Weighs in On Building an Online Business: 7 Steps to Success

Published on: 09 January 2019 Last Updated on: 24 February 2020

Building an online business is always challenging, particularly if it’s your first business venture. Competition for customers is high in almost every marketplace, so you need to find ways to stay ahead of your competitors. Planning and preparation are crucial for long-term success

When it comes to online entrepreneurship, the CEO of SMEJapan.com, Joel Devidal enjoys sharing his passion and knowledge for his career with others. He serves as an advisor and board member to companies, helping them create bright futures through decisions around strategy, marketing, and development. His intuition and experience help these organizations eliminate excessive operational costs while still delivering quality to the end users.

Here are seven steps detailed by Mr. Devidal for building a successful online business.

Find a Gap in the Market:

Look for a niche or gap in the market that has not already been filled. This may be as simple as finding an area where your competitors are falling short of customer expectations, or it could mean finding a way to provide extra value or novel additions to your products.

For example, if you want to start a business selling residential smoke alarms, it would be difficult to compete with more well-established companies. However, you could create your niche by making your products from recycled materials and working with a designer to create unique and attractive designs.

Do Your Research:

Proper research forms the foundation for any business, but its importance is often overlooked. Researching your competitors is crucial for planning, starting and growing your business.

Customer research enables you to define and target a specific type of customer, making it easier to market your products and reduce advertising costs.

Create a Platform:

Your website is the storefront of your business; it should contain all the information potential customers will want to know, including your contact details, mission statement, FAQs (frequently asked questions) and any legal notices you need to include.

The design of your website should complement the type of business you’re running. Consider hiring a professional web designer to make your platform attractive and easy to navigate.

Build Your Reputation:

Posting regular content on your website or blog is a simple way to establish yourself as an expert in your field. Create well-researched content that is useful to your customers. Stay informed about developments and important issues in your area. Writing content for trade magazines and other appropriate websites will also help to build your reputation.

Drive Traffic to Your Website:

It takes time to achieve high search engine rankings, but there are other ways to drive traffic to your website.

Social media is one of the cheapest and most effective tools for increasing website traffic, but monitoring several social media accounts can be time-consuming. Focus on maintaining a presence on one main social media platform rather than trying to spread your time across multiple platforms. Alternatively, if your budget allows, you could hire a social media manager.

Paid advertising campaigns can also be highly effective at driving traffic to your website, but you will need to consider whether the results will be worth the cost of running the campaign.

Convert Site Visitors to Customers:

Once visitors arrive at your website, it’s your job to convince them to buy your products. Showcasing your products and services with targeted landing pages will increase your chances of immediate sales. However, visitors often need time and extra information before making buying decisions.

Therefore, the main aim should be to capture the email addresses of your site’s visitors. Once you have their email address, you can work on building a long-term relationship through regular email communication.

Keep Customers Coming Back:

Providing an excellent customer experience is the key to keeping your customers satisfied and ensuring future sales. “Happy customers are more likely to recommend your products to family and friends,” stated Mr. Devidal. Keep in touch with customers by sending regular email updates, exclusive offers, and discounts.

Building an online business is a difficult task, but proper preparation will increase your chances of success. Taking the time to do your research and plan your strategy will make all the difference when setting up a new business.

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Must-Have Accessories For The Modern Businessman

