What are the top 5 challenges new businesses face online? Let’s break them down below and try to find a solution for each one of them.
5) The promo budget
Have you ever seen a business owner investing more in promo than in the product itself? I have. Probably the easiest mistake someone can make is not sticking to the promo budget to prioritize the buyer’s experience.
It’s true that a startup needs good exposure but if you’re selling junk, might as well kiss your business goodbye after the first batch of customers.
Also, if you don’t set clear boundaries when it comes to promo, you won’t even make it to that stage because you’ll be left out of cash to finance your platform.
An essential step you want to take before establishing an online business is researching your competitors for that particular segment. If there are any, what can you do different to stand out with your business?
This is a key question in establishing a niche and dominating it. Focus on the shopping experience, shipping time and costs, website experience, and overall on providing a better customer service for the lowest price possible.
Maybe the market you want to target is missing on on a certain product. You’ll never know unless you study your competition.
One way you can catch up with established competitors is good planning. One way to see your business torn apart is no planning.
Find out where your market spends time online and go full force when it comes to bringing them to your website. Tackle social media, invest in ads, create Facebook groups, and talk to them directly on forums. Setup a schedule and spend as many hours as possible to interact with your public.
2) New goals
If you work in marketing you probably hear this all the time: “my website is doing good at the moment, we have x number of visitors per month.” That’s okay but ideally, as business consultant, you want to hear this: “my website is doing great at the moment, we’re gonna have x amount of visitors in the next three months.”
You’ll never do better if you get comfortable with your business. Set new goals periodically and work on achieving them.
First rule of online marketing – always monitor and covert. The biggest mistake an online business owner can make is not keeping track of his conversion rates.
Again, research your market, try to find out what’s trending and spend time on understanding what worked on your website and what needs improvement.
Quick example: If you made 10 sales in the first month and eight of them were for the same product, then that products deserves more promo.