Success in online business is just as much skill and consistency as it is anything else. When we speak of skill, it automatically necessitates technique and powerful business tactics. The more effective the technique and tactics, the more pronounced will be the results.
If you want to be a successful seller in the growing E-commerce marketplace and want to make your mark with higher profits, technique, and tactics are your best friend!
Thus, starting a profitable, self-regulating and ever-green online business, requires certain strategic tactics a successful online seller must practice on a consistent basis!
Here are 5 of the most effective ones you can start applying today:
Understand Your Weaknesses and Strengths (Everyone Has Them!)
Running a great business and selling successfully with profit is all about self-awareness. Having the knowledge (and the courage) to successfully evaluate, understand and tactics based on your strengths and weaknesses.
Do a complete SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of yourself and your business.
It is important that you know, understand and embrace your weaknesses and strengths. If you don’t, then it’s like shooting darts in the dark and hoping you hit the target. Not practical at all!
If you are self-aware of your weaknesses, you will automatically work on them for improvement. Similarly, being aware of your strengths enables you to effectively utilize them to your advantage.
Knowledge is power! Being aware of the “market landscape” and knowing who your competitors are and what they are offering, is a powerful weapon!
Knowing your competitors inside out can, in turn, help you create your products, services, and marketing in a way that is stronger and far more powerful than what’s out there currently.
Moreover, it will enable you to set your prices competitively and help you to counter rival marketing campaigns with your own unique and effective initiatives.
Constantly keeping an eye on your competition will provide you a wealth of knowledge and an ocean of information that gives you an effective ‘vantage point’ to make your products or services more ‘appealing’ and visible to the same audience that you and your competition are competing for.
Now, let’s come to powerful business tactics. What should you know about your competitors? Here are a few areas you analyze and stay abreast with:
- The products or services they provide and how they market them to customers
- Their brand and design values
- Whether they innovate – business methods as well as products
- Their staff numbers and the caliber of staff that they attract
- The prices they charge
- How they distribute and deliver
- The devices they employ to enhance customer loyalty and what backup services they offer
- How they use IT – for example if they’re technology-aware and offer a website and email
Stay Ahead of the Game!
Yes, game! You heard that right. How? The online selling and E-commerce market is a big, cut-throat and competitive “arena” of several players who are competing against you for the ‘same’ spectators (prospective customers) you are trying to sell your products or services to.
Hence, adopting an innovative approach, a ‘think outside the box’ strategy and visionary foresight will allow you to always keep moving forward in the race. A small step forward in the right direction is a hundred times better than a step forward in the wrong direction.
Some of the ways you can do this are by:
- Keeping in touch with industry news, consumer behavior, and buying trends
- Attending trade shows, conferences, and seminars if you can
- Staying abreast with what’s going on in the online selling marketplace
- Talking to your customers on a daily basis and learning from their mistakes
These are some of the ways you can keep stepping ahead with a foot in the right direction.
Better Research and Efficient Planning
Research and planning are the cousins of decision making. They are connected by blood! They must go hand in hand.
So starting a new or growing an existing business is much like buying a car: You need to conduct informed research before making the decision.
The way you execute effective research and planning is by:
- First, figure out if there’s demand for your product or service
- Second, you go over a competitive analysis, while at the same time looking for a place to set up shop
- Third, you create a proactive and educated plan to differentiate your offering from all the other products or services that are out there
Research is key! The best online sellers with the best business professional powerful business tactics are the most tenacious researchers. Like miners, they dig, drill, dynamite, and chip until they have carloads of valuable ore.
Adaptable and Evolution-Friendly
Be adaptable and welcoming to evolution. A successful business is one that is ever-evolving, living, breathing and open to change. A successful business is an organism that sustains itself by acclimatizing with its surrounding environment.
The fast past and rapidly evolving world of E-commerce and online business is always changing; always on the move; always undergoing a metamorphosis. This is part of the online ecosystem and business habitat.
It is crucial that as an online seller you learn, develop and perfect the ability to adapt to the environment. Entrepreneurs who cannot adapt to change are those who get left behind.
Be consciously ready and accepting when it comes to adaptation, stay open-minded, be flexible in how you view things, be willing to take criticism and undergo overhauls or revamps to your business and processes when/if needed.