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How To Make A Good Living Online

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how-to-make-a-good-living-online-digital

 

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Many articles already warned you: do not believe that it’s easy to sell online.

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Arguing that you can become millionaire just by typing on a keyboard is a pure illusion.

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It’s a very common cliché.

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If you read these lines, it probably means that you also ask yourself following question: how can you create a website and make a good living online?

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On the one hand, you know that success will not be easy to achieve.

On the other hand, your intuition tells you that you have to go into the direction you chose.

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For we live in a digitalized world.

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It’s not easy to make a good living online for it’s not easy at all to create a business and make it successful.

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Today, more than 90% of new companies are said to fail.

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This statistic can discourage and motivate many entrepreneurs at the same time.

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Somehow, if you do not succeed immediately, you can tell yourself that you just belong to the majority of entrepreneurs.

So, you should not worry at all, as long as you do not give up.

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Aiming to belong to the 10%, is it mission impossible? 

Among the ones who managed to belong to the 10%, how many manage to get great revenues?

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1%?

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Less than 1%?

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Anyway, the most important is to set up the target.

And after maintain the key principles which are: working a lot, being constant, persevering.

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All the studies show that the ones who succeeded mainly owe their success to following quality: perseverance.

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Somehow, if you really persevere, you will succeed.

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Soon or later.

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how to make money online

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Which product are you going to sell?

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This is the first key question.

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What will you sell?

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The initial direction you will take and the decision you will make at the very beginning of your entrepreneurial journey will have a definitive and decisive impact on your final results.

If you succeed or if you fail.

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Everything is at stake when you are in the starting blocks.

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Implement a great marketing and set up a website which technically works can require a lot of time.

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It can even become very expensive if you decide to externalize various tasks such as: market studies, product sourcing, webmastering, SEO, web development, etc.

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Whatever your decision, it will be recommended to spend a lot of time on the elaboration of your product, your digital ecosystem and your economic model.

You can then abandon all what you conceived if it becomes clear that it will never correspond to any market at all.

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The worst mistake would be to further work, years after years, on a product that will never sell.

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If you notice quite quickly that your product or your website does not fit any market at all, it’s ok.

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If you notice that after many years, it’s not ok at all.

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There is an expression which is very useful in order to understand this:

“Pivot or Persevere”.

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It’s very logical: if the idea is good, you shall persevere; if the idea is not good, you have to abandon the idea.

You have then to pivot.

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Here is how the Financial Times defines the pivot: « when used in relation to entrepreneurship, pivot (which generally refers to a shift in strategy) describes the tortured path that most start-ups go through to find the right customer, value proposition, and positioning ».

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It’s a key economic topic: the quicker you will understand that your idea is bad, the better you will be able to be successful in finding a much better concept.

It’s a paradox.

But it’s logical and mathematical: it’s a way of optimizing the probabilities to implement THE great idea.

It’s a way of increasing your chances.

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There are different methods which can help you test an idea.

The classical method consists in conducting a market survey.

You will then first realize a quantitative study with a population sample which shall be representative.

You ask numerous questions.

You sort the answers and key points.

Then you can realize a qualitative study such as a focus group.

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Be careful with the multitude of biases contained in these methods.

With such studies, people generally obtain the results they wanted to get at the beginning.

Every marketer knows that perfectly: a study generally takes the form of their silent partners or sponsors because its main objective is to serve their interest above all.

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how to make money online biases

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Here is for example a list of 6 cognitive biases which can mess up your decision making

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One more thing: if the population sample is not representative, the results will be totally wrong.

Analyze this population sample with a control group.

Utilize other control groups to analyze every population sample and every control group, if possible.

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You will notice that the results will be totally different from one control group to another.

So, utilize as many control groups as possible.

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Somehow, you will finally be able to get a clear picture.

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If you want to test your product idea, you shall not hesitate to speak about your project to the people you trust, even if not everybody agrees with this way of proceeding.

