Online businesses have had exponential growth in recent years due to changes in the consumption model worldwide. In Mexico, for example, electronic commerce generated a total of $316 billion pesos in 2020. This represents 9% of the total retail channel. According to data from the
These changes in consumer habits pave the way for new business models in the digital environment, but what makes online businesses successful? Keep reading!
What to take into account for internet business?
The first thing we can mention is that internet businesses have their own characteristics due to the medium where they are developed. Although a traditional business can adopt digital channels, it is important to understand that a digital business needs a whole strategy that understands the consumer, the market and the online medium to create strategies that make it successful and profitable.
🌟If you want to fully understand how to do a digital business, we recommend you read our super .
Characteristics of online businesses
Economic resources: Compared to traditional businesses, the resources to create an online business are not too many. They do not necessarily require a very large investment to start working and you do not need a physical space like an office or a store to create a successful business.
Be careful, this does not mean that it is free; When starting an online business you will need to invest resources in assets such as your domain, hosting, ecommerce platform, tools for social networks and promotion, basically.
There are plans that include several elements in a monthly rent. ¡
Digital tools: This point is really important because we talk about the tools you will need.
The first thing is your website, which will be the place where your customers will arrive and where you can even generate sales. It is an incredible tool, because if you work with it properly and your business has to do with e-commerce, you will be able to generate income from there.
Social networks are also a great tool that you should understand. Each one has a different function and you can use them to grow your brand and generate traffic to your website to convert into sales.
Mailing or email marketing is another powerful tool that you can develop when you have a database to which you can send information about promotions, launches and news about your business.
Planning and strategy: A digital business also needs to generate action plans and strategies that define the course. Let’s not fall into the mistake of thinking that by having a site and networks we will start selling immediately. The internet has the advantage of crossing geographical borders, but how can you achieve it? With a plan and different strategies.
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What does it take for an online business to be successful?
Something basic to be successful with an online business will be to understand how the digital ecosystem works and see the possibilities we have within the market we want to reach.
In addition to having a defined business model and making sure that we have the necessary tools to meet the demands of our users and customers.
But let’s start by understanding a little more about business.
What is a successful business?
A business is considered successful when it is able to meet the current market demand and manages to adapt to the changes that arise in it without affecting the benefits it provides.
In other words, a successful business will bring benefits to both its owners and its customers on a sustained basis and will continue to grow in response to demand.
How to start a successful business?
The success indicators of a business depend to a large extent on the line of business in which it is developed, however, to start a successful business it is necessary to take into account basic elements on which to work our strategies, for example:
- The market we will enter and its variations
- The timing and relevance of our products
- The public we are targeting and their behavior
- The competition we face
- The resources we have
- And always base ourselves on all this to create a business plan that guides us
Profitable business vs successful business What is the difference?
A profitable business will be one that generates more income than expenses and has to do with achieving success, but according to what we have been talking about, the economic factor is not the only indicator of success in a business.
Think of the businesses that you consider most successful in different ways, you can do it just for one thing, you have them in mind.
One of the first keys to determining that a business is successful is that its consumers have it in mind as an option. This helps your market prefer you over other competitors and even recommend you.
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But not everything depends on your market, you also have to look inside.
According to an article in , 75% of new ventures will fail even though their products or services are good, and this is because a good internal organization is not achieved or there is no adequate growth vision.
To achieve a successful business, you should not only focus on how profitable an idea is, but on how to grow that idea and obtain additional benefits such as expanding your brand to new markets, creating a community around your business and, above all, complying with the purpose of providing value to your customers.
So we can say that profitability is part of a successful business, but success is made up of different elements that impact both the market and the company, and these elements must be worked on daily to achieve specific objectives that translate into successful results.
18 basic rules to have successful online businesses
Now yes, let’s go to the points that will help you to be more successful in your online business.
It is worth mentioning that we made this compilation of rules based on the advice of the most successful digital companies as well as advice from large digital and non-digital entrepreneurs, so we are sure that they can help you improve your business. Here we go.
1. Start with why
This has to do with the purpose of your business and why it was born. Obviously, all businesses have an economic interest, but today’s successful businesses have something in common: a purpose.
One of the keys to success for most innovative businesses is that they focus on why they do what they do, not how or what. This is a concept developed by Simon Sinek where he tells us that people do not buy what you do but why you do it and explains it through his golden circle theory.
In this theory, Sinek explains how big brands manage to inspire hundreds of people to buy their products not because of what they are, but because they believe in the purpose of the brand. And for Sinek, the best thing is to make sales with people who believe in what you believe.
Many people know what they do, others know how to explain how they do it, but if you manage to tell your audience why you do what you do, you will get customers who are more faithful to your purpose and you will have found loyalty.
Obviously, everything you do will have to be linked to your why, from your products to the culture you achieve in your work team, and that why will be your guide to keep thinking about new strategies that bring you closer to success.
2. Fall in love with your idea and share it
When you are clear about why you do what you do, fall in love with that purpose and work every day to fulfill it. Being in love with your project will make you work with more passion and convey your message authentically.
People connect more easily with brands when we identify or find the human and emotional side. If you transmit the love you have for your purpose, you will be able to reach people’s emotions and stand out from the rest.
When you have a clear idea, you will be able to find different paths to achieve your goals, but it will be less likely that you will deviate from what you are looking for even if you change the route.
Telling stories is a good way to talk about your ideas and your mission. We recommend you read more about the
3. Understand the digital world
This may seem obvious but it is important to keep in mind whenever you are starting an online business and it is not something too complicated, however there are some points that you must take into account to be prepared.
It’s fast
Think about the amount of information we consume in just a few minutes. In social networks, in digital magazines, online newspapers, websites. We are full of data and information all the time.
You have to stand out from the rest and you have approximately 6 seconds to do it, so when you go into online business you will need to create a large network of content about your brand.
it’s immediate
People look for immediate answers when we carry out actions in the digital world. Your business should be able to provide immediate attention on the channels you use.
requires transparency
According to a study by the , 50% of users stop buying on a site if they cannot see the existence of the product online and 39% will not buy again due to mistrust.
For this reason, it is necessary that you be as transparent and clear as possible in the processes of your business and your products, in addition to helping your customers quickly understand the steps to buy in your business.
4. Choose your channels
Being in digital does not mean that you have to be in all the channels and social networks that exist and that is a common mistake that entrepreneurs make.
First of all, you must understand what channel your target audience is on and how each medium works.
When you have defined where you are, you must begin to set specific objectives for each of them. Only then can you measure your results and generate new actions.
Will they be to generate branding? Have more followers? Bring them closer to the sale? Bring them to your website?
📌Tip: Take a look at the competition just to identify their formats, it is worth using what already exists but think about how you can highlight your own brand.
5. Always listen to your customers
Bill Gates has a phrase known to many of us in the entrepreneurial world and that is: “Your most dissatisfied customers are your greatest source of learning”. The criticism that your own customers have about the service, the product or the user experience will help you improve your business and focus on what you must solve immediately.
But don’t just take into account their dissatisfactions, also appreciate each one who leaves you a review or recommendation, constantly check who has tagged your business in their networks and thank them.
Monitor what people who know your business are saying about your business and try to be in those conversations where they mention your services. Listen to what they ask for and what they like so you can improve and add real value to your customers.
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