Mistakes That Will Kill Your Online Business
For those who are new to online marketing and owning an online business, it's challenging to keep up with the many hats you must wear and things that need to be done. There are some things, though, that can be really, really bad for your business.
Procrastination
Far and away, it's the biggest pitfall for any online business owner. If you tend to “put things off” you're sentencing yourself, and your business, to failure. Being consistent and dependable go a long to building your online reputation. Your customers and potential customers are watching – and when they see no action from you they move on to someone else. Making it very difficult for you to get their attention again.
Another way procrastination hurts is putting off the marketing tactic.
Wait too long and the search engines change, making that tactic unusable.
Wait too long and your email list grows cold, making them unresponsive to your message.
Wait too long and your potential customers have moved from reading to content to listening to content.
The world of internet marketing is an ever changing landscape, and no one knows when the next change will come. So to wait to take action is to kill your business.
Money
You must spend your advertising and promotional dollars wisely. Unless you have a budget the size that Coca-Cola uses, you can't jump on every tactic or promotion available. You must choose wisely. Be cautious as you make purchases for your online business.
The best advice I can give is: pick a tactic, master it, when it's profitable only then move on to another tactic. This will save you money, time and headaches.
Changing What You Offer
Before you decide to change the product or service you're offering, make sure that you've done some research first.
Is is something your current customer base will buy? Are you sure? Is it something that should be offered to a new market? If so, make sure they want it. Research by listening on social media, asking questions of your current customers, and paying attention to what people are doing online.
Desire to Succeed and Grow
Every business needs an owner that is driven to make sure it is successful and grows. Make sure you are always learning, adding to your marketing knowledge and putting that to use on a regular basis. Otherwise, your online business will become stale and then die.
Outsourcing
When you first start an online business there are a LOT of things that need to be done. But, just because you're the owner doesn't mean you have to do everything yourself. There are many, many options available to you to hire temporary, project based help. Oh sure, you can do it alone and all by yourself but I can assure you that it's very much like this: on your own you're traveling a gravel road, outsourcing turns the road to asphalt.
It's best if you can focus on revenue generating activity and leave the administrative and tactical things to someone else. It's also a way to leverage your strengths and letting an expert handle some things.
Confidence
Most online business owners get negative feedback from people who don't know how the internet works. If you're not confident in your business, if you don't have faith that it will work, it can be easy to get sucked into that negativity. Surround yourself with people who are successful online business owners and you'll be able to sustain your confidence in your business.
Owning a successful online business that provides consistent income is no small thing, but if you take consistent action, stay focused in a couple of key areas, then your business will grow.
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