Some people will say that it’s utmost important to keep a business idea secret (if the idea is great, people may steal your idea).

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Conversely, other people will say that without any feedback, it will be difficult to build any project and any strategy.

Somehow, it’s important to conduct a survey in order to get a feedback, whatever the form of this survey should be.

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The market is also key.

Either the product will compete with other existing products (a market already exists) or it is a brand new product concept which will then create a new market from scratch.

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Most of the time, the reality is much more complex than that.

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Whatever your decision, you have to be aware about this: there is always a huge gap between the purchase intentions of people (those who say: “yes, of course, I will buy this product”) and the real purchase which will be realized at the end (those who will really purchase).

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Few people really have the financial capacity they pretend.

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This gap is rarely explained in details in the economic studies you may read, mainly for commercial reasons.

Somehow, it’s much better to present studies with 10% purchase intentions than 1% or less.

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This will help you understand the impressive gap you will notice by observing the ridiculous difference between what have been said and what have been seen.

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When you get the real figures.

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All this will bring you to a key topic:  your business plan.

There are 3 main categories of people:

> those who say that it is mandatory

> those who say that it is a lost of time

> those who say that a business plan must exist but shall be permanently modified, together with all the pivots that you may orchestrate.

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Well, you shall permanently decorticate your business plan, this is what I think.

And you shall re-format it and adapt it to all new priorities and imperatives.

In the life of an entrepreneur, every single day is a new journey.

One new event can oblige you to completely re-modulate your economic ecosystem.

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This is one of the reasons why agile marketing recently became a key business topic.

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Agile marketing means the capability of changing everything within a few seconds when new social or economic events impose a totally new direction.

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Agile marketing, it’s the skill of being able to immediately change one’s mind, when it is absolutely necessary.

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Agile marketing, it’s the skill of being able to change everything and rebuild everything within one day.

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Agile marketing requires particular intellectual skills for not everybody is really able to change.

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All in all, it’s about the capability to react quickly. Develop the right reflexes.

Implement automatisms which can really make the difference.

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how to make money online agility

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Nowadays, the competition became very tough out there.

That’s the reason why agile marketing became a key topic in business.

Agility can definitively bring decisive competitive advantagesand allow you to make the difference.

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When you analyze the recent success stories in the web, you will notice that many of them are due to the passion of entrepreneurs and business people.

Many company owners simply became very rich by following their heart and their intuition.

At the beginning, their motivation was not necessarily to make a lot of money.

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Facebook could be monetized after several years, only.

Mark Zuckenberg principally became very rich after the IPO of his company.

Instagram was bought by Facebook for 1 billion $ at a time when this application made no turnover at all.

Twitter can generate great revenues but this social network was not really rentable, at the beginning.

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How this product will be manufactured?

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Once you elaborated your product, it has to be manufactured.

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It’s a key step in the whole process because it will have a decisive impact on:

> the quality: a product made in China can not be compared with a product which has been manufactured in France

>  the image: most of the time, a product made in China can not compete with a French product

> the price: a product which is produced in mass in Taiwan shall be cheaper

> the margin: according to the unit cost of your product, the market price, the price elasticity, the volume of planned sales, revenue differences will be very important.

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Many people want to have their products manufactured in Asia.

It is true that all the small objects which are massively manufactured can be easily transferred in containers (products such as lighters, pens, watches) at very competitive prices.

This is not the case for example for car tires, whose industry is not much impacted by relocation processes yet (because it’s very expensive to transfer high quantities of car tires in containers, via ships or airplanes).

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When people make the decision to have their product manufactured in Asia, many entrepreneurs fear to make business with the wrong people.

The financial risk for them is very important: they can pay an important account for ware that does not exist and that will never be delivered.

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To avoid this real financial risk, there is a website which will allow you to find the best suppliers with the best guarantees:

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www.alibaba.com

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Thanks to Alibaba, you can choose the company which will manufacture and deliver the product that you wish to commercialize on your digital platform. 

