Updated: Sep 1
The answer to this question is a straight YES!
Though the field has the potential to produce millionaires, it depends on the marketer. First, let us dive into the details of what it takes to be rich and see if digital marketing can provide these platforms.
According to "Grant Cardone", the author of "The Millionaire Booklet - How to be Super Rich" anyone can be rich.
Most millionaires themselves endorse the following steps to create wealth.
This does not mean you need to start behaving like a millionaire to be one, but it means you need to tell yourself that you can have every capacity to be one. By constant reconciling, one can take the ladder towards becoming rich and wealthy. This is true even in the case of digital marketing. There are several blogs and videos that could shatter your belief that you can make money with digital marketing. There is a need to start with the right beliefs and mindset.
Nothing can work without a plan, even great masterpieces have failed as they missed a plan. With money, it is of utmost importance that you need to spend right. With a good balance between assets and liabilities, one can create wealth. The same holds true with digital marketing, there are a lot of digital assets like websites, blogs, videos. By investing in the right asset and spending the bare minimum on other expenses like maintenance costs and inventory one can create a healthy business. Setting targets on how much is to be made in a given tenure can give the business a kick start in the right direction.
Different Sources of Income
It is a well-known fact that one source of income is not sufficient to survive the race these days. Experts say a minimum of three sources of income can secure you on the financial journey, though not guaranteed. The same is true with digital marketing. A single medium is not sufficient, say you have owned a website, owning a youtube channel and selling affiliate products at the same time can help generate several streams of income.
It is evident that rich people are backed by a strong network. If one chooses to build a business in medicine then networking with the people of the field can bring in more channels of revenue. The same holds true with digital marketing. If a marketer has invested in a real estate niche, then networking with people related to this or some field closer to real estates like hotels or commercial complexes who are looking for a digital medium of promotion can build in the streams of revenue.
It may look similar to financial planning, but with money management, we mean managing your personal expenditures and lifestyle. With cash inflow, one may tend to live an extravagant life, but living a simple lifestyle can pay back in the long run both with the financial and mental well-being of the person. The same holds true with digital marketing, with multiple channels opening each day on the digital front, one can have heavy cash inflows and can be tempted to spend on luxuries, rather being spendthrift can help grow your online business.
Every millionaire is one because they invested in the right assets at the right time. Also, patience is the key to financial growth. The same is true in the case of digital marketing. Say if you have owned a website and set a target to reach a figure in 3 years. After 3 years if the value of the asset has multiplied then you may sell the asset and invest in another long-term digital asset. In another case, say you invested in buying and selling products on the digital platform, after reaching your target in the first year you may consider increasing the inventory by reducing the margins. All this can be beneficial when done at the right time with a strong financial plan at hand.
These are a few ways with which one can generate wealth for themselves. With digital platforms, this can be a little easier, though the commitment and determination one needs to reach the destination remain the same be it offline or online. Business Strategists have always stressed having strong criteria behind every business.
Ways to earn money from digital marketing are mentioned here.
For more on ways of earning passive income, please visit the blog Money Earners.