More and more people nowadays are trading in nine to five office jobs for online entrepreneurship. Digital businesses are increasingly overturning the venerated traditional business models in terms of efficiency and profits. It’s easier than ever to build a business online, market and cash in. Because it’s easy to set up the foundational infrastructure for a digital business, the competition is also tough. Not everyone who starts a digital business succeeds, or last for more than two years. So if you are an aspiring online entrepreneur, read ahead to find out how to make your digital business successful in a highly competitive world:
Capitalise on a Niche Market
No business ever succeeded without finding a need and filling that need. The same rule applies to digital businesses. If you want your online venture to last, it should clearly be focused on a specific market. For example, say you want to start an online business to sell books. There are countless online bookstores out there. Some, like Amazon, have really cornered the market. Your online bookstore will not fare well with competition like this without focusing on a particular customer base. You will have to find people who are unsatisfied by big online bookstores like Amazon and build a business model based on that unfulfilled demand. Likewise, find a niche market first, and then build your digital business around it.
The most successful digital businesses are the ones that focus locally. Most entrepreneurs start online businesses hoping to reach a massive international market. This is a mistake. Going international requires a significant amount of capital, expertise and manpower. Instead, start your business to cater to a local market, and consider going international later. For example, consider WME, a prominent Australian online marketing agency. WME started as a “Googling local business,” which provided affordable SEO services to companies in Melbourne. WME capitalised on local demand to get off the ground. Now the company provides SEO services countrywide in Australia. It’s this initial local focus that helped them succeed, and will help you too.
Build a Killer Website
When you want to stand out in a crowd, you have to look really good. The official website for your digital business will be the face of the company for users. Therefore, you shouldn’t hesitate to invest in an attractive and easy to use website. Don’t build a website using a common WordPress theme. Get professional web designers to do it, and optimise content to enhance user experience as much as possible.
Engage Customers on Social Media
Obviously, social media would be your first choice for marketing your company online. Advertising successfully on social media is simple—be customer centric. Regardless, most entrepreneurs fail to engage their customers on social media. Don’t focus on posting news and updates about the company on social media platforms like Facebook. Post things that the customers want to read about. Stop treating your Facebook account like a PR room, and start considering it as an engagement platform to reach customers directly, just like any other Facebook friend or a Twitter follower.
Don’t Overlook Traditional Marketing Tactics
Google Ads and social media are important for marketing yourself online. However, you shouldn’t scoff at traditional advertising tricks to increase your customer base. Look beyond increasing website traffic to find new customers. WME, the Australian digital agency this article mentioned before, found their first customers by cold calling. People browse websites, and then forget about them without an extra push. WME’s extra push was to call people directly, so the company seemed more credible and real than just another website. Consider similar tactics to improve and solidify your customer base.
It’s not that hard to make your digital business successful. It all depends on your ability to look beyond the conventional and stay focused on your goals. Do your market research, and learn from digital businesses like Argos, GE and WME so your company, too, can be similarly successful one day.