Today a website enables the smaller companies to market their products and services to a global audience. This has resulted in serious cost reductions in establishing a web-based enterprise viz a viz brick and mortar business . But this opportunity comes with a big challenge: getting these global potential customers to find your website and purchase goods and services from it
So how to go about . The general steps are
- Outline the vision. Think long range, a three-year to five-year time horizon.. This vision shapes the design, content and themes of your website—plus also help you identify the affiliates and advertisers you want to attract to.
- Develop the business model—build the model which defines the revenue you will have , define the mix of products and services to offer , Payments model etc. You add new concepts like subscription ,membership fees, add digital services. Design the model in a way such that you can market more than one product or service to each customer, and encourage each to be a repeat customer.
Create financial projections. Start with a simple revenue model that projects number of visitors, and conversion rate to customers, for each product or service you will be offering. Run a number of scenarios for years one through three until you are comfortable the numbers are reasonable. Unrealistic financial projections are the No. 1 mistake venture capitalists believe entrepreneurs make in their business plans, according to a survey by Profit Dynamics Inc. in “Attracting Capital from Angels.”
- Define your competitors. You may think your idea is unique, but it is highly likely competitors’ are doing something similar. Review their websites and marketing strategies and determine what can be better, how you will provide a superior overall experience for your customers. I recommend a book called Red Ocean , Blue Ocean as good read here
- Build Go to Market Strategies . The key to a successful web based venture is building marketing strategies that will bring large numbers of visitors to your site, and do this on a cost-effective basis. You can use tools like Viral marketing, each one get with your visitors to introduce your company to other potential customers, use the social networking with more people etc .
- Design the team you need. But you will need other resources, such as a web design firm familiar with your market niche, a credit card processing firm and perhaps an Internet marketing adviser. Provide the reasons you chose these particular firms or individuals, and why they have the right mix of experience and skills.
Quick Tips to succeed
- Start with products and services you are confident you can sell. Don’t waste marketing resources on experimenting .
- Websites often provide free information as a way of keeping customers at the site, or getting them to come back. Changing the content frequently encourages customers to visit the site more often–a powerful marketing strategy.
- Don’t launch your website until you work out technical issues. This will ensure easy navigation and order processing. If word gets out on the Internet that your company’s website is not professional in appearance or functionality, it can limit your chances of attracting customers from the outset.
- Find the right partner to help you to develop the right model and web infrastructure and who can support you at all the stages