4 Tips On Making Your Internet Marketing Theories Viable
In Internet marketing, it is people who possess creative and highly original thoughts or ideas that most often come up with the winning strategies and the best profit margins. But only a thin line separates great imaginative ideas from wild and foolhardy ones. One misstep and you could cause your entire business to sink. How can you know when you’ve got a viable idea on your mind?
4 Tips on Making Your Internet Marketing Theories Viable
Has Anyone Done Something like It Before?
Rarely will you find or think of an idea that hasn’t at least one major similarity with other and previously conceived ideas. When you concoct any Internet marketing theory, the first thing you should do is research about previous theories that are parallel to what you’ve formulated. It might take you a while, depending on how unique your idea is, but don’t stop digging up for facts until you’ve uncovered one similarity.
Once you do, compare and contrast both ideas. Secondly, consider the various obstacles or the kind of opposition that the other Internet marketing theory had met. Where had it succeeded and where had it failed? Do you expect to encounter similar things once you put your Internet marketing theory to test? What bearing would the similarities and differences of both ideas have on the viability of your theory?
The objective of this activity is simple: you’re doing everything you can to prevent history – at least the bad parts of it – from repeating itself.
What Are the Entry Barriers to Applying Your Internet Marketing Theory?
Applying an Internet market theory is similar to opening a new business. You need to conduct a study of the various factors that could affect the success of your goal. One such factor would be the possible entry barriers it would face. First off would be capital requirements. How much would you estimate your capital costs would be? Would most of this take the form of cash or would you also require purchases of raw materials and perhaps equipment as well?
How about government regulations? Would you have any problems launching the Internet marketing theory you have in mind? Would applying it require obtaining additional licenses, permits, or documents? What about intellectual property rights? Could any part of your Internet marketing theory be a concern for plagiarism? Intellectual property rights today are becoming more and more stringent so you have to be very careful in ensuring that no other person could claim possession over any part of your Internet marketing theory.
Other possible entry barriers that your Internet marketing theory may face include but are not limited to economies of scale and cost advantages independent of it, vertical integration, supply and demand ratio, globalization, network effect, customer loyalty, sunk costs, advertising, and research and development.
Perform a Trial on a Market Sample
Try looking for several individuals to make up a sample of your market. Now, put your Internet marketing theory to test and evaluate their reactions. What were their first impressions of it? Did they like it? Was their anything that they didn’t like or understand? It’s highly important that you make subjects understand what the activity is about, what you’re hoping to accomplish, what you expect from them, and the critical need for honesty and objectivity.
Consider the Four P’s
The first most important P would be PRODUCT. Does your Internet marketing theory suit the kind of product or service you’re marketing? Next would be PRICE. Determine which segment of the market you’re targeting. Considering the average income of your target market, how do you to price your product? Are you aiming for the high, low, or middle end of the market? How does your price compare with those of competing products?
Third would be PLACE. Who will help you apply your Internet marketing theory? Will you completely rely on your websites or do you have an affiliate program to depend on? Could you enter into joint venture agreements to increase the scope of your Internet marketing theory?
Lastly, consider the promotions or the actual Internet marketing theory itself. In summarizing all the factors listed here, do you think your Internet marketing theory viable or not? If yes then you’ve done a good job and you can go right ahead with launching it. Congratulations!