On alibaba.com every supplier is presented with notes, annotations and various descriptions.

That means that it will be possible for you to know with which kind of persons you will make business – thanks to the Alibaba platform.

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Alibaba enables you to sale

almost everything

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how to make money online alibaba

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How, now, can you create a website or an ecommerce platform?

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Until some years ago, creating a website would have required a ton of technical and abstruse explanations.

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Today, things have changed.

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Making a website, today, it’s very easy.

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In terms of technology, some solutions could cost, in the past, several thousands $.

Today, solutions such as CMS (Content Management Systems) allow you to make a website from scratch and completely free – and within one day!

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In a near future, the way websites will be developed will be compared with the way you today build your PowerPoint presentations.

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Today, there are plenty of CMS which allow you to make beautiful websites for free:

> WordPress

> Joomla!

> Drupal

> Magento

> Prestashop

> Shopify

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Let’s take the example of the CMS WordPress.

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With WordPress, you can in a few clicks:

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> choose a webdesign for your website

> create the first pages and the global website ergonomics

> get data and statistics via Google Analytics, Google Search Console and JetPack

> install the plugin created by the team Yoast, in order to make the SEO of your website

> add the plugin WooCommerce to transform your website into an ecommerce platform

> buy Visual Composer for $ 34 only and make the complete webdesign of your website

> install all the programs in order to protect your website from bad external attacks and increase its global performance

> set up the module WP Touch which will allow your website to be mobile friendly.

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Every revolution is an accelerator of the history.

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And the internet revolution accelerated the access to knowledge.

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With a platform such as YouTube, it is for example possible to learn all the technical skills which are necessary to build a website.

You can use tutorials and channels which will allow you for example to learn how to create and manage a database with phpMyAdmin.

With such tutorials on YouTube, you can also learn how to transform a jpeg file (a design) into a html and css file (a web design) which every server and browser will easily read.

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In terms of webdesign, image quality is primordial.

Besides Photoshop, other very qualitative solutions exist:

> Pixlr: the tool is free and very powerful, it’s very practical for those who do not want to use Photoshop.

> Canva: if you do not want to work with a web designer, you can create great graphics and great visuals with this tool.

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Of course, you can also work with a web agency, a webmaster or a web developer.

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how to make money online wordpress.

WordPress is a powerful CMS.

You will hardly make any mistakes thanks to this CMS.

The numerous plugins will help you

further optimize the ecosystem

you built in order to make money online.

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How can you promote the product you will sell?

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Once your website is online, you have to promote it.

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You can use traditional tools in terms of communication:

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> TV, cinema and radio spots

> Advertisements in newspapers and magazines

> Fairs, booths

> PR (public relations)

> Direct marketing

> CRM

> POS materials

> Sponsorship, patronage, philanthropy

> Bus, airport, train station and metro posters

> Prospectus, brochures, guerilla marketing tools (car flyers, snipe signs, door hangers, etc)

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You can also use new and innovative marketing tools:

> Social networks and particularly Facebook, Twitter, Instagram and LinkedIn

> Content marketing

> Blogging

> SEO

> Guest posting

> Article syndication

> Native advertising

> Google Adwords

> Affiliate programs

> Emailing

> Ebook

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The common mistake would be to try to be everywhere, on all channels.

It will be possible only if you belong to a big company and lead a large team or a digital department with numerous employees.

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Ideally, you should test every different channel in order to determine which tool, which action and which strategy shall bring the best return of investment.

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Think of public relations, just as example.

Some brands got their huge success thanks to a spectacular hype in the press.

This only one channel can help you get the tribe you need to ensure all your future financial successes.

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Hype, tribe, sales: that’s the ideal path.

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Journalists belong to this category of people who can help you create this hype and get this tribe.

When journalists start to love a product, they all start to write simultaneously articles on this product.

