Are there rules to running an online business? You’d think that it applies only how the business owner chooses but, in fact, there are many fundamental business practices that each online business should be displaying in order to compete and be successful in the online marketplace.
As a business owner, it’s up to you how you choose to implement the following but remember that each creates a unique level of authority, trust and eventually sales for your business – use them wisely as it could mean the difference between thriving or just surviving.
Rule #1: Always keep the customer in mind
As the old saying goes “the customer is always right” – especially online. For every hundred customers you deal with, you may have a dud. When customers become disgruntled online they are sure to contact the world – don’t let people become discouraged; always do your best for the customer and make up for anything wrong your business may have created.
Rule #2: Never base your business just one price
If you’re trying to build your business based off price than you’re already going to fail. Yes, people are looking for the cheapest possible prices online but when you base your own business on prices you’re going to corner yourself in the market and as new competitors come in with lower prices, you’ll be forced to drop your own that almost completely destroys any form of profit – this leads to eventual disaster.
Rule #3: Create your own unique selling point
There are thousands of other competitors just like you online; it’s a number game. Because you have so many competitors, you’ll need to create your own unique selling point – something that makes your business different from the rest. Your USP can be as simple as the customer service to the packaging on your products; find something that sets you apart and put it right out in front for everyone to take notice.
Rule #4: Don’t limit yourself to just your website
It’s all too common to see an online business limit themselves to just a website. The web offers online businesses many ways to create revenue from interaction on social media to driving sales using online video – don’t restrict yourself to a single domain, get out there!
Rule #5: Continue to evolve every day – don’t be afraid of change!
Finally, your business must constantly be in a state of change. The web flies by a mile a minute, your competitors are out there trying to one-up you with everything you do. Don’t fall behind, reinvest part of your profits to research new products and services, marketing campaigns and ways you can create a better customer experience.