Today, the world is booming with online markets from social media to online websites everywhere we have products and services providers. This revolution has started in past years after big websites like Flipkart came into the business and the local markets were affected very bad through it.
When it comes to online entrepreneurship, the CEO of SMEJapan.com, Joel Devidal enjoys sharing his passion and knowledge for his career with others. Many local businesses started with creating their online platforms for themselves like websites and applications. Social media is also a source of their business as creating a business page on social media websites today is free and easy to build. One can sell, purchase, order or communicate through social media business pages easily. Here are seven steps detailed by Mr Joel Devidal for building a successful online business.
Find Gap in The Market:
Today Market is really getting tougher and tougher. The big a market is, the bigger the competition. You should look for the markets where there are fewer numbers of competitors or the competitors are unable to fulfil the requests and demands of customers and reach up to their expectations. If the market is of more competition then you can start by providing some extra valuable benefits along with your product or service. A new innovative idea in the internet market always catches the eyes of people in short instance.
For Example: Recently Google Pay started with their Online Bank to bank Money transfer which has been in the market for a long time with many competitors. Google Pay started with the benefit of cash back on transfer. 60 % to 70% of transactions are probably gifted with cashback which motivates us to mostly use Google Pay for money transfer.
Do Your Research:
Research is not always required to be done of successful businesses but also the fails. This is the part of business start which is one of the most important and overlooking it results bad for the same reason. You should research your competitors before starting with your business. Who are at the top and for what they are at the top? What would help the business grow like others?
Research is not only required to be done of successful businesses but also the failures. A business owner or a person who is starting with business should avoid each and every mistake which lead to failures in that field. This altogether might be a start to success.
After competitor research, you will have to research on customers. The business has to look for what people are interested in. In customer research, you also need to work on segmentation of target customers. This might help in reducing the target amount of customers and directly affect the cost of advertising and marketing. You can now focus on an accurate number of customers who are interested in your product’s category and can result in your customers.
Create A Platform:
Online presence is a necessity today. An online website is an identity display as well as a place where target customers might be influenced to buy your product. Your online platform is storefront of your business. This website contains the information or message that all the potential customers would want to know before purchasing or proceeding with your website. You also need to add some contact details or contact page where people could get in touch for any enquiries.
Your website should always be easy navigational. It should always be complementary to your business and raise the level of business. The easier your website is to operate being attractive at the same time it helps the people to get to their conclusion much easily. Consider hiring a professional web designing team or agency to build your website. You can also go for creating your own application which might be the next level of the online service provider or selling platform.
Build Your Reputation:
A website will be more frequently visited if there is some innovation or new posting on the website on a regular basis. You will have to keep on updating new things or website structure as per regular trends and updates in the society as per people’s demand. This might help your website to grow constantly.
Your website isn’t the only online platform you have to keep updating. Social media is a internet platform where you have to present your business and brand keep on influencing people with your posts, photos and images for publicity.
You need to be informed about the development and technological advancements in society to be much more accurate while approaching your target customers. This might be helpful as today a person requires the most advanced technological product while he or she is dealing with the tough competition in the market.
Drive Traffic to Your Website:
Your website is the base for your online platform. You need to drive traffic to your base through different mediums in different ways. There are different ways which might result in traffic diversion to your website. On Page SEO, Off Page SEO, SMM, SEM, Paid advertisements are some of the ways which might result in traffic creation for your website in short term and long term. These techniques will also effect your website to grow ranking-wise globally and search results.
In case of SEO and SEM as well as SMM you constantly have to be updating and working on it to rise and sustain that growth on the Search Engine Results and Social Media Reach. This reach and results will directly turn into your traffic. Also in SEO if websites with good traffic are referring you, this might result in the growth of Search Engine results and traffic diversion to your website.
Convert Site Visitors to Customers:
A visitor is not always sure to be converted as a Customer. It is a long process many times to convince an accurate website visitor to buy the product or service. Majority of visitors are window shopping who are visiting a number of websites before purchase to analyze and get the best product at the best price. These customers are required to be pitched the best offer value which might convince them to buy from your website.
There are a number of customers who just visit and don’t create a transaction on the first visit. These are generally people who are about to buy a product but still in search of best. These customers need to be targeted and captured through personal marketing. The website could provide some personal benefits which could drive their decision to buy the product from their website.
Keep Customers Coming Back:
The customer is the god in the market. A happy customer might get 10 more customers but a sad customer might drive 100 customers away from you in a small instance. Mr Joel Devidal has stated, “Happy customers are more likely to recommend your products to family and friends”.
Providing excellent services, valuable offers, special discounts, etc are some of the basic but important and successful techniques of sustaining a customer for a long time. Also, customers today and in coming tomorrow require advancement in each and every new product or service at even better cost. You need to justify your business according to the same rule and this might help your business grow and sustain in the market.
Creating an online business is not a difficult task. The difficult part is competing with the top market players and sustaining at the same time growing in the market. Research, strategizing, and planning will be the right sequence to be followed before starting a business. One should not only learn from others success but also mistakes which one could avoid while working on his or her own business.
About Joel Devidal:
Joel Devidal is a businessman with over 30 years of experience working in Asia primarily operating in the online marketing and retail spaces. Joel’s extensive experience taught him to understand how to maximize profits in the space and help good ideas grow into successful businesses.
He also is an active member of his community; he supports local arts by contributing to the Theatre groups and serving on a panel at the Management Institute advising older workers on how to learn new skills to re-enter the workforce.
Joel Devidal around the web: