The Online Business Mistakes You Can’t Afford To Ignore
When it comes to running an online business, everyone starts off thinking they know how to do it. But, the truth is, there are several online business mistakes that are made by both new and experienced entrepreneurs.
Regardless of whether your business is online, offline or both, the basic rules of business still apply. You need to know who your audience is, what your product or service is and know how to explain to your audience why it will solve their problems and why you are the one to buy it from.
The primary focus for all online businesses should be to continually improve customer retention. Unfortunately, many online marketers overlook this important activity in an endless quest for more traffic and new customers.
But the importance of customer retention can’t be ignored. The truth is that an existing customer is more likely to be your best buyer. In fact, studies have shown that 80% of your sales will come from 20% of your customers. So how do you retain those happy 20% and make them feel valued? The answer is by speaking their language – that is, understanding their needs in relation to your niche or industry so that they feel understood, not just talked at or to.
Online advertising provides a good return on investment.
Every online business needs traffic to their website to get subscribers and sales. Most online businesses start on a shoestring budget and feel they can’t afford to use paid advertising.
Fortunately, there are now many more options to start online advertising than even just a couple of years ago. Even better, there isn’t a steep learning curve to be able to use them and get a good return on investment.
Paid ads do cost money, but they’re scalable, so when you create a successful ad, you can increase your spending to show your ads even more, for more traffic and profits.
The online buying process is different to the offline buying process. As an online business owner you rarely, if at all, have any direct face-to-face contact with your customer. A prospect finds your products online and then decides whether to purchase or not.
It’s important to understand a typical buying process and sales cycle, so you can move your prospective customer from first encountering you or a particular product, all the way through to buying your product.
There are basically 5 steps to the typical online buying process.
Before you start spending time, effort and money on any type of marketing or advertising, you should be able to clearly identify your target market. These are the people that will have a genuine interest and need for your products and services. Any extra information that you have about them will help to make your advertising strategies more effective.
Regardless of how good your products or services might be, they won’t appeal to everyone. If you try to get your messages to wide, undefined audience, you’ll spend money that you don’t really need to spend, and you won’t even get much back from it either. Here are 4 of the things you should know when marketing to a specific audience. Without this information, you’ll struggle to really appeal to the audience that you’re trying to target and sell your items to.
When you’re running a business, whether large or small, one of the things that can be make or break to your success is getting your branding and voice right.
If you’re competing in a market that’s very competitive, it’s important that you know how to make your brand stand out and what you can do in order to get the most from your advertising, customers and business in general.
Here are 8 tips for helping your brand stand out in the busy crowd.
As an online business owner, growth and expansion are necessary for your business to survive. If that growth and expansion doesn’t happen then the business will probably fade away. A business can’t begin, grow to a certain point and then simply remain at that point and continue to thrive.
A small internet based company doesn’t have to grow and expand until it becomes a giant multi-national company in order to survive. But as an owner or manager of an internet business you do have to grow your audience so you can build your brand, grow an email marketing list, and make more sales. There are several ways to accomplish this. Let’s look at some of the main ones.
When it comes to running a successful online business, it’s a well known fact that you have to build an email list of prospects. These are people who have shown an interest in your business and given you permission to email them more information about your products or services.
Most people use email to some extent in the daily workings of their business or personal life. Email marketing has proven to be not only an effective, but also a cost-efficient way to keep in touch with prospects, no matter where they are living in the world.
But just having prospects on your email list isn’t enough. You need to convert prospects into customers.
OK, so I’m not really the Easter Bunny but I have got some handy digital marketing tools for you so you don’t have to go searching all over the web to find top digital marketing software. Easter isn’t the big gift-giving occasion like Christmas but it’s still regarded as the start of the spring buying season.
Your potential customers are out there and with the right tools and resources, the more reach, impact, leads and sales you’ll get.
Regardless of your industry, every buyer goes through a journey when making purchasing decisions. Understanding your buyer’s journey will help you know what information to give them and when.
You can think of the process of choosing what to buy as a journey. It’s the process of going from awareness to purchase. Thinking of this as a journey will help you guide your audience through the awareness or acknowledgment of a problem that they need to solve and how you are the one that can help them solve it.
Add Life To Your Business With These Internet Marketing Tools
Internet businesses, like everything else, can dry up if they are left alone for too long. They all need a refresher once in a while. If you haven’t updated your online business or added new features and benefits to your website, it may be time. Often simple steps can help you attract more life into your business.
You don’t have to take extreme measures to attract more life to your business.
Establish A Strong Online Brand And Attract Customers
Think about the people and companies you buy from. How do they attract customers? People buy from companies they know, like and trust. These companies represent credibility, authority and have created a strong image in the mind of their prospects and customers.
Your customers buy for the same reasons. They will buy from you because they have come to know you, they like your products or services and they trust you as a brand.
There are many strategies to strengthen your online brand to attract customers. Remember that we buy from people we trust and we like. Embrace your unique personality as your brand and apply it to everything you do.
Here are 5 strategies to establish a strong online brand and attract customers.
