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Trump University Entrepreneurship 101: How to Turn Your Idea into a Money Machine, Second Edition by Michael E. Gordon

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c12 JWBT144/Gordon September 16, 2009 12:54 Printer Name: Courier Westford, Westford, MA
TRUMP UNIVERSITY ENTREPRENEURSHIP 101
r
Permission marketing, where visitors opt in to receive communica-
tions from your company
r
Current content and information (world news reports, stock market
newsletters, e-zines)
r
Products or services that are consumable and needed or wanted con-
tinuously (clothing, beauty products, food)
The most successful sites are those that enjoy frequent repeat visitors:
Google (information), eBay (auctions), Yahoo! (e-mail), Craigslist (connec-
tions).
The least successful sites have one-time buyers. Even if the buyer is satisfied,
there is no continuing reason for him or her to return. Note that you can have
a smaller successful web business with no repeat customers simply because the
size of the total world market is so large. But repeat traffic certainly makes the
magnitude of success greater.
Making Money over the Web
I’ve now explained how you can create traffic on your site and what you must
do to encourage customers to return. This section examines some business
design options for your Money Machine to make money. There is a range of
web revenue models; the major ones are discussed next.
Product E-Tailers
As we saw with www.bocajava.com, product e-tailers use their web sites as
shopping carts for their products. There is an operational infrastructure be-
hind the scenes to fulfill the purchase order. The operational infrastructure
would encompass inventory control, manufacturing or outsourcing, shipping,
customer service, and most functions of non-Web businesses. Typical ex-
amples of product e-tailers are www.chocolate.com, www.flowers.com, and
www.hats.com, to name but three from millions.
Membership
Membership revenue models permit access to valuable sections of a web site
for a fee. By way of example, www.AngelDeals.com provides members with
access to databases for global venture capital firms and angel investor networks,
the ability to create and post executive summaries online, access to contacts
around the world, and business planning content.
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