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Are we Really in an Economic Recession?
Some US statistics seem to indicate we are heading into one. If we are heading in that direction, what should we online marketers do about it?
Should we panic and give up our web sites, or just accept that we will get less business, and let it go at that. Doesn't sound like either plan is too brilliant.
If you are online in the Internet Marketing arena, perhaps their is an opportunity here. How about selling products on how to survive, and even expand your business despite the recession. This is a typical survival strategy and could be a big seller.
During the course of a year, there are periods that are slow. So, think a moment, what do we do at that time to get business?
We get creative and come up with plans to deal with the situation!
For example, in December for the last 2 years, we have seen a plethora of free giveaway programs. The purpose they serve is this. If you contribute a product to be given away, then you can gather the email addresses of hundreds or even thousands who want to download your bonus gift. A good way to expand your business in good times or bad.
The latest creation we have seen in the last few months, is the 'Firesale'phenomon. This is simply an excuse to bring in lots of money by creating a package of goods at discounts of up to 80%. Does it work? Well sure it does!
If you are selling $2,000 to $4,000 worth of product for $37 to $47 people see the value and jump on your offer. Ca-Ching goes the cash register.
Something that might happen if we do get into a real recession is that these vastly overpriced $1,000 products will come down to prices more affordable, thus benefiting more people. Not sure about that one, let me tell you.
If you belong to a few newsletters today, then you are surely being bombast-ed by new products every week, and great offers every day. Instead of just doing a quick delete, why not study the proposal, and learn from it how to be creative.
Marketers today ARE being creative. To get anywhere close to successful, you must do the same thing. Otherwise you will continue to make 3 or 4 sales a month and earn a pittance, along with 95% of all other online marketers.
Niche Markets is the ultimate solution
The trend today is to get away from good old fashioned Internet Marketing, and develop Niche markets. The most recession proof answer to the question of surviving a recession is to have several different Niche web businesses.
What could be better than a series of web sites in a small niche market selling affordable products. If one small niche can bring you just $300 to $500 a month, it is obviously not enough to live on.
But, if you have 3 niche markets each earning $500 per month, that is $1,500. Not bad. What if you have 10 sites each making $500, then the total of $5,000 a month is quite respectable. Now that is a reasonable amount to live on.
The best part of it is this. As trends change, like they do every year if not every few months, you may find one or two of your niches go dry. You may give them up. If you have to, it is not financially life threatening because of the backup position you have with all your other niche sites.
How many niche markets should you have? No easy answer to that one. Every individual case is different. Phil Wiley claims to have over 100 niche sites. In case you're not sure who Phil Wiley is, he is the author of the most renowned ebook on Niche Marketing called Mine Site Profits. You can read a good review at Best Affiliate Products at http://www.bestaffiliateproducts.com/minisiteprofits.html
Personally I am working on a couple of niche sites, and my first target is 10 sites. After that, who knows. As long as you find the products people want, recession or not, you will be a winner.
Go for it, build a few niche sites. You can't go wrong.
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