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Successful Online Businesses Use Leverage
By admin | August 3, 2009
Leverage is the ability to gain a big gain from a lesser investment – whether that investment is time, effort or money.
We generally think of leverage as the mechanical benefit that results from using a lever. In fact, Archimedes once said, “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.”
But leverage isn’t limited to the physical world of mechanical advantage – it applies in many other conditions as well.
In the corporate world, Change Agents frequently speak of shifting one or more business “levers” in order to bring about organizational change or transformation. Unfortunately, in today’s world, those business levers often have negative connotations and involve job cuts, down-sizing, bankruptcies, or other forms of corporate re-organization.
But leverage has many positive applications as well.
People apply financial leverage when they use borrowed funds to increase their ROIs, or when they use options to control large numbers of stock much cheaper than if they had purchased the stock outright.
Home businesses use leverage when they work online. Simply by doing that, they’ve removed the boundaries of geography (and largely, time as well) and leveraged their advertising dollars, since it costs the about the same amount to create an announcement that reaches only a few people as it does to create an ad that reaches a global market.
If we were managing a small “brick and mortar” store, we might be satisfied with a couple hundred visitors, but as an internet marketer, we want traffic numbering in the hundreds of thousands, or even millions – and not just any traffic, but targeted traffic.
We are using leverage when we use tools such as Google AdWords: we use the Google technologies to identify targeted traffic for us and send it to our website.
The Web provides us with many forms of leverage, but they basically all boil down to the use of technology. Technology is one of the greatest levers ever invented.
Most internet marketers are familiar with the use of autoresponders and search engines, etc., but they habitually fail to make full use of the technology lever in their back office processes – including everything from managing sales leads to fulfilling the order and taking care of the follow-on billing and customer service issues.
Those online businesses that take fully leverage technology are the ones who will succeed in this competitive environment.
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