No matter what you want to sell online, it’s worth checking out the 7 surprising hacks to have a successful online business. These 7 tips come from successful entrepreneurs who have been accumulating wealth in their online sales business in the past 10 years. When you are starting out the online business game, let’s see this as a business field that has lots of potentials as well as challenges.
1. Identify Business Products
First, when you want to open an online business, you need to determine what you intend to sell. Determining the products you want to sell can be according to personal preferences or to the market needs.
Products based on personal preferences
If you feel particularly passionate about an item such as fashion, cosmetics, or technology, sell that product.
With the development of social networks, you can consult many sources of information, update trends, and product knowledge. Then it will be easier to choose the goods and sell them online later.
However, it is possible that the products you choose are not suitable for the majority of the market, do not follow the general trend, making sales may be a bit difficult.
Products according to market trends
You can choose the items that are HOT, or you can choose seasonal products. This method requires you to regularly update information, be sensitive to new events and trends in society to choose products to take advantage of.
The advantage of seasonal sales is that it is easy to source goods, easy to sell due to high demand. However, because of the above advantages, you will have many competitors, inevitably out of stock and also very difficult to resell when the season is over.
No matter what product you sell, the first criterion is to be useful, universal, and easy to use. Then the second criterion is originality and quality.
If your product is a daily necessity, easy to use for everyone, good quality, and novelty, you can already knock out many competitors and effectively target your target customers.
Identify online products based on capital
An important factor when determining the product to sell is capital. Please determine the product that is suitable for the amount of capital you have.
Ensure costs for other stages but at the same time do not reduce the quality and minimum quantity of products for business. If you cannot raise too much capital, then you should not choose high-value products to avoid high risk.
2. Identify Target Customers
After you have successfully selected the product you want to sell, the next thing you have to do is identify your target customers. Target customers are customers who have the need and ability to pay for your product.
Defining the right target customers is the first crucial step to place your product in the right hands. There are many different ways to identify potential customers such as:
- Segmentation by geographical area
- Segment by demographics
- Segmentation by psychology
- Segmentation by buying behavior
In short, it is the scope and quantity of your online business product model. It also depends on your resources and goals, it will decide whether the market size is large or small.
- Problem awareness
- Look for information
- Buy and review after the purchase
3. Determine The Form Of Online Sales
The form of online sales is also an important factor determining the success of the business. Currently, there are many online sales channels for you to choose from.
By determining your size, product, and target audience, you’ll be able to determine which sales channels are most effective.
Selling online on Facebook
If your customers are people between the ages of 16-25 then social networking sites is likely Facebook.
Facebook is being considered one of the most effective online sales places for all items, all ages due to the popularity of this social networking site.
Facebook is currently constantly developing and perfecting the sales page to support users as well as possible such as optimizing advertising features.
Recently, Facebook updated a lot of new features for online shop owners. Therefore, Facebook is still the choice of most people who want to sell online.
Selling online on Tiktok
Tiktok is now an online channel with an incredibly fast growth rate. According to statistics, Tiktok has more App downloads than Instagram.
Selling online on Tiktok is full of potential. Tiktok can be suitable for items targeting young people groups.
Currently, when you sell on the Tiktok App, there are still considerably few competitors because this is a new software on the market.
Because not many people use the Tiktok sales channel, you will have to find out a lot yourself. Along with that, there will not be too much knowledge or experience for your reference.
4. Search For The Source Of Goods
To get good-quality and novel products, the main deciding factor is the source of the goods. Currently, you can access many sources of goods, but be careful to choose a clear, reputable, and quality source.
This careful selection not only helps you to choose good, affordable products and increase your reputation but also protects you from loss, risk, fraud…
In the market, the price can be considered as the most competitive advantage. However, do not focus so much on the price that you forget about the quality of the product.
Choose a product of good quality. A cheap product will make customers buy once, but a good product will make customers stick with you for a lifetime. Once you have gained a foothold and the trust of your customers, for sure, other items will be easier to sell.
Another note when sourcing goods is uniqueness. Finding a unique source of goods will reduce competition and support prices.
5. Product Advertising
In order for customers to trust and choose to buy your products, you must first create a good personal brand.
Building an image for your store is a very long road, made up of many different factors.When people have a good impression, believe in your brand, selling products will become easier. You can try social media advertising methods. Note about product images, descriptions, videos.
If you want to run ads on Facebook, prepare yourself a large enough lead to be able to optimize costs.You can also learn some tools to help you scan sales leads in groups and personal profiles. When running ads, it’s important to keep the following points in mind:
For each advertising content, the first paragraph should be about the product, then the remaining ⅕ content should be a call-to-action, for example, “order within the week, there will be a discount”.
Create archival videos on youtube: product usage descriptions, advice instructions…Depending on what the product is, you will choose an image that matches those characteristics.
Show customers the origin and certificate of product quality to increase customer confidence. Using product images used in real conditions, open-ended ways to create excitement for customers.
6. Expanding Online Sales
Successful product advertising is difficult and closing orders is an arduous process. How to propel customers to come to buy your product?
In addition to the establishment of brand reputation, you need to make commitments to create trust such as 100 times compensation if the goods are not the same as the picture, commitment to warranty, or return in case of manufacturer’s fault.
Let customers see as much store information and customer feedback as possible.
To be successful, stay responsive and listen to your customers. Reconsider the issue of price, for each customer if it is required. We also recommend applying different prices and offering appropriate service packages to satisfy customer needs.
Pay attention to customers who have purchased from you is key. To be able to keep customers away from competitors, you need to understand what they bought, what they should buy more, and then advertise to them what they need.
Thoroughly define the characteristics of customers, take that as the basis for further thinking, and focus on those objects to get better results.
In addition, better customer care also helps you reduce the return rate that many people are experiencing today.
You can also focus on developing and supporting agents and collaborators with many attractive incentives such as being able to return goods if they do not sell, supporting agents and collaborators to reach more customers.
Do not be greedy to sell too many items and advertise for many items when starting out. You should only stop at less than 10 products, of which the 3 most prominent products should be selected to be focused on for advertising and selling.
7. Research Your Competitors
The market is the battlefield. Therefore, you will most likely encounter unfair competitive tricks such as knocking down fan pages, stealing nick, taking all data, robbing guests of comments.
To avoid these situations from happening, you need to increase the security of your fan page by creating a secret nick and using it as the top admin of the fan page, add verification with your passport photo, upload 3 emails to the section profile, add 5 admin accounts and use a tool to hide comments.
If your product competes with large companies, you should take advantage of the small company’s strength of flexibility to optimize as much as possible. It is necessary to optimize all factors including personnel, operations, inputs, outputs, etc.
Selling online is a competitive and challenging business field, but ensures to give you fast and good revenue if you do it right!