With much of the world engulfed by lockdowns to help prevent the spread of COVID-19, there has never been a better time to start an online business.
With no overheads and the ability to work anywhere in the world, businesses all around the world are starting to see the benefits of having an online business.
But how do you grow your business online? What tasks do you need to go through to ensure you are on track to meet your targets? Here's what you need to know to grow your business online quickly.
1. Know Your Audience
You have to understand who is going to be buying your products and what their motives are. If you don't understand this then you can't hope to see your business or product grow online.
Do some market research and find out what platforms your audience uses. If you are selling a service such as an online manuscript critique for aspiring authors then you will want to know what they might expect.
People of all different ages and backgrounds write novels or non-fiction texts but generally, those with the budgets for a professional critique are retired or wealthier and have more leisure time.
2. Know Your Competitors
To sell or advertise your goods or services online, as most small businesses are now doing during the coronavirus pandemic, you need to be aware of what others offer and where your services fit in the market. This is a top tip for you to grow your business online.
Once you know and understand this, you can begin to carve out a niche and differentiate yourself from your competitors.
List all of your competitors and try to establish what their profit margins are, how much they charge, and what they offer. Some of this might come down to guesswork and intuition.
3. Research Profit Margins
As well as understanding your online audience and your competitors you also need to have a handle on how you are going to make a profit. How much are you going to spend and how much are you going to charge?
Once you have defined how much you need to spend to create a quality product or service and you have priced up the market with your competitors, you can then start to make profit projections for the coming months and years.
One of the great things about businesses having an online presence is that often your overheads are minimal. Often your main expenses are online adverts on social media or using a small business marketing company to grow your audience.
Want to Grow Your Business Online? Do Your Research
If you want to know how to grow your business online, you must do your research first.
Find out who your online audience is and then figure out what products they like and how you can market your services or products to them effectively. Keep your expenses to a minimum and grow your audience organically.
If you're interested in learning more about how to grow your business online, be sure to check out the rest of our site. Visit the Digital Marketing and PPC sections of our Bootstrap Business Blog for additional growth hacking insights.
