The online business is one of the easiest to establish. It often requires far less overhead, reduced financial investment and can be assembled rather quickly as opposed to brick-and-mortar locations. However, there are many pitfalls that need to be avoided if you want to continue having any level of success. Out of all of these that could happen, the worst may be your own lack of commitment.
How A Lack of Commitment is the #1 Problem for Online Businesses
If you’re not committed to what needs to be done in every aspect of the online business, it will be next to impossible to experience any real success. You have to be ready to adjust your tactics as well as meet the demands of your target audience. The following are aspects of the online business you need to show commitment to if you want to become a success.
Commitment to Social Media
Facebook Drives Sales
Facebook is one of the biggest referring websites for eCommerce. According to statistics, more than 60 percent of sales produced from social media originate from this social giant. To put this into further perspective, this accounts for more than 23 million visitors per year spending money at businesses that utilize Facebook as a marketing tool.
All Social Media is Beneficial
Facebook isn’t the only social platform that people are using to shop online. Pinterest, one of the least common social sites, makes up 13 percent of the market share when considering these customers. By committing to a stronger social presence, there is potential to vastly increase the income to your online business.
Keeping Consumers Interested Enhances the Experience
One of the primary reasons why social media has such an impact on various companies is because of the amount of interaction that is delivered. You can’t expect to post one or two comments on your business Twitter account and expect a big turnout. There needs to be a regular flow of content on a daily basis. Many of the largest organizations post between 5 and 10 comments per day on social channels in order to engage consumers.
Commitment to Adapt Marketing Strategies
You can’t simply create a pay-per-click campaign and hope for the best. If one method for marketing isn’t producing good results, you need to adjust and adapt your strategy. This comes from keeping an eye on various analytical metrics of your website and advertising campaigns. Committing to search engine marketing and other strategies only enhances the business, and it should always be maintained.
Have a Budget Plan Ready
Part of the process to start an online business should be to budget the money needed for advertising. There is only so much that can be accomplished for free, and paying for various marketing services may enhance your success. Once you find the perfect marketing strategy for your business, you need to commit to making sure it remains relevant over time.
Commitment to Adding Regular Content
When you visit business websites, there is a very good possibility that there is a blog available. For many of these companies, it’s the blog that brings in the visitors and engages them to make a purchase. Many will promote their products and services by explaining how to use them efficiently. When you start an online business, you need to focus on how to get people to visit your site. Blogging and creating informative content is how a lot of this is done.
Keep the Material Fresh, Relevant and Frequent
Like social media, it takes more than a blog post once or twice a month to have any real impact on the Internet. Many professionals attest to five to eight being the magical number for blog posts per week. Some have gone as high as 10 per day. It all centers around what your business delivers and how committed you are to creating content. In either case, it takes material to attract readers.
SEO Promotes the Business
Part of making sure people are reading your content is by committing to search engine optimization. Implementing SEO on your website and social outlets is how most of your visitors are going to find the business. Without these practices, your competitors will essentially bury your business in search result pages. Today’s business needs to focus a great deal on SEO if you want to remain relevant and competitive for your target audience.
Commitment to Education
Industries and information can change rapidly in today’s world. You need to be committed to educating yourself further to enhance the business. This could include learning new methods to perform tasks, new products and new information in general.
For example, the knowledge gained for computer networking in the 1990s is obsolete by today’s standards. Using this as a platform for your business would be futile. You need to strive to be the best there is in your industry. This means you need to spend some time developing your knowledge.
Keeping Aware of Current Technology is a Boost to Success
Education should also include becoming knowledgeable about current technology. Although you may not need to be certified in computer engineering, keeping tabs on website and mobile device technology is beneficial for future designs and implementations. For example, those who still do not have a responsive web design for mobile marketing are losing sales. Mobile purchases make up more than $80 billion in spending, which increases every year.
Commitment to Profit
Although making money should be your primary goal, there are many people out there that sacrifice income in a variety of ways. A prime example of this is how people view online auctions and eCommerce in terms of competition. In order to compete with other online businesses, many will drop their prices to encourage sales. This isn’t entirely a bad practice, until the market value of that particular item is dropped to the point of being worthless. This is called “market saturation,” and it could mean disaster for your business.
How Market Saturation Destroys Businesses
The sellers on eBay are one of the best examples of saturating the market. Since 2000, individual sellers and businesses have slowly decreased the value of many products. In an attempt to sway customers, each person drops the price of an item in order to make a sale. In many cases, the price dropped lower than the actual manufacturing costs. Unfortunately, this led to many companies closing down their eBay outlets.
When too many people are trying to sell the same item and continuously drop selling prices, the only one who wins is the consumer. It no longer becomes worth selling products or services. In the case of eBay, a large number of sellers were more concerned with just making a sale than they were with actually making money.
eCommerce Sites Are Historical More Profitable than Auction Sites
Using an eCommerce site takes away a great deal of the problems faced with online auctions. Businesses compete more on a platform of marketing. Successful owners are more committed to making income and providing superior customer service than many that use auction sites. Marketing and reputation is what often drives quality consumers, not price reductions.
Being Fully Committed Improves Business
A lack of commitment to the online business is why many of them fail over time. When you start an online business, you need to put full-time effort into the process. Analytics, marketing, shipping platforms and more need to have your utmost attention if you want to see real profits. Commit yourself to the overall success of the business and reap the benefits.
Jimmie Wilks, MBA, MA, CAP
SCM Management Consultant & Online Marketing Guy
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