Why You Need to Use These 5 Strategies to Grow Your Online Business
Online sales now beat brick and mortar store sales, rising from below 5% in the 1990s to over 12% last year.
Now, with the COVID-19 outbreak and people sheltering in place, more people than ever are making online purchases. According to the U.S. Commerce Department, during the past four months, retailers’ sales have dropped from between 4.3% to 37.5% depending on the industry. Conversely, internet sales went up 13.8%.
Most consumers spend a lot of time online researching a topic, product, service, or company before investing. They will often:
- Reach out to their friends, fans, and followers on social media for product and service recommendations
- Base their purchasing decisions on online reviews
- Judge a company’s customer service skills by how well they address online complaints
- Wait to invest in a company until they witness its expertise/authority through vlogs, blogs, and social media posts
In fact, according to the Pew Research Center, over 80% of people typically rely on doing their own online research before making a purchasing decision.
Entrepreneurs are now taking their businesses online, using a website and social media as a way to bolster their physical business. Learn about some of the best strategies to grow an online business and why this is such a powerful resource for entrepreneurs like you.
5 Strategies to Grow Your Business Online
Would you like to know how to grow a business and how to grow your online sales?
There are five top strategies you can use to grow an online business – one that can thrive even during difficult times.
1. Always Focus on Value
The thing you should start with and always come back to is value. What can you do to provide value to your customers and make their life easier? Figure out what your customer’s pain point is and how you can serve them.
During the COVID-19 pandemic, customer demand for deliverable food items has surged. Farms and restaurants have looked not only at what the residents in their community need but how to get it to them safely and effectively, just like this farm in Detroit that created an e-commerce platform and transitioned to online orders. They now offer their customers pre-packaged farm boxes.
2. Create Brand Identity & Logo
A brand identity is the personality of your business. It’s a way to show your customers who you are, what you stand for, how you can help them, and how you want people to feel when they interact with your brand and use your products/services.
If you’re interested in learning how to create a brand image, you’ll need to spend time creating a brand name and logo.
Your logo is the face of your business. It moves potential customers to feel a certain way about your company. For instance, look at the branding of the Coca-Cola company. Their branding consists of:
- A red circle (symbolizing confidence)
- A relaxed font (depicting enjoyment and relaxation)
- A uniquely shaped bottle (it shows that they’re one of a kind, not an imitation)
That’s quite a lot of information to convey to consumers, but their logo does it.
Think about what your brand stands for and how you want people to feel when they see your logo.
3. Start Utilizing Social Media
When you’re first starting, you’ll most likely start building an audience on social media. You can start by creating business pages in the right networks where you can best display your brand message and format and find your target audience. For example, Pinterest is best for recipes and DIY crafts; Instagram for art, retail, and beauty; and LinkedIn for jobs and networking with professionals.
4. Start Building Your Email List ASAP
To start building your email list, you’ll need to create lead magnets. These are incentives like free eBooks, reports, videos, and any other informative content that you can offer potential customers in exchange of their email addresses and other contact information. With an email list, you’ll always have access to your followers unless they choose to unsubscribe.
5. Learn the Basics of SEO
Curious about how to grow your business’ online presence? Learn to use the latest search engine optimization (SEO) practices to get your product/service pages and blog posts to rank in Google. Research the importance of keywords and how to use them in your blogs and social media posts.
See Your Online Business Flourish Today
If you want to grow a business, it’s not enough to follow the pattern that worked for generations before us. The strategies above can serve as your starter guide on where to first focus to grow an online business.
Interested in learning about even more strategies to help you grow an online business? You need the Path to Digital Success, a course you can access for free when you join my online business network, The Hive.