Building and growing your online business

Step 1: Find the market then the product.

Find the need then the product, not vice versa. The most excellent product will not sell if there is no market for it.

To be successful, seek the market first. Find a group of people who are seeking a solution to a common problem. But haven’t found a reliable solution. There are many ways of doing this: neighborhood forums and news feeds, internet searches, bottom line do your market research.

Study online forums dealing with issues in which you have some expertise. If you are a computer geek look in coding forums, a teacher research teaching methods. Look at the problems people are having then think of answers to the questions. This research will allow you to start developing the product.

To be successful, seek the market first..

Once you have an idea of a saleable product, check out who else may be trying to fill this void. Get an understanding of the product potential competitors have produced to address the issues. Then comes the hard part produce a product that solves the problem better than the competition; easy, right?

Step 2: Found your product, now you market and sale

The lifeblood of an online business is customers; 1,000,000 likes of Facebook doesn’t put bread on the table, customers do. In sales, there is a concept known as a sales funnel. This technique is to transform potential customers into repeat customers and requires you to wear both marketing and sales hats.

Marketing Hat

Build attention through the use of relevant and eye-catching taglines and headlines.
- Be truthful and transparent; no BS, deliver what say!
You understand the need (see step 1) now tell your prospect how you will solve the problem.
When you deliver, get testimonials and references then post them proudly and prominently.

Lead your potential customer to the sale

Sales Hat

Build credibility by showing the potential customer how your product can solve their problem, not a hypothetical issue but their real problem.
- Be truthful and transparent; no BS, deliver what say!
Talk about the rewards and benefits your product will bring to the customer.
About 80% of all sales are lost because you(the salesperson) just haven't asked for the business. Make an offer that profitable for you and beneficial for the customer
Put the customer at ease by making reliable guarantees.
Create a sense of urgency by showing the customer what they have to lose by waiting. They may lose a discount, rebate, or market share. But whatever it is, make sure it is researched and factual. Remember, the first step to building creditability.

Last thought on making the sale, apply the WIIFM “What’s in it for me?” factor. Throughout the sales process, focus on how your business will solve the customer's problems. Always apply your solution to their problem, so they know, “What’s in it for me?”

Step 3: Design and build your Web Presence.

You have found your market, You have a product that solves problems. You have mastered the technique of a sales funnel. Now it is time to build a store.

A smart business person would never build a store without knowing the market, the needs of that market, and the solution to fulfill those needs. The same is true in the online world, yet every day thousands of websites go online to sell "something" to "someone" to fix "some issue". This approach reminds me of Field of Dreams; "Build it and they will come".

"Build it and they will come" only works in the movies

The average online shopper gives you 5 seconds to influence their descision to shop with you. Would you shop in a store that had inventory all over the floor, sully sales reps, no customer service, Never smiled or had silly promotional ads for other businesses all over their walls? Guess what, neither will online customers. So keep your store clean, easy to buy from, and friendly. Here are some ideas:

Use plain fonts on a light colored background. Comic Sans on a orange background is a no-no
Navigation from selection to check out needs to be streamlined, easily understood, and fast
Only use graphics, audio, or video if they help sell your solution to the customer. Otherwise they are annoying as the air puppets at a used car lot.
Always thank the customer whether they bought from you or not as they leave the store: try and get their email address so that you can send them notice of the great things you are doing that will help them

Your website is your online storefront, so make it customer-friendly.

Step 4: Reach buyers looking for your product or service.

Google, LinkedIn, and Fackbook are your business partners.

Pay-per-click advertising is the quickest and simplest way to drive traffic to your new store. It has significant advantages over waiting for traffic to just happen by.

First, PPC ads make it to search pages immediately (no more waiting for the Google Dance,
and second, PPC ads allow you to test Marketing/sales strategies by testing keywords, headlines, and price points.

Community is much more than belonging to something; it’s about doing something together that makes belonging matter. - Brian Solis

You get immediate traffic to your store; you gain insight into what keywords, phrases, headlines, and taglines are of interest to the online shopping community. You can then use this knowledge to update the content on your site to help the search engines find you organically, resulting in more motivated customers to your online store.

Step 5: Be the expert everyone is looking for.

The Internet is for finding out things, just ask SIRI. You are the expert everyone is looking for when it comes to your product or service. So share the knowledge online everywhere you can. Use forums, FAQs, answer questions on LinkedIn, or hobby sites. Anywhere that is relevant to your product and that your expertise can be showcased, post there. ALWAYS provide a link to your storefront site with every post.

I'm very excited about having the Internet in my den. - Steve Jobs

You’ll reach new readers. But even better, every site that posts your content will link back to yours. Search engines love links from relevant sites and will reward you in the rankings.

Step 6: build your online Rolodex.

An Opt-in email list (online Rolodex for old farts like me) is the most valuable asset of your online business has. You have permission to release the Kraken or in this case send them e-mail.

Email has an ability many channels don’t: creating valuable, personal touches – at scale. - David Newman

You are providing them with information they want
You are building a relationship
You can easily understand if the interaction is working.

E-mail marketing is inexpensive, effective, targeted, and measurable for results. If someone opts-in to an email list, they are an excellent sales lead..

Step 7: Build loyalty to you and your brand.

One of the most important efforts you can make for growing your business is to develop loyalty from your customers. Approximately 36 percent of people who make the first purchase from you will come back again if you follow up with them (build a relationship). The first sale to a customer is expensive and time-consuming. But if you build a relationship with the customer, you will get the next sale easier and less costly. Over time as trust builds the sale will cost you nearly nothing and the rewards are unfathomable.

Mass advertising can help build brands, but authenticity is what makes them last. If people believe they share values with a company, they will stay loyal to the brand. ― Howard Schultz, Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time

Offer products that complement their original purchase.
Send out electronic loyalty coupons they can redeem on their next visit.
Offer related products on your “Thank You” page after they purchase.

Reward your customers for their loyalty and they’ll become even more loyal.

ReallyCoolSoftware LLC