People who have very little experience with starting a business on the internet will struggle if they do not take the proper steps.
And even having experience does not always guarantee success. Paul A. Gompers, a professor at Harvard, has published an article and revealed that entrepreneurs who have had success previously have about 30 percent chances of success with a new venture.
The numbers are not very encouraging. So the next best thing is to take all the necessary steps and create a plan that solidifies your idea and increases the odds of creating a profitable venture.
Step #1 – Carry out SWOT Analysis
SWOT analysis is a great first step because you get to determine what the current market situation is like.
When analyzing the competition or coming up with a business plan, it is necessary to determine your strengths and weaknesses as well as the potential returns and threats that are out there.
A proper SWOT analysis will reveal whether you are in a good spot or not and what you are going up against in terms of competition. The complete guide by Oberlo on SWOT Analysis is a great reference and will tell you everything you need to know about SWOT analysis, including real-life examples.
Step #2 – Establish Social Proof
Social media is a powerful hub for connecting your product or services with the customer. Be consistent with your content and spread positive messages about the brand.
You will find that the growth of your follower base coincides with business growth as a whole. Appeal to your audience by directly interacting with them and organizing contests and giveaways.
Engage with influencers who are relevant to your niche. They do not have to be A-list celebrities. Being a well-liked personality on the platform and having followers whose interests align with your brand are enough.
Step #3 – Increase Sales by Thinking Outside the Box
Google Analytics is a powerful tool that helps to determine the behavior of customers. Also, it shows which of your pages are doing good and which require further work and improvements. Whichever advertising analytics tool or service you use it is always critical to have data at the epicenter of your decisions.
However, you can find other methods that can boost the number of sales. For example, if you run a PPC campaign, test new keywords and ad copies. Revamp your email marketing strategy.
Blogging is another option that could turn beneficial. Well-written articles help to establish oneself as an authority. Creating engaging and informative content that is not too focused on sale promotion will increase the odds of readers sharing it on social media and visit the website to read more of your writing.
Step #4 – Create Customer Loyalty
Positive customer experience is one of the cornerstones of building a sustainable business. Relevancy comes not just from products or services themselves. It is also about how you can ensure that the customer gets the best possible service.
Even if customers may forget your name, few will forget how good customer support services made them feel.
Emphasize the work towards creating customer loyalty. It is always difficult to attract new customers. Not to mention how bad it is when you lose someone to the competition.
Consider offering various perks to those who have been with you for the longest. Send special discount coupons and let them be the firsts to know about the upcoming sales.
Step #5 – Define Your Brand’s Values
Successful brands have a philosophy they follow. Figure out what you believe the core values of your company and stick to it. Every major decision needs to follow a pattern that coincides with the values of the company.
The philosophy of a company is reflected in a lot of aspects, such as how it creates products. For instance, given how environmentally-conscious some customers are, it could be a good idea to become a pro-environment and follow it.
How the company treats its employees and customers is also indicative. Negative reviews from ex-employees or customers who have had to deal with terrible customer support will not help if you want to create a prosperous venture.
Step #6 – Automate Business Processes for Efficiency
Time management is important when you are running a business. When you establish the brand, you will notice that there are tasks you have to repeat regularly.
Automation tools come in the equation and they make life a lot easier. There is also an option to hire employees and leave matters in their hands. On the other hand, looking at things long-term, you stand to save a lot by investing in automation tools.
Start out small and scale-up with an introduction of new tools consistently. Check on the data and determine whether the automation was the right move. Make adjustments when necessary and continue improving things.