6 Key Strategies Used by Successful Online Businesses
In today’s digital-driven world, there is a seemingly endless range of opportunities to set up your own business online. These opportunities range from e-commerce stores and biotech companies to affiliate marketing, coaching, and blogging, and every day another online entrepreneur takes a leap into the world of business.
Of these new businesses, some become extremely successful, with the founders becoming millionaires, sometimes overnight. However, despite the success stories, there are more cases where the business is less successful, failing to ever get off the ground.
So what are the differences between these success stories and the failures? Let’s take a look at some of the key strategies used by successful online businesses in 2019.
Use Instagram in the right way
Instagram has gone from strength to strength in 2019 and it is now, more than ever, a powerful tool to promote your business. Using Instagram as an effective marketing tool means more than just posting a few good pics, however: you need to know what tactics to use an order to make your mark with the right audience.
Stories are where Instagram is at these days so it is important to make the most of these, and not focus only on standard posts. Interactive posts of any kind are also great, as this builds engagement at the same time as appeasing the platform’s algorithm and so making sure your posts get seen by more people. Finally, it is important that your posts show your brand’s personality, as this very visual media is a great vehicle for adding a personal touch to your digital marketing.
Treat LinkedIn like a social media platform
Another social media platform which has become increasingly effective for online businesses in 2019 is LinkedIn. However, some businesses still treat it like a staid network rather than the social media and branding tool that it can be. Of course, you should dedicate a certain amount of effort to creating a strong LinkedIn profiles (both personal and business profiles) and building your network on the platform.
However, there are many more ways you can use LinkedIn to grow your customer base and strengthen your client relationships than simply setting up a profile and making connections. Join LinkedIn groups relevant to your industry and participate in the discussions, adding as much value as possible to establish your credibility. LinkedIn is also moving more towards a Facebook-style newsfeed-centred platform, so be sure to be active in posting updates. Take this a step further by post polls and other interactive posts.
Be a master of the cold-pitch
Marketing and referrals are great for attracting clients, but this will get you only so far. If you want to maximise your client base, you also need to go out and find them, and this is where pitching comes in. Many business owners are secretly terrified of the cold-pitch, and use excuses to avoid applying this strategy. However, when done correctly it really does deliver results, and doing it well is not as difficult (or scary) as you may imagine.
To implement an effective cold pitch strategy, the first thing to keep in mind is to be as personal as you can. If possible, start your pitch with a common connection: a business acquaintance you have in common, for example. If you don’t have one, tell them how you have been a fan of their product, blog or service for years. Also be sure to build your credibility in the pitch, without turning it into an essay. Provide proof of product: a link which shows what you do, or demonstrate your expertise by mentioning big clients you have worked with or concrete results you have delivered.
Consider international locations for your base
One of the key advantages of an online business is that you are not tied to a particular location, regardless of where your customer base is. Therefore, you can look around for the best place to start your business, considering all applicable economic, workforce and lifestyle factors.
As an online entrepreneur, you should consider literally the whole world when making this decision. Countries you may never have thought of as your business’ home may offer a range of advantages, from low rates of tax, cheap office accommodation to a great skills base and incentives for foreign nationals looking to start a business there. This means that starting a business in Dubai and similar hubs is much easier than it used to be and can be highly lucrative.
If you’ve already started your business, you undoubtedly know how stressful it is. There is so much to manage, strategize, fires to put out, and you are probably burning the candle at both ends and in the middle too just to get everything done. This is very common for online entrepreneurs, but unfortunately means that something else is common too: burnout. Reaching a point of burnout can mean you cease to function effectively and will undoubtedly cause your business to fail, not to mention harming your physical and emotional wellbeing.
Avoid burnout before it hits by looking after yourself: eat well, exercise, get enough sleep and actively pursue self-care strategies. Maintain a balance between work and life and unplug from technology from time to time. Be sure to take days off and holidays – you are not a robot after all!