These basic principles of online business are the bedrock on which a successful online business is built. Your success in online business simply lies in your ability to understand and follow these simple principles.
Knowing and following the foundation and rudiment of the business helps you create internet wealth within a short period of time. Frankly speaking, the whole idea of making money legitimately online understands how the online business works and then you use it to model your own business. Simple!
The principles am going to share with you here are the same principles We have used to grow our own online business from the scratch within a short period of time, it gave us focus and direction, it also removed ‘guess work’ and the pitfalls of online business because we know exactly what we are doing.
You will be more confused if you get online to do business without being focused. This is important because there are billions of businesses competing with you, so you can’t afford to miss it. You really cannot go wrong with these concepts if you understand and do them.
In online business, you are faced with the challenges of
1. How to find and keep the right customers for your product or service
2. How to increase the number of your customers.
3. How to make your customers buy your product often to increase sales.
4. How frequent those customers come to do business with you.
The way you master and overcome these challenges differentiates your online business. This is where your success lies, if you can’t provide answers to them always, your business will suffer.
Find the Right Customers and Give Them the Right Product
When starting any online business, your very first task is not to develop a product or service to sell. It is not what you sell that matters, anything can sell on the internet with the right customers who are in need of that product or service.
So your very first assignment is to look for what people want and give it to them, wow! This sounds very simple, but that is it, as simple as that. You have to be sure of the area you want to play in. Then find answers to the following questions:
1. Who are my target customers?
2. What do they want?
3. How can I encourage and motivate them to buy my product or service now and always?
These questions can be answered properly with good marketing strategies. Effective marketing that gets result for you is simply your ability to motivate people who need your product or service to buy and always buy from you. Therefore internet marketing involves setting up automatic and repeatable system online which creates the environment where people want to buy your product or service instead of you having to sell them.
Be Committed and Consistent in Your Business
Use is the power of commitment and consistency in your internet marketing campaign. Always persuade your prospects through your marketing messages to buy your product or service.
Sometimes before you could convince a prospect to buy your product you must have sent them not less than seven messages.
In your message, make them take steps gradually, when a prospect agrees to take a baby step with you, they will take further steps with you if you are consistent.
If you provide proofs that your product or service is in high demand by a large number of people, it will make your prospect say yes more easily. Provide testimonials to show acceptability and build credit for your business. People will always go for hot products.
Try as much as possible to prove to your prospects that you are an expert; people love to deal with an expert because it reduces their chances of failure.
Do this by writing articles about your product, making posts in forums about your product, do press review of your product, and conduct seminars and training. All these boost your image.
Use the Power of Scarcity and Urgency
Another important strategy that works like magic online is the power of scarcity and urgency. You will make more sales if you include in your marketing message that your product is just for a limited time. Put deadline to offers you are making, this will force your prospects to make decisions to buy.
Your marketing message must be valuable enough to induce people to read it, it has to be short and clear so that they can read it and not think of saving the message to read it later because if they save it, they wont read it again.
Create curiosity in the minds of your prospect, offer them surprises in your message. Let them always look forth to getting your message.
Curiosity is a powerful motivator so use it. Put something in your message for the prospect to do, make it interactive where you get feedback from them, you can ask them to suggest the price they want for the product, you can include special tips in your message for them, put a money-making idea, joke, quote etc to spice up your message and give it a human touch.
Use the Concept of Viral Marketing to Expand Your Online Business
The concept of viral marketing in online business is got from the biological way in which virus attaches itself to its host and spreads rapidly.
Your online business should grow rapidly like a wild fire by simply attaching your advert about your business on any message you are sending out. This enables your business to spread by word of mouse.
For effective viral marketing, you must give away freebies in form of e-books and articles to your prospects, it is in these free stuffs you are giving out that you will attach your advert which now becomes the viral element.
You will have a positive buzz if you ask your prospects to reprint your articles and ebooks, include your ad in all the freebies, ask them to also give it away to their friends and prospects alike.
This concept was used by Hotmail (a free email service) to become the world’s fastest growing company within a three year period.Use these methods to improve your success online.