Starting off a business online or physically is never easy. Moreover, there are too many things to consider when setting up a business that it gets overwhelming. Sometimes, you find it hard to pinpoint what matters most. However, in this post, I will explain 3 of the most important aspects of an online business.
But before going further, it is important to introduce myself. My name is Stephen and I am an online entrepreneur. It’s also nice to mention that I am a football fan and the founder of the Football Blog – Soofootball.com
Now, let’s discuss the 3 most important aspects of an online Business.
1. Product
In some cases, your product or idea could be a service. Either way, the points in this section will help you understand the important aspects to look out for about a new business idea. One of the very first aspects of an online business is the idea. The idea is usually the beginning of any business. In most cases, the idea (after being refined) turns out to be the product. However, the Product or Idea is never the most important aspect of an online business (albeit, still important). In fact, it is the starting point of any business.
Unfortunately, newbies get too carried away when they have a seemingly good business idea or product. But never forget that a business with a perfect idea or product will definitely fail when the marketing strategies and conversion are poor. One important question to ask about your Product: Does your product or idea solve a pressing need or problem? If your answer is yes, you’re good.
Please note that your (first) idea or product does not have to be so perfect or groundbreaking. It does not have to feel like a world-changing idea. There is nothing wrong with keeping your idea or product simple. In fact, spending too much time fine-tuning your idea or product could be better spent in strategizing your marketing moves.
For example, my first ebook idea is a very simple, yet problem-solving one. It helps fans make money from football. As mentioned earlier, there are too many things that seem (or are) important. But do not lose focus. The MOST Important aspect of a product is its ability to solve a problem or fill a pressing need.
2. Marketing
Let’s assume that you already have a product or idea (maybe not too innovative), your next area of concentration is how to get your product in the faces of the people who really need or may need it. Note that there is a difference between those who Really need a product and those who may likely need it. It is easier to sell to the former than the latter but both can still buy your product. It’s all down to how strategic your marketing efforts are and your power of conviction – Sales Pitch.
In my opinion and experience, marketing is the most important aspect of any business whatsoever. With a very good and well-thought-out marketing strategy, you sell even a mediocre product. (But never sell a mediocre product, it is not sustainable). Pay close attention to your marketing strategy. Please do not be fooled by traditional marketing terminologies. Every strategic means of reaching a potential buyer is marketing.
Make research, find out where your audience is then draw out plans on how to reach them. Do not launch your product if you do not have a well-thought-out marketing approach. This is very important because most newbies get too excited about their business ideas that they just launch their product without a strategic marketing plan.
Oftentimes, the premature launch of even great products ends up being catastrophic with little or no sales to show for it. Also, do not let overexcitement about your (innovative) product or idea make you overspend on marketing. Innovative products or ideas sometimes don’t become successful, especially when there is little or no plan to reach potential buyers. Long story short – spend wisely.
3. Sales
Sales are the sweetest part of any business but obviously not the easiest to achieve. However, if you have a problem-solving product or idea plus a very good marketing strategy, selling will be easier. But you must understand that selling in real life is incredibly difficult. Do not be fooled by “experts” who make it sound so easy to sell. Averagely, consumers need to see a product more than 3 times before they buy (even if they really need it.)
Furthermore, you must understand that a great marketing effort does not mean sales will be hugely successful. Let’s assume you have a hugely successful marketing campaign – putting your product in the faces of the right people. But if your checkout system or payment gateway is either complicated or not functioning properly, you won’t sell.
What’s the lesson? Make your checkout or payment system as simple, straightforward, and flexible as possible. This is the most important aspect of selling. After selling, you may decide to ask your customers for a review of your product or service. A short survey may be good. Why is this important? To help you know if your customer is satisfied with your product or not.
Furthermore, a survey can help you understand what your customers really want. Then you can create a product that solves the problem. Or tailor your services to fill that need. Although an after-sale survey is important, never forget that the most important aspect of selling is to have a smooth and easy checkout system.
Conclusion
Although there are many more factors to consider before starting an online business, Product, Marketing & Sales are the most important. Of these 3, Marketing is the most important.
Do not forget that your (first) business idea or product does not have to be groundbreaking. Also, do not get too excited about a seemingly innovative idea. Instead, double your effort and plan out your marketing strategy. Also, take note that your marketing effort would be rendered useless if your Checkout or payment system is too complex or faulty. Remember that a typical online customer has little or no time. If you are interested, you can try out these methods to Start a profitable Soccer jersey business.
Cheers to your business success.
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Nazim Khan (Author) 📞 +91 9536250020
[MBA in Finance]
Nazim Khan is an expert in Microsoft Excel. He teaches people how to use it better. He has been doing this for more than ten years. He is running this website (TechGuruPlus.com) and a YouTube channel called "Business Excel" since 2016. He shares useful tips from his own experiences to help others improve their Excel skills and careers.
