Successful Business Strategy: How to Run a Successful Online Business
The internet has made it easy for almost anyone to become an online entrepreneur. In 2018, global retail sales amounted to $2.8 trillion. This means there is a lot of opportunity in e-commerce when you have a successful business strategy.
An online business can help you achieve financial independence quickly. It can also be a source of livelihood if you lose or quit your 9 to 5 job. But E-commerce success is not automatic. Tt requires some business know-how as well as hard work.
Read on for our tips on a successful business strategy to succeed online.
1. Analyze Your Competition
One of the first steps you should take before you start your online business is to check out other providers offering a similar service to yours. Analyze their strengths and weaknesses and consider what you have to offer in comparison to them.
Where would you position yourself in consumers’ minds if they compare you to the competition? You could gain market share by offering premier services or cheaper services.
Studying your competition could also give you ideas about the type of websites that are most successful and the kind of copy that gets results. Additionally, you may find that the market you want to go into is too competitive and opt for a different market.
2. Let Your Character Shine Through
Modern consumers prefer to buy from entrepreneurs that appear to have the same values and character as them. To stand out from your competition and appeal to your target market or “tribe”, aim to inject your personality into your business.
If you are a bubbly personality that always looks on the bright side of life, let that show in your branding and business communications. If you are a more serious, straight to the point kind of person, let that shine through too.
Your target market will like your unique and authentic way of doing business. But, take note that being authentic doesn’t mean that you forget basic customer service rules such as being respectful, putting the customer first, and delivering quality goods services.
3. Create an Impressive Website
As an online business, your website is the most important aspect of your business. This is where customers will make their purchases. Make sure that the design is attractive and presents you as you would like to be seen.
Cheap websites full of spelling mistakes and bad copy will make customers flee from your page. Also, be aware that many consumers shop from their mobile phones so the website must work on all types of electronic devices, i.e. computers, phones and tablets. Having a responsive website could be the difference between someone staying or leaving your page instantly.
SEO optimization is another important consideration when designing your website. One of the best ways to get traffic is through search engines. So you should use keywords on your pages that your consumers are searching for so that you can feature on the first page of search engine results.
Make sure all the images and files are formatted correctly on your site as well. If you have documents that you need to change into different formats like pdf to jpg try googling you can transfer them.
4. Overdeliver On Your Customer’s Expectations
Customers love great customer service and are very loyal to businesses that work hard to impress them. Going over and above what your customers expect of you will impress them. Not only will they buy from you again but they will also give you high business ratings and recommend you to friends, family, and social media.
Each sale is an opportunity for you to make a lifelong customer that will bring you revenue for years. So your company should ensure that every encounter with clients becomes a reference point of great customer service.
Remember to engage often and answer customer questions as quickly as possible. Outsource your customer service when you are able to so that these processes can become quicker and more seamless. Showing each person that spends their money with you that you care is one of the most essential parts of the business.
5. Put Your Customer’s Needs First
The customer is still always right. Businesses that have a strong focus on discovering what their customer’s needs are and creating products and services that address these needs will never run out of clients.
Putting the service of your customers as the primary focus of your company culture can make you the market leader in your area of service. It also makes business sense to listen to your customers as this is the only way you will create products or services that they will happily buy.
6. Manage Your Online Reputation
For your online business to succeed you must have a positive online presence. 43% of global shoppers research products on social media before buying them. Online influencers can make or break a company. Over the last few years, several companies have been forced to apologize for bad customer service highlighted on viral social media posts.
But, many small businesses have also been cast into the spotlight and become “overnight successes” after being positively reviewed on viral social media posts. Knowing how to maneuver PR in a way that reflects the best of your company is key.
Take care of your online reputation by engaging with your target market on social media and producing useful content on your website. Handle any customer complaints as soon as possible,before they spiral into a social media fiasco. Also, encourage happy customers to leave high ratings and positive reviews on your online business pages to attract more customers.
7. Continuously Show Gratitude to Your Fan Club
One of the keys to success for many businesses is showing gratitude to those that got them to where they are. Gratitude is an e-commerce business 101. You should always show some token of your appreciation for people that refer to your business.
Your top clients should also get recognition every year through special gift packs or special gratitude events. You should also have a regular newsletter for all your followers where you thank them for their support and update them on any developments in your business.
Gratitude is a basic courtesy that should be shown for any good deed done to you. But it is also good business practice. Those that receive your sincere gratitude will remember your graciousness and continue supporting your business and recommending it to potential consumers.
Use a Tried and True Successful Business Strategy
Modern entrepreneurs are lucky to be able to start an online business with little capital or time investment. But while it may be easy to start a business, making a profit out of it isn’t as straightforward.
Success leaves clues and the business strategies we have given are proven methods to succeed in online business. For more tips on creating a successful business strategy, read the rest of our business blog.