Late 2010, the retailer revealed earnings and market share losses sent investors stampeding to exits. As of late May 2011, the stock was off its high by 21% and trading at a meager 9X earnings. The WSJ says “investors should not assume Best Buy just needs to recover. Threats are likely to worsen …”, notably including Amazon’s relentless growth, beating every discounter’s discounts, producing an overall 66% increase in its sales of electronic products.
In TV sets, for example, Amazon market share tripled in one year. One industry analyst says consumers are using Best Buy as Amazon’s showroom. In a business where everyone sells the same products, and the consumers are savvy about them, it is hard to have a unique selling proposition and you find yourself in price wars.
You do NOT want to be someone else’s showroom and you will not win a price war with Amazon anymore than you will with Walmart
What to make of this?
Promoting, advertising, marketing, and selling now require a much higher level of sophistication today than ever before and you must have an online presence for your business.
The fact is, it is no longer a question of IF you should get your business online but How Fast can you get it online.
In the next 1-2 years, smart entrepreneurs and business owners, that are profitably using the Internet, will see their sales erupt like a volcano while those who stand on the sidelines will watch with frustration as their businesses lurch forward at the speed of a glacier.
Here are several Critical steps to claim your share of the $329 Billion, and rapidly growing, Internet Cash Cow.
The first step is to drive targeted TRAFFIC to your website. There are many ways to do this including Pay-Per-Click such as Google’s AdWords; Joint Ventures (getting partners and affiliates to promote your products and services to their list; Search Engine Marketing; Article Marketing; Press Releases; Social Media like Facebook, Twitter and Youtube; Blogs; and Offline to Online using letters and postcards to drive traffic to your online business.
So what do you do with all that traffic? The second step is to build a HERD, some call it a Tribe, others call it their Leads list. You get visitors to your website to exchange their contact information such as name and email address for a gift such as a Free Report or Online Video.
The most successful Internet entrepreneurs are the most diligent about building a big list of prospects and customers. Any smart marketer will tell you it is rare that a visitor will buy from you the first time they see your website and that it takes an average of 7 online contacts before a prospect buys something and becomes a customer.
Another huge advantage of building a large list is that it puts you in the toll both position. There will always be marketers who are willing to pay you to send an email message to your list promoting their product … you could make a large sum of money by simply writing an email message and clicking on the send button. A large list puts you in a position to generate cash on demand.
The third step is CONVERSION as you will not make a dime until you convert prospects into customers and that is what conversion is all about. By applying some basic, and advanced principles, you will be continually learning how to boost your conversions and your conversion rates will soar.
This blog, and related posts, will continue to provide a blueprint for making money online with Internet Marketing. You will find step-by-step road maps for various parts of the Internet Marketing business. You will find material that provides an entrepreneurial game plan generating a new approach to work, family, and lifestyle. You will find tools, education, training, and support. And you will find a community of like minded entrepreneurs that are using the Internet to get out of debt, build wealth, and secure their financial future forever.
Many high profile business leaders, including the Oracle of Omaha, suggest that if you don’t focus on being an online entrepreneur, being self-employed, or being a small business owner, it will be a very tough road in the months and years ahead; actually they say, it will be an uphill battle.
This suggestion is attracting current and former doctors, CEOs, and other members of the corporate workforce that are seeking a way to leave their established and lucrative careers. They are in pursuit of new opportunities in the world of Social Media and Internet Marketing so they can generate income, prestige, independence, and financial rewards that exceed the levels obtained by most in their previous careers.
Finally, I would like to thank Dan Kennedy of Glazer-Kennedy Insider’s Circle as his recent publication No B.S. Business Success in the New Economy was the source of some of the material about the New Economy mentioned in this post.
In closing, be sure to Read More of my Posts at aspenIbiz BlackBox, my Internet Marketing blog; Obtain Some Tips About Being No 1 on Google at aspenIbiz My Go-To-Market Partners website; and Learn How to be Savvy with Your Money Like the Insiders at aspenIbiz The Conspiracy For Your Money Blog.
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