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5 Strategic Tips to Building a Successful Online Business

5 Strategic Tips to Building a Successful Online Business

By    |   Monday, 09 July 2018 08:48 AM

An online business is a lucrative venture when it’s properly managed. According to a survey by Statista, 40 percent of internet users in the United States stated that they purchased items online at several times per month, and 20 percent said they bought items or services online on a weekly basis.

The volume of online sales shows optimistic figures and it’s not surprising why there are lots of online businesses competing for a larger customer base. The big question is what are you doing differently to stand out with your online business? Believe me, online business is not a bed of roses; you need to devise means to excel.

Here are five strategic tips to building a successful online business;

1. You must persistently grind — Success often comes from persistent grinding. Some individuals who choose to ditch their "9 to 5" jobs in favor of starting online businesses are caught up with the demands of keeping their businesses afloat. Online business is a battle ground where your mental strength and physical stamina are paramount.

Building a successful online business will require you to work a lot since there are many clients and customers you need to satisfy concurrently. Hence, you’ll need capable hands to assist you. Don’t relent; be ever ready at anytime to do your best for the success of your business.

2. Detect problems and devise solutions — One way to be a genius is by detecting societal problems and devising ways to solve them. You do not necessarily have to come up with a unique idea; it could be a slight modification from someone’s great ideas.

Ways you can identify challenges are by doing extensive research on prevailing societal and business issues. Visit online forums to check out what’s on people’s mind. Also provide avenues where you can get responses from customers with regards to what they really need.

Study your competitors and try to outsmart them by detecting their deficiencies and constantly changing strategies to put your business in a favorable and superior position. You have to really capture the attention of your old and potential customers by giving them something extraordinary. Make your audience desire something they didn’t know they wanted until you introduced it.

3. Never stop advertising — Your products and services should be able to reach a vast number of potential consumers all over the world. This won’t be feasible if you don’t invest in ads. Research shows that around 42 percent of U.S. consumers had searched and then purchased products or services online, while 14 percent prefer searching online and buying in store.

There are lots of online consumers; all you need to do is to search for methods that would help you promote your business. Social media platforms and app development are cost effective. Influencers can also assist you to advertise your products and services. Get influencers with large social followings to recommend your products and services in order to drive visitors over to your site.

4. Build a culture of sincerity — Successful businesses thrive on sincerity. A little act of dishonesty can abruptly destroy your online business reputation. Research shows that internet-savvy buyers are determined to spend time researching products online and reading online reviews in order to get the best deal possible. At times they do their research online and end up buying offline.

Endeavor to build a culture of sincerity by providing quality products and service delivery. Issues like poor customer service, dubious marketing campaigns, lying to your insurance company, poor staff welfare, and poor working relationships with third-party organizations can have unpleasant consequences. Online businesses thrive on good reviews. Bad reviews are dangerous; don’t get caught up in it.

5. Partner with reliable service providers — Online business requires chains of networks and relationships between you and third party or outsourced supplier such as telecommunications service providers, cyber security firms, application service providers, financial institutions, customer support providers, storage service providers, logistics companies, and internet service providers.

You have to consciously choose who you work with. This is very crucial because a breakdown from their end could spell doom for your business. Good partnership is a great way to achieve set goals. Be sure to always protect your business with proper agreements to avoid any misunderstandings between you and the other parties.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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