“So I’m going to be a multi-millionaire – with my own gleaming white super yacht – surrounded by gorgeous bikini clad women – right!?”
Well, you might…
But probably not due to a wine internet site.
True, Gary Vaynerchuk (winelibrary.tv) seems to have been able to build a business (for himself and his father) that’s now worth millions. And perhaps that points towards a way where you could become internationally successful but more of that in a future post (or series of posts) about social media.
More reasonable aims would be
- take an extra day off a week
- increase your profits due to the extra virtual salesperson
- protect your sales from your internet savvy local competitor
- the extra profit may help you put your girl through university or buy a better car
- visit me in Central Otago, New Zealand! (seriously I’m happy to show you round, check out the well known Central Otago resort town Queenstown).
I think those are sensible though still require some serous work over a couple of years.
“Hold on there McGechan, this is where you promise the internet dream so you can charge super high prices that look small by comparison to the income I could make!”
You’d think that with all the internet hype out there. But remember 8 years back, when the high profile wine internet retailers in the US went bust post the internet stockmarket boom in 2001?
The market wasn’t ready then. Since then some companies have started to make it work (see my post on wine online competitors) but very few companies will achieve the amazon success that is hoped for.
The more reasonable aim is to see it as just another very good salesperson, who knocks door to door.
Or, a superb call center customer service team.
Or a brilliant mail order catalog.
In other words an excellent tool to boost your sales with your existing market. If you found that a direct mail campaign boosted business, a newspaper ad drove foot traffic or suddenly word of mouth sales increased then you’d be excited about the extra profit you’d make but you wouldn’t expect to be the next multi-millionaire. That’s just an internet dream…
What do you think is a reasonable financial aim for a wine retailer going online? Am I being too pessimistic perhaps?