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Why does everyone want to start an online business?
Three main reasons-
1: You can work from anywhere you like, on your own hours, as long as there is internet connectivity
2: It does not cost much; and
3: You are your own boss
To think about it, having an online business gives a person all the freedom that they need and also a lucrative income if they do everything right while architecting it from scratch. However, as easy-peasy, as it might seem to you, building a successful online business is not child’s play. It’s especially not a guestimating game where you figure out how the blocks can be put together to fit.
Building an online business calls for dedication, future planning, and the right use of resources at the appropriate time to gain maximum results. Not everyone’s cup of tea, most online entrepreneurs give up owing to their constant failures and many can’t even start because they don’t know how.
It can be easy to fail and hard to start with an online business, especially if you do not have the right guidance. The year 2019 calls for more of this guided mechanism for success in the online world because of growing technology, available tools to expedite the process, and ever-changing Google algorithms. Whatever the cyberbusiness may be that you are planning to start with, you do not want to be one of the many who are unsuccessfully flocking the back pages of Google.
So to help you make your business a success, here are some tips to architect it in 2019.
What is your Product/Service?
The first rule of starting an online business is to be sure about what type of product or service you would want to offer to your target audience. Are your products something like clothes, furniture, or a service like software, apps, food deliveries, or content? If you are not sure about what you have to offer to your customers, there is a chance that you will confuse them too. Additionally, your product/service will help you determine the kind of audience you will attract.
Always keep in mind that the product/service that you choose will be critical for the success of your online business. So, think hard, and be personally and emotionally committed to its success. The first step is to analyze the product/service from your point-of-view and then analyze it from the customer’s point of view.
What is Market Potential?
After having decided what your product/service is, your next step is to decide what type of potential it holds in the existing market. When you embark on the journey you cannot turn a blind eye to your competitors. If you want to gauge your strengths and weaknesses then you would require to compare your product/service with existing businesses in the cyber world.
Always remember that your business is being created to serve your customers and not you. You cannot gain profit until you address their needs and wants. Ask yourself-
- Where do your customers spend most of their time online
- How can you expedite the reach of your product/service to them?
- What are the right platforms to showcase your products/services?
- What kind of an angle of approach do you have to use to capture the attention of your customer?
All these questions and more will help you strategize and create a robust business plan that can deliver results.
Create a USP for Your Online Business
When we set foot into the arena of creating an online business, the most frustrating fact that we are constantly reminded about is that “We are too late because everything has already been taken.” But, that is not true because there is always something new that you can do, even with an old idea or product. For instance, there are several apps and games that are doing the rounds of Google’s Playstore. Many of them have the same theme yet, one always does better than the other because their Unique Selling Point (USP) differs from others.
We can cite the example of Bulb to elaborate on this point. Bulb, the energy brand of the UK, incorporated a digital-first strategy to lure customers away from its competitors like British Gas and EON. To make itself prominent as a brand name, Bulb combines the strategies using social media and referral marketing, above its promise 100% sustainability. Other than that, the company also focuses on the UX of its mobile app, designing it such that it is intuitive and easy-to-use, continuously updating it to improve functionality. The brand’s strategies and methods have proved successful and helped them in attracting more than 700,000 customers.
Choose a Name
It would be an understatement to just say that finding a name for your online business is an important step. Your business name is the face of your company, hence it has to be memorable and clear so that your customers can remember it. For instance, Netflix can never be confused with any other because of its unique spelling, yet simple take on the meaning of the service that it’s providing. Your business name can anything derived from an abbreviation, location, acronym, or even foreign name. It just has to be catchy, unique, and most importantly memorable.
Build a Website
Websites generate business irrespective of your business or profession while also delivering a strong marketing message to customers. People are using the internet twice as much today than they did a decade ago. So, whether you are a local business, or trying to make a brand name, people will be looking you up online and if you do not have a website, then you are just missing out.
Most businesses think that if they put up a business website, it has to offer products to sell, accept payments, and so on. But, this is further away from the truth than you think. So, don’t stop your step and go ahead and find a web hosting service and a domain name to get you started in your steps.
Get Ready with Content
Even though everyone knows the importance of quality content, yet most businesses are ready to settle for just anything to save a few dollars. Content marketing is an important part of every companies strategy. Whether it’s a story, a blog, an ebook, a whitepaper, or an infographic, it has to add value. Content can help businesses generate three times more leads and believe it or not, 70% of people prefer learning something from articles than ads. In fact, according to studies, results in a higher rate of success, overall. So get ready with content because it would be needed everywhere, starting from your website, to your blogs and email newsletters to make an impact on your customers.
Are you having trouble coming up with an online business plan that can succeed? If yes, you can always reach out to Marak Technologies to take care of your digital needs. We are a full stack digital marketing and IT services company, assisting you at every step, whether it’s building a website or creating a marketing strategy. Whatever your query maybe, we are here to provide answers for you.
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