Who Wants to Be An Internet Millionaire?

By Terry Dean

Welcome to our show...

Today we are going to be playing who wants to be an Internet millionaire, except we are not playing for cash. We are playing to see if you have the knowledge you need to be a successful entrepreneur on the web.

Here are your five questions...Let's see how good you do.

Question #1: Which of the following characteristics is a requirement for success online?

a. High IQ
b. College Degree
c. Persistence
d. Money

Question #2: Which of the following products would be considered a niche market product suitable for a small business entrepreneur?

a. Toothbrush
b. eBook on Cooking
c. Big Screen TV
d. eBook on Fly Fishing in Arkansas

Question #3: Which of the below programs is the most popular download of the week?

a. Napster
b. ICQ
c. Internet Explorer
d. RealNetworks Real Player

Question #4: Which one of these problems is the most common reason people don't order online?

a. Web Sites were too confusing
b. Pages took too long to load.
c. The prices were too high.
d. They couldn't find what they wanted.

Question #5: How many sales does the "average" Internet company have to make to a customer before they break even on that customer?

a. One
b. Two
c. Three
d. Four

Some of those questions were pretty difficult. Weren't they?

Let's see how you did...

"C" is the answer to question one.

Persistence is the most important key to succeeding on the web. Despite what you might hear, there aren't any real "gurus" online. The web just isn't that old. Everyone is still learning.

The number one key to succeeding online is testing everything you can possibly imagine. This takes persistence.

High IQ's and college degrees may help in the process (if you have the right information), but they are not the key to success. Money may help as well, but for many large companies this just means wasting tons of money on two million dollar Superbowl ads. Then being nowhere to be seen 6 months later.

Persistence is the key.

"D" is the answer to question two.

An eBook covering fly fishing in Arkansas would be considered a niche market product suitable for a small entrepreneur.

What's the problem with the other products?

The problem with the big screen TV and the toothbrush is that they are available from anywhere. Your prospect would be much more likely to run down to the local Wal-mart and electronics stores than to purchase from you. They don't know who you are.

For the Cooking eBook, it is too broad of a subject. No one wants just a cooking eBook when there are so many nice beautiful books at the local store. This may be a potential project though if you can come up with a more specific topic such as cooking in France or cooking with red wine from the French.

The key to being noticed as a small business is to come out with something a little more unique and highly specific.

If You Chose "B" for number three, you are correct.

ICQ is the most downloaded program this week as reported by http://www.download.com

All three of the other programs are top downloads, but ICQ is downloaded 10 times more than the closest competitor. It has been the most popular download for years.

ICQ is a program that allows you to chat and instant message your online contacts. One of the most popular activities of online users is that of chat and message boards.

People want to feel like they belong. They are looking for online communities which they can belong to.

What does this mean to your online business? It means that you need to find a way to create a community at your site using discussion boards, chat, and other types of interaction with your visitors.

Question Four is a close race, but the answer is "B"

According to a survey taken by Boston Consulting Group, the most likely reason people didn't purchase from a site is because the pages took too long to load.

The full article and results of this survey are available at: http://www.roibot.com/w.cgi?R249_CNN

Forty-eight percent of people asked cited slow loading pages as the culprit in their shopping experience.

A close second is that of the sites being too confusing which rang in at forty-five percent.

Both of these show that a major key to sales on the Internet is keeping it simple and easy for your users. They are impatient and they are quickly confused by any extra technology you decide to use.

You need to create an easy to use, quick loading buying experience for your visitor. For now, cut out any fancy technology and "cool" stuff that may hinder those two items.

If you chose "C" for number five, you are correct.

This was a very difficult question. The correct answer as provided by Yahoo news is that the average Internet retailer must make three sales to a customer before they break even on the cost of obtaining that customer.

This Yahoo article can be seen at:http://www.roibot.com/w.cgi?R249_YAH

I don't recommend you spend as much to obtain a new customer as large online retailers do. You can't afford to. You don't have their large advertising budgets to burn through.

You can concentrate on your current customers. You have to "Wow" them and keep them buying from you instead of your competitors.

Every single market will be competitive in the future of the Internet. The companies that are going to be the most successful are those who learn how to retain their customers through better customer service, frequent buyers programs, and finding them the best deals possible.

You must develop a loyal customer base and sell to it over and over again.

One shot sales aren't going to make it in the future of the Internet.

And that's my final answer...