So, you’ve taken your business online and wondering where to go from there?
Well, starting your business online is just the first step of your journey towards growth and success in the age of digitalization.
If you truly want to bag the countless opportunities laying around in the vast expanse of the digital space, then you’ll have to make sure a solid online presence at all times across every popular channel and platform on the internet.
Starting with the mighty “Google” to the fastest growing network on the internet- Social Media!
Apart from maintaining an interactive online presence for your consumers, you must also have a sound marketing strategy, as well as the funds to back it up.
Now, while arranging the funds for a business, aka working capital, is somewhat easy in the modern banking system, maintaining higher visibility in Google is not. Thanks to its smart algorithms and bots!
No wonder why it’s the biggest reason for most online businesses to fail.
And then, there is that 800-pound gorilla- Amazon, the fear of whom has kept a stupendous 35% of online businesses at bay. Followed by 32% of small businesses that fail solely due to lack of funds.
As apparent enough, the challenges of running an online business may be many, but so are the opportunities and overall gains.
Having said that, here’s what you need to do to scale your business online the right way:
- Have a proper plan:
The road to scaling your business online for exponential growth begins with a full-proof plan. One that is crafted around realistic goals, target audience, available resources, manpower, technology at hand, and most of all, your company’s budget.
Following a plan will also help you transition between different stages of the online expansion, all the while driving your business in the right direction.
- And a working capital!
Although relatively cheaper than launching another physical site, scaling up your online business does come at a price.
Be it the cost of hiring the staff, price of the new equipment, paid software and ads, website expenses, and any other liabilities, the fact is that businesses require a non-stop supply of cash.
Thankfully, there are numerous ways to raise the money you require. Depending on your objectives, you have a wide range of options to select from, including conventional bank loans, equipment financing, SBA loans and working capital business loans from private lenders.
- Analyze the data:
Once you have built an audience base from all the popular channels, markets, and promotions on the internet, you must take the time to understand what your audience is looking for. That is, by going through their shopping behaviors and search patterns.
The best way to get that done is by using a data analytics tool such as Python, Excel, SAS, Power BI, and so on.
- Market your products:
With significant customer insights, marketing your brand should not take long.
Apart from using the typical means of digital marketing like Social Media, Email, and mobile marketing, you should also invest in other types of campaigns such as PPC, affiliate, and influencer marketing.
And don’t forget to post fresh and original content frequently (Content is still the king!).
- Take advantage of the latest tools and tech:
The growth of your online business is almost proportional to the kind of tools and technology that you have in place.
So make sure to have all the latest solutions when it comes to things such as CMS (WordPress), Email marketing software, shipping and fulfillment software, payment solutions, and any other business suite that you want to use.
- Optimize your site and content (SEO):
Search Engine Optimisation is the key to driving new traffic and leads. As the best lead generation strategy that marketers use today, SEO can help you increase brand visibility so as to reach a wider audience base.
And the best part, SEO can be applied to every single webpage and content that in some or other way represents your business.
- Build an online presence:
Scaling up your online business means that you’re willing to stay online more often. And in all the right places! Including your website, social media, community forums, chat rooms, and other online locations that your target audience usually prefers.
The idea is to be able to connect and engage with more and more people so as to drive more traffic your way. Being online is also the best way to boost your public relations efforts.
- Automate and personalize:
Gone are those days when computers depended largely on manual input. These days all you have to do is pick the right tool or software, input a command, and lay back while the program does the job for you.
Benefits of automation include streamlined workflows, faster processes, higher quality, faster delivery, reduced cart abandonment, and instant order fulfillment.
As far as personalization is concerned, it lets you target your audience in a much more personalized way while increasing your sales, conversion, customer engagement, loyalty, and experience. At the same time gives you a competitive edge.
- Create a solid business reputation:
Many companies have become so well-known in the industry that future generations will know them. The market value of your good or service determines how well your firm grows. Public relations firms are renowned for offering the best solutions in this area. These companies efficiently promote your offline and online business reputation using the greatest social media and other platforms. Make an online search to find the top Public Relations agencies to assist you in developing a powerful brand for your business.
The list of ways to scale up your business may be far from over, but the bottom line remains the same, i.e. less investment, flexible timings, a wider area coverage, and a higher rate of return.
To go further or the extra mile, try managing online reviews and feedback as well. And keep track of your online performance.