First, the good news: absolutely anyone can make money online if they learn how to go about it. The not-so-good news? It takes time, effort and a lot of trial and error before you get it right. If you’re a start-up online business with a very limited budget then you will naturally want to do as much research as possible before taking the plunge. This way, you can maximise what assets you have.
Here are some of the key strategies you can employ to set you off on the right foot:
Research the Market: You may think you have a great product that’s going to sell like hotcakes, but how do you know until you’ve tested it out? Don’t waste time and money by taking your idea straight to market until you have ironed out any kinks, or found out if there is even an audience for it. Get feedback by carrying out market research with potential customers.
Research the Market: You may think you have a great product that’s going to sell like hotcakes, but how do you know until you’ve tested it out? Don’t waste time and money by taking your idea straight to market until you have ironed out any kinks, or found out if there is even an audience for it. Get feedback by carrying out market research with potential customers.
Why not try running a campaign on crowdfunding platforms such as Kickstarter to gauge pre-orders? This way, you will know the potential of your product and also get some idea how to market it online.
Know Your Competitors: Do your homework and find out everything you can about your competitors in the market – both larger and smaller players. What kinds of customers are they targeting and what kinds of services do they offer and is there anything you can learn from the way they do business online? Is there anything unique you can bring to the table? Once you ‘know your enemy’, you can work out ways to differentiate your brand, and this leads us on to the next point.
Marketing Plan: Once you have discovered both what your competitors can do well and what they are lacking, it is time to develop a sound marketing strategy that plays to your relative strengths. Your action plan should begin with an idea of what you want to achieve (whether that’s a turnover figure, customer numbers and so on), and then you can break it down step by step in a way that will help you achieve this.
Know Your Competitors: Do your homework and find out everything you can about your competitors in the market – both larger and smaller players. What kinds of customers are they targeting and what kinds of services do they offer and is there anything you can learn from the way they do business online? Is there anything unique you can bring to the table? Once you ‘know your enemy’, you can work out ways to differentiate your brand, and this leads us on to the next point.
Marketing Plan: Once you have discovered both what your competitors can do well and what they are lacking, it is time to develop a sound marketing strategy that plays to your relative strengths. Your action plan should begin with an idea of what you want to achieve (whether that’s a turnover figure, customer numbers and so on), and then you can break it down step by step in a way that will help you achieve this.
Assuming you are working to a limited budget to begin with, think about getting your head around free marketing methods such as blogging, social media or article marketing. If you do this right it can really pay off, but it does take time so be patient.
Build A Strong Website: In this day and age, not only is it absolutely vital for a company to have a website (particularly, of course, if you want to do business online!) but you also have to spend a great deal of time making it look professional and update it on a regular basis.
Build A Strong Website: In this day and age, not only is it absolutely vital for a company to have a website (particularly, of course, if you want to do business online!) but you also have to spend a great deal of time making it look professional and update it on a regular basis.
Make sure that your products and services are clearly displayed and described and don’t over-clutter it with unnecessary images, text or videos. Above all, ensure you invest in a good check-out system that makes it easy for clients to buy your products. If it’s slow, the modern customer can quickly lose patience and go elsewhere.
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