The smart, young entrepreneurs of today's generation are becoming successful by bringing new, innovative ideas to the table in terms of how to make products profitable via the internet, right under the nose of corporate America, the so-called "experts" in this field. How are these visionaries able to accomplish so much in such a short period of time, and how can corporate America position itself against such a threat?
Below are the top 10 things leading internet entrepreneurs are doing to become successful that big businesses should constantly be aware of in order to stay ahead of the curve in the midst of a changing marketplace.
- Faster Turnaround Time Internet marketing entrepreneurs have truly opened my eyes to just how important a quick turnaround time can be. Often times, an interview they conduct with me today is online by the next morning. The interviewee is then able to start making money less than 24 hours after the initial interview.
- CRM & Database Marketing Corporations invest in sophisticated CRM or Customer Relationship Management programs to effectively oversee their relationship with their customers at every point during the buying process. While these large businesses invest tens of thousands of dollars in complicated CRM products, the technologies of today's internet-based business allow small 1- and 2-person companies to compete by quickly meeting the demands of the customer in real time.
- Technology Savvy Internet entrepreneurs are using technology at every level of their company -- from a one-person agency to a small firm, the newest technological advances are interwoven throughout every aspect of internet-based businesses. Knowing the right social media outlets to help create and grow a simple website and they are armed and ready to compete with the major players.
- Smartphone Savvy I have 5 teenage daughters, and I learned the hard way -- it's difficult to talk to any person under the age of 25 without the presence of a cell phone. This new generation is not afraid of change, which is often a hurdle for those corporations who are "set in their ways" with old school methodologies.
- Sell Your Products or Someone Else's The best time to increase margins is at the time of sale. Hence, internet entrepreneurs sell, upsell and cross-sell when that first order is being taken. Once a sale is made, the customer's information is captured, which is often more valuable than the product itself. Savvy entrepreneurs either create more products to sell, private label someone else's product or service, or have an "Affiliate" relationship with another website or service provider where they receive a commission for the sale and have zero investment at risk.
- Outsourcing, Less Infrastructure & No Risk Most internet-based firms have far fewer people and infrastructure than traditional firms. They outsource administrative tasks and have zero inventory. Once the sale is made, they often have the product "dropshipped" directly to the buyer and pay the supplier 30 days later, thus eliminating any inventory risk.
- Faster Feedback While a corporation could take weeks or months to choose the best name for a product or the best headline, savvy internet entrepreneurs will run ads on Facebook or Google AdSense today, and analyze thousands of "clicks" that show them which ones worked best and which ones failed by the next day.
- Digital Based Products. Many internet based marketing firms create and/or sell digital based products and services. They turn to firms, like our partner, Clickbank.com, to manage such offerings. With a digital-based product, these sales machines have almost no cost of sales so the item can have a 25%, 50%, even an 75% commission to the selling website! Clickbank.com manages that offer, sends the buyer their commission then sends the seller the difference less a small fee for handling the transaction.
- PayPerClick and LeadGen Internet visionaries use search engines like Google and Yahoo in addition to sites like Facebook and YouTube to get large quantities of highly targeted leads at a very low cost. They don't spend much money upfront, know how to gather leads inexpensively, and convert those leads into sales at lightning speed.
- Domain Names and Keywords Instead of continually buying the proper Keywords for their internet marketing efforts, marketers also buy a host of related domain names for their products, services or industry category and simply point those eyeballs or "traffic" to their website.
It's a classic David vs. Goliath story. David, armed with the latest tools, apps, websites and the power and speed of the internet, is quickly stealing market share away from Goliath, or in this case, the conglomerates that make up Corporate America. Checking the pulse of this new wave of thriving internet businesses is vital to the long-term success of today's major corporations.