By Hamna Moin
Are you a newbie to the world of online entrepreneurship? If yes, then you have definitely ended up at the right place. WO have come up with an exclusive guide for anyone who is en route an online startup. All you need is a product or service you feel passionately about, a marketing strategy and good work ethic.
Step 1: Decide what your product will be
When brainstorming this stage of your business, do not constrain yourself to a physical product or market trends. Make a list of products or services that you believe can add value to a common man’s life. This can vary from handmade jewelry, homemade beauty products, babysitting services to sporting gear or even teaching a language. The main idea is that this product should make getting from point A to point B in day to day lives easier for the consumer by creating value through convenience.
Step 2: Chalk out your target audience
It is essential to visualize the ideal consumer for your end product. Who will your product be most beneficial to? Identify the demographics, psychographics, behavioural traits and interests of the group where your efficient demand will rise from. This will help you in positioning your product and deciding the price point which will fit best with your identified target market. During this process, conduct some research on products which are similar in nature and are already available in the market. Understand the existing market dynamics in your relevant industry, simply by searching online or visiting sellers.
Step 3: Establish your brand
Once you know who will be buying your product/service, you can establish a price range which is monetarily feasible for you and your end consumer. Visualize the process from the point of creation till the product reaches the end consumer’s doorstep. Create a personality for your brand and reflect that in all branding and advertising efforts. The product, price, promotion and packaging should all be synchronized. It is always best to place yourself in the consumers’ shoes and immerse yourself in the purchase process. With the extent of digitization and door-to-door delivery, any element which adds convenience and alleviates the consumer’s pleasure is possible.
Step 4: Time to go digital
Start off by creating a Facebook page and creating a strong presence on Instagram. Join groups and forums which are relevant to your product and start sharing some advertising content. Remember, no idea is too big or too small. Take your finished product and use the internet to connect with groups which will benefit most and have the effective purchasing power while being accessible. Create a clean and simple website once you have a good idea of the demand. To be accessible ensure that you share details of a phone number, a web address, e-mail address and remember to be active with responding to all social media queries.
Step 5: Start selling your Brand
Getting your first 10 orders may be difficult but this is the most crucial step, where you will be testing your capacity to deliver on your promise, the setbacks that arise and getting feedback from consumers. At this point, it is essential to stay motivated and take all criticism as a push in the right direction. Understand and create conversation with your consumers. Get reviews on your products and share them on your social platforms for prospecting consumers to get an idea of the product. With regards to the service industry, ensure that the review process is followed and tracked as it is the word of mouth that will propel you further and get you additional leads.
Your product can be very simple, such as a dog walking service or a potato peeler, but it is the process and experience which you build around the product that will determine the effectiveness of your business model. Be ready to learn from your failures and keep making innovations to your product. The process does not require a large investment monetarily but one must show dedication and devotion towards the model for it to succeed. So keep calm and start browsing!