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  #1  
Old 12-18-2008, 09:00 AM
wrightref wrightref is offline
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Price Comparison Service- Money making idea or waste of time?

Hello,

I am creating a business directory and I was thinking about adding a price comparison service to the site as well, similar to shopping.com. However, instead of charging per click I would ask for a one-time membership fee to include products. Once I build up traffic to the site can I make money this way or is my money better spent in another way?
 
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Old 12-18-2008, 11:25 AM
temi temi is offline
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If you have a good marketing plan, you can make it work. Many people tends to have fantastic plans but never give enough time, thought and money to marketing. I would suggest the one time fee should be an introductory offer, once your site is well know you should change the model to pay per click
 
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Old 12-18-2008, 11:51 AM
wrightref wrightref is offline
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Thank you Temi for your feedback. I do understand the importance of a good business and marketing plan to the success of any business and I am taking the time to create both. May I ask you why you would suggest I use the flat rate as an introductory offer and then change to PPC.
 
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Old 12-18-2008, 12:03 PM
temi temi is offline
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Well, if you use a flat rate, after a while you will run out of new customers but you still need to keep promoting your website, where would revenue for promoting the business come from?
 
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Old 12-18-2008, 01:19 PM
wrightref wrightref is offline
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Good point. I just assumed with the number of sites created daily there would always be a customer base. However, I didn't think about the cost of continuously marketing to attract new customers versus maximizing on the earning potential of existing customers.

Thank you for your feedback. It's greatly appreciated.
 
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Old 12-18-2008, 01:45 PM
temi temi is offline
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You are welcomed. I have made a similar mistake with a project in the past that is why that point i still fresh in my mind
 
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Old 12-22-2008, 08:02 AM
SEOTherapy SEOTherapy is offline
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I think it would be a great source of revenue if you market the website properly. Try to drive targeted traffic and monitor the performance for at least a week before making any changes.
 
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Old 12-22-2008, 08:58 AM
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altyfc altyfc is offline
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Price comparison can work well, but you need to specialise in a particular niche rather than attempting to be all things to all men.

We are currently working on hotel price comparison on an established site of ours. I'm sure it's going to have a dramatic effect on booking conversions.
 
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Old 12-22-2008, 08:20 PM
wrightref wrightref is offline
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I agree that focusing on a particular niche; at least while the site gains traffic is a good idea. I am taking the time to learn everything I need to know about operating and marketing a successful website and one of the things I keep coming across is how successful niche websites are compared to general websites. For now Iím going to start with consumer electronics. Currently they are the fastest growing products being sold online right now.

You mentioned that you are adding a price comparison service for hotels to an existing site. How will you charge for the service, on a cost per click basis or a flat rate for inclusion? While Iím building traffic I will offer the flat rate as an introductory rate as temi suggested. Iím just trying to get an idea on what a reasonable flat rate would be.

Wrightref
 
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