25 Oct Marketing strategy for online start-up business
Well done! You have just started your online business. The question is how your customers are going to find you in the huge world wide web. If your customers cannot find you then you have no business. The next step is to do marketing for your online business. So, let’s go through the steps of doing that:
Understand your competitors marketing strategy:
understanding the competition in your market place is key to you positioning yourself in the right spot of the market. It is vital that you understand where your competitors are making sales, the keywords they use in marketing their business, the organic traffic they get.
There are several tools available online that can give you this information for free similarweb.com
This is a free tool that can give you valuable insights into where your competitor’s markets some of the information that will be given to you is:
- The ranking of your competitor’s website.
- Traffic to your competitor’s website by country
- Traffic sources which includes direct traffic, referrals, search & social media.
- Referring websites.
- Organic and paid keywords
- Social media channels that drive traffic to their website.
Once you get this information it will help you draw a good picture of your target market and where your competitors drive their sales from. Think about how to draw your own marketing strategy once you have all this information. The goal is not to duplicate your competitors but to come up with an original marketing strategy proposal.
Study your competitors’ weaknesses:
If you can solve a problem then you can make sales so the task should be to understand your customers problem when dealing with your competitor. The task is how to understand the pain points of your customers. Here are some suggestions:
Read publish customer reviews online and look for the unhappy customers to know their pain points.
Forums are a great way to really know what people think about a product. In forums people say their honest opinion about things. Lookout for the negative words like complaint, stress, unhappy and other negative words
There are groups on social media where people give opinions about a product. You can use social media to understand what people are saying about your competitors.
Design your product:
Having studied the market of your competitors and known the weaknesses of their products you can design your online products to start your online business.
Starting an online business is not that simple and you need a lot of market research to set-out correctly.