of affiliate marketers because affiliate marketers get paid on a commission basis. If the affiliate marketer’s efforts are not producing results, they do not get paid. Affiliate marketers usually get раіd еіthеr а реrсеntаgе оf ѕаlеѕ thаt rеѕult frоm thеіr rеfеrrаlѕ, оr а flаt fее реr lеаd оr сlісk-thrоugh thаt rеѕult frоm thеіr mаrkеtіng efforts.
Ideally, the affiliate marketer is someone that enjoys education people about the topic they are marketing. Most affiliate marketers choose one or more specialized niches to focus one. For example, one person may choose to concentrate on the coolest, newest cells phones. Another may focus on diets and exercise tips for expectant mothers. Yet another affiliate marketer may be assisting people plan their next dream vacation.
How do you learn to set up an affiliate marketing business?
If you are interested in learning more about affiliate marketing or increasing traffic to a business website, I recommend finding a training program. Although there are some very expensive programs out there, some are very reasonable.
I highly recommend joining the Wealthy Affiliate training community to learn more about affiliate marketing. The training program will guide you through setting up niche websites from scratch, creating content, finding affiliate marketing opportunities, inserting those links into your website and generating traffic. In addition to the how-to certification courses, new training and webinars are added weekly.
In addition to the training, WA will also host up to 25 websites, on domain names that you own. And, they will provide the security certificates for each one – at no additional cost. (You do purchase your own domain names – but those are less than $15 each.)
In full disclosure, I have been a Wealthy Affiliate member for a year now. The things I have learned are also applicable to creating online stores and online marketing in general. WA has a free starter, introductory plan. However, the training courses are detailed enough that there is no way that you will be able to learn everything before you get cut off from the premium features. The premium membership is $49 a month. You can save more by paying yearly. For more information, follow this link: Wealthy Affiliate training program & community.
3. Advertising Sales
You could start an advertising agency that finds companies willing to pay for advertising and marketing services.
Sell advertising space on your website, blog or newsletters. In this business model, the owner of a website, blog or newsletter charges companies or people for the opportunity to advertise on their website or in their online newsletter.
Unlike the affiliate marketing model, a company will have to pay for the advertising or sponsorship space upfront. This model is the online version of collecting fees for advertising space in newspapers, magazines, television, radio, newsletters or even at sporting events.
With this business model, the advertising revenue is not the primary purpose of the business. It simply provides an income stream that supplements a primary activity. For example, the Super Bowl’s purpose is not to serve as the source of the best television advertisements. It’s purpose is to determine which of two football teams will win the most prestigious football game of the year. The Super Bowl attracts so much attention that companies pay huge sum to have advertisements run during that game. In addition to advertising revenue, the owners also generate income from ticket sales, vendor booth commissions, etc.
Likewise, a news outlet’s primary function is providing the community with up to date news. To do so, they employ writers, camera and videographers, editors in addition to the advertising department. If you start a advertising sales company, you would be looking for companies that want to outsource their advertising department activities. The other possibility would be to find a growing company that needs help coordinating with people willing to pay for advertisers on their site.
Lastly, it is entirely possible that someone could have a blog that they started as a hobby and then monetize it with affiliate income. However, if it becomes extremely successful, they may decide to sell their advertising space for the guaranteed income. In these cases, the advertisers must be willing to pay more for the space upfront than could be generated from the affiliate commission model.
4. Creating an online marketplace or online consignment shop
This internet marketing opportunity is a business model that provides a platform or place for other people to sell their products or services. In this model, the online business owner is responsible for all the marketing efforts to get potential buyers to come to the website. If the website does not have traffic, people will not be willing to list their products there.
In most of these cases, the seller is willing to pay the online marketing company to list their product and/or give them a percentage of the sales revenue. With this model, the online marketing company does not own the merchandise sold unless the owners really want to.
The fees that can be charged to the seller will depend on the amount and quality of services provided. For example, consider these businesses that have already become very successful in this space:
- Craigslist: It does not charge sellers list the items that they have for sale. However, it is my understanding that they do charge for posting job advertisements and apartment rentals in some cities. (They are working on a break even business model.)
- EBay or Etsy: These websites allow people to list their merchandise that is for sale, they also handle payment collection. Seller pays a listing fee and a percentage of sales revenue.
- Amazon: Sellers with Amazon stores receive marketing and payment collection. Sellers also have an option to use logistics services to store and ship their inventory. Since Amazon is able to attract more buyer customers, they charge sellers more than EBay or Etsy does.
Another variation of this type of internet marketing is an online consignment shop. The seller consigns their item to the online retailer, who is responsible for all marketing, sales inquires and collecting payment. The seller may send the merchandise to the online shop. Or they may be responsible for mailing the items to the buyer after payment has been received.
For example, a good friend of mine has a website that markets and sells used fun center equipment such as laser tag, mechanical bulls and bowling alleys. He lists the equipment on his website, handles inquiries and receives a commission when the items are sold.
The key to successfully creating an online marketing business in this category will identifying unmet needs that sellers and/or buyers currently have. As big as Amazon, EBay & Etsy are, there is still opportunities for an entrepreneurial and creative business person to come up with an online marketing model that address some of the challenges that sellers face when using EBay, Amazon or Etsy.
Could that person be you?
Please let me know if you have any comments or questions. Can you think of any other internet marketing business opportunities?
Examples of marketing business plans: https://www.bplans.com/marketi…