Internet Marketing Millionaires. There are a handful of people out there that are internet marketing millionaires and the list is growing steadily. The internet is simply the place to make money and internet marketing is the way to do it.
But what makes these millionaires different from the IMers that are earning a pittance with their affiliate websites and eBooks? There are five things that internet marketing millionaires do that separate them from the rest of the pack. But before that, let’s take a look at our top internet marketing millionaire picks and what they think attributed to their success.
“The real secret to success is having the talent and then putting in the work and effort. Becoming a millionaire is so audacious, yet people talk about it as if there’s a system that you can win to be successful. The key to success is simply putting in the work and doing a really good job”.
Gary Veynerchuck – Founder, CEO Veyner Media
“Simply put, marketing and optimization efforts are useless if they don’t eventually lead to profits. For example, you may have a plan that can surely convert more visitors into subscribers. But until you figure out how to convert them into paying customers, then you need to dig a little deeper”.
“Use your video content as audio content. It already exists. Strip the audio out of your existing video. Voila, new enhanced content marketing. This is an easy way to extend the lifetime value of your existing content. It avoids the problem of once and done content.”
Heidi Cohen – Chief content officer of Actionable Marketing Guide
1. Internet Marketing Millionaires Don’t Waste Time
Internet marketers that have had as much success as the handful of millionaires didn’t get there by allowing time. They see everything as urgent. They promote their products as urgency products.
Psychology has shown that people’s deliberate thought processes are suspended when there is an urgent situation in front of them. You need to harness that urgency and use it to make money.
Locked in prison by Henry Bolingbroke (Henry IV) in Shakespeare’s Richard II, Richard II gives a haunting speech about his hopeless fate. One line stands out, as it captures perfectly, the reality of nearly every human being—indeed, it sounds like it was cribbed from Seneca’s On The Shortness of Life.
I wasted time,” Richard II says, “and now doth time waste me.
We think that time is ours to waste. We even say, “We have two hours to kill” or speak of dead time between projects. The irony! Because time is the one that’s killing us. Each minute that passes is not just dead to us, it brings us closer to being dead. That’s what Richard II realizes in that prison cell. Only now is he realizing that each second that ticks by is a beat of his heart that he won’t get back, each ringing bell that marks the hour falls upon him like a blow.
Seneca writes that we think life is short, when in reality we just waste it. The present moment—it is the most valuable thing you own. It is the only thing you have. Don’t waste it. Seize it. Live it.
Value your time more than your possessions.
“People are frugal in guarding their personal property; but as soon as it comes to squandering time they are most wasteful of the one thing in which it is right to be stingy.” — Seneca
2. They Know The Value Of Scarcity
Think about Bitcoin. If someone had created the Bitcoin with an unlimited amount that could be mined, it would never have become as successful as it has.
But with only 21,000,000 Bitcoin that will ever be in existence, just owning a single Bitcoin has now become worth thousands of dollars.
Scarcity value is an economic factor describing the increase in an item’s relative price by an artificially low supply.
Scarcity makes everything desirable. Playing hard to get is one of the most effective strategy for attracting a partner, especially in the context of long-term love (or the marital) in which a person wishes to be sure of their partner’s commitment.
A “hard to get” player likes to appear busy, create intrigue, and keep the suitors guessing. As Proust noted, “The best way to make oneself sought after is to be hard to find.”
Psychologist Daniel Kahneman’s Loss Aversion Theory is based on findings that state the pain of losing is psychologically almost two times as powerful as the pleasure of gaining[* ].
You can see this in the graph below.[*]
A graph showing what provides big pain and small pleasure
You read that right: Losses can be 2x more painful than gains are pleasurable.
Tie this in with Freud’s Pleasure Principle (a human’s innate tendency to seek pleasure and avoid pain), and it’s not hard to see why online shoppers keep on bidding while the countdown draws to a close. Bidders drive up the price tag of a scarce item just to avoid the pain of not winning.
Sometimes, Less Is More. Invoking the scarcity principle to promote and sell a product can be an effective persuasion strategy, but you have to do it correctly. If you phrase the product scarcity as if there used to be a large supply, but due to increased demand, only a few products were left, consumers will be more receptive. But if you phrase the product scarcity as if only a few units of product were ever available, the principle of scarcity won’t be as effective at generating sales.
3. Internet Marketing Millionaires Leverage The Principle Of Exclusivity
Think about a red-carpet event. If you asked ten people if they wanted to go to an exclusive, red-carpet event, half of them will say yes without even knowing what it is. The fact that it is exclusive, and they have the opportunity to attend is enough.
Exclusivity sparks excitement in the hearts of consumers. Retailers use this concept to grow their social media followers and build loyalty within the community without increasing the price of the product.
Offering exclusive content and deals to consumers on specific social channels makes the individuals feel valued and special guaranteeing that they will stick around and pay attention to your next post. It’s an idea that has worked well for our clients in our direct marketing efforts for years. This is just taking the concept into a new medium.
4. They Work With The Idea Of Reciprocation
Millionaires in internet marketing know that they have to use the value of reciprocation if they want to be successful. If someone gives you a Christmas present, you feel obligated to get them a Christmas present back.
This can be a very effective strategy when used in marketing. Giving a customer something for free – even before they buy – will make them want to buy from you even more.
Netflix Free Trial: Ad-free video streaming with offline mobile access. Netflix provides a 30-day free trial for its membership, which can be canceled at any time at no cost.
This makes it hard for people to stop the payment when the free trial ends, especially when it only costs $11/month.
5. They Commit To What They Do
Finally, internet marketing millionaires know that the only thing standing between them and the success that they want is hard work.
So, they commit to whatever project they are considering and then follow through with that commitment.
They finish each and every project that they begin because they know that fulfilling that commitment is the key to success.
Commitment is real. Real is what remains and stands the test of time. Whilst everything else falls away, commitment sticks.
Commitment can be both draining and energizing. It calls for you to draw upon all your inner reserves to just keep going. In doing so you are giving yourself the power to realize what you have committed to, your burning desire, your heart-filled dreams, or designing more inspiring relationships.
Commitment is what you do each day to ground what you want for yourself into reality regardless of external knocks and influences.
“Unless commitment is made, there are only promises and hopes… but no plans.” – Peter F. Drucker