June 24, 2017
With the advent of the internet, the world has become a global village where business people are leveraging the potential of expanding into untapped markets. One of the commonly applied strategies is leveraging the use of online marketing platforms to draw in new markets, new clients, to drive traffic and sales.
If you’re looking to get an edge on your competition, the following is a set of growth hacks that are beneficial in the development of a successful online business.
Since the internet is a vast space that has users from diverse backgrounds and communities, it is essential that online businesses present their products to people who are likely to notice. Here, one can narrow down their target market by using analytical tools that present data on KPIs.
By focusing on a niche and specific group of users based on age, gender, location and such, you are poised to succeed. According to Zac Johnson, a veteran entrepreneur with a long history of driving traffic to his vast business, there is an improved ROI with the right targeting in your niche.
Since you are facing a lot of competition from every corner of the web, it is highly imperative that you create top notch content that is not only interesting, but also is informed with prevailing market conditions. This takes consistent research of the market segment and investing into new technologies and strategies.
Still on innovation, most users access sites through multiple devices. To succeed in today’s cyberspace, one would have to integrate support for smart devices including smartphones and tablets. Also, integrate current features like real-time notifications and digital apps.
This increases your presence and spreads risk for your portfolio. Incorporating multiple payment options like PayPal and Visa, customers will have an easy time transacting with you.
One way in which successful online businesses manage to stay afloat is using services that assure them of residual income. Things such as monthly subscriptions guarantee you of income from new clients regardless of the state of the market. With tools like Email Blaster and eScheduler, you can effortlessly keep in touch with your customers and receive regular fees.
It is important to know what customers want at every moment in this dynamic era. Market research could include interacting with targeted audiences on social media and inquiring about what they need. By tailoring your products and services appropriately, you will bring in more sales and constantly appeal to your niche market.
As the ecommerce industry is known to be very dynamic compared to traditional platforms for business, it is important to constantly review your idea. Economic dynamics can render your initial concept redundant or obsolete, hence you have to evaluate the demand and viability of your product or service against prevailing trends. This is where customer feedback and market analytics come in handy. Find a way to diversify your portfolio to minimize or spread risk in case your market becomes saturated or is replaced by a better alternative.
Ensure that your website, blog or Facebook page is user-friendly. Prospective customers can lose interested if they have a frustrating experience when they visit your site or page. In this case, it is wise to have a professional website developer or social media manager set up your site that clearly indicates your catalogue and portfolio in that industry.
Local Partners and Middlemen
Since you will find yourself outsourcing some aspects of your business for efficiency, you need to critically weigh your options. These third parties could include logistics companies, marketers, agents and business development managers. Only retain those middlemen that you cannot do without and add value to your online business.
One aspect that most ecommerce people neglect is the power of offline ties. Even with an online shop, you will need a physical presence for customer support and logistics for your products. It is effective to have a local partner that can focus on the offline aspect of your business.
Read more about growth hacks on Tech.Co
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