It does not matter if you’re are an experienced pro or new to the online business world, there are 3 crucial factors that you need to grow your business online. These 3 factors are relevant to all products and services sold on the internet.
- Targeted Website Traffic.
The first element you need to grow your online business is a steady flow of targeted customers visiting your website and online sales pages. Remember that online business success comes from targeted traffic, that is, people who are genuinely interested in your products or services. Generating traffic is one of the most important online business strategies to master.
Traffic always has some cost associated to it, whether it is paid for with money or paid for with time. Paid traffic comes in many forms including pay per click, banner advertisements, solo ads or ezine adverting. Paid traffic usually provides immediate results but will stop as soon as you stop paying for it. Free traffic, like article marketing,search engine optimization, video marketing and blogging takes more time to generate results but can deliver a steady stream of traffic once the momentum starts.
- Something For Sale.
To grow your online business you need to have something to sell. You can sell actual physical products that are shipped to somebody’s home or you can sell digital products where the buyer can instantaneously download it to their computer.
You don’t have to produce the product or service yourself. You can sell other people’s products and when you make a sale, the product owner will pay you a commission. Many people have achieved online business success with this tactic alone. When it comes to creating your own product, digital products are easier to produce, as you can produce it once and then sell it time and time again.
- A Marketing Funnel.
A marketing funnel, or follow up strategy, is the process where you guide a prospective customer through to becoming a buying customer to becoming a customer who buys from you again and again. The first time that somebody visits your website, as explained in point 1, may not be the right time for them to buy. They may like your product or service, as described in point 2, but they don’t know anything about you.
- Growth and expansion of your business methodically. Growth cannot take place haphazardly, it must be done methodically and must be controlled by the business owner or manager. Failure to do so could result in your business lagging behind your competition. On the other hand trying to expand too quickly without adequate resources – manpower, knowledge, time, and financing can result in your business becoming over-extended. While this can be applied to your online business, it is even more critical to offline businesses and especially brick and mortar businesses. It is recognized that many more businesses that operate a brick and mortar establishment are including an online presence to extend their reach, whether locally or globally. Therefore these businesses have to allow for their growth and expansion to include learning the principles that apply to both online and offline businesses. For these businesses especially their growth and expansion must include broadening their knowledge base.