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Few successful e-businesses launch or survive without major commitments of time, money, and resources. Daily business headlines about defunct dot-coms and e-ventures are proof that e-business is more than just slapping together a Web site.
While there are exceptions to virtually every business rule or guideline, the most successful e-businesses share a number of characteristics:
Simple sales cycle
Most successful sites offer products and services that have a relatively simple sales process: Customer wants what you sell; customer finds what you sell at an acceptable price; customer buys what you sell. If your product or service requires a long or complex sales cycle, consider how this will be accomplished through the somewhat anonymous nature of e-selling.
Ease of delivery
You need to have a product or service that can be shipped or otherwise delivered to the customer within a reasonable amount of time at a reasonable price. Examine how quickly your customers expect to get what you offer, then calculate whether you can deliver within that timeframe.
Recognisable brand
A recognisable name – either your own or from the products or services you offer – is a huge asset in overcoming concerns about return policies, customer service, and quality of merchandise.
Competitive pricing
In an environment where a customer can comparison-shop with a few clicks of a mouse, an attractive price will help you gain market share.
Aggressive marketing
A study conducted by Ernst & Young found that customers value a strong presence and aggressive advertising when it comes to online business. The most effective efforts combine online tactics like cross-promotion, opt-in opportunities, and strategic search engine placement with more traditional offline marketing.
Solid distribution facilities
Nothing can kill an online business faster than failure to deliver products and services as promised. Test your site and examine the transaction levels of sites similar to yours – can you service the amount of business that you’re hoping to attract?
Taking your business online
If your business has most or all of the characteristics of successful online businesses, the world of online selling may be right for you. However, it’s not enough to put up a site and wait for the traffic to roll in. To help serve their customers and protect their investments, successful e-businesses follow a series of steps:
1. Do your homework
Find out what’s being done well within the field you wish to enter. Search your competitors as well as sites in other industries and incorporate their best practices into your site.
2. Value function first, then form
While it’s important to make your site look good, the Ernst & Young study found that customers value ease of use and intuitive navigation most. Choose a clean, professional format over a media-rich approach that makes your site slow to download.
3. Measure investment vs. return
It’s easy to spend US$50,000 or more on a site. However, if your sales projections for the site mean that you won’t return that investment for several years, you might want to scale down your site and spend the money on promotion. Add more sophisticated features as your site begins to generate revenue.
4. Promote, promote, promote
Out of sight means out of mind for most e-Businesses. Be sure that you have allotted adequate funds to get your site’s name out to customers and prospects.
Businesses that take the time to develop a realistic online presence stand the best chance for success over the long run. Take advantage of opportunities to improve and promote your site, and you’ll stand a better chance of obtaining a better bottom line.
Interested in learning more about do-it-yourself marketing? Visit the HP Learning Center to register for free online classes.
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