No matter how big or small your online business is, there are a core set of challenges that you inevitably face.
In this post, we are going to address the 5 biggest challenges and my suggestions to overcome them.
Even if you are obsessed with being more efficient with your time, money and resources, you’ll still be struggling with these core challenges. The extremity of these challenges will vary from person to person but undoubtedly exist within every operation.
‘Internet Marketing’ is a huge area that most of us are struggling with.
The Internet Marketing community is crowded. It is taking a lot of our time, money and energy to stand out and be noticed. It is said that it now takes 52% more touches to close a deal, than it did just a few years prior.
We need more engagement, more transparency, more money, and more marketing audacity to survive in this space.
Nonetheless, the Internet Marketer of 2018 is overwhelmed and stressed out.
But don’t worry, if you are reading this then you have already taken the first step in overcoming these challenges. The first step to overcoming your obstacles is identifying what they are. Once you know what’s in front of you, it’s much easier to tackle them one at a time.
Below are 5 common challenges that every Internet Marketer faces, at one point or another, as well as some sane advice for how to approach them head on.
Challenge #1 – Lack Of Time
Time is fixed; everybody gets 24 hours per day. When we add more and more tasks to our day, then it becomes less enjoyable and more stressful. Advancement in technology and marketing is happening at the speed of light, but that’s making us even more stressful.
Sure, automation has made some areas easier for online marketers and that’s a good thing but, because of automation, the marketplace is getting overcrowded. It’s getting more and more difficult to get noticed in the online marketing space, and we are forced to do more tasks everyday to keep up.
Fixed time (24 hours a day) and more tasks makes us feel stressed.
Solution to your Lack Of Time Problem
1. Identify ‘urgent and important tasks’ that will affect your bottom line and tackle them first. For example, urgent customer service issues, and emergencies in your business. Do it first and do it fast. Spend less time in this area. Find someone to help you with this task by outsourcing them.
2. Spend more time on ‘important tasks’ that will grow your business in the future. For example, connecting with your subscribers, creating content for your blog, networking with others…etc.
My personal rule of thumb is to outsource everything that will cost me under $500 to do it myself, while I spend most of my time on bigger impact tasks.
Challenge #2 – Lack Of Budget
A pain that we are all familiar with is that when budgets need to be cut, marketing is often the first to go. Despite its effectiveness, marketing is still seen as a cost center, not a means of profit your business.
But don’t panic, lack of (or reduced) budget does not determine the success of your marketing.
Solution for lack of budget problem.
1. Creativity doesn’t cost a thing. Lack of budget sometime can be a “blessing in disguise”. It will push you to be more creative in your marketing. Yes, lack of budget can make you a “better Entrepreneur”. Creativity rules when it comes to entrepreneurship.
2. Use the leverage of Business Credit. Most marketers are afraid to use business credit to invest in their business. If you are credit worthy, approach your financial institution and ask for a business loan. Use the credit leverage to grow even faster.
Challenge #3 – Lack Of Resources
Almost all of us work with limited resources. Your resources (staff and money) can be limited but don’t let that stop you from going where you want to go. Keep your goals in focus and move forward.
Solution for lack of resources problem.
1. Be helpful. Build good relationships with influencers in your market. I have had several instances, where my colleagues have helped my business grow more than any amount of money I could have invested. People are your best resources, remember that.
2. Be creative. If you have a choice between “spending money” to get resources or “being creative” yourself, always choose the later.
Challenge #4 – Lack Of Innovation
It can be incredibly frustrating to see other marketers around you coming up with excellent ideas while you’re stuck in a marketing rut. Small steps of innovation within your product, service, and marketing can take you a long way.
Solution for lack of Innovation problem.
1. Ask your subscribers for help. Ask you subscribers what improvements they would like to see in your product or marketing. Take small steps towards improving your product, service, and marketing.
2. Stop comparing yourself to others. Comparing your talent and expertise with other vendors / marketers can give you an inferiority complex. Everyone is on their own path in their business. Always focus on your own path in business. Uniqueness will allow you to stand out of the crowd.
#5 – Lack Of Impact
As marketers we know the power of Impact and how priceless it is to our brand. Know this, Impact is not made by one or two acts of brilliance. True impact is the result of your consistency and integrity.
Solution for lack of Impact.
1. Integrity first. As entrepreneurs we make several decisions everyday. Be sure that all of your decisions are integrated to your goals and aspirations.
2. Be consistent. Many of us start something great and lose motivation along the way. If you can be consistently delivering value to your audience, then you will create an impact in the marketplace.
Identify these challenges and face them head on.
You’re not alone in experiencing the common challenges above. I have been an Internet Entrepreneur since 1999 and I sometimes struggle with all of the above. The lessons that I have learned over the years have made me stronger as an entrepreneur and as an Internet Marketer.
What separates good marketers from great marketers is their ability to view these challenges as an opportunity, not a setback.
What is your best advice for marketers to crush the challenges above?