Which are the first steps you should consider when constructing an online business strategy?
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What is the first step in creating an online business strategy?
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Vicen Martinez, Marketing Online Consultor (2010-present)
Updated Aug 31, 2018 · Author has 75answers and 37k answer views
Which are the first steps you should consider when constructing an online business strategy?
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Piotr Zaniewicz, lives in Wroclaw, Poland
Answered Apr 25, 2018 · Author has 304answers and 1.3m answer views
I think that first thing for you should be focusing only on your potential client and his pain. What do I mean by that? Every product or service meant to solve a problem or to help with pain of the customer somehow. What problem are you solving? Are you REALLY solving it? Is a problem real or you just think they have this problem?
If you think it is, what you need to do is a test - you have to check whether someone would pay for your product and how much can he pay for it. No matter if is a paper holder for a paper cup or new online tool to boost sales - you have to know the value of it for potential clients. You have to get to know the value of the product - how much people would pay for your product or service to solve their problem.
This time to check it out is when your product is on stage of minimum viable product (MVP) - with just enough features to satisfy early customers (and to provide feedback for future development) and at the stage of “manually simulating things that can be fixed” when it comes to services. Your main goal here is to check if it will actually be useful product/service and how good/bad your feedback is.
For example look at my company (RightHello) - at the very beginning our service was mainly done “by hands” for our customers, with a little bit of automatization. All that what software does now was manually “clicked” by me few years ago for those, who wanted to check our service (for example Divante). Then - and only then - having some potential clients who are willing to pay for what you do - you can think about bigger picture.
Then you have to try to extend the scale of your business and its testing to the nearest network to which you offer your solution. Of course you can also extend this group using cold mailing - then you will not only get the feedback from people that agree to test your service but you will also get other people for tests - those to whom you will send cold e-mail to.
So to sum up: you have to check as soon as possible if your idea is needed in the market, if anyone is interested and if he wants to pay for it. If yes - great, go for it and achieve success!
Good luck!
Success in Business is not about having a significant market share or growing fast but making money. Business strategy should not be built to be the best but to be unique. It should compete for profit.
Know your Industry
Before developing a business strategy, it is important to know the industry. The better you know the industry, the better you can determine the USP.
Find the Target Audience
Any business cannot serve everybody. There are always limited users. So its very much necessary to find out the potential buyers, in other words, the target audience.
Choose to say NO!
It is very much essential to choose what your business will not do. When it is clear that your business is not going to serve everything to everybody, then there are going to be things that you will not be doing.
Updating the business strategy according to the market flow is necessary.