Common Factors That Lead to Online Business Failure
Right at this very moment, just as you are reading this, billions of other people around the world are online too. Imagine that. Now you can imagine why digital marketing has become the most exciting frontier for entrepreneurs. And the market is getting bigger every day.
We’ve heard probably all the success stories: from the big tech companies to smaller online businesses a lot of online businesses have become profitable. They all share the same roots. They all followed several principles and avoided the same deadly mistakes others have made. We’re telling you what those deadly mistakes are right now so you can avoid them too. Here are the top 4 mistakes to avoid:
A Misleading Website
Simply put, when your website is bad, you might as well close your business. For most online businesses, the website is the heart of the digital marketing eco-system. A bad website is an amalgamation of various things: bad design, bad artwork and branding, bad content, bad user experience, bad functionality, etc. But the main problem is if your audience does not know what to do once he or she is in your site. Websites need to be designed for smooth user experience. Information needs to be where they can be found. Buying or signing up shouldn’t be an annoying process. If your website is confusing, you might as well tell potential customers or clients to go away.
Failure to Develop the Right Audience
Failure to build the top end of your funnel means your business will dry up quicker than a fountain whose water supply is cut off. That’s the basics of all marketing. But with online marketing, there are so many different channels to look at, and each one may be misused if you don’t know what you are doing. Do you do videos? Social media? Where do you place your content? Etc. Also, once you’ve been able to send out your content or ads, the next thing that you have to secure is constant engagement. And after you’ve done all that, you ask yourself: “have I attracted and nurtured the correct audience?” For many failed businesses, the answer is no. It’s shockingly easy for neophyte digital marketers to target the wrong people online.
Failure to Create an Email List
Social media might be hot right now, but relying solely on Facebook, Twitter, LinkedIn, etc. will be the death of you once they decide to change things. So many changes have already happened with these platforms and it can be heart breaking. This is why you still need to build a comprehensive email list that you can update and categorize for up-selling, down-selling, cross- selling, or re-selling. Email lists just give you more control and is much more direct.
Putting All Your Eggs in One Basket
You all know the saying. So what does this mean in terms of digital marketing? It means you need to diversify. Instead of selling a single service, identify other areas where you can branch out. Always be on a constant alert for other sources of income. The digital landscape shifts all the time. That’s what it’s been known to do since day one. Having other reliable streams of income will keep your business afloat when the storm comes.
Marketing online doesn’t have to be a tough experience. Any business can start small and scale up. With the right vision and the right attitude, any business has the possibility for real success. Start making your fortune by avoiding these common pitfalls before they catch you off-guard.