3. Focus on a niche market
Don't be everything to everybody by trying to dominate a huge
and general market because you just simply can't do it
effectively.
Focus your internet business on a targetable portion of the
market or a narrowly defined group of potential customers.
Address the need for a product or service that's not being
addressed by mainstream providers. The advantage of this is that it's less competitive in such a market as large businesses won't want to be in it.
For this to be effective, the market niche that you're targeting must be fast moving, its customers accessible and there mustn't already be a dominant player in that particular market niche.
The key here is to find a niche market, assess the needs of the
market and then offer them your products and/or services that
meet their needs.
4. Differentiate your business
To capture a larger market share and be viable, sustainable and
profitable, you need to differentiate or distinguish your
business from your competitors; make your business special in
the eyes of your customers and/or prospects.
You can do this by creating what's called a Unique Selling
Propostion or USP and then effectively convey that USP to your
target market via your marketing efforts and business performance.
This's particularly crucial if you're operating in a highly
competitive market.
A USP is the one thing or idea that sets your business favourably apart from your competitors. Think about these questions: "What's the one thing that makes your business unique and distinct? Why should people buy from you and not from your competitors? Do you promise great value, benefit or service?"
Your USP is the focal point around which the success and
profitability of your business is built and so you must be able
to state it and fulfill it honourably and effectively.
5. Spent your funds wisely
Costs is one of the major determinant of your internet business's survivability. You'll need to carefully track and control your costs from the outset and make sure you can start to show a profit soon, as unmindful spending with no thought given to incoming resources will bleed you to death.
Credible websites not only require money to set up but also to
maintain; advertisement costs money. Driving traffic to your
website where you lose money on sales made is suicidal. Do your
sums; consistently refer back to your vision to ascertain whether an expense is warranted or meaningful.
6. Superior customer service
In addition to a viable business plan, a superior customer
service will be key to your success.
Superior customer service must be a high priority in your action plan. Build a trusting and long lasting relationship with your customers and prospects, send your staff for customer service training, fulfill your orders promptly, and constantly remind yourself the reason of your very existence.
This is crucial as it costs five times more to win a new customer than it costs to keep an existing customer. Moreover, a dissatisfied customer will tell, on average, five or six people about your bad service. The point I'm driving at here is that looking after your customers saves money and boosts profits.
Learn and apply what I teach you, do it right, and you'll rise
above your competition and blow them out of the water in no time.
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