With the advancement of technology, online marketing has become a trend that is evolving around the world. In every business venture, before becoming successful, one needs to take a risk in overcoming all the odds such as selling their products online despite risking a loss.
Here, we will talk about how managing the right elements in your business while starting out can mean overnight success or a certain failure.
Starting Out
Before starting out on your own, you would need to have sufficient knowledge and understanding of the product you're selling and the targeted audience that you are producing for. Without time and effort, you won't be able to get the results you would want for your business.
However, you would be surprised that successful people make money overnight while we are asleep; so what is their secret of success?
In comparison with real life and internet business, what you see on the internet might be different from what you get in real life. For real life business, you are able to see the product in front of your eyes to see if it's appealing and profitable. But the most vital factor is quality.
Quality plays a larger part than quantity. It's no use having a product when the standard is not up to expectations of the targeted audience. To be successful, sell quality products rather than products in huge quantities.
It's no point selling a branded product at a shop which is run-down and filthy as the place needs to be as appealing as the brand to draw in customers. People tend to expect the same way as what they want in real life. However environment is another factor that would keep the audience coming back to purchase. Customer service plays a role in promoting the product.
Elements to Look Out For
To amplify to a successful online business, there are certain elements that one needs to be wary of. Let's take a look at how the elements are being broken down:
Real-life Business Elements
1) Marketability: Demand for the product, long term or short term
2) Competition: How much supply is there in the market already
3) Brick & Mortar Shop: A brand and a theme that relates to the product
4) Traffic: Visitors that are exposed to the product
5) System: A sound plan that brings in income/customers, recurring or new
Internet Business Elements
1) Marketability: Demand for the product and Internet exchange friendly
2) Competition: How much supply is there in the market already
3) Quality: Giving quality to customers or users
4) Website: A brand and a theme online, in a 'virtual shop'
5) Traffic: Visitors that are exposed to the product
6) System: A sound plan that brings in income/customers, recurring or new
As you can see, both are quite similar.
You have to choose wisely what kind of product you want to market to people; there are different ways in finding the right product to market.
Google has been an innovative search engine for people like you and me to search for the popular products online. Without Google, it will not be easy to begin your online business.
For example, if you have a certain interest in an area of specialization such as cooking and you would want to search for a recipe such as Italian cuisine, you would have to see what the keywords people are using to search and see if there is a market in selling Italian recipes.
Once you have decided on a good product that you think is suitable to use you would have to evaluate on the quality on the product to see if it is up to date and the advantages and disadvantages of it to ensure that you have made the right decision before marketing it out.
The next step you would have to think about is how you are going to execute your idea in marketing your product in the virtual world. Therefore, the main foundation is your website itself.
Your website needs to provide information about the product, its selling point and the benefits it could offer to your customers. Most importantly, it should reflect the theme and brand of your product, so as to create awareness and recognition. Among these, your website must also be user-friendly.
Remember this; if your website is a pain to navigate through, the easiest thing for potential customers to do is to click the bright red X in the corner of their browser.
These are the key elements that every website should have.
Lastly, traffic plays a very important role in your business. You need to know who your target audience is as not every product would please everyone. Therefore, targeting the right audience and the right product would greatly boost your traffic of interested customers.
Conclusion
In summary, the 5 key elements to becoming successful in the online business are marketability, quality, website, traffic and system.
Marketability: Is your product in demand? Is it a short term or an evergreen demand?
Competition: Is that demand already met by supply? How big is that supply?
Quality: Giving quality in turns builds brand reputation and trust.
Website: A 'virtual shop' online for visual or audio branding. User-friendly.
Traffic: Potential customers that get exposed to your product and sales pitch.
System: Implemented to turn new customers into returning customers.
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