How well do you know your competitors and your industry? Do you know your customers intimately?
NO!
This could be destroying your chances of making a profit or at worst any money at all. So where do you start and what should you do to get to know all 3 areas?
Did you know that very few people who start an online business actually know what their customers want, who the competitors are and what or wher the industry is all about. This is why so many are set up to fail from the outset because they are trying to sell something to people that they know zip about.
It gets boring saying this sometimes but I say it again - RESEARCH is key to your success. You will find more and better ideas for new products or improve on your current offering. It will help you make better decisions about where to take your online business and what sells better and for how much. Yes, that’s right, your customers will let you know how much they are willing to pay for your product or service. A perceived value if you like.
Do a SWOT research exercise on yourself by asking your customers what your strengths are, what your weaknesess’ are, your oppotunities in the future for new ideas and products and above all threats to you losing them as a loyal customer.
Ideas I have come across have been upgrades to my ebooks for half the price of the normal edition. Offer more content and updated information but at half the price for current customers. Brand new ideas driven by demand of my customers. I changed a whole launch campaign based on what my customers told me. I have changed the way i commercially market a product i.e pay monthly instead of upfront on high end products. Offer options.
Follow up and ask your customers who made purchases what they thought about your product. Offer them an incentive to do so.
Why do we do all this????
For your customers - The ultimate satisfaction of all who are a member of your list or those who have invested in your product or service.
So, where do you find out about your industry and competitors? The best spot is to type in your top 5 keywords from your research into Google and see who pops up. Also go to forums for your industry and see who is at the top of the game here. What prices are being charged, are they charging or offering free content on a site they use to create advertising content. Facebook makes all their cash from advertising on a site that offers a free service to people. Same goes for YouTube and MySpace.
So… Do you know what you will chnage today about your online business strategy? If anything…
See you soon
Ashley Banfield
www.onlinebusinessmarketer.com