The tech revolution has brought with it a revolution in business dress codes. No longer does a tailored suit necessarily signify competence. In fact, were your tech guru to turn up in a shirt, tie and suit you’d probably feel very anxious that this person wasn’t the real deal. That said, that's ok in a Silicon Valley boardroom won’t necessarily go down well in the office of a New York financial advisor. The old dictum that ‘The more you deal with a client’s money, the more conservatively you should be dressed, ’still carries some weight. Dress codes are crucial, they are subtle, shifting communicators. Get them right and your client will feel confident in your competence, get them wrong and an impeccable pitch may leave your client with niggling doubts. Accessories are an important part of your appearance and the impression that you make: they have a practical function but are also objects which signify style and quality and reassure your client that you are successful and have good judgment. Times change and our times change fast and that’s why a touch of tradition is so reassuring. So, here’s a mix of old and new which will serve you well. An understated watch of quality It’s old fashioned technology, but so is the wheel. You’ve got the time on your phone and your tablet, but a watch remains the most convenient way to track time and when you are running to a tight schedule it is a crucial accessory. It is of course far more than a practical tool, it’s a stylish and attractive adornment. The simpler the better, a slim body and a clean face, uncluttered by knobs and dials. A diver’s watch is great for divers but not for the boardroom. A watch can also signify affluence, if you are wearing a Rolex, it is a clear indicator of both taste and affluence. That doesn’t mean that you need to spend thousands on a wristwatch, there plenty of great stylish watches out there for under $200 such as the Daniel Wellington Classic Cornwall or the Skagen Ancher. A Quality Pen There will be times when a pen is required and when an important document is being signed how could you possibly use anything other than a quality pen. A fountain pen is a wonderful thing but it’s for personal use and there’s always the risk of ink where you don’t want it, so a quality ball pen is an obvious choice. The Montblanc is unquestionably the Rolls Royce of pens but there are plenty of other pens which are pleasing to look at and a pleasure to use. Understated cuff links and a leather belt Details matter and although these accessories may only be glimpsed by your client, they speak volumes about your style and good taste. A Leather Bag The rise of veganism might persuade you that you should opt for some alternative fabric but if you are concerned about the environment then a leather bag, which will last a lifetime, is a better choice than synthetic material, full of toxic chemicals, which will need replacing in a few years. A leather bag is a thing of beauty and a practical and reliable accessory. A briefcase is unwieldy and outmoded, much better to go for something which allows you to be hands-free, such as the Messenger bags or Satchels from MAHI, both of which are big enough to take your laptop, electronics accessories and paperwork. A satchel or messenger bag also works well as a weekend bag or cabin bag, so they are great for those short notice trips. A Business Card Remember that scene from ‘American Psycho’ where the Christian Bale character reveals his new super stylish business card? Well despite a world of cyber-everything here’s a traditional business accessory that still has its place. A stylish small card is more memorable than a note on a phone or an email. There’s an important moment of human interaction when you hand that card over and the fact that it’s a physical experience makes it more memorable. Do not produce your card from the depths of some scatty, stuffed billfold but from a slim leather wallet. A Lint Roller Your presentation was outstanding, but all your client noticed were the fibers on your suit. A lint roller tucked away in that Messenger bag means that you can give yourself a quick once over and feel confident that you are spick and span. Dopp Kit In a global marketplace, travel has become part of a businessman’s working life. Trips abroad are often short and at short notice, so you need to be ready to travel at any time. A Dopp kit which you keep packed and ready to go means that you’ve only got one object to remember, instead of arriving at your hotel to discover that you haven’t packed a razor. A Dopp kit enables you to keep all your toiletries in one place and is a compact and convenient storage accessory. Electronics Organiser It’s undignified and unprofessional to be seen to be scrabbling about in your bag for a lead or a charger while everyone waits for your presentation. Make sure that you know where everything is by storing it in an electronics organizer, that way you won’t leave anything behind, and you’ll know exactly where everything is. Portable Charger Flat batteries have put pay to many a promising presentation. Can you really be trusted with a client’s account if you can’t manage to charge your laptop? A portable charger can be used on the go and buys you invaluable peace of mind. Compact Smart Projector Problem with the projector? Be the one who’s prepared and pick up instant brownie points by plucking a compact smart projector from your bag. It’ll interface with your phone or tablet and project straight onto a blank wall. New tech, which you know how to use, and which solves a problem neatly is a great way to convince clients that they are in safe hands. Read Also: Components Of A Successful Business Function Tips To Hiring Accounting Firms Rochester NY For Your Business

How to Develop a New Product and Make Magic Happen

Product development is a vital component of brand marketing that keeps a company’s product portfolio up to date and helps increase revenue. Companies conduct thorough research before introducing a new product in the market for maximum impact. Read on for some key tips on generating ideas for a new product! A unique product idea – that grabs a potential customer’s attention – is something all businesses strive for! Traditional product development ideas often stemmed from studying competitors in a niche and surveying the market. But product development takes a different approach to contemporary business. How to Develop a New Product and Make Magic Happen: Here are some effective ways to come up with insightful ideas for your company’s next big creation! Survey the Market: To introduce a product in a dynamic marketplace you must decipher the needs of your customer first. You need to keep pace with the economic or technological changes that may affect the buying decision of your customer base. Identifying the new trends in the market can help modify your ideas and align them accordingly to gain maximum benefits. Any brand marketing agency in your location can provide you with the resources to explore these trends. Conduct A SWOT Analysis: Most companies realize the importance of regular strength, weaknesses, opportunities, and threats (SWOT) analyses to come up with innovative products. They help identify a business’ strengths, minimize weaknesses, expand on available opportunities — and ward off potential threats to a business or new product. Coming up with ideas through a SWOT analysis emphasizes the need to build new strengths and seek out maximum benefit from opportunities in the market. Research and Development Initiatives: Research the market, competitors, similar products that are already available and consumer trends. Progressive companies allocate sufficient funds for research and development initiatives — to remain ahead of their competitors. If you are a small company, research the R&D campaigns of established companies in the niche — and adopt one that best suits your market. It is often easier to improve on your competitors’ ideas and improvise. Value Customer Feedback: Customers and their requirements are the most important component of new product development. Collecting their feedback can be a challenging task, but pays dividends in the short and long term. Offer live chat or another interactive communication platform on your business website to answer their queries and keep them engaged. Short surveys about a product or service can offer valuable feedback to help launch a product that best caters to the target market. Our Advice: If product ideas are forcefully generated they can do more harm than good for a product lineup. Skim through the tips in the piece and draft your own strategy for a successful product launch. With some insight and research, you can come up with ideas for a new product and achieve your business goals. The tips discussed in the piece can improve your marketing strategy and help introduce a product that meets the demands of customers. How to develop a new product tips still aren’t enough to help you generate ideas, you can hire a brand marketing agency in your location to assist you! Read Also: Five things to consider before starting a Business 7 Growth Hacking Ideas that will Boost your Startup Steps For Salesforce Application Development Reasons Why Personal Development Should Be a Priority? How can your business benefit from bespoke software development? Possible Reasons Why Your Employees Aren’t Too Productive and What to Do About It

