In 3 Lessons We Can Learn From Yahoo!’s Impending Sale, find out what we as online entrepreneurs can learn from the fall of the once-great internet giant, and what you can do to avoid the same fate.
Yahoo! is up for sale, which should be news only to frogs trapped in wells by now!
According to measurement company comScore, Yahoo sites are the third-most trafficked on the Internet. Among its properties are Yahoo Finance, News, Search, Mail, Tumblr and Flickr.
Despite that, analyst Rob Enderle says that Yahoo! “just don’t have revenue coming in to cover the costs”.
How could a past giant internet giant like that be reduced to such a state?
Here are some takeaways for you to ponder.
The Internet Can Be A Cruel Place
Just when you think you’ve got things all figured out, and finally see some sense in the sea of endless data that is the Internet, it throws you a curveball, and things that used to seem relevant or popular suddenly aren’t any longer.
For a couple years in the late 90’s, before Google came storming into the picture, Yahoo! was arguably THE go-to search engine for a great many Internet users.
Now it only has less than 13% of the market share, while Google has 65%. Many who continue to use it belong to the older crowd.
How the tides have turned.
Trends come and go, and popular niches right now may become entirely unfashionable in a few years time. For all you know, baggy pants may make a comeback in 3 years time!
However, if you’re talking about money-making opportunities on the net, there are a few evergreens niches, and they’ll always be popular, because they’re so deeply entwined with the psychology of human nature.
If you want to know what they are, I suggest you check out 3 Most Lucrative Niches that Successful Affiliate Marketers Want to Keep a Secret.
Business Has Risks
Consumer tastes change in the blink of an eye, and if you don’t keep up, your customers jump ship to competitors who adapt more quickly.
If you don’t rectify this in timely fashion, you’ll lose the competitive edge you once had and find it very hard to regain.
After the dot-com bubble collapse between 1999 – 2001, Yahoo! never managed to climb back to the heights it fell from.
From a small-scale perspective in terms of affiliate marketing, here’s some common sense wisdom you can apply. You’ll be surprised at how emotions can cloud your judgement in the heat of the moment.
#1 Spend Within Your Means
Never go full-on into a venture with money that you can’t afford to spend, or don’t have. You always want to test a program out first before deciding whether to invest in it or not. If you can do that for free, so much the better.
#2 Spend Wisely
If you’ve tried it out and decided it represents great value for money, make sure the money you spend on it is sustainable and doesn’t leave you broke. You’re in this to make money, not to lose it all!
If it doesn’t work, throwing more money at it isn’t likely to make it succeed. Believe me, every online entrepreneur has been there. You need to first find the formula that works – only then do you scale it up and spend more to get even greater returns.
#3 Avoid Spending On Scams
Making a quick buck IS POSSIBLE. Yes, you’ve read that right, it certainly is.
But making big bucks quickly isn’t.
Ever read of programs that promise you’ll become a millionaire overnight? It’s just never that simple. Attaining wealth quickly is possible, but it takes a certain level of work and perseverance.
Is it possible to find a platform like that in a field flooded with people trying to make money off of you? Well it took me a while (and quite a lot of misspent money!), but I stumbled across one quite by chance, and that platform is Wealthy Affiliate.
Read my review of it if you’re interested. It may or may not be for you, but it’s one of the truly value-for-money programs out there, and their training modules recommend lots of great free methods of creating wealth online.
Birds Of A Feather Flock Together
People tend to gravitate towards the option that provides them with the best functionality, so do your due diligence in market research for your target audience.
If you’re not really sure how to go about doing this, take a look at the Avatar Exercise, which helps you know what your target audience wants.
When Google started becoming popular as a search engine, it wasn’t because of any fancy added functionality – it was because it’s core function (providing relevant and fast search results) was proving to be fast, clean, and simple.
Because it was so good at that, word of it spread like wildfire, and many people switched from using other search engines to Google.
Moral of the story? Simply give people an exceptional version of what they want, and they’ll do the advertising for you.
At the most basic level, you want to make sure that either the product you’ve created is fantastic, or that you’re promoting exceptional products with great value. That builds trust and a brand for your website.
If you take a look at my #1 Recommendations category, you’ll see that there are very few things that I promote – the stuff in that category simply represent, in my opinion, the most bang for your buck products in this industry. They are just that good at giving you what you need and are priced below market value.
To sum it all up, Yahoo! hasn’t been doing well for many years now. Sometimes, being second place simply isn’t enough to sustain a business. Even though it’s such a huge company, there are always lessons we can learn and apply in the much smaller context of online entrepreneurship.
If you’ve any opinions or questions, hit the comments section below. I’d love to hear what you’ve got to say! Alternatively, find me at Wealthy Affiliate – it’s my usual online hangout spot.
I do hope you’ve found 3 Lessons We Can Learn From Yahoo!’s Impending Sale illuminating. If you’ve enjoyed reading it, please like and share it with your friends and I’ll be eternally grateful to you! =)