Manage episode 292745810 series 1281830
How To Make Your Online Business Successful? Business | Executive Coach
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In fact, our research specifically proves 8 Critical Success Factors for small & medium-sized businesses.
Visit www.BestBusinessCoach.ca for more info.
Or https://www.members.bestbusinesscoach.ca/success-research/ for more on the research behind it.
A company is an individual or a group. Who solves a problem for someone else or another group. Via a product or service. It could be, "I am bored" "I am hungry" "I feel ugly." These are all the reasons for buying. Problems need solutions. Problems are markets. Not demographics.
To make your online business successful. You need to be successful at finding people with the problem you solve. Convincing them to pay you with whatever guarantee you have. And then you do it for them. To make them satisfied.
The whole process needs to create a surplus of money. Compared to what it costs you. To get it done. Not just for resources. But paying people to work. To run an online business you have to organize. To be successful.
It's not about being a single person who does it all. It's about successful organizing. On-line products are powerful. Because of the low-cost duplication. If you make an e-book or have software it's powerful. You can have thousands of people on a Zoom call. The leverage is phenomenal. For on-line businesses.
You have to make sure the arithmetic adds up. Focus on the problem you will be solving for people. Then be effective at building teams & developing systems. To market to potential customers, and answer their questions. To collect money. Onboard them. To deliver what you promised. For them to be satisfied. Follow up.
To make an online business successful, At the time of this recording. Last year, I hired 7 research teams to dig in To the scientific literature for the last 50 years. And ask what does science says. To be successful in business. For small and medium-sized businesses.
We came up with 8 critical success factors. 1. self-efficacy. 2. Strategic planning. 3. Market intelligence. 4. Marketing strategy. 5. Sales strategy and skills. 6. Money management. 7. This is operations. 8. Business intelligence.
For more information go to my website: bestbusinesscoach.ca We talked about each of these 8 critical categories. In-depth. To make an online business successful. You need to have some means of finding prospects. Turning them into customers. Having a long-term business relationship around it.
An old mentor of mine. Said the basics of an online business are simple. 1. You will need an Optin form. Which is a way to collect leads in email or have someone indicate interest. 2. A sales letter. 3. Order form 4. an auto-responder which goes on forever. That's it.
One more, An ad that goes to the Optin form. For the first step. Indicating interest. The sales letter describing the product or service and the benefits. An order form is a means to collect money. And an auto-responder with constant emails. Find out what they need when the time is right.
People don't buy when you are ready to sell. They buy when they are ready to buy. That's why it's important, as a business, to try to let them understand. The typical buying cycle and buying process. Where the prospects go through. So you can set up reasonable milestones. To encourage people. How often do we get the book report done the night before it was done? People will put things off. You might feel weird about trying to impose deadlines on others. If your business is solving a problem for people. As simple as a movie theater: "We're bored. We want to go somewhere to relax & watch a movie." If you are solving a problem for someone, Do something about it. You don't want to be a pushy salesman. Don't push things on people who don't need the things you offer. If you're solving real problems for the world, Then you want to have a realistic sense of the process. And encourage people regarding their learning needs. You want to have those standards in place.
There is a lot of different ways. I have been online for over 12 years. You can do organic traffic. Social media traffic. You can run a community group or a Facebook group. Or in any social media platform group. A lot of people want to be influencers and establish their networks. You can do paid advertising. You can do that as an affiliate which is a referral partner. If you are well connected then you have a big following percentage. Referring people to a product or service that you believe in. There are a lot of different ways to do it online. Think about which business model type best fits you. Depending on your goals and your interests. And what you want to contribute.
I don't have it publicly available yet. But we did have a book called "Masterclass." We covered 10 different internet business models. And I've talked about some of those here. There is organic content. Where you get a lot of visitors, and you show ads. Almost like a publisher model. Where you publish content and show ads.
Then there is a paid advertising model. An Affiliate model. There are different types of models. In businesses. That you can get into.
It depends on what fits you best. For more information, go to bestbusinesscoach.ca.