There are only 5 basics of online business. Does that surprise you? Do you think there should be more? This article will explain what they are.
- You Need To Know Who Your Customers Will Be
That sounds obvious, I know. However, it is amazing how many people start an online business and believe that their customers are all. They see a niche market as a market that limits the potential size of their market, not a specific group of people who have a specific need for what they have to offer over the eBay alternatives.
- You Need To Know What You Are Selling
If your “target market” is all, your products are general. The products that appeal to everyone are the same ones you can find in a department store or catalog. Definitely. It may be cheap, but who will use it? More importantly, what does the quality of these products say about the value they provide?
It is much better to create a product that helps very few people than to create a product that helps work with many potential customers.
- You Need To Know How Much Your Customers Are Willing To Spend
I lost the number of new companies whose owners decided to move to the highest market share. This is because they see these people as a way to get rich.
But if your product is not worth the money, you will not sell anything. It is better to create a product that attracts the lowest market share and provides them with excellent value than to try and fail to secure the highest price.
- You Need To Know What Your Customers Expect
There is a misconception that wealthy people are struggling to find a place to spend their money. This scene is largely due to the deception created by the media, where movie stars get millions for their roles, then go on a mindless shopping spree.
The truth is that now millionaires are getting this way and making sure that everything they buy is worth their money.
If your product isn’t worth its price or costs more than customers expect to pay for a similar product, you’re doomed before you even start.
- You Should Be Able To Reach The People Who Are Most Likely To Buy Your Products Now
If you want to build a successful online business you need to put your products on the path to your prospects.