Your web presence, especially your web site, is in reality an online asset. What is an asset? In the definition of Robert Kiyosaki’s terminology, an asset
English: Website stats (Photo credit: Wikipedia)
is something that generates income for you. In his meaning, it is usually on a residual basis, however it doesn’t have to be.
In any case, your website can easily be an asset where it is generating residual revenue for your business. Residual revenue can mean, receiving convertible leads for your company, or actually selling product/service from your website on a consistent basis. The problem is that most business owners use their website as a online brochure. Their online strategy doesn’t build upon their website and continue to add value to allow the website to powerfully add an additional revenue stream to their business. They don’t have a long term plan that would consistently build value to their website that they can capitalize upon.
The question is, did you originally set up your web site to be an online asset or an online brochure? If you in reality have an online brochure and would like to transition your web site into being an online asset that generates residual revenue, there are some things that you will need to focus on in order to make that happen.
What are the factors that determine how well a web site generates ongoing revenue?
1) Targeted Traffic:
Targeted traffic is the lifeblood to a website. The more targeted the traffic is, the easier it is to connect with the visitors who come to the website and the easier it is to stand out from other websites that may cover similar topics. The more traffic you have, the more sales you will make. If you look at your website like a retail store, the more people you have going through your store that are really looking for what you have to offer, and not just browsing because they have nothing better to do, the more sales you will make. That is why the phrase ‘Location, Location, Location’ is so relevant to the commercial real estate industry. The great thing about the web is that even though you do have a piece of online real estate, you have the flexibility of creating that ‘Location, Location, Location’ for yourself. Something that a brick and mortar property would never be able to do with the same amount of cost and effort. With the right marketing strategy, you can create a lot of targeted traffic to your web site.
2) Congruent Presentation and Conversion
This basically means that the visitors that are coming to your website are finding the information that they are expecting. You can have targeted traffic to your website but could be presenting your content in a way that your visitors don’t expect, even though the content may be relevant to your visitors. If you have the content that your visitors are looking for, in a way they are expecting it, then you will convert many more of your visitors into sales and into leads that you can covert later via your sales staff.
Making your content congruent with your traffic can sometimes be hit or miss so it is important very early on to get a feel for your website visitors. The best way to do that is to communicate with them. Ask them questions on your website and encourage them to give you feedback. The more feedback you receive, the better you can tailor your content to your visitors so they are more responsive on your website and convert your visitors at a higher percentage rate.
3) Monetize your website traffic
This is the last key to turning your website into an online asset that generates residual revenue. Your website is there to create residual revenue for your business. There are over 10 ways to generate income from your website and some ways are better than others depending upon the purpose of your website. In any case, the more website traffic you have, the more income you will make from your web site. To generate a steady amount of income, you will need at least 3000 unique visitors a month to your website.
If you create your website with the end in mind (a residual revenue generating online asset), you will begin to see results within a few months of implementing your strategy. As you continue to implement your online strategy, you will continue to see your income increase steadily over time.