Platform Companies: What They Are And How They’re Used

Platform companies, also called platform acquisitions, are key steps in a private equity firm’s expansion into a new industry. The firm will first target a large, established business in the industry. From there, it will strategically acquire multiple smaller businesses, using them to expand its reach within the industry. Platform acquisitions don’t just benefit the private equity firm — they also have surprising benefits for owners of smaller companies. Here’s a quick primer on platform companies and how they work. How Does a Platform Acquisition Work? Breaking into a new industry can be tough, especially if you start by opening a new business. Private equity firms skip that step. Instead, a private equity firm will start by acquiring an established, successful business in the field. When selecting a company to purchase, private equity firms generally look for a few characteristics: Status as a Market Leader: For the best chance at success in the given industry, equity firms will typically target companies that stand out — even if it’s just within a certain geographical location or in a very specific market niche A Strong Management Team: When equity firms acquire platform companies, they typically want to keep the existing higher-level employees to ensure the company’s continued success and improve the business practices of new acquisitions Multiple Locations: A business with multiple locations has already expanded its reach, and equity firms can build on that with further acquisitions Established Standard Operating Procedures: When expanding the platform company, the equity firm can simply apply these operating procedures to new acquisitions After the purchase, the platform company serves as a kind of home base for the firm within the industry. The private equity firm will usually then expand that business through bolt-on purchases (also called roll-up purchases or roll-up acquisitions). Bolt-on purchases are different from another kind of acquisition called a tuck-in acquisition. With a bolt-on acquisition, the newly purchased smaller company will usually keep its name and identity. With a tuck-in acquisition, the smaller company is completely absorbed into the larger platform company. Why Would an Investment Firm Acquire a Platform Company? When private equity companies purchase a platform company and begin to expand into a new industry, they aren’t doing so with the intent of keeping the company forever. Instead, platform acquisition is a long-game investment strategy. It takes a significant amount of time, but it can generate a massive profit. In a nutshell, equity companies buy and expand platform companies in hopes of eventually selling the expanded company to an even larger investor. Selling the companies as a conglomerate is almost always more profitable than selling each one separately. For example, suppose that a private equity company wants to break into the fitness industry. The company might start by purchasing a regional chain of gyms. As it purchases other, smaller gyms, it will use the management expertise and existing operating procedures of the first acquisition to improve each of the smaller gyms. It will also invest money in smaller gyms to increase their value. When the company finally sells the expanded network of gyms, it will have created a profitable business venture that runs smoothly. This type of purchase is an attractive one for larger investors, so the equity company will be able to turn a significant profit. How Platform Companies Can Impact Business Owners At first, the idea of a larger company buying up smaller companies might not sound that advantageous to owners of small businesses. However, as a platform expands and acquires multiple smaller companies, those companies can see some surprising benefits. For one, platform companies will usually invest significant capital in the new company soon after purchase. After all, the whole point of the acquisition is to increase the total platform’s valuation. But money isn’t the only investment that platform companies put into smaller companies. After the acquisition, the equity firm will continue to focus on growing the newly acquired business. The newly purchased business will reap several benefits from the platform: Experience in sales and marketing Experienced professional management Financial acumen Standardized, organized operational procedures In many cases, these smaller acquisitions retain their company name. That makes the acquisition more appealing to many small business owners, especially those who have built their businesses from the ground up. In many cases, an acquisition ends up as a win-win situation: The platform company expands its reach and total value, and the smaller business receives valuable funding and mentorship. Platform Companies Add Value Being acquired by a platform company can transform a smaller business for the better. And for the platform company, each new acquisition has the potential to bring in new customers, expand the company’s market reach, and increase the value of the platform as a whole. On its own, the acquisition of a single small business might not seem like much. But when a firm repeats that process many times over, the result is an expansive, highly organized company that multiplies its value over time. Read Also: A Beginners Guide to Listed Investment Companies 6 Steps to Starting a Business in Michigan How to Start Business Like Swiggy

Weighs in On Building an Online Business: 7 Steps to Success

Find a Gap in the Market:

Do Your Research:

Create a Platform:

Build Your Reputation:

Drive Traffic to Your Website:

Convert Site Visitors to Customers:

Keep Customers Coming Back:

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How to Choose Insurance When Launching Your HHA Business

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Must-Have Accessories For The Modern Businessman

How to Develop a New Product and Make Magic Happen

Platform Companies: What They Are And How They’re Used

Weighs in On Building an Online Business: 7 Steps to Success

Find a Gap in the Market:

Do Your Research:

Create a Platform:

Build Your Reputation:

Drive Traffic to Your Website:

Convert Site Visitors to Customers:

Keep Customers Coming Back:

Share this Article

Trading Contracts for Differences

How to Choose Insurance When Launching Your HHA Business

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related