You’re not seeing results from your online business. How can you improve your strategy?
If you have an online business, you know how challenging it can be to stand out from the competition, attract and retain customers, and generate revenue. You may have tried different tactics, such as creating a website, launching a blog, or using social media, but you still feel frustrated by the lack of results. How can you improve your strategy and take your online business to the next level? In this article, we will share some tips and tools that can help you innovate your business model and create more value for your customers and yourself.
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Markus Schreyer, PhDHospitality Executive | Chairman | Innovation, Experience, STEM
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Geoff McDonaldI help Speakers, Authors and Thought Leaders create their BIG idea.
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Eleanor FredrikssonPerformance Marketing Specialist at SOUNDBOKS | Social Media Advertising | Subscription & E-commerce | Maximizing ROI &…
The first step to improve your online business strategy is to clearly define your value proposition. This is the unique benefit that you offer to your customers, and that sets you apart from your competitors. Your value proposition should answer these questions: Who are your customers? What problem do you solve for them? How do you solve it better than anyone else? To identify your value proposition, you can use tools such as the Value Proposition Canvas, which helps you map out your customer segments, their needs and pains, and how your products or services address them.
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'We need to invest in a new website' is a typical statement when we do not see the desired digital results. The solution often lies in shaping the value proposition, identifying our target audience and how to solve their problem. 'You've got to start with the customer solution and work back toward the technology.'
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The value that you bring is subjective. Your audience can expand. For instance, I currently work with a premium product. In my heart I'd like to believe what sells is the feeling, the FOMO. But in reality, people seem to be much more interested in the nitty gritty tech behind it. And old client of mine targeted Women 25-45. We set up a trial of Women 60+ and turns out, her services sold like butter. She had better ROI and actually find those clients easier to work with because they all had the same goal. Don't assume, always test A against B. Find the data behind what drives your customers.
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This did not only happen once, a client found my rates rather high. So I told the client, indeed if you will compare rates by sheer monetary value, I agree, but if you look at my portfolio, I have brought growth results faster than the norm or average, so that was my value proposition. It is not the expense, but how I translate this investment in SEO to faster ROI. They admitted they only have 3 months' worth of funds to operate while waiting for results from SEO, so they were worried about that. In the end, we engaged in a contract and I did not disappoint. So it is not the expense, but how you turn this expense into growing the client's business.
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No online success? Find out what problem you solve for customers (your unique value) and tell them. That's the key to attracting customers and improving your online strategy. Based on my personal experience, these strategies can make a difference: Know your audience: Understand their needs and why they might choose you. Define your UVP: What makes you unique and solves their problems? Analyze your strategy: Are you effectively communicating your UVP? Gather feedback: Talk to customers and analyze data to see how your UVP resonates. Test and iterate: Refine your message based on what works best. Confidently, your UVP is evolving! Keep learning and adjusting to reach your goals.
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Toby FASUYI
Founder @ CartHub
(edited)In as much as we'd like to think that the business implementation strategies and road maps are the best for potential clients, we tend to forget that the main focus of business activities is to actually listen to these leads. We'd be suprised at how far conducting researches or surveys on existing clientele could go and also help the brand change it's approach towards their clients and offerings.
The next step is to test your value proposition and see if it resonates with your target market. You don't want to waste time and money on building something that nobody wants or needs. You can validate your assumptions by conducting customer interviews, surveys, or experiments, and collecting feedback and data. You can use tools such as the Lean Canvas, which helps you outline your key assumptions, hypotheses, and metrics, and track your progress and learning.
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I spoke with a client about this yesterday. She wanted to go back and tinker with her sales page and her website. That might be the right thing to do. But how would you know? My suggestion to her was 'to go back to your clients or colleagues and ask for feedback'. Then you'll know what to change next. It's also worth remembering that you're unlikely to make a perfect sales page. This means consistent updating and refining based on real-world feedback is crucial.
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In my projects, particularly when pioneering digital transformations at manufacturing companies, I've learned the importance of validating assumptions early on. Key Learning Indicators (KLIs), alongside traditional KPIs, offer invaluable insights into the effectiveness of new strategies. For instance, while working on introducing digital services, we tested value propositions early on with low resolution prototypes.
Another way to improve your online business strategy is to explore different ways to generate revenue from your value proposition. You may have a single or multiple revenue streams, depending on your business model and customer segments. You can experiment with different pricing strategies, payment methods, subscription models, or upselling and cross-selling opportunities. You can use tools such as the Business Model Canvas, which helps you design and visualize your entire business model, including your value proposition, customer segments, channels, revenue streams, and cost structure.
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Coffee shops and tea bars have opened everywhere and the owners have become worried that the competition will result in a price war and will bring their profit margin lower than they hoped. I suggested to a coffee shop owner, "Why just go for retail sales when you can go wholesale? Offer mobile bar rentals, partner with caterers, or rent out your place. There are small groups that need to meet, like study groups, those looking for co-working spaces, and team meetings. Just make sure you have an optimized website that allows online bookings so you have the potential to get advanced bookings even while closed."
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The freemium model is a popular pricing strategy that offers a free basic version of your product or service while charging for access to premium features. Businesses commonly use this approach to attract a large user base and generate revenue from a smaller percentage of paying customers who require additional functionality or advanced features. The key to success with this model is to balance offering enough value with the free version to attract users while still making the premium features compelling enough to justify the cost. By doing so, businesses can benefit from increased brand awareness, customer loyalty, and revenue growth.
Finally, you need to optimize your online presence and make sure that you reach and engage your customers effectively. You need to have a user-friendly and responsive website that showcases your value proposition and converts visitors into customers. You also need to have a content strategy that provides valuable and relevant information to your audience and builds trust and authority. You also need to have a social media strategy that connects with your customers, increases your visibility, and drives traffic to your website. You can use tools such as Google Analytics, WordPress, or Buffer, which help you monitor and improve your online performance.
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To optimize your online presence, one of the things to get faster results is to analyze and reverse engineer those who are successful, a.k.a, your competitors. Because by knowing their SEO profile can you learn how to outrank them so that you have a stronger online presence. Recently, one client approached me, "How much for one blog post a week?" I asked, "Well, how did you know you only need one post a week?" So when she told me about her niche, I checked her competitors and I told her, if you want to optimize your online presence, you need to be as aggressive as the competition, and they are posting 3 times a day, so your once weekly will not even move the needle if you want to build visibility and authority."
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If you think about your online presence as store fronts for your business. The more stores you have the more chances you have for getting more customers. Here;s an example: If your driving down the road and on every block some body sees your store front, the better chances you have of that customer stopping in. So think of this. Your website is a store. Your Facebook page is another store. Your Instagram is another, and etc. The more you optimize and use of them the better chance you have of being noticed
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Need more sales? Simply, figure out why YOU'RE special! Reflecting on my personal experiences, I have observed that finding answers to these questions can help a lot: Who are you helping? (Understand their problems) What's your superpower? (How do you solve them uniquely?) Are you shouting it loud enough? (Is your message clear and reachable?) Ask people their opinion! (See what resonates) Keep tweaking! (Adapt based on what works) Your "special something" is always evolving. Keep learning and adjusting to shine brighter!
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I have chosen one online store over another because of its excellent customer service. Prompt responses to queries and complaints and ensuring that customers feel valued can significantly improve customer satisfaction and loyalty. Consider having a dedicated customer service team and providing multiple channels for customers to reach out. You can take the necessary steps to ensure that your customers can contact you quickly through a contact form on your website, email, or social media platforms. Also, consider equipping your team with the tools and information to handle customer queries and complaints.
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