The results from my big internet marketing survey are ready – and as promised I’m going to share them with you along with my comments, tips and suggestions… I surveyed all my internet marketing related lists, and the sample size and response rate should be big enough to consider the data statistically valid – and thus applicable to most lists.
As mentioned before I will use the data (and comments) as the base for an article series here on the blog, but more on that later.
First lets take a look at the questions, the results and what they could mean…
How long have you been involved with internet marketing?
6 Months or Less = 22.30%
6 Months to 1 Year = 22.30%
1 to 2 Years = 22.30%
2 to 5 Years = 21.19%
5 Years or More = 12.27%
No real surprise here, the numbers are pretty evenly spread out, and I have seen similar results before. If anything, it shows us that internet marketing is still in its infancy and thousands of new people are joining our ranks each day… I have heard a lot people say that marketing to the “internet marketing niche” is hard, the market is saturated etc. I completely disagree. I think this is the easiest niche to master, especially if you are relatively new to the game… What do you think?
Are you working full time online?
Yes I’m full time and I make a “full time income” = 7.43%
I’m full time online, but I don’t make a “full time income” = 34.57%
No, I have a job so I’m part time online = 57.99%
Not surprising either, when you consider the stats above – after all you don’t just waltz in an create a full time income overnight. It did however surprise me to see the high number of full time marketers, not making a full time income. I have thought about this, and my guess is that the number includes a lot of “stay at home” moms and dads. They may not desperately need to create another full time income for the household, but they would like to. Would love some comments from people in that category
What is your income goal – why are you in internet marketing?
To make a bit of extra cash to help make ends meet = 10.78%
I want to create an extra stream of income (but keep my job) = 7.43%
I want to create an income that will let me quit my job = 54.28%
I want to be filthy rich = 27.51%
This did surprise me… a lot! I thought (and have been told) that most people who get involved in internet marketing are just interesting in making a bit of extra cash, thus falling in one of the first two categories. As it turns out the vast majority wants to quit their JOB, go full time online and be filthy rich (yeah, I know we all want that).
So, that’s what people want… But what are they actually making?
What is your monthly income from internet marketing?
Zero, zilch, nada, nothing = 50.19%
Less than $500 = 38.66%
$500 – $1,000 = 6.32%
$1,001 – $2,500 = 2.60%
$2,501 – $5,000 = 0.37%
$5,001 – $10,000 = 0.37%
Over $10,000 = 1.49%
Can’t say that the numbers surprise me, but they sure do scare me… Over 50% not making a single cent. The number is too high to fend off with a “it’s all the newbies” comment, so there must be something else at play. And this is interesting… if you correlate the numbers with the “full time” question, you will see that quite a few people consider $500-$1000 a month a full time income. Guess it could be depending on where you live, it wouldn’t be in Denmark. What would you consider to be a full time income?
That was a bit about what people are earning and what they would like to earn. Now lets look at some of the probable causes.
Do you have your own website or blog?
Yes = 71.00%
No = 29.00%
This used to be the “Holy Grail” of internet marketing, in order to make money you need to have your own website and domain. While I can’t argue that it’s still important to have your own site, the numbers clearly show that it’s not enough. We need something else and I think the two next questions will give us the answer.
Are you building your own email list?
Yes = 58.36%
No = 41.64%
Now we’re on to something (not that it surprises me at all). There is a definite correlation between building a list and making an income online, and it’s crystal clear when you look at this…
How many subscribers do you have on your email list?
I’m not building a list = 29.74%
Less than 500 = 52.04%
500 – 1,000 = 4.83%
1,001 – 2,500 = 6.69%
2,501 – 5,000 = 1.86%
5,001 – 10,000 = 1.86%
More than 10,000 = 2.97%
Hmmm… first of all the number of people “not building a list” does not match the previous question. My guess is that a lot of people have tried building a list but gave up because they did not see immediate results, and thus they fall into the less than 500 subscribers category. Anyone got a comment on that, or a better guess?
Other than that the numbers are fairly conclusive. I would bet my entire business that almost all the people not making money online fall into the 0-500 subscribers bracket. The “high” earners (or maybe I should just say earners) correspond well to the lists sizes – however it does look like a few people with larger lists are failing to monetize them to their full potential.
Do you own/sell your own products or programs?
