Every businessperson knows someone who claims to have made a fortune by “going online” with their business. Many organizations have successfully transitioned to trading on the Internet, but an equal or perhaps greater number have tried and failed.
It’s important to know what’s factual and what isn’t when evaluating your online opportunities, and the first thing to know is that setting up an eBusiness is not an easy thing to do. eBusinesses require extraordinary amounts of time and money to come into being, and even the biggest budget is no guarantee of success.
The most important considerations for a successful eBusiness relate to the kind of business you have now. Some types of organizations are much better than others to take online, especially as an adjunct to an existing enterprise. Experience over the past ten years has given us a wealth of knowledge in this area.
How’s Your Brand?
If you’re already well-known and established in your field it’s a lot easier to go online and succeed than if you’re just starting up. Consumers are justifiably concerned about dealing with strangers over the Internet, especially when it comes to parting with credit card details to make a purchase. They find it much easier to deal with someone they already know.
One way around this is to offer only name brands, regardless of the field you’re in. The bigger manufacturers aren’t likely to expose their brands to shonky online traders and to a degree you’ll be known by the products you offer.
Be Keen with Prices
It’s extremely easy to compare prices online and most Internet shoppers are adept at searching for the best prices. The first rule is to be competitive, but often that’s not enough to offset a better-known competitor charging a slightly higher price. A bonus with purchases is often used to overcome this issue.
Be Easy to Deal With
It’s almost unbelievable how difficult some sites are to make a purchase from. First, it’s hard to find the merchandise. Then it’s a problem finding the price. And finally, it’s harder still to complete the transaction using a credit card or electronic funds transfer.
Online shoppers demand speed and simplicity. Once they decide what they want they want to be able to place their order quickly and without wasting any time providing unnecessary information to the website. The “mechanics” of your website should be as easy to use as possible.
Reassure Visitors to Your Site
Shopping online, even with established businesses, involves a degree of trust. Successful websites are able to reassure shoppers that they will get what they pay for, in a reasonable amount of time and without risk of identify theft.
Testimonials are one technique that’s often used to communicate the experiences of previous customers to prospects. A well-written guarantee is another way to impress visitors. Somehow you have to convince people, often in other cities or even other countries, that it’s safe to deal with you.
Fulfillment is Important
When someone orders online they expect their goods to arrive within a reasonable period. Always state an estimated length of time until delivery and if possible offer a choice of delivery methods — standard and express or similar. Online shoppers usually don’t mind paying a bit extra if it means getting their goods quickly.
You also need a refunds policy that’s going to appeal to people who are trusting you to be honest and reliable. They need to know how they can get a refund if they’re not satisfied with what they’ve bought, and to be convinced they’ll be treated ethically if a refund is called for.
Promote Yourself on the Internet and Elsewhere
Online businesses need to be exceptionally good at promoting themselves on the Internet. You’ll need to understand terms like “search engine optimization” and “exchanging links” in this relatively new area of business, and use all the promotional opportunities afforded by the medium.
But just like any bricks-and-mortar operator you’ll also have to advertise and promote in other media to really make it online. Get your website address out there in as many places as you can, and use it on every advertisement, item of stationery and delivery truck your business has.
Join the World — If You Do it Right
Going online means you’ve become available to the world, but only if you go about it the right way. You need to consider other languages, other currencies, and even other cultures if you intend to truly become a global operator.
The most practical approach is to take it slowly and gradually build up your online presence. Promote yourself strongly but stay within a reasonable budget and always keep in mind that your competitors increase greatly in number the further you cast your net.
Copyright 2005, RAN ONE Inc. All rights reserved. Reprinted with permission from www.ranone.com.
Chris’ combination of academic credentials, career experience and temperament ideally suit his calling as a business development advisor. Clients say he has a mind for business and a heart for service.