If it happened to you, the most important thing to do would be to set up a professional PR team in order to master the created tribe and to be able somehow to surf on the hype they created without having said anything.

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This is for example what happened to Instagram.

There are thousands of photography applications out there.

For some reasons, Instagram got the golden palm with a ton of fans, journalists and celebrities promoting this application.

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If journalists love you,

they will create the ideal path:

Hype   >>>   Tribe   >>>   Sales

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how to make money online journalist

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In terms of community management, it would be a big mistake to try to be on all social networks.

It’s better to test the social network which corresponds to your business model best.

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Today, a popular solution is native advertising. Facebook Ads, for example, are currently very popular. 

One of the advantages of this solution is that you can diffuse messages to a very well targeted population, on a global scale.

By choosing specific keywords, you will then make appear on the social network timelines of people the advertisements and the visuals which correspond to their interest best – to what they are looking for.

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The main problem of traditional mass communication tools is that they make it difficult to create and broadcast a message which is very differenciated and which can be sent to a very specific target.

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You never know who is behind the TV set.

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Concerning native advertising, this problem is diminished.

Facebook or YouTube advertisements which are supposed to praise the merits of musical solutions commercialized on an online store for guitar players will be principally shown to people who really play guitar.

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Conversely, Pampers advertisements on TV are mainly seen by people who do not have babies.

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How to monetize your website?

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Money is the sinews of war.

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Many people create a website and are finally very disappointed because absolutely nothing happens: few visits, no emails, no phone calls, no information requests and no revenues. 

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It’s classical.

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This is one of the reasons why more than 90% of company creators finally give up.

Every entrepreneur knows that the frontier between success and failure is very thin.

A website which can regularly generate great revenues is generally the consequence of a very sophisticated ecosystem in which every ingredient has been selected, dosed and arranged together.

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You will have to wait to get the results you want.

Or you will be able to get immediate results. 

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The most important is to be perfectly aware about what would enable you to generate great sales.

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For that reason, it is utmost important to analyze your conversion funnel and be very precise during the decortication process:

– which volume of visits (the traffic) will be able to generate enough prospects

– which conversion rate shall you target when prospects are transformed into clients and contracts

– which quantity of business can you consequently achieve.

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Many web marketing methods will help you optimize and facilitate the monetization of your website.

Retargeting is one efficient method. Remarketing is another powerful one. 

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Furthermore, many visitors select a product in a cart without proceeding to any purchase. It’s normal.

But if you notice that the number of these people is to high, it’s important to send them an email so that they finally buy your product.

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Studies show that people are not really annoyed with this kind of marketing emails, contrary to what you might think.

Many people finally buy after having received such an email.

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Another method consists in optimizing your conversion funnel in order to facilitate sales:

– remove every superfluous piece of information, design and place enticing CTAs,

– allow customers to buy without having to create any account on your website.

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One statistic tells that more than 20% of website visitors did not buy because they were obliged to create an account on the website where they wanted to purchase something.

Ideally, your clients should have the possibility to purchase on your website without having to create an account and give personal information such as phone number, postal address, etc.

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It’s utmost important to get metrics you can rely on.

You have to be able to evaluate the quality of the people who surf on your website.

And you have to understand what is exactly happening on the website your created.

For that reason, you should know how to evaluate the performance of your digital platform.

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One of the problems you may face is a poor traffic.

It’s a very common situation: most of the website owners are not satisfied with the traffic they have.

In this case, the priority is to focus on the measures to be implemented in order to get better metrics concerning your traffic.

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Traffic is key.

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The traffic brings the leads.

The leads bring the prospects.

The prospects bring the clients.

The consumers bring the turnover.

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Shortly said: traffic leads to sales.

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Finally, you shoud exactly know how to increase the traffic of your website.

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Written by Jerome Perrin

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  • Jerome Perrin

    And you?

    Which are your insights?

    I am looking forward to reading your comments!

    Jay