If you are seriously considering the best ways to make money on the side, or online, there are many available strategies and options to help you reach your financial objectives. However, the right strategy to implement will depend on one’s unique talents and skills. Fortunately, the Internet has created a world of opportunity and convenience for those who seek to supplement their income online.
The reality is that earning a respectable amount of money on the side, or online, is likely well within your reach if you follow several proven principles that govern the best ways to make money on the side.
Let’s take a look at the principles that govern income generated in the electronic ether of cyberspace. Remember that aligning with these principles offers opportunities for tremendous success, that is if you do not give in to tempting urges to cut corners.
Principle #1 – Know Your Audience
Any Business 101 course related to marketing and managerial operations teaches that a company’s management/ownership must have an accurate idea as to who their target market is if they are to reach optimal success. The better one knows their audience, the more likely one will be able to target the audience’s online behavior, which ultimately drives sales. Huge firms like Amazon and Alibaba invest in Big Data analytics to obtain a data valuation report to gain accurate insights into business strategies that bring excellent results. Building a website with a .online domain and making sure the look and feel and copy on the website resonate with your target audience is vital to your success.
Examples of demographics include the following consumer data related to –
- Age
- Marital Status
- Gender
- Occupation
- Area of the Country, plus dispositional aspects that include the target market’s curiosity or temperament.
Having a fundamental understanding of one’s target market – down to very minute details, allows you to tailor your sales efforts, offering the best bang for your advertising budget. Consider these simple market research options to help reveal your target market’s dimensions and demographics; however, be certain to use data that is both relevant and topical.
- Learn from what others have studied. Review available case studies and/or psychological analyses by marketers who have already found a path to success.
- Develop a customer persona, which is defined by a fictional character who exhibits the relevant traits of the target audience’s average member.
- Observe and educate yourself based on your competition’s choices.
- Observe other similar, popular products or services.
- Listen to conversations on social media.
Principle #2 – Establish Trust with Your Audience
Establishing customer trust & building loyalty are the essential building blocks of any business, especially a company operating online exclusively. The reality is, when it comes to building a solid base of ongoing customers, the value of establishing trust cannot be overstated. This is because it is much more cost-efficient to retain a customer than to acquire a customer. According to Inc. Magazine, it costs approximately five times more to acquire new customers than it will cost to retain them.
Principle #3 – Don’t Forget to Offer Added-Value
The concept of ‘added-value’ characterizes the financial enhancements given to a product/service by a seller or company before actually offering the goods or services for sale. The importance of ‘added-value’ is essential as it provides customers with the motivation/incentive to purchase the services or goods, which generates revenue and profits.
Principle #4 – Be Social Through Collaboration
If you have a serious interest in finding the best ways to make money on the side, it pays to be social and to join online conversations related to the product or service you wish to offer. By being social – following other popular individuals in your specific niche or sharing/liking relevant posts, you can begin to make your presence online more recognizable.
The Take-Away
The above-noted principles offer online entrepreneurs a roadmap to success; however, the exact strategy to implement to supplement one’s income will be contingent upon your skills, talents, objectives, and budget, among others.
Side online gigs to supplement one’s income offer great possibilities as they can be started on a part-time basis, with only a negligible budget and a lot of motivation.
It is your time, Carpe Diem, Seize the Day.
