The online market is booming and people are making money. But what about the other percentage of people who have tried and failed? Well, I’ll let you in on a little secret, it has to do with one simple word – research.
I can’t emphasize the importance of research to your online success, it’s what keeps online companies alive. Research is so important, it has become a market of it’s own with consultants and marketers at the top of the league. Consider this; research is so important that companies investigate the research itself and how it’s conducted to ensure complete accuracy – millions of dollars are at stake.
If you’re one of the many people who’ve tried to make it in the online world and have only met with roadblocks, don’t despair, there’s still hope for you. Start by doing your own research to find out why and where you failed.
Start with the obvious, your niche. How marketable is it? What’s the demand, market saturation and competition like? Is it something that’s sustainable? If you’re selling skiing equipment in winter, you better find a substitute for summer. Look at what profitable competitors are doing and do the same.
Dig into you advertising and marketing strategies to see what’s really going on. If you have a website, track every aspect of the sale. Where is the customer linking from? What pages, products, articles have the best ratings? Find out what is working and do it more. Ask your customers what they want instead of choosing for them.
Follow up with your accounting and track all your expenses to get a detailed picture of your financial situation. Do you have enough funds to keep the business going even if it doesn’t make a profit for some time? What is the percentage growth of the business in the last quarter? These are the types of questions you should be looking into financially, to get a sense of where you are and where you are going.