What Are the High-Profit Business Tactics Used by Successful Online Sellers
Do you dream of becoming a successful seller and knowing business tactics in the growing E-commerce marketplace? Do you want that juicy chunk of pie that everyone is vying for?
Well, the good news is: it’s not rocket science. If you’re looking to start a consistently profitable, self-regulating and ever-green online business, there are certain strategic tactics a successful online seller must practice on a consistent basis!
We’ll look at a few of them in detail below:
Know Your Competitors
This doesn’t mean taking them out for a date, nor does it mean trying to learn their favorite kind of TV show or chocolate. It simply means knowing who your competitors are, and what they are offering. This crucial place of knowledge can help you to make your products, services and marketing stand out better, 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.
Knowledge is power, as the saying goes.
Hence, knowing, understanding and analyzing your competition will provide you a wealth of knowledge and an ocean of information. This will automatically place you in an effective ‘vantage point’ to make your products or services more ‘appealing’ and visible to the same audience that you and your competition are vying for.
So what should you know about your competitors? Here are a few areas you can do your investigations on:
- The products or services they provide and how they market them to customers
- The prices they charge
- How they distribute and deliver
- The devices they employ to enhance customer loyalty and what backup services they offer
- 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
- How they use IT – for example if they’re technology-aware and offer a website and email
Always a Step Forward
This means always staying ahead of ‘the game’. Yes, game! You heard that right. How? Well, as discussed above, 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’ audience 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.
Keep in touch with industry news, consumer behavior and buying trends, attend trade shows, conferences and seminars if you can, stay abreast with what’s going on in the online selling marketplace, talk to your customers on a daily basis and learn from your mistakes! These are some of the ways you can keep stepping ahead with a foot in the right direction.
Research and Pre-Planning
Starting a new or growing an existing business is a little like buying a car: You need to conduct informed research before making the decision.
For example, first and foremost, you need to figure out if there’s demand for your product or service. Then you go over a competitive analysis, while at the same time looking for a place to set up shop. And finally, 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 tactics are the most tenacious researchers. Like miners, they dig, drill, dynamite, and chip until they have carloads of valuable ore.
Ready to Adapt
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.
Which is why it is utmost crucial that as an online seller you learn, develop and perfect the ability to adapt to the environment. Entrepreneurs and E-Commerce guru 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.
Spotlight Your Weaknesses and Strengths
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. Not being aware of either, is like shooting darts in the dark and hoping you hit the target. If you are self-aware of your weaknesses, you will automatically work on them for improvement. If you are aware of your strengths, you will effectively utilize them to your advantage.
Touseef Riaz is a technology analyst and provides optimal technology solutions for retail, e-commerce, and health care sectors. He also helps small to midsize e-commerce businesses and brands build a successful online marketplace strategy via technology.