People are in a panic. Stocks are down, shelves are empty in supermarkets, borders are closed, bars and restaurants are either closed or offer takeout only.
The list of things many of us have never seen before go on and on.
Many people are taking the sheltered approach by staying at home and not coming into contact with others - which is what we all should be doing. Hopefully you are!
So what does this mean for online marketers that don't actually have a job? How are they doing? What has been happening to their business?
What does this this mean for YOU as an aspiring entrepreneur? It's not all negative so read on.
There are 3 different business models that I want to discuss in this quick post and tell you which ones are affected and what isn't. Take a couple minutes to read on - it's important and can affect you.
1. Local Lead Generation - IT's DEAD. (for now)
I advise all of you to stay the hell away from this business model and the reasons are obvious. First, if you're involved already - I feel for you. I really do.
It's not your fault that you are going to lose money because a business has to shut down or just doesn't see the need to pay for lead generation when they're either closed or operating at diminished capacity.
If you are considering lead generation right now, don't.
#1. You are not going to be able to convince any business owner to spend money on advertising right now or even leads. Businesses are going into survival mode right now and they aren't spending much.
2. People are not supporting local business as much simply because they are saving as well. If people are putting off getting something fixed, replacing something or whatever it is - they are just just not doing it now.
So even if you have a pay-per-call system set up - those calls will be just about dead right now. You lose commissions from those calls and the business owner gets less or no calls at all. Lose - Lose.
#3. Social interaction - People are afraid to have contact with others now so if a business you represent requires some kind of contact, that will have declined as well.
#4. The training is ridiculously expensive. If you have been considering this business model because someone told you it's better than anything else, keep in mind training in this niche is crazy expensive and I don't know why. It's a few grand for a course.
You can't afford to drop that kind of money right now. It would be foolish.
Remember - expensive doesn't always mean good. There are much better options to local lead generation and especially with this pandemic going on - don't even think about it.
The only positive I can think of in regards to local lead generation is that once this pandemic is over and we all go back to our normal lives, perhaps you could consider it then.
However, business owners will be hurting and their advertising budget will likely be low which may affect you succeeding in convincing them to pay you.
2. Affiliate Marketing
As an affiliate marketer myself, I have not seen much change here at all - all the way up until now.
Sure, some of my niches are doing better than others, but overall it hasn't been affected much. Other marketers I know are experiencing the same thing.
Why is affiliate marketing so great and hasn't seen a serious downturn during the pandemic?
Being a successful affiliate marketer also allows you the opportunity to consider quitting your day job. In tough times like this, you'll at least have something to fall back on.
Now is a great opportunity to get started in affiliate marketing. Since you've got some more time on your hands, why not grab my affiliate marketing cheat sheet and learn something!
Just fill out the form below and i'll send it right over. You can start learning today.
If you have my affiliate marketing cheat sheet already then congrats. If you still haven't had any formal affiliate marketing training, you might want to check out my top affiliate marketing programs for 2020 list.
Another business that hasn't had much of an affect on me either is dropshipping.
Just like affiliate marketing, you're running this business at home (in your jam-jams if you want) without having to get on a bus and go to work.
Most of the products you will be selling are referred to as "passion" products that are targeted to people in either Facebook, Instagram, Google or other channels.
These are products that are cheap (however your markup is several hundred percent) and affordable. People still buy even during a pandemic. A lot of sales will be made out of sheer boredom or perhaps someone will want to take on a new hobby. If you can match a product to their hobby or interest - you'll be able to cash in.
Since people are bored out of their skulls right now, you can bet that sales will still come in during the pandemic.
So yes - there's still an opportunity to make money in ecommerce right now.
People aren't traveling much but products are still being delivered. Shipping isn't dead by any stretch. That's not going to stop.
However, the one challenge I am having and i'm sure many others are having is dealing with suppliers in China. Some have scaled back operations due to quaranteened staff so are unable to meet demands.
Fortunately there are quite a few suppliers for any one product so it's just a matter of open communication with your suppliers. It's a bit more work than before, but it will save you a lot of headaches so don't ignore this!
If dropshipping interests you, learn more by picking up my eCom Cheat Sheet below.
If you have it already and want to get started in dropshipping today, I have a list of some kick ass courses you can choose from. Just check out my top dropshipping courses list and choose the one that's right for you.
Wrapping This Up
These are difficult times for many people no doubt.
If you've wanted to start some kind of business to make money online, there's no better time to start than now.
There's no peer pressure to go out and party with your friends, theatres are closed, restaurants and much more. So much for our entertainment. Hell i'm a bit pissed too.
Use this time wisely. When this crap is all over, if you did nothing, you'll regret it. In my opinion (and some experts) I think things will bounce back even stronger when they do.
If anything, use this time to learn and build yourself an asset that will be ready for when things pick up. That way, you'll be ahead of those that do nothing and watch cat videos all day long.
Get ready for that rush. The time is now.
If you have any questions or are confused about something feel free to reach out to me. I answer all emails. Or, post your comment below if you'd rather do it publicly.
Stay safe everyone!