No, I’m only promoting products as an affiliate = 65.43%
No, but I plan to create a product of my own soon = 18.22%
Yes, I sell my own products and services = 16.36%
While intesting, I don’t think this question offers any conclusive data. You don’t have to create your own products/programs to make money online, there are a lot of people making a killing just with affiliate marketing – But (yes you guessed it) these people are building a list.
However, having your own products does make it a lot easier to take your internet marketing income to the next level. It also gives you leverage to utilize JVs, affiliates, integrated marketing etc. But if you look at the numbers there are a lot of people with their own products, who aren’t making any significant income – I’ll just jump on my soap box again and say, probably because they haven’t been building a list.
What are your favorite traffic generation methods?
This was very evenly spread out, no clear winner, and a lot of different ways to drive traffic to your site. If anything, we can conclude that it doesn’t matter much where the traffic is coming from – what matters is what you do with that traffic, and to be more specific how you adapt your marketing funnel to the traffic source in question. It was also very encouraging to see that most people don’t put all their eggs in one basket.
However, there was a slight tendency for traffic exchanges and safelists to rank high for most people. Doesn’t surprise me when you look at some of the other numbers. They are free to low cost traffic generation methods, readily available to the newbie.
If you have an affiliate program, don’t underestimate this… Provide affiliate tools optimized for safelists and traffic exchanges. It’s what a large % of your affiliates use, and if you don’t you are missing out on sales.
Which affiliate network do you prefer?
I tossed this last question in out of idle interest, but the numbers where pretty conclusive – most people prefer Clickbank, probably because it’s so easy to use (both as affiliate and vendor). PayDotCom came in as a strong #2. Hmmm… Do you prefer Clickbank and why? Does that also apply when you are buying products?
Now on to the conclusion…
Your average subscriber is!
If you are in the internet marketing niche, your average subscriber (and/or website visitor) is:
- Fairly new to the game (less than a years experience)
- Working a full time JOB and doing IM part time
- Looking to replace the JOB with a full time IM income
- Not building a list
- And thus failing to make any money from IM
So it would be a very safe bet to focus your product/newsletter on teaching newbies (from scratch), how to create that “job quitting” full time income online – And you need to do it by showing them how to build a list and how to monetize said list. There are a lot for fads and buzz words in this industry, but that is really what it all boils down to.
Also, if you have your own products and affiliate programs – helping your users to get that first sale, get the ball rolling on the list building etc. Will very likely generate some very loyal customers, and affiliates who are happy to promote you.
Keep in mind that your affiliate toolbox can give them the best emails in the world and tell people to mail them to their list. It doesn’t really matter, because most of your affiliates can’t use them – you need to provide tools and services that will help the 97% who aren’t making any sales. The cynical voice will say: “If you help them build a list, they will be better affiliates anyway”.
Side note: My good friend Mike Paetzold recently did a similar survey of his list. His results and findings match mine extremely well, you can read about Mike’s results here.
What you want me to write about
As I said I want to do an article series based on this survey, and I asked people a) what they would consider their biggest IM problem, and b) what they would like me to write about.
I was extremely happy to see the responses… The vast majority have no illusions, they know where they are failing. So they want to know how to build a list and how to monetize the process and the follow ups. Great, that just happens to be my field of expertise
Here’s what I will do
I will write a series of step-by-step articles for this blog. Based on the comments and results of the survey, they will be targeted towards the beginner, but there will be something in it for every level. It’s going to be the A-Z of building a list and using it to generate income online. Here’s a rough outline of what I’m going to write about.
- How to set up your squeeze page and monetize the whole sign up process
- How to write a killer follow up series and how to make money from it
- How to drive traffic to your squeeze page and make it convert
- Advanced traffic generation methods and even more profit
- How to take it to the next level and become “filthy rich”
Should be good, so stay tuned for that… If you are on my list you will receive and email as soon as I complete each step-by-step article. If you aren’t on my list you can sign up at the top right of this page (and you can also subscribe to this blog’s RSS feed). When the article series is done I will compile it into an ebook and if you are on my list you get to download a free copy. You can then use it as a giveaway to build your own list (I’ll probably make it rebrandable).
Thanks for reading this post, I now it was bit long, but I hope there was some useful information in it for you. Please leave a blurb below if you have any question or comments – Suggestions for, and comments on, my coming article series are also very welcome – thanks