Top 3 Mistakes in Online Business
As a small business owner, you may have been shooting yourself in the foot if you don’t know the mistakes you are making in your online business.
Your competitors are there to eat you up while you keep wondering who you’ve offended that is not making your business grow.
You make sales, yet you know that you can do better.
But how will you drive more sales, increase revenue and attract investors if you keep making these top 3 mistakes?
#1 Mistake: Lack of customer’s data
As a startup business, if you do not learn to keep proper records of your customers online and their details, you may end up biting your nails.
Did I hear you ask why?
The reason is, in this era of digital and online marketing, these data when collected properly can be used to drive massive sales.
Most business owners learn about this when it’s too late, and when they realize that their business has been in the same position ever since.
Having proper records of your customers allows you to understand them better. It also helps you ascertain the categories of people who are interested in your products or services.
Furthermore, with these records, you can re-target them online and remarket to them. You can even up-sell some of your other products and services.
But whatever you are doing with their data, be sure to seek their approval first so that you will not be charged for misuse of information.
#2 Mistake: Not Advertising
This is the second and most severe mistake any business owner could make online. Think about this; why do big brands spend so much on advertisements? why do they have to constantly churn out adverts in your face? and if these bigger corporations are doing that, why aren’t you?
Your brand needs to be out there, in the faces of people and also in their minds. When you do not advertise, you are leaving a lot of things to chance!
First of all, your competitors who are advertising will have a larger market share than you, secondly, they will have your customers and last but not least, you won’t make much revenue- if you make any at all.
The best part is, you don’t have to spend as much money as the big companies do!
Online advertisements are way cheaper than using billboards and television and radio commercials.
This is one of the services that you need to outsource to professionals so that you can focus on your core business activities.
Are you falling into this mistake in your online business too?
#3 Mistake: Lack of customer retention strategy
Yes, you read that right.
You probably have a customer acquisition strategy or plan. But have you looked into having a customer retention strategy?
What about customer nurturing and care?.
Tell you what, you need one too.
While you may probably forget about your customers once they’ve purchased from you, it is more important to get in touch.
Because these are the people whom you can count on to spread the good word about your business.
If they get the right service from you, they will go ahead to refer their families and friends to you, which is good for your business.
But if your service was crappy, they’ll go ahead and rant to a lot of people, family, friends, colleagues and anyone who cared to listen, about your bad brand/product/service.
That way, you lose your old customers and other potential ones too.
A bad review/rant will go a long way to hurt your business, long after the one involved has probably forgotten.
Therefore, it behooves you to do a good job of reaching out to them, asking how they’re faring and how your product/service has served them.
Send them shoutouts, reminder notes and anything that will make their lives easier. It isn’t too late to amend these mistakes in your online business.
You may not have time to keep in check, which is why I advise you to outsource your customer retention and nurturing.
I believe by now you have taken note of one or two mistakes you are making in your online business and already thinking of ways to improve.
Try these out and witness an increase in sales and rapid business growth.
Perhaps you don’t know where to start?
Contact us to help you identify these mistakes in your online business and let us suggest ways to improve them.
Share this with others who are making similar mistakes in their online businesses.
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