The world is going digital faster than ever before. That means, unless you have a digital business, it can be nearly impossible to compete against the rapid pace of innovation. The good news is that there are plenty of ways to grow your business and improve your marketing strategies. Even better? With the right strategies and some patience, you can see exponential growth in your business.
After all, businesses are built one customer at a time! Let’s take a look at 3 non-obvious tips for entrepreneurs to grow their online businesses.
This article is based on Vit Muller’s podcast episode with Anatoliy Labinskiy.
Growing your business means doing things differently to make them easier and more enjoyable to do on a regular basis. That’s why this blog is about 3 non-obvious tips that can help you grow your online business, get more customers, and make more money:
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Analyze the market.
Before you start a new business or launch a new product, you need to be well-prepared. Look for similar items on Amazon and see what people are saying about them; read their reviews on social media and YouTube. You’ll see how many angles you can use in your advertisement, or even talk to your supplier about changing some characteristics of the product.
Usually, under videos related to some specific niche or product, in the comment section, you’ll see full conversations in which people discuss their problems and how they were solved, or how they could be adjusted or adapted.
Another example is Tesla. How did Elon Musk build Tesla? He was asking what people want before starting to create a car. The same advice applies to you: simply search online for what people are talking about, analyze and combine all the information, and create the ideal product for them. It’s harder than it sounds, but still, it’s possible.
What is the best strategy for your email marketing campaigns? Check in the article.
Make sure that your products have a good enough margin.
These days, social media ads are really expensive. And sometimes you need to add cross-channel ads to catch your customers. Learn about LTV, cross-sales, and upsells because now, this is usually the only way to make a profit. I mean, you can use low-cost products to attract more customers to your store, but you must upsell them with high-ticket items via email, SMS marketing, and possibly post-purchase in your store. So then you will be more than profitable.
However, it is a super-deep dive structure. When you have a good understanding of your audience, you can start with cheap goods and offer them cheap, middle, and expensive goods at the end. So, in the end, your customer will spend thousands of dollars with you rather than just $15, just because you built the right funnel to bring him in.
Understand your customers.
Add post-purchase questions to your customers’ emails. As you scroll through the hundreds of responses, you’ll notice some patterns. And with this knowledge, it would be easier for you to create more effective ads and write better ad copies or product descriptions, and the sales team could sell more.
You can ask some of these questions:
Why have you decided to buy this product? Or why haven’t you purchased the product? If a customer left the abandoned cart open, what would you change? What would you do as CEO of our company? What is your opinion? Or what could be added? What kinds of products could be added?
So, when you have replies, you can see the average number of similar things. It would be a lot of different but related things, and you’ll see, okay, this is the top five we need to focus on. And then adapting your ads, your marketing angle, and your video recordings according to what people say.
Today, nearly every product or service is available online. In addition, technological advancements have made it easier than ever to start your own business and grow it into something big. If you’re searching for ways to accelerate your growth as an entrepreneur, follow these tips for success.