Strategy and planning
Numbers and metrics should play a key role in defining your success. These should be measured and reviewed on a periodic basis, and actions taken based on the outcomes.
You know exactly want you want to achieve, and when and where you want to achieve it.
A laser-like focus and dedication helps to build a successful online business. For example:
Constantly measure. Be aware of and understand your site and customer analytics. Know which metrics are important and continue to focus on understanding and improving on all the numbers.
Number of visitors, conversion rate, average order value, bounce rates, returning customers, overall cost per acquisition. Every day, week, month and year provides you with feedback that can be measured against targets and streamline your business.
Costs will fall into four main areas:
Some costs are fixed, others will be variable. Cost Per Acquisition (CPA) is one measure you can use to analyse individual marketing activities on their own or your advertising vs sales overall.
Changes and improvements should benefit visitors and consumers. By doing so convert more browsers into customers, existing customers into bigger and more frequent spenders.
Elegant design might be satisfying to the eye. Frequently site enhancements is very important.
Keep in touch with developments online.
Within the world of e-commerce, what is going on in relation to technology, online marketing, the latest news, and understand how to read basic web analytics.
React to as many opportunities and enhancements that are made as you can.
These may be new features on site, new areas for exposure, a change in how you work or continued improvements in product information and pricing.
You must become an e-commerce expert within your industry. Knowing as much as possible about your competitors.
Being clueless to these things may leave you running behind. An excellent first step would be to subscribe to the mailing lists of your competitors and a range of online e-commerce expert and advice sites.
The real money is made over the long term through repeat sales and referrals.
With great customer service and being fair in all business dealings, long-term relationships can flourish with both customers and suppliers.
Customers may take a long time to get but can be lost in an instant through poor customer service.
No one can be an expert at everything and having consultants, advisors, training providers and service partners you can trust and follow (and measure results from) is essential.
Winners pay for the best advice when it comes to strategy, tactics and growing the business.
Deal84 is where you link up and create your own digital village.
There is an army of companies and potential start-ups online wanting to make a million for little or no work and hoping that it is possible to make money for doing next to nothing.
Successful retail website owners know that this is a myth and the internet is like any other business. It requires focus, hard work, constant improvement and if you’re targeting and measuring right, you will enjoy the rewards.