One of the most important marketing resources that you can have today to make your business more successful is the internet. You can find new prospects and customers online. Your online presence provides them with information about your business and can generate more enquiries and sales.
Internet marketing is the process of generating income via the internet. It’s not very different from other types of marketing. The tool is different, but the way you go about it really isn’t.
You still need to understand who your audience is, what your product or service is, and know how to explain to your audience why it will solve their problems and why you are the one that they should buy it from. So why do so many businesses get internet marketing wrong?
It might seem like an obvious statement but sometimes businesses forget the fact that the only way to make money is to get customers to buy. A sales funnel process is set of steps where you move a prospect through a series of communications that results in them buying from you.
But what happens after that first sale is made? Are you now finished with that customer and do move onto the next prospect?
Follow a proven system to write and sell your ebook.
If you run an online business, there are some very good reasons why you should consider writing an ebook. First, it will help to establish you as an authoritative expert in your field. Authors are perceived as intelligent people. This is true whether you write an ebook or a physical book.
Another reason to consider writing an ebook is the passive income you can earn from it. When you write an ebook you do it once. You can then sell it again and again on your website. Writing an ebook costs you no money, so you earn 100% profit when somebody buys it. Here’s how to get started.
If you know how to get customers to buy from your website, then you can increase your sales and your conversion rate. And that’s got to be good for your profit and your online business.
It’s often said that you should give people what they need, because that’s what they are going to buy. That may well have been the case once but today society has changed and people no longer buy what they need.
Instead they buy what they want and what they crave. So you see people struggling to put food on the table, but have a 42inch plasma TV, satellite system and a bottle of Jack Daniels!
Many online businesses make the mistake of putting all their efforts in trying to sell to new customers rather than remembering the value of repeat customers.
When your business gets someone interested in your products or services you can turn that prospect into a customer. This is time to celebrate, right? You have made a sale, so your work is done. Now it’s time to find some new leads so you can hopefully repeat the process. Slow down, speedy.
It costs 6 to 7 times more to get a new customer than keep an existing one and, on average, 20% of your customers will be responsible for 80% of your sales. So how can you encourage your prospects to buy more and become repeat customers?
To understand the concept of an online marketing funnel, think about a regular, everyday funnel. The idea of a funnel is that you can focus a large quantity of something down into a very narrow flow. That’s why funnels are wide at the opening and extremely narrow, sometimes even pointed, at the bottom.
This upside down pyramid shape also works extremely well online for building your business. Let’s look at how an online marketing funnel works and why your business needs one.
The job of a freelance writer online can be a great one if you plan things the right way. There’s plenty of demand and projects to choose from, once you start to build your reputation.
You can pick and choose from paid online writing jobs that really appeal to you. What makes freelance writing ideally suited to earning an income online? There are so many ways to network and meet clients via the internet. There are online writing jobs for beginners to seasoned pros. People will always need content for their websites, blog posts, articles, ebooks, reports and more.
However, it’s important to set yourself apart in some way, so that client’s choose you and not somebody else. Let’s look at how to get started as a freelance writer online.
7 Ways To Give Your Online Business Customers Real Value
Your online business customers are important. Of course they are. Without customers you’ll have no business. But would your customers miss you if you weren’t around?
Would they care if you suddenly closed down your business? Does your business actually make a difference in your customers’ lives?
Once you know how to deliver better value than your competitors, your customers will become more loyal and you’re going to make more money. So how can you get your online business customers to know, like and trust you and stay loyal to you and your brand?
Search engines can direct free traffic to you squeeze page
The primary objective when you build a squeeze page is to capture information for follow-up marketing. You direct potential customers to your squeeze page to obtain their email address.
The page should have a brief summary of the benefits of your product or service and must offer something of value to the visitor in exchange for their email address. There shouldn’t be links to any other web pages or offers on your squeeze page as these will distract the visitor.
As a general rule, you would normally build a squeeze page and direct paid traffic to it. But what about all the free traffic that the search engines can send to your squeeze page?
Link building for your website should never be ignored.
Link building for your website has always been an important factor for it to rank well in the search engines. Links back to your website provide strong signals that your site is relevant and popular.
In the past this was used by marketers to build hundreds and even thousands of backlinks. They had some results, but they were short lived. In 2012, Google released its Penguin algorithm update. It was designed to stop websites spamming their search results. In particular, those websites which were buying links or getting them through free link building sites designed to boost their Google rankings.
So does this mean that link building for your website is all but dead today? Far from it!
Multiple income steams keep your online business flying.
When you decide on an online business to launch, it can be one of the most exciting experiences of your life. It can also be the most confusing if you’re not sure what kind of business you’d like to have. There’s a well known saying that says, “Don’t put all your eggs in one basket.”
That means you need to make sure that your online income doesn’t all come from just one source. Having multiple income streams means that if one stream starts to dry up, you’ll have others that can help your income while you explore new online business opportunities. If you’re looking for an online business to launch, consider using some of these examples below to increase your profitability.