Online Business: 5 Things You Need To Know About Your Startup.
How To Start An Online Business and Be Profitable
- Identify your Target Business Audience
- Determine what your strategic outreach plan is
- Is your Product/Service Worth Paying for?
- Take careful notes of your key performance indicators
- Do not Discard any Feedback, Positive or Negative
Marketing in Nigeria has gone from what it used to be; word of mouth, fliers, and other forms of traditional marketing, to varying measures of digitally putting your brand out there. In other words, digital marketing is the new way to reach your existing and potential customers and a lot is involved in successfully pushing your brand online for the world to see. So, you are ready to push your brand via digital marketing? Here are a few questions that point to key factors entrepreneurs should ask themselves as they focus on improving their online digital marketing
- Identify your Target Business Audience: The world is your target audience; however, some are more specific than others. Who are you trying to market to? What gender, age range, demography or occupational interest is your audience in? The first thing you need to do is to find out who you are reaching out to. This helps you channel your efforts in the right direction.
- Determine what your strategic outreach plan is: Ask yourself “what is your strategic outreach plan?” simply put, what is your best method to reach out to a lot of people effectively, at the same time? While there are many forms of digital marketing, you need to consider which method works the best for you, your brand and your pocket. For instance, if you have a fashion business, you would consider investing more on Social media marketing, instead of Email marketing. It all boils down to understanding your target audience, and the best way to get them interested in what you have to sell.
- Is your Product/Service Worth Paying for? Now that you have identified your audience and your strategy of approach, you need to evaluate the product or service you are putting out there. Is it top notch? Can it compete with other rival brands? What is your brand’s Unique Selling Point (USP)? Is the price worth the quality of product/service? These questions need t be answered over and over to ensure you have a brand that is ready to launch into the over saturated market.
- Take careful notes of your key performance indicators: This helps you measure your performance online as a digital marketer, on whatever platform you might be using. This is to gauge the success of your strategy and decide to either continue with it or go back to the drawing board and re-strategize. It is worthy to note that you need to understand the difference between the click through rate (the percentage of people who see your advertisement and merely click on it), and the landing page conversion rate (the percentage of people who make it all the way to the end of the process).
- Do not Discard any Feedback, Positive or Negative: Feedbacks are very vital to the success of your marketing process and whether it is a ‘high-five’ or a criticism, be sure to handle every feedback with utmost respect and appreciation. How you handle feedbacks online could make or mar your brand’s presence, and for a brand just starting out in the digital space, you do not want to start out giving the wrong impression.
This is marketing for 2017 and this is where you want to be.