You might have wondered why you are not making money online no matter how hard you try; if that’s you, then you are in the right place.
In this post, I’ll share five reasons you are not making money online, as they say, a problem known is a problem half solved.
After reading this post, you’ll know exactly why you are either not making money or making enough money.
The next obvious thing to do is to retrace your action plan and re-fire.
How to Make Money Online for Beginners?
In case you are a beginner, don’t too worry, I also had you in mind when I wrote this post, the number 5 reason is especially for you, it will reduce your rate of error drastically if you implement it.
How to Make Money Online in 2020?
I get this question a lot; the number 4 reason is especially for you.
I tried to cover the primary reasons people fail to Make Money Online in this post but if you have any questions after reading this post, feel free to drop them in the comment, I respond to my comments.
If you share this post by clicking the share buttons on the left, I’ll be grateful.
Let’s get to it already.
You are not Selling a Product or Service with a High Demand.
You have got to do your market research to know what your prospects need.
It is better to be sure of the demand before creating your product rather than trying to create order when you already launched.
2. You are not Selling your Product at the Right Price.
The price of your product should not be too low.
The mistake some Business Owners make is pricing their product too low, which makes it very difficult to break-even after factoring ad costs.
You think low prices will attract customers, but you forget that your business could die if you are not breaking even as a result of low prices.
There’s a smart way around it though, continue reading
What you should instead do is create a sales funnel and have a tripwire product in your front end, that is, a low-priced product, the objective is to get your prospects to make that small buying commitment and then you can offer a more expensive product as a backend or one time offer.
Let me give you an example of how this works.
If I were a dance trainer, I could create an hour-long dance tutorial as my front-end offer, which I will price so low that anybody one bit interested in dancing will be able to afford.
The objective of this offer is not profit but to get my prospects to make a micro-commitment.
Then I will make an upgraded offer where I will send them one Dance video tutorial every week for three months, this offer will be more expensive, of course, and not everybody will buy this offer, but this would help me make more sales which could help me break even.
I will follow-up with an offer to my Dance Masterclass, where I will be their Dance Mentor for a year, this offer will be more expensive.
The above is how to create a sales funnel and break even every time.
You cater to your audience who love to buy cheap at the same time, allowing them to buy an upgraded offer.
This strategy will work in every business; even if you run a brick and mortar business, people still want to learn how you run the physical store.
If your only pricing strategy is to sell cheaper than your competitors, you will soon run out of business
3. You are not Getting enough Targeted Traffic.
There are two kinds of traffic.
I see some Business Owners trying to drive only free traffic to their business and wonder why they are not making enough sales.
If you want to waste your time, focus only on free traffic.
Free traffic is good, but it takes time, your business may be dead by the time the free traffic starts coming.
You have got to pay for your traffic. Target the people who are the best fit for your product. The people who have the problem your product is solving.
Some free traffic will come along the way, but it should never be your only focus. Treat your business as a business and actively promote it.
Advertising your product is more important than creating the product. If you are not going to promote it, then DO NOT create it.
4. You are Distracted.
You are probably not focusing on things that have a direct bearing on your bottom-line.
You are focusing on loopholes and tactics instead of focusing on time-tested strategies to grow your business.
You have the shiny object syndrome – Always buying the next breakthrough tool that promises you all the traffic and sales in the world.
5. You do not have the Right Coach or Mentor.
You will never find a superstar sportsman or woman without a coach.
A coach is someone who has made the mistakes, had the pitfalls and is experiencing what you want to experience. A coach is someone who can hold you accountable.
Be part of a community of like-minds; do not try to go it alone.
For your Business to thrive, get a Coach. You’ll NEVER find a superstar player without a coach
This post is by no means an exhaustive list of why you are not making money online, but these are 5 of some of the significant reasons.
If you have any questions or something you’d like for me to clarify, drop me a comment. Also, feel free to drop a comment telling me which of these five reasons resonates with you the most.
And of course, don’t forget to share this post. Let’s make this community bigger.