Starting an online business is no small feat! Despite the e-commerce industry’s prominence and increasing profitability, 90% of online businesses fail within four months.
Therefore, successfully running an online business requires more than just courage; having the right information before delving in is essential. That’s why we’ve prepared a list of six valuable tips to keep in mind when starting and running an online business.
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- Determine your product market fit
This is the stage at which you ask yourself important questions. Which product or service are you hoping to offer? Will it solve actual problems and meet the needs of potential clients? Who’s your target audience? It’s imperative to clarify these things before starting out. Even when you’ve already begun, these questions can help you refine your strategy.
- Build a website
Just like a store or office makes it easy for customers to physically locate a business, think of a website as a place for internet users to find you without leaving the comfort of their homes. Creating a functional website with e-commerce websites like Shopify, Wix, or WooCommerce, while utilizing SEO to help customers find your site helps build your business credibility and reach. To reinforce the link between SEO and the sustainability of an online business, research shows that about 53.3% of site traffic comes from organic search results.
- Harness the power of social media
Building an online presence that extends from a website to social media can be a goldmine in the era of profitable social commerce. Research has shown that about 57% of internet users discover new brands or products through social media. Beyond that, social media allows you to connect more easily with your target audience. Creating helpful and fun posts that resonate with people is a way to build a community around your business. This builds trust and ensures that people immediately think of your business when they want to solve a problem.
Once you’ve established your business in people’s minds through a website and an active social media presence, now you have to keep your business in their minds. Email marketing is an easy way to do this. A solid email campaign involves consistently releasing newsletters, ads, and personalised reminders to customers to revisit your online store.
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With all these online business strategies in place, there will naturally be an increase in your finances. So maintaining a good strategy for managing your finances is essential. Some important things to keep in mind are properly managing your books, separating personal funds from business income, developing a good invoicing system, making suitable investments and sticking to your budget.
Prioritizing customer satisfaction
Customers are the lifeblood of any business. Keeping them satisfied is instrumental to keeping your business thriving. Have a good customer care strategy in place to resolve complaints and offer assistance when needed. You could also create customer satisfaction feedback systems to get a sense of how well you’re doing in this area. Remember that the “customer is king.”
With these few tips in hand, you can be well on your way to establishing a successful online business that thrives.