10 Skills You Need to Become an Online Millionaire – This is #4

Let me start by making a distinction here, I’m talking specifically about becoming an Online Millionaire as an Internet focused service provider, think Online Retailer, Consultant or Marketer. I’m not talking about making a million as an “Internet User” such as an online poker player.

Right off the bat, lets dispense with the myths, there are no ‘get rich quick’ schemes. There are people who will tell you it’s easy to make money online, they’ll tell you how they netted Ten Gazillion Dollars in their first 30 seconds of trading, with no previous skills or experience, but lets be honest, if it was that simple we’de all be Millionaires!

My first days online trading profit was not a ‘gazillion dollars’…
…it was £1.04
(about a buck-75)

I tell you this because, although you may dream of becoming the next online sensation, do not underestimate what it takes to get there. Growing and sustaining a successful online business is bloody hard work, and if you truly want to invest in the long term future of your business, you’ll need to acquire a very particular set of skills.

Chances are you probably have some of these skills already, but as you become more successful and your business starts to grow you will need to become proficient  in all of them or employ people who are in order to sustain that growth.

So what exactly are the 10 skills required to maintain a  successful online business…

1. Programming / Technical Development
Without a doubt you are not going anywhere without being able to set-up and configure you online presence, this is an online business after all. It’s very common for programmers with an idea, to start a successful online business, however the programming skill alone is not enough.

A good example of this is Google, both Sergei Brin and Larry Page had a excellent idea, but in order to grow their company they needed many other skillsets.

2. Search Engine Optimisation / SEO
Getting  traffic through search engines, paid and unpaid, is usually the most profitable as it’s high converting and relatively cheap. All major search engines such as GoogleYahoo and Bing rank and list their search results based on what the they consider the most relevant to users.

Getting your pages ranked higher in the search results generally involves, writing good content and building quality links back to your website but, there is also a more technical strategy that considers how search engines work and this is where the SEO skills come in.

Usually coupled with programming, the SEO will modify the structure and content of your pages, and their associated coding, to increase their relevance when when users search for a particular keyword or phrase. It is this optimisation that will help you achieve one of the most crucial goals of any online business; having your pages ranked and listed on page one of Google.

3. Sales / Conversion Specialists
Sales people will tell you their job is the hardest! Their skill is in converting visitors who arrive at your website, into actual paying customers using nothing more than words and images on the page. For most websites this conversion rate is very low,  usually less than 2%. This means that for every 1000 people that visit your website just 20 of them are convinced to buy or act.

Sales/Conversion Specialists have an understanding how and why people buy and are able to optimise landing pages and content to increase your conversion rate. This process generally involves everything from writing good sales copy through to analytical testing of multiple pages for the same product or service. Masters of this skill have the ability to convert paying customers into loyal, lifelong, repeat customers.

Make no mistake, this is one of the most valuable skillsets
as it will directly affect your bottom line!

4. Online Marketing
Every online business needs to attract customers to their website. Traditional marketing does this predominantly through print based media, such as flyers, billboards, magazine and press adverts. Online Marketing on the other hand is technology based and makes use of interactive web based strategies, email marketing, and push technology via mobile apps.

Online Marketing is a vast subject and requires an extensive set of technical skills and knowledge to work effectively. An advanced understanding of Pay per Click (PPC), Adsense, and Adwords is almost mandatory and being able to manage your affiliate networks, banners and adverts is a separate skill all of its own. Then there’s Blogging, SEO & Analytics and all that’s before we move on to one of the most influential areas, Social Media!

5. Social Media Influence / SMI’s.
Social media is constantly evolving and the need to connect with your customers (and potential customers!), through sites like Facebook and Twitter is a must, and should be strongly linked with your SEO and other marketing strategies. You may be forgiven for thinking that merely having a Facebook page or Twitter account is enough, a large percentage of businesses still do, but if you are not regularly interacting with those visitors, friends & followers you are missing out.

Social Media Influencers have the skills to transform Facebook and Twitter pages into an engaging, interactive platforms that can extend the reach of your business to millions of emerging “social consumers” and leverage this reach to maximum advantage.

6. Author / Blogger
Someone has to write your content, and your content sets the tone of your website. Writing for a website or blog is a unique skill and experienced writers will write with SEO in mind in order to get your pages noticed by the search engines and constantly be asking the question “What will this article do to drive traffic to the website.”

Additionally, a good writer will have their own unique personality and style, coupled with the ability to generate and sustain a two-way conversation with readers that leads to a sense of community and ultimately reader loyalty.

7. Mobile Development
The web is morphing into mobile usage with almost 50% of users now using their mobile phone for some type of online activity. Sooner or later (if not already), this change will impact your online business and being able to adapt the way your information is delivered to your customers will become even more critical.

8. Project Management
As your business grows you will reach a point where a new product launch or a particular marketing campaign will require collaboration of several different people or groups. This is where both technical and business skills will be needed to coordinate these groups, someone who can for instance synchronise the programmers with the marketing team.

9. Analytics / Statistical Analysis
People with web analytics skills are able to track and interpret the ebb and flow of visitors on your website. They can determine what visitors do and who your most profitable customers are. Depending on your business model they may also provide additional information about your customers, such as their location or what device they used to access your website.

10. Visionary Leader.
All the above skills will execute the strategy the leader has set to achieve his or her vision. Of course the vision can also come from a group of people but when the company grows someone has to be in charge. It is certain that your business will go through successes and failures, and it is during these failures that a visionary leader that can inspire comes into place.

Final Thoughts
As you can see the number of skills are ten and some of you may be thinking. “I can do most of this myself, I won’t need anyone else”, but trust me when I tell you, you can’t and you will. This is why most online businesses sooner or later require capital to grow, they simply cannot move forward without professional expertise. Consider a successful online company like Amazon, they employ thousands of people, many of whom are specialists and they all work on maintaining one single website!

Hopefully by now you understand that becoming an online millionaire is not easy, not that I think anyone has any illusions, but having the right skills sets can definitely make it easier.

What do you think, do you agree? What is your experience?

photo credit: tjmwatson via photopin cc

Leave a Reply

Your email address will not be published. Required fields are marked *


Stay Informed!

Get my latest updates and exclusive content not published on my blog, sent right to your inbox every week COMPLETELY FREE!

I will never share your email with others!
Stay Informed!

Get the latest tips & strategies I'm using to become a successful online entrepreneur! — PLUS You'll Get Exclusive Content not published on my blog right to your inbox every month!

I will never share your email with others!